Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 128

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 128
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 CLO— 6,468 1,070 — 7,538 ABS— 999 10,810 — 11,809 Total AFS securities – related parties— 8,560 12,979 — 21,539 Trading securities— — 399 — 399 Equity securities— — 266 — 266 Mortgage loans— — 1,275 — 1,275 Investment funds— — 1,297 — 1,297 Funds withheld at interest – embedded derivative— — (478)— (478)Other investments— — 339 — 339 Reinsurance recoverable— — 1,780 — 1,780 Other assets5— — 277 — 277 (Continued)

39

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

June 30, 2025(In millions)Level 1Level 2Level 3NAVTotalAssets of consolidated VIEsTrading securities— 927 2,338 — 3,265 Mortgage loans— — 2,544 — 2,544 Investment funds— — 270 18,905 19,175 Other investments5 12 366 — 383 Cash and cash equivalents191 — — — 191 Total Assets – Retirement Services22,254 179,225 121,035 18,905 341,419 Total Assets$25,364 $179,341 $124,090 $19,245 $348,040 LiabilitiesAsset ManagementOther liabilities of consolidated VIEs, at fair value$— $5 $— $— $5 Contingent consideration obligations4— — 61 — 61 Derivative liabilities3— 25 — — 25 Total Liabilities – Asset Management— 30 61 — 91 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 12,276 — 12,276 Universal life benefits— — 755 — 755 Future policy benefitsAmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,097 — 1,097