Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 116

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 116
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8 %90.9 %International18.2 %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.

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

Investment FundsAthene’s investment fund portfolio strategy primarily focuses on core holdings of origination and retirement services platforms, equity and credit, and other funds. 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: 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