Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 354

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 354
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 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.Athene has a FABN program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of March 31, 2025 and December 31, 2024, Athene had $28.3 billion and $24.1 billion, respectively, of FABN funding agreements outstanding. Athene had $6.4 billion of board-authorized FABN capacity remaining as of March 31, 2025.Athene also issues secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of March 31, 2025 and December 31, 2024, Athene had $18.0 billion and $14.8 billion, respectively, of secured and other funding agreements outstanding.

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

Pledged Assets and Funds in Trust (Restricted Assets)Athene’s restricted investments and cash balances included on the condensed consolidated statements of financial condition are as follows:(In millions)March 31, 2025December 31, 2024AFS securities$47,877 $46,337 Trading securities1,891 1,665 Equity securities236 286 Mortgage loans31,686 27,883 Investment funds301 777 Derivative assets141 91 Short-term investments— 2 Other investments1,579 1,507 Restricted cash and cash equivalents2,220 953 Total restricted assets$85,931 $79,501 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above.Letters of CreditAthene has undrawn letters of credit totaling $1.1 billion as of March 31, 2025. These letters of credit were issued for Athene’s reinsurance program and have exp