Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 84

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 84
---
9 %InternationalOther18.4 %9.1 %Total residential mortgage loan percentage100.0 %100.0 %1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.Investment FundsAthene’s investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid 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: March 31, 2025December 31, 2024(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of TotalInvestment fundsEquity$104 0.5 %$107 0.6 %Investment funds – related partiesStrategic origination platforms31 0.2 %29 0.2 %Retirement services platforms1,357 6.7 %1,317 6.7 %Equity221 1.1 %244 1.2 %Credit319 1.6 %253 1.3 %Other7 — %10 0.1 %Total investment funds – related parties1,935 9.6 %1,853 9.5 %Investment funds – consolidated VIEsStrategic origination platforms6,825 33.7 %6,347 32.3 %Equity7,194 35.6 %7,597 38.7 %Credit3,262 16.1 %3,062 15.6