Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 451

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 451
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-guarantor subsidiaries1,650 521 Non-current liabilities7,519 7,122 Due to related parties, excluding non-guarantor subsidiaries400 305 Non-controlling interests34 11 

Nine Months Ended September 30,(In millions)2025Summarized Statements of OperationsRevenues$3,201 Net income (loss)(66)Net income (loss) attributable to obligor group(145)

164

The following are transactions of the obligor group with non-guarantor subsidiaries.

(In millions)September 30, 2025December 31, 2024Due from non-guarantor subsidiaries$1,177 $160 Due to non-guarantor subsidiaries1,293 1,193 Nine Months Ended September 30,(In millions)2025Intercompany revenue$1,069 Intercompany expense382 Intercompany interest8 

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of incurring losses due to adverse changes in market rates and prices. Included in market risk are potential losses in value due to credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk.

In our asset management business, our predominant exposure to market risk is related to our role as investment manager and general partner for the funds we manage and the sensitivity to movements in the fair value of their investments and resulting impact on performance fees and management fee revenues. Our direct investments in the funds we manage also expose us to market risk whereby movements in the fair values of the underlying investments will increase or decrease both net gains (losses) from investment activities and income (loss) from equity method investments.

Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities. Athene’s primary market risk exposures are to credit risk, interest rate risk, equity price risk and inflation risk. 

For a discussion of our market risk exposures in general, please see “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the 2024 Annual Report, which is accessible on the SEC’s website at www.sec.gov.

There have been no material changes to market risk exposures from those previously disclosed in the 2024 Annual Report, except as described below.

Sensitivities

Retirement Services

Interest Rate Risk

Athene assesses