Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table presents net gains (losses) from investment activities of the consolidated VIEs:


	Years ended December 31,
(In millions)		20231		20221		20211
Net gains (losses) from investment activities		$	67	$	93	$	526
Net gains (losses) from debt		—		144		54
Interest and other income		176		354		746
Interest and other expenses		(113)		(97)		(769)
Net gains (losses) from investment activities of consolidated variable interest entities		$	130	$	494	$	557

1 Amounts reflect consolidation eliminations.

The following summarizes the statements of operations activity of the consolidated VIEs:


	Years ended December 31,
(In millions)		2023		2022
Trading securities		$	102	$	34

Mortgage loans		110		88
Investment funds		41		9
Other		1		(10)
Net investment income		254		121

Net recognized investment gains (losses) on trading securities		10		(66)
Net recognized investment losses on mortgage loans		(22)		(250)
Net recognized investment gains on investment funds		1,228		552
Other gains (losses)		(29)		83
Investment related gains (losses)		1,187		319
Revenues of consolidated variable interest entities		$	1,441	$	440

The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.



(In millions)	December 31, 2023		2	December 31, 2022		2
Maximum Loss Exposure1	$	325		$	343

1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:


	December 31, 2023				December 31, 2022
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	109	$	876	$	79	$	340
Investment in related parties – investment funds	1,632		2,377		1,569		2,253
Assets of consolidated VIEs – investment funds	15,820		22,129		12,480		20,278
Investment in fixed maturity securities	48,155		50,623		37,454		40,992
Investment in related parties – fixed maturity securities	13,495		15,608		9,717		10,290
Investment in related parties – equity securities	318		318		279		279
Total non-consolidated investments	$	79,529	$	91,931	$	61,578	$	74,432

The tables below present the financial information of these SPACs in the aggregate:



(In millions)	December 31, 2023		December 31, 2022
Assets:

Restricted cash and cash equivalents	$	—	$	1,046



Other assets	—		2
Total Assets	$	—	$	1,048
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	—	$	3
Due to related parties	—		8
Other liabilities	—		43
Total Liabilities	—		54
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,017
Stockholders’ Equity (Deficit):
Additional paid in capital	—		(72)
Retained earnings	—		49

Total Stockholders’ Equity (Deficit)	—		(23)
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	$	—	$	1,048



	Years ended December 31,
(In millions)		2023		2022		2021



Expenses:

General, administrative and other		$	3	$	8	$	19
Total Expenses		3		8		19
Other Income (Loss):
Net gains (losses) from investment activities		(15)		20		3
Interest income		27		13		1
Other income (loss), net		—		—		(1)
Total Other Income (Loss)		12		33		3
Income (loss) before income tax provision		9		25		(16)
Income tax provision		(2)		(1)		—
Net Income (Loss)		7		24		(16)
Net income attributable to non-controlling interests		(41)		—		—
Net Income (Loss) Attributable to Apollo Global Management, Inc.		(34)		24		(16)

Schedule of Principal Provisions Debt

The following table summarizes the principal provisions of those amounts:


	December 31, 2023					December 31, 2022
(In millions, except percentages)	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Asset Management


Subscription lines1	$	1,072	7.16	%	0.09	$	686	6.22	%	0.08

Total – Asset Management	$	1,072				$	686








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.

Schedule of Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the consolidated statements of financial condition:


(In millions)	December 31, 2023		December 31, 2022

Less than 30 days	$	686	$	608
30-90 days	—		1,268

1 year and greater	3,167		2,867
Payables for repurchase agreements	$	3,853	$	4,743

The following table summarizes the maturities of repurchase agreements:


Remaining Contractual Maturity (In millions)	December 31, 2023		December 31, 2022



91 days to 364 days	$	—	$	1,254

Total payables for repurchase agreements1	$	—	$	1,254

1 Included in other liabilities of consolidated variable interest entities on the consolidated statements of financial condition.

The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged:


(In millions)	December 31, 2023		December 31, 2022
Loans backed by residential real estate	$	—	$	770
Loans backed by commercial real estate	—		484
Total	$	—	$	1,254

Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level 2 of the fair value hierarchy.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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