Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 151

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 151
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 in non-accrual status(69)(51)Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$674 $847 Fair value of residential mortgage loans 90 days or more past due1$674 $847 Fair value of residential mortgage loans in non-accrual status611 765 1 As of June 30, 2025 and December 31, 2024, includes $63 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Mortgage loans$(20)$3 $(23)$(30)The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

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

Fair Value of Financial Instruments Not Carried at Fair Value – Retirement ServicesThe following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition: June 30, 2025(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3Financial assetsInvestment funds$102 $102 $102 $— $— $— Policy loans310 310 — — 310 — Funds withheld at interest19,741 19,741 — — — 19,741 Short-term investments171 171 — — — 171 Other investments225 58 — — — 58 Investments in related partiesInvestment funds765 765 765 — — — Funds withheld at interest5,068 5,068 — — — 5,068 Short-term investments18 18 — — 18 — Total financial assets not carried at fair value$26,400 $26,233 $867 $— $328 $25,038 Financial liabilities