Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 272

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 272
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 101 — — — 101 Investments in related partiesInvestment funds714 714 714 — — — Funds withheld at interest5,665 5,665 — — — 5,665 Short-term investments743 743 — — 743 — Total financial assets not carried at fair value$29,733 $29,741 $821 $— $1,061 $27,859 Financial liabilitiesInterest sensitive contract liabilities$200,278 $192,025 $— $— $— $192,025 Debt6,309 5,844 — 581 5,263 — Securities to repurchase5,716 5,716 — — 5,716 — Funds withheld liability4,331 4,331 — — — 4,331 Total financial liabilities not carried at fair value$216,634 $207,916 $— $581 $10,979 $196,356 The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value.

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

Other investments – Other investments include investments in low-income housing and transferable energy tax credit structures. For those held using the proportional amortization method, the carrying value may include tax credits which have been received but not yet used, which are excluded from the measurement of the fair value estimate of the investment structures. Tax and other future benefits expected to be generated by these structures are valued using a discounted cash flow model. Received but unused tax credits included in the carrying value as of June 30, 2025 are expected to be used during the year ending December 31, 2025.Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements, guaranteed investment contracts and payout annuities without life contingencies. The embedded derivatives