Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 133

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 133
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3,556)2,209 1,333 (14)2 (12)1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

6. Variable Interest EntitiesA variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.Consolidated VIEs Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. Consolidated VIEs also include certain investment managers and general partners of the funds managed by the Company. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.Other assets of the consolidated VIEs include short-term receivables due from investments sold, performance fee allocations and interest receivables. Accounts payable, accrued expenses, and other liabilities of consolidated VIEs includes debt, profit sharing payable and other short-term payables.Results from certain consolidated VIEs are reported on up to a three-month lag based upon the availability of financial information.

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

Consolidated Variable Interest Entities—Asset ManagementThe following table presents the investments of the consolidated VIEs:(In millions