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

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


	March 31, 2024
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	2,473	$	—	$	—	$	2,473
Restricted cash and cash equivalents	2		—		—		2
Investments	5,771		—		(172)		5,599
Assets of consolidated variable interest entities
Cash and cash equivalents	—		323		—		323
Investments	—		2,357		(78)		2,279
Other assets	—		89		(53)		36
Due from related parties	471		—		(30)		441
Goodwill	264		—		—		264
Other assets	2,386		—		—		2,386
	11,367		2,769		(333)		13,803
Retirement Services
Cash and cash equivalents	15,250		—		—		15,250
Restricted cash and cash equivalents	1,575		—		—		1,575
Investments	226,956		—		—		226,956
Investments in related parties	40,810		—		(13,527)		27,283
Assets of consolidated variable interest entities
Cash and cash equivalents	—		93		—		93
Investments	1,421		19,697		(109)		21,009
Other assets	8		124		—		132
Reinsurance recoverable	5,183		—		—		5,183
Deferred acquisition costs, deferred sales inducements and value of business acquired	6,408		—		—		6,408
Goodwill	4,064		—		—		4,064
Other assets	12,367		—		(72)		12,295
	314,042		19,914		(13,708)		320,248
Total Assets	$	325,409	$	22,683	$	(14,041)	$	334,051

							(Continued)


	March 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	$	3,414	$	11	$	—	$	3,425
Due to related parties	879		—		(54)		825
Debt	3,856		—		—		3,856
Liabilities of consolidated variable interest entities


Other liabilities	—		1,867		—		1,867
	8,149		1,878		(54)		9,973
Retirement Services
Interest sensitive contract liabilities	220,234		—		—		220,234
Future policy benefits	51,672		—		—		51,672
Market risk benefits	3,723		—		—		3,723
Debt	5,740		—		—		5,740
Payables for collateral on derivatives and securities to repurchase	8,147		—		—		8,147
Other liabilities	6,482		—		—		6,482
Liabilities of consolidated variable interest entities

Other liabilities	35		1,047		(18)		1,064
	296,033		1,047		(18)		297,062
Total Liabilities	304,182		2,925		(72)		307,035
Commitments and Contingencies (note 16)
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		13		—		13
Equity

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

Additional paid in capital	15,199		(35)		3		15,167
Retained earnings (accumulated deficit)	3,830		13,977		(13,945)		3,862
Accumulated other comprehensive income (loss)	(5,640)		(31)		31		(5,640)
Total AGM Stockholders’ Equity	14,787		13,911		(13,911)		14,787
Non-controlling interests	6,440		5,834		(58)		12,216
Total Equity	21,227		19,745		(13,969)		27,003
Total Liabilities, Redeemable non-controlling interests and Equity	$	325,409	$	22,683	$	(14,041)	$	334,051

							(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 16)
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)

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