Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 202

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 202
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Mortgage loans— — — (30)(30)— — — Investment funds32 — — — 32 — — — Other investments42 — — — 42 — — — Assets of consolidated VIEsTrading securities40 — (156)— (116)1,308 (31)1,277 Mortgage loans203 — — (76)127 — — — Investment funds113 — (40)— 73 475 (2,012)(1,537)Other investments14 — (21)— (7)— — — Total Level 3 assets – Retirement Services$32,616 $— $(1,201)$(7,631)$23,784 $3,195 $(4,871)$(1,676)Liabilities - Asset ManagementContingent consideration obligations$— $— $— $(4)$(4)$— $— $— Total Level 3 liabilities – Asset Management$— $— $— $(4)$(4)$— $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilities – Embedded derivative$— $(2,431)$— $656 $(1,775)$— $— $— Other liabilities— — — (75)(75)— — — Total Level 3 liabilities – Retirement Services$— $(2,431)$— $581 $(1,850)$— $— $— 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Instruments Without Readily Determinable Fair ValuesThe Company elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of December 31, 2024 and December 31, 2023. As a result of slower than expected growth of the investee, Athene recorded an impairment of $42 million in the fourth quarter of 2023.Fair Value Option – Retirement ServicesThe following represents the gains (losses) recorded for instruments for which Athene has elected