Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 225

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 225
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 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics. The Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption. Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items. The Company adopted the guidance for the annual reporting period ended December 31, 2024, and in interim periods beginning January 1, 2025. Refer to Note 17, Segments, for the expanded disclosures.

3. InvestmentsThe following table outlines the Company’s investments:(In millions)June 30, 2025December 31, 2024Asset ManagementInvestments, at fair value$1,638 $1,384 Equity method investments1,175 1,082 Performance allocations3,072 3,262 Other investments— 358 Total Investments – Asset Management5,885 6,086 Retirement ServicesAFS securities, at fair value$210,289 $184,167 Trading securities, at fair value4,459 2,156 Equity securities, at fair value1,416 1,524 Mortgage loans, at fair value78,564 64,536 Investment funds2,164 1,960 Policy loans310 318 Funds withheld at interest21,588 23,916 Derivative assets6,901 8,154 Short-term investments205 1,190 Other investments3,703 3,246 Total Investments, including related parties – Retirement Services329,599 291,167 Total Investments$335,484 $297,253 Asset ManagementNet Gains (Losses) from Investment ActivitiesThe following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Realized gains (losses) on sales of investments, net$3 $(2)$(6)$(1)Net change in unrealized gains (losses) due to changes in fair value(271)(19)(280)19 Net gains (losses) from investment activities