Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 278

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 278
---
— — Assets of consolidated VIEsTrading securities1,876 82 — 34 (54)1,938 82 — Mortgage loans2,120 51 — 55 — 2,226 51 — Investment funds913 (1)— 338 (432)818 (1)— Other investments113 4 — 37 — 154 4 — Total Level 3 assets – Retirement Services$89,074 $2,358 $480 $7,674 $(848)$98,738 $1,400 $469 Liabilities – Asset ManagementContingent consideration obligations$59 $3 $— $(6)$— $56 $— $— Total Level 3 liabilities – Asset Management$59 $3 $— $(6)$— $56 $— $— Liabilities – Retirement ServicesInterest sensitive contract liabilitiesEmbedded derivative$(11,234)$(275)$— $(487)$— $(11,996)$— $— Universal life benefits(769)(51)— — — (820)— — Future policy benefitsAmerUs Closed Block(1,120)(46)— — — (1,166)— — ILICO Closed Block and life benefits(529)(16)— — — (545)— — Derivative liabilities(1)— — — — (1)— — Other liabilities(253)(86)— 2 — (337)— — Total Level 3 liabilities – Retirement Services$(13,906)$(474)$— $(485)$— $(14,865)$— $— (Concluded)1 Related to instruments held at end of period.

52

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

Nine months ended September 30, 2025Total realized and unrealized gains (losses)(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1Total Gains (Losses) Included in OCI1Assets – Asset ManagementInvestments and derivative assets$1,081