Item 8A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION


	December 31, 2024
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	2,692	$	—	$	—	$	2,692
Restricted cash and cash equivalents	3		—		—		3
Investments	6,558		—		(472)		6,086
Assets of consolidated variable interest entities
Cash and cash equivalents	—		158		—		158
Investments	—		2,962		(156)		2,806
Other assets	—		188		(104)		84
Due from related parties	630		—		(46)		584
Goodwill	264		—		—		264
Other assets	2,579		—		—		2,579
	12,726		3,308		(778)		15,256
Retirement Services
Cash and cash equivalents	12,733		—		—		12,733
Restricted cash and cash equivalents	943		—		—		943
Investments	262,561		—		(278)		262,283
Investments in related parties	44,332		—		(15,448)		28,884
Assets of consolidated variable interest entities
Cash and cash equivalents	—		583		—		583
Investments	1,807		21,722		(105)		23,424
Other assets	12		553		—		565
Reinsurance recoverable	8,194		—		—		8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,173		—		—		7,173
Goodwill	4,063		—		—		4,063
Other assets	13,865		—		(71)		13,794
	355,683		22,858		(15,902)		362,639
Total Assets	$	368,409	$	26,166	$	(16,680)	$	377,895

							(Continued)


	December 31, 2024
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,616	$	—	$	—	$	3,616
Due to related parties	834		—		(124)		710
Debt	4,279		—		—		4,279
Liabilities of consolidated variable interest entities
Debt, at fair value	—		123		(123)		—

Other liabilities	—		1,417		(54)		1,363
	8,729		1,540		(301)		9,968
Retirement Services
Interest sensitive contract liabilities	253,637		—		—		253,637
Future policy benefits	49,902		—		—		49,902
Market risk benefits	4,028		—		—		4,028
Debt	6,309		—		—		6,309
Payables for collateral on derivatives and securities to repurchase	11,652		—		—		11,652
Other liabilities	9,789		—		(5)		9,784
Liabilities of consolidated variable interest entities

Other liabilities	30		1,610		(5)		1,635
	335,347		1,610		(10)		336,947
Total Liabilities	344,076		3,150		(311)		346,915
Commitments and Contingencies (note 19)
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		16		—		16
Equity

Mandatory Convertible Preferred Stock	1,398		—		—		1,398

Additional paid in capital	15,287		40		—		15,327
Retained earnings (accumulated deficit)	6,021		16,673		(16,672)		6,022
Accumulated other comprehensive income (loss)	(5,485)		(60)		51		(5,494)
Total AGM Stockholders’ Equity	17,221		16,653		(16,621)		17,253
Non-controlling interests	7,112		6,347		252		13,711
Total Equity	24,333		23,000		(16,369)		30,964
Total Liabilities, Redeemable non-controlling interests and Equity	$	368,409	$	26,166	$	(16,680)	$	377,895

							(Concluded)


	December 31, 2023
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	2,748	$	—	$	—	$	2,748
Restricted cash and cash equivalents	2		—		—		2
Investments	5,673		—		(171)		5,502
Assets of consolidated variable interest entities
Cash and cash equivalents	—		62		—		62
Investments	—		1,690		(50)		1,640
Other assets	—		204		(27)		177
Due from related parties	464		—		(15)		449
Goodwill	264		—		—		264
Other assets	2,331		—		—		2,331
	11,482		1,956		(263)		13,175
Retirement Services
Cash and cash equivalents	13,020		—		—		13,020
Restricted cash and cash equivalents	1,761		—		—		1,761
Investments	213,099		—		—		213,099
Investments in related parties	39,194		—		(13,352)		25,842
Assets of consolidated variable interest entities
Cash and cash equivalents	—		98		—		98
Investments	1,453		18,886		(107)		20,232
Other assets	9		101		—		110
Reinsurance recoverable	4,154		—		—		4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	5,979		—		—		5,979
Goodwill	4,065		—		—		4,065
Other assets	11,996		—		(43)		11,953
	294,730		19,085		(13,502)		300,313
Total Assets	$	306,212	$	21,041	$	(13,765)	$	313,488

							(Continued)


	December 31, 2023
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,333	$	5	$	—	$	3,338
Due to related parties	897		—		(27)		870
Debt	3,883		—		—		3,883
Liabilities of consolidated variable interest entities


Other liabilities	—		1,145		—		1,145
	8,113		1,150		(27)		9,236
Retirement Services
Interest sensitive contract liabilities	204,670		—		—		204,670
Future policy benefits	53,287		—		—		53,287
Market risk benefits	3,751		—		—		3,751
Debt	4,209		—		—		4,209
Payables for collateral on derivatives and securities to repurchase	7,536		—		—		7,536
Other liabilities	4,456		—		—		4,456
Liabilities of consolidated variable interest entities


Other liabilities	38		1,076		(16)		1,098
	277,947		1,076		(16)		279,007
Total Liabilities	286,060		2,226		(43)		288,243
Commitments and Contingencies (note 19)
Redeemable non-controlling interests
Redeemable non-controlling interests	—		12		—		12
Equity


Mandatory Convertible Preferred Stock	1,398		—		—		1,398
Additional paid in capital	15,282		(34)		1		15,249
Retained earnings (accumulated deficit)	2,948		13,693		(13,669)		2,972
Accumulated other comprehensive income (loss)	(5,575)		(19)		19		(5,575)
Total AGM Stockholders’ Equity	14,053		13,640		(13,649)		14,044
Non-controlling interests	6,099		5,163		(73)		11,189
Total Equity	20,152		18,803		(13,722)		25,233
Total Liabilities, Redeemable non-controlling interests and Equity	$	306,212	$	21,041	$	(13,765)	$	313,488

							(Concluded)

Previous: Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA · Next: Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES