Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 159

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 159
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 — — — ABS5,780 — (504)(3,361)1,915 — — — Trading securities4 — — (222)(218)— — — Mortgage loans87 — — (64)23 — — — Reinsurance recoverable— 294 — (2)292 — — — Assets of consolidated VIEsTrading securities201 — (91)(7)103 40 (88)(48)Mortgage loans125 — — (74)51 — — — Investment funds339 — — — 339 — (432)(432)Other investments56 — (3)— 53 — — — Total Level 3 assets – Retirement Services$38,658 $294 $(1,073)$(10,393)$27,486 $978 $(2,504)$(1,526)Liabilities – Asset ManagementContingent consideration obligations$— $— $— $(105)$(105)$— $— $— Total Level 3 liabilities – Asset Management$— $— $— $(105)$(105)$— $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilities – embedded derivative$— $(2,408)$— $741 $(1,667)$— $— $— Other liabilities— — — 52 52 64 — 64 Total Level 3 liabilities – Retirement Services$— $(2,408)$— $793 $(1,615)$64 $— $64 

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

Financial Instruments Without Readily Determinable Fair ValuesPreviously, the Company elected the measurement alternative under ASC 321 to account for an equity security that did not have a readily determinable fair value because of which the equity security was held at cost less any impairment. In connection with the initial public offering of the issuer of the equity security during the second quarter of 2025, the Company transitioned to measuring the investment at fair value using Level 1 inputs. This resulted in an observable transaction price below the Company’s carrying amount. Consequently