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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
Commission File Number: 001-41197
APOLLO GLOBAL MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
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| Delaware |
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86-3155788 |
| (State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
9 West 57th Street, 42nd Floor
New York, New York 10019
(Address of principal executive offices) (Zip Code)
(212) 515-3200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
| Common Stock |
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APO |
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New York Stock Exchange |
| 6.75% Series A Mandatory Convertible Preferred Stock |
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APO.PRA |
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New York Stock Exchange |
| 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 |
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APOS |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer x
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Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of August 5, 2024, there were 569,534,271 shares of the registrant’s common stock outstanding.
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TABLE OF CONTENTS |
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| PART I |
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| ITEM 1. |
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| ITEM 1A. |
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| ITEM 2. |
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| ITEM 3. |
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| ITEM 4. |
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| PART II |
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| ITEM 1. |
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| ITEM 1A. |
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| ITEM 2. |
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| ITEM 3. |
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| ITEM 4. |
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| ITEM 5. |
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| ITEM 6. |
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Forward-Looking Statements
This report may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this report, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in this quarterly report and the Company’s annual report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 27, 2024 (the “2023 Annual Report”), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Terms Used in This Report
In this report, references to “Apollo,” “we,” “us,” “our,” and the “Company” refer to Apollo Global Management, Inc. (“AGM”) and its subsidiaries unless the context requires otherwise. References to “AGM common stock” or “common stock” of the Company refer to shares of common stock, par value $0.00001 per share, of AGM and “Mandatory Convertible Preferred Stock” refers to the 6.75% Series A Mandatory Convertible Preferred Stock of AGM.
The use of any defined term in this report to mean more than one entity, person, security or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Apollo,” “we,” “us,” “our,” and the “Company” in this report to refer to AGM and its subsidiaries, each subsidiary of AGM is a standalone legal entity that is separate and distinct from AGM and any of its other subsidiaries. Any AGM entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.
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| Term or Acronym |
Definition |
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| AAA |
Apollo Aligned Alternatives Aggregator, LP |
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| AADE |
Athene Annuity & Life Assurance Company |
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| AAM |
Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.) |
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| AARe |
Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary |
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| ABS |
Asset-backed securities |
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| Accord+ |
Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles |
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| Accord I |
Apollo Accord Master Fund, L.P., together with its feeder funds |
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| Accord II |
Apollo Accord Master Fund II, L.P., together with its feeder funds |
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| Accord III |
Apollo Accord Master Fund III, L.P., together with its feeder funds |
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| Accord III B |
Apollo Accord Master Fund III B, L.P., together with its feeder funds |
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| Accord IV |
Apollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles |
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| Accord V |
Apollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles |
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| Accord VI |
Apollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles |
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| ACRA |
ACRA 1 and ACRA 2 |
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| ACRA 1 |
Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries |
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| ACRA 2 |
Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries |
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| ADCF |
Apollo Diversified Credit Fund |
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| ADIP |
ADIP I and ADIP II |
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| ADIP I |
Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA 1, invests alongside Athene in certain investments |
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| ADIP II |
Apollo/Athene Dedicated Investment Program II, L.P., a fund managed by Apollo including third-party capital that, through ACRA 2, invests alongside Athene in certain investments |
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| Adjusted Net Income Shares Outstanding, or ANI Shares Outstanding |
Consists of total shares of common stock outstanding, RSUs that participate in dividends, and shares of common stock assumed to be issuable upon the conversion of the shares of Mandatory Convertible Preferred Stock |
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| ADREF |
Apollo Diversified Real Estate Fund |
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| ADS |
Apollo Debt Solutions BDC |
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| AFS |
Available-for-sale |
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| AFT |
Apollo Senior Floating Rate Fund, Inc. |
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| AIF |
Apollo Tactical Income Fund, Inc. |
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| AIOF I |
Apollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles |
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| AIOF II |
Apollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles |
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| AIOF III |
Apollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles |
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| ALRe |
Athene Life Re Ltd., a Bermuda reinsurance subsidiary |
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| Alternative investments |
Alternative investments, including investment funds, VIEs and certain equity securities due to their underlying characteristics |
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| AMH |
Apollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM |
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| ANRP I |
Apollo Natural Resources Partners, L.P., together with its alternative investment vehicles |
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| ANRP II |
Apollo Natural Resources Partners II, L.P., together with its alternative investment vehicles |
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| ANRP III |
Apollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles |
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| AOCI |
Accumulated other comprehensive income (loss) |
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| AOG Unit Payment |
On December 31, 2021, holders of units of the Apollo Operating Group (“AOG Units”) (other than Athene and the Company) sold and transferred a portion of such AOG Units to APO Corp., a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction. |
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| Apollo funds, our funds and references to the funds we manage |
The funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or “SIAs,” alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services. |
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| Apollo Operating Group |
(i) The entities through which we currently operate our asset management business and (ii) one or more entities formed for the purpose of, among other activities, holding certain of our gains or losses on our principal investments in the funds, which we refer to as our “principal investments.” |
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| ARI |
Apollo Commercial Real Estate Finance, Inc. |
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| Assets Under Management, or AUM |
The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of:
1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than certain CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield, gross asset value plus available financing capacity;
2. the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings;
3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and
4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.
Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.
Apollo uses AUM, Gross capital deployment and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. |
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| Athene |
Athene Holding Ltd. (“Athene Holding” or “AHL”, together with its subsidiaries, “Athene”), a leading financial services company specializing in retirement services that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary ISG, provides asset management and advisory services. |
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| Athora |
Athora Holding, Ltd. (“Athora Holding”, together with its subsidiaries, “Athora”), a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). Apollo, through ISGI, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. |
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| Atlas |
An equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP |
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| AUM with Future Management Fee Potential |
The committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. |
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| AUSA |
Athene USA Corporation |
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| Bermuda RBC |
The risk-based capital ratio of Athene’s non-U.S. reinsurance subsidiaries by applying NAIC risk-based capital factors to the statutory financial statements on an aggregate basis. Adjustments are made to (1) exclude U.S. subsidiaries which are included within Athene’s U.S. RBC Ratio and (2) limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value. |
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| BMA |
Bermuda Monetary Authority |
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| Capital solutions fees and other, net |
Primarily includes transaction fees earned by our capital solutions business which we refer to as Apollo Capital Solutions (“ACS”) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations and directors’ fees. These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized (“management fee offset”) and other additional revenue sharing arrangements. |
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| CDO |
Collateralized debt obligation |
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| Class A shares |
Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers. |
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| CLO |
Collateralized loan obligation |
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| CMBS |
Commercial mortgage-backed securities |
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| CML |
Commercial mortgage loan |
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| Contributing Partners |
Partners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units. |
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| Consolidated RBC |
The consolidated risk-based capital ratio of Athene’s non-U.S. reinsurance and U.S. insurance subsidiaries calculated by applying NAIC risk-based capital factors to the statutory financial statements on an aggregate basis, including interests in other non-insurance subsidiary holding companies; with an adjustment in Bermuda and non-insurance holding companies to limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value. |
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| Cost of funds |
Cost of funds includes liability costs related to cost of crediting on both deferred annuities, including, with respect to Athene's fixed indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods. |
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| Credit Strategies |
Apollo Credit Strategies Master Fund Ltd., together with its feeder funds |
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| CS |
Credit Suisse AG |
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| DAC |
Deferred acquisition costs |
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| Deferred annuities |
Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities |
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| Dry Powder |
The amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles. |
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| DSI |
Deferred sales inducement |
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| EPF Funds |
Apollo European Principal Finance Fund, L.P., Apollo European Principal Finance Fund II (Dollar A), L.P., EPF III, and EPF IV, together with their parallel funds and alternative investment vehicles |
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| EPF III |
Apollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles |
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| EPF IV |
Apollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles |
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| Equity Plan |
Refers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles. |
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| FABN |
Funding agreement backed notes |
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| FASB |
Financial Accounting Standards Board |
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| FCI Funds |
Financial Credit Investment I, L.P., Financial Credit Investment II, L.P., together with its feeder funds, Financial Credit Investment Fund III L.P., Financial Credit Investment IV, L.P., together with its feeder funds, and Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA, invests alongside Athene in certain investments |
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| Fee-Generating AUM |
Fee-Generating AUM consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. |
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| Fee Related Earnings, or FRE |
Component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages. |
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| FRE Margin |
Calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, capital solutions fees and other, net, and fee-related performance fees). |
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| FIA |
Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis |
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| Fixed annuities |
FIAs together with fixed rate annuities |
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| Former Managing Partners |
Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or AP Professional Holdings, L.P. includes certain related parties of such individuals |
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Gross capital deployment |
The gross capital that has been invested by the funds and accounts we manage during the relevant period, but excludes certain investment activities primarily related to hedging and cash management functions at the firm. Gross capital deployment is not reduced or netted down by sales or refinancings, and takes into account leverage used by the funds and accounts we manage in gaining exposure to the various investments that they have made. |
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| GLWB |
Guaranteed lifetime withdrawal benefit |
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| GMDB |
Guaranteed minimum death benefit |
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| Gross IRR of accord series and the European principal finance funds |
The annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non-U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. |
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| Gross IRR of a traditional private equity or hybrid value fund |
The cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2024 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. |
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| Gross IRR of infrastructure funds |
The cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 2024 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. |
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| Gross Return or Gross ROE of a total return yield fund or the hybrid credit hedge fund |
The monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for these categories are calculated for all funds and accounts in the respective strategies. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Gross return and gross ROE do not represent the return to any fund investor. |
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| HoldCo |
Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.) |
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| HVF I |
Apollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles |
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| HVF II |
Apollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles |
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| Inflows |
(i) At the individual strategy level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-strategy transfers, and (ii) on an aggregate basis, the sum of inflows across the yield, hybrid and equity investing strategies. |
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| IPO |
Initial Public Offering |
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| ISG |
Apollo Insurance Solutions Group LP |
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| ISGI |
Refers collectively to Apollo Asset Management Europe LLP, a subsidiary of AAM (“AAME”) and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME (“AAME PC”) |
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| Management Fee Offset |
Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. |
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| Market risk benefits |
Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits |
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| Mergers |
Completion of the previously announced merger transactions pursuant to the Merger Agreement |
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| Merger Agreement |
The Agreement and Plan of Merger dated as of March 8, 2021 by and among AAM, AGM, AHL, Blue Merger Sub, Ltd., a Bermuda exempted company, and Green Merger Sub, Inc., a Delaware corporation. |
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| Merger Date |
January 1, 2022 |
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| MFIC |
MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or “AINV”) |
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| MidCap Financial |
MidCap FinCo Designated Activity Company |
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| Modco |
Modified coinsurance |
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| NAIC |
National Association of Insurance Commissioners |
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| NAV |
Net Asset Value |
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| Net invested assets |
Represent the investments that directly back Athene's net reserve liabilities as well as surplus assets. Net invested assets include Athene’s (a) total investments on the condensed consolidated statements of financial condition, with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and non-controlling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. Athene includes the investments supporting assumed funds withheld and modco agreements and excludes the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include Athene’s economic ownership of ACRA investments but do not include the investments associated with the non-controlling interests. |
