Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 184

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 184
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 beneficiary. In addition, during 2023 and 2022, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 18 for further details regarding Apollo’s previously consolidated SPACs.The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.Other assets of the consolidated VIEs include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt and short-term payables.Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value.Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset ManagementThe following table presents net gains (losses) from investment activities of the consolidated VIEs:Years ended December 31,(In millions)202412023120221Net gains (losses) from investment activities$39 $67 $93 Net gains (losses) from debt(8)— 144 Interest and other income172 176 354 Interest and other expenses(113)(113)(97)Net gains (losses) from investment activities of consolidated variable interest entities$90 $130 $494 1 Amounts reflect consolidation eliminations.In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the year ended December 31, 2024, the Company recorded $51 million of revenues and $77 million of expenses related to the activities of these VIEs. For the year ended December 31, 2023, the Company recorded $22 million of revenues and $5 million of expenses related to the activities of these VIEs.

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