Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 91

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 91
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 activities of the consolidated VIEs:Three months ended March 31,(In millions)2025120241Net gains (losses) from investment activities$198 $18 Interest and other income34 32 Interest and other expenses(21)(25)Net gains (losses) from investment activities of consolidated variable interest entities$211 $25 1 Amounts reflect consolidation eliminations.In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three months ended March 31, 2025, the Company recorded $32 million of revenues, $4 million of expenses and $14 million of other losses related to the activities of these VIEs. For the three months ended March 31, 2024, the Company recorded $10 million of revenues and $2 million of expenses related to the activities of these VIEs.Subscription LinesIncluded within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:March 31, 2025December 31, 2024(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsAsset ManagementSubscription lines1$674 7.36 %0.06$1,198 6.84 %0.06Total – Asset Management$674 $1,198 1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.

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

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.Revenues of Consolidated Variable Interest Entities—Retirement ServicesThe following summarizes the statements of operations activity of the consolidated VIEs:Three months ended March 31,(In millions)20252024Trading securities$47 $35 Mortgage loans43 30 Investment funds1 21 Other(7)(5)Net investment income84