Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 278

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 278
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 for Credit LossesThe following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:Three months ended March 31, 2025AdditionsReductions(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balanceAFS securitiesCorporate$175 $— $— $(1)$174 ABS76 1 (1)6 82 CMBS60 — — — 60 RMBS397 2 (7)— 392 Total AFS securities708 3 (8)5 708 AFS securities – related parties, ABS1 — — — 1 Total AFS securities, including related parties$709 $3 $(8)$5 $709 

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

Three months ended March 31, 2024AdditionsReductions(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balanceAFS securitiesCorporate$129 $7 $(8)$(1)$127 CLO2 — — (1)1 ABS49 2 — — 51 CMBS29 1 — 1 31 RMBS381 4 (4)6 387 Total AFS securities590 14 (12)5 597 AFS securities – related parties, ABS1 — — — 1 Total AFS securities, including related parties$591 $14 $(12)$5 $598 Net Investment IncomeNet investment income by asset class consists of the following:Three months ended March 31,(In millions)20252024AFS securities$2,664 $2,137 Trading securities42 41 Equity securities15 17 Mortgage loans1,123 814 Investment funds38 9 Funds withheld at interest265 363 Other230 211 Investment revenue4,377 3,592 Investment expenses(36)(16)Net investment income$4,341 $3,576 Investment Related Gains (Losses)Investment related gains (losses) by asset class consists of the following:Three