Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 271

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 271
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 $67 Total Liabilities – Asset Management— — 67 — 67 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 11,242 — 11,242 Universal life benefits— — 742 — 742 Future policy benefitsAmerUs Closed Block— — 1,102 — 1,102 ILICO Closed Block and life benefits— — 538 — 538 Market risk benefits5— — 4,028 — 4,028 Derivative liabilities19 3,536 1 — 3,556 Other liabilities— — 225 — 225 Total Liabilities – Retirement Services19 3,536 17,878 — 21,433 Total Liabilities$19 $3,536 $17,945 $— $21,500 (Concluded)1 Investments as of September 30, 2025 and December 31, 2024 excludes $223 million and $248 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 2 Due from related parties represents a receivable from a fund. 3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. 4 Other liabilities as of September 30, 2025 and December 31, 2024 includes profit sharing payable of $58 million and $67 million, respectively, related to contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 9 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.Changes in fair value of contingent consideration obligations in connection with the acquisition of Stone Tower are recorded in compensation and benefits expense in the condensed consolidated statements of operations. For periods prior to December 31, 2024, changes in fair value of contingent consideration obligations in connection with the acquisition of Griffin Capital were recorded in other income (loss), net, in the condensed consolidated statements of operations. Refer to note 17 for further details. 

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

Level 3 Financial InstrumentsThe following tables summarize the valuation techniques