Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 290

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 290
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31, 2024. Fair Value Option – Retirement ServicesThe following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Trading securities$43 $131 $379 $31 Mortgage loans197 1,186 2,130 868 Investment funds9 38 164 13 Future policy benefits(5)(46)— 12 Other14 5 (3)9 Total gains (losses)$258 $1,314 $2,670 $933 Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded in future policy and other policy benefits on the condensed consolidated statements of operations.The following summarizes information for fair value option mortgage loans, including related parties and VIEs:(In millions)September 30, 2025December 31, 2024Unpaid principal balance$86,487 $69,754 Mark to fair value(1,141)(2,639)Fair value$85,346 $67,115 The following represents the commercial 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 commercial mortgage loans 90 days or more past due and/or in non-accrual status$642 $195 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status(276)(102)Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status$366 $93 Fair value of commercial mortgage loans 90 days or more past due$282 $31 Fair value of commercial mortgage loans in non-accrual status366 93 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO