10-Q: Quarterly report pursuant to Section 13 or 15(d)

Published on November 8, 2022

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  
Form 10-Q  
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022 OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 001-41197
APOLLO GLOBAL MANAGEMENT, INC.
(Exact name of Registrant as specified in its charter) 
Delaware   86-3155788
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
9 West 57th Street, 42nd Floor
New York, New York 10019
(Address of principal executive offices) (Zip Code)
(212) 515-3200
(Registrant’s telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒   No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes ☐   No ☒
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock   APO New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
As of November 4, 2022, there were 572,283,625 shares of the registrant’s common stock outstanding.
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TABLE OF CONTENTS
    Page
PART I
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
PART II
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.


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Forward-Looking Statements
This report may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this report, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to the impact of COVID-19, the impact of energy market dislocation, inflation, market conditions and interest rate fluctuations generally, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, our dependence on certain key personnel, the accuracy of management’s assumptions and estimates, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, litigation risks and our ability to recognize the benefits expected to be derived from the merger of Apollo with Athene, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 10, 2022 and “Item 1A. Risk Factors” in this quarterly report, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Terms Used in This Report

In this report, references to “Apollo,” “we,” “us,” “our,” and the “Company” for periods (i) on or before December 31, 2021 refer to Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc.) (“AAM”) and its subsidiaries unless the context requires otherwise and (ii) subsequent to December 31, 2021, refer to Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.) (“AGM”) and its subsidiaries unless the context requires otherwise. Moreover, references to “Class A shares” refers to the Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers; “Class B share” refers to the Class B common stock, $0.00001 par value per share, of AAM prior to the Mergers (as defined below); “Class C share” refers to the Class C common stock, $0.00001 par value per share, of AAM prior to the Mergers; “Series A Preferred shares” refers to the 6.375% Series A preferred stock of AAM both prior to and following the Mergers; “Series B Preferred shares” refers to the 6.375% Series B preferred stock of AAM both prior to and following the Mergers; and “Preferred shares” refers to the Series A Preferred shares and the Series B Preferred shares, collectively, both prior to and following the Mergers. In addition, for periods on or before December 31, 2021, references to “AGM common stock” or “common stock” of the Company refer to Class A shares unless the context otherwise requires, and for periods subsequent to December 31, 2021 refer to shares of common stock, par value $0.00001 per share, of AGM.
The use of any defined term in this report to mean more than one entity, person, security or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Apollo,” “we,” “us,” “our,” and the “Company” in this report to refer to AGM and its subsidiaries, each subsidiary of AGM is a standalone legal entity that is separate and distinct from AGM and any of its other subsidiaries. Any AGM entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.
Term or Acronym Definition
AAA Apollo Aligned Alternatives, L.P., together with its parallel funds and alternative investment vehicles
AADE Athene Annuity & Life Assurance Company
AAIA Athene Annuity and Life Company
AARe Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABS Asset-backed securities
Accord+ Apollo Accord+ Fund, L.P.
Accord I Apollo Accord Fund, L.P.
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Accord II Apollo Accord Fund II, L.P.
Accord III Apollo Accord Fund III, L.P.
Accord III B Apollo Accord Fund III B, L.P.
Accord IV Apollo Accord Fund IV, L.P.
Accord V Apollo Accord Fund V, L.P.
ACRA Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ADIP Apollo/Athene Dedicated Investment Program, a fund managed by Apollo including third-party capital that invests alongside Athene in certain investments
ADS Apollo Debt Solutions BDC, a non-traded business development company managed by Apollo
AFS Available-for-Sale
AIOF I Apollo Infrastructure Opportunities Fund, L.P.
AIOF II Apollo Infrastructure Opportunities Fund II, L.P.
ALRe Athene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investments Alternative investments, including investment funds, CLO equity positions and certain other debt instruments considered to be equity-like
AmeriHome AmeriHome Mortgage Company, LLC
AMH Apollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM
ANRP I Apollo Natural Resources Partners, L.P., together with its parallel funds and alternative investment vehicles
ANRP II Apollo Natural Resources Partners II, L.P., together with its parallel funds and alternative investment vehicles
ANRP III Apollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles
AOCI Accumulated other comprehensive income (loss)
AOG Unit Payment On December 31, 2021, holders of units of the Apollo Operating Group (“AOG Units”) (other than Athene and the Company) sold and transferred a portion of such AOG Units to APO Corp., a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction.
Apollo funds, our funds and references to the funds we manage The funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or “SIAs,” alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services.
Apollo Operating Group (i) The entities through which we currently operate our asset management business and (ii) one or more entities formed for the purpose of, among other activities, holding certain of our gains or losses on our principal investments in the funds, which we refer to as our “principal investments.”
Apollo Origination Partners Apollo Origination Partnership, L.P.
APSG I Apollo Strategic Growth Capital
APSG II Apollo Strategic Growth Capital II
ARI Apollo Commercial Real Estate Finance, Inc.
Asia RE Fund I Apollo Asia Real Estate Fund I, L.P., including co-investment vehicles
Asia RE Fund II Apollo Asia Real Estate Fund II, L.P., including co-investment vehicles
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Assets Under Management, or AUM The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of:
1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield, gross asset value plus available financing capacity;
2. the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings;
3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and
4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.
Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.
Apollo uses AUM, Gross capital deployed and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.
Athene Athene Holding Ltd. (“Athene Holding” or “AHL” together with its subsidiaries), a leading financial services company specializing in retirement services that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary ISG, provides asset management and advisory services.
Athora Athora Holding, Ltd. (“Athora Holding”, together with its subsidiaries), a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). The Company, through ISGI, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.
AUM with Future Management Fee Potential The committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
AUSA Athene USA Corporation
BMA Bermuda Monetary Authority
BSCR Bermuda Solvency Capital Requirement
CDI California Department of Insurance
CDO Collateralized debt obligation
CLO Collateralized loan obligation
CMBS Commercial mortgage-backed securities
CML Commercial mortgage loans
Contributing Partners Partners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned Apollo Operating Group units.
Cost of crediting The interest credited to the policyholders on our fixed annuities, including, with respect to our fixed indexed annuities, option costs, as well as institutional costs related to institutional products, presented on an annualized basis for interim periods.
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Cost of funds Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products, as well as other liability costs. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period and is presented on an annualized basis for interim periods.
DAC Deferred acquisition costs
Deferred annuities Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
Dry Powder The amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from Perpetual Capital vehicles.
DSI Deferred sales inducement
ECR Enhanced Capital Requirement
EPF I Apollo European Principal Finance Fund I
EPF II Apollo European Principal Finance Fund II
EPF III Apollo European Principal Finance Fund III
EPF IV Apollo European Principal Finance Fund IV
Equity Plan Refers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles.
FABN Funding agreement backed notes
FABR Funding agreement backed repurchase agreement
FCI I Financial Credit Investment Fund I
FCI II Financial Credit Investment Fund II
FCI III Financial Credit Investment Fund III
FCI IV Financial Credit Investment Fund IV
Fee-Generating AUM Fee-Generating AUM consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.
Fee Related Earnings, or FRE Component of Adjusted Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) advisory and transaction fees, (iii)
fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages.
FIA Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities FIAs together with fixed rate annuities
Former Managing Partners Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or AP Professional Holdings, L.P. includes certain related parties of such individuals
Gross capital deployment
The gross capital that has been invested in investments by the funds and accounts we manage during the relevant period, but excludes certain investment activities primarily related to hedging and cash management functions at the firm. Gross capital deployment is not reduced or netted down by sales or refinancings, and takes into account leverage used by the funds and accounts we manage in gaining exposure to the various investments that they have made.
GLWB Guaranteed lifetime withdrawal benefit
GMDB Guaranteed minimum death benefit
Gross IRR of accord series, financial credit investment, structured credit recovery and the European principal finance funds The annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non-U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
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Gross IRR of a traditional private equity or hybrid value fund The cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on September 30, 2022 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross IRR of real estate equity, hybrid real estate or infrastructure funds The cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on September 30, 2022 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross Return or Gross ROE of a total return yield fund or the hybrid credit hedge fund
The monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for these categories are calculated for all funds and accounts in the respective strategies. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Gross return and gross ROE do not represent the return to any fund investor.
HoldCo Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.)
HVF I Apollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles
HVF II Apollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles
Inflows (i) At the individual strategy level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-strategy transfers, and (ii) on an aggregate basis, the sum of inflows across the yield, hybrid and equity investing strategies.
IPO Initial Public Offering
ISG Apollo Insurance Solutions Group LP
ISGI Refers collectively to Apollo Asset Management Europe LLP, a subsidiary of Apollo ("AAME") and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME ("AAME PC")
Jackson Jackson Financial, Inc., together with its subsidiaries
Management Fee Offset Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs.
Merger Agreement The Agreement and Plan of Merger dated as of March 8, 2021 by and among AAM, AGM, AHL, Blue Merger Sub, Ltd., a Bermuda exempted company, and Green Merger Sub, Inc., a Delaware corporation.
Merger Date January 1, 2022
MFIC MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or "AINV")
MidCap MidCap FinCo Designated Activity Company
MMS Minimum margin of solvency
Modco Modified coinsurance
NAIC National Association of Insurance Commissioners
NAV Net Asset Value
Net invested assets The sum of (a) total investments on the consolidated balance sheets with AFS securities at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an allowance for credit losses. Net invested assets includes our economic ownership of ACRA investments but does not include the investments associated with the noncontrolling interest.
Net investment earned rate Income from our net invested assets divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Net investment spread Net investment spread measures our investment performance less the total cost of our liabilities, presented on an annualized basis for interim periods.
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Net IRR of accord series, financial credit investment, structured credit recovery and the European principal finance funds The annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of a traditional private equity or the hybrid value funds The gross IRR applicable to the funds, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of real estate equity, hybrid real estate and infrastructure funds The cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of the reporting date or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net reserve liabilities The sum of (a) interest sensitive contract liabilities, (b) future policy benefits, (c) dividends payable to policyholders, and (d) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities also includes the reserves related to assumed Modco agreements in order to appropriately match the costs incurred in the consolidated statements of operations with the liabilities. Net reserve liabilities is net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and therefore we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. Net reserve liabilities is net of the reserve liabilities attributable to the ACRA noncontrolling interest.
Net Return or Net ROE of a total return yield fund or the hybrid credit hedge fund
The gross return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Net return and net ROE do not represent the return to any fund investor.
Non-Fee-Generating AUM AUM that does not produce management fees or monitoring fees. This measure generally includes the following:
(i) fair value above invested capital for those funds that earn management fees based on invested capital;
(ii) net asset values related to general partner and co-investment interests;
(iii) unused credit facilities;
(iv) available commitments on those funds that generate management fees on invested capital;
(v) structured portfolio company investments that do not generate monitoring fees; and
(vi) the difference between gross asset and net asset value for those funds that earn management fees based on net asset value.
NYC UBT New York City Unincorporated Business Tax
NYSDFS New York State Department of Financial Services
Other liability costs Other liability costs include DAC, DSI and VOBA amortization, change in rider reserves, the cost of liabilities on products other than deferred annuities and institutional products, excise taxes, as well as offsets for premiums, product charges and other revenues.
"Other operating expenses" within the Principal Investing segment Expenses incurred in the normal course of business and includes allocations of non-compensation expenses related to managing the business.
“Other operating expenses” within the Retirement Services segment Expenses incurred in the normal course of business inclusive of compensation and non-compensation expenses.
Payout annuities Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements.
PCD Purchased Credit Deteriorated Investments
Performance allocations, Performance fees, Performance revenues, Incentive fees and Incentive income The interests granted to Apollo by a fund managed by Apollo that entitle Apollo to receive allocations, distributions or fees which are based on the performance of such fund or its underlying investments.
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Performance Fee-Eligible AUM AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following:
(i) “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements;
(ii) “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently below its hurdle rate or preferred return; and
(iii) “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.
Perpetual Capital
Assets under management of indefinite duration, that may only be withdrawn under certain conditions or subject to certain limitations, including but not limited to satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period. The investment management, advisory or other service agreements with our Perpetual Capital vehicles may be terminated under certain circumstances.
Principal Investing Income, or PII Component of Adjusted Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, excluding realizations received in the form of shares, (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses.
Principal investing compensation Realized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business.
Policy loan A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy
Realized Value All cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund.
Redding Ridge Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages collateralized loan obligations (“CLOs”) and retains the required risk retention interests.
Redding Ridge Holdings Redding Ridge Holdings LP
Remaining Cost The initial investment of a fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment
Rider reserves Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits reserves
RMBS Residential mortgage-backed securities
RML Residential mortgage loan
RSUs Restricted share units
SCRF I Structured Credit Recovery Master Fund I
SCRF II Structured Credit Recovery Master Fund II
SCRF III Structured Credit Recovery Master Fund III
SCRF IV Structured Credit Recovery Master Fund IV
SIA Strategic investment account
SPACs Special purpose acquisition companies
Spread Related Earnings, or SRE Component of Adjusted Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees earned on the ADIP share of ACRA assets, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs including interest expense and preferred dividends, if any, paid to Athene preferred stockholders.
Surplus assets Assets in excess of policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles.
Tax receivable agreement The tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto
TDI Texas Department of Insurance
Total Invested Capital The aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities
Total Value The sum of the total Realized Value and Unrealized Value of investments
9

Traditional private equity funds
Apollo Investment Fund I, L.P. (“Fund I”), AIF II, L.P. (“Fund II”), a mirrored investment account established to mirror Fund I and Fund II for investments in debt securities (“MIA”), Apollo Investment Fund III, L.P. (together with its parallel funds, “Fund III”), Apollo Investment Fund IV, L.P. (together with its parallel fund, “Fund IV”), Apollo Investment Fund V, L.P. (together with its parallel funds and alternative investment vehicles, “Fund V”), Apollo Investment Fund VI, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VI”), Apollo Investment Fund VII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VII”), Apollo Investment Fund VIII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VIII”) and Apollo Investment Fund IX, L.P. (together with its parallel funds and alternative investment vehicles, “Fund IX”).
U.S. GAAP Generally accepted accounting principles in the United States of America
U.S. RE Fund I
AGRE U.S. Real Estate Fund, L.P., including co-investment vehicles
U.S. RE Fund II Apollo U.S. Real Estate Fund II, L.P., including co-investment vehicles
U.S. RE Fund III Apollo U.S. Real Estate Fund III, L.P., including co-investment vehicles
U.S. Treasury United States Department of the Treasury
Unrealized Value The fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments.
Venerable Venerable Holdings, Inc., together with its subsidiaries
VIAC Venerable Insurance and Annuity Company, formerly Voya Insurance and Annuity Company
VIE Variable interest entity
Vintage Year The year in which a fund’s final capital raise occurred, or, for certain funds, the year of a fund’s effective date or the year in which a fund’s investment period commences pursuant to its governing agreements.
VIVAT N.V. Athora Netherlands N.V. (formerly known as: VIVAT N.V.)
VOBA Value of business acquired
VOE Voting interest entity
WACC Weighted average cost of capital


