Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 185

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 185
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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Subscription LinesIncluded within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:December 31, 2024December 31, 2023(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsAsset ManagementSubscription lines1$1,198 6.84 %0.06$1,072 7.16 %0.09Total – Asset Management$1,198 $1,072 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.The consolidated VIEs’ debt obligations contain various customary loan covenants. As of December 31, 2024, the Company was not aware of any instances of non-compliance with any of these covenants.Reverse Repurchase Agreements As of December 31, 2023, fair value of collateral received under reverse repurchase agreements was $453 million. There was no rehypothecation of the collateral received under reverse repurchase agreements as of December 31, 2023.Revenues of Consolidated Variable Interest Entities—Retirement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Years ended December 31,(In millions)202420232022Trading securities$152 $102 $34 Mortgage loans128 110 88 Investment funds46 41 9 Other(22)1 (10)Net investment income304 254 121 Net recognized investment gains (losses) on trading securities17 10 (66)Net recognized investment losses on mortgage loans(35)(22)(250)Net recognized investment gains on investment funds1,542 1,228 552 Other gains (losses)(6)(29)83 Investment related gains (losses)1,518 1,187 319 Revenues of consolidated variable interest entities$1,822 $1,441 $440 Unconsolidated Variable Interest Entities—Asset ManagementThe following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable