Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 423

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 423
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 the issuer of the debt securities, and the Guarantors on a combined basis after elimination of intercompany transactions and balances within the Guarantors and equity in the earnings from and investments in any non-guarantor subsidiary. As used herein, “obligor group” means AGM, as the issuer of the debt securities, and the Guarantors on a combined basis. The summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the obligor group and is not intended to present the financial position or results of operations of the obligor group in accordance with generally accepted accounting principles as such principles are in effect in the United States.

(In millions)June 30, 2025December 31, 2024Summarized Statements of Financial ConditionCurrent assets, less receivables from non-guarantor subsidiaries$2,143 $2,545 Non-current assets8,832 8,897 Due from related parties, excluding non-guarantor subsidiaries787 598 Current liabilities, less payables to non-guarantor subsidiaries894 521 Non-current liabilities7,385 7,122 Due to related parties, excluding non-guarantor subsidiaries355 305 Non-controlling interests15 11 

155

Six Months Ended June 30,(In millions)2025Summarized Statements of OperationsRevenues$1,939 Net income (loss)(293)Net income (loss) attributable to obligor group(346)

The following are transactions of the obligor group with non-guarantor subsidiaries.

(In millions)June 30, 2025December 31, 2024Due from non-guarantor subsidiaries$724 $160 Due to non-guarantor subsidiaries1,182 1,193 Six Months Ended June 30,(In millions)2025Intercompany revenue719 Intercompany expense268 

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of incurring losses due to adverse changes in market rates and prices. Included in market risk are potential losses in value due to credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk.

In our asset management business, our predominant exposure to market risk is related to our role as investment manager and general partner for the funds we manage and the sensitivity to movements in the fair value of