Variable Interest Entities

6 Months Ended

Jun. 30, 2024

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. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed 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)	2024		2023		2024		2023
Trading securities	$	30	$	28	$	65	$	51
Mortgage loans	31		30		61		54
Investment funds	—		—		21		35
Other	(5)		(3)		(14)		(5)
Net investment income	$	56	$	55	$	133	$	135
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	321		315		685		541
Other gains (losses)	(5)		12		(9)		(28)
Investment related gains (losses)	$	306	$	293	$	640	$	494