Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 261

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 261
---
’s insurance or reinsurance subsidiaries.

238

Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes Athene’s investments in Athora:(In millions)December 31, 2024December 31, 2023Investment fund$1,033 $1,082 Non-redeemable preferred equity and corporate debt securities277 249 Total investment in Athora$1,310 $1,331 Additionally, as of December 31, 2024 and 2023, Athene had $57 million and $61 million, respectively, of funding agreements outstanding to Athora. Athene also has commitments to make additional investments in Athora of $502 million as of December 31, 2024.AtlasAthene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of December 31, 2024 and 2023, Athene held $3.2 billion and $1.0 billion, respectively, of AFS securities issued by Atlas. Athene also held $724 million and $921 million of reverse repurchase agreements issued by Atlas as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, Athene has commitments to make additional investments in Atlas of $3.0 billion. Additionally, see note 19 for further information on assurance letters issued in support of Atlas.Catalina Athene has an investment in Apollo Rose II (B) (“Apollo Rose”). Apollo Rose holds common and preferred equity interests in Catalina. During the third quarter of 2024, Athene distributed $141 million of its investment in Apollo Rose representing Catalina common equity interests, which is subsequently held by an asset management subsidiary of AGM.Athene has a strategic modco reinsurance agreement with Catalina to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $221 million and $330 million as of December 31, 2024 and 2023, respectively, which is included in other liabilities on the consolidated statements of financial condition. During the first quarter of 2024, Athene entered into a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of December 31, 2024, Athene had a re