FALSE2024Q3000185868112-31http://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitiesP5YP5YP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesapo:investing_strategyapo:tierapo:positionxbrli:pureapo:extensionapo:dayapo:transactionapo:defendantapo:claimapo:segment00018586812024-01-012024-09-300001858681us-gaap:CommonStockMember2024-01-012024-09-300001858681us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001858681apo:SubordinatedNotesMember2024-01-012024-09-3000018586812024-11-040001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:RetirementServicesSegmentMember2024-09-300001858681apo:RetirementServicesSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-3100018586812024-09-3000018586812023-12-310001858681us-gaap:AssetManagement1Member2024-07-012024-09-300001858681us-gaap:AssetManagement1Member2023-07-012023-09-300001858681us-gaap:AssetManagement1Member2024-01-012024-09-300001858681us-gaap:AssetManagement1Member2023-01-012023-09-300001858681us-gaap:InvestmentAdviceMember2024-07-012024-09-300001858681us-gaap:InvestmentAdviceMember2023-07-012023-09-300001858681us-gaap:InvestmentAdviceMember2024-01-012024-09-300001858681us-gaap:InvestmentAdviceMember2023-01-012023-09-300001858681apo:AssetManagementSegmentMember2024-07-012024-09-300001858681apo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:AssetManagementSegmentMember2024-01-012024-09-300001858681apo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:ManagementServiceIncentiveMember2024-07-012024-09-300001858681us-gaap:ManagementServiceIncentiveMember2023-07-012023-09-300001858681us-gaap:ManagementServiceIncentiveMember2024-01-012024-09-300001858681us-gaap:ManagementServiceIncentiveMember2023-01-012023-09-300001858681apo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:RetirementServicesSegmentMember2023-01-012023-09-3000018586812024-07-012024-09-3000018586812023-07-012023-09-3000018586812023-01-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2023-06-300001858681us-gaap:PreferredStockMember2023-06-300001858681us-gaap:AdditionalPaidInCapitalMember2023-06-300001858681us-gaap:RetainedEarningsMember2023-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001858681us-gaap:ParentMember2023-06-300001858681us-gaap:NoncontrollingInterestMember2023-06-3000018586812023-06-300001858681us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001858681us-gaap:ParentMember2023-07-012023-09-300001858681us-gaap:PreferredStockMember2023-07-012023-09-300001858681us-gaap:RetainedEarningsMember2023-07-012023-09-300001858681us-gaap:CommonStockMember2023-07-012023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001858681us-gaap:CommonStockMember2023-09-300001858681us-gaap:PreferredStockMember2023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-09-300001858681us-gaap:RetainedEarningsMember2023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001858681us-gaap:ParentMember2023-09-300001858681us-gaap:NoncontrollingInterestMember2023-09-3000018586812023-09-300001858681us-gaap:CommonStockMember2022-12-310001858681us-gaap:PreferredStockMember2022-12-310001858681us-gaap:AdditionalPaidInCapitalMember2022-12-310001858681us-gaap:RetainedEarningsMember2022-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001858681us-gaap:ParentMember2022-12-310001858681us-gaap:NoncontrollingInterestMember2022-12-3100018586812022-12-310001858681us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001858681us-gaap:RetainedEarningsMember2023-01-012023-09-300001858681us-gaap:ParentMember2023-01-012023-09-300001858681us-gaap:PreferredStockMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2023-01-012023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2024-06-300001858681us-gaap:PreferredStockMember2024-06-300001858681us-gaap:AdditionalPaidInCapitalMember2024-06-300001858681us-gaap:RetainedEarningsMember2024-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001858681us-gaap:ParentMember2024-06-300001858681us-gaap:NoncontrollingInterestMember2024-06-3000018586812024-06-300001858681us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001858681us-gaap:ParentMember2024-07-012024-09-300001858681us-gaap:PreferredStockMember2024-07-012024-09-300001858681us-gaap:RetainedEarningsMember2024-07-012024-09-300001858681us-gaap:CommonStockMember2024-07-012024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001858681us-gaap:CommonStockMember2024-09-300001858681us-gaap:PreferredStockMember2024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-09-300001858681us-gaap:RetainedEarningsMember2024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001858681us-gaap:ParentMember2024-09-300001858681us-gaap:NoncontrollingInterestMember2024-09-300001858681us-gaap:CommonStockMember2023-12-310001858681us-gaap:PreferredStockMember2023-12-310001858681us-gaap:AdditionalPaidInCapitalMember2023-12-310001858681us-gaap:RetainedEarningsMember2023-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001858681us-gaap:ParentMember2023-12-310001858681us-gaap:NoncontrollingInterestMember2023-12-310001858681us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001858681us-gaap:CommonStockMember2024-01-012024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001858681us-gaap:ParentMember2024-01-012024-09-300001858681us-gaap:PreferredStockMember2024-01-012024-09-300001858681us-gaap:RetainedEarningsMember2024-01-012024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:USTreasuryAndGovernmentMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMember2024-06-300001858681us-gaap:NonrelatedPartyMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMember2023-06-300001858681us-gaap:NonrelatedPartyMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMember2022-12-310001858681us-gaap:NonrelatedPartyMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2022-12-310001858681us-gaap:RelatedPartyMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2023-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMember2024-01-012024-09-300001858681us-gaap:MaturityUpTo30DaysMember2024-09-300001858681us-gaap:MaturityUpTo30DaysMember2023-12-310001858681apo:Maturity91To364DaysMember2024-09-300001858681apo:Maturity91To364DaysMember2023-12-310001858681apo:MaturityOneYearOrGreaterMember2024-09-300001858681apo:MaturityOneYearOrGreaterMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberapo:MortgageLoansMember2024-09-300001858681us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberapo:MortgageLoansMember2023-12-310001858681us-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMemberapo:MortgageLoansMember2024-09-300001858681us-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMemberapo:MortgageLoansMember2023-12-310001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001858681apo:MortgageLoansMember2024-09-300001858681apo:MortgageLoansMember2023-12-310001858681srt:ApartmentBuildingMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:ApartmentBuildingMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:OfficeBuildingMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:OfficeBuildingMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:IndustrialPropertyMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:IndustrialPropertyMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:HotelMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:HotelMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:RetailSiteMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:RetailSiteMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:OtherPropertyMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:OtherPropertyMemberus-gaap:CommercialLoanMember2023-12-310001858681us-gaap:CommercialLoanMember2024-09-300001858681us-gaap:CommercialLoanMember2023-12-310001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USMountainMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USMountainMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USPacificMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USPacificMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681country:USus-gaap:CommercialLoanMember2024-09-300001858681country:USus-gaap:CommercialLoanMember2023-12-310001858681country:GBus-gaap:CommercialLoanMember2024-09-300001858681country:GBus-gaap:CommercialLoanMember2023-12-310001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2023-12-310001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2024-09-300001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2023-12-310001858681stpr:CAus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:CAus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:FLus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:FLus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:TXus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:TXus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:NYus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:NYus-gaap:ResidentialMortgageMember2023-12-310001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2024-09-300001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2023-12-310001858681country:USus-gaap:ResidentialMortgageMember2024-09-300001858681country:USus-gaap:ResidentialMortgageMember2023-12-310001858681country:GBus-gaap:ResidentialMortgageMember2024-09-300001858681country:GBus-gaap:ResidentialMortgageMember2023-12-310001858681apo:InternationalOtherMemberus-gaap:ResidentialMortgageMember2024-09-300001858681apo:InternationalOtherMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:NonrelatedPartyMemberapo:EquityFundInvestmentsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberapo:EquityFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:StrategicOriginationPlatformsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:StrategicOriginationPlatformsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:RetirementServicesPlatformsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:RetirementServicesPlatformsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:EquityFundInvestmentsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:EquityFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:CreditFundInvestmentsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:CreditFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:OtherInvestmentMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:OtherInvestmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:StrategicOriginationPlatformsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:StrategicOriginationPlatformsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesPlatformsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesPlatformsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001858681apo:APGrangeHoldingsLLCMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:AtlasMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:FoxHedgeL.PMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:WheelsMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2023-12-310001858681apo:ATTIncMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681apo:ForeignCurrencyInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681apo:ForeignCurrencyInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681apo:ForwardsOnNetInvestmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681apo:ForwardsOnNetInvestmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:StockOptionMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:StockOptionMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:ForeignExchangeFutureMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2023-12-310001858681apo:OtherSwapsMemberus-gaap:NondesignatedMember2024-09-300001858681apo:OtherSwapsMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-12-310001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:NondesignatedMember2024-09-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:NondesignatedMember2023-12-310001858681apo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300001858681apo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:NondesignatedMember2024-09-300001858681us-gaap:NondesignatedMember2023-12-310001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2024-01-012024-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:ForeignExchangeForwardMember2024-07-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:CurrencySwapMember2024-07-012024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2024-07-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2024-07-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:CurrencySwapMember2023-07-012023-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2023-07-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2023-07-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:ForeignExchangeForwardMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:CurrencySwapMember2024-01-012024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2024-01-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2024-01-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:CurrencySwapMember2023-01-012023-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2023-01-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2024-07-012024-09-300001858681us-gaap:NetInvestmentHedgingMember2023-07-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2024-01-012024-09-300001858681us-gaap:NetInvestmentHedgingMember2023-01-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2023-01-012023-12-310001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMember2023-01-012023-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2024-07-012024-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2023-07-012023-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2024-01-012024-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2023-01-012023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-09-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310001858681apo:InvestmentFundsMember2024-09-300001858681apo:InvestmentFundsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2023-12-310001858681us-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2023-12-310001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2023-12-310001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputImpliedMultipleMemberapo:ValuationTechniqueNetTangibleAssetsValuesMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputImpliedMultipleMemberapo:ValuationTechniqueNetTangibleAssetsValuesMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-06-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMember2024-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:RetirementServicesSegmentMember2024-06-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-06-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-06-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-06-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-06-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-09-300001858681apo:AssetManagementSegmentMember2023-06-300001858681apo:AssetManagementSegmentMember2023-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:RetirementServicesSegmentMember2023-06-300001858681apo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2022-12-310001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681apo:AssetManagementSegmentMember2022-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:RetirementServicesSegmentMember2022-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2022-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:CommercialMortgageMember2024-09-300001858681apo:CommercialMortgageMember2023-12-310001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesMember2023-12-310001858681apo:IndexedAnnuitiesMember2023-12-310001858681apo:FundingAgreementsMember2023-12-310001858681apo:OtherInvestmentTypesMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesMember2024-01-012024-09-300001858681apo:IndexedAnnuitiesMember2024-01-012024-09-300001858681apo:FundingAgreementsMember2024-01-012024-09-300001858681apo:OtherInvestmentTypesMember2024-01-012024-09-300001858681apo:TraditionalDeferredAnnuitiesMember2024-09-300001858681apo:IndexedAnnuitiesMember2024-09-300001858681apo:FundingAgreementsMember2024-09-300001858681apo:OtherInvestmentTypesMember2024-09-300001858681apo:TraditionalDeferredAnnuitiesMember2022-12-310001858681apo:IndexedAnnuitiesMember2022-12-310001858681apo:FundingAgreementsMember2022-12-310001858681apo:OtherInvestmentTypesMember2022-12-310001858681apo:TraditionalDeferredAnnuitiesMember2023-01-012023-09-300001858681apo:IndexedAnnuitiesMember2023-01-012023-09-300001858681apo:FundingAgreementsMember2023-01-012023-09-300001858681apo:OtherInvestmentTypesMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesMember2023-09-300001858681apo:IndexedAnnuitiesMember2023-09-300001858681apo:FundingAgreementsMember2023-09-300001858681apo:OtherInvestmentTypesMember2023-09-300001858681us-gaap:IndexedAnnuityMember2023-12-310001858681us-gaap:IndexedAnnuityMember2024-01-012024-09-300001858681us-gaap:IndexedAnnuityMember2024-09-300001858681us-gaap:IndexedAnnuityMember2022-12-310001858681us-gaap:IndexedAnnuityMember2023-01-012023-09-300001858681us-gaap:IndexedAnnuityMember2023-09-300001858681us-gaap:RelatedPartyMember2023-01-012023-09-300001858681apo:ReconcilingItemsMember2024-09-300001858681apo:ReconcilingItemsMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMemberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMemberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-12-310001858681us-gaap:WholeLifeInsuranceMember2023-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2024-01-012024-09-300001858681us-gaap:WholeLifeInsuranceMember2024-01-012024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2024-01-012024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2024-09-300001858681us-gaap:WholeLifeInsuranceMember2024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2022-12-310001858681us-gaap:WholeLifeInsuranceMember2022-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2022-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-01-012023-09-300001858681us-gaap:WholeLifeInsuranceMember2023-01-012023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-01-012023-09-300001858681us-gaap:AociLiabilityForFuturePolicyBenefitParentMemberapo:PayoutAnnuitiesWithLifeContingenciesMember2023-01-012023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-09-300001858681us-gaap:WholeLifeInsuranceMember2023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-09-300001858681apo:ReconcilingItemsMember2024-01-012024-09-300001858681apo:ReconcilingItemsMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2024-01-012024-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2024-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2022-12-310001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentySixSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentySixSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyNineSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentyNineSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:A265TwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:A265TwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyThreeNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFortyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFortyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftySubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftySubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyThreeSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyThreeSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyTwoSecuredBorrowingIIMemberus-gaap:SecuredDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyTwoSecuredBorrowingIIMemberus-gaap:SecuredDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandSixteenAMITermFacilityIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandTwentyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:A615DueTwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:A615DueTwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandThirtyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandThirtyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyTwoSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyTwoSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AssetManagementSegmentMember2023-01-012023-12-310001858681apo:SeniorNotesDue2054Memberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-210001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-302024-05-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-300001858681apo:FixedRateResettableJuniorSubordinatedNotesDue2054Memberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:AssetManagementSegmentMember2024-12-310001858681apo:FixedRateResettableJuniorSubordinatedNotesDue2054Memberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:AssetManagementSegmentMember2024-10-012024-12-310001858681us-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-03-310001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-01-012024-03-310001858681apo:TwoThousandFiftyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:RetirementServicesSegmentMember2024-12-310001858681apo:TwoThousandFiftyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:RetirementServicesSegmentMember2024-10-012024-12-310001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-10-120001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-06-302023-06-300001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-06-282024-06-280001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-06-280001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MinimumMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MaximumMember2024-01-012024-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2024-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2023-07-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2023-01-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2023-12-310001858681us-gaap:RestrictedStockMember2024-01-012024-09-300001858681us-gaap:RestrictedStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockMember2024-07-012024-09-300001858681us-gaap:RestrictedStockMember2023-07-012023-09-3000018586812022-01-0300018586812023-02-2100018586812024-02-080001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-3000018586812024-04-012024-06-300001858681us-gaap:SeriesAPreferredStockMember2023-08-112023-08-110001858681us-gaap:SeriesAPreferredStockMember2023-08-110001858681us-gaap:SeriesAPreferredStockMember2023-10-312023-10-310001858681us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001858681us-gaap:SeriesAPreferredStockMembersrt:MinimumMember2023-08-110001858681us-gaap:SeriesAPreferredStockMembersrt:MaximumMember2023-08-110001858681srt:ScenarioForecastMember2025-01-012025-03-310001858681srt:ScenarioForecastMember2026-01-012026-03-310001858681us-gaap:SubsequentEventMember2024-11-0600018586812023-01-012023-03-3100018586812023-04-012023-06-3000018586812023-10-012023-12-3100018586812023-01-012023-12-3100018586812024-01-012024-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-07-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-07-012024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-07-012024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-07-012024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-07-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-07-012023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-07-012023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-07-012023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-01-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-01-012024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-01-012024