Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 280

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 280
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RMBS— — 369 365 Total securities pledged under repurchase agreements$3,627 $3,237 $6,841 $5,878 Reverse Repurchase Agreements As of March 31, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $965 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,200 million and $2,208 million, respectively.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Mortgage Loans, including related parties and consolidated VIEsMortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:(In millions)March 31, 2025December 31, 2024Commercial mortgage loans$34,854 $32,544 Commercial mortgage loans under development1,962 1,987 Total commercial mortgage loans36,816 34,531 Mark to fair value(2,156)(2,099)Commercial mortgage loans34,660 32,432 Residential mortgage loans39,903 35,223 Mark to fair value168 (540)Residential mortgage loans40,071 34,683 Mortgage loans$74,731 $67,115 Athene invests in commercial mortgage loans, primarily on income producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:March 31, 2025December 31, 2024(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of TotalProperty typeApartment$13,559 39.1 %$11,746 36.2 %Industrial7,223 20.8 %6,793 21.0 %Office building4