Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 136

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 136
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 interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value.Investment fundsInvestment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. 

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

Equity securitiesAthene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:September 30, 2025December 31, 2024(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss ExposureInvestment funds$111 $490 $107 $987 Investment in related parties – investment funds2,135 5,796 1,853 3,226 Assets of consolidated VIEs – investment funds20,403 26,703 17,660 23,488 Investment in fixed maturity securities84,976 88,227 72,523 74,797 Investment in related parties – fixed maturity securities22,774 24,831 17,239 21,793 Investment in related parties – equity securities265 265 234 234 Total non-consolidated investments$130,664 $146,312 $109,616 $124,525 

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Table of