Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 248

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 248
---
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 Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 556 — 556 Market risk benefits5— — 4,489 — 4,489 Derivative liabilities10 4,879 — — 4,889 Other liabilities— — 295 — 295 Total Liabilities – Retirement Services10 4,879 19,468 — 24,357 Total Liabilities$10 $4,909 $19,529 $— $24,448 (Concluded)

40

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

December 31, 2024(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$2,692 $— $— $— $2,692 Restricted cash and cash equivalents3 — — — 3 Cash and cash equivalents of VIEs158 — —