Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 61

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 61
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 billion as of September 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 is invested in a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities and 

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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.

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

September 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$13,500 3.6 %$7,151 2.3 %U.S. state, municipal and political subdivisions832 0.2 %921 0.3 %Foreign governments1,740 0.5 %1,568 0.5 %Corporate93,510 25.1 %83,585 26.6 %CLO29,952 8.0 %29,182 9.3 %ABS30,600 8.2 %24,201 7.7 %CMBS13,319 3.6 %10,741 3.4 %RMBS10,568 2.8 %8,015 2.5 %Total available-for-sale securities, at fair value194,021 52.0 %165,364 52.6 %Trading securities, at fair value5,352 1.4 %1,583 0.5 %Equity