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

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


	December 31, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	3,350	$	—	$	—	$	3,350
Restricted cash and cash equivalents	19		—		—		19
Investments	6,750		—		(524)		6,226
Assets of consolidated variable interest entities
Cash and cash equivalents	5		322		—		327
Investments	431		3,211		(133)		3,509
Due from related parties	16		—		—		16
Other assets	30		325		(125)		230
Due from related parties	728		—		(81)		647
Goodwill	1,848		—		—		1,848
Other assets	3,376		—		—		3,376
	16,553		3,858		(863)		19,548
Retirement Services
Cash and cash equivalents	14,994		—		—		14,994
Restricted cash and cash equivalents	1,332		—		—		1,332
Investments	321,757		—		(676)		321,081
Investments in related parties	52,251		—		(17,272)		34,979
Assets of consolidated variable interest entities
Cash and cash equivalents	23		546		—		569
Investments	1,596		28,578		(182)		29,992
Other assets	4		342		—		346
Reinsurance recoverable	10,282		—		—		10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,634		—		—		8,634
Goodwill	4,072		—		—		4,072
Other assets	15,177		—		(57)		15,120
	430,122		29,466		(18,187)		441,401
Total Assets	$	446,675	$	33,324	$	(19,050)	$	460,949

							(Continued)


	December 31, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,861	$	—	$	—	$	3,861
Due to related parties	1,165		—		(103)		1,062
Debt	5,516		—		—		5,516
Liabilities of consolidated variable interest entities
Debt, at fair value	—		177		(177)		—

Accounts payable, accrued expenses, and other liabilities	141		1,859		(51)		1,949
	10,683		2,036		(331)		12,388
Retirement Services
Interest sensitive contract liabilities	315,889		—		—		315,889
Future policy benefits	50,264		—		—		50,264
Market risk benefits	4,930		—		—		4,930
Debt	7,848		—		—		7,848
Payables for collateral on derivatives and securities to repurchase	11,085		—		—		11,085
Other liabilities	14,329		—		—		14,329
Liabilities of consolidated variable interest entities

Other liabilities	32		1,681		(12)		1,701
	404,377		1,681		(12)		406,046
Total Liabilities	415,060		3,717		(343)		418,434
Commitments and Contingencies (note 19)


Equity

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

Additional paid in capital	16,914		40		—		16,954
Retained earnings (accumulated deficit)	7,731		18,784		(18,881)		7,634
Accumulated other comprehensive income (loss)	(2,636)		31		(40)		(2,645)
Total AGM Stockholders’ Equity	23,407		18,855		(18,921)		23,341
Non-controlling interests	8,208		10,752		214		19,174
Total Equity	31,615		29,607		(18,707)		42,515
Total Liabilities and Equity	$	446,675	$	33,324	$	(19,050)	$	460,949

1 Certain investment managers and general partners of the funds managed by the Company are VIEs. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets and liabilities of such VIEs are presented within Apollo Global Management, Inc. and Consolidated Subsidiaries.
							(Concluded)


	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)

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