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

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


	June 30, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	2,382	$	—	$	—	$	2,382
Restricted cash and cash equivalents	3		—		—		3
Investments	6,381		—		(496)		5,885
Assets of consolidated variable interest entities
Cash and cash equivalents	—		346		—		346
Investments	—		2,367		(109)		2,258
Other assets	—		341		(246)		95
Due from related parties	850		—		(87)		763
Goodwill	264		—		—		264
Other assets	3,064		—		—		3,064
	12,944		3,054		(938)		15,060
Retirement Services
Cash and cash equivalents	10,329		—		—		10,329
Restricted cash and cash equivalents	1,720		—		—		1,720
Investments	299,393		—		(282)		299,111
Investments in related parties	47,118		—		(16,630)		30,488
Assets of consolidated variable interest entities
Cash and cash equivalents	19		172		—		191
Investments	1,680		24,681		(173)		26,188
Other assets	8		333		—		341
Reinsurance recoverable	9,273		—		—		9,273
Deferred acquisition costs, deferred sales inducements and value of business acquired	7,981		—		—		7,981
Goodwill	4,075		—		—		4,075
Other assets	14,889		—		(96)		14,793
	396,485		25,186		(17,181)		404,490
Total Assets	$	409,429	$	28,240	$	(18,119)	$	419,550

							(Continued)


	June 30, 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	$	4,079	$	—	$	—	$	4,079
Due to related parties	1,013		—		(253)		760
Debt	4,280		—		—		4,280
Liabilities of consolidated variable interest entities
Debt, at fair value	—		175		(175)		—

Other liabilities	—		1,155		(107)		1,048
	9,372		1,330		(535)		10,167
Retirement Services
Interest sensitive contract liabilities	292,238		—		—		292,238
Future policy benefits	49,400		—		—		49,400
Market risk benefits	4,489		—		—		4,489
Debt	7,864		—		—		7,864
Payables for collateral on derivatives and securities to repurchase	7,260		—		—		7,260
Other liabilities	12,517		—		—		12,517
Liabilities of consolidated variable interest entities

Other liabilities	30		1,730		(6)		1,754
	373,798		1,730		(6)		375,522
Total Liabilities	383,170		3,060		(541)		385,689
Commitments and Contingencies (note 16)


Equity

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

Additional paid in capital	15,657		40		—		15,697
Retained earnings (accumulated deficit)	5,938		17,704		(17,723)		5,919
Accumulated other comprehensive income (loss)	(3,689)		33		(37)		(3,693)
Total AGM Stockholders’ Equity	19,304		17,777		(17,760)		19,321
Non-controlling interests	6,955		7,403		182		14,540
Total Equity	26,259		25,180		(17,578)		33,861
Total Liabilities and Equity	$	409,429	$	28,240	$	(18,119)	$	419,550

							(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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