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-01-012024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2022-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2022-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2022-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2022-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-01-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-01-012023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-01-012023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-01-012023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2023-01-012023-09-300001858681us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001858681us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001858681us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001858681us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001858681us-gaap:WarrantMember2024-07-012024-09-300001858681us-gaap:WarrantMember2023-07-012023-09-300001858681us-gaap:WarrantMember2024-01-012024-09-300001858681us-gaap:WarrantMember2023-01-012023-09-300001858681us-gaap:PreferredStockMember2024-07-012024-09-300001858681us-gaap:PreferredStockMember2023-07-012023-09-300001858681us-gaap:PreferredStockMember2024-01-012024-09-300001858681us-gaap:PreferredStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockMember2024-07-012024-09-300001858681us-gaap:RestrictedStockMember2023-07-012023-09-300001858681us-gaap:RestrictedStockMember2024-01-012024-09-300001858681us-gaap:RestrictedStockMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:InvestmentFundsMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:PortfolioCompaniesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:PortfolioCompaniesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2024-09-300001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2023-12-310001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2024-01-012024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AOGUnitPaymentMember2024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AOGUnitPaymentMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:TaxReceivableAgreementMember2022-01-010001858681apo:TaxReceivableAgreementMember2022-01-010001858681us-gaap:RelatedPartyMemberapo:AOGUnitHoldersMember2021-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:InterestBearingEmployeeLoansMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:InterestBearingEmployeeLoansMember2023-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:EmployeeLoansProfitSharingDistributionsMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:EmployeeLoansProfitSharingDistributionsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:IndemnificationLiabilityMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:IndemnificationLiabilityMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:EquityCommitmentsMember2024-09-300001858681apo:ApolloStrategicGrowthCapitalIIAndAcropolisInfrastructureAcquisitionCorpMember2023-10-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:ApolloAlignedAlternativesAggregatorLPMember2024-01-012024-09-300001858681apo:AthoraHoldingLtdAthoraMember2024-01-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:FundingAgreementsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:FundingAgreementsMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMember2023-12-310001858681apo:AtheneMemberapo:AtlasMember2024-01-012024-09-300001858681apo:AtheneMemberapo:AtlasMember2023-01-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:ApolloRoseIIMemberapo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMember2024-07-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMemberapo:ReinsuranceAgreementMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMemberapo:ReinsuranceAgreementMember2023-12-310001858681apo:AtheneMemberapo:PKAirMemberapo:PKAirSeniorNotesMember2024-01-012024-09-300001858681apo:AtheneMemberapo:PKAirMemberapo:PKAirSeniorNotesMember2023-01-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:PKAirMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMemberapo:CoinsuranceAndModcoAgreementMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMemberapo:CoinsuranceAndModcoAgreementMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-07-010001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-07-012023-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-04-012023-06-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:LoansReceivableFromRelatedPartyMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:LoansReceivableFromRelatedPartyMember2023-12-310001858681apo:AtheneMemberapo:LoansReceivableFromRelatedPartyMember2024-01-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:WheelsIncMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:WheelsIncMember2023-12-310001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtdMemberapo:AtheneLifeReLtdMembersrt:SubsidiariesMember2024-09-300001858681srt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-09-300001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMemberus-gaap:SubsequentEventMember2024-10-010001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:AtheneLifeReLtdMembersrt:SubsidiariesMemberus-gaap:SubsequentEventMember2024-10-010001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-07-012024-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2023-07-012023-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-01-012024-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2023-01-012023-09-300001858681apo:InvestmentCommitmentMember2024-09-300001858681apo:AdditionalInvestmentsMember2024-01-012024-09-300001858681apo:UnderwritingCommitmentsMemberapo:AGSMember2024-09-300001858681apo:ApolloCapitalMarketsPartnershipMemberapo:SumitomoMitsuiBankingCorpMember2024-09-300001858681apo:StoneTowerMember2024-09-300001858681apo:StoneTowerMember2023-12-310001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-04-012024-06-300001858681apo:FederalHomeLoanBankMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FederalHomeLoanBankMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:FundingAgreementBackedNotesMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FundingAgreementBackedNotesMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:FundingAgreementBackedRepurchaseAgreementMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FundingAgreementBackedRepurchaseAgreementMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:AtheneHoldingLimitedMember2024-09-300001858681apo:AtheneHoldingLimitedMember2023-12-310001858681apo:AtheneHoldingLimitedMemberus-gaap:LetterOfCreditMember2024-09-300001858681apo:AtlasMember2024-09-300001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Member2017-12-212017-12-210001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Memberapo:ConsultantMemberapo:SkyTerraMember2020-06-082020-06-080001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Membersrt:ExecutiveOfficerMemberapo:SkyTerraMember2020-06-082020-06-080001858681apo:FrankFundsVApolloGlobalManagementMemberapo:OfficersAndEmployeesMember2020-03-012020-03-310001858681apo:DistrictOfNevadaV.PlayAGSInc.Membersrt:DirectorMember2020-08-042020-08-040001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2020-08-042020-08-040001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2022-12-022022-12-020001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2024-09-300001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2023-08-172023-08-170001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2024-09-300001858681apo:AGMStockholderAgreementComplaintMember2024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMember2024-09-300001858681us-gaap:OperatingSegmentsMember2023-12-310001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMember2024-09-300001858681us-gaap:MaterialReconcilingItemsMember2023-12-310001858681us-gaap:SubsequentEventMember2024-11-052024-11-05

