Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 120

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 120
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 Amounts excluded(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair valueSix months ended June 30, 2025Investment related gains (losses)Foreign currency forwards$(350)$332 $(18)$19 $— Foreign currency swaps(1,013)1,058 45 — — Foreign currency interest rate swaps481 (464)17 — — Interest rate swaps194 (174)20 — — Interest sensitive contract benefitsForeign currency interest rate swaps48 (47)1 — — Six months ended June 30, 2024Investment related gains (losses)Foreign currency forwards179 (183)(4)31 6 Foreign currency swaps155 (138)17 — — Foreign currency interest rate swaps(123)123 — — — Interest rate swaps(115)76 (39)— — Interest sensitive contract benefitsForeign currency interest rate swaps40 (39)1 — — 

33

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

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Foreign currency forwards$3 $2 $29 $(15)Foreign currency swaps(87)64 20 26 Net Investment Hedges Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended June 30, 2025 and 2024, these derivatives had losses of $14 million and $0 million, respectively. During the six months ended June 30, 2025 and 2024, these derivatives had losses of $22 million and gains of $3 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to