Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 246

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 246
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 carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:June 30, 2025December 31, 2024(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss ExposureInvestment funds$102 $745 $107 $987 Investment in related parties – investment funds2,062 3,119 1,853 3,226 Assets of consolidated VIEs – investment funds19,175 25,514 17,660 23,488 Investment in fixed maturity securities83,063 83,542 72,523 74,797 Investment in related parties – fixed maturity securities19,746 22,521 17,239 21,793 Investment in related parties – equity securities266 315 234 234 Total non-consolidated investments$124,414 $135,756 $109,616 $124,525 

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

6. Fair ValueFair Value Measurements of Financial InstrumentsThe following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:June 30, 2025(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$2,382 $— $— $— $2,382 Restricted cash and cash equivalents3 — — — 3 Cash and cash equivalents of VIEs346 — — — 346 Investments, at fair value213 116 1,144 1165 1,638 Investments of consolidated VIEs166 — 1,887 175 2,228 Due from related parties2— — 19 — 19 Derivative assets3— — 5 — 5 Total Assets – Asset Management3,110 116 3,055 340 6,621 Retirement ServicesAFS SecuritiesU.S. government and agencies9,023 — — — 9,023 U.S. state, municipal and political subdivisions— 840 — — 840 Foreign governments622 1,107 23 — 1,752