Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 149

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 149
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 — Total Level 3 assets – Retirement Services$25,257 $200 $(702)$(4,943)$19,812 $674 $(1,352)$(678)Liabilities – Asset ManagementContingent consideration obligations$— $— $— $(99)$(99)$— $— $— Total Level 3 liabilities – Asset Management$— $— $— $(99)$(99)$— $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilities – embedded derivative$— $(1,658)$— $478 $(1,180)$— $— $— Other liabilities— — — 50 50 64 — 64 Total Level 3 liabilities – Retirement Services$— $(1,658)$— $528 $(1,130)$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 ValuesPreviously, the Company elected the measurement alternative under ASC 321 to account for an equity security that did not have a readily determinable fair value because of which the equity security was held at cost less any impairment. In connection with the initial public offering of the issuer of the equity security, the Company transitioned to measuring the investment at fair value using Level 1 inputs. This resulted in an observable transaction price below the Company’s carrying amount. Consequently, during the three months ended June 30, 2025, the Company recognized an impairment loss of $257 million and the carrying value of the investment was written down to its fair value of $101 million as of June 30, 2025.The carrying amount of the equity security was $358 million, net of an impairment of $42 million, as of 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 June 30,Six months ended June 30,(In millions)2025202420252024Trading securities$261 $(40)$336 $(100)Mortgage loans892 82 1,933 (318)Investment funds114 3 155 (25