Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 254

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 254
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4Commercial mortgage loans$37,138 $32,544 Commercial mortgage loans under development2,031 1,987 Total commercial mortgage loans39,169 34,531 Mark to fair value(1,730)(2,099)Commercial mortgage loans37,439 32,432 Residential mortgage loans47,318 35,223 Mark to fair value589 (540)Residential mortgage loans47,907 34,683 Mortgage loans$85,346 $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.

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

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:September 30, 2025December 31, 2024(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of TotalProperty typeApartment$14,906 39.8 %$11,746 36.2 %Industrial8,244 22.0 %6,793 21.0 %Office building4,529 12.1 %4,162 12.8 %Hotels2,865 7.7 %2,786 8.6 %Retail1,998 5.3 %2,269 7.0 %Other commercial4,897 13.1 %4,676 14.4 %Total commercial mortgage loans$37,439 100.0 %$32,432 100.0 %U.S. regionEast North Central$1,810 4.8 %$1,546 4.8 %East South Central426 1.1 %438 1.3 %Middle Atlantic10,074 26.9 %8,386 25.9 %Mountain1,572 4.2 %1,322 4.1 %New England1,086 2.9 %1,