Item 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION


	As of June 30, 2022
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	1,545	$	1	$	—	$	1,546
Restricted cash and cash equivalents	2		691		—		693
Investments	5,343		346		(293)		5,396
Assets of consolidated variable interest entities
Cash and cash equivalents	—		148		—		148
Investments	—		3,092		1		3,093
Other assets	—		81		(21)		60
Due from related parties	522		—		(114)		408
Goodwill	264		—		—		264
Other assets	2,223		1		—		2,224
	9,899		4,360		(427)		13,832
Retirement Services
Cash and cash equivalents	11,172		—		—		11,172
Restricted cash and cash equivalents	753		—		—		753
Investments	162,652		—		—		162,652
Investments in related parties	33,844		—		(10,091)		23,753
Assets of consolidated variable interest entities
Cash and cash equivalents	—		198		—		198
Investments	1,605		10,377		—		11,982
Other assets	9		57		—		66
Reinsurance recoverable	4,437		—		—		4,437
Deferred acquisition costs, deferred sales inducements and value of business acquired	4,890		—		—		4,890
Goodwill	4,153		—		—		4,153
Other assets	9,965		—		(3)		9,962
	233,480		10,632		(10,094)		234,018
Total Assets	$	243,379	$	14,992	$	(10,521)	$	247,850

							(Continued)


	As of June 30, 2022
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Liabilities and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	2,894	$	46	$	(3)	$	2,937
Due to related parties	1,068		8		(31)		1,045
Debt	2,813		—		—		2,813
Liabilities of consolidated variable interest entities
Debt, at fair value	—		1,939		(173)		1,766
Notes payable	—		50		—		50
Other liabilities	—		519		(2)		517
	6,775		2,562		(209)		9,128
Retirement Services
Interest sensitive contract liabilities	164,571		—		—		164,571
Future policy benefits	52,478		—		—		52,478
Debt	3,279		—		—		3,279
Payables for collateral on derivatives and securities to repurchase	6,013		—		—		6,013
Other liabilities	3,883		—		—		3,883
Liabilities of consolidated variable interest entities

Other liabilities	133		275		(71)		337
	230,357		275		(71)		230,561
Total Liabilities	237,132		2,837		(280)		239,689
Commitments and Contingencies (note 17)
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		998		5		1,003
Equity

Additional paid in capital	15,452		(54)		14		15,412
Retained earnings (accumulated deficit)	(1,940)		10,461		(10,464)		(1,943)
Accumulated other comprehensive income (loss)	(9,830)		(25)		65		(9,790)
Total AGM Stockholders’ Equity	3,682		10,382		(10,385)		3,679
Non-controlling interests	2,565		775		139		3,479
Total Equity	6,247		11,157		(10,246)		7,158
Total Liabilities and Equity	$	243,379	$	14,992	$	(10,521)	$	247,850

							(Concluded)


	As of December 31, 2021
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets

Cash and cash equivalents	$	915	$	2	$	—	$	917
Restricted cash and cash equivalents	18		690		—		708
Investments	10,474		1,162		(282)		11,354
Assets of consolidated variable interest entities
Cash and cash equivalents	—		463		—		463
Investments	—		15,133		(396)		14,737
Other assets	—		253		(1)		252
Due from related parties	587		(9)		(88)		490
Goodwill	117		—		—		117
Other assets	1,462		3		(1)		1,464















Total Assets	$	13,573	$	17,697	$	(768)	$	30,502




Liabilities and Equity
Liabilities

Accounts payable, accrued expenses, and other liabilities	$	2,731	$	146	$	(30)	$	2,847
Due to related parties	1,231		10		(19)		1,222
Debt	3,134		—		—		3,134
Liabilities of consolidated variable interest entities
Debt, at fair value	—		8,068		(125)		7,943
Notes payable	—		2,714		(103)		2,611
Other liabilities	$	—	867		(86)		781












Total Liabilities	7,096		11,805		(363)		18,538
Commitments and Contingencies (note 17)
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,762		8		1,770
Equity
Series A Preferred Stock	264		—		—		264
Series B Preferred Stock	290		—		—		290
Additional paid in capital	2,166		(98)		28		2,096
Retained earnings	1,165		433		(454)		1,144
Accumulated other comprehensive income (loss)	(5)		(13)		13		(5)
Total AGM Stockholders’ Equity	3,880		322		(413)		3,789
Non-controlling interests	2,597		3,808		—		6,405
Total Equity	6,477		4,130		(413)		10,194
Total Liabilities and Equity	$	13,573	$	17,697	$	(768)	$	30,502