Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 237

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 237
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-grade ABS.2 See note 15 for additional details on Atlas. Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party.3 Senior unsecured investment-grade debt issued by a non-exchange traded business development company. 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. DerivativesAthene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.The following table presents the notional amount and fair value of derivative instruments:June 30, 2025December 31, 2024Notional AmountFair ValueNotional AmountFair Value(In millions)AssetsLiabilitiesAssetsLiabilitiesDerivatives designated as hedgesForeign currency hedgesSwaps20,404 $623 $964 15,669 $938 $211 Forwards2,721 60 49 3,139 331 5 Interest rate swaps4,382 102 247 4,506 — 654 Forwards on net investments224 — 15 218 11 — Interest rate swaps29,423 142 41 24,885 55 138 Total derivatives designated as hedges927 1,316 1,335 1,008 Derivatives not designated as hedgesEquity options91,009 5,069 146 85,452 5,002 126 Futures59 133 — 37 93 11 Foreign currency swaps18,216 185 1,064 14,908 600 199 Interest rate swaps and forwards3,249 63 252 3,255 67 124 Other swaps2,066 12 — 2,644 3 5 Foreign currency forwards39,990 512 2,111 39,598 1,054 2,083 Embedded derivativesFunds withheld, including related parties(3,221)60 (3,650)4 Interest sensitive contract liabilities— 12,276 — 11,242 Total derivatives not designated as hedges2,753 15,909 3,169 13,794 Total derivatives$3,680 $17,225 $4,