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

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


	September 30, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	2,768	$	—	$	—	$	2,768
Restricted cash and cash equivalents	19		—		—		19
Investments	6,779		—		(491)		6,288
Assets of consolidated variable interest entities
Cash and cash equivalents	13		435		—		448
Investments	463		4,291		(108)		4,646
Due from related parties	21		—		—		21
Other assets	28		245		(159)		114
Due from related parties	963		—		(92)		871
Goodwill	1,828		—		—		1,828
Other assets	3,466		—		—		3,466
	16,348		4,971		(850)		20,469
Retirement Services
Cash and cash equivalents	14,183		—		—		14,183
Restricted cash and cash equivalents	2,767		—		—		2,767
Investments	312,641		—		(283)		312,358
Investments in related parties	50,586		—		(16,946)		33,640
Assets of consolidated variable interest entities
Cash and cash equivalents	16		1,000		—		1,016
Investments	1,630		25,434		(178)		26,886
Other assets	7		286		—		293
Reinsurance recoverable	9,948		—		—		9,948
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,370		—		—		8,370
Goodwill	4,072		—		—		4,072
Other assets	16,069		—		(528)		15,541
	420,289		26,720		(17,935)		429,074
Total Assets	$	436,637	$	31,691	$	(18,785)	$	449,543

							(Continued)


	September 30, 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	$	4,326	$	—	$	—	$	4,326
Due to related parties	1,293		—		(124)		1,169
Debt	4,775		—		—		4,775
Liabilities of consolidated variable interest entities
Debt, at fair value	—		176		(176)		—

Accounts payable, accrued expenses, and other liabilities	147		3,047		(90)		3,104
	10,541		3,223		(390)		13,374
Retirement Services
Interest sensitive contract liabilities	309,737		—		—		309,737
Future policy benefits	49,006		—		—		49,006
Market risk benefits	4,835		—		—		4,835
Debt	7,856		—		—		7,856
Payables for collateral on derivatives and securities to repurchase	9,066		—		—		9,066
Other liabilities	14,180		—		—		14,180
Liabilities of consolidated variable interest entities

Other liabilities	31		1,669		(8)		1,692
	394,711		1,669		(8)		396,372
Total Liabilities	405,252		4,892		(398)		409,746
Commitments and Contingencies (note 17)


Equity

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

Additional paid in capital	16,885		40		—		16,925
Retained earnings (accumulated deficit)	7,400		18,455		(18,549)		7,306
Accumulated other comprehensive income (loss)	(2,487)		30		(35)		(2,492)
Total AGM Stockholders’ Equity	23,196		18,525		(18,584)		23,137
Non-controlling interests	8,189		8,274		197		16,660
Total Equity	31,385		26,799		(18,387)		39,797
Total Liabilities and Equity	$	436,637	$	31,691	$	(18,785)	$	449,543

							(Concluded)
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.


	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 17)
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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