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, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	1,871	$	—	$	—	$	1,871
Restricted cash and cash equivalents	3		—		—		3
Investments	7,052		—		(461)		6,591
Assets of consolidated variable interest entities
Cash and cash equivalents	—		231		—		231
Investments	—		1,991		(118)		1,873
Other assets	—		440		(176)		264
Due from related parties	715		—		(81)		634
Goodwill	264		—		—		264
Other assets	2,677		—		—		2,677
	12,582		2,662		(836)		14,408
Retirement Services
Cash and cash equivalents	11,023		—		—		11,023
Restricted cash and cash equivalents	2,210		—		—		2,210
Investments	278,635		—		(312)		278,323
Investments in related parties	45,566		—		(15,732)		29,834
Assets of consolidated variable interest entities
Cash and cash equivalents	—		175		—		175
Investments	1,742		23,064		(153)		24,653
Other assets	9		353		—		362
Reinsurance recoverable	8,790		—		—		8,790
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,606		—		—		7,606
Goodwill	4,067		—		—		4,067
Other assets	13,683		—		(89)		13,594
	373,331		23,592		(16,286)		380,637
Total Assets	$	385,913	$	26,254	$	(17,122)	$	395,045

							(Continued)


	March 31, 2025
(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	$	3,773	$	—	$	—	$	3,773
Due to related parties	910		—		(202)		708
Debt	4,280		—		—		4,280
Liabilities of consolidated variable interest entities
Debt, at fair value	—		128		(128)		—

Other liabilities	—		861		(76)		785
	8,963		989		(406)		9,546
Retirement Services
Interest sensitive contract liabilities	273,439		—		—		273,439
Future policy benefits	49,897		—		—		49,897
Market risk benefits	4,362		—		—		4,362
Debt	6,301		—		—		6,301
Payables for collateral on derivatives and securities to repurchase	7,253		—		—		7,253
Other liabilities	10,372		—		(17)		10,355
Liabilities of consolidated variable interest entities

Other liabilities	31		1,521		(4)		1,548
	351,655		1,521		(21)		353,155
Total Liabilities	360,618		2,510		(427)		362,701
Commitments and Contingencies (note 16)


Equity

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

Additional paid in capital	15,487		40		—		15,527
Retained earnings (accumulated deficit)	5,635		16,881		(16,882)		5,634
Accumulated other comprehensive income (loss)	(4,575)		(37)		29		(4,583)
Total AGM Stockholders’ Equity	17,945		16,884		(16,853)		17,976
Non-controlling interests	7,350		6,860		158		14,368
Total Equity	25,295		23,744		(16,695)		32,344
Total Liabilities and Equity	$	385,913	$	26,254	$	(17,122)	$	395,045

							(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 16)
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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