Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 187

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 187
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 the carrying value and maximum loss exposure of these non-consolidated investments:December 31, 2024December 31, 2023(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss ExposureInvestment funds$107 $987 $109 $876 Investment in related parties – investment funds1,853 3,226 1,632 2,377 Assets of consolidated VIEs – investment funds17,660 23,488 15,820 22,129 Investment in fixed maturity securities72,523 74,797 48,155 50,623 Investment in related parties – fixed maturity securities17,239 21,793 13,495 15,608 Investment in related parties – equity securities234 234 318 318 Total non-consolidated investments$109,616 $124,525 $79,529 $91,931 

187

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

7. Fair ValueFair Value Measurements of Financial InstrumentsThe following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:December 31, 2024(In millions)Level 1Level 2Level 3NAVTotalAssetsAsset ManagementCash and cash equivalents$2,692 $— $— $— $2,692 Restricted cash and cash equivalents3 — — — 3 Cash and cash equivalents of VIEs158 — — — 158 Investments, at fair value238 22 1,052 172 1,384 Investments of consolidated VIEs191 111 2,258 234 2,794 Due from related parties2— — 27 — 27 Derivative assets3— 40 29 — 69 Total Assets – Asset Management3,282 173 3,366 306 7,127 Retirement ServicesAFS SecuritiesU.S. government and agencies7,149 2 — — 7,151 U.S. state, municipal and political subdivisions— 921 — — 921 Foreign governments658 881 29 — 1,568 Corporate11 79,253 4,321 — 83,585 CLO— 29,182 — — 29,182