Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 92

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 92
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81 Net recognized investment gains on trading securities2 — Net recognized investment gains (losses) on mortgage loans20 (26)Net recognized investment gains on investment funds485 360 Other gains (losses)1 (4)Investment related gains (losses)508 330 Revenues of consolidated variable interest entities$592 $411 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 interest, but that it is not the primary beneficiary.(In millions)March 31, 2025December 31, 2024Maximum Loss Exposure1,2$304 $614 1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.2 Some amounts included are a quarter in arrears.Unconsolidated Variable Interest Entities—Retirement ServicesAthene has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.Fixed maturity securitiesAthene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value.Investment fundsInvestment funds include non-fixed income, alternative investments in the form of limited