Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 242

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 242
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 in accordance with generally accepted accounting principles as such principles are in effect in the United States.

(In millions)March 31, 2025December 31, 2024Summarized Statements of Financial ConditionCurrent assets, less receivables from non-guarantor subsidiaries$2,157 $2,545 Non-current assets9,135 8,897 Due from related parties, excluding non-guarantor subsidiaries635 598 Current liabilities, less payables to non-guarantor subsidiaries732 521 Non-current liabilities7,185 7,122 Due to related parties, excluding non-guarantor subsidiaries300 305 Non-controlling interests14 11 

Three months ended March 31,(In millions)2025Summarized Statements of OperationsRevenues$1,037 Net income (loss)(129)Net income (loss) attributable to obligor group(155)

140

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

(In millions)March 31, 2025December 31, 2024Due from non-guarantor subsidiaries$211 $160 Due to non-guarantor subsidiaries1,278 1,193 Three months ended March 31,(In millions)2025Intercompany revenue361 Intercompany expense162 

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 their investments and resulting impact on performance fees and management fee revenues. Our direct investments in the funds we manage also expose us to market risk whereby movements in the fair values of the underlying investments will increase or decrease both net gains (losses) from investment activities and income (loss) from equity method investments.

Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities. Athene’s primary market risk exposures are to credit risk, interest rate risk, equity price risk and inflation risk. 

For a discussion of our market risk exposures in general,