Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 137

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 137
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 ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

7. Fair ValueFair Value Measurements of Financial InstrumentsThe following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:September 30, 2025(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$2,768 $— $— $— $2,768 Restricted cash and cash equivalents19 — — — 19 Cash and cash equivalents of VIEs448 — — — 448 Investments, at fair value287 87 1,199 1179 1,752 Investments of consolidated VIEs3 7 3,703 469 4,182 Due from related parties2— — 14 — 14 Derivative assets3— 1 11 — 12 Total Assets – Asset Management3,525 95 4,927 648 9,195 Retirement ServicesAFS SecuritiesU.S. government and agencies13,500 — — — 13,500 U.S. state, municipal and political subdivisions— 832 — — 832 Foreign governments581 1,136 23 — 1,740 Corporate10 87,017 6,483 — 93,510 CLO— 29,952 — — 29,952 ABS— 13,613 16,987 — 30,600 CMBS— 13,319 — — 13,319 RMBS— 10,079 489 — 10,568 Total AFS securities14,091 155,948 23,982 — 194,021 Trading securities24 5,316 12 — 5,352 Equity securities192 843 7 — 1,042 Mortgage loans— — 81,891 — 81,891 Funds withheld at interest – embedded derivative— — (2,473)— (2,473)Derivative assets174 8,708 2 — 8,884 Short-term investments— 4 18 — 22 Other investments— 954 869 — 1,823 Cash and cash equivalents