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, 2026
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1		Consolidated Funds and VIEs		Eliminations		Consolidated
Assets
Asset Management
Cash and cash equivalents	$	3,415	$	—	$	—	$	3,415
Restricted cash and cash equivalents	19		—		—		19
Investments	6,732		—		(407)		6,325
Assets of consolidated variable interest entities
Cash and cash equivalents	19		1,253		—		1,272
Investments	356		4,232		(875)		3,713
Due from related parties	23		—		—		23
Other assets	31		803		(200)		634
Due from related parties	1,045		—		(105)		940
Goodwill	1,833		—		—		1,833
Other assets	3,587		—		—		3,587
	17,060		6,288		(1,587)		21,761
Retirement Services
Cash and cash equivalents	21,951		6		—		21,957
Restricted cash and cash equivalents	1,583		—		—		1,583
Investments	334,454		—		(612)		333,842
Investments in related parties	61,444		—		(18,144)		43,300
Assets of consolidated variable interest entities
Cash and cash equivalents	15		156		—		171
Investments	1,348		30,536		—		31,884
Other assets	5		197		—		202
Reinsurance recoverable	10,929		—		—		10,929
Deferred acquisition costs, deferred sales inducements and value of business acquired	9,279		—		—		9,279
Goodwill	4,079		—		—		4,079
Other assets	15,138		—		(77)		15,061
	460,225		30,895		(18,833)		472,287
Total Assets	$	477,285	$	37,183	$	(20,420)	$	494,048

							(Continued)


	June 30, 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	$	4,130	$	—	$	—	$	4,130
Due to related parties	1,320		—		(147)		1,173
Debt	5,895		—		—		5,895
Liabilities of consolidated variable interest entities


Accounts payable, accrued expenses, and other liabilities	138		4,360		(651)		3,847
	11,483		4,360		(798)		15,045
Retirement Services
Interest sensitive contract liabilities	344,593		—		—		344,593
Future policy benefits	48,241		—		—		48,241
Market risk benefits	5,283		—		—		5,283
Debt	7,832		—		—		7,832
Payables for collateral on derivatives and securities to repurchase	11,199		—		—		11,199
Other liabilities	18,981		—		—		18,981
Liabilities of consolidated variable interest entities

Other liabilities	29		1,372		(9)		1,392
	436,158		1,372		(9)		437,521
Total Liabilities	447,641		5,732		(807)		452,566
Commitments and Contingencies (note 17)


Equity

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

Additional paid in capital	16,628		40		—		16,668
Retained earnings	6,269		19,880		(20,000)		6,149
Accumulated other comprehensive income (loss)	(3,206)		20		(23)		(3,209)
Total AGM Stockholders’ Equity	21,089		19,940		(20,023)		21,006
Non-controlling interests	8,555		11,511		410		20,476
Total Equity	29,644		31,451		(19,613)		41,482
Total Liabilities and Equity	$	477,285	$	37,183	$	(20,420)	$	494,048

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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