Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 138

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 138
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Trading securities1,770 (18)— 124 — 1,876 (18)— Mortgage loans2,147 (7)— (20)— 2,120 (7)— Investment funds951 (38)— — — 913 (38)— Other investments115 (2)— — — 113 (2)— Total Level 3 assets – Retirement Services$77,796 $61 $(22)$12,029 $(790)$89,074 $13 $(13)Liabilities – Asset ManagementContingent consideration obligations$127 $17 $— $(85)$— $59 $— $— Total Level 3 liabilities – Asset Management$127 $17 $— $(85)$— $59 $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative$(10,908)$182 $— $(508)$— $(11,234)$— $— Universal life benefits(788)19 — — — (769)— — Future policy benefitsAmerUs Closed Block(1,151)31 — — — (1,120)— — ILICO Closed Block and life benefits(553)24 — — — (529)— — Derivative liabilities(1)— — — — (1)— — Other liabilities(229)(27)— 3 — (253)— — Total Level 3 liabilities – Retirement Services$(13,630)$229 $— $(505)$— $(13,906)$— $— (Concluded)1 Related to instruments held at end of period.

47

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

Six months ended June 30, 2025Total realized and unrealized gains (losses)(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1Total Gains (Losses) Included in OCI1Assets – Asset ManagementInvestments and derivative assets$1,081 $49 $— $19 $— $1