Apollo Global Management Retirement Services — Mortgage loans increased by 12.2% to $95.52B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 42.3%, from $67.12B to $95.52B. Over 3 years (FY 2022 to FY 2025), Retirement Services — Mortgage loans shows an upward trend with a 46.5% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Growth in this metric indicates an expansion of the credit-based investment portfolio, typically aimed at capturing yield spreads over government bonds.
The carrying value of mortgage loans held as investments within the retirement services segment. These loans serve as a...
Standard line item for life insurance and annuity providers under 'Mortgage Loans' or 'Commercial Mortgage Loans'.
apo_segment_retirement_services_mortgage_loans| Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $0.00 | $25.15B | $26.63B | $26.48B | $28.76B | $31.27B | $35.96B | $41.25B | $47.57B | $51.62B | $56.09B | $62.16B | $67.12B | $74.73B | $81.11B | $85.16B | $95.52B |
| QoQ Change | — | — | +5.9% | -0.6% | +8.6% | +8.8% | +15.0% | +14.7% | +15.3% | +8.5% | +8.7% | +10.8% | +8.0% | +11.3% | +8.5% | +5.0% | +12.2% |
| YoY Change | — | — | — | — | — | +24.3% | +35.0% | +55.8% | +65.4% | +65.1% | +55.9% | +50.7% | +41.1% | +44.8% | +44.6% | +37.0% | +42.3% |