Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 208

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 208
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 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, and (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by Athene’s insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets. As of August 5, 2025, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries.The following table summarizes Athene’s investments in Athora:(In millions)September 30, 2025December 31, 2024Investment fund$1,162 $1,033 Non-redeemable preferred equity and corporate debt securities316 277 Total investment in Athora$1,478 $1,310 

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

Additionally, as of September 30, 2025 and December 31, 2024, Athene had $65 million and $57 million, respectively, of funding agreements outstanding to Athora. As of September 30, 2025, Athene had commitments to make additional investments in Athora of $2.7 billion, which primarily relate to a conditional commitment made in connection with the Athora transaction. See “—Athora” in the Asset Management section above for further details on the Athora transaction.AtlasAthene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of September 30, 2025 and December 31, 2024, Athene held $4.6 billion and $3.2 billion, respectively, of AFS securities issued by Atlas or its affiliates. Athene also held $724 million of reverse repurchase agreements issued by Atlas as of December 31, 2024, which matured during the nine months ended September 30, 2025. As of September 30, 2025, Ath