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| Net investment earned rate |
Computed as income from Athene’s net invested assets, excluding the proportionate share of the ACRA net investment income associated with the non-controlling interests, divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods. |
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| Net investment spread |
Net investment spread measures Athene’s investment performance plus its strategic capital management fees less its total cost of funds, presented on an annualized basis for interim periods. |
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| Net IRR of accord series and the European principal finance funds |
The annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. |
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| Net IRR of a traditional private equity or the hybrid value funds |
The gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. |
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| Net IRR of infrastructure funds |
The cumulative cash flows in a fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of the reporting date or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. |
|
| Net reserve liabilities |
Represent Athene's policyholder liability obligations net of reinsurance and used to analyze the costs of its liabilities. Net reserve liabilities include Athene’s (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include Athene’s economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the non-controlling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, Athene has no net economic exposure to such liabilities, assuming its reinsurance counterparties perform under the agreements. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred. |
|
| Net Return or Net ROE of a total return yield fund or the hybrid credit hedge fund |
The gross return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Net return and net ROE do not represent the return to any fund investor. |
|
|
|
|
|
|
|
|
| Non-Fee-Generating AUM |
AUM that does not produce management fees or monitoring fees. This measure generally includes the following:
(i) fair value above invested capital for those funds that earn management fees based on invested capital;
(ii) net asset values related to general partner and co-investment interests;
(iii) unused credit facilities;
(iv) available commitments on those funds that generate management fees on invested capital;
(v) structured portfolio company investments that do not generate monitoring fees; and
(vi) the difference between gross asset and net asset value for those funds that earn management fees based on net asset value. |
|
| NYC UBT |
New York City Unincorporated Business Tax |
|
|
|
|
|
|
|
| Other operating expenses within the Principal Investing segment |
Expenses incurred in the normal course of business and includes allocations of non-compensation expenses related to managing the business. |
|
| Other operating expenses within the Retirement Services segment |
Expenses incurred in the normal course of business inclusive of compensation and non-compensation expenses, excluding the proportionate share of the ACRA operating expenses associated with the non-controlling interests. |
|
| Payout annuities |
Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements. |
|
| PCD |
Purchased Credit Deteriorated Investments |
|
| Performance allocations, Performance fees, Performance revenues, Incentive fees and Incentive income |
The interests granted to Apollo by a fund managed by Apollo that entitle Apollo to receive allocations, distributions or fees which are based on the performance of such fund or its underlying investments. |
|
| Performance Fee-Eligible AUM |
AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following:
(i) “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements;
(ii) “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently below its hurdle rate or preferred return; and
(iii) “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. |
|
| Perpetual capital |
Assets under management of certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period. The investment management, advisory or other service agreements with our perpetual capital vehicles may be terminated under certain circumstances. |
|
| Principal Investing Income, or PII |
Component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses. |
|
| Principal investing compensation |
Realized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business. |
|
| Policy loan |
A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy. |
|
|
|
|
|
|
|
| Realized Value |
All cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. |
|
| Redding Ridge |
Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests. |
|
| Redding Ridge Holdings |
Redding Ridge Holdings LP |
|
| Remaining Cost |
The initial investment of a fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment |
|
| RMBS |
Residential mortgage-backed securities |
|
| RML |
Residential mortgage loan |
|
| RSUs |
Restricted share units |
|
|
|
|
|
|
|
|
|
|
|
|
|
| SIA |
Strategic investment account |
|
| SPACs |
Special purpose acquisition companies |
|
|
|
|
|
|
|
|
| Spread Related Earnings, or SRE |
Component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees received on business managed for others, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders. |
|
| Surplus assets |
Assets in excess of Athene’s policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles. |
|
| Tax receivable agreement |
The tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto |
|
|
|
|
| Total Invested Capital |
The aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities |
|
| Total Value |
The sum of the total Realized Value and Unrealized Value of investments |
|
| Traditional private equity funds |
Apollo Investment Fund I, L.P. (“Fund I”), AIF II, L.P. (“Fund II”), a mirrored investment account established to mirror Fund I and Fund II for investments in debt securities (“MIA”), Apollo Investment Fund III, L.P. (together with its parallel funds, “Fund III”), Apollo Investment Fund IV, L.P. (together with its parallel fund, “Fund IV”), Apollo Investment Fund V, L.P. (together with its parallel funds and alternative investment vehicles, “Fund V”), Apollo Investment Fund VI, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VI”), Apollo Investment Fund VII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VII”), Apollo Investment Fund VIII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VIII”), Apollo Investment Fund IX, L.P. (together with its parallel funds and alternative investment vehicles, “Fund IX”) and Apollo Investment Fund X, L.P. (together with its parallel funds and alternative investment vehicles, “Fund X”). |
|
| U.S. GAAP |
Generally accepted accounting principles in the United States of America |
|
| U.S. RBC |
The CAL RBC ratio for AADE, Athene’s parent U.S. insurance company |
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury |
United States Department of the Treasury |
|
| Unrealized Value |
The fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments. |
|
| Venerable |
Venerable Holdings, Inc., together with its subsidiaries |
|
| VIAC |
Venerable Insurance and Annuity Company |
|
| VIE |
Variable interest entity |
|
| Vintage Year |
The year in which a fund’s final capital raise occurred, or, for certain funds, the year of a fund’s effective date or the year in which a fund’s investment period commences pursuant to its governing agreements. |
|
|
|
|
| VOBA |
Value of business acquired |
|
|
|
|
| WACC |
Weighted average cost of capital |
|
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Index to Condensed Consolidated Financial Statements (unaudited)
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions, except share data) |
As of
June 30, 2024 |
|
As of
December 31, 2023 |
| Assets |
|
|
|
| Asset Management |
|
|
|
| Cash and cash equivalents |
$ |
2,854 |
|
|
$ |
2,748 |
|
| Restricted cash and cash equivalents |
2 |
|
|
2 |
|
| Investments |
5,697 |
|
|
5,502 |
|
| Assets of consolidated variable interest entities |
|
|
|
| Cash and cash equivalents |
473 |
|
|
62 |
|
| Investments |
1,708 |
|
|
1,640 |
|
| Other assets |
307 |
|
|
177 |
|
| Due from related parties |
479 |
|
|
449 |
|
| Goodwill |
264 |
|
|
264 |
|
| Other assets |
2,440 |
|
|
2,331 |
|
|
14,224 |
|
|
13,175 |
|
| Retirement Services |
|
|
|
| Cash and cash equivalents |
13,004 |
|
|
13,020 |
|
| Restricted cash and cash equivalents |
1,093 |
|
|
1,761 |
|
| Investments |
237,318 |
|
|
213,099 |
|
| Investments in related parties |
27,726 |
|
|
25,842 |
|
| Assets of consolidated variable interest entities |
|
|
|
| Cash and cash equivalents |
557 |
|
|
98 |
|
| Investments |
22,093 |
|
|
20,232 |
|
| Other assets |
143 |
|
|
110 |
|
| Reinsurance recoverable |
6,188 |
|
|
4,154 |
|
| Deferred acquisition costs, deferred sales inducements and value of business acquired |
6,699 |
|
|
5,979 |
|
| Goodwill |
4,064 |
|
|
4,065 |
|
| Other assets |
13,395 |
|
|
11,953 |
|
|
332,280 |
|
|
300,313 |
|
| Total Assets |
$ |
346,504
|
|
|
$ |
313,488
|
|
|
|
|
|
|
|
|
(Continued) |
See accompanying notes to the unaudited condensed consolidated financial statements. |
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions, except share data) |
As of
June 30, 2024 |
|
As of
December 31, 2023 |
| Liabilities, Redeemable non-controlling interests and Equity |
|
|
|
| Liabilities |
|
|
|
| Asset Management |
|
|
|
| Accounts payable, accrued expenses, and other liabilities |
$ |
3,638 |
|
|
$ |
3,338 |
|
| Due to related parties |
754 |
|
|
870 |
|
| Debt |
4,082 |
|
|
3,883 |
|
| Liabilities of consolidated variable interest entities |
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
1,728 |
|
|
1,145 |
|
|
10,202 |
|
|
9,236 |
|
| Retirement Services |
|
|
|
| Interest sensitive contract liabilities |
228,389 |
|
|
204,670 |
|
| Future policy benefits |
50,799 |
|
|
53,287 |
|
| Market risk benefits |
3,727 |
|
|
3,751 |
|
| Debt |
5,733 |
|
|
4,209 |
|
| Payables for collateral on derivatives and securities to repurchase |
9,876 |
|
|
7,536 |
|
| Other liabilities |
7,847 |
|
|
4,456 |
|
| Liabilities of consolidated variable interest entities |
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
1,517 |
|
|
1,098 |
|
|
307,888 |
|
|
279,007 |
|
| Total Liabilities |
318,090
|
|
|
288,243
|
|
Commitments and Contingencies (note 16) |
|
|
|
| Redeemable non-controlling interests |
|
|
|
| Redeemable non-controlling interests |
14 |
|
|
12 |
|
| Equity |
|
|
|
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
1,398 |
|
|
1,398 |
|
|
|
|
|
|
|
|
|
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 569,535,344 and 567,762,932 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
— |
|
|
— |
|
| Additional paid in capital |
15,319 |
|
|
15,249 |
|
| Retained earnings (accumulated deficit) |
4,376 |
|
|
2,972 |
|
| Accumulated other comprehensive income (loss) |
(5,820) |
|
|
(5,575) |
|
| Total Apollo Global Management, Inc. Stockholders’ Equity |
15,273 |
|
|
14,044 |
|
| Non-controlling interests |
13,127 |
|
|
11,189 |
|
| Total Equity |
28,400
|
|
|
25,233
|
|
| Total Liabilities, Redeemable non-controlling interests and Equity |
$ |
346,504
|
|
|
$ |
313,488
|
|
|
|
|
|
|
|
|
(Concluded) |
See accompanying notes to the unaudited condensed consolidated financial statements. |
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
| (In millions, except per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
| Management fees |
$ |
462 |
|
|
$ |
452 |
|
|
$ |
900 |
|
|
$ |
866 |
|
|
|
| Advisory and transaction fees, net |
267 |
|
|
170 |
|
|
436 |
|
|
325 |
|
|
|
| Investment income (loss) |
278 |
|
|
138 |
|
|
680 |
|
|
590 |
|
|
|
| Incentive fees |
47 |
|
|
26 |
|
|
73 |
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,054 |
|
|
786 |
|
|
2,089 |
|
|
1,822 |
|
|
|
| Retirement Services |
|
|
|
|
|
|
|
|
|
| Premiums |
673 |
|
|
9,041 |
|
|
774 |
|
|
9,137 |
|
|
|
| Product charges |
251 |
|
|
207 |
|
|
489 |
|
|
405 |
|
|
|
| Net investment income |
3,804 |
|
|
2,948 |
|
|
7,380 |
|
|
5,560 |
|
|
|
| Investment related gains (losses) |
(134) |
|
|
366 |
|
|
1,543 |
|
|
1,431 |
|
|
|
| Revenues of consolidated variable interest entities |
366 |
|
|
347 |
|
|
777 |
|
|
628 |
|
|
|
| Other revenues |
4 |
|
|
7 |
|
|
6 |
|
|
20 |
|
|
|
|
4,964 |
|
|
12,916 |
|
|
10,969 |
|
|
17,181 |
|
|
|
| Total Revenues |
6,018 |
|
|
13,702 |
|
|
13,058 |
|
|
19,003 |
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
604 |
|
|
516 |
|
|
1,271 |
|
|
1,186 |
|
|
|
| Interest expense |
53 |
|
|
31 |
|
|
104 |
|
|
62 |
|
|
|
| General, administrative and other |
319 |
|
|
226 |
|
|
559 |
|
|
423 |
|
|
|
|
976 |
|
|
773 |
|
|
1,934 |
|
|
1,671 |
|
|
|
| Retirement Services |
|
|
|
|
|
|
|
|
|
| Interest sensitive contract benefits |
1,824 |
|
|
2,012 |
|
|
4,708 |
|
|
3,301 |
|
|
|
| Future policy and other policy benefits |
1,095 |
|
|
9,512 |
|
|
1,638 |
|
|
9,978 |
|
|
|
| Market risk benefits remeasurement (gains) losses |
(16) |
|
|
(71) |
|
|
(170) |
|
|
275 |
|
|
|
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired |
227 |
|
|
153 |
|
|
434 |
|
|
291 |
|
|
|
| Policy and other operating expenses |
478 |
|
|
452 |
|
|
931 |
|
|
889 |
|
|
|
|
3,608 |
|
|
12,058 |
|
|
7,541 |
|
|
14,734 |
|
|
|
| Total Expenses |
4,584 |
|
|
12,831 |
|
|
9,475 |
|
|
16,405 |
|
|
|
Other income (loss) – Asset Management |
|
|
|
|
|
|
|
|
|
| Net gains (losses) from investment activities |
(21) |
|
|
20 |
|
|
18 |
|
|
18 |
|
|
|
| Net gains (losses) from investment activities of consolidated variable interest entities |
1 |
|
|
12 |
|
|
26 |
|
|
46 |
|
|
|
| Other income (loss), net |
24 |
|
|
48 |
|
|
(2) |
|
|
80 |
|
|
|
| Total Other income (loss) |
4 |
|
|
80 |
|
|
42 |
|
|
144 |
|
|
|
| Income (loss) before income tax (provision) benefit |
1,438 |
|
|
951 |
|
|
3,625 |
|
|
2,742 |
|
|
|
| Income tax (provision) benefit |
(261) |
|
|
(201) |
|
|
(683) |
|
|
(454) |
|
|
|
| Net income (loss) |
1,177 |
|
|
750 |
|
|
2,942 |
|
|
2,288 |
|
|
|
| Net (income) loss attributable to non-controlling interests |
(324) |
|
|
(151) |
|
|
(662) |
|
|
(679) |
|
|
|
| Net income (loss) attributable to Apollo Global Management, Inc. |
853 |
|
|
599 |
|
|
2,280 |
|
|
1,609 |
|
|
|
| Preferred stock dividends |
(25) |
|
|
— |
|
|
(49) |
|
|
— |
|
|
|
| Net income (loss) attributable to Apollo Global Management, Inc. common stockholders |
$ |
828 |
|
|
$ |
599 |
|
|
$ |
2,231 |
|
|
$ |
1,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to common stockholders - Basic |
$ |
1.36 |
|
|
$ |
1.00 |
|
|
$ |
3.67 |
|
|
$ |
2.67 |
|
|
|
| Net income (loss) attributable to common stockholders - Diluted |
$ |
1.35 |
|
|
$ |
1.00 |
|
|
$ |
3.64 |
|
|
$ |
2.67 |
|
|
|
| Weighted average shares outstanding – Basic |
587.1 |
|
579.0 |
|
587.7 |
|
581.5 |
|
|
| Weighted average shares outstanding – Diluted |
590.2 |
|
579.0 |
|
605.1 |
|
581.5 |
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited condensed consolidated financial statements. |
|
|
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
| Net income (loss) |
$ |
1,177 |
|
|
$ |
750 |
|
|
$ |
2,942 |
|
|
$ |
2,288 |
|
|
|
| Other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
|
|
| Unrealized investment gains (losses) on available-for-sale securities |
(979) |
|
|
(711) |
|
|
(1,717) |
|
|
1,388 |
|
|
|
| Unrealized gains (losses) on hedging instruments |
84 |
|
|
(171) |
|
|
8 |
|
|
(67) |
|
|
|
| Remeasurement gains (losses) on future policy benefits related to discount rate |
628 |
|
|
813 |
|
|
1,431 |
|
|
11 |
|
|
|
| Remeasurement gains (losses) on market risk benefits related to credit risk |
34 |
|
|
(55) |
|
|
6 |
|
|
34 |
|
|
|
| Foreign currency translation and other adjustments |
(7) |
|
|
11 |
|
|
(39) |
|
|
33 |
|
|
|
| Other comprehensive income (loss), before tax |
(240) |
|
|
(113) |
|
|
(311) |
|
|
1,399 |
|
|
|
| Income tax expense (benefit) related to other comprehensive income (loss) |
(44) |
|
|
11 |
|
|
(48) |
|
|
301 |
|
|
|
| Other comprehensive income (loss) |
(196) |
|
|
(124) |
|
|
(263) |
|
|
1,098 |
|
|
|
| Comprehensive income (loss) |
981 |
|
|
626 |
|
|
2,679 |
|
|
3,386 |
|
|
|
| Comprehensive (income) loss attributable to non-controlling interests |
(308) |
|
|
(257) |
|
|
(644) |
|
|
(834) |
|
|
|
| Comprehensive income (loss) attributable to Apollo Global Management, Inc. |
$ |
673 |
|
|
$ |
369 |
|
|
$ |
2,035 |
|
|
$ |
2,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited condensed consolidated financial statements. |
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three and six months ended June 30, 2023 |
| |
Apollo Global Management, Inc. Stockholders |
|
|
|
|
|
|
| (In millions) |
Common Stock |
|
|
|
|
|
|
|
|
|
Additional
Paid in
Capital |
|
Retained Earnings (Accumulated Deficit) |
|
Accumulated
Other
Comprehensive Income (Loss) |
|
Total Apollo
Global
Management,
Inc.
Stockholders’
Equity (Deficit) |
|
Non-Controlling
Interests |
|
Total Equity |
Balance at April 1, 2023 |
567
|
|
|
|
|
|
|
|
|
|
|
$ |
14,408
|
|
|
$ |
(172) |
|
|
$ |
(6,162) |
|
|
$ |
8,074
|
|
|
$ |
8,618
|
|
|
$ |
16,692
|
|
| Other changes in equity of non-controlling interests |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(37) |
|
|
(37) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accretion of redeemable non-controlling interests |
— |
|
|
|
|
|
|
|
|
|
|
(5) |
|
|
(1) |
|
|
— |
|
|
(6) |
|
|
— |
|
|
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital increase related to equity-based compensation |
— |
|
|
|
|
|
|
|
|
|
|
123 |
|
|
— |
|
|
— |
|
|
123 |
|
|
— |
|
|
123 |
|
| Capital contributions |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
112 |
|
|
112 |
|
| Dividends/distributions |
— |
|
|
|
|
|
|
|
|
|
|
2 |
|
|
(258) |
|
|
— |
|
|
(256) |
|
|
(102) |
|
|
(358) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments related to issuances of common stock for equity-based awards |
1 |
|
|
|
|
|
|
|
|
|
|
8 |
|
|
(15) |
|
|
— |
|
|
(7) |
|
|
— |
|
|
(7) |
|
| Repurchase of common stock |
(1) |
|
|
|
|
|
|
|
|
|
|
(78) |
|
|
— |
|
|
— |
|
|
(78) |
|
|
— |
|
|
(78) |
|
| Stock option exercises |
— |
|
|
|
|
|
|
|
|
|
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
| Net income (loss) |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
599 |
|
|
— |
|
|
599 |
|
|
116 |
|
|
715 |
|
| Other comprehensive income (loss) |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
(230) |
|
|
(230) |
|
|
106 |
|
|
(124) |
|
Balance at June 30, 2023 |
567
|
|
|
|
|
|
|
|
|
|
|
$ |
14,468
|
|
|
$ |
153
|
|
|
$ |
(6,392) |
|
|
$ |
8,229
|
|
|
$ |
8,813
|
|
|
$ |
17,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
570
|
|
|
|
|
|
|
|
|
|
|
$ |
14,982
|
|
|
$ |
(1,007) |
|
|
$ |
(7,335) |
|
|
$ |
6,640
|
|
|
$ |
7,726
|
|
|
$ |
14,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other changes in equity of non-controlling interests |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
—
|
|
|
— |
|
|
(155) |
|
|
(155) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accretion of redeemable non-controlling interests |
— |
|
|
|
|
|
|
|
|
|
|
(15) |
|
|
(1) |
|
|
—
|
|
|
(16) |
|
|
— |
|
|
(16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital increase related to equity-based compensation |
— |
|
|
|
|
|
|
|
|
|
|
245 |
|
|
—
|
|
|
—
|
|
|
245 |
|
|
— |
|
|
245 |
|
| Capital contributions |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
—
|
|
|
—
|
|
|
— |
|
|
729 |
|
|
729 |
|
| Dividends/distributions |
— |
|
|
|
|
|
|
|
|
|
|
(239) |
|
|
(258) |
|
|
—
|
|
|
(497) |
|
|
(286) |
|
|
(783) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments related to issuances of common stock for equity-based awards |
5 |
|
|
|
|
|
|
|
|
|
|
23 |
|
|
(190) |
|
|
—
|
|
|
(167) |
|
|
— |
|
|
(167) |
|
| Repurchase of common stock |
(8) |
|
|
|
|
|
|
|
|
|
|
(538) |
|
|
—
|
|
|
—
|
|
|
(538) |
|
|
— |
|
|
(538) |
|
| Stock option exercises |
— |
|
|
|
|
|
|
|
|
|
|
10 |
|
|
—
|
|
|
—
|
|
|
10 |
|
|
— |
|
|
10 |
|
| Net income (loss) |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
1,609 |
|
|
—
|
|
|
1,609 |
|
|
644 |
|
|
2,253 |
|
| Other comprehensive income (loss) |
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
—
|
|
|
943 |
|
|
943 |
|
|
155 |
|
|
1,098 |
|
Balance at June 30, 2023 |
567
|
|
|
|
|
|
|
|
|
|
|
$ |
14,468
|
|
|
$ |
153
|
|
|
$ |
(6,392) |
|
|
$ |
8,229
|
|
|
$ |
8,813
|
|
|
$ |
17,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
|
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three and six months ended June 30, 2024 |
| |
Apollo Global Management, Inc. Stockholders |
|
|
|
|
|
|
| (In millions) |
Common Stock |
|
Series A Mandatory Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
Additional
Paid in
Capital |
|
Retained Earnings (Accumulated Deficit) |
|
Accumulated
Other
Comprehensive Income (Loss) |
|
Total Apollo
Global
Management,
Inc.
Stockholders’
Equity (Deficit) |
|
Non-Controlling
Interests
|
|
Total
Equity |
| Balance at April 1, 2024 |
569
|
|
|
$ |
1,398
|
|
|
|
|
|
|
|
|
|
|
$ |
15,167
|
|
|
$ |
3,862
|
|
|
$ |
(5,640) |
|
|
$ |
14,787
|
|
|
$ |
12,216
|
|
|
$ |
27,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidation/deconsolidation of VIEs |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(50) |
|
|
(50) |
|
| Other changes in equity of non-controlling interests |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
2 |
|
| Issuance of common stock related to equity transactions |
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
84 |
|
|
— |
|
|
— |
|
|
84 |
|
|
— |
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital increase related to equity-based compensation |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
136 |
|
|
— |
|
|
— |
|
|
136 |
|
|
— |
|
|
136 |
|
| Capital contributions |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
996 |
|
|
996 |
|
| Dividends/distributions |
— |
|
|
(25) |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(279) |
|
|
— |
|
|
(304) |
|
|
(345) |
|
|
(649) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments related to issuances of common stock for equity-based awards |
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
(35) |
|
|
— |
|
|
(32) |
|
|
— |
|
|
(32) |
|
| Repurchase of common stock |
(1) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
(75) |
|
|
— |
|
|
— |
|
|
(75) |
|
|
— |
|
|
(75) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock option exercises |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
— |
|
|
25 |
|
|
|
|
|
|
|
|
|
|
— |
|
|
828 |
|
|
— |
|
|
853 |
|
|
324 |
|
|
1,177 |
|
| Other comprehensive income (loss) |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
(180) |
|
|
(180) |
|
|
(16) |
|
|
(196) |
|
Balance at June 30, 2024 |
570
|
|
|
$ |
1,398
|
|
|
|
|
|
|
|
|
|
|
$ |
15,319
|
|
|
$ |
4,376
|
|
|
$ |
(5,820) |
|
|
$ |
15,273
|
|
|
$ |
13,127
|
|
|
$ |
28,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2024 |
568
|
|
|
$ |
1,398
|
|
|
|
|
|
|
|
|
|
|
$ |
15,249
|
|
|
$ |
2,972
|
|
|
$ |
(5,575) |
|
|
$ |
14,044
|
|
|
$ |
11,189
|
|
|
$ |
25,233
|
|
| Consolidation/deconsolidation of VIEs |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(50) |
|
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other changes in equity of non-controlling interests |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
3 |
|
| Issuance of common stock related to equity transactions |
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
84 |
|
|
— |
|
|
— |
|
|
84 |
|
|
— |
|
|
84 |
|
| Accretion of redeemable non-controlling interests |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
(1) |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital increase related to equity-based compensation |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
299 |
|
|
— |
|
|
— |
|
|
299 |
|
|
— |
|
|
299 |
|
| Capital contributions |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,002 |
|
|
2,002 |
|
| Dividends/distributions |
— |
|
|
(49) |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(538) |
|
|
— |
|
|
(587) |
|
|
(661) |
|
|
(1,248) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments related to issuances of common stock for equity-based awards |
4 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
11 |
|
|
(289) |
|
|
— |
|
|
(278) |
|
|
— |
|
|
(278) |
|
| Repurchase of common stock |
(3) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
(335) |
|
|
— |
|
|
— |
|
|
(335) |
|
|
— |
|
|
(335) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock option exercises |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
12 |
|
|
— |
|
|
— |
|
|
12 |
|
|
— |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
— |
|
|
49 |
|
|
|
|
|
|
|
|
|
|
— |
|
|
2,231 |
|
|
— |
|
|
2,280 |
|
|
662 |
|
|
2,942 |
|
| Other comprehensive income (loss) |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
(245) |
|
|
(245) |
|
|
(18) |
|
|
(263) |
|
Balance at June 30, 2024 |
570
|
|
|
$ |
1,398
|
|
|
|
|
|
|
|
|
|
|
$ |
15,319
|
|
|
$ |
4,376
|
|
|
$ |
(5,820) |
|
|
$ |
15,273
|
|
|
$ |
13,127
|
|
|
$ |
28,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the unaudited condensed consolidated financial statements. |
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
|
| Cash Flows from Operating Activities |
|
|
|
|
|
| Net Income (Loss) |
$ |
2,942 |
|
|
$ |
2,288 |
|
|
|
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: |
|
|
|
|
|
| Equity-based compensation |
342 |
|
|
280 |
|
|
|
| Net investment income |
(670) |
|
|
(639) |
|
|
|
| Net recognized (gains) losses on investments and derivatives |
(2,371) |
|
|
(1,483) |
|
|
|
| Depreciation and amortization |
498 |
|
|
345 |
|
|
|
| Net amortization (accretion) of net investment premiums, discount and other |
(27) |
|
|
48 |
|
|
|
|
|
|
|
|
|
| Policy acquisition costs deferred |
(828) |
|
|
(706) |
|
|
|
| Other non-cash amounts included in net income (loss), net |
144 |
|
|
81 |
|
|
|
| Changes in consolidation |
(10) |
|
|
(51) |
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
| Purchases of investments by Funds and VIEs |
(3,300) |
|
|
(2,959) |
|
|
|
| Proceeds from sale of investments by Funds and VIEs |
3,150 |
|
|
2,397 |
|
|
|
| Interest sensitive contract liabilities |
3,225 |
|
|
2,080 |
|
|
|
| Future policy benefits, market risk benefits and reinsurance recoverable |
(1,214) |
|
|
3,827 |
|
|
|
| Other assets and liabilities, net |
(478) |
|
|
(886) |
|
|
|
| Net cash provided by operating activities |
$ |
1,403 |
|
|
$ |
4,622 |
|
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
| Purchases of investments and contributions to equity method investments |
$ |
(2,125) |
|
|
$ |
(2,313) |
|
|
|
| Purchases of available-for-sale securities |
(38,006) |
|
|
(16,213) |
|
|
|
| Purchases of mortgage loans |
(11,743) |
|
|
(8,700) |
|
|
|
| Purchases of investment funds |
(1,323) |
|
|
(1,222) |
|
|
|
| Purchases of U.S. Treasury securities |
— |
|
|
(490) |
|
|
|
| Purchases of derivatives instruments and other investments |
(1,938) |
|
|
(3,551) |
|
|
|
| Sales, maturities and repayments of investments and distributions from equity method investments |
24,837 |
|
|
14,666 |
|
|
|
|
|
|
|
|
|
| Other investing activities, net |
(787) |
|
|
315 |
|
|
|
| Net cash used in investing activities |
$ |
(31,085) |
|
|
$ |
(17,508) |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
| Issuance of debt |
$ |
5,652 |
|
|
$ |
2,417 |
|
|
|
|
|
|
|
|
|
| Repayment of debt |
(3,222) |
|
|
(2,262) |
|
|
|
|
|
|
|
|
|
| Repurchase of common stock |
(335) |
|
|
(535) |
|
|
|
|
|
|
|
|
|
| Common stock dividends |
(538) |
|
|
(497) |
|
|
|
| Preferred stock dividends |
(49) |
|
|
— |
|
|
|
| Distributions paid to non-controlling interests |
(662) |
|
|
(271) |
|
|
|
| Contributions from non-controlling interests |
2,000 |
|
|
725 |
|
|
|
| Distributions to redeemable non-controlling interests |
— |
|
|
(798) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits on investment-type policies and contracts |
37,102 |
|
|
21,942 |
|
|
|
| Withdrawals on investment-type policies and contracts |
(11,636) |
|
|
(6,804) |
|
|
|
|
|
|
|
|
|
| Net change in cash collateral posted for derivative transactions and securities to repurchase |
2,340 |
|
|
3,138 |
|
|
|
|
|
|
|
|
|
|
| Other financing activities, net |
(676) |
|
|
(518) |
|
|
|
| Net cash provided by financing activities |
$ |
29,976 |
|
|
$ |
16,537 |
|
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
(2) |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities |
292 |
|
|
3,656 |
|
|
|
| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period |
17,691 |
|
|
11,128 |
|
|
|
| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period |
$ |
17,983 |
|
|
$ |
14,784 |
|
|
|
|
|
|
|
|
|
|
|
|
(Continued) |
|
|
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
|
| Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
| Cash paid for taxes |
$ |
547 |
|
|
$ |
134 |
|
|
|
| Cash paid for interest |
347 |
|
|
345 |
|
|
|
| Non-cash transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Cash Investing Activities |
|
|
|
|
|
| Asset Management and Other |
|
|
|
|
|
|
|
|
|
|
|
| Distributions from principal investments |
2 |
|
|
1 |
|
|
|
| Purchases of other investments, at fair value |
7 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retirement Services |
|
|
|
|
|
| Investments received from settlements on reinsurance agreements |
48 |
|
|
164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments received from pension group annuity premiums |
521 |
|
|
4,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Cash Financing Activities |
|
|
|
|
|
| Asset Management and Other |
|
|
|
|
|
| Capital increases related to equity-based compensation |
278 |
|
|
221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of restricted shares |
11 |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock related to equity transactions |
12 |
|
|
— |
|
|
|
|
|
|
|
|
|
| Retirement Services |
|
|
|
|
|
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) |
(2,086) |
|
|
57 |
|
|
|
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) |
4,090 |
|
|
6,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Disclosure of Cash Flow Information of Consolidated VIEs |
|
|
|
|
|
| Cash Flows from Operating Activities |
|
|
|
|
|
Purchases of investments - Asset Management
|
(3,300) |
|
|
(2,958) |
|
|
|
Proceeds from sale of investments - Asset Management
|
3,150 |
|
|
2,397 |
|
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
Purchases of investments - Retirement Services
|
(1,540) |
|
|
(1,306) |
|
|
|
Proceeds from sale of investments - Retirement Services
|
264 |
|
|
275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
| Issuance of debt |
3,483 |
|
|
2,417 |
|
|
|
| Principal repayment of debt |
(2,683) |
|
|
(2,261) |
|
|
|
| Distributions paid to non-controlling interests |
(58) |
|
|
(47) |
|
|
|
| Contributions from non-controlling interests |
1,292 |
|
|
726 |
|
|
|
| Distributions to redeemable non-controlling interests |
— |
|
|
(798) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in Consolidation |
|
|
|
|
|
| Investments, at fair value |
(69) |
|
|
(48) |
|
|
|
| Equity method investments |
10 |
|
|
— |
|
|
|
| Other assets |
(1) |
|
|
(1) |
|
|
|
|
|
|
|
|
|
| Other liabilities |
20 |
|
|
— |
|
|
|
|
|
|
|
|
|
| Non-controlling interest |
50 |
|
|
5 |
|
|
|
| Equity |
— |
|
|
95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition: |
|
|
|
|
|
| Cash and cash equivalents |
$ |
15,858 |
|
|
$ |
12,070 |
|
|
|
| Restricted cash and cash equivalents |
1,095 |
|
|
2,473 |
|
|
|
| Cash and cash equivalents held at consolidated variable interest entities |
1,030 |
|
|
241 |
|
|
|
| Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities |
$ |
17,983 |
|
|
$ |
14,784 |
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded) |
|
|
See accompanying notes to the unaudited condensed consolidated financial statements. |
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Organization
Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on three investing strategies: yield, hybrid and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs.
2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report.
The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.
The Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation.
Deferred Revenue
Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. There was $152 million of revenue recognized during the six months ended June 30, 2024 that was previously deferred as of January 1, 2024.
Recently Issued Accounting Pronouncements
Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07)
In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items.
The guidance is mandatorily effective for the Company in its 2024 annual report and in interim periods in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09)
In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant.
The guidance is mandatorily effective for the Company for annual periods beginning in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.
Intangibles—Goodwill and Other—Crypto Assets Accounting for and Disclosure of Crypto Assets (ASU 2023-08)
In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period.
The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.
Business Combinations – Joint Venture Formations (ASU 2023-05)
The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value.
The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.
Compensation – Stock Compensation (ASU 2024-01)
In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.
The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.
Recently Adopted Accounting Pronouncements
Investments– Equity Method and Joint Ventures (ASU 2023-02)
In March 2023, the FASB issued guidance to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Previously, PAM only applied to low-income housing tax credit investments.
The Company early adopted the guidance on October 1, 2023, and there was no impact to the condensed consolidated financial statements upon adoption.
Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)
In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities.
The Company early adopted the guidance on July 1, 2023. The Company applied the guidance on a prospective basis, and there was no impact to the condensed consolidated financial statements upon adoption.
Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04)
The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the condensed consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. The Company will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.
3. Investments
The following table outlines the Company’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
June 30, 2024 |
|
December 31, 2023 |
|
|
| Asset Management |
|
|
|
|
|
| Investments, at fair value |
$ |
1,436 |
|
|
$ |
1,489 |
|
|
|
| Equity method investments |
1,152 |
|
|
1,072 |
|
|
|
| Performance allocations |
3,109 |
|
|
2,941 |
|
|
|
|
|
|
|
|
|
Total Investments – Asset Management |
5,697 |
|
|
5,502 |
|
|
|
Retirement Services |
|
|
|
|
|
| AFS securities, at fair value |
$ |
166,434 |
|
|
$ |
148,347 |
|
|
|
| Trading securities, at fair value |
2,362 |
|
|
2,544 |
|
|
|
| Equity securities |
1,783 |
|
|
1,611 |
|
|
|
| Mortgage loans, at fair value |
53,965 |
|
|
45,396 |
|
|
|
| Investment funds |
1,726 |
|
|
1,741 |
|
|
|
| Policy loans |
325 |
|
|
334 |
|
|
|
| Funds withheld at interest |
27,446 |
|
|
30,833 |
|
|
|
| Derivative assets |
7,488 |
|
|
5,298 |
|
|
|
| Short-term investments |
1,492 |
|
|
1,288 |
|
|
|
| Other investments |
2,023 |
|
|
1,549 |
|
|
|
Total Investments, including related parties – Retirement Services |
265,044 |
|
|
238,941 |
|
|
|
| Total Investments |
$ |
270,741 |
|
|
$ |
244,443 |
|
|
|
Asset Management
Net Gains (Losses) from Investment Activities
The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
| Realized gains (losses) on sales of investments, net |
$ |
(2) |
|
|
$ |
(6) |
|
|
$ |
(1) |
|
|
$ |
(1) |
|
|
|
| Net change in unrealized gains (losses) due to changes in fair value |
(19) |
|
|
26 |
|
|
19 |
|
|
19 |
|
|
|
| Net gains (losses) from investment activities |
$ |
(21) |
|
|
$ |
20 |
|
|
$ |
18 |
|
|
$ |
18 |
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Performance Allocations
Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:
|
|
|
|
|
|
| (In millions) |
Total |
Performance allocations, January 1, 2024 |
$ |
2,941 |
|
|
|
|
|
|
|
| Change in fair value of funds |
638 |
|
| Fund distributions to the Company |
(470) |
|
Performance allocations, June 30, 2024 |
$ |
3,109 |
|
The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition.
The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.
Retirement Services
AFS Securities
The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
| (In millions) |
Amortized Cost |
|
Allowance for Credit Losses |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| AFS securities |
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
$ |
7,126 |
|
|
$ |
— |
|
|
$ |
26 |
|
|
$ |
(1,108) |
|
|
$ |
6,044 |
|
| U.S. state, municipal and political subdivisions |
1,211 |
|
|
— |
|
|
— |
|
|
(257) |
|
|
954 |
|
| Foreign governments |
2,055 |
|
|
— |
|
|
— |
|
|
(464) |
|
|
1,591 |
|
| Corporate |
98,312 |
|
|
(168) |
|
|
319 |
|
|
(12,093) |
|
|
86,370 |
|
| CLO |
24,236 |
|
|
— |
|
|
316 |
|
|
(399) |
|
|
24,153 |
|
| ABS |
15,956 |
|
|
(67) |
|
|
108 |
|
|
(551) |
|
|
15,446 |
|
| CMBS |
7,712 |
|
|
(57) |
|
|
57 |
|
|
(458) |
|
|
7,254 |
|
| RMBS |
8,214 |
|
|
(378) |
|
|
212 |
|
|
(470) |
|
|
7,578 |
|
| Total AFS securities |
164,822 |
|
|
(670) |
|
|
1,038 |
|
|
(15,800) |
|
|
149,390 |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
| Corporate |
1,467 |
|
|
— |
|
|
16 |
|
|
(63) |
|
|
1,420 |
|
| CLO |
4,605 |
|
|
— |
|
|
25 |
|
|
(58) |
|
|
4,572 |
|
| ABS |
11,380 |
|
|
(1) |
|
|
29 |
|
|
(356) |
|
|
11,052 |
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities – related parties |
17,452 |
|
|
(1) |
|
|
70 |
|
|
(477) |
|
|
17,044 |
|
| Total AFS securities, including related parties |
$ |
182,274 |
|
|
$ |
(671) |
|
|
$ |
1,108 |
|
|
$ |
(16,277) |
|
|
$ |
166,434 |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
| (In millions) |
Amortized Cost |
|
Allowance for Credit Losses |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| AFS securities |
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
$ |
6,161 |
|
|
$ |
— |
|
|
$ |
67 |
|
|
$ |
(829) |
|
|
$ |
5,399 |
|
| U.S. state, municipal and political subdivisions |
1,296 |
|
|
— |
|
|
— |
|
|
(250) |
|
|
1,046 |
|
| Foreign governments |
2,083 |
|
|
— |
|
|
71 |
|
|
(255) |
|
|
1,899 |
|
| Corporate |
88,343 |
|
|
(129) |
|
|
830 |
|
|
(10,798) |
|
|
78,246 |
|
| CLO |
20,506 |
|
|
(2) |
|
|
261 |
|
|
(558) |
|
|
20,207 |
|
| ABS |
13,942 |
|
|
(49) |
|
|
120 |
|
|
(630) |
|
|
13,383 |
|
| CMBS |
7,070 |
|
|
(29) |
|
|
52 |
|
|
(502) |
|
|
6,591 |
|
| RMBS |
8,160 |
|
|
(381) |
|
|
252 |
|
|
(464) |
|
|
7,567 |
|
| Total AFS securities |
147,561 |
|
|
(590) |
|
|
1,653 |
|
|
(14,286) |
|
|
134,338 |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
| Corporate |
1,423 |
|
|
— |
|
|
1 |
|
|
(72) |
|
|
1,352 |
|
| CLO |
4,367 |
|
|
— |
|
|
21 |
|
|
(120) |
|
|
4,268 |
|
| ABS |
8,665 |
|
|
(1) |
|
|
34 |
|
|
(309) |
|
|
8,389 |
|
| Total AFS securities – related parties |
14,455 |
|
|
(1) |
|
|
56 |
|
|
(501) |
|
|
14,009 |
|
| Total AFS securities, including related parties |
$ |
162,016 |
|
|
$ |
(591) |
|
|
$ |
1,709 |
|
|
$ |
(14,787) |
|
|
$ |
148,347 |
|
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
| (In millions) |
Amortized Cost |
|
Fair Value |
| AFS securities |
|
|
|
| Due in one year or less |
$ |
2,473 |
|
|
$ |
2,440 |
|
| Due after one year through five years |
19,689 |
|
|
18,840 |
|
| Due after five years through ten years |
25,681 |
|
|
23,139 |
|
| Due after ten years |
60,861 |
|
|
50,540 |
|
| CLO, ABS, CMBS and RMBS |
56,118 |
|
|
54,431 |
|
| Total AFS securities |
164,822 |
|
|
149,390 |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
| Due after one year through five years |
909 |
|
|
910 |
|
| Due after five years through ten years |
122 |
|
|
123 |
|
| Due after ten years |
436 |
|
|
387 |
|
| CLO and ABS |
15,985 |
|
|
15,624 |
|
| Total AFS securities – related parties |
17,452 |
|
|
17,044 |
|
| Total AFS securities, including related parties |
$ |
182,274 |
|
|
$ |
166,434 |
|
Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Unrealized Losses on AFS Securities
The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
Less than 12 months |
|
12 months or more |
|
Total |
| (In millions) |
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
$ |
1,607 |
|
|
$ |
(60) |
|
|
$ |
3,655 |
|
|
$ |
(1,048) |
|
|
$ |
5,262 |
|
|
$ |
(1,108) |
|
| U.S. state, municipal and political subdivisions |
42 |
|
|
(2) |
|
|
889 |
|
|
(255) |
|
|
931 |
|
|
(257) |
|
| Foreign governments |
880 |
|
|
(184) |
|
|
707 |
|
|
(280) |
|
|
1,587 |
|
|
(464) |
|
| Corporate |
20,579 |
|
|
(698) |
|
|
47,371 |
|
|
(11,357) |
|
|
67,950 |
|
|
(12,055) |
|
| CLO |
1,638 |
|
|
(11) |
|
|
3,835 |
|
|
(242) |
|
|
5,473 |
|
|
(253) |
|
| ABS |
1,081 |
|
|
(25) |
|
|
5,330 |
|
|
(422) |
|
|
6,411 |
|
|
(447) |
|
| CMBS |
547 |
|
|
(5) |
|
|
2,090 |
|
|
(390) |
|
|
2,637 |
|
|
(395) |
|
| RMBS |
958 |
|
|
(19) |
|
|
1,899 |
|
|
(239) |
|
|
2,857 |
|
|
(258) |
|
| Total AFS securities |
27,332 |
|
|
(1,004) |
|
|
65,776 |
|
|
(14,233) |
|
|
93,108 |
|
|
(15,237) |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
184 |
|
|
(29) |
|
|
386 |
|
|
(34) |
|
|
570 |
|
|
(63) |
|
| CLO |
223 |
|
|
— |
|
|
848 |
|
|
(47) |
|
|
1,071 |
|
|
(47) |
|
| ABS |
1,770 |
|
|
(44) |
|
|
3,546 |
|
|
(294) |
|
|
5,316 |
|
|
(338) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities – related parties |
2,177 |
|
|
(73) |
|
|
4,780 |
|
|
(375) |
|
|
6,957 |
|
|
(448) |
|
| Total AFS securities, including related parties |
$ |
29,509 |
|
|
$ |
(1,077) |
|
|
$ |
70,556 |
|
|
$ |
(14,608) |
|
|
$ |
100,065 |
|
|
$ |
(15,685) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
Less than 12 months |
|
12 months or more |
|
Total |
| (In millions) |
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
$ |
2,013 |
|
|
$ |
(94) |
|
|
$ |
2,389 |
|
|
$ |
(735) |
|
|
$ |
4,402 |
|
|
$ |
(829) |
|
| U.S. state, municipal and political subdivisions |
123 |
|
|
(5) |
|
|
888 |
|
|
(245) |
|
|
1,011 |
|
|
(250) |
|
| Foreign governments |
690 |
|
|
(13) |
|
|
760 |
|
|
(242) |
|
|
1,450 |
|
|
(255) |
|
| Corporate |
7,752 |
|
|
(474) |
|
|
50,028 |
|
|
(10,311) |
|
|
57,780 |
|
|
(10,785) |
|
| CLO |
689 |
|
|
(2) |
|
|
11,579 |
|
|
(543) |
|
|
12,268 |
|
|
(545) |
|
| ABS |
2,129 |
|
|
(75) |
|
|
4,378 |
|
|
(458) |
|
|
6,507 |
|
|
(533) |
|
| CMBS |
859 |
|
|
(12) |
|
|
1,967 |
|
|
(406) |
|
|
2,826 |
|
|
(418) |
|
| RMBS |
467 |
|
|
(9) |
|
|
2,057 |
|
|
(263) |
|
|
2,524 |
|
|
(272) |
|
| Total AFS securities |
14,722 |
|
|
(684) |
|
|
74,046 |
|
|
(13,203) |
|
|
88,768 |
|
|
(13,887) |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
548 |
|
|
(35) |
|
|
382 |
|
|
(37) |
|
|
930 |
|
|
(72) |
|
| CLO |
397 |
|
|
(16) |
|
|
2,592 |
|
|
(102) |
|
|
2,989 |
|
|
(118) |
|
| ABS |
2,008 |
|
|
(66) |
|
|
2,793 |
|
|
(225) |
|
|
4,801 |
|
|
(291) |
|
| Total AFS securities – related parties |
2,953 |
|
|
(117) |
|
|
5,767 |
|
|
(364) |
|
|
8,720 |
|
|
(481) |
|
| Total AFS securities, including related parties |
$ |
17,675 |
|
|
$ |
(801) |
|
|
$ |
79,813 |
|
|
$ |
(13,567) |
|
|
$ |
97,488 |
|
|
$ |
(14,368) |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
Unrealized Loss Position |
|
Unrealized Loss Position 12 Months or More |
| AFS securities |
8,317 |
|
|
6,930 |
|
| AFS securities – related parties |
130 |
|
|
80 |
|
The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.
Allowance for Credit Losses
The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
|
Additions |
|
Reductions |
|
|
|
|
| (In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
$ |
127 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
168 |
|
|
| CLO |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1) |
|
|
— |
|
|
| ABS |
51 |
|
|
10 |
|
|
— |
|
|
(1) |
|
|
|
7 |
|
|
67 |
|
|
| CMBS |
31 |
|
|
25 |
|
|
— |
|
|
— |
|
|
|
1 |
|
|
57 |
|
|
| RMBS |
387 |
|
|
1 |
|
|
— |
|
|
(6) |
|
|
|
(4) |
|
|
378 |
|
|
| Total AFS securities |
597 |
|
|
77 |
|
|
— |
|
|
(7) |
|
|
|
3 |
|
|
670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities – related parties, ABS |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities, including related parties |
$ |
598 |
|
|
$ |
77 |
|
|
$ |
— |
|
|
$ |
(7) |
|
|
|
$ |
3 |
|
|
$ |
671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
|
|
|
|
Additions |
|
Reductions |
|
|
|
|
| (In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
27 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
27 |
|
|
| Corporate |
79 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(6) |
|
|
73 |
|
|
| CLO |
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1) |
|
|
3 |
|
|
| ABS |
31 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
3 |
|
|
35 |
|
|
| CMBS |
5 |
|
|
2 |
|
|
— |
|
|
— |
|
|
|
(1) |
|
|
6 |
|
|
| RMBS |
356 |
|
|
8 |
|
|
11 |
|
|
(4) |
|
|
|
6 |
|
|
377 |
|
|
| Total AFS securities |
502 |
|
|
11 |
|
|
11 |
|
|
(4) |
|
|
|
1 |
|
|
521 |
|
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CLO |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(1) |
|
|
— |
|
|
| ABS |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities – related parties |
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
(1) |
|
|
1 |
|
|
| Total AFS securities, including related parties |
$ |
503 |
|
|
$ |
12 |
|
|
$ |
11 |
|
|
$ |
(4) |
|
|
|
$ |
— |
|
|
$ |
522 |
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
Additions |
|
Reductions |
|
|
|
|
|
|
|
| (In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
$ |
129 |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
(8) |
|
|
|
|
$ |
(1) |
|
|
$ |
168 |
|
|
| CLO |
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
(2) |
|
|
— |
|
|
| ABS |
49 |
|
|
12 |
|
|
— |
|
|
(1) |
|
|
|
|
7 |
|
|
67 |
|
|
| CMBS |
29 |
|
|
26 |
|
|
— |
|
|
— |
|
|
|
|
2 |
|
|
57 |
|
|
| RMBS |
381 |
|
|
5 |
|
|
— |
|
|
(10) |
|
|
|
|
2 |
|
|
378 |
|
|
| Total AFS securities |
590 |
|
|
91 |
|
|
— |
|
|
(19) |
|
|
|
|
8 |
|
|
670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities – related parties, ABS |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities, including related parties |
$ |
591 |
|
|
$ |
91 |
|
|
$ |
— |
|
|
$ |
(19) |
|
|
|
|
$ |
8 |
|
|
$ |
671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
|
|
Additions |
|
Reductions |
|
|
|
|
|
|
| (In millions) |
Beginning balance |
|
Initial credit losses |
|
Initial credit losses on PCD securities |
|
Securities sold during the period |
|
|
|
Additions (reductions) to previously impaired securities |
|
Ending balance |
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
27 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
27 |
|
| Corporate |
61 |
|
|
21 |
|
|
— |
|
|
(6) |
|
|
|
|
(3) |
|
|
73 |
|
| CLO |
7 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
(5) |
|
|
3 |
|
| ABS |
29 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
5 |
|
|
35 |
|
| CMBS |
5 |
|
|
3 |
|
|
— |
|
|
— |
|
|
|
|
(2) |
|
|
6 |
|
| RMBS |
329 |
|
|
11 |
|
|
39 |
|
|
(8) |
|
|
|
|
6 |
|
|
377 |
|
| Total AFS securities |
458 |
|
|
37 |
|
|
39 |
|
|
(14) |
|
|
|
|
1 |
|
|
521 |
|
| AFS securities – related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CLO |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
(1) |
|
|
— |
|
| ABS |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
1 |
|
| Total AFS securities – related parties |
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
(1) |
|
|
1 |
|
| Total AFS securities, including related parties |
$ |
459 |
|
|
$ |
38 |
|
|
$ |
39 |
|
|
$ |
(14) |
|
|
|
|
$ |
— |
|
|
$ |
522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Net Investment Income
Net investment income by asset class consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
| AFS securities |
$ |
2,340 |
|
|
$ |
1,649 |
|
|
$ |
4,477 |
|
|
$ |
3,118 |
|
|
|
| Trading securities |
44 |
|
|
44 |
|
|
85 |
|
|
86 |
|
|
|
| Equity securities |
29 |
|
|
25 |
|
|
46 |
|
|
40 |
|
|
|
| Mortgage loans |
890 |
|
|
543 |
|
|
1,704 |
|
|
990 |
|
|
|
| Investment funds |
(19) |
|
|
27 |
|
|
(10) |
|
|
61 |
|
|
|
| Funds withheld at interest |
359 |
|
|
453 |
|
|
722 |
|
|
882 |
|
|
|
| Other |
189 |
|
|
219 |
|
|
400 |
|
|
407 |
|
|
|
| Investment revenue |
3,832 |
|
|
2,960 |
|
|
7,424 |
|
|
5,584 |
|
|
|
| Investment expenses |
(28) |
|
|
(12) |
|
|
(44) |
|
|
(24) |
|
|
|
| Net investment income |
$ |
3,804 |
|
|
$ |
2,948 |
|
|
$ |
7,380 |
|
|
$ |
5,560 |
|
|
|
Investment Related Gains (Losses)
Investment related gains (losses) by asset class consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
AFS securities1
|
|
|
|
|
|
|
|
|
|
| Gross realized gains on investment activity |
$ |
125 |
|
|
$ |
141 |
|
|
$ |
192 |
|
|
$ |
324 |
|
|
|
| Gross realized losses on investment activity |
(218) |
|
|
(112) |
|
|
(565) |
|
|
(216) |
|
|
|
| Net realized investment gains (losses) on AFS securities |
(93) |
|
|
29 |
|
|
(373) |
|
|
108 |
|
|
|
| Net recognized investment gains (losses) on trading securities |
(33) |
|
|
(32) |
|
|
(98) |
|
|
32 |
|
|
|
| Net recognized investment gains (losses) on equity securities |
(12) |
|
|
(13) |
|
|
27 |
|
|
(31) |
|
|
|
| Net recognized investment gains (losses) on mortgage loans |
93 |
|
|
(204) |
|
|
(265) |
|
|
73 |
|
|
|
| Derivative gains (losses) |
(553) |
|
|
421 |
|
|
878 |
|
|
1,414 |
|
|
|
| Provision for credit losses |
(90) |
|
|
(111) |
|
|
(100) |
|
|
(177) |
|
|
|
| Other gains |
554 |
|
|
276 |
|
|
1,474 |
|
|
12 |
|
|
|
| Investment related gains (losses) |
$ |
(134) |
|
|
$ |
366 |
|
|
$ |
1,543 |
|
|
$ |
1,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.
|
|
|
Proceeds from sales of AFS securities were $7,048 million and $2,054 million for the three months ended June 30, 2024 and 2023, respectively, and $10,766 million and $3,194 million for the six months ended June 30, 2024 and 2023, respectively.
The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
| Trading securities |
$ |
(20) |
|
|
$ |
(23) |
|
|
$ |
(40) |
|
|
$ |
40 |
|
|
|
| Trading securities – related parties |
(1) |
|
|
(4) |
|
|
(1) |
|
|
(1) |
|
|
|
| Equity securities |
(7) |
|
|
(7) |
|
|
28 |
|
|
3 |
|
|
|
| Equity securities – related parties |
(1) |
|
|
4 |
|
|
(4) |
|
|
(7) |
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 condensed consolidated statements of financial condition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
June 30, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less than 30 days |
$ |
1,200 |
|
|
$ |
686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 91 days to 1 year |
1,097 |
|
|
— |
|
|
|
|
|
|
|
|
|
| Greater than 1 year |
1,569 |
|
|
3,167 |
|
|
|
|
|
|
|
|
|
Payables for repurchase agreements |
$ |
3,866 |
|
|
$ |
3,853 |
|
|
|
|
|
|
|
|
|
The following table summarizes the securities pledged as collateral for repurchase agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (In millions) |
Amortized Cost |
|
Fair Value |
|
Amortized Cost |
|
Fair Value |
| AFS securities |
|
|
|
|
|
|
|
| U.S. government and agencies |
$ |
1,665 |
|
|
$ |
1,204 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Foreign governments |
141 |
|
|
95 |
|
|
137 |
|
|
99 |
|
| Corporate |
1,859 |
|
|
1,562 |
|
|
2,735 |
|
|
2,307 |
|
| CLO |
584 |
|
|
587 |
|
|
580 |
|
|
579 |
|
| ABS |
608 |
|
|
549 |
|
|
1,207 |
|
|
1,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total securities pledged under repurchase agreements |
$ |
4,857 |
|
|
$ |
3,997 |
|
|
$ |
4,659 |
|
|
$ |
4,071 |
|
Reverse Repurchase Agreements
As of June 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $980 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $1,946 million and $1,504 million, respectively.
Mortgage Loans, including related parties and consolidated VIEs
Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
June 30, 2024 |
|
December 31, 2023 |
| Commercial mortgage loans |
$ |
31,339 |
|
|
$ |
27,630 |
|
| Commercial mortgage loans under development |
1,240 |
|
|
1,228 |
|
| Total commercial mortgage loans |
32,579 |
|
|
28,858 |
|
| Mark to fair value |
(2,385) |
|
|
(2,246) |
|
| Commercial mortgage loans |
30,194 |
|
|
26,612 |
|
| Residential mortgage loans |
26,812 |
|
|
21,894 |
|
| Mark to fair value |
(921) |
|
|
(937) |
|
| Residential mortgage loans |
25,891 |
|
|
20,957 |
|
| Mortgage loans |
$ |
56,085 |
|
|
$ |
47,569 |
|
Athene primarily invests in commercial mortgage loans on income producing properties, including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (In millions, except percentages) |
Fair Value |
|
Percentage of Total |
|
Fair Value |
|
Percentage of Total |
| Property type |
|
|
|
|
|
|
|
| Apartment |
$ |
11,042 |
|
|
36.6 |
% |
|
$ |
9,591 |
|
|
36.0 |
% |
| Office building |
4,030 |
|
|
13.3 |
% |
|
4,455 |
|
|
16.7 |
% |
| Industrial |
5,532 |
|
|
18.4 |
% |
|
4,143 |
|
|
15.6 |
% |
| Hotels |
2,994 |
|
|
9.9 |
% |
|
2,913 |
|
|
11.0 |
% |
| Retail |
2,085 |
|
|
6.9 |
% |
|
2,158 |
|
|
8.1 |
% |
| Other commercial |
4,511 |
|
|
14.9 |
% |
|
3,352 |
|
|
12.6 |
% |
| Total commercial mortgage loans |
$ |
30,194 |
|
|
100.0 |
% |
|
$ |
26,612 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
| U.S. region |
|
|
|
|
|
|
|
| East North Central |
$ |
1,695 |
|
|
5.6 |
% |
|
$ |
1,517 |
|
|
5.7 |
% |
| East South Central |
438 |
|
|
1.5 |
% |
|
523 |
|
|
2.0 |
% |
| Middle Atlantic |
8,003 |
|
|
26.5 |
% |
|
7,147 |
|
|
26.9 |
% |
| Mountain |
1,309 |
|
|
4.3 |
% |
|
1,196 |
|
|
4.5 |
% |
| New England |
1,329 |
|
|
4.4 |
% |
|
1,295 |
|
|
4.9 |
% |
| Pacific |
5,760 |
|
|
19.1 |
% |
|
4,860 |
|
|
18.3 |
% |
| South Atlantic |
4,771 |
|
|
15.8 |
% |
|
4,583 |
|
|
17.2 |
% |
| West North Central |
224 |
|
|
0.7 |
% |
|
249 |
|
|
0.9 |
% |
| West South Central |
1,777 |
|
|
5.9 |
% |
|
1,228 |
|
|
4.6 |
% |
| Total U.S. region |
25,306 |
|
|
83.8 |
% |
|
22,598 |
|
|
85.0 |
% |
| International region |
|
|
|
|
|
|
|
| United Kingdom |
2,838 |
|
|
9.4 |
% |
|
2,343 |
|
|
8.7 |
% |
Other international1
|
2,050 |
|
|
6.8 |
% |
|
1,671 |
|
|
6.3 |
% |
| Total international region |
4,888 |
|
|
16.2 |
% |
|
4,014 |
|
|
15.0 |
% |
| Total commercial mortgage loans |
$ |
30,194 |
|
|
100.0 |
% |
|
$ |
26,612 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
|
Athene’s residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| U.S. States |
|
|
|
| California |
26.7 |
% |
|
27.6 |
% |
| Florida |
12.3 |
% |
|
12.0 |
% |
| Texas |
6.7 |
% |
|
6.1 |
% |
| New York |
5.5 |
% |
|
5.9 |
% |
|
|
|
|
|
|
|
|
Other1
|
39.7 |
% |
|
39.4 |
% |
| Total U.S. residential mortgage loan percentage |
90.9 |
% |
|
91.0 |
% |
| International |
|
|
|
| United Kingdom |
5.0 |
% |
|
4.0 |
% |
|
|
|
|
Other1
|
4.1 |
% |
|
5.0 |
% |
| Total international residential mortgage loan percentage |
9.1 |
% |
|
9.0 |
% |
| Total residential mortgage loan percentage |
100.0 |
% |
|
100.0 |
% |
|
|
|
|
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Investment Funds
Athene’s investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.
