Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table outlines the Company’s investments:


(In millions)	September 30, 2025		December 31, 2024
Asset Management
Investments, at fair value	$	1,752	$	1,384
Equity method investments	1,275		1,082
Performance allocations	3,249		3,262

Other investments	12		358
Total Investments – Asset Management	6,288		6,086
Retirement Services
AFS securities, at fair value	218,684		184,167
Trading securities, at fair value	5,763		2,156
Equity securities, at fair value	1,307		1,524
Mortgage loans, at fair value	83,266		64,536
Investment funds	2,246		1,960
Policy loans	304		318
Funds withheld at interest	20,816		23,916
Derivative assets	8,884		8,154
Short-term investments	205		1,190
Other investments	4,523		3,246
Total Investments, including related parties – Retirement Services	345,998		291,167
Total Investments	$	352,286	$	297,253

The following table presents the investments of the consolidated VIEs:


(In millions)	September 30, 2025		December 31, 2024
Asset Management
Investments, at fair value	$	4,182	$	2,794
Equity method investments	112		—
Performance allocations	346		12
Other investments	6		—
Total Investments – Asset Management	$	4,646	$	2,806

Schedule of VIE Financial Information

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


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Net gains (losses) from investment activities	$	30	$	32	$	246	$	25

Net gains (losses) from other liabilities	—		(7)		—		(7)
Interest and other income	35		46		74		140
Interest and other expenses	(30)		(27)		(70)		(88)
Net gains (losses) from investment activities of consolidated variable interest entities	$	35	$	44	$	250	$	70

The following table presents revenues, expenses and other gains (losses) related to the activities of these VIEs.


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Revenues	$	22	$	9	$	107	$	27
Expenses	9		74		20		75
Other gains (losses)	(3)		—		(21)		—

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


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2025		2024		2025		2024
Trading securities	$	54	$	39	$	155	$	104

Mortgage loans	41		30		122		91
Investment funds	7		22		28		43
Other	(5)		(9)		(36)		(13)
Net investment income	97		82		269		225

Net recognized investment gains on trading securities	6		29		12		21
Net recognized investment gains (losses) on mortgage loans	8		24		15		(4)
Net recognized investment gains on investment funds	513		415		1,453		1,094
Other gains (losses)	30		2		47		(7)
Investment related gains (losses)	557		470		1,527		1,104
Revenues of consolidated variable interest entities	$	654	$	552	$	1,796	$	1,329

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)	September 30, 2025		December 31, 2024
Maximum Loss Exposure1,2	$	465	$	614

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:


	September 30, 2025				December 31, 2024
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	111	$	490	$	107	$	987
Investment in related parties – investment funds	2,135		5,796		1,853		3,226
Assets of consolidated VIEs – investment funds	20,403		26,703		17,660		23,488
Investment in fixed maturity securities	84,976		88,227		72,523		74,797
Investment in related parties – fixed maturity securities	22,774		24,831		17,239		21,793
Investment in related parties – equity securities	265		265		234		234
Total non-consolidated investments	$	130,664	$	146,312	$	109,616	$	124,525

Schedule of Principal Provisions of Subscription Lines

The following table summarizes the principal provisions of those amounts:


	September 30, 2025					December 31, 2024
(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	$	2,080	6.66	%	0.08	$	1,198	6.84	%	0.06

Total – Asset Management	$	2,080				$	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.

- 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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