Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 393

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 393
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 to the higher interest rate environment and earlier deployment into assets during the year compared to 2024. These impacts were partially offset by lower floating rate income.

Revenues of consolidated VIEs were $1.8 billion in 2025, an increase of $467 million from $1.3 billion in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets, favorable returns from A-A Onshore Fund, LLC, a favorable change in the fair value of mortgage loans held in VIEs related to a larger decrease in U.S. Treasury rates in 2025 compared to 2024 and favorable impacts from the consolidation of new VIEs as well as the deconsolidation of existing VIEs.

Investment related gains (losses) were $1.4 billion in 2025, a decrease of $1.7 billion from $3.1 billion in 2024, primarily driven by unfavorable net foreign exchange impacts and an unfavorable change in fair value of FIA hedging derivatives and reinsurance assets, partially offset by a favorable change in fair value of mortgage loans and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S. dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of FIA hedging derivatives decreased $781 million, primarily driven by less favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 13.7% in 2025, compared to an increase of 20.8% in 2024. The change in fair value of reinsurance assets decreased $212 million, primarily related to runoff of the underlying investments within Athene’s funds withheld asset and an unfavorable change in credit spreads compared to 2024, partially offset by a larger decrease in U.S. Treasury rates in 2025 compared to 2024. The change in fair value of mortgage loans 

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increased $437 million and the change in fair value of trading securities increased $133 million primarily driven by a larger decrease in U.S. Treasury rates in 2025 compared to 2024. 

Premiums were $351 million in 2025, a decrease of $812 million from $1.2 billion