The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (In millions, except percentages) |
Carrying Value |
|
Percentage of Total |
|
Carrying Value |
|
Percentage of Total |
| Investment funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity funds |
$ |
81 |
|
|
75.7 |
% |
|
$ |
82 |
|
|
75.3 |
% |
| Hybrid funds |
20 |
|
|
18.7 |
% |
|
20 |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
| Other |
6 |
|
|
5.6 |
% |
|
7 |
|
|
6.4 |
% |
| Total investment funds |
107 |
|
|
100.0 |
% |
|
109 |
|
|
100.0 |
% |
| Investment funds – related parties |
|
|
|
|
|
|
|
| Strategic origination platforms |
49 |
|
|
3.0 |
% |
|
47 |
|
|
2.9 |
% |
| Insurance platforms |
1,295 |
|
|
80.0 |
% |
|
1,300 |
|
|
79.7 |
% |
| Apollo and other fund investments |
|
|
|
|
|
|
|
| Equity funds |
249 |
|
|
15.4 |
% |
|
254 |
|
|
15.6 |
% |
|
|
|
|
|
|
|
|
| Yield funds |
6 |
|
|
0.4 |
% |
|
8 |
|
|
0.5 |
% |
| Other |
20 |
|
|
1.2 |
% |
|
23 |
|
|
1.3 |
% |
| Total investment funds – related parties |
1,619 |
|
|
100.0 |
% |
|
1,632 |
|
|
100.0 |
% |
| Investment funds – consolidated VIEs |
|
|
|
|
|
|
|
| Strategic origination platforms |
6,308 |
|
|
35.8 |
% |
|
5,594 |
|
|
35.4 |
% |
| Insurance platforms |
432 |
|
|
2.5 |
% |
|
483 |
|
|
3.1 |
% |
| Apollo and other fund investments |
|
|
|
|
|
|
|
| Equity funds |
3,621 |
|
|
20.5 |
% |
|
3,302 |
|
|
20.9 |
% |
| Hybrid funds |
4,600 |
|
|
26.1 |
% |
|
4,242 |
|
|
26.7 |
% |
| Yield funds |
1,315 |
|
|
7.5 |
% |
|
1,356 |
|
|
8.6 |
% |
| Other |
1,345 |
|
|
7.6 |
% |
|
843 |
|
|
5.3 |
% |
| Total investment funds – consolidated VIEs |
17,621 |
|
|
100.0 |
% |
|
15,820 |
|
|
100.0 |
% |
| Total investment funds, including related parties and consolidated VIEs |
$ |
19,347 |
|
|
|
|
$ |
17,561 |
|
|
|
Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:
|
|
|
|
|
|
| (In millions) |
June 30, 2024 |
| AP Grange Holdings, LLC |
$ |
4,695 |
|
Atlas1
|
3,345 |
|
Wheels1
|
1,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
Wheels1
|
$ |
1,591 |
|
| AT&T Inc. |
1,526 |
|
|
|
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 15.
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. Derivatives
The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.
The following table presents the notional amount and fair value of derivative instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
Notional Amount |
|
Fair Value |
|
Notional Amount |
|
Fair Value |
| (In millions) |
|
Assets |
|
Liabilities |
|
|
Assets |
|
Liabilities |
| Derivatives designated as hedges |
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency hedges |
|
|
|
|
|
|
|
|
|
|
|
| Swaps |
11,954 |
|
|
$ |
594 |
|
|
$ |
160 |
|
|
9,034 |
|
|
$ |
477 |
|
|
$ |
230 |
|
| Forwards |
4,834 |
|
|
353 |
|
|
21 |
|
|
6,294 |
|
|
275 |
|
|
102 |
|
| Interest rate swaps |
4,506 |
|
|
— |
|
|
617 |
|
|
4,468 |
|
|
— |
|
|
521 |
|
| Forwards on net investments |
210 |
|
|
1 |
|
|
— |
|
|
219 |
|
|
— |
|
|
6 |
|
| Interest rate swaps |
24,004 |
|
|
62 |
|
|
160 |
|
|
10,031 |
|
|
29 |
|
|
95 |
|
| Total derivatives designated as hedges |
|
|
1,010 |
|
|
958 |
|
|
|
|
781 |
|
|
954 |
|
| Derivatives not designated as hedges |
|
|
|
|
|
|
|
|
|
|
|
| Equity options |
80,409 |
|
|
5,432 |
|
|
98 |
|
|
73,881 |
|
|
3,809 |
|
|
102 |
|
| Futures |
51 |
|
|
121 |
|
|
21 |
|
|
35 |
|
|
72 |
|
|
— |
|
| Foreign currency swaps |
8,784 |
|
|
257 |
|
|
209 |
|
|
8,072 |
|
|
230 |
|
|
244 |
|
| Interest rate swaps |
1,873 |
|
|
75 |
|
|
5 |
|
|
3,499 |
|
|
81 |
|
|
9 |
|
| Other swaps |
2,546 |
|
|
7 |
|
|
1 |
|
|
2,588 |
|
|
39 |
|
|
1 |
|
| Foreign currency forwards |
35,629 |
|
|
586 |
|
|
1,920 |
|
|
28,236 |
|
|
286 |
|
|
685 |
|
| Embedded derivatives |
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld, including related parties |
|
|
(4,000) |
|
|
(14) |
|
|
|
|
(4,100) |
|
|
(64) |
|
| Interest sensitive contract liabilities |
|
|
— |
|
|
11,234 |
|
|
|
|
— |
|
|
9,059 |
|
| Total derivatives not designated as hedges |
|
|
2,478 |
|
|
13,474 |
|
|
|
|
417 |
|
|
10,036 |
|
| Total derivatives |
|
|
$ |
3,488 |
|
|
$ |
14,432 |
|
|
|
|
$ |
1,198 |
|
|
$ |
10,990 |
|
Derivatives Designated as Hedges
Cash Flow Hedges
Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2031. During the three months ended June 30, 2024 and 2023, Athene recognized gains of $18 million and losses of $53 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the six months ended June 30, 2024 and 2023, Athene recognized losses of $3 million and $126 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, no amounts were expected to be reclassified to income within the next 12 months.
Fair Value Hedges
Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (In millions) |
Carrying amount of the hedged assets or liabilities1
|
|
Cumulative amount of fair value hedging gains (losses) |
|
Carrying amount of the hedged assets or liabilities1
|
|
Cumulative amount of fair value hedging gains (losses) |
| AFS securities |
|
|
|
|
|
|
|
| Foreign currency forwards |
$ |
4,887 |
|
|
$ |
(198) |
|
|
$ |
4,883 |
|
|
$ |
(15) |
|
| Foreign currency swaps |
8,737 |
|
|
(358) |
|
|
6,820 |
|
|
(141) |
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
| Foreign currency swaps |
1,997 |
|
|
67 |
|
|
1,438 |
|
|
19 |
|
| Foreign currency interest rate swaps |
3,960 |
|
|
463 |
|
|
4,010 |
|
|
363 |
|
| Interest rate swaps |
16,887 |
|
|
265 |
|
|
6,910 |
|
|
189 |
|
|
|
|
|
|
|
|
|
1 The carrying amount disclosed for AFS securities is amortized cost.
|
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) |
Derivatives |
|
Hedged items |
|
Net |
|
Recognized in income through amortization approach |
|
Recognized in income through changes in fair value |
| Three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
| Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
| Foreign currency forwards |
$ |
43 |
|
|
$ |
(51) |
|
|
$ |
(8) |
|
|
$ |
13 |
|
|
$ |
(3) |
|
| Foreign currency swaps |
43 |
|
|
(24) |
|
|
19 |
|
|
— |
|
|
— |
|
| Foreign currency interest rate swaps |
(7) |
|
|
6 |
|
|
(1) |
|
|
— |
|
|
— |
|
| Interest rate swaps |
(9) |
|
|
1 |
|
|
(8) |
|
|
— |
|
|
— |
|
| Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency interest rate swaps |
24 |
|
|
(23) |
|
|
1 |
|
|
— |
|
|
— |
|
| Three months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
| Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
| Foreign currency forwards |
$ |
(35) |
|
|
$ |
37 |
|
|
$ |
2 |
|
|
$ |
(42) |
|
|
$ |
3 |
|
| Foreign currency swaps |
(43) |
|
|
45 |
|
|
2 |
|
|
— |
|
|
— |
|
| Foreign currency interest rate swaps |
7 |
|
|
(10) |
|
|
(3) |
|
|
— |
|
|
— |
|
| Interest rate swaps |
(120) |
|
|
120 |
|
|
— |
|
|
— |
|
|
— |
|
| Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
| Foreign currency interest rate swaps |
13 |
|
|
(15) |
|
|
(2) |
|
|
— |
|
|
— |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts excluded |
| (In millions) |
Derivatives |
|
Hedged items |
|
Net |
|
Recognized in income through amortization approach |
|
Recognized in income through changes in fair value |
| Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
| Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
| Foreign currency forwards |
$ |
179 |
|
|
$ |
(183) |
|
|
$ |
(4) |
|
|
$ |
31 |
|
|
$ |
6 |
|
| Foreign currency swaps |
155 |
|
|
(138) |
|
|
17 |
|
|
— |
|
|
— |
|
| Foreign currency interest rate swaps |
(123) |
|
|
123 |
|
|
— |
|
|
— |
|
|
— |
|
| Interest rate swaps |
(115) |
|
|
76 |
|
|
(39) |
|
|
— |
|
|
— |
|
| Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency interest rate swaps |
40 |
|
|
(39) |
|
|
1 |
|
|
— |
|
|
— |
|
| Six months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
| Investment related gains (losses) |
|
|
|
|
|
|
|
|
|
| Foreign currency forwards |
$ |
(105) |
|
|
$ |
110 |
|
|
$ |
5 |
|
|
$ |
45 |
|
|
$ |
7 |
|
| Foreign currency swaps |
(102) |
|
|
109 |
|
|
7 |
|
|
— |
|
|
— |
|
| Foreign currency interest rate swaps |
85 |
|
|
(80) |
|
|
5 |
|
|
— |
|
|
— |
|
| Interest rate swaps |
(18) |
|
|
16 |
|
|
(2) |
|
|
— |
|
|
— |
|
| Interest sensitive contract benefits |
|
|
|
|
|
|
|
|
|
| Foreign currency interest rate swaps |
28 |
|
|
(30) |
|
|
(2) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Foreign currency forwards |
$ |
2 |
|
|
$ |
(61) |
|
|
$ |
(15) |
|
|
$ |
2 |
|
| Foreign currency swaps |
64 |
|
|
(57) |
|
|
26 |
|
|
57 |
|
|
|
|
|
|
|
|
|
Net Investment Hedges
Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended June 30, 2024 and 2023, these derivatives had losses of $0 million and $4 million, respectively. During the six months ended June 30, 2024 and 2023, these derivatives had gains of $3 million and losses of $8 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $29 million and $26 million, respectively. During the three and six months ended June 30, 2024 and 2023, there were no amounts deemed ineffective.
Derivatives Not Designated as Hedges
Equity options
Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Futures
Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.
Interest rate swaps
Athene uses interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals.
Other swaps
Other swaps include total return swaps, credit default swaps and swaptions. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure.
Embedded derivatives
Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products.
The following is a summary of the gains (losses) related to derivatives not designated as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Equity options |
$ |
105 |
|
|
$ |
991 |
|
|
$ |
1,702 |
|
|
$ |
1,341 |
|
| Futures |
(1) |
|
|
61 |
|
|
126 |
|
|
95 |
|
| Swaps |
(69) |
|
|
29 |
|
|
(30) |
|
|
62 |
|
| Foreign currency forwards |
(556) |
|
|
(168) |
|
|
(866) |
|
|
(337) |
|
| Embedded derivatives on funds withheld |
(112) |
|
|
(262) |
|
|
(187) |
|
|
341 |
|
| Amounts recognized in investment related gains (losses) |
(633) |
|
|
651 |
|
|
745 |
|
|
1,502 |
|
Embedded derivatives in indexed annuity products1
|
182 |
|
|
(1,055) |
|
|
(995) |
|
|
(1,528) |
|
| Total gains (losses) on derivatives not designated as hedges |
$ |
(451) |
|
|
$ |
(404) |
|
|
$ |
(250) |
|
|
$ |
(26) |
|
|
|
|
|
|
|
|
|
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.
|
|
|
Credit Risk
The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.
Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.
The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross amounts not offset on the condensed consolidated statements of financial condition |
|
|
|
|
|
|
| (In millions) |
Gross amount recognized1
|
|
Financial instruments2
|
|
Collateral (received)/pledged |
|
Net amount |
|
Off-balance sheet securities collateral3
|
|
Net amount after securities collateral |
| June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Derivative assets |
$ |
7,488 |
|
|
$ |
(1,879) |
|
|
$ |
(5,994) |
|
|
$ |
(385) |
|
|
$ |
— |
|
|
$ |
(385) |
|
| Derivative liabilities |
(3,212) |
|
|
1,879 |
|
|
1,753 |
|
|
420 |
|
|
2 |
|
|
422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
| Derivative assets |
$ |
5,298 |
|
|
$ |
(1,497) |
|
|
$ |
(3,676) |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
125 |
|
| Derivative liabilities |
(1,995) |
|
|
1,497 |
|
|
848 |
|
|
350 |
|
|
— |
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of June 30, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial.
|
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
|
3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
|
5. Variable Interest Entities
A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.
Consolidated VIEs
Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. In addition, during 2023, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 15 for further details regarding Apollo’s previously consolidated SPACs.
The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.
Other assets of the consolidated VIEs include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt and short-term payables.
Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value.
Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management
The following table presents net gains (losses) from investment activities of the consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
| (In millions) |
20241
|
|
20231
|
|
20241
|
|
20231
|
|
|
| Net gains (losses) from investment activities |
$ |
(25) |
|
|
$ |
(6) |
|
|
$ |
(7) |
|
|
$ |
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and other income |
62 |
|
|
41 |
|
|
94 |
|
|
74 |
|
|
|
| Interest and other expenses |
(36) |
|
|
(23) |
|
|
(61) |
|
|
(52) |
|
|
|
| Net gains (losses) from investment activities of consolidated variable interest entities |
$ |
1 |
|
|
$ |
12 |
|
|
$ |
26 |
|
|
$ |
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and six months ended June 30, 2024, the Company recorded $8 million and $18 million, respectively, of revenues and $0 million and $2 million, respectively, of expenses related to the activities of these VIEs. For the three and six months ended June 30, 2023, the Company recorded $2 million and $3 million, respectively, of revenues related to the activities of these VIEs.
Subscription Lines
Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (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
|
$ |
1,727 |
|
|
7.78 |
% |
|
0.08 |
|
$ |
1,072 |
|
|
7.16 |
% |
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Total – Asset Management |
$ |
1,727 |
|
|
|
|
|
|
$ |
1,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2024, the Company was not aware of any instances of non-compliance with any of these covenants.
Reverse Repurchase Agreements
As of December 31, 2023, fair value of collateral received under reverse repurchase agreements was $453 million. There was no rehypothecation of the collateral received under reverse repurchase agreements as of December 31, 2023.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Revenues of Consolidated Variable Interest Entities—Retirement Services
The following summarizes the statements of operations activity of the consolidated VIEs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Trading securities |
$ |
30 |
|
|
$ |
25 |
|
|
$ |
65 |
|
|
$ |
48 |
|
|
|
|
|
|
|
|
|
| Mortgage loans |
31 |
|
|
30 |
|
|
61 |
|
|
54 |
|
| Investment funds |
— |
|
|
— |
|
|
21 |
|
|
35 |
|
| Other |
1 |
|
|
(1) |
|
|
(4) |
|
|
(1) |
|
| Net investment income |
62 |
|
|
54 |
|
|
143 |
|
|
136 |
|
|
|
|
|
|
|
|
|
Net recognized investment gains (losses) on trading securities |
(8) |
|
|
(5) |
|
|
(8) |
|
|
1 |
|
Net recognized investment losses on mortgage loans |
(2) |
|
|
(29) |
|
|
(28) |
|
|
(20) |
|
Net recognized investment gains on investment funds |
319 |
|
|
315 |
|
|
679 |
|
|
539 |
|
Other gains (losses) |
(5) |
|
|
12 |
|
|
(9) |
|
|
(28) |
|
| Investment related gains (losses) |
304 |
|
|
293 |
|
|
634 |
|
|
492 |
|
| Revenues of consolidated variable interest entities |
$ |
366 |
|
|
$ |
347 |
|
|
$ |
777 |
|
|
$ |
628 |
|
Unconsolidated Variable Interest Entities—Asset Management
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) |
June 30, 2024 |
|
December 31, 2023 |
|
Maximum Loss Exposure1,2
|
$ |
802 |
|
|
$ |
325 |
|
|
|
|
|
|
|
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.
|
|
Unconsolidated Variable Interest Entities—Retirement Services
The Company has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.
Fixed maturity securities
Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value and classified as AFS or trading securities on the condensed consolidated statements of financial condition.
Investment funds
Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Equity securities
Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.
Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
| (In millions) |
Carrying Value |
|
Maximum Loss Exposure |
|
Carrying Value |
|
Maximum Loss Exposure |
| Investment funds |
$ |
107 |
|
|
$ |
864 |
|
|
$ |
109 |
|
|
$ |
876 |
|
| Investment in related parties – investment funds |
1,619 |
|
|
2,653 |
|
|
1,632 |
|
|
2,377 |
|
| Assets of consolidated VIEs – investment funds |
17,621 |
|
|
24,161 |
|
|
15,820 |
|
|
22,129 |
|
| Investment in fixed maturity securities |
54,831 |
|
|
59,155 |
|
|
48,155 |
|
|
50,623 |
|
| Investment in related parties – fixed maturity securities |
16,343 |
|
|
19,436 |
|
|
13,495 |
|
|
15,608 |
|
| Investment in related parties – equity securities |
314 |
|
|
314 |
|
|
318 |
|
|
318 |
|
| Total non-consolidated investments |
$ |
90,835 |
|
|
$ |
106,583 |
|
|
$ |
79,529 |
|
|
$ |
91,931 |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6. Fair Value
Fair Value Measurements of Financial Instruments
The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
| (In millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
NAV |
|
Total |
| Assets |
|
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
2,854 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,854 |
|
| Restricted cash and cash equivalents |
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
| Cash and cash equivalents of VIEs |
473 |
|
|
— |
|
|
— |
|
|
— |
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value |
202 |
|
|
2 |
|
|
1,160 |
|
1 |
72 |
|
|
1,436 |
|
| Investments of consolidated VIEs |
— |
|
|
25 |
|
|
1,507 |
|
|
167 |
|
|
1,699 |
|
Due from related parties2
|
— |
|
|
— |
|
|
29 |
|
|
— |
|
|
29 |
|
Derivative assets3
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Total Assets – Asset Management |
3,531 |
|
|
27 |
|
|
2,706 |
|
|
239 |
|
|
6,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Services |
|
|
|
|
|
|
|
|
|
| AFS Securities |
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
6,037 |
|
|
7 |
|
|
— |
|
|
— |
|
|
6,044 |
|
| U.S. state, municipal and political subdivisions |
— |
|
|
954 |
|
|
— |
|
|
— |
|
|
954 |
|
| Foreign governments |
670 |
|
|
887 |
|
|
34 |
|
|
— |
|
|
1,591 |
|
| Corporate |
10 |
|
|
78,246 |
|
|
8,114 |
|
|
— |
|
|
86,370 |
|
| CLO |
— |
|
|
24,153 |
|
|
— |
|
|
— |
|
|
24,153 |
|
| ABS |
— |
|
|
7,026 |
|
|
8,420 |
|
|
— |
|
|
15,446 |
|
| CMBS |
— |
|
|
7,234 |
|
|
20 |
|
|
— |
|
|
7,254 |
|
| RMBS |
— |
|
|
7,317 |
|
|
261 |
|
|
— |
|
|
7,578 |
|
| Total AFS securities |
6,717 |
|
|
125,824 |
|
|
16,849 |
|
|
— |
|
|
149,390 |
|
| Trading securities |
23 |
|
|
1,583 |
|
|
37 |
|
|
— |
|
|
1,643 |
|
| Equity securities |
208 |
|
|
867 |
|
|
36 |
|
|
— |
|
|
1,111 |
|
| Mortgage loans |
— |
|
|
— |
|
|
52,645 |
|
|
— |
|
|
52,645 |
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
— |
|
|
— |
|
|
(3,283) |
|
|
— |
|
|
(3,283) |
|
| Derivative assets |
162 |
|
|
7,325 |
|
|
1 |
|
|
— |
|
|
7,488 |
|
| Short-term investments |
318 |
|
|
114 |
|
|
80 |
|
|
— |
|
|
512 |
|
| Other investments |
— |
|
|
553 |
|
|
904 |
|
|
— |
|
|
1,457 |
|
| Cash and cash equivalents |
13,004 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,004 |
|
| Restricted cash and cash equivalents |
1,093 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,093 |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
| Corporate |
— |
|
|
226 |
|
|
1,194 |
|
|
— |
|
|
1,420 |
|
| CLO |
— |
|
|
4,051 |
|
|
521 |
|
|
— |
|
|
4,572 |
|
| ABS |
— |
|
|
472 |
|
|
10,580 |
|
|
— |
|
|
11,052 |
|
|
|
|
|
|
|
|
|
|
|
| Total AFS securities – related parties |
— |
|
|
4,749 |
|
|
12,295 |
|
|
— |
|
|
17,044 |
|
| Trading securities |
— |
|
|
— |
|
|
719 |
|
|
— |
|
|
719 |
|
| Equity securities |
67 |
|
|
— |
|
|
247 |
|
|
— |
|
|
314 |
|
| Mortgage loans |
— |
|
|
— |
|
|
1,320 |
|
|
— |
|
|
1,320 |
|
| Investment funds |
— |
|
|
— |
|
|
1,066 |
|
|
— |
|
|
1,066 |
|
| Funds withheld at interest – embedded derivative |
— |
|
|
— |
|
|
(717) |
|
|
— |
|
|
(717) |
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
— |
|
|
— |
|
|
335 |
|
|
— |
|
|
335 |
|
| Reinsurance recoverable |
— |
|
|
— |
|
|
1,518 |
|
|
— |
|
|
1,518 |
|
Other assets5
|
— |
|
|
— |
|
|
371 |
|
|
— |
|
|
371 |
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
| (In millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
NAV |
|
Total |
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
| Trading securities |
— |
|
|
357 |
|
|
1,876 |
|
|
— |
|
|
2,233 |
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
— |
|
|
— |
|
|
2,120 |
|
|
— |
|
|
2,120 |
|
| Investment funds |
— |
|
|
— |
|
|
913 |
|
|
16,708 |
|
|
17,621 |
|
| Other investments |
5 |
|
|
1 |
|
|
113 |
|
|
— |
|
|
119 |
|
| Cash and cash equivalents |
557 |
|
|
— |
|
|
— |
|
|
— |
|
|
557 |
|
Total Assets – Retirement Services |
22,154 |
|
|
141,373 |
|
|
89,445 |
|
|
16,708 |
|
|
269,680 |
|
| Total Assets |
$ |
25,685 |
|
|
$ |
141,400 |
|
|
$ |
92,151 |
|
|
$ |
16,947 |
|
|
$ |
276,183 |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration obligations4
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
59 |
|
Derivative liabilities3
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities – Asset Management |
— |
|
|
5 |
|
|
59 |
|
|
— |
|
|
64 |
|
Retirement Services |
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
| Embedded derivative |
— |
|
|
— |
|
|
11,234 |
|
|
— |
|
|
11,234 |
|
| Universal life benefits |
— |
|
|
— |
|
|
769 |
|
|
— |
|
|
769 |
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
— |
|
|
— |
|
|
1,120 |
|
|
— |
|
|
1,120 |
|
| ILICO Closed Block and life benefits |
— |
|
|
— |
|
|
529 |
|
|
— |
|
|
529 |
|
Market risk benefits5
|
— |
|
|
— |
|
|
3,727 |
|
|
— |
|
|
3,727 |
|
| Derivative liabilities |
37 |
|
|
3,174 |
|
|
1 |
|
|
— |
|
|
3,212 |
|
| Other liabilities |
— |
|
|
— |
|
|
253 |
|
|
— |
|
|
253 |
|
Total Liabilities – Retirement Services |
37 |
|
|
3,174 |
|
|
17,633 |
|
|
— |
|
|
20,844 |
|
| Total Liabilities |
$ |
37 |
|
|
$ |
3,179 |
|
|
$ |
17,692 |
|
|
$ |
— |
|
|
$ |
20,908 |
|
|
|
|
|
|
|
|
|
|
|
| (Concluded) |
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
| (In millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
NAV |
|
Total |
| Assets |
|
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
2,748 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,748 |
|
| Restricted cash and cash equivalents |
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
| Cash and cash equivalents of VIEs |
62 |
|
|
— |
|
|
— |
|
|
— |
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value |
202 |
|
|
38 |
|
|
1,188 |
|
1 |
61 |
|
|
1,489 |
|
| Investments of consolidated VIEs |
— |
|
|
16 |
|
|
1,492 |
|
|
127 |
|
|
1,635 |
|
Due from related parties2
|
— |
|
|
— |
|
|
37 |
|
|
— |
|
|
37 |
|
Derivative assets3
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
Total Assets – Asset Management |
3,014 |
|
|
54 |
|
|
2,730 |
|
|
188 |
|
|
5,986 |
|
|
|
|
|
|
|
|
|
|
|
Retirement Services |
|
|
|
|
|
|
|
|
|
| AFS Securities |
|
|
|
|
|
|
|
|
|
| U.S. government and agencies |
5,392 |
|
|
7 |
|
|
— |
|
|
— |
|
|
5,399 |
|
| U.S. state, municipal and political subdivisions |
— |
|
|
1,046 |
|
|
— |
|
|
— |
|
|
1,046 |
|
| Foreign governments |
895 |
|
|
964 |
|
|
40 |
|
|
— |
|
|
1,899 |
|
| Corporate |
10 |
|
|
75,711 |
|
|
2,525 |
|
|
— |
|
|
78,246 |
|
| CLO |
— |
|
|
20,207 |
|
|
— |
|
|
— |
|
|
20,207 |
|
| ABS |
— |
|
|
6,440 |
|
|
6,943 |
|
|
— |
|
|
13,383 |
|
| CMBS |
— |
|
|
6,570 |
|
|
21 |
|
|
— |
|
|
6,591 |
|
| RMBS |
— |
|
|
7,302 |
|
|
265 |
|
|
— |
|
|
7,567 |
|
| Total AFS securities |
6,297 |
|
|
118,247 |
|
|
9,794 |
|
|
— |
|
|
134,338 |
|
| Trading securities |
24 |
|
|
1,654 |
|
|
28 |
|
|
— |
|
|
1,706 |
|
| Equity securities |
210 |
|
|
699 |
|
|
26 |
|
|
— |
|
|
935 |
|
| Mortgage loans |
— |
|
|
— |
|
|
44,115 |
|
|
— |
|
|
44,115 |
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
— |
|
|
— |
|
|
(3,379) |
|
|
— |
|
|
(3,379) |
|
| Derivative assets |
108 |
|
|
5,190 |
|
|
— |
|
|
— |
|
|
5,298 |
|
| Short-term investments |
— |
|
|
236 |
|
|
105 |
|
|
— |
|
|
341 |
|
| Other investments |
— |
|
|
313 |
|
|
630 |
|
|
— |
|
|
943 |
|
| Cash and cash equivalents |
13,020 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,020 |
|
| Restricted cash and cash equivalents |
1,761 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,761 |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
| Corporate |
— |
|
|
181 |
|
|
1,171 |
|
|
— |
|
|
1,352 |
|
| CLO |
— |
|
|
3,762 |
|
|
506 |
|
|
— |
|
|
4,268 |
|
| ABS |
— |
|
|
563 |
|
|
7,826 |
|
|
— |
|
|
8,389 |
|
| Total AFS securities – related parties |
— |
|
|
4,506 |
|
|
9,503 |
|
|
— |
|
|
14,009 |
|
| Trading securities |
— |
|
|
— |
|
|
838 |
|
|
— |
|
|
838 |
|
| Equity securities |
63 |
|
|
— |
|
|
255 |
|
|
— |
|
|
318 |
|
| Mortgage loans |
— |
|
|
— |
|
|
1,281 |
|
|
— |
|
|
1,281 |
|
| Investment funds |
— |
|
|
— |
|
|
1,082 |
|
|
— |
|
|
1,082 |
|
| Funds withheld at interest – embedded derivative |
— |
|
|
— |
|
|
(721) |
|
|
— |
|
|
(721) |
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
— |
|
|
— |
|
|
343 |
|
|
— |
|
|
343 |
|
| Reinsurance recoverable |
— |
|
|
— |
|
|
1,367 |
|
|
— |
|
|
1,367 |
|
Other assets5
|
— |
|
|
— |
|
|
378 |
|
— |
|
|
378 |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
| Trading securities |
— |
|
|
284 |
|
|
1,852 |
|
|
— |
|
|
2,136 |
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
— |
|
|
— |
|
|
2,173 |
|
|
— |
|
|
2,173 |
|
| Investment funds |
— |
|
|
— |
|
|
977 |
|
|
14,843 |
|
|
15,820 |
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
| (In millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
NAV |
|
Total |
| Other investments |
— |
|
|
2 |
|
|
101 |
|
|
— |
|
|
103 |
|
| Cash and cash equivalents |
98 |
|
|
— |
|
|
— |
|
|
— |
|
|
98 |
|
Total Assets – Retirement Services |
21,581 |
|
|
131,131 |
|
|
70,748 |
|
|
14,843 |
|
|
238,303 |
|
| Total Assets |
$ |
24,595 |
|
|
$ |
131,185 |
|
|
$ |
73,478 |
|
|
$ |
15,031 |
|
|
$ |
244,289 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities of consolidated VIEs, at fair value |
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
Contingent consideration obligations4
|
— |
|
|
— |
|
|
93 |
|
|
— |
|
|
93 |
|
Derivative liabilities3
|
— |
|
|
42 |
|
|
— |
|
|
— |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities – Asset Management |
— |
|
|
45 |
|
|
93 |
|
|
— |
|
|
138 |
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Services |
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
| Embedded derivative |
— |
|
|
— |
|
|
9,059 |
|
|
— |
|
|
9,059 |
|
| Universal life benefits |
— |
|
|
— |
|
|
834 |
|
|
— |
|
|
834 |
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
— |
|
|
— |
|
|
1,178 |
|
|
— |
|
|
1,178 |
|
| ILICO Closed Block and life benefits |
— |
|
|
— |
|
|
522 |
|
|
— |
|
|
522 |
|
Market risk benefits5
|
— |
|
|
— |
|
|
3,751 |
|
|
— |
|
|
3,751 |
|
| Derivative liabilities |
17 |
|
|
1,977 |
|
|
1 |
|
|
— |
|
|
1,995 |
|
| Other liabilities |
— |
|
|
(64) |
|
|
330 |
|
|
— |
|
|
266 |
|
Total Liabilities – Retirement Services |
17 |
|
|
1,913 |
|
|
15,675 |
|
|
— |
|
|
17,605 |
|
| Total Liabilities |
$ |
17 |
|
|
$ |
1,958 |
|
|
$ |
15,768 |
|
|
$ |
— |
|
|
$ |
17,743 |
|
|
|
|
|
|
|
|
|
|
|
| (Concluded) |
|
|
1 Investments as of June 30, 2024 and December 31, 2023 excludes $215 million and $218 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
|
2 Due from related parties represents a receivable from a fund.
|
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
|
4 As of June 30, 2024 and December 31, 2023, Other liabilities includes $2 million and $26 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and also includes profit sharing payable of $57 million and $67 million, respectively, related to other contingent obligations classified as Level 3.
|
|
5 Other assets consist of market risk benefits assets. See note 8 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.
|
Changes in fair value of contingent consideration obligations in connection with the acquisitions of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the condensed consolidated statements of operations. Refer to note 16 for further details.
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Level 3 Financial Instruments
The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
Fair Value
(In millions)
|
|
Valuation Technique |
|
Unobservable Inputs |
|
Ranges |
|
Weighted Average |
|
| Financial Assets |
|
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
$ |
862 |
|
|
Discounted cash flow |
|
Discount rate |
|
10.3% – 52.8% |
|
17.2% |
1 |
|
115 |
|
Direct capitalization |
|
Capitalization rate |
|
6.8% |
|
6.8% |
|
|
183 |
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
| Due from related parties |
29 |
|
Discounted cash flow |
|
Discount rate |
|
14.0% |
|
14.0% |
|
| Derivative assets |
10 |
|
Option model |
|
Volatility rate |
|
62.5% |
|
62.5% |
|
| Investments of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
| Bank loans |
13 |
|
|
Discounted cash flow |
|
Discount rate |
|
8.8% – 15.2% |
|
13.2% |
1 |
|
357 |
|
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
| Equity securities |
461 |
|
Dividend discount model |
|
Discount rate |
|
13.5% |
|
13.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93 |
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
| Bonds |
22 |
|
Discounted cash flow |
|
Discount rate |
|
13.5% |
|
13.5% |
|
|
561 |
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retirement Services |
|
|
|
|
|
|
|
|
|
|
| AFS, trading and equity securities |
18,966 |
|
|
Discounted cash flow |
|
Discount rate |
|
5.0% – 18.3% |
|
7.7% |
1 |
Mortgage loans2
|
56,085 |
|
|
Discounted cash flow |
|
Discount rate |
|
1.6% – 31.3% |
|
7.9% |
1 |
Investment funds2
|
1,548 |
|
|
Discounted cash flow |
|
Discount rate |
|
6.7% – 13.5% |
|
11.4% |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
432 |
|
|
Net tangible asset values |
|
Implied multiple |
|
1.35x |
|
1.35x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
59 |
|
|
Discounted cash flow |
|
Discount rate |
|
20.0% – 25.0% |
|
23.7% |
1 |
|
|
|
Option model |
|
Volatility rate |
|
25.5% – 29.7% |
|
27.6% |
1 |
|
|
|
|
|
|
|
|
|
|
|
| Retirement Services |
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives |
11,234 |
|
|
Discounted cash flow |
|
Nonperformance risk |
|
0.4% – 1.3% |
|
0.9% |
3 |
|
|
|
|
|
Option budget |
|
0.5% – 6.0% |
|
2.6% |
4 |
|
|
|
|
|
Surrender rate |
|
6.0% – 14.6% |
|
8.7% |
4 |
|
|
|
|
|
|
|
|
|
|
|
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
|
|
2 Includes those of consolidated VIEs.
|
|
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
|
|
4 The option budget and surrender rate weighted averages are calculated based on projected account values.
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
December 31, 2023 |
|
|
Fair Value
(In millions)
|
|
Valuation Techniques |
|
Unobservable Inputs |
|
Ranges |
|
Weighted Average |
|
| Financial Assets |
|
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
|
| Investments |
$ |
857 |
|
|
Discounted cash flow |
|
Discount rate |
|
10.5% – 52.8% |
|
17.2% |
1 |
|
112 |
|
|
Direct capitalization |
|
Capitalization rate |
|
6.9% |
|
6.9% |
|
|
219 |
|
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
| Due from related parties |
37 |
|
|
Discounted cash flow |
|
Discount rate |
|
14.0% |
|
14.0% |
|
| Derivative assets |
13 |
|
|
Option model |
|
Volatility rate |
|
62.5% |
|
62.5% |
|
| Investments of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
| Bank loans |
605 |
|
|
Discounted cash flow |
|
Discount rate |
|
7.7% – 11.0% |
|
9.4% |
1 |
|
64 |
|
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
| Equity securities |
494 |
|
|
Dividend discount model |
|
Discount rate |
|
13.5% |
|
13.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131 |
|
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bonds |
35 |
|
|
Discounted cash flow |
|
Discount rate |
|
6.1% – 13.0% |
|
10.7% |
1 |
|
163 |
|
|
Adjusted transaction value |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retirement Services |
|
|
|
|
|
|
|
|
|
|
| AFS, trading and equity securities |
14,247 |
|
|
Discounted cash flow |
|
Discount rate |
|
2.3% – 18.1% |
|
7.0% |
1 |
Mortgage loans2
|
47,569 |
|
|
Discounted cash flow |
|
Discount rate |
|
2.5% – 20.6% |
|
6.8% |
1 |
Investment funds2
|
1,574 |
|
|
Discounted cash flow |
|
Discount rate |
|
6.3% – 13.5% |
|
11.2% |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
483 |
|
|
Net tangible asset values |
|
Implied multiple |
|
1.14x |
|
1.14x |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Management |
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
93 |
|
|
Discounted cash flow |
|
Discount rate |
|
20.0% – 25.0% |
|
23.3% |
1 |
|
|
|
Option model |
|
Volatility rate |
|
31.4% – 33.4% |
|
32.4% |
1 |
| Retirement Services |
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives |
9,059 |
|
|
Discounted cash flow |
|
Nonperformance risk |
|
0.4% – 1.4% |
|
0.9% |
3 |
|
|
|
|
|
Option budget |
|
0.5% – 6.0% |
|
2.3% |
4 |
|
|
|
|
|
Surrender rate |
|
6.0% – 13.4% |
|
8.7% |
4 |
|
|
|
|
|
|
|
|
|
|
|
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
|
|
2 Includes those of consolidated VIEs.
|
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
|
4 The option budget and surrender rate weighted averages are calculated based on projected account values.
|
|
|
|
|
|
|
|
|
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning balance |
|
Included in income |
|
Included in OCI |
|
Net purchases, issuances, sales and settlements |
|
Net transfers in (out) |
|
Ending balance |
|
Total gains (losses) included in earnings1 |
|
Total gains (losses) included in OCI1
|
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
1,191 |
|
|
$ |
(29) |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
1,170 |
|
|
$ |
(18) |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
2,110 |
|
|
(29) |
|
|
— |
|
|
(504) |
|
|
(70) |
|
|
1,507 |
|
|
(2) |
|
|
— |
|
Total Level 3 assets – Asset Management |
$ |
3,301 |
|
|
$ |
(58) |
|
|
$ |
— |
|
|
$ |
(496) |
|
|
$ |
(70) |
|
|
$ |
2,677 |
|
|
$ |
(20) |
|
|
$ |
— |
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
40 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
34 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
3,378 |
|
|
(1) |
|
|
5 |
|
|
5,463 |
|
|
(731) |
|
|
8,114 |
|
|
(1) |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
7,165 |
|
|
(17) |
|
|
(12) |
|
|
1,349 |
|
|
(65) |
|
|
8,420 |
|
|
— |
|
|
(15) |
|
| CMBS |
21 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
(1) |
|
| RMBS |
265 |
|
|
2 |
|
|
1 |
|
|
(5) |
|
|
(2) |
|
|
261 |
|
|
— |
|
|
(1) |
|
| Trading securities |
40 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
37 |
|
|
— |
|
|
— |
|
| Equity securities |
27 |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
36 |
|
|
— |
|
|
— |
|
| Mortgage loans |
48,207 |
|
|
70 |
|
|
— |
|
|
4,368 |
|
|
— |
|
|
52,645 |
|
|
69 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(3,362) |
|
|
79 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,283) |
|
|
— |
|
|
— |
|
| Derivative assets |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
| Short-term investments |
101 |
|
|
— |
|
|
— |
|
|
(20) |
|
|
(1) |
|
|
80 |
|
|
— |
|
|
— |
|
| Other investments |
751 |
|
|
(3) |
|
|
— |
|
|
156 |
|
|
— |
|
|
904 |
|
|
(3) |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
1,175 |
|
|
— |
|
|
22 |
|
|
(3) |
|
|
— |
|
|
1,194 |
|
|
— |
|
|
22 |
|
| CLO |
520 |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
521 |
|
|
— |
|
|
1 |
|
| ABS |
10,043 |
|
|
17 |
|
|
(39) |
|
|
559 |
|
|
— |
|
|
10,580 |
|
|
(1) |
|
|
(40) |
|
| Trading securities |
781 |
|
|
(1) |
|
|
— |
|
|
(61) |
|
|
— |
|
|
719 |
|
|
(1) |
|
|
— |
|
| Equity securities |
249 |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
247 |
|
|
(2) |
|
|
— |
|
| Mortgage loans |
1,263 |
|
|
19 |
|
|
— |
|
|
38 |
|
|
— |
|
|
1,320 |
|
|
19 |
|
|
— |
|
| Investment funds |
1,067 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,066 |
|
|
(1) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(723) |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
(717) |
|
|
— |
|
|
— |
|
| Other investments |
336 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
335 |
|
|
(1) |
|
|
— |
|
| Reinsurance recoverable |
1,468 |
|
|
(40) |
|
|
— |
|
|
90 |
|
|
— |
|
|
1,518 |
|
|
— |
|
|
— |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
1,770 |
|
|
(18) |
|
|
— |
|
|
124 |
|
|
— |
|
|
1,876 |
|
|
(18) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
2,147 |
|
|
(7) |
|
|
— |
|
|
(20) |
|
|
— |
|
|
2,120 |
|
|
(7) |
|
|
— |
|
| Investment funds |
951 |
|
|
(38) |
|
|
— |
|
|
— |
|
|
— |
|
|
913 |
|
|
(38) |
|
|
— |
|
| Other investments |
115 |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
113 |
|
|
(2) |
|
|
— |
|
Total Level 3 assets – Retirement Services |
$ |
77,796 |
|
|
$ |
61 |
|
|
$ |
(22) |
|
|
$ |
12,029 |
|
|
$ |
(790) |
|
|
$ |
89,074 |
|
|
$ |
13 |
|
|
$ |
(13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
$ |
127 |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
(85) |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Asset Management |
$ |
127 |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
(85) |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Embedded derivative |
$ |
(10,908) |
|
|
$ |
182 |
|
|
$ |
— |
|
|
$ |
(508) |
|
|
$ |
— |
|
|
$ |
(11,234) |
|
|
$ |
— |
|
|
$ |
— |
|
| Universal life benefits |
(788) |
|
|
19 |
|
|
— |
|
|
— |
|
|
— |
|
|
(769) |
|
|
— |
|
|
— |
|
| (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
(1,151) |
|
|
31 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,120) |
|
|
— |
|
|
— |
|
| ILICO Closed Block and life benefits |
(553) |
|
|
24 |
|
|
— |
|
|
— |
|
|
— |
|
|
(529) |
|
|
— |
|
|
— |
|
| Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
| Other liabilities |
(229) |
|
|
(27) |
|
|
— |
|
|
3 |
|
|
— |
|
|
(253) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities – Retirement Services |
$ |
(13,630) |
|
|
$ |
229 |
|
|
$ |
— |
|
|
$ |
(505) |
|
|
$ |
— |
|
|
$ |
(13,906) |
|
|
$ |
— |
|
|
$ |
— |
|
| (Concluded) |
1 Related to instruments held at end of period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning balance |
|
Included in income |
|
Included in OCI |
|
Net purchases, issuances, sales and settlements |
|
Net transfers in (out) |
|
Ending balance |
|
Total gains (losses) included in earnings1 |
|
Total gains (losses) included in OCI1
|
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
1,131 |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
1,165 |
|
|
$ |
19 |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
1,282 |
|
|
(2) |
|
|
— |
|
|
1,328 |
|
|
— |
|
|
2,608 |
|
|
6 |
|
|
— |
|
Total Level 3 assets – Asset Management |
$ |
2,413 |
|
|
$ |
15 |
|
|
$ |
— |
|
|
$ |
1,345 |
|
|
$ |
— |
|
|
$ |
3,773 |
|
|
$ |
25 |
|
|
$ |
— |
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
1,622 |
|
|
— |
|
|
12 |
|
|
1,070 |
|
|
(244) |
|
|
2,460 |
|
|
— |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
4,942 |
|
|
— |
|
|
(31) |
|
|
894 |
|
|
(500) |
|
|
5,305 |
|
|
— |
|
|
(30) |
|
| CMBS |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
12 |
|
|
— |
|
|
— |
|
| RMBS |
238 |
|
|
3 |
|
|
(1) |
|
|
(3) |
|
|
(231) |
|
|
6 |
|
|
— |
|
|
— |
|
| Trading securities |
42 |
|
|
1 |
|
|
— |
|
|
(3) |
|
|
(2) |
|
|
38 |
|
|
— |
|
|
— |
|
| Equity securities |
71 |
|
|
(4) |
|
|
— |
|
|
— |
|
|
— |
|
|
67 |
|
|
(4) |
|
|
— |
|
| Mortgage loans |
29,949 |
|
|
(195) |
|
|
— |
|
|
4,914 |
|
|
— |
|
|
34,668 |
|
|
(195) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(4,291) |
|
|
(65) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,356) |
|
|
— |
|
|
— |
|
| Short-term investments |
30 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
| Other investments |
286 |
|
|
(1) |
|
|
— |
|
|
52 |
|
|
— |
|
|
337 |
|
|
(1) |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
959 |
|
|
— |
|
|
(1) |
|
|
(2) |
|
|
215 |
|
|
1,171 |
|
|
— |
|
|
(1) |
|
| CLO |
498 |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
495 |
|
|
— |
|
|
(3) |
|
| ABS |
7,005 |
|
|
5 |
|
|
5 |
|
|
443 |
|
|
284 |
|
|
7,742 |
|
|
1 |
|
|
2 |
|
| Trading securities |
885 |
|
|
(4) |
|
|
— |
|
|
(14) |
|
|
— |
|
|
867 |
|
|
(4) |
|
|
— |
|
| Equity securities |
251 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
252 |
|
|
1 |
|
|
— |
|
| Mortgage loans |
1,324 |
|
|
(9) |
|
|
— |
|
|
(19) |
|
|
— |
|
|
1,296 |
|
|
(9) |
|
|
— |
|
| Investment funds |
1,034 |
|
|
27 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,061 |
|
|
27 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(1,266) |
|
|
(31) |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,297) |
|
|
— |
|
|
— |
|
| Other investments |
338 |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
343 |
|
|
5 |
|
|
— |
|
| Reinsurance recoverable |
1,470 |
|
|
(34) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,436 |
|
|
— |
|
|
— |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
648 |
|
|
(4) |
|
|
— |
|
|
(8) |
|
|
81 |
|
|
717 |
|
|
(4) |
|
|
— |
|
| Mortgage loans |
2,119 |
|
|
(17) |
|
|
— |
|
|
11 |
|
|
— |
|
|
2,113 |
|
|
(17) |
|
|
— |
|
| Investment funds |
2,581 |
|
|
5 |
|
|
— |
|
|
— |
|
|
(1,235) |
|
|
1,351 |
|
|
6 |
|
|
— |
|
| Other investments |
97 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
99 |
|
|
2 |
|
|
— |
|
Total Level 3 assets – Retirement Services |
$ |
50,833 |
|
|
$ |
(315) |
|
|
$ |
(19) |
|
|
$ |
7,382 |
|
|
$ |
(1,620) |
|
|
$ |
56,261 |
|
|
$ |
(192) |
|
|
$ |
(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
$ |
78 |
|
|
$ |
(9) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Asset Management |
$ |
78 |
|
|
$ |
(9) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Embedded derivative |
$ |
(6,747) |
|
|
$ |
(1,055) |
|
|
$ |
— |
|
|
$ |
(396) |
|
|
$ |
— |
|
|
$ |
(8,198) |
|
|
$ |
— |
|
|
$ |
— |
|
| Universal life benefits |
(879) |
|
|
25 |
|
|
— |
|
|
— |
|
|
— |
|
|
(854) |
|
|
— |
|
|
— |
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
(1,190) |
|
|
31 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,159) |
|
|
— |
|
|
— |
|
| ILICO Closed Block and life benefits |
(579) |
|
|
8 |
|
|
— |
|
|
— |
|
|
— |
|
|
(571) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
| Other liabilities |
(189) |
|
|
(20) |
|
|
— |
|
|
— |
|
|
— |
|
|
(209) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities – Retirement Services |
$ |
(9,585) |
|
|
$ |
(1,011) |
|
|
$ |
— |
|
|
$ |
(396) |
|
|
$ |
— |
|
|
$ |
(10,992) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Concluded) |
1 Related to instruments held at end of period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning Balance |
|
Included in Income |
|
Included in OCI |
|
Net Purchases, Issuances, Sales and Settlements |
|
Net Transfers In (Out) |
|
Ending Balance |
|
Total Gains (Losses) Included in Earnings1 |
|
Total Gains (Losses) Included in OCI1
|
|
|
|
|
|
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
1,201 |
|
|
$ |
(36) |
|
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
— |
|
|
$ |
1,170 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
| Investments of consolidated VIEs |
1,492 |
|
|
(29) |
|
|
— |
|
|
114 |
|
|
(70) |
|
|
1,507 |
|
|
(1) |
|
|
— |
|
|
|
|
|
|
Total Level 3 assets – Asset Management |
$ |
2,693 |
|
|
$ |
(65) |
|
|
$ |
— |
|
|
$ |
119 |
|
|
$ |
(70) |
|
|
$ |
2,677 |
|
|
$ |
(1) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
40 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
34 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
| Corporate |
2,525 |
|
|
(3) |
|
|
7 |
|
|
6,307 |
|
|
(722) |
|
|
8,114 |
|
|
(2) |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
6,943 |
|
|
(15) |
|
|
1 |
|
|
1,474 |
|
|
17 |
|
|
8,420 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| CMBS |
21 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| RMBS |
265 |
|
|
3 |
|
|
1 |
|
|
(6) |
|
|
(2) |
|
|
261 |
|
|
— |
|
|
(1) |
|
|
|
|
|
|
| Trading securities |
28 |
|
|
— |
|
|
— |
|
|
(5) |
|
|
14 |
|
|
37 |
|
|
(1) |
|
|
— |
|
|
|
|
|
|
| Equity securities |
26 |
|
|
— |
|
|
— |
|
|
1 |
|
|
9 |
|
|
36 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Mortgage loans |
44,115 |
|
|
(271) |
|
|
— |
|
|
8,801 |
|
|
— |
|
|
52,645 |
|
|
(271) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(3,379) |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,283) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Derivative assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Short-term investments |
105 |
|
|
— |
|
|
— |
|
|
(24) |
|
|
(1) |
|
|
80 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Other investments |
630 |
|
|
(6) |
|
|
— |
|
|
280 |
|
|
— |
|
|
904 |
|
|
(6) |
|
|
— |
|
|
|
|
|
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
1,171 |
|
|
1 |
|
|
21 |
|
|
1 |
|
|
— |
|
|
1,194 |
|
|
— |
|
|
21 |
|
|
|
|
|
|
| CLO |
506 |
|
|
— |
|
|
15 |
|
|
— |
|
|
— |
|
|
521 |
|
|
— |
|
|
15 |
|
|
|
|
|
|
| ABS |
7,826 |
|
|
18 |
|
|
(53) |
|
|
2,789 |
|
|
— |
|
|
10,580 |
|
|
(6) |
|
|
(55) |
|
|
|
|
|
|
| Trading securities |
838 |
|
|
(1) |
|
|
— |
|
|
(118) |
|
|
— |
|
|
719 |
|
|
(1) |
|
|
