Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 257

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 257
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 Prime Securities (AMAPS) 1, LLC13,250 Investment-grade ABS debt issued by Fox Hedge L.P.3,187 December 31, 2024Investment-grade ABS debt issued by AP Grange Holdings, LLC$4,661 Investments in Atlas13,172 Investment-grade ABS debt issued by Fox Hedge L.P.2,924 1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See note 16 for additional details on Atlas.

35

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

5. DerivativesAthene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 7 for information about the fair value hierarchy for derivatives.The following table presents the notional amount and fair value of derivative instruments:September 30, 2025December 31, 2024Notional AmountFair ValueNotional AmountFair Value(In millions)AssetsLiabilitiesAssetsLiabilitiesDerivatives designated as hedgesForeign currency hedgesSwaps23,466 $643 $878 15,669 $938 $211 Forwards2,626 82 40 3,139 331 5 Interest rate swaps4,382 78 257 4,506 — 654 Forwards on net investments236 3 — 218 11 — Interest rate swaps28,196 142 32 24,885 55 138 Total derivatives designated as hedges948 1,207 1,335 1,008 Derivatives not designated as hedgesEquity options93,793 6,808 155 85,452 5,002 126 Futures50 155 7 37 93 11 Foreign currency swaps17,816 248 821 14,908 600 199 Interest rate swaps and forwards13,235 73 300 3,255 67 124 Other swaps2,285 8 — 2,644 3 5 Foreign currency forwards41,581 644 2,363 39,598 1,054 2,083 Embedded derivativesFunds withheld, including related parties(2,878)172 (3,650)4