Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 223

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 223
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 invested assets:

(In millions)March 31, 2025December 31, 2024Total investments, including related parties$308,157 $291,167 Derivative assets(6,153)(8,154)Cash and cash equivalents (including restricted cash)13,233 13,676 Accrued investment income2,891 2,816 Net receivable (payable) for collateral on derivatives(2,793)(4,602)Reinsurance impacts(4,635)(4,435)VIE and VOE assets, liabilities and non-controlling interests17,786 17,613 Unrealized (gains) losses15,392 18,320 Ceded policy loans(164)(167)Net investment receivables (payables)(379)97 Allowance for credit losses720 720 Other investments(83)(87)Total adjustments to arrive at gross invested assets35,815 35,797 Gross invested assets343,972 326,964 ACRA non-controlling interests(81,605)(78,321)Net invested assets$262,367 $248,643 

Liquidity and Capital Resources

Overview

The Company primarily derives revenues and cash flows from the assets it manages and the retirement savings products it issues, reinsures and acquires. Based on management’s experience, we believe the Company’s current liquidity position, together with the cash generated from revenues will be sufficient to meet the Company’s anticipated expenses and other working capital needs for at least the next 12 months. For the longer-term liquidity needs of the asset management business, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. The principal sources of liquidity for the retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

AGM is a holding company whose primary source of cash flow is distributions from its subsidiaries, which are expected to be sufficient to fund cash flow requirements based on current estimates of future obligations. AGM’s primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, common stock and preferred stock dividend payments and strategic transactions, such as acquisitions.

At March 31, 2025, the Company had $12.9 billion of unrestricted cash and cash equivalents, as well as $5.1 billion of available funds from the AGM credit facility, AHL credit facility