Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 112

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 112
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 $(8)$(1)$168 CLO2 — — (2)— ABS49 12 (1)7 67 CMBS29 26 — 2 57 RMBS381 5 (10)2 378 Total AFS securities590 91 (19)8 670 AFS securities – related parties, ABS1 — — — 1 Total AFS securities, including related parties$591 $91 $(19)$8 $671 Net Investment IncomeNet investment income by asset class consists of the following:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024AFS securities$2,877 $2,340 $5,541 $4,477 Trading securities66 44 108 85 Equity securities29 29 44 46 Mortgage loans1,262 890 2,385 1,704 Investment funds127 (19)165 (10)Funds withheld at interest244 359 509 722 Other227 189 457 400 Investment revenue4,832 3,832 9,209 7,424 Investment expenses(56)(28)(92)(44)Net investment income$4,776 $3,804 $9,117 $7,380 

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

Investment Related Gains (Losses)Investment related gains (losses) by asset class consists of the following:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024AFS securities1Gross realized gains on investment activity$1,521 $125 $2,232 $192 Gross realized losses on investment activity(142)(218)(377)(565)Net realized investment gains (losses) on AFS securities1,379 (93)1,855 (373)Net recognized investment gains (losses) on trading securities261 (33)341 (98)Net recognized investment gains (losses) on equity securities36 (12)51 27 Net recognized investment gains (losses) on mortgage loans785 93 1,799 (