Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 118

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 118
---
 138 Total derivatives designated as hedges927 1,316 1,335 1,008 Derivatives not designated as hedgesEquity options91,009 5,069 146 85,452 5,002 126 Futures59 133 — 37 93 11 Foreign currency swaps18,216 185 1,064 14,908 600 199 Interest rate swaps and forwards3,249 63 252 3,255 67 124 Other swaps2,066 12 — 2,644 3 5 Foreign currency forwards39,990 512 2,111 39,598 1,054 2,083 Embedded derivativesFunds withheld, including related parties(3,221)60 (3,650)4 Interest sensitive contract liabilities— 12,276 — 11,242 Total derivatives not designated as hedges2,753 15,909 3,169 13,794 Total derivatives$3,680 $17,225 $4,504 $14,802 Derivatives Designated as HedgesCash Flow HedgesAthene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by May 2035. During the three months ended June 30, 2025 and 2024, Athene recognized gains of $76 million and $18 million, respectively, in OCI associated with these hedges. During the six months ended June 30, 2025 and 2024, Athene recognized gains of $172 million and losses of $3 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, no amounts were expected to be reclassified to income within the next 12 months.Fair Value Hedges – Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency