Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 135

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 135
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 of any instances of non-compliance with any of these covenants.

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

Consolidated Variable Interest Entities—Retirement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Trading securities$54 $39 $155 $104 Mortgage loans41 30 122 91 Investment funds7 22 28 43 Other(5)(9)(36)(13)Net investment income97 82 269 225 Net recognized investment gains on trading securities6 29 12 21 Net recognized investment gains (losses) on mortgage loans8 24 15 (4)Net recognized investment gains on investment funds513 415 1,453 1,094 Other gains (losses)30 2 47 (7)Investment related gains (losses)557 470 1,527 1,104 Revenues of consolidated variable interest entities$654 $552 $1,796 $1,329 Unconsolidated Variable Interest Entities—Asset ManagementThe following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.(In millions)September 30, 2025December 31, 2024Maximum Loss Exposure1,2$465 $614 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.2 Some amounts included are a quarter in arrears.Unconsolidated Variable Interest Entities—Retirement ServicesAthene has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.Fixed maturity securitiesAthene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable