Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 123

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 123
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889)2,496 2,041 (352)209 (143)December 31, 2024Derivative assets$8,154 $(2,209)$(5,922)$23 $— $23 Derivative liabilities(3,556)2,209 1,333 (14)2 (12)1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of June 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

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

5. Variable Interest EntitiesA variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.Consolidated VIEs Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.Other assets of the consolidated VIEs include short-term receivables due from investments sold, performance fee allocations, interest receivables and due from related parties. Other liabilities include debt and short-term payables.Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset ManagementThe following table presents net gains (losses) from investment activities of the