v3.26.1
Variable Interest Entities
6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
4. Variable Interest Entities

We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. For certain of these VIEs where the primary beneficiary criteria are satisfied by our related party group and we are the entity most closely associated with the VIEs, we are determined to be the primary beneficiary. In addition, we consolidate certain securitization entities where we are deemed the primary beneficiary. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs.

The following summarizes the income statement activity of the consolidated VIEs:
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Trading securities$26 $54 $80 $101 
Mortgage loans25 38 57 81 
Investment funds20 21 
Investment expenses and other(10)(32)(32)(46)
Net investment income$43 $80 $111 $157 
Net recognized investment gains (losses) on trading securities
$$$(41)$
Net recognized investment gains (losses) on mortgage loans
(13)
Net recognized investment gains on investment funds
656 461 1,099 988 
Net other gains (losses)
(5)16 17 
Investment related gains (losses)$659 $468 $1,066 $1,018