Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 119

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 119
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 risk was $17,818 million and $16,307 million as of June 30, 2025 and December 31, 2024, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $6,012 million and $2,426 million as of June 30, 2025 and December 31, 2024, respectively.The following represents the carrying amount and the cumulative fair value of hedging adjustments of hedged liabilities, excluding those solely hedging foreign currency risk:

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

June 30, 2025December 31, 2024(In millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)1Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)Interest sensitive contract liabilitiesForeign currency interest rate swaps$4,315 $85 $3,946 $488 Interest rate swaps17,327 (34)17,873 130 1 Excludes gains (losses) related to foreign currency risk.The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:Amounts excluded(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair valueThree months ended June 30, 2025Investment related gains (losses)Foreign currency forwards$(235)$228 $(7)$9 $— Foreign currency swaps(681)699 18 — — Foreign currency interest rate swaps344 (330)14 — — Interest rate swaps65 (49)16 — — Interest sensitive contract benefitsForeign currency interest rate swaps25 (24)1 — — Three months ended June 30, 2024Investment related gains (losses)Foreign currency forwards$43 $(51)$(8)$13 $(3)Foreign currency swaps43 (24)19 — — Foreign currency interest rate swaps(7)6 (1)— — Interest rate swaps(9)1 (8)— — Interest sensitive contract benefitsForeign currency interest rate swaps24 (23)1 — —