Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 306

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 306
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— (59)(57)— — — Mortgage loans— — — (1)(1)— — — Reinsurance recoverable— 109 — — 109 — — — Assets of consolidated VIEsTrading securities— — (55)— (55)6 — 6 Mortgage loans32 — — (16)16 — — — Investment funds1 — — — 1 — — — Other investments19 — (3)— 16 — — — Total Level 3 assets – Retirement Services$9,802 $109 $(293)$(1,835)$7,783 $371 $(259)$112 Liabilities – Asset ManagementContingent consideration obligations$— $— $— $(14)$(14)$— $— $— Total Level 3 liabilities – Asset Management$— $— $— $(14)$(14)$— $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilities – embedded derivative$— $(898)$— $226 $(672)$— $— $— Other liabilities— — — 47 47 64 — 64 Total Level 3 liabilities – Retirement Services$— $(898)$— $273 $(625)$64 $— $64 

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

Financial Instruments Without Readily Determinable Fair ValuesThe Company elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of March 31, 2025 and December 31, 2024.Fair Value Option – Retirement ServicesThe following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:Three months ended March 31,(In millions)20252024Trading securities$75 $(60)Mortgage loans1,041 (400)Investment funds41 (28)Future policy benefits