Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 124

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 124
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 consolidated VIEs:Three months ended June 30,Six months ended June 30,(In millions)20251202412025120241Net gains (losses) from investment activities$18 $(25)$216 $(7)Interest and other income5 62 39 94 Interest and other expenses(19)(36)(40)(61)Net gains (losses) from investment activities of consolidated variable interest entities$4 $1 $215 $26 1 Amounts reflect consolidation eliminations.In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three and six months ended June 30, 2025, the Company recorded $53 million and $85 million, respectively, of revenues, $7 million and $11 million, respectively, of expenses and $4 million and $18 million, respectively, of other losses related to the activities of these VIEs. For the three and six months ended June 30, 2024, the Company recorded $8 million and $18 million, respectively, of revenues and $0 million and $2 million, respectively, of expenses related to the activities of these VIEs.

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

Subscription LinesIncluded within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:June 30, 2025December 31, 2024(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsAsset ManagementSubscription lines1$954 6.82 %0.08$1,198 6.84 %0.06Total – Asset Management$954 $1,198 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.Revenues of Consolidated Variable Interest Entities—Ret