— |
|
|
|
|
|
|
| Equity securities |
255 |
|
|
(8) |
|
|
— |
|
|
— |
|
|
— |
|
|
247 |
|
|
(7) |
|
|
— |
|
|
|
|
|
|
| Mortgage loans |
1,281 |
|
|
2 |
|
|
— |
|
|
37 |
|
|
— |
|
|
1,320 |
|
|
2 |
|
|
— |
|
|
|
|
|
|
| Investment funds |
1,082 |
|
|
(16) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,066 |
|
|
(16) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
|
|
|
|
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning Balance |
|
Included in Income |
|
Included in OCI |
|
Net Purchases, Issuances, Sales and Settlements |
|
Net Transfers In (Out) |
|
Ending Balance |
|
Total Gains (Losses) Included in Earnings1 |
|
Total Gains (Losses) Included in OCI1
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(721) |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
(717) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Other investments |
343 |
|
|
(8) |
|
|
— |
|
|
— |
|
|
— |
|
|
335 |
|
|
(8) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Reinsurance recoverable |
1,367 |
|
|
(48) |
|
|
— |
|
|
199 |
|
|
— |
|
|
1,518 |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
1,852 |
|
|
(51) |
|
|
— |
|
|
69 |
|
|
6 |
|
|
1,876 |
|
|
(52) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
2,173 |
|
|
(49) |
|
|
— |
|
|
(4) |
|
|
— |
|
|
2,120 |
|
|
(49) |
|
|
— |
|
|
|
|
|
|
| Investment funds |
977 |
|
|
(65) |
|
|
— |
|
|
1 |
|
|
— |
|
|
913 |
|
|
(64) |
|
|
— |
|
|
|
|
|
|
| Other investments |
101 |
|
|
(4) |
|
|
— |
|
|
16 |
|
|
— |
|
|
113 |
|
|
(3) |
|
|
— |
|
|
|
|
|
|
Total Level 3 assets – Retirement Services |
$ |
70,370 |
|
|
$ |
(422) |
|
|
$ |
(8) |
|
|
$ |
19,812 |
|
|
$ |
(678) |
|
|
$ |
89,074 |
|
|
$ |
(484) |
|
|
$ |
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
$ |
93 |
|
|
$ |
65 |
|
|
$ |
— |
|
|
$ |
(99) |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Asset Management |
$ |
93 |
|
|
$ |
65 |
|
|
$ |
— |
|
|
$ |
(99) |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Embedded derivative |
$ |
(9,059) |
|
|
$ |
(995) |
|
|
$ |
— |
|
|
$ |
(1,180) |
|
|
$ |
— |
|
|
$ |
(11,234) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
| Universal life benefits |
(834) |
|
|
65 |
|
|
— |
|
|
— |
|
|
— |
|
|
(769) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
(1,178) |
|
|
58 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,120) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| ILICO Closed Block and life benefits |
(522) |
|
|
(7) |
|
|
— |
|
|
— |
|
|
— |
|
|
(529) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
|
|
|
|
| Other liabilities |
(330) |
|
|
(37) |
|
|
— |
|
|
50 |
|
|
64 |
|
|
(253) |
|
|
— |
|
|
— |
|
|
|
|
|
|
Total Level 3 liabilities – Retirement Services |
$ |
(11,924) |
|
|
$ |
(916) |
|
|
$ |
— |
|
|
$ |
(1,130) |
|
|
$ |
64 |
|
|
$ |
(13,906) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Concluded) |
|
|
|
|
|
1 Related to instruments held at end of period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning Balance |
|
Included in Income |
|
Included in OCI |
|
Net Purchases, Issuances, Sales and Settlements |
|
Net Transfers In (Out) |
|
Ending Balance |
|
Total Gains (Losses) Included in Earnings1 |
|
Total Gains (Losses) Included in OCI1
|
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
1,098 |
|
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
24 |
|
|
$ |
— |
|
|
$ |
1,165 |
|
|
$ |
46 |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
727 |
|
|
32 |
|
|
— |
|
|
1,851 |
|
|
(2) |
|
|
2,608 |
|
|
15 |
|
|
— |
|
Total Level 3 assets – Asset Management |
$ |
1,825 |
|
|
$ |
75 |
|
|
$ |
— |
|
|
$ |
1,875 |
|
|
$ |
(2) |
|
|
$ |
3,773 |
|
|
$ |
61 |
|
|
$ |
— |
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
48 |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
1,665 |
|
|
(1) |
|
|
24 |
|
|
1,196 |
|
|
(424) |
|
|
2,460 |
|
|
— |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
4,867 |
|
|
— |
|
|
(50) |
|
|
1,049 |
|
|
(561) |
|
|
5,305 |
|
|
— |
|
|
(46) |
|
| CMBS |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
12 |
|
|
— |
|
|
(1) |
|
| RMBS |
232 |
|
|
6 |
|
|
2 |
|
|
(3) |
|
|
(231) |
|
|
6 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Continued) |
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2023 |
|
|
|
Total realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
| (In millions) |
Beginning Balance |
|
Included in Income |
|
Included in OCI |
|
Net Purchases, Issuances, Sales and Settlements |
|
Net Transfers In (Out) |
|
Ending Balance |
|
Total Gains (Losses) Included in Earnings1 |
|
Total Gains (Losses) Included in OCI1
|
| Trading securities |
53 |
|
|
3 |
|
|
— |
|
|
(7) |
|
|
(11) |
|
|
38 |
|
|
1 |
|
|
— |
|
| Equity securities |
92 |
|
|
(12) |
|
|
— |
|
|
— |
|
|
(13) |
|
|
67 |
|
|
(12) |
|
|
— |
|
| Mortgage loans |
27,454 |
|
|
56 |
|
|
— |
|
|
7,158 |
|
|
— |
|
|
34,668 |
|
|
57 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds withheld at interest – embedded derivative |
(4,847) |
|
|
491 |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,356) |
|
|
— |
|
|
— |
|
| Short-term investments |
36 |
|
|
— |
|
|
(2) |
|
|
(30) |
|
|
26 |
|
|
30 |
|
|
— |
|
|
— |
|
| Other investments |
441 |
|
|
— |
|
|
— |
|
|
(104) |
|
|
— |
|
|
337 |
|
|
(1) |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
812 |
|
|
1 |
|
|
(8) |
|
|
151 |
|
|
215 |
|
|
1,171 |
|
|
— |
|
|
(8) |
|
| CLO |
303 |
|
|
— |
|
|
7 |
|
|
185 |
|
|
— |
|
|
495 |
|
|
— |
|
|
7 |
|
| ABS |
5,542 |
|
|
9 |
|
|
49 |
|
|
1,858 |
|
|
284 |
|
|
7,742 |
|
|
4 |
|
|
46 |
|
| Trading securities |
878 |
|
|
2 |
|
|
— |
|
|
(13) |
|
|
— |
|
|
867 |
|
|
(1) |
|
|
— |
|
| Equity securities |
279 |
|
|
5 |
|
|
— |
|
|
(32) |
|
|
— |
|
|
252 |
|
|
5 |
|
|
— |
|
| Mortgage loans |
1,302 |
|
|
17 |
|
|
— |
|
|
(23) |
|
|
— |
|
|
1,296 |
|
|
17 |
|
|
— |
|
| Investment funds |
959 |
|
|
70 |
|
|
— |
|
|
32 |
|
|
— |
|
|
1,061 |
|
|
70 |
|
|
— |
|
|
| Funds withheld at interest – embedded derivative |
(1,425) |
|
|
128 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,297) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
303 |
|
|
(2) |
|
|
— |
|
|
42 |
|
|
— |
|
|
343 |
|
|
(2) |
|
|
— |
|
| Reinsurance recoverable |
1,388 |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,436 |
|
|
— |
|
|
— |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
622 |
|
|
8 |
|
|
— |
|
|
(10) |
|
|
97 |
|
|
717 |
|
|
8 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
2,055 |
|
|
2 |
|
|
— |
|
|
56 |
|
|
— |
|
|
2,113 |
|
|
2 |
|
|
— |
|
| Investment funds |
2,471 |
|
|
23 |
|
|
— |
|
|
(8) |
|
|
(1,135) |
|
|
1,351 |
|
|
23 |
|
|
— |
|
| Other investments |
99 |
|
|
2 |
|
|
— |
|
|
(2) |
|
|
— |
|
|
99 |
|
|
2 |
|
|
— |
|
Total Level 3 assets – Retirement Services |
$ |
45,582 |
|
|
$ |
856 |
|
|
$ |
22 |
|
|
$ |
11,542 |
|
|
$ |
(1,741) |
|
|
$ |
56,261 |
|
|
$ |
173 |
|
|
$ |
15 |
|
|
Liabilities – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
$ |
86 |
|
|
$ |
(17) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Asset Management |
$ |
86 |
|
|
$ |
(17) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Embedded derivative |
$ |
(5,841) |
|
|
$ |
(1,528) |
|
|
$ |
— |
|
|
$ |
(829) |
|
|
$ |
— |
|
|
$ |
(8,198) |
|
|
$ |
— |
|
|
$ |
— |
|
| Universal life benefits |
(829) |
|
|
(25) |
|
|
— |
|
|
— |
|
|
— |
|
|
(854) |
|
|
— |
|
|
— |
|
| Future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AmerUs Closed Block |
(1,164) |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,159) |
|
|
— |
|
|
— |
|
| ILICO Closed Block and life benefits |
(548) |
|
|
(23) |
|
|
— |
|
|
— |
|
|
— |
|
|
(571) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
| Other liabilities |
(142) |
|
|
(67) |
|
|
— |
|
|
— |
|
|
— |
|
|
(209) |
|
|
— |
|
|
— |
|
Total Level 3 liabilities – Retirement Services |
$ |
(8,525) |
|
|
$ |
(1,638) |
|
|
$ |
— |
|
|
$ |
(829) |
|
|
$ |
— |
|
|
$ |
(10,992) |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Concluded) |
1 Related to instruments held at end of period.
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
| (In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers In |
|
Transfers Out |
|
Net Transfers In (Out) |
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
788 |
|
|
— |
|
|
(1,292) |
|
|
— |
|
|
(504) |
|
|
— |
|
|
(70) |
|
|
(70) |
|
Total Level 3 assets – Asset Management |
$ |
796 |
|
|
$ |
— |
|
|
$ |
(1,292) |
|
|
$ |
— |
|
|
$ |
(496) |
|
|
$ |
— |
|
|
$ |
(70) |
|
|
$ |
(70) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
5,549 |
|
|
— |
|
|
(65) |
|
|
(21) |
|
|
5,463 |
|
|
89 |
|
|
(820) |
|
|
(731) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
1,558 |
|
|
— |
|
|
(7) |
|
|
(202) |
|
|
1,349 |
|
|
205 |
|
|
(270) |
|
|
(65) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RMBS |
— |
|
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
— |
|
|
(2) |
|
|
(2) |
|
| Trading securities |
— |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
| Equity securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
| Mortgage loans |
6,022 |
|
|
— |
|
|
— |
|
|
(1,654) |
|
|
4,368 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term investments |
1 |
|
|
— |
|
|
— |
|
|
(21) |
|
|
(20) |
|
|
— |
|
|
(1) |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
156 |
|
|
— |
|
|
— |
|
|
— |
|
|
156 |
|
|
— |
|
|
— |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
— |
|
|
— |
|
|
(1) |
|
|
(2) |
|
|
(3) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
1,894 |
|
|
— |
|
|
(304) |
|
|
(1,031) |
|
|
559 |
|
|
— |
|
|
— |
|
|
— |
|
| Trading securities |
2 |
|
|
— |
|
|
— |
|
|
(63) |
|
|
(61) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
87 |
|
|
— |
|
|
— |
|
|
(49) |
|
|
38 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reinsurance recoverable |
— |
|
|
91 |
|
|
— |
|
|
(1) |
|
|
90 |
|
|
— |
|
|
— |
|
|
— |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
163 |
|
|
— |
|
|
(32) |
|
|
(7) |
|
|
124 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
23 |
|
|
— |
|
|
— |
|
|
(43) |
|
|
(20) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 assets – Retirement Services |
$ |
15,455 |
|
|
$ |
91 |
|
|
$ |
(409) |
|
|
$ |
(3,108) |
|
|
$ |
12,029 |
|
|
$ |
303 |
|
|
$ |
(1,093) |
|
|
$ |
(790) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities - Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration obligations |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(85) |
|
|
$ |
(85) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Asset Management |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(85) |
|
|
$ |
(85) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities – Embedded derivative |
$ |
— |
|
|
$ |
(760) |
|
|
$ |
— |
|
|
$ |
252 |
|
|
$ |
(508) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 liabilities – Retirement Services |
$ |
— |
|
|
$ |
(760) |
|
|
$ |
— |
|
|
$ |
255 |
|
|
$ |
(505) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2023 |
| (In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net purchases, issuances, sales and settlements |
|
Transfers In |
|
Transfers Out |
|
Net Transfers In (Out) |
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
18 |
|
|
$ |
— |
|
|
$ |
(1) |
|
|
$ |
— |
|
|
$ |
17 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
1,728 |
|
|
— |
|
|
(400) |
|
|
— |
|
|
1,328 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 assets – Asset Management |
$ |
1,746 |
|
|
$ |
— |
|
|
$ |
(401) |
|
|
$ |
— |
|
|
$ |
1,345 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
53 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
1,104 |
|
|
— |
|
|
— |
|
|
(34) |
|
|
1,070 |
|
|
— |
|
|
(244) |
|
|
(244) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
1,033 |
|
|
— |
|
|
(20) |
|
|
(119) |
|
|
894 |
|
|
123 |
|
|
(623) |
|
|
(500) |
|
| CMBS |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
— |
|
|
12 |
|
| RMBS |
— |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(3) |
|
|
5 |
|
|
(236) |
|
|
(231) |
|
| Trading securities |
8 |
|
|
— |
|
|
— |
|
|
(11) |
|
|
(3) |
|
|
— |
|
|
(2) |
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
5,783 |
|
|
— |
|
|
(31) |
|
|
(838) |
|
|
4,914 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
325 |
|
|
— |
|
|
— |
|
|
(273) |
|
|
52 |
|
|
— |
|
|
— |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
1 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(2) |
|
|
215 |
|
|
— |
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
1,072 |
|
|
— |
|
|
(162) |
|
|
(467) |
|
|
443 |
|
|
284 |
|
|
— |
|
|
284 |
|
| Trading securities |
25 |
|
|
— |
|
|
(37) |
|
|
(2) |
|
|
(14) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
— |
|
|
— |
|
|
— |
|
|
(19) |
|
|
(19) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
10 |
|
|
— |
|
|
(18) |
|
|
— |
|
|
(8) |
|
|
109 |
|
|
(28) |
|
|
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
13 |
|
|
— |
|
|
— |
|
|
(2) |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
| Investment funds |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
327 |
|
|
(1,562) |
|
|
(1,235) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 assets – Retirement Services |
$ |
9,427 |
|
|
$ |
— |
|
|
$ |
(268) |
|
|
$ |
(1,777) |
|
|
$ |
7,382 |
|
|
$ |
1,075 |
|
|
$ |
(2,695) |
|
|
$ |
(1,620) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest sensitive contract liabilities – Embedded derivative |
$ |
— |
|
|
$ |
(558) |
|
|
$ |
— |
|
|
$ |
162 |
|
|
$ |
(396) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Level 3 liabilities – Retirement Services |
$ |
— |
|
|
$ |
(558) |
|
|
$ |
— |
|
|
$ |
162 |
|
|
$ |
(396) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
| (In millions) |
Purchases |
|
Issuances |
|
Sales |
|
Settlements |
|
Net Purchases, Issuances, Sales and Settlements |
|
Transfers In |
|
Transfers Out |
|
Net Transfers In (Out) |
Assets – Asset Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments and derivative assets |
$ |
20 |
|
|
$ |
— |
|
|
$ |
(15) |
|
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Investments of consolidated VIEs |
2,089 |
|
|
— |
|
|
(1,975) |
|
|
— |
|
|
114 |
|
|
— |
|
|
(70) |
|
|
(70) |
|
Total Level 3 assets – Asset Management |
$ |
2,109 |
|
|
$ |
— |
|
|
$ |
(1,990) |
|
|
$ |
— |
|
|
$ |
119 |
|
|
$ |
— |
|
|
$ |
(70) |
|
|
$ |
(70) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets – Retirement Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign governments |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(6) |
|
|
$ |
(6) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Corporate |
6,471 |
|
|
— |
|
|
(67) |
|
|
(97) |
|
|
6,307 |
|
|
98 |
|
|
(820) |
|
|
(722) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
1,871 |
|
|
— |
|
|
(7) |
|
|
(390) |
|
|
1,474 |
|
|
546 |
|
|
(529) |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RMBS |
— |
|
|
— |
|
|
— |
|
|
(6) |
|
|
(6) |
|
|
— |
|
|
(2) |
|
|
(2) |
|
| Trading securities |
— |
|
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
14 |
|
|
— |
|
|
14 |
|
| Equity securities |
2 |
|
|
— |
|
|
(1) |
|
|
— |
|
|
1 |
|
|
9 |
|
|
— |
|
|
9 |
|
| Mortgage loans |
11,708 |
|
|
— |
|
|
(26) |
|
|
(2,881) |
|
|
8,801 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
| Short-term investments |
3 |
|
|
— |
|
|
(6) |
|
|
(21) |
|
|
(24) |
|
|
— |
|
|
(1) |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other investments |
280 |
|
|
— |
|
|
— |
|
|
— |
|
|
280 |
|
|
— |
|
|
— |
|
|
— |
|
| Investments in related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AFS securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate |
6 |
|
|
— |
|
|
(1) |
|
|
(4) |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ABS |
4,587 |
|
|
— |
|
|
(504) |
|
|
(1,294) |
|
|
2,789 |
|
|
— |
|
|
— |
|
|
— |
|
| Trading securities |
4 |
|
|
— |
|
|
— |
|
|
(122) |
|
|
(118) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
87 |
|
|
— |
|
|
— |
|
|
(50) |
|
|
37 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reinsurance recoverable |
— |
|
|
200 |
|
|
— |
|
|
(1) |
|
|
199 |
|
|
— |
|
|
— |
|
|
— |
|
| Assets of consolidated VIEs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading securities |
163 |
|
|
— |
|
|
(87) |
|
|
(7) |
|
|
69 |
|
|
6 |
|
|
— |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans |
55 |
|
|
— |
|
|
— |
|
|
(59) |
|
|
(4) |
|
|
— |
|
|
— |
|
|
— |
|
| Investment funds |
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
| Other investments |
19 |
|
|
— |
|
|
(3) |
|
|
— |
|
|
16 |
|
|
— |
|
|
— |
|
|
— |
|
Total Level 3 assets – Retirement Services |
$ |
25,257 |
|
|
$ |
200 |
|
|
$ |
(702) |
|
|
$ |
(4,943) |
|
|
$ |
19,812 |
|
|
$ |
674 |
|
|
$ |
(1,352) |
|
|
$ |
(678) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Liabilities - Asset Management |
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| Contingent consideration obligations |
$ |
— |
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$ |
— |
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