Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 252

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 252
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0252024AFS securities$3,022 $2,519 $8,563 $6,996 Trading securities90 40 198 125 Equity securities18 19 62 65 Mortgage loans1,397 1,007 3,782 2,711 Investment funds35 45 200 35 Funds withheld at interest232 279 741 1,001 Other267 217 724 617 Investment revenue5,061 4,126 14,270 11,550 Investment expenses(48)(25)(140)(69)Net investment income$5,013 $4,101 $14,130 $11,481 Investment Related Gains (Losses)Investment related gains (losses) by asset class consists of the following:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024AFS securities1Gross realized gains on investment activity$199 $744 $2,431 $936 Gross realized losses on investment activity(339)(237)(716)(802)Net realized investment gains (losses) on AFS securities(140)507 1,715 134 Net recognized investment gains on trading securities44 119 385 21 Net recognized investment gains on equity securities11 38 62 65 Net recognized investment gains on mortgage loans204 1,139 2,003 874 Derivative gains (losses)1,633 1,608 (954)2,486 Provision for credit losses(19)(14)(83)(114)Other gains (losses)521 (1,858)(1,707)(384)Investment related gains (losses)$2,254 $1,539 $1,421 $3,082 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.Proceeds from sales of AFS securities were $9,177 million and $8,539 million for the three months ended September 30, 2025 and 2024, respectively, and $23,987 million and $19,305 million for the nine months ended September 30, 2025 and 2024, respectively.The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period