Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 173

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 173
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— (8)(15)3 129 CLO7 1 — — — (6)2 ABS29 23 — (4)— 1 49 CMBS5 26 — — — (2)29 RMBS329 16 53 (16)— (1)381 Total AFS securities458 154 53 (55)(15)(5)590 AFS securities – related partiesCLO1 — — — — (1)— ABS— 1 — — — — 1 Total AFS securities – related parties1 1 — — — (1)1 Total AFS securities, including related parties$459 $155 $53 $(55)$(15)$(6)$591 

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

Net Investment IncomeNet investment income by asset class consists of the following:Years ended December 31,(In millions)202420232022AFS securities$9,691 $6,901 $4,165 Trading securities161 177 174 Equity securities90 76 64 Mortgage loans3,767 2,360 1,261 Investment funds(38)90 408 Funds withheld at interest1,318 1,752 1,844 Other828 815 270 Investment revenue15,817 12,171 8,186 Investment expenses(99)(91)(38)Net investment income$15,718 $12,080 $8,148 Investment Related Gains (Losses)Investment related gains (losses) by asset class consists of the following:Years ended December 31,(In millions)202420232022AFS securities1Gross realized gains on investment activity$977 $926 $1,337 Gross realized losses on investment activity(1,979)(779)(2,151)Net realized investment gains (losses) on AFS securities(1,002)147 (814)Net recognized investment gains (losses) on trading securities(170)66 (432)Net recognized investment gains (losses) on equity securities22 13 (153)Net recognized investment gains (losses) on mortgage loans(