Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 246

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 246
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:(In millions)September 30, 2025December 31, 2024Performance allocations$3,249 $3,262 Performance allocations – investments of consolidated VIEs346 12 Total performance allocations$3,595 $3,274 The table below provides a roll forward of the performance allocations balance:(In millions)TotalTotal performance allocations, January 1, 2025$3,274 Change in fair value of funds and other11,166 Fund distributions to the Company(845)Total performance allocations, September 30, 2025$3,595 1 Other includes $320 million of performance allocations related to the Bridge acquisition during the third quarter of 2025.The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.

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

Retirement ServicesAFS SecuritiesThe following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:September 30, 2025(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueAFS securitiesU.S. government and agencies$14,459 $— $141 $(1,100)$13,500 U.S. state, municipal and political subdivisions1,043 — — (211)832 Foreign governments2,244 — 40 (544)1,740 Corporate101,132 (151)1,530 (9,001)93,510 CLO29,252 — 781 (81)29,952 ABS30,437 (160)745 (422)30,600 CMBS13,607 (67)126 (347)13,319 RMBS10,913 (404)