Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 264

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 264
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es) from investment activities of the consolidated VIEs:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Net gains (losses) from investment activities$30 $32 $246 $25 Net gains (losses) from other liabilities— (7)— (7)Interest and other income35 46 74 140 Interest and other expenses(30)(27)(70)(88)Net gains (losses) from investment activities of consolidated variable interest entities$35 $44 $250 $70 In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. The following table presents revenues, expenses and other gains (losses) related to the activities of these VIEs.Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Revenues$22 $9 $107 $27 Expenses9 74 20 75 Other gains (losses) (3)— (21)— Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:September 30, 2025December 31, 2024(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsAsset ManagementSubscription lines1$2,080 6.66 %0.08$1,198 6.84 %0.06Total – Asset Management$2,080 $1,198 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.The consolidated VIEs’ debt obligations contain various customary loan covenants. As of September 30, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.

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

Consolidated Variable Interest Entities—Retirement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Three months ended September