Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 226

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 226
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$(268)$(21)$(286)$18 

22

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

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 funds411 Fund distributions to the Company(601)Performance allocations, June 30, 2025$3,072 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. 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 ServicesAFS SecuritiesThe following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:June 30, 2025(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueAFS securitiesU.S. government and agencies$10,117 $— $67 $(1,161)$9,023 U.S. state, municipal and political subdivisions1,068 — — (228)840 Foreign governments2,260 — 52 (560)1,752 Corporate103,597 (174)1,237 (10,097)94,563 CLO30,620 — 868 (100)31,388 ABS27,405 (130)563 (476)27,362 CMBS13,854 (62)102 (394)13,500 RMBS10,716 (394)322 (322)10,322 Total AFS securities199,637 (760)3,211 (13,338)188,750 AFS securities – related partiesCorporate2,189 — 21 (18)2,