Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 196

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 196
---
 2025December 31, 2024Investment fund$1,171 $1,033 Non-redeemable preferred equity and corporate debt securities316 277 Total investment in Athora$1,487 $1,310 Additionally, as of June 30, 2025 and December 31, 2024, Athene had $65 million and $57 million, respectively, of funding agreements outstanding to Athora. Athene also had commitments to make additional investments in Athora of $277 million as of June 30, 2025. On July 3, 2025, Athene made a conditional commitment to invest, or cause one or more of its affiliates to invest, in Athora for up to an additional $2.5 billion, in connection with the Athora transaction. See “—Athora” in the Asset Management section above for further details on the Athora transaction.

85

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

AtlasAthene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of June 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 were settled during the six months ended June 30, 2025. As of June 30, 2025, Athene had commitments to make additional investments in Atlas of $1.4 billion. Additionally, see note 16 for further information on assurance letters issued in support of Atlas.CatalinaAthene has a strategic modco reinsurance agreement with certain affiliates of Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, “Catalina”) to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $235 million and $221 million as of June 30, 2025 and December 31, 2024, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. Athene also has a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products