Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 61

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 61
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 total investments, including related parties, to net invested assets:

(In millions)December 31, 2024December 31, 2023Total investments, including related parties$291,167 $238,941 Derivative assets(8,154)(5,298)Cash and cash equivalents (including restricted cash)13,676 14,781 Accrued investment income2,816 1,933 Net receivable (payable) for collateral on derivatives(4,602)(2,835)Reinsurance impacts(4,435)(572)VIE and VOE assets, liabilities and non-controlling interests17,613 14,818 Unrealized (gains) losses18,320 16,445 Ceded policy loans(167)(174)Net investment receivables (payables)97 11 Allowance for credit losses720 608 Other investments(87)(41)Total adjustments to arrive at gross invested assets35,797 39,676 Gross invested assets326,964 278,617 ACRA non-controlling interests(78,321)(61,190)Net invested assets$248,643 $217,427 

Liquidity and Capital Resources

Overview

The Company primarily derives revenues and cash flows from the assets it manages and the retirement savings products it issues, reinsures and acquires. Based on management’s experience, we believe that the Company’s current liquidity position, together with the cash generated from revenues will be sufficient to meet the Company’s anticipated expenses and other working capital needs for at least the next 12 months. For the longer-term liquidity needs of the asset management business, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. The principal sources of liquidity for the retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

AGM is a holding company whose primary source of cash flow is distributions from its subsidiaries, which are expected to be sufficient to fund cash flow requirements based on current estimates of future obligations. AGM’s primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, common stock and preferred stock dividend payments and strategic transactions, such as acquisitions.

At December 31, 2024, the Company had $15.4 billion of unrestricted cash and cash equivalents, as well as $5.1 billion of available funds from the