Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 291

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 291
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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:(In millions)September 30, 2025December 31, 2024Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status$887 $898 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status(87)(51)Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$800 $847 Fair value of residential mortgage loans 90 days or more past due1$800 $847 Fair value of residential mortgage loans in non-accrual status753 765 1 As of September 30, 2025 and December 31, 2024, includes $47 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Mortgage loans$(21)$(19)$(44)$(49)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: September 30, 2025(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3Financial assetsInvestment funds$111 $111 $111 $— $— $— Policy loans304 304 — — 304 — Funds withheld at interest18,861 18,861 — — — 18,861 Short-term investments165 165 — — — 165