Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 250

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 250
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 Mortgage loans— — 1,297 — 1,297 Investment funds— — 1,139 — 1,139 Funds withheld at interest – embedded derivative— — (615)— (615)Other investments— — 331 — 331 Reinsurance recoverable— — 1,661 — 1,661 Other assets5— — 313 — 313 Assets of consolidated VIEsTrading securities— 347 1,954 — 2,301 Mortgage loans— — 2,579 — 2,579 Investment funds— — 770 16,890 17,660 (Continued)

41

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

December 31, 2024(In millions)Level 1Level 2Level 3NAVTotalOther investments4 — 103 — 107 Cash and cash equivalents583 — — — 583 Total Assets – Retirement Services22,414 155,457 104,337 16,890 299,098 Total Assets$25,696 $155,630 $107,703 $17,196 $306,225 LiabilitiesAsset ManagementContingent consideration obligations4$— $— $67 $— $67 Total Liabilities – Asset Management— — 67 — 67 Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative— — 11,242 — 11,242 Universal life benefits— — 742 — 742 Future policy benefitsAmerUs Closed Block— — 1,102 — 1,102 ILICO Closed Block and life benefits— — 538 — 538 Market risk benefits5— — 4,028 — 4,028 Derivative liabilities19 3,536 1 — 3,556 Other liabilities— — 225 — 225 Total Liabilities – Retirement Services19 3,536 17,878 — 21,433 Total Liabilities$19 $3,536 $17,945 $— $21,500 (Concluded)1 Investments as of June 30,