Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 49

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 49
---
 0.2 %947 0.4 %Other investments, at fair value331 0.1 %343 0.1 %Total related party investments28,884 9.2 %25,842 9.9 %Total investments, including related parties291,167 92.6 %238,941 92.2 %Investments of consolidated VIEsTrading securities, at fair value2,301 0.7 %2,136 0.8 %Mortgage loans, at fair value2,579 0.8 %2,173 0.8 %Investment funds, at fair value17,660 5.6 %15,820 6.2 %Other investments884 0.3 %103 — %Total investments of consolidated VIEs23,424 7.4 %20,232 7.8 %Total investments, including related parties and consolidated VIEs$314,591 100.0 %$259,173 100.0 %

The $55.4 billion increase in Athene’s total investments, including related parties and consolidated VIEs, as of December 31, 2024 compared to December 31, 2023 was primarily driven by significant growth from gross organic inflows of $71.0 billion in excess of gross liability outflows of $33.5 billion, reinvestment of earnings and an increase in derivative assets primarily related to the impact of favorable equity market performance in 2024 on Athene’s call options as well as market impacts on Athene’s derivative swaps and forward contracts. Additionally, total investments, including related parties and consolidated VIEs, 

94

increased due to the issuance of debt in 2024, the consolidation of new VIEs and an increase in VIE investment funds attributable to favorable performance of the underlying assets within AAA and net contributions from third-party investors into AAA, partially offset by Athene’s distribution of certain investments to AGM as a dividend. These impacts were partially offset by unrealized losses on AFS securities in 2024 of $1.1 billion due to an increase in U.S. Treasury rates, partially offset by credit spread tightening. 

Athene’s investment portfolio consists largely of high quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds and other instruments, including equity holdings. Fixed maturity securities