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Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

6. 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)			2023						2022						2023						2022
Trading securities			$	28					$	—					$	51					$	—
Mortgage loans			30						23						54						43
Investment funds			—						(6)						35						(9)
Other investments			(3)						13						(5)						13
Net investment income			$	55					$	30					$	135					$	47
Net recognized investment gains (losses) on trading securities			$	(5)					$	—					$	1					$	—
Net recognized investment gains (losses) on mortgage loans			(29)						(47)						(20)						(159)
Net recognized investment gains on investment funds			315						48						541						118
Other gains (losses)			12						21						(28)						21
Investment related gains (losses)			$	293					$	22					$	494					$	(20)

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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
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent

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