Table of Contents

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, 2024 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)

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

6.75% Series A Mandatory Convertible Preferred Stock

APO.PRA

New York Stock Exchange

7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053

APOS

New York Stock Exchange

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 x   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 x   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 x

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 x

As of November 4, 2024, there were 565,816,456 shares of the registrant’s common stock outstanding.

---

Table of Contents

			TABLE OF CONTENTS
PART I			FINANCIAL INFORMATION
ITEM 1.			Financial Statements			11
ITEM 1A.			Unaudited Supplemental Presentation of Statements of Financial Condition			99
ITEM 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			103
ITEM 3.			Quantitative and Qualitative Disclosures about Market Risk			160
ITEM 4.			Controls and Procedures			161
PART II			OTHER INFORMATION
ITEM 1.			Legal Proceedings			163
ITEM 1A.			Risk Factors			163
ITEM 2.			Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			165
ITEM 3.			Defaults upon Senior Securities			166
ITEM 4.			Mine Safety Disclosures			166
ITEM 5.			Other Information			166
ITEM 6.			Exhibits			167
Signatures

2

---

Table of Contents

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” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words 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 inflation, interest rate fluctuations and market conditions generally, the impact of energy market dislocation, 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, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, 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, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in this quarterly report and the Company’s annual report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 27, 2024 (the “2023 Annual 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 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” refer to Apollo Global Management, Inc. (“AGM”) and its subsidiaries unless the context requires otherwise. References to “AGM common stock” or “common stock” of the Company refer to shares of common stock, par value $0.00001 per share, of AGM and “Mandatory Convertible Preferred Stock” refers to the 6.75% Series A Mandatory Convertible Preferred Stock 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 Aggregator, LP
AADE			Athene Annuity & Life Assurance Company
AAIA			Athene Annuity and Life Company
AAM			Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.)
AARe			Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABS			Asset-backed securities
Accord+			Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord+ II			Apollo Accord+ II Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord I			Apollo Accord Master Fund, L.P., together with its feeder funds
Accord II			Apollo Accord Master Fund II, L.P., together with its feeder funds
Accord III			Apollo Accord Master Fund III, L.P., together with its feeder funds
Accord III B			Apollo Accord Master Fund III B, L.P., together with its feeder funds
Accord IV			Apollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles
Accord V			Apollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles

3

---

Table of Contents

Accord VI			Apollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles
Accord Funds			Accord I, Accord II, Accord III, Accord III B, Accord IV, Accord V and Accord VI
Accord+ Funds			Accord+ and Accord+ II
ACRA			ACRA 1 and ACRA 2
ACRA 1			Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2			Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADCF			Apollo Diversified Credit Fund
ADIP			ADIP I and ADIP II
ADIP I			Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA 1, invests alongside Athene in certain investments
ADIP II			Apollo/Athene Dedicated Investment Program II, L.P., a fund managed by Apollo including third-party capital that, through ACRA 2, invests alongside Athene in certain investments
Adjusted Net Income Shares Outstanding, or ANI Shares Outstanding			Consists of total shares of common stock outstanding, RSUs that participate in dividends, and shares of common stock assumed to be issuable upon the conversion of the shares of Mandatory Convertible Preferred Stock
ADREF			Apollo Diversified Real Estate Fund
ADS			Apollo Debt Solutions BDC
AFS			Available-for-sale
AFT			Apollo Senior Floating Rate Fund, Inc.
AIF			Apollo Tactical Income Fund, Inc.
AIOF I			Apollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles
AIOF II			Apollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles
AIOF III			Apollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles
ALRe			Athene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investments			Alternative investments, including investment funds, VIEs and certain equity securities due to their underlying characteristics
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 alternative investment vehicles
ANRP II			Apollo Natural Resources Partners II, L.P., together with its 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.”
ARI			Apollo Commercial Real Estate Finance, Inc.
ARIS			Apollo Realty Income Solutions, Inc., a non-traded real estate investment trust managed by Apollo

4

---

Table of Contents

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 credit and certain equity funds, partnerships and accounts for which we provide investment management or advisory services, other than certain 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 credit, gross asset value plus available financing capacity; 2. the fair value of the investments of the equity and certain credit 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 believes 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 deployment 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, “Athene”), 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, “Athora”), a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). Apollo, 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.
Atlas			An equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP
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
Bermuda RBC			The risk-based capital ratio of Athene’s non-U.S. reinsurance subsidiaries calculated using Bermuda capital and applying NAIC risk-based capital factors on an aggregate basis. Adjustments are made to (1) exclude U.S. subsidiaries which are included within Athene’s U.S. RBC Ratio and (2) limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value.
BMA			Bermuda Monetary Authority
Capital solutions fees and other, net			Primarily includes transaction fees earned by our capital solutions business which we refer to as Apollo Capital Solutions (“ACS”) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations and directors’ fees. These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized (“management fee offset”) and other additional revenue sharing arrangements.
CDO			Collateralized debt obligation
Class A shares			Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers.

5

---

Table of Contents

CLO			Collateralized loan obligation
CMBS			Commercial mortgage-backed securities
CML			Commercial mortgage loan
Contributing Partners			Partners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units.
Consolidated RBC			The consolidated risk-based capital ratio of Athene’s non-U.S. reinsurance and U.S. insurance subsidiaries calculated by aggregating U.S. RBC and Bermuda RBC.
Cost of funds			Cost of funds includes liability costs related to cost of crediting on both deferred annuities, including, with respect to Athene's fixed indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Credit Strategies			Apollo Credit Strategies Master Fund Ltd., together with its feeder funds
CS			Credit Suisse AG
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
EPF Funds			Apollo European Principal Finance Fund, L.P., Apollo European Principal Finance Fund II (Dollar A), L.P., EPF III, and EPF IV, together with their parallel funds and alternative investment vehicles
EPF III			Apollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
EPF IV			Apollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
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
FASB			Financial Accounting Standards Board
FCI Funds			Financial Credit Investment I, L.P., Financial Credit Investment II, L.P., together with its feeder funds, Financial Credit Investment Fund III L.P., Financial Credit Investment IV, L.P., together with its feeder funds, and Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA, invests alongside Athene in certain investments
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 Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related 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, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, 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

6

---

Table of Contents

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
Freedom Parent Holdings			Freedom Parent Holdings, L.P.
Gross capital deployment			The gross capital that has been invested 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, ADIP funds 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.
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, 2024 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 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, 2024 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.
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 credit 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 AAM (“AAME”) and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME (“AAME PC”)
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.
Market risk benefits			Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
Mergers			Completion of the previously announced merger transactions pursuant to the Merger Agreement
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 Financial			MidCap FinCo LLC (f/k/a MidCap FinCo Designated Activity Company)
Modco			Modified coinsurance
NAIC			National Association of Insurance Commissioners
NAV			Net Asset Value

7

---

Table of Contents

Net invested assets			Represent the investments that directly back Athene's net reserve liabilities as well as surplus assets. Net invested assets include Athene’s (a) total investments on the condensed consolidated statements of financial condition, with available-for-sale securities, trading securities and mortgage loans 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 non-controlling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. Athene includes the investments supporting assumed funds withheld and modco agreements and excludes the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include Athene’s economic ownership of ACRA investments but do not include the investments associated with the non-controlling interests.
Net investment earned rate			Computed as income from Athene’s net invested assets, excluding the proportionate share of the ACRA net investment income associated with the non-controlling interests, 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 Athene’s investment performance plus its strategic capital management fees less its total cost of funds, presented on an annualized basis for interim periods.
Net IRR of accord series, ADIP funds 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 a fund, 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 infrastructure funds			The cumulative cash flows in a 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			Represent Athene's policyholder liability obligations net of reinsurance and used to analyze the costs of its liabilities. Net reserve liabilities include Athene’s (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include Athene’s economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the non-controlling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, Athene has no net economic exposure to such liabilities, assuming its reinsurance counterparties perform under the agreements. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred.
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

8

---

Table of Contents

Origination			Represents (i) capital that has been invested in new equity, debt or debt-like investments by Apollo's equity and credit strategies (whether purchased by funds and accounts managed by Apollo, or syndicated to third parties) where Apollo or one of Apollo's origination platforms has sourced, negotiated, or significantly affected the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs; and (iii) net purchases of certain assets by the funds and accounts we manage that we consider to be private, illiquid, and hard to access assets and which the funds and accounts otherwise may not be able to meaningfully access. Origination generally excludes any issuance of debt or debt-like investments by the portfolio companies of the funds we manage.
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, excluding the proportionate share of the ACRA operating expenses associated with the non-controlling interests.
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.
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 certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including 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 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, including certain realizations received in the form of equity, (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 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
RMBS			Residential mortgage-backed securities
RML			Residential mortgage loan
RSUs			Restricted share units
SIA			Strategic investment account
SPACs			Special purpose acquisition companies

9

---

Table of Contents

Spread Related Earnings, or SRE			Component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets and non-operating change in insurance liabilities and related derivatives, 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 received on business managed for others, 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 Athene’s 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
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
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”), Apollo Investment Fund IX, L.P. (together with its parallel funds and alternative investment vehicles, “Fund IX”) and Apollo Investment Fund X, L.P. (together with its parallel funds and alternative investment vehicles, “Fund X”).
U.S. GAAP			Generally accepted accounting principles in the United States of America
U.S. RBC			The CAL RBC ratio for AADE, Athene’s parent U.S. insurance company prior to its merger with and into AAIA on October 11, 2024
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
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.
VOBA			Value of business acquired
WACC			Weighted average cost of capital

10

---

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)

			Condensed Consolidated Statement of Financial Condition (unaudited)						12
			Condensed Consolidated Statements of Operations (unaudited)						14
			Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)						15
			Condensed Consolidated Statements of Equity (unaudited)						16
			Condensed Consolidated Statements of Cash Flows (unaudited)						18
			Notes to Condensed Consolidated Financial Statements (unaudited)						21
						Note 1. Organization			21
						Note 2. Summary of Significant Accounting Policies			21
						Note 3. Investments			23
						Note 4. Derivatives			33
						Note 5. Variable Interest Entities			37
						Note 6. Fair Value			40
						Note 7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired			64
						Note 8. Long-duration Contracts			65
						Note 9. Profit Sharing Payable			72
						Note 10. Income Taxes			72
						Note 11. Debt			74
						Note 12. Equity-Based Compensation			77
						Note 13. Equity			78
						Note 14. Earnings per Share			84
						Note 15. Related Parties			85
						Note 16. Commitments and Contingencies			89
						Note 17. Segments			94
						Note 18. Subsequent Events			98

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)			As of September 30, 2024						As of December 31, 2023
Assets
Asset Management
Cash and cash equivalents			$	2,666					$	2,748
Restricted cash and cash equivalents			3						2
Investments			5,860						5,502
Assets of consolidated variable interest entities
Cash and cash equivalents			102						62
Investments			2,353						1,640
Other assets			124						177
Due from related parties			572						449
Goodwill			264						264
Other assets			2,512						2,331
			14,456						13,175
Retirement Services
Cash and cash equivalents			13,587						13,020
Restricted cash and cash equivalents			964						1,761
Investments			257,776						213,099
Investments in related parties			27,991						25,842
Assets of consolidated variable interest entities
Cash and cash equivalents			305						98
Investments			21,792						20,232
Other assets			192						110
Reinsurance recoverable			7,454						4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired			6,971						5,979
Goodwill			4,071						4,065
Other assets			13,130						11,953
			354,233						300,313
Total Assets			$	368,689					$	313,488
									(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.

12

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)			As of September 30, 2024						As of December 31, 2023
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities			$	3,908					$	3,338
Due to related parties			709						870
Debt			4,082						3,883
Liabilities of consolidated variable interest entities
Other liabilities			1,021						1,145
			9,720						9,236
Retirement Services
Interest sensitive contract liabilities			245,436						204,670
Future policy benefits			52,962						53,287
Market risk benefits			4,402						3,751
Debt			5,725						4,209
Payables for collateral on derivatives and securities to repurchase			7,952						7,536
Other liabilities			9,597						4,456
Liabilities of consolidated variable interest entities
Other liabilities			1,354						1,098
			327,428						279,007
Total Liabilities			337,148						288,243
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests			15						12
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			1,398						1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 565,816,456 and 567,762,932 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			—						—
Additional paid in capital			15,073						15,249
Retained earnings (accumulated deficit)			4,865						2,972
Accumulated other comprehensive income (loss)			(3,473)						(5,575)
Total Apollo Global Management, Inc. Stockholders’ Equity			17,863						14,044
Non-controlling interests			13,663						11,189
Total Equity			31,526						25,233
Total Liabilities, Redeemable non-controlling interests and Equity			$	368,689					$	313,488
									(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

