Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 92

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 92
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 our 2024 Annual Report. Actual results could differ from these estimates. 

The following is a summary of our accounting policies that are affected most by judgments, estimates and assumptions.

•Consolidation of VIEs

•Revenue Recognition

◦Performance Fees within Investment Income

◦Management Fees

•Investments, at fair value

•Fair value of financial instruments

•Equity-based compensation

•Profit sharing expense

•Income taxes

•Valuation of Fixed Maturity Securities, Equity Securities and Mortgage Loans

•Impairment of investments and allowances for expected credit losses

•Derivatives valuation, including embedded derivatives

•Future policy benefits

•Market risk benefits

The above critical accounting estimates and judgments are discussed in detail in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates and Policies” of our 2024 Annual Report.

Recent Accounting Pronouncements

A list of recent accounting pronouncements that are relevant to Apollo and its industries is included in note 2 to our condensed consolidated financial statements.

162

Contractual Obligations, Commitments and Contingencies

Fixed and determinable payments due in connection with the Company’s material contractual obligations are as follows as of September 30, 2025:

(In millions)20252026 - 20272028 - 20292030 and ThereafterTotalAsset ManagementOperating lease obligations1$21 $186 $183 $571 $961 Other long-term obligations214 11 — — 25 AGM credit facility3— 2 2 — 4 Debt obligations365 985 1,122 7,092 9,264 100 1,184 1,307 7,663 10,254 Retirement ServicesInterest sensitive contract liabilities9,805 64,484 93,620 141,828 309,737 Future policy benefits833 6,046 5,533 36,594 49,006 Market risk benefits— — — 6,965 6,965 Other policy claims and benefits114 — — — 114 Dividends payable to policyholders2 17 14 55 88 Debt obligations3149 879 1,818 14,575 17,421 Securities to repurchase4113 1,529 819 796 3,257 11,016 72,955