10

PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)

11

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)


(In millions, except share data) As of
September 30, 2022		 As of
December 31, 2021
Assets
Asset Management
Cash and cash equivalents $ 1,119  $ 917 
Restricted cash and cash equivalents 697  708 
Investments 5,854  11,354 
Assets of consolidated variable interest entities
Cash and cash equivalents 155  463 
Investments 3,032  14,737 
Other assets 48  252 
Due from related parties 430  490 
Goodwill 264  117 
Other assets 2,291  1,464 
13,890  30,502 
Retirement Services
Cash and cash equivalents 9,823  — 
Restricted cash and cash equivalents 1,024  — 
Investments 162,088  — 
Investments in related parties 23,134  — 
Assets of consolidated variable interest entities
Cash and cash equivalents 418  — 
Investments 15,040  — 
Other assets 94  — 
Reinsurance recoverable 4,356  — 
Deferred acquisition costs, deferred sales inducements and value of business acquired 5,191  — 
Goodwill 4,058  — 
Other assets 11,224  — 
236,450  — 
Total Assets $ 250,340  $ 30,502 
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.
12

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)


(In millions, except share data) As of
September 30, 2022		 As of
December 31, 2021
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities $ 3,032  $ 2,847 
Due to related parties 1,023  1,222 
Debt 2,810  3,134 
Liabilities of consolidated variable interest entities
Debt, at fair value 1,709  7,943 
Notes payable 50  2,611 
Other liabilities 660  781 
9,284  18,538 
Retirement Services
Interest sensitive contract liabilities 166,894  — 
Future policy benefits 54,709  — 
Debt 3,271  — 
Payables for collateral on derivatives and securities to repurchase 7,015  — 
Other liabilities 5,010  — 
Liabilities of consolidated variable interest entities
Other liabilities 1,271  — 
238,170  — 
Total Liabilities 247,454  18,538 
Commitments and Contingencies (note 17)
Redeemable non-controlling interests
Redeemable non-controlling interests 1,024  1,770 
Equity
Series A Preferred Stock, 0 and 11,000,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 —  264 
Series B Preferred Stock, 0 and 12,000,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 —  290 
Class A Common Stock, $0.00001 par value, 0 and 90,000,000,000 shares authorized, 0 and 248,896,649 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 —  — 
Class B Common Stock, $0.00001 par value, 0 and 999,999,999 shares authorized, 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 —  — 
Class C Common Stock, $0.00001 par value, 0 and 1 share authorized, 0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
 —  — 
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 572,670,634 shares issued and outstanding as of September 30, 2022
 —  — 
Additional paid in capital 15,256  2,096 
Retained earnings (accumulated deficit) (2,837) 1,144 
Accumulated other comprehensive income (loss) (13,758) (5)
Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit) (1,339) 3,789 
Non-controlling interests 3,201  6,405 
Total Equity 1,862  10,194 
Total Liabilities, Redeemable non-controlling interests and Equity $ 250,340  $ 30,502 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
13

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended September 30, Nine months ended September 30,
(In millions, except per share data) 2022 2021 2022 2021
Revenues
Asset Management
Management fees $ 389  $ 475  $ 1,100  $ 1,402 
Advisory and transaction fees, net 110  63  286  205 
Investment income (loss) (31) 535  475  3,125 
Incentive fees 9  5  17  24 
477  1,078  1,878  4,756 
Retirement Services
Premiums 3,045  —  10,769  — 
Product charges 184  —  525  — 
Net investment income 2,033  —  5,667  — 
Investment related gains (losses) (2,847) —  (12,823) — 
Revenues of consolidated variable interest entities 114  —  148  — 
Other revenues (27) —  (38) — 
2,502  —  4,248  — 
Total Revenues 2,979  1,078  6,126  4,756 
Expenses
Asset Management
Compensation and benefits 386  501  1,429  1,984 
Interest expense 31  35  94  105 
General, administrative and other 167  112  472  328 
584  648  1,995  2,417 
Retirement Services
Interest sensitive contract benefits 89  —  (573) — 
Future policy and other policy benefits 3,294  —  10,988  — 
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 125  —  375  — 
Policy and other operating expenses 343  —  982  — 
3,851  —  11,772  — 
Total Expenses 4,435  648  13,767  2,417 
Other income (loss) – Asset Management
Net gains (losses) from investment activities (16) 173  164  1,439 
Net gains (losses) from investment activities of consolidated variable interest entities 85  142  465  400 
Other income (loss), net 28  (13) 26  (25)
Total Other income (loss) 97  302  655  1,814 
Income (loss) before income tax (provision) benefit (1,359) 732  (6,986) 4,153 
Income tax (provision) benefit 185  (101) 1,280  (498)
Net income (loss) (1,174) 631  (5,706) 3,655 
Net (income) loss attributable to non-controlling interests 298  (373) 1,909  (2,060)
Net income (loss) attributable to Apollo Global Management, Inc. (876) 258  (3,797) 1,595 
Preferred stock dividends —  (9) —  (27)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders $ (876) $ 249  $ (3,797) $ 1,568 
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic $ (1.52) $ 1.01  $ (6.55) $ 6.47 
Net income (loss) attributable to common stockholders - Diluted $ (1.52) $ 1.01  $ (6.55) $ 6.47 
Weighted average shares outstanding – Basic 584.3 239.5 585.2 233.5
Weighted average shares outstanding – Diluted 584.3 239.5 585.2 233.5
See accompanying notes to the unaudited condensed consolidated financial statements.
14

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three months ended September 30, Nine months ended September 30,
(In millions) 2022 2021 2022 2021
Net income (loss) $ (1,174) $ 631  $ (5,706) $ 3,655 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities, net of offsets (5,699) 1  (19,404) 1 
Unrealized gains (losses) on hedging instruments (80) —  (126) — 
Foreign currency translation and other adjustments 11  (10) (81) (21)
Other comprehensive income (loss), before tax (5,768) (9) (19,611) (20)
Income tax expense (benefit) related to other comprehensive income (loss) (991) —  (3,444) — 
Other comprehensive income (loss) (4,777) (9) (16,167) (20)
Comprehensive income (loss) (5,951) 622  (21,873) 3,635 
Comprehensive (income) loss attributable to non-controlling interests 1,107  (364) 4,323  (2,041)
Comprehensive income (loss) attributable to Apollo Global Management, Inc. $ (4,844) $ 258  $ (17,550) $ 1,594 
See accompanying notes to the unaudited condensed consolidated financial statements.
15

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and nine months ended September 30, 2021
  Apollo Global Management, Inc. Stockholders      
(In millions) Class A Common Stock Class B Common Stock Class C Common Stock Series A Preferred Stock Series B Preferred Stock Additional
Paid in
Capital		 Retained Earnings Accumulated
Other
Comprehensive Loss		 Total Apollo
Global
Management,
Inc.
Stockholders’
Equity (Deficit)		 Non-Controlling
Interests		 Total Equity
Balance at July 1, 2021
 231  —  —  $ 264  $ 290  $ 823  $ 991  $ (3) $ 2,365  $ 5,847  $ 8,212 
Deconsolidation of VIEs —  —  —  —  —  —  —  —  —  (23) (23)
Accretion of redeemable non-controlling interests —  —  —  —  —  (7) —  —  (7) —  (7)
Issuance of common stock related to equity transactions —  —  —  —  —  22  —  —  22  —  22 
Dilution impact of issuance of common stock —  —  —  —  —  (7) —  —  (7) —  (7)
Capital increase related to equity-based compensation —  —  —  —  —  46  —  —  46  —  46 
Capital contributions —  —  —  —  —  —  —  —  —  177  177 
Dividends/ Distributions —  —  —  (4) (5) —  (126) —  (135) (395) (530)
Payments related to issuances of common stock for equity-based awards 2  —  —  —  —  33  (35) —  (2) —  (2)
Repurchase of common stock (1) —  —  —  —  (78) —  —  (78) —  (78)
Exchange of AOG Units for common stock 13  —  —  —  —  186  —  —  186  (144) 42 
Net income (loss) —  —  —  4  5  —  249  —  258  373  631 
Accumulated other comprehensive income (loss) —  —  —  —  —  —  —  —  —  (9) (9)
Balance at September 30, 2021
 245  —  —  $ 264  $ 290  $ 1,018  $ 1,079  $ (3) $ 2,648  $ 5,826  $ 8,474 
Balance at January 1, 2021
 229  —  —  $ 264  $ 290  $ 877  $ —  $ (2) $ 1,429  $ 4,084  $ 5,513 
Deconsolidation of VIEs —  —  —  —  —  —  —  —  —  (148) (148)
Accretion of redeemable non-controlling interests —  —  —  —  —  (50) —  —  (50) —  (50)
Issuance of common stock related to equity transactions —  —  —  —  —  22  —  —  22  —  22 
Dilution impact of issuance of common stock —  —  —  —  —  (8) —  —  (8) —  (8)
Capital increase related to equity-based compensation —  —  —  —  —  132  —  —  132  —  132 
Capital contributions —  —  —  —  —  —  —  —  —  1,189  1,189 
Dividends/ distributions —  —  —  (13) (14) —  (390) —  (417) (1,181) (1,598)
Payments related to issuances of common stock for equity-based awards 3  —  —  —  —  37  (99) —  (62) —  (62)
Repurchase of common stock (3) —  —  —  —  (201) —  —  (201) —  (201)
Exchange of AOG Units for common stock 16  —  —  —  —  209  —  —  209  (159) 50 
Net income (loss) —  —  —  13  14  —  1,568  —  1,595  2,060  3,655 
Accumulated other comprehensive income (loss) —  —  —  —  —  —  —  (1) (1) (19) (20)
Balance at September 30, 2021
 245  —  —  $ 264  $ 290  $ 1,018  $ 1,079  $ (3) $ 2,648  $ 5,826  $ 8,474 
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.
16

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and nine months ended September 30, 2022
  Apollo Global Management, Inc. Stockholders      
(In millions) Common Stock Series A Preferred Stock Series B Preferred Stock Additional
Paid in
Capital		 Retained Earnings (Accumulated Deficit) Accumulated
Other
Comprehensive Loss		 Total Apollo
Global
Management,
Inc.
Stockholders’
Equity (Deficit)
Non-Controlling
Interests
 Total
Equity
Balance at July 1, 2022 571  $ —  $ —  $ 15,412  $ (1,943) $ (9,790) $ 3,679  $ 3,479  $ 7,158 
Consolidation/ deconsolidation of VIEs —  —  —  —  —  —  —  678  678 
Accretion of redeemable non-controlling interests —  —  —  (11) —  —  (11) —  (11)
Capital increase related to equity-based compensation 2  —  —  100  —  —  100  —  100 
Capital contributions —  —  —  —  —  —  —  278  278 
Dividends/ distributions —  —  —  (241) —  —  (241) (127) (368)
Transactions between entities under common control —  —  —  20  —  —  20  —  20 
Payments related to issuances of common stock for equity-based awards —  —  —  2  (18) —  (16) —  (16)
Repurchase of common stock —  —  —  (26) —  —  (26) —  (26)
Net income (loss) —  —  —  —  (876) —  (876) (298) (1,174)
Accumulated other comprehensive income (loss) —  —  —  —  —  (3,968) (3,968) (809) (4,777)
Balance at September 30, 2022
 573  $ —  $ —  $ 15,256  $ (2,837) $ (13,758) $ (1,339) $ 3,201  $ 1,862 
Balance at January 1, 2022
 249  $ 264  $ 290  $ 2,096  $ 1,144  $ (5) $ 3,789  $ 6,405  $ 10,194 
Merger with Athene 166  —  —  13,050  —  —  13,050  4,942  17,992 
Issuance of warrants —  —  —  149  —  —  149  —  149 
Reclassification of preferred stock to non-controlling interests —  (264) (290) —  —  —  (554) 554  — 
Consolidation/ deconsolidation of VIEs —  —  —  8  (7) —  1  (4,704) (4,703)
Issuance of common stock related to equity transactions 4  —  —  252  —  —  252  —  252 
Accretion of redeemable non-controlling interests —  —  —  (59) —  —  (59) —  (59)
Capital increase related to equity-based compensation 3  —  —  358  —  —  358  —  358 
Capital contributions —  —  —  —  —  —  —  3,955  3,955 
Dividends/ distributions —  —  —  (723) —  —  (723) (1,037) (1,760)
Transactions between entities under common control —  —  —  20  —  —  20  —  20 
Payments related to issuances of common stock for equity-based awards 3  —  —  33  (177) —  (144) —  (144)
Repurchase of common stock (8) —  —  (463) —  —  (463) —  (463)
Exchange of AOG Units for common stock 156  —  —  535  —  —  535  (2,591) (2,056)
Net income (loss) —  —  —  —  (3,797) —  (3,797) (1,909) (5,706)
Accumulated other comprehensive income (loss) —  —  —  —  —  (13,753) (13,753) (2,414) (16,167)
Balance at September 30, 2022
 573  $ —  $ —  $ 15,256  $ (2,837) $ (13,758) $ (1,339) $ 3,201  $ 1,862 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
        
17

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended September 30,
(In millions) 2022 2021
Cash Flows from Operating Activities
Net Income (Loss) $ (5,706) $ 3,655 
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation 410  166 
Net investment income (810) (3,125)
Net recognized (gains) losses on investments and derivatives 5,856  (1,848)
Depreciation and amortization 433  20 
Net amortization of net investment premiums, discount and other 234  — 
Policy acquisition costs deferred (750) — 
Other non-cash amounts included in net income (loss), net (62) 388 
Changes in consolidation (513) (48)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs (8,403) (2,887)
Proceeds from sale of investments by Funds and VIEs 3,488  3,188 
Interest sensitive contract liabilities (2,002) — 
Future policy benefits and reinsurance recoverable 5,240  — 
Other assets and liabilities, net 4,909  2,628 
Net cash provided by operating activities 2,324  2,137 
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments (52,373) (2,259)
Sales, maturities and repayments of investments and distributions from equity method investments 29,283  1,970 
Cash acquired through merger 10,420  — 
Other investing activities, net 499  (55)
Net cash used in investing activities (12,171) (344)
Cash Flows from Financing Activities
Issuance of debt 3,751  842 
Repayment of debt (791) (1,539)
Repurchase of common stock (463) (201)
Common stock dividends (722) (390)
Preferred stock dividends —  (27)
Distributions paid to non-controlling interests (1,034) (1,177)
Contributions from non-controlling interests 3,955  1,189 
Distributions to redeemable non-controlling interests (776) — 
Proceeds from issuance of Class A units of SPAC, net of underwriting and offering costs —  1,001 
Deposits on investment-type policies and contracts 23,329  — 
Withdrawals on investment-type policies and contracts (7,903) — 
Net change in cash collateral posted for derivative transactions and securities to repurchase (22) — 
Other financing activities, net 1,689  (142)
Net cash provided by (used in) financing activities 21,013  (444)
Effect of exchange rate changes on cash and cash equivalents (18) — 
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities 11,148  1,349 
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period 2,088  2,467 
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period $ 13,236  $ 3,816 
(Continued)
18

APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine months ended September 30,
(In millions) 2022 2021
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes 762  79 
Cash paid for interest 432  417 
Non-cash transactions
Non-Cash Investing Activities
Asset Management and Other
Contributions to principal investments —  58 
Acquisition of goodwill and intangibles 335  — 
Distributions from principal investments 6  92 
Purchases of other investments, at fair value 22  — 
Sales of other investments, at fair value 116  — 
Retirement Services
Investments received from settlements on reinsurance agreements 36  — 
Investments received from pension group annuity premiums 3,812  — 
Non-Cash Financing Activities
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements 808  — 
Withdrawals on investment-type policies and contracts through reinsurance agreements 6,190  — 
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents 10,942  2,090 
Restricted cash and cash equivalents 1,721  1,053 
Cash and cash equivalents held at consolidated variable interest entities 573  673 
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities $ 13,236  $ 3,816 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
19

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization

Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a global alternative asset manager that offers asset management and retirement services solutions. Through its asset management business, Apollo seeks to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. Apollo’s retirement services business, which is operated by Athene, seeks to provide policyholders with financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Athene specializes in issuing, reinsuring and acquiring retirement savings products in the United States and internationally.

