Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table outlines the Company’s investments:


(In millions)	June 30, 2026		December 31, 2025
Asset Management
Investments, at fair value	$	2,173	$	1,696
Equity method investments	1,143		1,278
Performance allocations	2,997		3,240

Other investments	12		12
Total Investments – Asset Management	6,325		6,226
Retirement Services
AFS securities, at fair value	229,841		218,644
Trading securities, at fair value	7,608		6,863
Equity securities, at fair value	697		1,088
Mortgage loans, at fair value	101,523		93,404
Investment funds	3,506		2,257
Policy loans	293		301
Funds withheld at interest	17,589		19,628
Derivative assets	11,034		9,190
Short-term investments	248		193
Other investments	4,803		4,492
Total Investments, including related parties – Retirement Services	377,142		356,060
Total Investments	$	383,467	$	362,286

The following table presents the investments of the consolidated VIEs:


(In millions)	June 30, 2026		December 31, 2025
Asset Management
Investments, at fair value	$	3,359	$	3,078
Equity method investments	116		112
Performance allocations	233		314
Other investments	5		5
Total Investments – Asset Management	$	3,713	$	3,509

Schedule of VIE Financial Information

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)	2026		2025		2026		2025
Net gains (losses) from investment activities	$	28	$	18	$	(22)	$	216
Net gains (losses) from debt	(3)		—		35		—

Interest and other income	34		5		89		39
Interest and other expenses	(66)		(19)		(124)		(40)
Net gains (losses) from investment activities of consolidated variable interest entities	$	(7)	$	4	$	(22)	$	215

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Revenues	$	(12)	$	53	$	(15)	$	85
Expenses	24		7		61		11
Other gains (losses)	(3)		(4)		(6)		(18)

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


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	26	$	54	$	80	$	101

Mortgage loans	25		38		57		81
Investment funds	2		20		6		21
Investment expenses and other	2		(24)		(9)		(31)
Net investment income	55		88		134		172

Net recognized investment gains (losses) on trading securities	4		4		(41)		6
Net recognized investment gains (losses) on mortgage loans	4		(13)		6		7
Net recognized investment gains on investment funds	656		455		1,098		940
Net other gains (losses)	(5)		16		2		17
Investment related gains (losses)	659		462		1,065		970
Revenues of consolidated variable interest entities	$	714	$	550	$	1,199	$	1,142

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, 2026		December 31, 2025
Maximum Loss Exposure1,2	$	409	$	453

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

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


	June 30, 2026				December 31, 2025
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	276	$	596	$	108	$	458
Investment in related parties – investment funds	3,230		4,398		2,149		5,859
Assets of consolidated VIEs – investment funds	26,798		31,300		23,888		29,804
Investment in fixed maturity securities	78,757		80,860		84,397		87,995
Investment in related parties – fixed maturity securities	30,047		30,914		24,184		26,717
Investment in related parties – equity securities	—		—		266		266
Total non-consolidated investments	$	139,108	$	148,068	$	134,992	$	151,099

Schedule of Principal Provisions of Subscription Lines

The following table summarizes the principal provisions of those amounts:


	June 30, 2026					December 31, 2025
(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	$	1,381	6.25	%	0.08	$	1,443	5.66	%	0.24
Other debt obligations	501		11.00	%	0.38	—		N/A		N/A

Total – Asset Management	$	1,882				$	1,443








1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.

- Definition

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

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