Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 178

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 178
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 39.4 %Credit3,062 15.6 %2,852 16.2 %Other654 3.3 %573 3.3 %Total investment funds – consolidated VIEs17,660 89.9 %15,820 90.1 %Total investment funds, including related parties and consolidated VIEs$19,620 100.0 %$17,561 100.0 %1 Prior year amounts have been reclassified to conform with the current year presentation as a result of aligning the investment fund categories to reflect the Company’s updated investment strategies.Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:(In millions)December 31, 2024AP Grange Holdings, LLC$4,661 Atlas13,172 Fox Hedge L.P.2,924 December 31, 2023Wheels, Inc. (“Wheels”)1$1,591 AT&T Inc.1,526 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 18.

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

5. DerivativesAthene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 2 for a description of our accounting policies for derivatives and note 7 for information about the fair value hierarchy for derivatives.The following table presents the notional amount and fair value of derivative instruments:December 31, 2024December 31, 2023Notional AmountFair ValueNotional AmountFair Value(In millions)AssetsLiabilitiesAssetsLiabilitiesDerivatives designated as hedgesForeign currency hedgesSwaps15,669 $938 $211 9,034 $477 $230 Forwards3,139 331 5 6,294 275 102 Interest rate swaps4,506 — 654 4,468 — 521 Forwards on net investments218 11 — 219 — 6 Interest rate swaps24,885 55 138 10,031 29 95 Total derivatives designated as hedges1,335 1,008 781 954 Der