Merger with Athene

On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement (the “Mergers”). As a result of the Mergers, AAM and AHL became consolidated subsidiaries of AGM.

Athene’s results are included in the condensed consolidated financial statements commencing from the Merger Date. References herein to “Apollo” and the “Company” refer to AGM and its subsidiaries, including Athene, unless the context requires otherwise such as in sections where it refers to the asset management business only. See note 3 for additional information.

Corporate Recapitalization

In connection with the closing of the Mergers, the Company completed a corporate recapitalization (the “Corporate Recapitalization”) which resulted in the recapitalization of the Company from an umbrella partnership C corporation (“Up-C”) structure to a corporation with a single class of common stock with one vote per share.

Griffin Capital Acquisitions

On May 3, 2022, the Company completed the acquisition of the U.S. asset management business of Griffin Capital in exchange for closing consideration of $213 million and contingent consideration of $64 million, substantially all of which was settled in shares of AGM common stock, per the transaction agreement signed December 2, 2021. This follows the March 2022 close of Griffin Capital’s U.S. wealth distribution business. As a result of the final close, the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund are advised by Apollo and have been renamed the Apollo Diversified Real Estate Fund and Apollo Diversified Credit Fund, respectively.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in AAM’s annual report on Form 10-K for the year ended December 31, 2021. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.

The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

20

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Furthermore, in conjunction with the Mergers, Apollo was deemed to be the accounting acquirer and Athene the accounting acquiree, which, for financial reporting purposes, results in Apollo’s historical financial information prior to the Mergers becoming that of the Company. Athene’s results before the Mergers have not been included in the condensed consolidated financial statements of the Company. The unaudited consolidated financial statements include the assets, liabilities, operating results and cash flows of Athene from the date of acquisition. For information on Athene prior to the Mergers, please refer to the annual financial statements included in AHL’s annual report on Form 10-K for the year ended December 31, 2021.

Following the Mergers, the Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation.

The following summary of significant accounting policies first includes those most significant to the overall Company and then specific accounting policies for each of the asset management and retirement services businesses, respectively.

Significant Accounting Policies— Overall

Consolidation

When an entity is consolidated, the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses and cash flows, are presented on a gross basis. Consolidation does not have an effect on the amounts of net income reported. The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to:

•subsidiaries, including management companies and general partners of funds that the Company manages
•entities that have attributes of an investment company (e.g., funds)
•SPACs
•CLOs
•AAM and its subsidiaries
•AHL and its subsidiaries

Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a VIE or a VOE and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below.

Investment Companies

Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. Funds we manage that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation.

Variable Interest Entities

All entities are first considered under the VIE model. VIEs are entities that 1) do not have sufficient equity at risk to finance activities without additional subordinated financial support or 2) have equity investors that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns.

The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity including interests held through related parties. This assessment requires judgement in considering whether those interests are significant.

Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 16.

Voting Interest Entities

Entities that are not determined to be VIEs are generally considered VOEs. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner.

Use of Estimates

The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. The Company’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, non-cash compensation, fair value of investments (including derivatives) and debt, impairment of investments and allowances for expected credit losses, DAC, DSI and VOBA, and future policy benefit reserves. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of September 30, 2022. Actual results could differ materially from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in other income for asset management and net investment income for retirement services in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage.

Restricted cash consists of cash and cash equivalents held in funds in trust as part of certain coinsurance agreements to secure statutory reserves and liabilities of the coinsured parties. For periods prior to June 30, 2022, cash held in reserve accounts was also used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash also includes cash deposited at a bank that is pledged as collateral in connection with leased premises.

Foreign Currency

The Company holds foreign currency denominated assets and liabilities. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period are used for all others. The results of the Company’s foreign operations are remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments and gains and losses on the settlement of foreign currency translations are included within other income (loss), net for asset management or investment related gains (losses) for retirement services in the condensed consolidated statements of
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. Currency translation adjustments are included within other comprehensive income (loss), before tax within the condensed consolidated statements of comprehensive income (loss). The change in unrealized foreign currency exchange of any non-U.S. dollar denominated available-for-sale (“AFS”) securities are included in other comprehensive income (“OCI”) unless they are designated as part of a fair value hedge.

Investments

Equity Method Investments

For investments in entities over which the Company exercises significant influence but does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in Investment income (loss) for asset management and Net investment income for retirement services in the condensed consolidated statements of operations.

The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value.

Financial Instruments held by Consolidated VIEs

The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value. Financial instruments are generally accounted for on a trade date basis.

Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, whichever are more observable.

Where financial assets are more observable, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology.

Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology.

Net income attributable to Apollo Global Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services.

Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income.

Fair Value of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based.

Fair Value Option

Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities, including investments otherwise accounted for under the equity method of accounting. The FVO election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Please refer to note 4 for additional information and other instances of when the Company has elected the FVO.

Fair Value Hierarchy

U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

Level 1 – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price.

Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level 3 financial instruments.

Level 3 – Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs.

When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level 2 or Level 3. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from external pricing services.

Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model-based approach is used to determine fair value.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Business Combinations

The Company accounts for business combinations using the acquisition method of accounting where the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

Goodwill

Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The Company will perform its annual goodwill impairment test on October 1, 2022. The impairment test is performed at the reporting unit level, which is generally at the level of the Company’s reportable segments. Goodwill is recorded in separate line items for both the Asset Management and Retirement Services segments. See note 3 for disclosure regarding the goodwill recorded related to the Mergers.

Compensation and Benefits

Compensation consists of (i) salary, bonus, and benefits, which includes base salaries, discretionary and non-discretionary bonuses, severance and employee benefits, (ii) equity-based compensation granted to employees and non-employees that is measured based on the grant date fair value of the award and (iii) profit sharing expense, which primarily consists of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Compensation costs are recorded in compensation and benefits for asset management and policy and other operating expense for retirement services in the condensed consolidated statements of operations.

Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant period of service. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments (which may be distributed in cash or in-kind).

Non-controlling Interests

For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs.

Non-controlling interests are presented as a separate component of equity on the Company’s condensed consolidated statements of financial condition. Net income (loss) includes the net income (loss) attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis.
Earnings Per Share

As the Company has issued participating securities, the two-class method of computing earnings per share is used for all periods presented for common stock and participating securities as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to common stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and includes the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of common stock.

Share Repurchase

When shares are repurchased, the Company can choose to record treasury shares or account for the repurchase as a constructive retirement. The Company accounted for share repurchases as constructive retirement, whereby it reduced common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares are reduced by the shares repurchased, and no treasury stock is recognized on the condensed consolidated statements of financial condition.

Income Taxes

AGM is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of AGM operate as partnerships for U.S. income tax purposes and are subject to NYC UBT. In conjunction with the Mergers, Apollo underwent a reorganization from an Up-C structure to a C-corporation with a single class of common stock. Athene, and certain of its non-U.S. subsidiaries, are Bermuda exempted companies that have historically not been subject to U.S. corporate income taxes on their earnings. Due to the Mergers, Athene’s non-U.S. earnings will generally be subject to U.S. corporate income taxes.

Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company’s tax positions are reviewed and evaluated quarterly to determine whether the Company has uncertain tax positions that require financial statement recognition. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position were not considered more likely than not to be sustained, then no benefits of the position would be recognized.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the financial statement carrying amount of assets and liabilities and their respective tax bases using currently enacted tax rates in the period the temporary difference is expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In determining the realizability of deferred tax assets, the Company evaluates all positive and negative evidence in addition to the ability to carry back losses, the timing of future reversals of taxable temporary differences, tax planning strategies and future expected earnings.

Recently Issued Accounting Pronouncements

Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)

In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities.

The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The Company is currently evaluating the new guidance and its impact on the consolidated financial statements.

Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)

In October 2021, the FASB issued guidance to add contract assets and contract liabilities from contracts with customers acquired in a business combination to the list of exceptions to the fair value recognition and measurement principles that apply to business combinations, and instead require them to be accounted for in accordance with revenue recognition guidance. The new guidance is mandatorily effective for the Company on January 1, 2023 and applied prospectively, with early adoption permitted. The Company is currently evaluating the guidance and its impact on the consolidated financial statements.

Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2020-11, ASU 2019-09, ASU 2018-12)

These updates amend four key areas pertaining to the accounting and disclosures for long-duration insurance and investment contracts.

•The update requires cash flow assumptions used to measure the liability for future policy benefits to be updated at least annually and no longer allows a provision for adverse deviation. The remeasurement of the liability associated with the update of assumptions is required to be recognized in net income. Loss recognition testing is eliminated for traditional and limited-payment contracts. The update also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting date. The change in liability due to changes in the discount rate is to be recognized in OCI.
•The update simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts. Deferred costs are required to be written off for unexpected contract terminations but are not subject to impairment testing.
•The update requires certain contract features meeting the definition of market risk benefits to be measured at fair value. Among the features included in this definition are the guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders attached to annuity products. The change in fair value of the market risk benefits is to be recognized in net income, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in OCI.
•The update also introduces disclosure requirements around the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. This includes disaggregated rollforwards of these balances and information about significant inputs, judgments, assumptions and methods used in their measurement.

The Company is required to adopt these updates on January 1, 2023. Certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. Early adoption is permitted. The Company does not expect that the adoption of this standard will have a material effect on stockholders’ equity as of the Company’s transition date, which is January 1, 2022. Subsequent to the transition date, the remeasurement of liabilities for certain products and features that include use of current discount rates can reasonably be expected to have a significant positive impact on the Company’s U.S. GAAP stockholders’ equity as of September 30, 2022, given the increase in rates for the nine months then ended. The Company is continuing to evaluate the impact of adopting this guidance on the consolidated financial statements for periods subsequent to the Company’s transition date.

Significant Accounting Policies – Asset Management

U.S. Treasury Securities, at fair value

U.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value in investments in the condensed consolidated statements of financial condition. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income for asset management in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities for asset management in the condensed consolidated statements of operations.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Due from/to Related Parties

Due from/to related parties includes amounts due from and due to existing employees, certain former employees, portfolio companies of the funds and non-consolidated funds.

Deferred Revenue

Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition.

Apollo also earns management fees which are subject to an offset. When Apollo receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by the relevant fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition within the accounts payable, accrued expenses and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by Apollo are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the condensed consolidated statements of operations.

Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly, or annually.

Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $109.7 million of revenue recognized during the nine months ended September 30, 2022 that was previously deferred as of January 1, 2022.

Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the condensed consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid.

Redeemable Non-Controlling Interests

Redeemable non-controlling interests are attributable to VIEs and primarily represent the shares issued by the Company’s consolidated SPACs whose shares are redeemable for cash by the respective public shareholders in connection with the applicable SPAC’s failure to complete a business combination or its tender offer/stockholder approval provisions. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount is accreted to its redemption value over the period from the date of issuance to the earliest redemption date of the instrument. The accretion to redemption value is generally recorded against additional paid-in capital. Refer to note 16 for further detail.

Revenues

The revenues of the asset management business include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)

The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized.

Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. Apollo recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition.

Refer to disclosures below for additional information on each of the revenue streams of the asset management business.

Management Fees

Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain expense reimbursements where Apollo is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis.

Advisory and Transaction Fees, Net

Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. Apollo receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees related to Apollo’s funds, portfolio companies of funds and third parties are generally recognized at a point in time when the underlying services rendered are complete.

The amounts due from fund portfolio companies are recorded in due from related parties on the condensed consolidated statements of financial condition. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are presented net of these management fee offsets in the condensed consolidated statements of operations.

Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition.
During the normal course of business, Apollo incurs certain costs related to certain transactions that are not consummated, or “broken deal costs”. These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the management fee offset. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As Apollo acts as an agent for the funds it manages, any transaction costs incurred and paid by Apollo on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition.

Performance Allocations

Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
allocation of capital in which Apollo’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity.

Apollo recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition.

When applicable, Apollo may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties on the condensed consolidated statements of financial condition. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund.

Principal Investment Income

Principal investment income includes Apollo’s income or loss from equity method investments and certain other investments in entities in which Apollo is generally eligible to receive performance allocations. Income from equity method investments includes Apollo’s share of net income or loss generated from its investments, which are not consolidated, but in which it exerts significant influence.

Incentive Fees

Incentive fees are a type of performance revenue. Incentive fees differ from performance allocations in that incentive fees do not represent an allocation of capital but rather a contractual fee arrangement with the entity. Incentive fees are considered a form of variable consideration as they are subject to clawback or reversal and therefore must be deferred until the fees are probable to not be significantly reversed. Accrued but unpaid incentive fees are reported within other assets in Apollo’s condensed consolidated statements of financial condition. Apollo’s incentive fees are generally received from CLOs, managed accounts and certain other vehicles it manages.

