Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 242

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 242
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 of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:Gross amounts not offset on the condensed consolidated statements of financial condition(In millions)Gross amount recognized1Financial instruments2Collateral (received)/pledgedNet amountOff-balance sheet securities collateral3Net amount after securities collateralJune 30, 2025Derivative assets$6,901 $(2,496)$(3,685)$720 $(536)$184 Derivative liabilities(4,889)2,496 2,041 (352)209 (143)December 31, 2024Derivative assets$8,154 $(2,209)$(5,922)$23 $— $23 Derivative liabilities(3,556)2,209 1,333 (14)2 (12)1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of June 30, 2025 and December 31, 2024, amounts not subject to master netting or similar agreements were immaterial.2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amount