13

---

Table of Contents

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)			2024						2023						2024						2023
Revenues
Asset Management
Management fees			$	476					$	462					$	1,376					$	1,328
Advisory and transaction fees, net			181						157						617						482
Investment income (loss)			230						292						910						882
Incentive fees			35						18						108						59
			922						929						3,011						2,751
Retirement Services
Premiums			389						26						1,163						9,163
Product charges			267						217						756						622
Net investment income			4,101						3,166						11,481						8,726
Investment related gains (losses)			1,539						(2,624)						3,082						(1,193)
Revenues of consolidated variable interest entities			552						318						1,329						946
Other revenues			3						563						9						583
			6,851						1,666						17,820						18,847
Total Revenues			7,773						2,595						20,831						21,598
Expenses
Asset Management
Compensation and benefits			605						557						1,876						1,743
Interest expense			55						36						159						98
General, administrative and other			326						220						885						643
			986						813						2,920						2,484
Retirement Services
Interest sensitive contract benefits			2,599						333						7,307						3,634
Future policy and other policy benefits			793						368						2,431						10,346
Market risk benefits remeasurement (gains) losses			524						(441)						354						(166)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			244						211						678						502
Policy and other operating expenses			670						467						1,601						1,356
			4,830						938						12,371						15,672
Total Expenses			5,816						1,751						15,291						18,156
Other income (loss) – Asset Management
Net gains (losses) from investment activities			15						(32)						33						(14)
Net gains (losses) from investment activities of consolidated variable interest entities			44						49						70						95
Other income (loss), net			70						22						68						102
Total Other income (loss)			129						39						171						183
Income (loss) before income tax (provision) benefit			2,086						883						5,711						3,625
Income tax (provision) benefit			(317)						(243)						(1,000)						(697)
Net income (loss)			1,769						640						4,711						2,928
Net (income) loss attributable to non-controlling interests			(958)						42						(1,620)						(637)
Net income (loss) attributable to Apollo Global Management, Inc.			811						682						3,091						2,291
Preferred stock dividends			(24)						(22)						(73)						(22)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders			$	787					$	660					$	3,018					$	2,269
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic			$	1.30					$	1.10					$	4.96					$	3.77
Net income (loss) attributable to common stockholders - Diluted			$	1.29					$	1.10					$	4.94					$	3.75
Weighted average shares outstanding – Basic			585.4						578.8						586.9						580.6
Weighted average shares outstanding – Diluted			588.5						578.8						589.9						581.6
See accompanying notes to the unaudited condensed consolidated financial statements.

14

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Net income (loss)			$	1,769					$	640					$	4,711					$	2,928
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities			5,477						(3,155)						3,760						(1,767)
Unrealized gains (losses) on hedging instruments			221						(213)						229						(280)
Remeasurement gains (losses) on future policy benefits related to discount rate			(2,263)						1,317						(832)						1,328
Remeasurement gains (losses) on market risk benefits related to credit risk			(93)						(254)						(87)						(220)
Foreign currency translation and other adjustments			61						(34)						22						(1)
Other comprehensive income (loss), before tax			3,403						(2,339)						3,092						(940)
Income tax expense (benefit) related to other comprehensive income (loss)			682						(476)						634						(175)
Other comprehensive income (loss)			2,721						(1,863)						2,458						(765)
Comprehensive income (loss)			4,490						(1,223)						7,169						2,163
Comprehensive (income) loss attributable to non-controlling interests			(1,332)						199						(1,976)						(635)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.			$	3,158					$	(1,024)					$	5,193					$	1,528
See accompanying notes to the unaudited condensed consolidated financial statements.

15

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			For the three and nine months ended September 30, 2023
			Apollo Global Management, Inc. Stockholders
(In millions)			Common Stock						Series A Mandatory Convertible Preferred Stock						Additional Paid in Capital						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)						Non-Controlling Interests						Total Equity
Balance at July 1, 2023			567						$	—					$	14,468					$	153					$	(6,392)					$	8,229					$	8,813					$	17,042
Other changes in equity of non-controlling interests			—						—						—						—						—						—						(95)						(95)
Accretion of redeemable non-controlling interests			—						—						(2)						—						—						(2)						—						(2)
Equity issued in connection with Mandatory Convertible Preferred Stock offering			—						1,397						—						—						—						1,397						—						1,397
Capital increase related to equity-based compensation			—						—						119						—						—						119						—						119
Capital contributions			—						—						—						—						—						—						1,037						1,037
Dividends/distributions			—						(22)						—						(256)						—						(278)						(330)						(608)
Payments related to issuances of common stock for equity-based awards			1						—						9						(22)						—						(13)						—						(13)
Stock option exercises			—						—						6						—						—						6						—						6
Redemption of subsidiary equity interests			—						—						(5)						—						—						(5)						(575)						(580)
Subsidiary issuance of equity interests			—						—						10						—						3						13						585						598
Net income (loss)			—						22						—						660						—						682						(45)						637
Other comprehensive income (loss)			—						—						—						—						(1,706)						(1,706)						(157)						(1,863)
Balance at September 30, 2023			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
Balance at January 1, 2023			570						$	—					$	14,982					$	(1,007)					$	(7,335)					$	6,640					$	7,726					$	14,366
Other changes in equity of non-controlling interests			—						—						—						—						—						—						(250)						(250)
Accretion of redeemable non-controlling interests			—						—						(17)						(1)						—						(18)						—						(18)
Equity issued in connection with Mandatory Convertible Preferred Stock offering			—						1,397						—						—						—						1,397						—						1,397
Capital increase related to equity-based compensation			—						—						364						—						—						364						—						364
Capital contributions			—						—						—						—						—						—						1,766						1,766
Dividends/distributions			—						(22)						(239)						(514)						—						(775)						(616)						(1,391)
Payments related to issuances of common stock for equity-based awards			6						—						32						(212)						—						(180)						—						(180)
Repurchase of common stock			(8)						—						(538)						—						—						(538)						—						(538)
Stock option exercises			—						—						16						—						—						16						—						16
Redemption of subsidiary equity interests			—						—						(5)						—						—						(5)						(575)						(580)
Subsidiary issuance of equity interests			—						—						10						—						3						13						585						598
Net income (loss)			—						22						—						2,269						—						2,291						599						2,890
Other comprehensive income (loss)			—						—						—						—						(763)						(763)						(2)						(765)
Balance at September 30, 2023			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
(Continued)