Profit Sharing

Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing expense is recorded in compensation and benefits for asset management in the condensed consolidated statements of operations. Profit sharing payable is recorded in accounts payable, accrued expenses and other liabilities for Asset Management in the condensed consolidated statements of financial condition.

Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit-sharing arrangements, Apollo requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted common stock issued under the Equity Plan. Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted.

Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the condensed consolidated statements of financial condition, represents all amounts previously distributed to employees and former employees that would need to be returned to the general partner if the funds were to be liquidated based on the fair value of the underlying funds’ investments as of the reporting date. The actual general partner receivable, however, would not become realized until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund.

Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the condensed consolidated statements of operations as compensation and benefits for asset management.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)

Apollo has a performance-based incentive arrangement for certain employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company’s asset management business. This arrangement enables certain employees to earn discretionary compensation based on performance revenue earned by Apollo’s asset management business in a given year, which amounts are reflected in compensation and benefits in the accompanying condensed consolidated financial statements for asset management. Apollo may also use dividends it receives from investments in certain perpetual capital vehicles to compensate employees. These amounts are recorded as compensation and benefits in the condensed consolidated statements of operations for asset management.

Significant Accounting Policies – Retirement Services

Investments

Fixed Maturity Securities

Fixed maturity securities includes bonds, CLOs, ABS, RMBS, CMBS and redeemable preferred stock. Athene classifies fixed maturity securities as AFS or trading at the time of purchase and subsequently carries them at fair value. Classification is dependent on a variety of factors including expected holding period, election of the fair value option and asset and liability matching.

AFS Securities

AFS securities are held at fair value on the condensed consolidated statements of financial condition with unrealized gains and losses, net of allowances for expected credit losses, tax and adjustments to DAC, DSI, and future policy benefits, if applicable, generally reflected in accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. Unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships are reflected in investment related gains (losses) on the condensed consolidated statements of operations.

Trading Securities

The fair value option is elected for certain fixed maturity securities. These fixed maturity securities are classified as trading, with changes to fair value included in investment related gains (losses) on the condensed consolidated statements of operations. Although the securities are classified as trading, the trading activity related to these investments is primarily focused on asset and liability matching activities and is not intended to be an income strategy based on active trading. As such, the activity related to these investments on the condensed consolidated statements of cash flows is classified as investing activities.

Transactions in trading securities are generally recorded on a trade date basis, with any unsettled trades recorded in other assets or other liabilities on the condensed consolidated statements of financial condition. Bank loans, private placements and investment funds are recorded on settlement date basis.

Equity Securities

Equity securities includes common stock, mutual funds and non-redeemable preferred stock. Equity securities with readily determinable fair values are carried at fair value with subsequent changes in fair value recognized in net income. Athene has elected to account for certain equity securities without readily determinable fair values that do not qualify for the practical expedient to estimate fair values based on NAV per share (or its equivalent) at cost less impairment, subject to adjustments based on observable price changes in orderly transactions for identical or similar investments of the same issuer.

Purchased Credit Deteriorated Investments

Athene purchases certain structured securities, primarily RMBS, and re-performing mortgage loans having experienced a more-than-insignificant deterioration in credit quality since their origination which upon assessment have been determined to meet the definition of PCD investments. Additionally, structured securities classified as beneficial interests follow the initial measurement guidance for PCD investments if there is a significant difference between contractual cash flows adjusted for expected prepayments and expected cash flows at the date of recognition. The initial allowance for credit losses for PCD investments is recorded through a gross-up adjustment to the initial amortized cost. For structured securities classified as beneficial interests, the initial allowance is calculated as the present value of the difference between contractual cash flows
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
adjusted for expected prepayments and expected cash flows at the date of recognition. The non-credit purchase discount or premium is amortized into investment income using the effective interest method. The credit discount, represented by the allowance for expected credit losses, is remeasured each period following the policies for measuring credit losses described in Credit Losses – Available-for-Sale Securities section below.

Mortgage Loans

Athene elected the fair value option on Athene’s mortgage loan portfolio. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest is accrued on loans until it is probable it will not be received, or the loan is 90 days past due, unless guaranteed by U.S. government-sponsored agencies. Interest income and prepayment fees are reported in net investment income on the condensed consolidated statements of operations. Changes in the fair value of the mortgage loan portfolio are reported in investment related gains (losses) on the condensed consolidated statements of operations.

Investment Funds

Athene invests in certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures (investment funds). For investment funds in which it does not hold a controlling financial interest, Athene typically accounts for such investments using the equity method, where the cost is recorded as an investment in the fund, or it has elected the fair value option. Adjustments to the carrying amount reflect pro rata ownership percentage of the operating results as indicated by NAV in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner.

Athene’s proportionate share of investment fund income is recorded within net investment income on the condensed consolidated statements of operations. Contributions paid or distributions received by Athene are recorded directly to the investment fund balance as an increase to carrying value or as a return of capital, respectively.

Policy Loans

Policy loans are funds provided to policyholders in return for a claim on the policyholder’s account balance. The funds provided are limited to a specified percentage of the account balance. The majority of policy loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policyholder’s account balance. Policy loans are reported at the unpaid principal balance. Interest income is recorded as earned using the contract interest rate and is reported in net investment income on the condensed consolidated statements of operations.

Funds Withheld at Interest

Funds withheld at interest represents a receivable for amounts contractually withheld by ceding companies in accordance with funds withheld coinsurance (funds withheld) and modified coinsurance (“modco”) reinsurance agreements in which Athene acts as the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company, and any excess or shortfall is settled periodically. The underlying agreements contain embedded derivatives as discussed below.

Short-term Investments

Short-term investments consist of financial instruments with maturities of greater than three months but less than twelve months when purchased. Short-term debt securities are accounted for as trading or AFS consistent with the policies for those investments. Short-term loans are carried at amortized cost.

Other Investments

Other investments includes, but is not limited to, term loans collateralized by mortgages on residential and commercial real estate and other uncollateralized loans. Athene elected the fair value option on these loans. Interest income is accrued on the principal amount of the loan based on its contractual interest rate. Interest on loans is accrued until it is probable it will not be received or the loan is 90 days past due. Interest income and prepayment and other fees are reported in net investment income on the condensed consolidated statements of operations. Changes in fair value are reported in investment related gains (losses) on the condensed consolidated statements of operations.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Securities Repurchase and Reverse Repurchase Agreements

Securities repurchase and reverse repurchase transactions involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date and at a fixed and determinable price. Transfers of securities under these agreements to repurchase or resell are evaluated to determine whether they satisfy the criteria for accounting treatment as secured borrowing or lending arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales or purchases, with related forward repurchase or resale commitments. All securities repurchase transactions are accounted for as secured borrowings and are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. Earnings from investing activities related to the cash received under securities repurchase arrangements are included in net investment income on the condensed consolidated statements of operations. The associated borrowing cost is included in policy and other operating expenses on the condensed consolidated statements of operations. The investments purchased in reverse repurchase agreements, which represent collateral on a secured lending arrangement, are not reflected in the condensed consolidated statements of financial condition; however, the secured lending arrangement is recorded as a short-term investment for the principal amount loaned under the agreement.

Investment Income

Investment income is recognized as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupons interest. Realized gains and losses on sales of investments are included in investment related gains (losses) on the condensed consolidated statements of operations. Realized gains and losses on investments sold are determined based on a first-in first-out method.

Credit Losses – Available-for-Sale Securities

AFS securities with a fair value that has declined below amortized cost are evaluated to determine how the decline in fair value should be recognized. If based on the facts and circumstances related to the specific security, Athene intends to sell a security or it is more likely than not that it would be required to sell a security before the recovery of its amortized cost, any existing allowance for expected credit losses is reversed and the amortized cost of the security is written down to fair value. If neither of these conditions exist, the decline in fair value is evaluated to determine whether it has resulted from a credit loss or other factors.

For non-structured AFS securities, relevant facts and circumstances are qualitatively considered in evaluating whether a decline below fair value is credit-related. Relevant facts and circumstances include but are not limited to: (1) the extent to which the fair value is less than amortized cost; (2) changes in agency credit ratings, (3) adverse conditions related to the security’s industry or geographical area, (4) failure to make scheduled payments, and (5) other known changes in the financial condition of the issuer or quality of any underlying collateral or credit enhancements. For structured AFS securities meeting the definition of beneficial interests, the qualitative assessment is bypassed, and any securities having experienced a decline in fair value below amortized cost move directly to a quantitative analysis.

If upon completion of this analysis it is determined that a potential credit loss exists, an allowance for expected credit losses is established equal to the amount by which the present value of expected cash flows is less than amortized cost, limited by the amount by which fair value is less than amortized cost. A non-structured security’s cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or the disposition of assets using security-specific facts and circumstances including timing, security interests and loss severity. A structured security’s cash flow estimates are based on security-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayments and structural support, including subordination and guarantees. The expected cash flows are discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete a structured security. For securities with a contractual interest rate that varies based on changes in an independent factor, such as an index or rate, the effective interest rate is calculated based on the factor as it changes over the life of the security. Inherently under the discounted cash flow model, both the timing and amount of expected cash flows affect the measurement of the allowance for expected credit losses.

The allowance for expected credit losses is remeasured each period for the passage of time, any change in expected cash flows, and changes in the fair value of the security. All impairments, whether intent or requirement to sell or credit-related, are recorded through a charge to credit loss expense within investment related gains (losses) on the condensed consolidated
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
statements of operations. All changes in the allowance for expected credit losses are recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of operations.

The Company has elected to present accrued interest receivable separately in other assets on the condensed consolidated balance sheets. It has also elected the practical expedient to exclude the accrued interest receivable from the amortized cost balance used to calculate the allowance for expected credit losses, as it has a policy to write off such balances in a timely manner, when they become 90 days past due. Any write-off of accrued interest is recorded through a reversal of net investment income on the condensed consolidated statements of operations.

Upon determining that all or a portion of the amortized cost of an asset is uncollectible, which is generally when all efforts for collection are exhausted, the amortized cost is written off against the existing allowance. Any write off in excess of the existing allowance is recorded through credit loss expense within investment related gains (losses) on the condensed consolidated statements of operations.

Derivative Instruments

Athene invests in derivatives to hedge the risks experienced from ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with indexed annuity products and reinsurance agreements. Derivatives are financial instruments with values that are derived from interest rates, foreign exchange rates, financial indices or other combinations of an underlying and notional. Derivative assets and liabilities are carried at fair value on the condensed consolidated statements of financial condition. The Company elects to present any derivatives subject to master netting provisions as a gross asset or liability and gross of collateral. It may designate derivatives as cash flow, fair value or net investment hedges.

Hedge Documentation and Hedge Effectiveness

To qualify for hedge accounting, at the inception of the hedging relationship, Athene formally documents its designation of the hedge as a cash flow, fair value or net investment hedge and risk management objective and strategy for undertaking the hedging transaction. This documentation identifies how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness and the method which will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the hedge accounting relationship. For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the condensed consolidated statements of operations when the cash flows of the hedged item affect earnings.

For a cash flow hedge, all changes in the fair value of the hedging derivative are reported within AOCI and the related gains or losses on the derivative are reclassified into the condensed consolidated statements of operations when the cash flows of the hedged item affect earnings.

For a fair value hedge, changes in the fair value of the hedging derivative and changes in the fair value of the hedged item related to the designated risk being hedged are reported on the condensed consolidated statements of operations according to the nature of the risk being hedged. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded in AOCI and amortized into income over the life of the hedge accounting relationship.

For a net investment hedge, changes in the fair value of the hedging derivative are reported within AOCI to offset the translation adjustments for subsidiaries with functional currencies other than U.S. dollar.

Athene discontinues hedge accounting prospectively when: (1) it determines the derivative is no longer highly effective in offsetting changes in the estimated cash flows or fair value of a hedged item; (2) the derivative expires, is sold, terminated, or exercised; or (3) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued, the derivative continues to be carried on the condensed consolidated statements of financial condition at fair value, with changes in fair value recognized in investment related gains (losses) on the condensed consolidated statements of operations.

For a derivative not designated as a hedge, changes in the derivative’s fair value and any income received or paid on derivatives at the settlement date are included in investment related gains (losses) on the condensed consolidated statements of operations.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Embedded Derivatives

Athene issues and reinsures products, primarily indexed annuity products, or purchases investments that contain embedded derivatives. If it determines the embedded derivative has economic characteristics not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for separately, unless the fair value option is elected on the host contract. Under the fair value option, bifurcation of the embedded derivative is not necessary as the entire contract is carried at fair value with all related gains and losses recognized in investment related gains (losses) on the condensed consolidated statements of operations. Embedded derivatives are carried on the condensed consolidated statements of financial condition at fair value in the same line item as the host contract.

Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts allow the policyholder to elect a fixed interest rate return or an equity market component for which interest credited is based on the performance of certain equity market indices. The equity market option is an embedded derivative. The benefit reserve is equal to the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The embedded derivative cash flows are based on assumptions for future policy growth, which include assumptions for expected index credits on the next policy anniversary date, future equity option costs, volatility, interest rates and policyholder behavior assumptions including lapses and the use of benefit riders. The embedded derivative cash flows are discounted using a rate that reflects Athene’s own credit rating. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Contracts acquired through a business combination which contain an embedded derivative are re-bifurcated as of the acquisition date. Changes in the fair value of embedded derivatives associated with fixed indexed annuities, index-linked variable annuities and indexed universal life insurance contracts are included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Additionally, reinsurance agreements written on a funds withheld or modco basis contain embedded derivatives. Athene has determined that the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, represents a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is computed as the unrealized gain (loss) on the underlying assets and is included within funds withheld at interest for assumed agreements, and for ceded agreements the funds withheld liability is included in other liabilities on the condensed consolidated statements of financial condition. The change in the fair value of the embedded derivatives is recorded in investment related gains (losses) on the condensed consolidated statements of operations. Assumed and ceded earnings from funds withheld at interest, funds withheld liability and changes in the fair value of embedded derivatives are reported in operating activities on the condensed consolidated statements of cash flows. Contributions to and withdrawals from funds withheld at interest and funds withheld liability are reported in operating activities on the condensed consolidated statements of cash flows.

Reinsurance

Athene assumes and cedes insurance and investment contracts under coinsurance, funds withheld and modco. Reinsurance accounting is applied for transactions that provide indemnification against loss or liability relating to insurance risk (risk transfer). To meet risk transfer requirements, a reinsurance agreement must transfer insurance risk arising from uncertainties about both underwriting and timing risks. Cessions under reinsurance do not discharge obligations as the primary insurer, unless the requirements of assumption reinsurance have been met.

