Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 125

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 125
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irement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Trading securities$54 $30 $101 $65 Mortgage loans38 31 81 61 Investment funds20 — 21 21 Other(24)1 (31)(4)Net investment income88 62 172 143 Net recognized investment gains (losses) on trading securities4 (8)6 (8)Net recognized investment gains (losses) on mortgage loans(13)(2)7 (28)Net recognized investment gains on investment funds455 319 940 679 Other gains (losses)16 (5)17 (9)Investment related gains (losses)462 304 970 634 Revenues of consolidated variable interest entities$550 $366 $1,142 $777 Unconsolidated Variable Interest Entities—Asset ManagementThe following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.(In millions)June 30, 2025December 31, 2024Maximum Loss Exposure1,2$342 $614 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.2 Some amounts included are a quarter in arrears.

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

Unconsolidated Variable Interest Entities—Retirement ServicesAthene has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.Fixed maturity securitiesAthene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact