Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 283

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 283
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6,825 33.7 %6,347 32.3 %Equity7,194 35.6 %7,597 38.7 %Credit3,262 16.1 %3,062 15.6 %Other906 4.5 %654 3.3 %Total investment funds – consolidated VIEs18,187 89.9 %17,660 89.9 %Total investment funds, including related parties and consolidated VIEs$20,226 100.0 %$19,620 100.0 %

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

Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:(In millions)March 31, 2025AP Grange Holdings, LLC$4,710 Fox Hedge L.P.3,208 Atlas Securitized Products Holdings LP (Atlas)13,189 Blackstone Private Credit1,904 December 31, 2024AP Grange Holdings, LLC$4,661 Atlas13,172 Fox Hedge L.P.2,924 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 15.

4. DerivativesAthene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.The following table presents the notional amount and fair value of derivative instruments:March 31, 2025December 31, 2024Notional AmountFair ValueNotional AmountFair Value(In millions)AssetsLiabilitiesAssetsLiabilitiesDerivatives designated as hedgesForeign currency hedgesSwaps17,448 $664 $201 15,669 $938 $211 Forwards3,109 257 10 3,139 331 5 Interest rate swaps4,382 10 498 4,506 — 654 Forwards on net investments224 — 1 218 11 — Interest rate swaps25,256 76 65 24,885 55 138 Total derivatives designated as hedges