Assets and liabilities assumed or ceded under coinsurance, funds withheld, or modco are presented gross on the condensed consolidated statements of financial condition. For investment contracts, the change in assumed and ceded reserves are presented net in interest sensitive contract benefits on the condensed consolidated statements of operations. For insurance contracts, the change in assumed and ceded reserves and benefits are presented net in future policy and other policy benefits on the condensed consolidated statements of operations. Assumed or ceded premiums are included in premiums on the condensed consolidated statements of operations.

Accounting for reinsurance requires the use of assumptions, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. Athene attempts to minimize counterparty credit risk through the structuring of the terms of its reinsurance agreements, including the use of trusts, and it monitors credit ratings of counterparties for signs of declining credit quality. When a ceding company does not report information on a timely basis, accruals are recorded based on the best available information at the time, which includes the reinsurance agreement terms and historical
35

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
experience. Actual and anticipated experience are periodically compared to the assumptions used to establish reinsurance assets and liabilities.

Funds Withheld and Modco

For business assumed or ceded on a funds withheld or modco basis, a funds withheld segregated portfolio, comprised of invested assets and other assets is maintained by the ceding entity, which is sufficient to support the current balance of statutory reserves. The fair value of the funds withheld is recorded as a funds withheld asset or liability and any excess or shortfall in relation to statutory reserves is settled periodically.

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

Deferred Acquisition Costs and Deferred Sales Inducements

Costs related directly to the successful acquisition of new, or renewal of, insurance or investment contracts are deferred to the extent they are recoverable from future premiums or gross profits. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Athene performs periodic tests, including at issuance, to determine if the deferred costs are recoverable. If it determines that the deferred costs are not recoverable, a cumulative charge is recorded to the current period.

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are amortized over the lives of the policies, based upon the proportion of the present value of actual and expected deferred costs to the present value of actual and expected gross profits to be earned over the life of the policies. Gross profits include investment spread margins, surrender charge income, policy administration charges and expenses, changes in the GLWB and GMDB reserves and realized gains and losses on investments. Current period gross profits for fixed indexed annuities also include the change in fair value of both freestanding and embedded derivatives. Estimates of the expected gross profits and margins are based on assumptions using accepted actuarial methods related to policyholder behavior, including lapses and the utilization of benefit riders, mortality, yields on investments supporting the liabilities, future interest credited amounts (including indexed related credited amounts on fixed indexed annuity products), and other policy changes as applicable, and the level of expenses necessary to maintain the policies over their expected lives. Each reporting period, Athene updates estimated gross profits with actual gross profits as part of the amortization process and adjust the DAC and DSI balances due to the OCI effects of unrealized investment gains and losses on AFS securities. Athene also periodically revises the key assumptions used in the amortization calculation, which results in revisions to the estimated future gross profits. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract.

Value of Business Acquired

Athene establishes VOBA for blocks of insurance contracts acquired through the acquisition of insurance entities. It records the fair value of the liabilities assumed in two components: reserves and VOBA. Reserves are established using Athene’s best estimate assumptions, plus a provision for adverse deviation where applicable, as of the business combination date. VOBA is the difference between the fair value of the liabilities and the reserves. VOBA can be either positive or negative. Any negative VOBA is recorded to the same financial statement line on the condensed consolidated statements of financial condition as the associated reserves. Positive VOBA is recorded in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition. Athene performs periodic tests to determine if the VOBA remains recoverable. If it determines that VOBA is not recoverable, a cumulative charge is recorded to the current period.

VOBA and negative VOBA are amortized in relation to applicable policyholder liabilities. Significant assumptions that impact VOBA and negative VOBA amortization are consistent with those that impact the measurement of policyholder liabilities.

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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Interest Sensitive Contract Liabilities

Universal life-type policies and investment contracts include fixed indexed and traditional fixed annuities in the accumulation phase, funding agreements, universal life insurance, fixed indexed universal life insurance and immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies). Athene carries liabilities for fixed annuities, universal life insurance and funding agreements at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”) which it carries at fair value. Liabilities for immediate annuities without significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. For a discussion regarding indexed products, refer above to the embedded derivative discussion.

Changes in the interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the condensed consolidated statements of operations. Interest sensitive contract liabilities are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated statements of financial condition.

Future Policy Benefits

Athene issues contracts classified as long-duration, which includes term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which includes pension group annuities with life contingencies). Liabilities for non-participating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to expenses, investment yields, mortality, morbidity and persistency, with a provision for adverse deviation, at the date of issue or acquisition. As of September 30, 2022, the reserve investment yield assumptions for non-participating contracts range from 2.3% to 5.9% and are specific to Athene’s expected earned rate on the asset portfolio supporting the reserves. Athene bases other key assumptions, such as mortality and morbidity, on industry standard data adjusted to align with actual company experience, if necessary.

For long-duration contracts, the assumptions are locked in at contract inception and only modified if Athene deems the reserves to be inadequate. Athene periodically reviews actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net U.S. GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net U.S. GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net U.S. GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability.

Athene issues and reinsures deferred annuity contracts which contain GLWB and GMDB riders. Future policy benefits for GLWB and GMDB riders are established by estimating the expected value of withdrawal and death benefits in excess of the projected policyholder account balances. The excess is recognized proportionally over the accumulation period based on total actual and expected assessments. The methods used to estimate the liabilities have assumptions about policyholder behavior, which includes lapses, withdrawals and utilization of benefit riders; mortality, expected yield on investments supporting the liability; and market conditions affecting the account balance growth.

Future policy benefits includes liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. Retirement Services establishes future policy benefits for no-lapse guarantees by estimating the expected value of death benefits paid after policyholder account balances have been exhausted. Retirement Services recognizes these benefits proportionally over the life of the contracts based on total actual and expected assessments. The methods Retirement Services uses to estimate the liabilities have assumptions about policyholder behavior, mortality, expected yield on investments supporting the liability, and market conditions affecting policyholder account balance growth.

For the liabilities associated with GLWB and GMDB riders and no-lapse guarantees, each reporting period, expected excess benefits and assessments are updated with actual excess benefits and assessments and liability balances are adjusted due to the OCI effects of unrealized investment gains and losses on AFS securities. The key assumptions used in the calculation of the liabilities are also periodically revised which results in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made.

Changes in future policy benefits other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of operations.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Future policy benefits are not reduced for amounts ceded under reinsurance agreements which are reported as reinsurance recoverable on the condensed consolidated statements of financial condition.

Revenues

Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period. Interest credited to policyholder account balances and the change in fair value of embedded derivatives within fixed indexed annuity contracts is included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. When premiums are due over a significantly shorter period than the period over which benefits are provided, such as immediate annuities with life contingencies (which includes pension group annuities), a deferred profit liability is established equal to the excess of the gross premium over the net premium. The deferred profit liability is recognized in future policy benefits on the condensed consolidated statements of financial condition and amortized into income in relation to applicable policyholder liabilities through future policy and other policy benefits on the condensed consolidated statements of operations.

All insurance related revenue is reported net of reinsurance ceded.

3. Merger with Athene

On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Merger Agreement. As a result of the Mergers, AAM and AHL became subsidiaries of AGM.

Under the Merger Agreement, each issued and outstanding Athene common share was converted automatically into 1.149 shares of common stock of AGM and any cash paid in lieu of fractional shares. The purchase price was as follows:

(In millions, except share price data and exchange ratio)
AHL common shares purchased 138 
Exchange ratio 1.149 
Shares of common stock issued in exchange 158 
AGM Class A shares closing price $ 72.43 
Total merger consideration at closing $ 11,455 
Fair value of estimated RSUs, options and warrants assumed and other equity consideration1,2
699 
Effective settlement of pre-existing relationships3
896 
Total merger consideration 13,050 
Fair value of AHL common shares previously held (55 million shares) and other adjustments4,5
4,554 
Total AHL equity value held by AGM 17,604 
Non-controlling interest6
4,942 
Total AHL equity value $ 22,546 
1 AGM issued one-time grants of fully vested RSUs and options to certain executives and shareholders of Athene vesting upon consummation of the Mergers. Additionally, all issued and outstanding warrants of Athene prior to the Merger Date were exchanged for shares of AGM common stock at the time of the Mergers. The fair value of these awards is $600 million and is treated as part of consideration transferred.
2 AGM issued replacement awards for all outstanding Athene equity awards. $99 million was included as part of consideration for the portion that was attributable to pre-combination services and $53 million will be treated as post-combination compensation expense.
3 The pre-existing relationship related to receivables, payables, and dividends between Apollo and Athene. Total fees payable to AGM by Athene for asset management and advisory services were approximately $146 million. A cash dividend of $750 million was declared by Athene to its common shareholders with Apollo owning 100% of the common shares as of the dividend record date.
4 Based on the December 31, 2021 closing price of AHL common shares on the NYSE.
5 Other adjustments includes pushdown of goodwill arising out of deferred tax liabilities associated with identifiable net assets of Athene.
6 Non-controlling interest in Athene includes holders of Athene’s preferred shares and third-party investors in ACRA and in consolidated VIEs of Athene. The fair value of Athene’s preferred shares was based on the closing stock price of Athene’s preferred shares immediately prior to the consummation of the Athene merger and the fair value of the non-controlling interest in ACRA was determined using the discounted distribution model approach.
The value of the consideration at closing is subject to certain post-closing adjustments, which could represent an adjustment to the preliminary determination of goodwill recorded.
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APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The Mergers were accounted for as a business combination. The consideration has been allocated to Athene's assets acquired and liabilities assumed based on estimates of their fair values as of the Merger Date. The fair value of assets acquired, and liabilities assumed represent a provisional allocation, as the Company’s evaluation of facts and circumstances available as of the Merger Date is ongoing. The business combination was achieved in steps. The Company previously held its equity interests in the acquiree at fair value.

Goodwill of $4.1 billion has been recorded based on the amount that the Athene equity value exceeds the fair value of the net assets acquired less the amounts attributable to non-controlling interests. Goodwill is primarily attributable to the scale, skill sets, operations, and synergies that can be achieved subsequent to the Mergers. The goodwill recorded is not expected to be deductible for tax purposes.

The financial statements will not be retrospectively adjusted for any changes to the provisional values of assets acquired and liabilities assumed that occur in subsequent periods. Any adjustments will be recognized as information related to this preliminary fair value calculation is obtained. The effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, will be recorded in the same period as the financial statements, calculated as if the accounting had been completed at the Merger Date. The purchase price allocation is expected to be finalized as soon as practicable, but no later than one year from the Merger Date.

The following table summarizes the provisional fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Merger Date:
(In millions) Fair Value and Goodwill Calculation
Merger consideration $ 13,050 
Fair value of previously held equity interest 4,554 
Total Athene Value to be Held by the Company 17,604 
Total Value to Allocate
Investments 176,015 
Cash and cash equivalents 9,479 
Restricted cash and cash equivalents 796 
Investment in related parties 33,863 
Reinsurance recoverable 4,977 
VOBA 4,547 
Assets of consolidated variable interest entities 3,635 
Other assets 5,729 
Estimated fair value of total assets acquired (excluding goodwill) 239,041 
Interest sensitive contract liabilities 160,205 
Future policy benefits 47,105 
Debt 3,295 
Payables for collateral on derivatives and securities to repurchase 7,044 
Liabilities of consolidated variable interest entities 461 
Other liabilities 2,443 
Estimated fair value of total liabilities assumed 220,553 
Non-controlling interest 4,942 
Estimated fair value of net assets acquired, excluding goodwill 13,546 
Goodwill attributable to Athene $ 4,058 

Included within the above are provisional amounts for (1) VOBA, (2) interest sensitive contract liabilities, (3) future policy benefits, and (4) other assets and other liabilities for the portion of net assets acquired relating to other identifiable intangibles and deferred taxes, based on the availability of data as of the date the financial statements were available to be issued. Any adjustment to provisional amounts will be made prospectively as data becomes available. The income effects from changes to provisional amounts will be recorded in the period the adjustment is made, as if the adjustment had been recorded on the Merger Date. During the nine months ended September 30, 2022, the Company recorded adjustments which decreased provisional goodwill by $123 million. The adjustments were comprised of $40 million for measurement period adjustments and $83 million to adjust the valuation of an investment. The measurement period adjustments were primarily related to decreases in interest sensitive contract liabilities and future policy benefits and the effects to the condensed consolidated statements of
39

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
operations were immaterial to those periods. The Company expects to finalize purchase accounting as soon as practicable but no later than one year from the Merger Date.

The Company performed a valuation of the acquired investments, policy liabilities, VOBA, other identifiable intangibles, and funds withheld at interest payables and receivables using methodologies consistent with those described in note 2 and note 7.

Value of business acquired and Other identifiable intangible assets

VOBA represents the difference between the fair value of liabilities acquired and reserves established using best estimate assumptions at the Merger Date. Other identifiable intangible assets are included in other assets on the condensed consolidated statement of financial condition and summarized as follow:

Distribution Channels Trade Name Insurance Licenses
These assets are valued using the excess earnings method, which derives value based on the present value of the cash flow attributable to the distribution channels, less returns for contributory assets. This represents the Athene trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Licenses are protected through registration and were valued using the market approach based on third-party market transactions from which the prices paid for state insurance licenses could be derived.
The fair value and weighted average estimated useful lives of VOBA and other identifiable intangible assets acquired in the Mergers consist of the following:
Fair value
(in millions)
Average useful life
(in years)
VOBA Asset $ 4,547  7
Distribution Channels 1,870  18
Trade Name 160  20
State Insurance Licenses 26  Indefinite
Total $ 6,603 

As of the Merger Date, Athene's financial results are reflected in these condensed consolidated financial statements. Athene's revenues of $2,502 million and $4,248 million and net income (loss) of $(689) million and $(3,929) million are included in the condensed consolidated statement of operations for the three and nine months ended September 30, 2022, respectively.

Pro Forma Financial Information

Unaudited pro forma financial information for the three and nine months ended September 30, 2021 is presented below. Pro forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the Mergers and assume the Mergers occurred as of January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the Mergers been completed as of January 1, 2021.

(In millions) Three months ended September 30, 2021 Nine months ended September 30, 2021
Total Revenues $ 9,576  $ 23,146 
Net income attributable to Apollo 967  3,999 

Amounts above reflect certain pro forma adjustments that were directly attributable to the Mergers. These adjustments include the following:

•the elimination of historical amortization of Athene’s intangibles and the additional amortization of intangibles measured at fair value as of the Merger Date; and
•the prospective adjustments to the book value of AFS securities and the fair value of mortgage loans, which will be amortized into income based on the expected life of the investments.
40

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
4. Investments

The following table outlines the Company’s investments:
(In millions) September 30, 2022 December 31, 2021
Asset Management
Investments, at fair value $ 1,131  $ 5,589 
Equity method investments 962  1,346 
Performance allocations 2,389  2,732 
U.S. Treasury securities, at fair value 1,372  1,687 
Total Investments – Asset Management
 5,854  11,354 
Retirement Services
AFS securities, at fair value $ 102,648  $ — 
Trading securities, at fair value 2,491  — 
Equity securities 1,947  — 
Mortgage loans, at fair value 26,476  — 
Investment funds 1,301  — 
Policy loans 353  — 
Funds withheld at interest 44,667  — 
Derivative assets 4,065  — 
Short-term investments 318  — 
Other investments 956  — 
Total Investments, including related party – Retirement Services
 185,222  — 
Total Investments $ 191,076  $ 11,354 

Asset Management

Net Gains (Losses) from Investment Activities

The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:

Three months ended September 30, Nine months ended September 30,
(In millions) 2022 2021 2022 2021
Realized gains (losses) on sales of investments, net $ (1) $ —  $ (7) $ 1 
Net change in unrealized gains (losses) due to changes in fair value (15) 173  171  1,438 
Net gains (losses) from investment activities $ (16) $ 173  $ 164  $ 1,439 

Performance Allocations

Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:

(In millions) Total
Performance allocations, January 1, 2022
 $ 2,732 
Change in fair value of funds 201 
Fund distributions to the Company (544)
Performance allocations, September 30, 2022
 $ 2,389 

The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition.

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain
41

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.

Retirement Services

AFS Securities

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:

September 30, 2022
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS Securities
US government and agencies $ 3,229  $ —  $ —  $ (731) $ 2,498 
US state, municipal and political subdivisions 1,217  —  —  (297) 920 
Foreign governments 1,208  (27) 2  (322) 861 
Corporate 72,556  (66) 50  (15,632) 56,908 
CLO 16,235  (5) 3  (2,087) 14,146 
ABS 10,691  (13) 8  (814) 9,872 
CMBS 3,462  (3) —  (396) 3,063 
RMBS 6,248  (321) 7  (609) 5,325 
Total AFS securities 114,846  (435) 70  (20,888) 93,593 
AFS securities – related party
Corporate 1,076  —  3  (57) 1,022 
CLO 2,884  (1) —  (402) 2,481 
ABS 5,825  —  1  (274) 5,552 
Total AFS securities – related party 9,785  (1) 4  (733) 9,055 
Total AFS securities including related party $ 124,631  $ (436) $ 74  $ (21,621) $ 102,648 

The amortized cost and fair value of AFS securities, including related party, are shown by contractual maturity below:

September 30, 2022
(In millions) Amortized Cost Fair Value
AFS securities
Due in one year or less $ 1,053  $ 1,031 
Due after one year through five years 10,912  9,837 
Due after five years through ten years 20,900  17,101 
Due after ten years 45,345  33,218 
CLO, ABS, CMBS and RMBS 36,636  32,406 
Total AFS securities 114,846  93,593 
AFS securities – related party
Due in one year or less 1  1 
Due after one year through five years 23  21 
Due after five years through ten years 898  870 
Due after ten years 154  130 
CLO and ABS 8,709  8,033 
Total AFS securities – related party 9,785  9,055 
Total AFS securities including related party $ 124,631  $ 102,648 

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

42

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Unrealized Losses on AFS Securities

The following summarizes the fair value and gross unrealized losses for AFS securities, including related party, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:

September 30, 2022
Less than 12 months 12 months or more Total
(In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
AFS Securities
US government and agencies $ 2,482  $ (731) $ —  $ —  $ 2,482  $ (731)
US state, municipal and political subdivisions 916  (297) —  —  916  (297)
Foreign governments 843  (322) —  —  843  (322)
Corporate 56,317  (15,631) —  —  56,317  (15,631)
CLO 13,636  (2,043) —  —  13,636  (2,043)
ABS 7,436  (730) —  —  7,436  (730)
CMBS 2,880  (384) —  —  2,880  (384)
RMBS 3,573  (428) —  —  3,573  (428)
Total AFS securities 88,083  (20,566) —  —  88,083  (20,566)
AFS securities – related party
Corporate 409  (56) —  —  409  (56)
CLO 2,431  (399) —  —  2,431  (399)
ABS 5,018  (249) —  —  5,018  (249)
Total AFS securities – related party 7,858  (704) —  —  7,858  (704)
Total AFS securities including related party $ 95,941  $ (21,270) $ —  $ —  $ 95,941  $ (21,270)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related party, for which an allowance for credit losses has not been recorded:

September 30, 2022
Unrealized Loss Position Unrealized Loss Position 12 Months or More
AFS securities 9,160  — 
AFS securities – related party 171  — 

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.

43

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:

Three months ended September 30, 2022
Additions Reductions
(In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance
AFS Securities
Foreign governments $ 61  $ —  $ —  $ (28) $ —  $ (6) $ 27 
Corporate 70  5  —  —  (6) (3) 66 
CLO 107  2  —  —  —  (104) 5 
ABS 14  7  —  —  —  (8) 13 
CMBS 9  —  —  —  —  (6) 3 
RMBS 348  1  2  (7) —  (23) 321 
Total AFS securities 609  15  2  (35) (6) (150) 435 
AFS securities – related party
CLO 19  —  —  —  —  (18) 1 
ABS 1  —  —  —  —  (1) — 
Total AFS securities – related party 20  —  —  —  —  (19) 1 
Total AFS securities including related party $ 629  $ 15  $ 2  $ (35) $ (6) $ (169) $ 436 

Nine months ended September 30, 2022
Additions Reductions
(In millions)
Beginning balance1
Initial credit losses Initial credit losses on PCD securities Securities sold during the period Securities intended to be sold prior to recovery of amortized cost basis Additions (reductions) to previously impaired securities Ending Balance
AFS Securities
Foreign governments $ —  $ 66  $ —  $ (28) $ —  $ (11) $ 27 
Corporate —  66  —  —  (6) 6  66 
CLO —  24  —  —  —  (19) 5 
ABS 5  16  —  —  —  (8) 13 
CMBS —  14  —  —  —  (11) 3 
RMBS 306  30  3  (24) —  6  321 
Total AFS securities 311  216  3  (52) (6) (37) 435 
AFS securities – related party
CLO —  3  —  —  —  (2) 1 
ABS —  18  —  —  —  (18) — 
Total AFS securities – related party —  21  —  —  —  (20) 1 
Total AFS securities including related party $ 311  $ 237  $ 3  $ (52) $ (6) $ (57) $ 436 
1 Beginning balance reflects allowances established at the time of the Mergers under purchase accounting for PCD investments.

44

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Net Investment Income

Net investment income by asset class consists of the following:

(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
AFS securities $ 1,076  $ 2,861 
Trading securities 41  133 
Equity securities 17  41 
Mortgage loans 336  870 
Investment funds (37) 278 
Funds withheld at interest 534  1,347 
Other 75  165 
Investment revenue 2,042  5,695 
Investment expenses (9) (28)
Net investment income $ 2,033  $ 5,667 

Investment Related Gains (Losses)

Investment related gains (losses) by asset class consists of the following:

(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
AFS securities
Gross realized gains on investment activity $ 84  $ 404 
Gross realized losses on investment activity (761) (2,003)
Net realized investment losses on AFS securities (677) (1,599)
Net recognized investment losses on trading securities (119) (497)
Net recognized investment losses on equity securities (9) (260)
Net recognized investment losses on mortgage loans (1,199) (3,094)
Derivative losses (1,821) (8,794)
Provision for credit losses 171  (193)
Other gains 807  1,614 
Investment related gains (losses) $ (2,847) $ (12,823)

Proceeds from sales of AFS securities were $635 million and $9,405 million for the three and nine months ended September 30, 2022, respectively.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:

(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
Trading securities $ (119) $ (455)
Trading securities – related party 6  2 
Equity securities 2  (237)
Equity securities – related party (18) (31)

45

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Repurchase Agreements

The following table summarizes the maturities of repurchase agreements:

September 30, 2022
Remaining Contractual Maturity
(In millions) Overnight and continuous Less than 30 days 30-90 days 91 days to 1 year Greater than 1 year Total
Payables for repurchase agreements1
$ —  $ 150  $ 1,260  $ 201  $ 2,866  $ 4,477 
1 Included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition.

The following table summarizes the securities pledged as collateral for repurchase agreements:

September 30, 2022
(In millions) Amortized Cost Fair Value
AFS securities
U.S. government and agencies $ 2,093  $ 1,592 
Foreign governments 147  104 
Corporate 1,965  1,580 
CLO 282  264 
ABS 1,207  1,066 
Total securities pledged under repurchase agreements $ 5,694  $ 4,606 

Reverse Repurchase Agreements

As of September 30, 2022, amounts loaned under reverse repurchase agreements were $26 million, and collateral received was $616 million.

Mortgage Loans, including related parties and VIEs

Mortgage loans includes both commercial and residential loans. Athene has elected the fair value option on substantially all of its mortgage loan portfolio. See note 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:

(In millions) September 30, 2022
Commercial mortgage loans $ 19,976 
Commercial mortgage loans under development 780 
Total commercial mortgage loans 20,756 
Mark to fair value (1,849)
Fair value of commercial mortgage loans 18,907 
Residential mortgage loans 10,332 
Mark to fair value (763)
Fair value of residential mortgage loans 9,569 
Mortgage loans $ 28,476 

Athene primarily invests in commercial mortgage loans on income producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt.

46

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:

September 30, 2022
(In millions, except percentages) Net Carrying Value Percentage of Total
Property type
Office building $ 4,730  25.0  %
Retail 1,411  7.5  %
Apartment 5,935  31.4  %
Hotels 1,818  9.6  %
Industrial 1,726  9.1  %
Other commercial 3,287  17.4  %
Total commercial mortgage loans $ 18,907  100.0  %
US Region
East North Central $ 1,560  8.3  %
East South Central 408  2.2  %
Middle Atlantic 4,141  21.9  %
Mountain 884  4.7  %
New England 1,063  5.6  %
Pacific 3,875  20.5  %
South Atlantic 2,743  14.5  %
West North Central 253  1.3  %
West South Central 1,080  5.7  %
Total US Region 16,007  84.7  %
International Region
United Kingdom 1,802  9.5  %
International Other1
1,098  5.8  %
Total International Region 2,900  15.3  %
Total commercial mortgage loans $ 18,907  100.0  %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

Athene’s residential mortgage loan portfolio includes first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:

September 30, 2022
US States
California 30.8  %
Florida 9.9  %
New Jersey 5.6  %
New York 5.6  %
Other1
35.3  %
Total US residential mortgage loan percentage 87.2  %
International
United Kingdom 4.6  %
Ireland 3.4  %
Other2
4.8  %
Total international residential mortgage loan percentage 12.8  %
Total residential mortgage loan percentage 100.0  %
1 Represents all other states, with each individual state comprising less than 5% of the portfolio.
2 Represents all other countries, with each individual country comprising less than 5% of the portfolio.


47

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Investment Funds

Athene’s investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.

The following summarizes Athene’s investment funds, including related party and consolidated VIEs:
September 30, 2022
(In millions, except percentages) Carrying value Percent of total
Investment funds
Apollo and other fund investments
Equity funds 5  17.2  %
Hybrid funds 20  69.0  %
Yield funds 4  13.8  %
Total investment funds 29  100.0  %
Investment funds – related parties
Strategic origination platforms 68  5.3  %
Strategic insurance platforms 1,048  82.4  %
Apollo and other fund investments
Equity funds 135  10.7  %
Yield funds 4  0.3  %
Other 17  1.3  %
Total investment funds – related parties 1,272  100.0  %
Investment funds owned by consolidated VIEs
Strategic origination platforms 4,524  38.1  %
Strategic insurance platforms 545  4.6  %
Apollo and other fund investments
Equity funds 2,568  21.5  %
Hybrid funds 3,183  26.8  %
Yield funds 985  8.3  %
Other 80  0.7  %
Total investment funds – assets of consolidated VIEs 11,885  100.0  %
Total investment funds including related party and funds owned by consolidated VIEs $ 13,186 

48

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Concentrations—The following table represents Athene’s investment concentrations. The evaluation for concentration is based on 10% of stockholders’ equity; however, due to stockholders’ equity being in a deficit position as of September 30, 2022, the Company is providing the top 30 investment concentrations.
(In millions) September 30, 2022
Athene Freedom1
$ 1,422 
Athora1
1,123 
PK AirFinance1
933 
AP Tundra 894 
Cayman Universe 762 
AOP Finance 754 
MidCap1
680 
SoftBank Vision Fund II 666 
AA Infrastructure 621 
Bank of America 593 
Apollo Rose2
545 
Morgan Stanley 512 
Venerable1
506 
AP Hansel2
500 
Citigroup 494 
AP Maia2
487 
JPMorgan Chase 452 
AT&T Inc. 413 
FWD Group 400 
Comcast 372 
Mileage Plus 371 
Verizon 347 
Goldman Sachs 310 
AA Warehouse 299 
HWIRE 294 
Enterprise Products 280 
Wheels Fleet Lease 279 
Shell 279 
Energy Trans 266 
Wells Fargo 249 
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 16.
2 Represents a consolidated VIE investment in which an underlying investment includes a single issuer exceeding concentration threshold.
49

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
5. Derivatives
The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 7 for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:

September 30, 2022
Notional Amount Fair Value
(In millions) Assets Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps 6,517  $ 1,122  $ 241 
Forwards 5,627  697  5 
Interest rate swaps 4,468  —  1,055 
Forwards on net investments 193  4  — 
Interest rate swaps 9,505  1  159 
Total derivatives designated as hedges 1,824  1,460 
Derivatives not designated as hedges
Equity options 61,670  905  122 
Futures 21  30  2 
Total return swaps 99  —  10 
Foreign currency swaps 3,428  354  188 
Interest rate swaps 465  88  — 
Credit default swaps 10  —  1 
Foreign currency forwards 14,013  864  439 
Embedded derivatives
Funds withheld including related party (6,830) (82)
Interest sensitive contract liabilities —  4,998 
Total derivatives not designated as hedges (4,589) 5,678 
Total derivatives $ (2,765) $ 7,138 

Derivatives Designated as Hedges

Cash Flow Hedges

Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. During the three and nine months ended September 30, 2022, Athene recognized losses of $111 million in other comprehensive income (loss) associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2022. As of September 30, 2022, no amounts are expected to be reclassified to income within the next 12 months.

Fair Value Hedges

Athene uses foreign currency forward contracts, foreign currency interest rates swaps, and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.

