Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 70

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 70
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ordinated, unsecured basis and (ii) on the 2033 Senior Notes and the 2054 Senior Notes on a senior, unsecured basis. See note 11 of the condensed consolidated financial statements for further discussion on these debt obligations.

AGM, as issuer, and the Guarantors are holding companies. The primary sources of cash flow are dependent upon distributions from their respective subsidiaries to meet their future obligations under the notes and the guarantees, respectively. The 2033 Senior Notes, the 2054 Senior Notes, the 2053 Subordinated Notes and the 2054 Subordinated Notes are not guaranteed by any fee generating businesses, Apollo-managed funds, or Athene and its direct and indirect subsidiaries. Holders of the guaranteed registered debt securities will have a direct claim only against AGM as issuer.

The following tables present summarized financial information of AGM, as the issuer of the debt securities, and the Guarantors on a combined basis after elimination of intercompany transactions and balances within the Guarantors and equity in the earnings from and investments in any non-guarantor subsidiary. As used herein, “obligor group” means AGM, as the issuer of the debt securities, and the Guarantors on a combined basis. The summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the obligor group and is not intended to present the financial position or results of operations of the obligor group in accordance with generally accepted accounting principles as such principles are in effect in the United States.

(In millions)March 31, 2025December 31, 2024Summarized Statements of Financial ConditionCurrent assets, less receivables from non-guarantor subsidiaries$2,157 $2,545 Non-current assets9,135 8,897 Due from related parties, excluding non-guarantor subsidiaries635 598 Current liabilities, less payables to non-guarantor subsidiaries732 521 Non-current liabilities7,185 7,122 Due to related parties, excluding non-guarantor subsidiaries300 305 Non-controlling interests14 11 

Three months ended March 31,(In millions)2025Summarized Statements of OperationsRevenues$1,037 Net income (loss)(129)Net income (loss) attributable to obligor group(155)

140

The following are transactions of the obligor group with non-guarantor subsidiaries.

(In millions)March 31,