Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 205

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 205
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,278 $192,025 $— $— $— $192,025 Debt6,309 5,844 — 581 5,263 — Securities to repurchase5,716 5,716 — — 5,716 — Funds withheld liability4,331 4,331 — — — 4,331 Total financial liabilities not carried at fair value$216,634 $207,916 $— $581 $10,979 $196,356 

201

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

December 31, 2023(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3Financial assetsInvestment funds$109 $109 $109 $— $— $— Policy loans334 334 — — 334 — Funds withheld at interest27,738 27,738 — — — 27,738 Other investments46 52 — — — 52 Investments in related partiesInvestment funds550 550 550 — — — Funds withheld at interest7,195 7,195 — — — 7,195 Short-term investments947 947 — — 947 — Total financial assets not carried at fair value$36,919 $36,925 $659 $— $1,281 $34,985 Financial liabilitiesInterest sensitive contract liabilities$154,095 $146,038 $— $— $— $146,038 Debt4,209 3,660 — — 3,660 — Securities to repurchase3,853 3,853 — — 3,853 — Funds withheld liability350 350 — — 350 — Total financial liabilities not carried at fair value$162,507 $153,901 $— $— $7,863 $146,038 The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the consolidated statements of financial condition; however, in the case of policy loans