Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 75

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 75
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448 — Other investments358 358 Total Investments – Asset Management6,591 6,086 Retirement ServicesAFS securities, at fair value$196,541 $184,167 Trading securities, at fair value2,543 2,156 Equity securities, at fair value1,299 1,524 Mortgage loans, at fair value72,212 64,536 Investment funds2,039 1,960 Policy loans313 318 Funds withheld at interest22,670 23,916 Derivative assets6,153 8,154 Short-term investments1,036 1,190 Other investments3,351 3,246 Total Investments, including related parties – Retirement Services308,157 291,167 Total Investments$314,748 $297,253 Asset ManagementNet Gains (Losses) from Investment ActivitiesThe following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:Three months ended March 31,(In millions)20252024Realized gains (losses) on sales of investments, net$(9)$1 Net change in unrealized gains (losses) due to changes in fair value(9)38 Net gains (losses) from investment activities$(18)$39 Performance AllocationsPerformance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:(In millions)TotalPerformance allocations, January 1, 2025$3,262 Change in fair value of funds245 Fund distributions to the Company(395)Performance allocations, March 31, 2025$3,112 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. 

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

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.Retirement ServicesAF