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  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 157 slides",
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      "text": "Given superior credit underwriting and risk selection, the weighted average credit enhancement of Athene's CLOs is higher than the broader market",
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      "text": "$18 BILLION OF NET INVESTED ASSETS, 10% OF ASSET PORTFOLIO",
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      "text": "Note: All data is as of March 31, 2022. Portfolio sizing based on net invested assets. 1. 36% of CLOs rated BBB and 2% non-rated. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security's respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. 2. Credit Enhancement refers to par subordination or the amount of loss that can be absorbed by the structure before impacting the owned tranche.",
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