Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 243

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 243
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s 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 consolidated VIEs:Three months ended June 30,Six months ended June 30,(In millions)20251202412025120241Net gains (losses) from investment activities$18 $(25)$216 $(7)Interest and other income5 62 39 94 Interest and other expenses(19)(36)(40)(61)Net gains (losses) from investment activities of consolidated variable interest entities$4 $1 $215 $26 1 Amounts reflect consolidation eliminations.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. For the three and six months ended June 30, 2025, the Company recorded $53 million and $85 million, respectively, of revenues, $7 million and $11 million, respectively, of expenses and $4 million and $18 million, respectively, of other losses related to the activities of these VIEs. For the three and six months ended June 30, 2024, the Company recorded $8