Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 106

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 106
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1,524 Mortgage loans, at fair value78,564 64,536 Investment funds2,164 1,960 Policy loans310 318 Funds withheld at interest21,588 23,916 Derivative assets6,901 8,154 Short-term investments205 1,190 Other investments3,703 3,246 Total Investments, including related parties – Retirement Services329,599 291,167 Total Investments$335,484 $297,253 Asset ManagementNet Gains (Losses) from Investment ActivitiesThe following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Realized gains (losses) on sales of investments, net$3 $(2)$(6)$(1)Net change in unrealized gains (losses) due to changes in fair value(271)(19)(280)19 Net gains (losses) from investment activities$(268)$(21)$(286)$18 

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

Performance AllocationsPerformance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:(In millions)TotalPerformance allocations, January 1, 2025$3,262 Change in fair value of funds411 Fund distributions to the Company(601)Performance allocations, June 30, 2025$3,072 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.Retirement ServicesAFS SecuritiesThe following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:June 30, 2025