Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 86

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 86
---
93 11 Foreign currency swaps17,066 389 270 14,908 600 199 Interest rate swaps and forwards3,252 67 192 3,255 67 124 Other swaps2,151 6 5 2,644 3 5 Foreign currency forwards39,745 569 1,962 39,598 1,054 2,083 Embedded derivativesFunds withheld, including related parties(3,387)23 (3,650)4 Interest sensitive contract liabilities— 10,747 — 11,242 Total derivatives not designated as hedges1,759 13,360 3,169 13,794 Total derivatives$2,766 $14,135 $4,504 $14,802 Derivatives Designated as HedgesCash Flow HedgesAthene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2031. During the three months ended March 31, 2025 and 2024, Athene recognized gains of $96 million and losses of $21 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2025 and 2024. As of March 31, 2025, no amounts were expected to be reclassified to income within the next 12 months.

29

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

Fair Value Hedges Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:March 31, 2025December 31, 2024(In millions)Carrying amount of the hedged assets or liabilities1Cumulative amount of fair value hedging gains (losses)Carrying amount of the hedged assets or liabilities1Cumulative amount of fair value hedging gains (losses)AFS securitiesForeign currency forwards$2