Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 236

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 236
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 value, secondaries equity, real estate equity, impact investing, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes Athene’s investment funds, including related parties and consolidated VIEs: June 30, 2025December 31, 2024(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of TotalInvestment fundsEquity$102 0.5 %$107 0.6 %Investment funds – related partiesOrigination platforms31 0.1 %29 0.2 %Retirement services platforms1,492 7.0 %1,317 6.7 %Equity218 1.0 %244 1.2 %Credit314 1.5 %253 1.3 %Other7 — %10 0.1 %Total investment funds – related parties2,062 9.6 %1,853 9.5 %Investment funds – consolidated VIEsOrigination platforms7,536 35.3 %6,347 32.3 %Equity7,210 33.8 %7,597 38.7 %Credit3,735 17.5 %3,062 15.6 %Other694 3.3 %654 3.3 %Total investment funds – consolidated VIEs19,175 89.9 %17,660 89.9 %Total investment funds, including related parties and consolidated VIEs$21,339 100.0 %$19,620 100.0 %Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:(In millions)June 30, 2025AP Grange Holdings, LLC1$4,773 Atlas Securitized Products Holdings LP23,732 Fox Hedge L.P.13,175 Investment-grade debt issued by Blackstone Private Credit Fund32,021 December 31, 2024AP Grange Holdings, LLC1$4,661 Atlas Securitized Products Holdings LP23,172 Fox Hedge L.P.12,924 1 Investment