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, 2026
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	3,569	$	—	$	—	$	3,569
Restricted cash and cash equivalents	19		—		—		19
Investments	6,555		—		(261)		6,294
Assets of consolidated variable interest entities
Cash and cash equivalents	11		840		—		851
Investments	403		3,607		(709)		3,301
Due from related parties	23		—		—		23
Other assets	33		328		(213)		148
Due from related parties	966		—		(128)		838
Goodwill	1,833		—		—		1,833
Other assets	3,588		—		—		3,588
	17,000		4,775		(1,311)		20,464
Retirement Services
Cash and cash equivalents	17,852		—		—		17,852
Restricted cash and cash equivalents	1,159		—		—		1,159
Investments	318,959		—		(634)		318,325
Investments in related parties	57,120		—		(17,635)		39,485
Assets of consolidated variable interest entities
Cash and cash equivalents	23		275		—		298
Investments	1,471		30,467		(16)		31,922
Other assets	4		295		—		299
Reinsurance recoverable	10,304		—		—		10,304
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,812		—		—		8,812
Goodwill	4,079		—		—		4,079
Other assets	14,704		—		(173)		14,531
	434,487		31,037		(18,458)		447,066
Total Assets	$	451,487	$	35,812	$	(19,769)	$	467,530

							(Continued)


	March 31, 2026
(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	$	3,857	$	—	$	—	$	3,857
Due to related parties	1,475		—		(179)		1,296
Debt	6,380		—		—		6,380
Liabilities of consolidated variable interest entities
Debt, at fair value	—		92		(92)		—

Accounts payable, accrued expenses, and other liabilities	133		3,365		(568)		2,930
	11,845		3,457		(839)		14,463
Retirement Services
Interest sensitive contract liabilities	326,502		—		—		326,502
Future policy benefits	48,657		—		—		48,657
Market risk benefits	5,010		—		—		5,010
Debt	7,840		—		—		7,840
Payables for collateral on derivatives and securities to repurchase	8,529		—		—		8,529
Other liabilities	14,876		—		—		14,876
Liabilities of consolidated variable interest entities

Other liabilities	34		2,097		(11)		2,120
	411,448		2,097		(11)		413,534
Total Liabilities	423,293		5,554		(850)		427,997
Commitments and Contingencies (note 17)


Equity

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

Additional paid in capital	16,500		40		—		16,540
Retained earnings	5,236		18,704		(18,783)		5,157
Accumulated other comprehensive income (loss)	(3,111)		19		(52)		(3,144)
Total AGM Stockholders’ Equity	20,023		18,763		(18,835)		19,951
Non-controlling interests	8,171		11,495		(84)		19,582
Total Equity	28,194		30,258		(18,919)		39,533
Total Liabilities and Equity	$	451,487	$	35,812	$	(19,769)	$	467,530

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.
							(Concluded)


	December 31, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	3,350	$	—	$	—	$	3,350
Restricted cash and cash equivalents	19		—		—		19
Investments	6,750		—		(524)		6,226
Assets of consolidated variable interest entities
Cash and cash equivalents	5		322		—		327
Investments	431		3,211		(133)		3,509
Due from related parties	16		—		—		16
Other assets	30		325		(125)		230
Due from related parties	728		—		(81)		647
Goodwill	1,848		—		—		1,848
Other assets	3,376		—		—		3,376
	16,553		3,858		(863)		19,548
Retirement Services
Cash and cash equivalents	14,994		—		—		14,994
Restricted cash and cash equivalents	1,332		—		—		1,332
Investments	321,757		—		(676)		321,081
Investments in related parties	52,251		—		(17,272)		34,979
Assets of consolidated variable interest entities
Cash and cash equivalents	23		546		—		569
Investments	1,596		28,578		(182)		29,992
Other assets	4		342		—		346
Reinsurance recoverable	10,282		—		—		10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,634		—		—		8,634
Goodwill	4,072		—		—		4,072
Other assets	15,177		—		(57)		15,120
	430,122		29,466		(18,187)		441,401
Total Assets	$	446,675	$	33,324	$	(19,050)	$	460,949

							(Continued)


	December 31, 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	$	3,861	$	—	$	—	$	3,861
Due to related parties	1,165		—		(103)		1,062
Debt	5,516		—		—		5,516
Liabilities of consolidated variable interest entities
Debt, at fair value	—		177		(177)		—

Accounts payable, accrued expenses, and other liabilities	141		1,859		(51)		1,949
	10,683		2,036		(331)		12,388
Retirement Services
Interest sensitive contract liabilities	315,889		—		—		315,889
Future policy benefits	50,264		—		—		50,264
Market risk benefits	4,930		—		—		4,930
Debt	7,848		—		—		7,848
Payables for collateral on derivatives and securities to repurchase	11,085		—		—		11,085
Other liabilities	14,329		—		—		14,329
Liabilities of consolidated variable interest entities


Other liabilities	32		1,681		(12)		1,701
	404,377		1,681		(12)		406,046
Total Liabilities	415,060		3,717		(343)		418,434
Commitments and Contingencies (note 17)


Equity


Mandatory Convertible Preferred Stock	1,398		—		—		1,398
Additional paid in capital	16,914		40		—		16,954
Retained earnings	7,731		18,784		(18,881)		7,634
Accumulated other comprehensive income (loss)	(2,636)		31		(40)		(2,645)
Total AGM Stockholders’ Equity	23,407		18,855		(18,921)		23,341
Non-controlling interests	8,208		10,752		214		19,174
Total Equity	31,615		29,607		(18,707)		42,515
Total Liabilities and Equity	$	446,675	$	33,324	$	(19,050)	$	460,949

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.
							(Concluded)

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