Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 51

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 51
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 associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the three months ended March 31, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

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The table below sets forth a reconciliation of common stock outstanding to our Adjusted Net Income Shares Outstanding:

March 31, 2025December 31, 2024Total GAAP Common Stock Outstanding570,432,275 565,738,933 Non-GAAP Adjustments:Mandatory Convertible Preferred Stock114,538,803 14,536,019 Vested RSUs16,145,959 21,337,132 Unvested RSUs Eligible for Dividend Equivalents12,646,550 11,455,245 Adjusted Net Income Shares Outstanding613,763,587 613,067,329 1 Reflects the number of shares of underlying common stock assumed to be issuable upon conversion of the Mandatory Convertible Preferred Stock during each period.

The table below sets forth a reconciliation of Athene’s total investments, including related parties, to net invested assets:

(In millions)March 31, 2025December 31, 2024Total investments, including related parties$308,157 $291,167 Derivative assets(6,153)(8,154)Cash and cash equivalents (including restricted cash)13,233 13,676 Accrued investment income2,891 2,816 Net receivable (payable) for collateral on derivatives(2,793)(4,602)Reinsurance impacts(4,635)(4,435)VIE and VOE assets, liabilities and non-controlling interests17,786 17,613 Unrealized (gains) losses15,392 18,320 Ceded policy loans(164)(167)Net investment receivables (payables)(379)97 Allowance for credit losses720 720 Other investments(83)(87)Total adjustments to arrive at gross invested assets35,815 35,797 Gross invested assets343,972 326,964