Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 389

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 389
---
 Corebridge and unfavorable returns on Athene’s investment in Catalina in 2024 not recurring in 2025 due to the distribution of Athene’s Catalina common equity interests to AGM as a dividend in the third quarter of 2024, partially offset by increased capital requirements related to expanded solvency requirements impacting the valuation of Athora in 2025.

Investment Portfolio

Athene had total investments, including related parties and consolidated VIEs, of $355.8 billion and $314.6 billion as of June 30, 2025 and December 31, 2024, respectively. Athene’s investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of its investment portfolio against its long-duration liabilities, coupled with the diversification of risk. The investment strategies focus primarily on a buy and hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of Athene’s liability profile. Athene takes advantage of its generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk. Athene has selected a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities and commercial and residential real estate loans, among others. Athene also maintains holdings in floating rate and less rate-sensitive instruments, including CLOs, non-agency RMBS and various types of structured products. In addition to its fixed income portfolio, Athene opportunistically allocates approximately 5% of its portfolio to alternative investments where it primarily focuses on fixed income-like, cash flow-based investments.

134

The following table presents the carrying values of Athene’s total investments, including related parties and consolidated VIEs:

June 30, 2025December 31, 2024(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of TotalAvailable-for-sale securities, at fair valueU.S. government and agencies$9,023 2.5 %$7,151 2.3 %U.S. state, municipal and political subdivisions840 0.2 %921 0.3 %Foreign governments1,752 0.5 %1,568 0.5 %Corporate94,563 26.6 %83,585 26.6 %CLO31,388 8.8 %29,182 9.3 %ABS27,362 7.7