Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 191

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 191
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 — 378— 378 Assets of consolidated VIEsTrading securities— 284 1,852 — 2,136 Mortgage loans— — 2,173 — 2,173 Investment funds— — 977 14,843 15,820 (Continued)

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

December 31, 2023(In millions)Level 1Level 2Level 3NAVTotalOther investments— 2 101 — 103 Cash and cash equivalents98 — — — 98 Total Assets – Retirement Services21,581 131,131 70,748 14,843 238,303 Total Assets$24,595 $131,185 $73,478 $15,031 $244,289 LiabilitiesAsset ManagementOther liabilities of consolidated VIEs, at fair value$— $3 $— $— $3 Contingent consideration obligations4— — 93 — 93 Derivative liabilities3— 42 — — 42 Total Liabilities – Asset Management— 45 93 — 138 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 9,059 — 9,059 Universal life benefits— — 834 — 834 Future policy benefitsAmerUs Closed Block— — 1,178 — 1,178 ILICO Closed Block and life benefits— — 522 — 522 Market risk benefits5— — 3,751 — 3,751 Derivative liabilities17 1,977 1 — 1,995 Other liabilities— (64)330 — 266 Total Liabilities – Retirement Services17 1,913 15,675 — 17,605 Total Liabilities$17 $1,958 $15,768 $— $17,743 (Concluded)1 Investments as of December 31, 2024 and December 31, 2023 excludes $248 million and $218 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 2 Due from related parties