50

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:
September 30, 2022
(In millions)
Carrying amount of the hedged assets or liabilities1
Cumulative amount of fair value hedging gains (losses)
AFS securities
Foreign currency forwards $ 3,989  $ (644)
Foreign currency swaps 3,878  (792)
Interest sensitive contract liabilities
Foreign currency swaps 1,081  162 
Foreign currency interest rate swaps 4,348  879 
Interest rate swaps 6,750  357 
1 The carrying amount disclosed for AFS securities is amortized cost.
The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:
Amount Excluded
(In millions) Derivatives Hedged Items Net Recognized in income through amortization approach Recognized in income through changes in fair value
Three months ended September 30, 2022
Investment related gains (losses)
Foreign currency forwards $ 288  $ (290) $ (2) $ 18  $ — 
Foreign currency swaps 256  (283) (27) —  — 
Foreign currency interest rate swaps (379) 384  5  —  — 
Interest rate swaps (268) 264  (4) —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 12  (14) (2) —  — 
Nine months ended September 30, 2022
Investment related gains (losses)
Foreign currency forwards $ 616  $ (648) $ (32) $ 48  $ 1 
Foreign currency swaps 589  (630) (41) —  — 
Foreign currency interest rate swaps (873) 879  6  —  — 
Interest rate swaps (345) 357  12  —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 37  (37) —  —  — 
51

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
Foreign currency forwards $ (20) $ (77)
Foreign currency swaps 51  60 

Net Investment Hedges

Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three and nine months ended September 30, 2022, these derivatives had gains of $22 million and $47 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of September 30, 2022, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $47 million. During the three and nine months ended September 30, 2022, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options

Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures

Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Total return swaps

Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Total rate of return swaps are contracts in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of the underlying asset or index, which includes both the income it generates and any capital gains.

Interest rate swaps

Athene uses interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal amount at specified intervals.

Credit default swaps

Credit default swaps provide a measure of protection against the default of an issuer or allow the Company to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. These transactions have a lower cost and are generally more liquid relative to the cash market. Athene receives a periodic premium for these transactions as compensation for accepting credit risk.

52

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Hedging credit risk involves buying protection for existing credit risk. The exposure resulting from the agreements, which is usually the notional amount, is equal to the maximum proceeds that must be paid by a counterparty for a defaulted security. If a credit event occurs on a reference entity, then a counterparty who sold protection is required to pay the buyer the trade notional amount less any recovery value of the security.

Embedded derivatives

Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on modco or funds withheld basis and indexed annuity products.

The following is a summary of the gains (losses) related to derivatives not designated as hedges:

(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
Equity options $ (449) $ (2,728)
Futures (34) (153)
Swaps 132  121 
Foreign currency forwards 454  971 
Embedded derivatives on funds withheld (1,839) (7,041)
Amounts recognized in investment related gains (losses) (1,736) (8,830)
Embedded derivatives in indexed annuity products1
800  3,244 
Total gains (losses) on derivatives not designated as hedges $ (936) $ (5,586)
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Credit Risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

53

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledged Net amount
Off-balance sheet securities collateral3
Net amount after securities collateral
September 30, 2022
Derivative assets $ 4,065  $ (1,671) $ (2,538) $ (144) $ —  $ (144)
Derivative liabilities (2,222) 1,671  598  47  —  47 
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of September 30, 2022, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statement of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Certain derivative instruments contain provisions for credit-related events, such as downgrades in Athene’s credit ratings or for a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, the Company may be required to settle an outstanding liability. The following is a summary of Athene’s exposure to credit-related events:

(In millions) September 30, 2022
Fair value of derivative liabilities with credit related provisions $ 1 
Maximum exposure for credit default swaps 10 

As of September 30, 2022, no additional collateral would be required if a default or termination event were to occur.

6. Variable Interest Entities

A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Please refer to note 2 for more detail about the Company’s VIE assessment and consolidation policy. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.

Consolidated VIEs

Consolidated VIEs include consolidated SPACs as well as certain CLOs and funds managed by the Company. The financial information for these consolidated SPACs are disclosed in note 16.

The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.

Other assets of the consolidated funds include interest receivables and receivables from affiliates. Other liabilities include debt held at amortized cost as well as short-term payables.

Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value.

Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.

54

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Net Gains from Investment Activities of Consolidated Variable Interest Entities—Asset Management

The following table presents net gains from investment activities of the consolidated VIEs:

Three months ended September 30, Nine months ended September 30,
(In millions)
20221
20211
20221
20211
Net gains (losses) from investment activities $ 78  $ 104  $ 88  $ 460 
Net gains (losses) from debt —  (4) 144  (16)
Interest and other income 40  163  309  526 
Interest and other expenses (33) (121) (76) (570)
Net gains (losses) from investment activities of consolidated variable interest entities $ 85  $ 142  $ 465  $ 400 
1 Amounts reflect consolidation eliminations

Senior Secured Notes, Subordinated Notes, Subscription Lines and Secured Borrowings

Included within debt, at fair value, notes payable, and other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:

As of September 30, 2022 As of December 31, 2021
(In millions, except percentages) Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years
Asset Management
Senior secured notes2
$ 1,854  2.78  % 7.0 $ 7,431  3.16  % 15.5
Subordinated notes2
162  N/A
1
 98.0 613  N/A
1
 14.5
Subscription lines2
651  4.87  % 0.14 —  N/A N/A
Secured borrowings2,3
—  N/A N/A 18  2.33  % 0.4
Total – Asset Management
 $ 2,667  $ 8,062 
1 The principal outstanding balance of the subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs.
2 The notes, subscription lines and borrowings of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.
3 As of September 30, 2022, there was no principal outstanding for secured borrowings. As of December 31, 2021, secured borrowings consist of consolidated VIEs’ obligations through a repurchase agreement redeemable at maturity with third party lenders. The fair value of the secured borrowings as of December 31, 2021 approximates principal outstanding due to the short-term nature of the borrowings. These secured borrowings are classified as a Level 3 liability within the fair value hierarchy.

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of September 30, 2022, the Company was not aware of any instances of non-compliance with any of these covenants.

55

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Revenues of Consolidated Variable Interest Entities—Retirement Services

The following summarizes the statements of operations activity of the consolidated VIEs:
(In millions) Three months ended September 30, 2022 Nine months ended September 30, 2022
Trading securities $ 10  $ 12 
Equity securities 13  13 
Mortgage loans 22  67 
Investment funds 6  — 
Other investments (16) (3)
Net investment income 35  89 
Trading securities (38) (38)
Net recognized investment losses on mortgage loans (103) (262)
Investment funds 236  354 
Other gains (losses) (16) 5 
Investment related gains (losses) 79  59 
Revenues of consolidated variable interest entities $ 114  $ 148 

Unconsolidated Variable Interest Entities—Asset Management

The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.

As of As of
(In millions) September 30, 2022
2
 December 31, 2021
2
Maximum Loss Exposure1
$ 288  $ 241 
1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

Unconsolidated Variable Interest Entities—Retirement Services

The Company has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.

Fixed maturity securities

Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related party, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value on the condensed consolidated statements of financial condition and classified as AFS or trading.

Investment funds

Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

56

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Equity securities

Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:

September 30, 2022
(In millions) Carrying Value Maximum Loss Exposure
Investment funds $ 29  $ 323 
Investment in related parties – investment funds 1,272  1,272 
Assets of consolidated VIEs – investment funds 11,885  19,330 
Investment in fixed maturity securities 32,801  37,775 
Investment in related parties – fixed maturity securities 8,934  9,639 
Investment in related parties – equity securities 340  340 
Total non-consolidated investments $ 55,261  $ 68,679 


57

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
7. Fair Value

Fair Value Measurements of Financial Instruments

The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:

September 30, 2022
(In millions) Level 1 Level 2 Level 3 NAV Total
Assets
Asset Management
Cash and cash equivalents1
$ 1,119  $ —  $ —  $ —  $ 1,119 
Restricted cash and cash equivalents2
697  —  —  —  697 
Cash and cash equivalents of VIEs 155  —  —  —  155 
U.S. Treasury securities3
1,372  —  —  —  1,372 
Investments, at fair value 147  36  939 
4
 9  1,131 
Investments of VIEs 17  1,795  1,164  56  3,032 
Due from related parties5
—  —  42  —  42 
Derivative assets6
—  41  8  —  49 
Total Assets – Asset Management
 3,507  1,872  2,153  65  7,597 
Retirement Services
AFS Securities
US government and agencies 2,496  2  —  —  2,498 
US state, municipal and political subdivisions —  920  —  —  920 
Foreign governments —  859  2  —  861 
Corporate —  55,246  1,662  —  56,908 
CLO —  14,143  3  —  14,146 
ABS —  6,024  3,848  —  9,872 
CMBS —  3,063  —  —  3,063 
RMBS —  5,325  —  —  5,325 
Total AFS securities 2,496  85,582  5,515  —  93,593 
Trading securities 24  1,512  54  —  1,590 
Equity securities 265  870  72  —  1,207 
Mortgage loans —  —  25,145  —  25,145 
Funds withheld at interest – embedded derivative —  —  (5,259) —  (5,259)
Derivative assets 31  4,034  —  —  4,065 
Short-term investments 81  176  35  —  292 
Other investments —  170  496  —  666 
Cash and cash equivalents 9,823  —  —  —  9,823 
Restricted cash and cash equivalents 1,024  —  —  —  1,024 
Investments in related parties
AFS securities
Corporate —  169  853  —  1,022 
CLO —  2,170  311  —  2,481 
ABS —  224  5,328  —  5,552 
Total AFS securities – related party —  2,563  6,492  —  9,055 
Trading securities —  —  901  —  901 
Equity securities —  —  340  —  340 
Mortgage loans —  —  1,331  —  1,331 
Investment funds —  —  789  —  789 
Funds withheld at interest – embedded derivative —  —  (1,571) —  (1,571)
Other investments —  —  274  —  274 
Reinsurance recoverable —  —  1,476  —  1,476 
Assets of consolidated VIEs
Trading securities 4  364  620  —  988 
Equity securities —  —  15  —  15 
Mortgage loans —  —  1,663  —  1,663 
Investment funds —  —  2,306  9,579  11,885 
58

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
September 30, 2022
(In millions) Level 1 Level 2 Level 3 NAV Total
Other investments —  16  136  —  152 
Cash and cash equivalents 418  —  —  —  418 
Total Assets – Retirement Services
 14,166  95,287  40,830  9,579  159,862 
Total Assets $ 17,673  $ 97,159  $ 42,983  $ 9,644  $ 167,459 
Liabilities
Asset Management
Debt of VIEs, at fair value $ —  $ 1,709  $ —  $ —  $ 1,709 
Other liabilities of VIEs, at fair value —  2  —  —  2 
Contingent consideration obligations7
—  —  128  —  128 
Other liabilities8
2  —  —  —  2 
Total Liabilities – Asset Management
 2  1,711  128  —  1,841 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative —  —  4,998  —  4,998 
Universal life benefits —  —  852  —  852 
Future policy benefits
AmerUs closed block —  —  1,157  —  1,157 
ILICO closed block and life benefits —  —  612  —  612 
Derivative liabilities (8) 2,229  1  —  2,222 
Funds withheld liability – embedded derivative —  (82) —  —  (82)
Total Liabilities – Retirement Services
 (8) 2,147  7,620  —  9,759 
Total Liabilities $ (6) $ 3,858  $ 7,748  $ —  $ 11,600 
(Concluded)
59

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
December 31, 2021
(In millions) Level 1 Level 2 Level 3 NAV Total
Assets – Asset Management
Cash and cash equivalents1
$ 917  $ —  $ —  $ —  $ 917 
Restricted cash and cash equivalents2
708  —  —  —  708 
Cash and cash equivalents of VIEs 463  —  —  —  463 
U.S. Treasury securities3
1,687  —  —  —  1,687 
Investment in Athene Holding 4,548  —  —  —  4,548 
Other investments 49  46  946 
4
 —  1,041 
Investments of VIEs 6  1,055  13,188  488  14,737 
Due from related parties5
—  —  48  —  48 
Derivative assets6
—  8  —  —  8 
Total Assets $ 8,378  $ 1,109  $ 14,182  $ 488  $ 24,157 
Liabilities – Asset Management
Debt of VIEs, at fair value $ —  $ 446  $ 7,496  $ —  $ 7,942 
Other liabilities of VIEs, at fair value —  3  31  1  35 
Contingent consideration obligations7
—  —  126  —  126 
Other liabilities8
48  —  —  —  48 
Derivative liabilities6
—  2  —  —  2 
Total Liabilities $ 48  $ 451  $ 7,653  $ 1  $ 8,153 
1 Cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $1 million and $2 million, respectively, of cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information.
2 Restricted cash and cash equivalents as of September 30, 2022 and December 31, 2021 includes $695 million and $690 million, respectively, of restricted cash and cash equivalents held by consolidated SPACs. Refer to note 16 for further information.
3 U.S. Treasury securities as of September 30, 2022 and December 31, 2021 includes $347 million and $1.2 billion, respectively, of U.S. Treasury securities held by consolidated SPACs. Refer to note 16 for further information.
4 Investments as of September 30, 2022 and December 31, 2021 excludes $178 million and $176 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
5 Due from related parties represents a receivable from a fund.
6 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
7 As of September 30, 2022, other liabilities includes $25 million of contingent obligations, related to the Griffin Capital acquisition, classified as Level 3. As of September 30, 2022 and December 31, 2021, profit sharing payable includes $103 million and $126 million, respectively, related to contingent obligations classified as Level 3.
8 Other liabilities as of September 30, 2022 includes the publicly traded warrants of APSG II. Other liabilities as of December 31, 2021 includes the publicly traded warrants of APSG I and APSG II.

Changes in fair value of contingent consideration obligations in connection with the acquisition of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the condensed consolidated statements of operations. Refer to note 17 for further details.

60

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Level 3 Financial Instruments

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

September 30, 2022
Fair Value
(In millions)
 Valuation Technique Unobservable Inputs Ranges Weighted Average
Financial Assets
Asset Management
Investments $ 512  512 Embedded value N/A N/A N/A
122 Discounted cash flow Discount rate 8.9% - 52.8% 29.4%
1
306 Adjusted transaction value N/A N/A N/A
Due from related parties 42 Discounted cash flow Discount rate 15.0% 15.0%
Derivative assets 8 Option model Volatility rate 38.8% - 40.0% 39.7%
1
Investments of consolidated VIEs
Equity securities 603 Dividend discount model Discount rate 13.9% 13.9%
Discounted cash flow Discount rate 20.0% - 32.6% 24.0%
1
Adjusted transaction value N/A N/A N/A
Bank loans 529 Discounted cash flow Discount rate 7.1% - 32.7% 7.9%
1
Adjusted transaction value N/A N/A N/A
Bonds 32 Discounted cash flow 7.9% 7.9% 7.9%
Adjusted transaction value N/A N/A N/A
Retirement Services
AFS and trading securities 11,191  Discounted cash flow Discount rate
1.6% – 19.8%
 5.9%
1
Mortgage loans 28,139  Discounted cash flow Discount rate
2.6% – 35.7%
 5.8%
1
Financial Liabilities
Asset Management
Contingent consideration obligation 128  Discounted cash flow Discount rate 19.0% - 22.5% 19.7%
1
Option model Volatility rate 32.1% - 36.7% 34.4%
1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 4,998  Discounted cash flow Nonperformance risk
0.5% – 1.9%
 1.2%
2
Option budget
0.5% – 4.5%
 1.8%
3
Surrender rate
5.0% – 11.5%
 8.1%
4
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative.
3 The option budget weighted average is calculated based on the indexed account values.
4 The surrender rate weighted average is calculated based on projected account values.
61

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
  December 31, 2021
Fair Value
(In millions)
 Valuation Techniques Unobservable Inputs Ranges
Weighted Average1
Financial Assets
Other investments $ 516  Embedded value N/A N/A N/A
170  Discounted cash flow Discount rate 14.0% - 52.8% 26.4%
260  Adjusted transaction value N/A N/A N/A
Due from related parties 48  Discounted cash flow Discount rate 16.0% 16.0%
Investments of consolidated VIEs:
Equity securities 4,145  Discounted cash flow Discount rate 3.0% - 19.0% 10.4%
Dividend discount model Discount rate 13.7% 13.7%
Market comparable companies NTAV multiple 1.25x 1.25x
Adjusted transaction value Purchase multiple 1.25x 1.25x
Adjusted transaction value N/A N/A N/A
Bank loans 4,570  Discounted cash flow Discount rate 1.8% - 15.6% 4.3%
Adjusted transaction value N/A N/A N/A
Profit participating notes 2,849  Discounted cash flow Discount rate 8.7% - 12.5% 12.4%
Adjusted transaction value N/A N/A N/A
Real estate 512  Discounted cash flow Capitalization rate 4.0% - 5.8% 5.3%
Discounted cash flow Discount rate 5.0% - 12.5% 7.3%
Discounted cash flow Terminal capitalization rate 8.3% 8.3%
Direct capitalization Capitalization rate 5.5% - 8.5% 6.2%
Direct capitalization Terminal capitalization rate 6.0% - 12.0% 6.9%
Bonds 51  Discounted cash flow Discount rate 4.0% - 7.0% 6.1%
Third party pricing N/A N/A N/A
Other equity investments 1,061  Discounted cash flow Discount rate 11.8% -12.5% 12.1%
Adjusted transaction value N/A N/A N/A
Financial Liabilities
Liabilities of Consolidated VIEs:
Secured loans 4,311  Discounted cash flow Discount rate 1.4% - 10.0% 2.8%
Subordinated notes 3,164  Discounted cash flow Discount rate 4.5% - 11.9% 5.8%
Participating equity 21  Discounted cash flow Discount rate 15.0% 15.0%
Other liabilities 31  Discounted cash flow Discount rate 3.7% - 9.3% 6.3%
Contingent consideration obligation 126  Discounted cash flow Discount rate 18.5% 18.5%
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:

Three months ended September 30, 2022
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments $ 1,080  $ (25) $ —  $ (108) $ —  $ 947  $ 12  $ — 
Investments of Consolidated VIEs 1,190  24  —  98  (148) 1,164  (4) — 
Total Level 3 Assets – Asset Management
 $ 2,270  $ (1) $ —  $ (10) $ (148) $ 2,111  $ 8  $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Corporate 1,588  (16) (58) 205  (57) 1,662  —  (55)
CLO —  —  —  3  —  3  —  — 
ABS 3,594  2  (50) 198  104  3,848  —  (60)
CMBS —  —  —  —  —  —  —  — 
62

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2022
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
RMBS 68  —  (1) (1) (66) —  —  — 
Trading securities 58  (4) —  (2) 2  54  (4) — 
Equity securities 62  10  —  —  —  72  11  — 
Mortgage loans 25,218  (1,117) —  1,044  —  25,145  (1,111) — 
Investment funds 19  —  —  —  (19) —  —  — 
Funds withheld at interest – embedded derivative (3,958) (1,301) —  —  —  (5,259) —  — 
Short-term investments 58  —  —  (23) —  35  —  — 
Other investments —  —  —  —  496  496  —  — 
Investments in related parties
AFS securities
Corporate 849  1  (17) 114  (94) 853  —  (15)
CLO 325  —  (14) —  —  311  —  (14)
ABS 5,026  (3) (73) 284  94  5,328  —  (73)
Trading securities 891  4  —  5  1  901  4  — 
Equity securities 163  (18) —  195  —  340  (18) — 
Mortgage loans 1,416  (82) —  (3) —  1,331  (82) — 
Investment funds 818  (29) —  —  —  789  (29) — 
Funds withheld at interest – embedded derivative (1,129) (442) —  —  —  (1,571) —  — 
Other investments —  —  —  —  274  274  —  — 
Reinsurance recoverable 1,580  (104) —  —  —  1,476  —  — 
Assets of consolidated VIEs
Trading securities 330  (7) —  529  (232) 620  (7) — 
Equity securities —  —  —  —  15  15  —  — 
Mortgage loans 1,626  (80) —  96  21  1,663  (79) — 
Investment funds 1,053  (19) —  1,694  (422) 2,306  (19) — 
Other investments 31  —  —  —  105  136  —  — 
Total Level 3 assets – Retirement Services
 $ 39,688  $ (3,205) $ (213) $ 4,338  $ 222  $ 40,830  $ (1,334) $ (217)
Liabilities – Asset Management
Contingent consideration obligations $ 139  $ (11) $ —  $ —  $ —  $ 128  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ 139  $ (11) $ —  $ —  $ —  $ 128  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (5,451) $ 800  $ —  $ (347) $ —  $ (4,998) $ —  $ — 
Universal life benefits (943) 91  —  —  —  (852) —  — 
Future policy benefits
AmerUs Closed Block (1,247) 90  —  —  —  (1,157) —  — 
ILICO Closed Block and life benefits (623) 11  —  —  —  (612) —  — 
Derivative liabilities (1) —  —  —  —  (1) —  — 
Total Level 3 liabilities – Retirement Services
 $ (8,265) $ 992  $ —  $ (347) $ —  $ (7,620) $ —  $ — 
1 Related to instruments held at end of period.

63

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2021
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments of Consolidated VIEs $ 11,878  $ 85  $ —  $ (59) $ (165) $ 11,739  $ 80  $ — 
Other Investments 390  34  —  204  (2) 626  20  — 
Total Level 3 assets – Asset Management
 $ 12,268  $ 119  $ —  $ 145  $ (167) $ 12,365  $ 100  $ — 
Liabilities – Asset Management
Contingent consideration obligations $ 129  $ (2) $ —  $ (7) $ —  $ 120  $ —  $ — 
Debt and other liabilities of consolidated VIEs 7,206  3  —  (14) —  7,195  5  — 
Total Level 3 liabilities – Asset Management
 $ 7,335  $ 1  $ —  $ (21) $ —  $ 7,315  $ 5  $ — 
1 Related to instruments held at end of period.

Nine months ended September 30, 2022
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments $ 946  $ (16) $ —  $ (6) $ 23  $ 947  $ 72  $ — 
Investments of Consolidated VIEs 13,188  197  —  1,815  (14,036) 1,164  5  — 
Total Level 3 assets – Asset Management
 $ 14,134  $ 181  $ —  $ 1,809  $ (14,013) $ 2,111  $ 77  $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Corporate 1,339  (19) (135) 385  92  1,662  —  (120)
CLO 14  (2) —  (9) —  3  —  — 
ABS 3,619  9  (145) 198  167  3,848  —  (116)
CMBS 43  —  (17) —  (26) —  —  — 
RMBS —  —  (1) 67  (66) —  —  — 
Trading securities 69  (10) —  6  (11) 54  (4) — 
Equity securities 429  27  —  (3) (381) 72  25  — 
Mortgage loans 21,154  (2,888) —  6,879  —  25,145  (2,878) — 
Investment funds 18  1  —  —  (19) —  —  — 
Funds withheld at interest – embedded derivative —  (5,259) —  —  —  (5,259) —  — 
Short-term investments 29  —  (1) 7  —  35  —  (1)
Other investments —  —  —  —  496  496  —  — 
Investments in related parties
AFS securities
Corporate 670  (3) (23) 250  (41) 853  —  (22)
CLO 202  —  (21) 130  —  311  —  (21)
ABS 6,445  (4) (208) (957) 52  5,328  —  (193)
Trading securities 1,771  3  —  (1,057) 184  901  (4) — 
Equity securities 284  (32) —  76  12  340  (27) — 
Mortgage loans 1,369  (206) —  168  —  1,331  (206) — 
Investment funds 2,855  (1) —  (34) (2,031) 789  (1) — 
Short-term investments —  —  —  53  (53) —  —  — 
64

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Funds withheld at interest – embedded derivative —  (1,571) —  —  —  (1,571) —  — 
Other investments —  —  —  —  274  274  —  — 
Reinsurance recoverable 1,991  (515) —  —  —  1,476  —  — 
Assets of consolidated VIEs
Trading securities —  (7) —  529  98  620  (7) — 
Equity securities —  —  —  —  15  15  —  — 
Mortgage loans 2,152  (250) —  (58) (181) 1,663  (250) — 
Investment funds 1,297  9  —  1,855  (855) 2,306  9  — 
Other investments —  —  —  31  105  136  —  — 
Total Level 3 assets – Retirement Services
 $ 45,752  $ (10,718) $ (551) $ 8,516  $ (2,169) $ 40,830  $ (3,343) $ (473)
Liabilities – Asset Management
Contingent consideration obligations $ 126  $ (21) $ —  $ 23  $ —  $ 128  $ —  $ — 
Debt and other liabilities of consolidated VIEs 7,528  (28) —  1,126  (8,626) —  —  — 
Total Level 3 liabilities – Asset Management
 $ 7,654  $ (49) $ —  $ 1,149  $ (8,626) $ 128  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (7,559) $ 3,244  $ —  $ (683) $ —  $ (4,998) $ —  $ — 
Universal life benefits (1,235) 383  —  —  —  (852) —  — 
Future policy benefits — 
AmerUs Closed Block (1,520) 363  —  —  —  (1,157) —  — 
ILICO Closed Block and life benefits (742) 130  —  —  —  (612) —  — 
Derivative liabilities (3) 2  —  —  —  (1) —  — 
Total Level 3 liabilities – Retirement Services
 $ (11,059) $ 4,122  $ —  $ (683) $ —  $ (7,620) $ —  $ — 
1 Related to instruments held at end of period.

Nine months ended September 30, 2021
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments of Consolidated VIEs $ 10,963  $ 417  $ —  $ 817  $ (458) $ 11,739  $ 278  $ — 
Other Investments 370  56  —  201  (1) 626  49  — 
Total Level 3 assets – Asset Management
 $ 11,333  $ 473  $ —  $ 1,018  $ (459) $ 12,365  $ 327  $ — 
Liabilities – Asset Management
Contingent consideration obligations $ 120  $ 20  $ —  $ (20) $ —  $ 120  $ —  $ — 
Debt and other liabilities of consolidated VIEs 7,100  69  —  26  —  7,195  94  — 
Total Level 3 liabilities – Asset Management
 $ 7,220  $ 89  $ —  $ 6  $ —  $ 7,315  $ 94  $ — 
1 Related to instruments held at end of period.


65

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Three months ended September 30, 2022
(In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out)
Assets – Asset Management
Investments $ 9  $ —  $ (117) $ —  $ (108) $ —  $ —  $ — 
Investments of consolidated VIEs 979  —  (881) —  98  18  (166) (148)
Total Level 3 assets – Asset Management
 $ 988  $ —  $ (998) $ —  $ (10) $ 18  $ (166) $ (148)
Assets – Retirement Services
AFS securities
Corporate $ 228  $ —  $ (3) $ (20) $ 205  $ 83  $ (140) $ (57)
CLO 3  —  —  —  3  —  —  — 
ABS 344  —  —  (146) 198  116  (12) 104 
RMBS —  —  —  (1) (1) —  (66) (66)
Trading securities —  —  —  (2) (2) 3  (1) 2 
Mortgage loans 1,900  —  (51) (805) 1,044  —  —  — 
Investment funds —  —  —  —  —  —  (19) (19)
Short-term investments —  —  —  (23) (23) —  —  — 
Other investments —  —  —  —  —  496  —  496 
Investments in related parties
AFS securities
Corporate 116  —  —  (2) 114  —  (94) (94)
ABS 887  —  —  (603) 284  94  —  94 
Trading securities 5  —  —  —  5  1  —  1 
Equity securities 195  —  —  —  195  —  —  — 
Mortgage loans —  —  —  (3) (3) —  —  — 
Other investments —  —  —  —  —  274  —  274 
Assets of consolidated VIEs
Trading securities 529  —  —  —  529  100  (332) (232)
Equity securities —  —  —  —  —  15  —  15 
Mortgage loans 102  —  —  (6) 96  21  —  21 
Investment funds 1,695  —  (1) —  1,694  —  (422) (422)
Other investments —  —  —  —  —  105  —  105 
Total Level 3 assets – Retirement Services
 $ 6,004  $ —  $ (55) $ (1,611) $ 4,338  $ 1,308  $ (1,086) $ 222 
Liabilities – Retirement Services
Interest sensitive contract liabilities - Embedded derivative $ —  $ (457) $ —  $ 110  $ (347) $ —  $ —  $ — 
Total Level 3 liabilities – Retirement Services
 $ —  $ (457) $ —  $ 110  $ (347) $ —  $ —  $ — 

66

APOLLO GLOBAL MANAGEMENT, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Three months ended September 30, 2021
(In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out)
Assets – Asset Management
Investments $ 204  $ —  $ —  $ —  $ 204  $ —  $ (2) $ (2)
Investments of consolidated VIEs 286  —  (345) —  (59) 31  (196) (165)
Total Level 3 assets – Asset Management
 $ 490  $ —  $ (345) $ —  $ 145  $ 31  $ (198) $ (167)
Liabilities - Asset Management
Contingent consideration obligations $ —  $ —  $ —  $ (7) $ (7) $ —  $ —  $ — 
Debt and other liabilities of consolidated VIEs —  16  —  (30) (14) —  —  — 
Total Level 3 liabilities – Asset Management
 $ —  $ 16  $ —  $ (37) $