Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 40

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 40
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 %Other investments, at fair value340 0.1 %331 0.1 %Total related party investments29,834 8.9 %28,884 9.2 %Total investments, including related parties308,157 92.5 %291,167 92.6 %Investments of consolidated VIEsTrading securities, at fair value3,011 0.9 %2,301 0.7 %Mortgage loans, at fair value2,519 0.8 %2,579 0.8 %Investment funds, at fair value18,187 5.5 %17,660 5.6 %Other investments936 0.3 %884 0.3 %Total investments of consolidated VIEs24,653 7.5 %23,424 7.4 %Total investments, including related parties and consolidated VIEs$332,810 100.0 %$314,591 100.0 %

The $18.2 billion increase in Athene’s total investments, including related parties and consolidated VIEs, as of March 31, 2025 compared to December 31, 2024 was primarily driven by significant growth from gross organic inflows of $25.6 billion in excess of gross liability outflows of $8.4 billion, reinvestment of earnings, unrealized gains on AFS securities during the three months ended March 31, 2025 of $1.5 billion, as well as unrealized gains on mortgage loans and reinsurance assets attributable to a decrease in U.S. Treasury rates, partially offset by credit spread widening in 2025. Additionally, total investments, 

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including related parties and consolidated VIEs, increased due to an increase in VIE investments related to purchases of underlying trading securities and an increase in investment funds attributable to favorable performance of the underlying assets within AAA and net contributions from third-party investors into AAA in 2025, partially offset by the deconsolidation of an existing VIE. These impacts were partially offset by a decrease in short term repurchase agreements outstanding and a decrease in derivative assets primarily related to the impact of unfavorable equity market performance in 2025 on Athene’s call options as well as market impacts on Athene’s derivative swaps and forward contracts.

Athene’s investment portfolio consists largely of high quality fixed maturity securities, loans and short-term investments,