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Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

5. 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:

			Successor									Predecessor
(In millions)			Year Ended December 31, 2022									Year Ended December 31, 2021						Year Ended December 31, 2020
Trading securities			$	34								$	—					$	—
Mortgage loans			88									73						40
Investment funds			9									4						11
Other			(20)									—						—
Net investment income			$	111								$	77					$	51
Trading securities			$	(66)								$	—					$	—
Net recognized investment losses on mortgage loans			(250)									—						—
Provision for credit losses			—									(58)						27
Investment funds			552									31						(5)
Other gains (losses)			83									—						—
Investment related gains (losses)			$	319								$	(27)					$	22

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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