Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 244

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 244
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 million and $18 million, respectively, of revenues and $0 million and $2 million, respectively, of expenses related to the activities of these VIEs.

36

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

Subscription LinesIncluded within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:June 30, 2025December 31, 2024(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsAsset ManagementSubscription lines1$954 6.82 %0.08$1,198 6.84 %0.06Total – Asset Management$954 $1,198 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.Revenues of Consolidated Variable Interest Entities—Retirement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Trading securities$54 $30 $101 $65 Mortgage loans38 31 81 61 Investment funds20 — 21 21 Other(24)1 (31)(4)Net investment income88 62 172 143 Net recognized investment gains (losses) on trading securities4 (8)6 (8)Net recognized investment gains (losses) on mortgage loans(13)(2)7 (28)Net recognized investment gains on investment funds455 319 940 679 Other gains (losses)16 (5)17 (9)Investment related gains (losses)462 304 970 634 Revenues of consolidated variable interest entities$550 $366 $1,142 $777 Unconsolidated Variable Interest Entities—Asset ManagementThe following table presents the maximum exposure to losses relating to