Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 128

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 128
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 300 3,255 67 124 Other swaps2,285 8 — 2,644 3 5 Foreign currency forwards41,581 644 2,363 39,598 1,054 2,083 Embedded derivativesFunds withheld, including related parties(2,878)172 (3,650)4 Interest sensitive contract liabilities— 14,299 — 11,242 Total derivatives not designated as hedges5,058 18,117 3,169 13,794 Total derivatives$6,006 $19,324 $4,504 $14,802 Derivatives Designated as HedgesCash Flow HedgesAthene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by June 2032. During the three months ended September 30, 2025 and 2024, Athene recognized gains of $14 million and $152 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the nine months ended September 30, 2025 and 2024, Athene recognized gains of $186 million and $149 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, no amounts were expected to be reclassified to income within the next 12 months.Fair Value Hedges – Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency risk was $17,684 million and $16,307 million as of September 30, 2025 and December 31, 2024, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $8,771 million and $2,426 million as of September 30, 2025 and December 31, 2024, respectively.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC