Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 291

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 291
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 therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value.Investment fundsInvestment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. 

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

Equity securitiesAthene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:March 31, 2025December 31, 2024(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss ExposureInvestment funds$104 $924 $107 $987 Investment in related parties – investment funds1,935 3,214 1,853 3,226 Assets of consolidated VIEs – investment funds18,187 23,896 17,660 23,488 Investment in fixed maturity securities76,787 78,509 72,523 74,797 Investment in related parties – fixed maturity securities18,278 21,947 17,239 21,793 Investment in related parties – equity securities244 244 234 234 Total non-consolidated investments$115,535 $128,734 $109,616 $124,525 

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

6. Fair ValueFair Value Measurements of Financial InstrumentsThe following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:March 31, 2025(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$1,871 $— $— $— $1,871 Restricted cash and cash equivalents3 — — — 3 Cash and cash equivalents of VIEs231 — — — 231