Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 168

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 168
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 below provides a roll forward of the performance allocations balance:(In millions)TotalPerformance allocations, January 1, 2023$2,574 Change in fair value of funds1,048 Fund distributions to the Company(681)Performance allocations, December 31, 2023$2,941 Change in fair value of funds1,249 Fund distributions to the Company(928)Performance allocations, December 31, 2024$3,262 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the consolidated statements of financial condition. The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.Retirement ServicesAFS SecuritiesThe following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:December 31, 2024(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueAFS securitiesU.S. government and agencies$8,413 $— $8 $(1,270)$7,151 U.S. state, municipal and political subdivisions1,167 — — (246)921 Foreign governments2,082 — — (514)1,568 Corporate95,006 (175)485 (11,731)83,585 CLO29,524 — 266 (608)29,182 ABS24,779 (76)138 (640)24,201 CMBS11,158 (60)75 (432)10,741 RMBS8,587 (397)228 (403)8,015 Total AFS securities180,716 (708)1,200 (15,844)165,364 AFS securities – related partiesCorporate2,150 — 18 (31)2,137 CLO6,130