Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 232

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 232
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244 359 509 722 Other227 189 457 400 Investment revenue4,832 3,832 9,209 7,424 Investment expenses(56)(28)(92)(44)Net investment income$4,776 $3,804 $9,117 $7,380 

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

Investment Related Gains (Losses)Investment related gains (losses) by asset class consists of the following:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024AFS securities1Gross realized gains on investment activity$1,521 $125 $2,232 $192 Gross realized losses on investment activity(142)(218)(377)(565)Net realized investment gains (losses) on AFS securities1,379 (93)1,855 (373)Net recognized investment gains (losses) on trading securities261 (33)341 (98)Net recognized investment gains (losses) on equity securities36 (12)51 27 Net recognized investment gains (losses) on mortgage loans785 93 1,799 (265)Derivative gains (losses)(1,075)(553)(2,587)878 Provision for credit losses(56)(90)(64)(100)Other gains (losses)(1,335)554 (2,228)1,474 Investment related gains (losses)$(5)$(134)$(833)$1,543 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.Proceeds from sales of AFS securities were $5,865 million and $7,048 million for the three months ended June 30, 2025 and 2024, respectively, and $14,810 million and $10,766 million for the six months ended June 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 end:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Trading securities$118 $(21)$140 $(41)Equity