16

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			For the three and nine months ended September 30, 2024
			Apollo Global Management, Inc. Stockholders
(In millions)			Common Stock						Series A Mandatory Convertible Preferred Stock						Additional Paid in Capital						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)						Non-Controlling Interests						Total Equity
Balance at July 1, 2024			570						$	1,398					$	15,319					$	4,376					$	(5,820)					$	15,273					$	13,127					$	28,400
Consolidation/deconsolidation of VIEs			—						—						—						—						—						—						10						10
Other changes in equity of non-controlling interests			—						—						—						—						—						—						2						2
Accretion of redeemable non-controlling interests			—						—						(1)						—						—						(1)						—						(1)
Capital increase related to equity-based compensation			—						—						126						—						—						126						—						126
Capital contributions			—						—						—						—						—						—						479						479
Dividends/distributions			—						(24)						—						(277)						—						(301)						(1,293)						(1,594)
Payments related to issuances of common stock for equity-based awards			—						—						13						(21)						—						(8)						—						(8)
Repurchase of common stock			(4)						—						(457)						—						—						(457)						—						(457)
Stock option exercises			—						—						1						—						—						1						—						1
Subsidiary issuance of equity interests			—						—						72						—						—						72						6						78
Net income (loss)			—						24						—						787						—						811						958						1,769
Other comprehensive income (loss)			—						—						—						—						2,347						2,347						374						2,721
Balance at September 30, 2024			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
Balance at January 1, 2024			568						$	1,398					$	15,249					$	2,972					$	(5,575)					$	14,044					$	11,189					$	25,233
Consolidation/deconsolidation of VIEs			—						—						—						—						—						—						(40)						(40)
Other changes in equity of non-controlling interests			—						—						—						—						—						—						5						5
Issuance of common stock related to equity transactions			1						—						84						—						—						84						—						84
Accretion of redeemable non-controlling interests			—						—						(2)						—						—						(2)						—						(2)
Capital increase related to equity-based compensation			—						—						425						—						—						425						—						425
Capital contributions			—						—						—						—						—						—						2,481						2,481
Dividends/distributions			—						(73)						—						(815)						—						(888)						(1,954)						(2,842)
Payments related to issuances of common stock for equity-based awards			4						—						24						(310)						—						(286)						—						(286)
Repurchase of common stock			(7)						—						(792)						—						—						(792)						—						(792)
Stock option exercises			—						—						13						—						—						13						—						13
Subsidiary issuance of equity interests			—						—						72						—						—						72						6						78
Net income (loss)			—						73						—						3,018						—						3,091						1,620						4,711
Other comprehensive income (loss)			—						—						—						—						2,102						2,102						356						2,458
Balance at September 30, 2024			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

    

17

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine months ended September 30,
(In millions)			2024						2023
Cash Flows from Operating Activities
Net Income (Loss)			$	4,711					$	2,928
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation			478						422
Net investment income			(1,010)						(958)
Net recognized (gains) losses on investments and derivatives			(3,607)						318
Depreciation and amortization			779						586
Net amortization (accretion) of net investment premiums, discount and other			(47)						70
Policy acquisition costs deferred			(1,191)						(1,040)
Other non-cash amounts included in net income (loss), net			210						(349)
Changes in consolidation			248						(53)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs			(4,836)						(4,761)
Proceeds from sale of investments by Funds and VIEs			4,738						3,781
Interest sensitive contract liabilities			4,948						1,485
Future policy benefits, market risk benefits and reinsurance recoverable			(1,135)						2,917
Other assets and liabilities, net			(1,029)						(1,088)
Net cash provided by operating activities			$	3,257					$	4,258
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments			$	(3,402)					$	(2,719)
Purchases of available-for-sale securities			(63,058)						(24,568)
Purchases of mortgage loans			(19,319)						(14,398)
Purchases of investment funds			(1,895)						(2,221)
Purchases of U.S. Treasury securities			—						(490)
Purchases of derivatives instruments and other investments			(2,845)						(5,242)
Sales, maturities and repayments of investments and distributions from equity method investments			45,089						21,565
Other investing activities, net			(121)						354
Net cash used in investing activities			$	(45,551)					$	(27,719)
Cash Flows from Financing Activities
Issuance of debt			$	6,124					$	3,821
Repayment of debt			(4,494)						(2,769)
Redemption of subsidiary equity interests			—						(575)
Repurchase of common stock			(788)						(535)
Common stock dividends			(815)						(753)
Preferred stock dividends			(73)						—
Distributions paid to non-controlling interests			(859)						(596)
Contributions from non-controlling interests			2,476						1,766
Distributions to redeemable non-controlling interests			—						(798)
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs			—						1,397
Deposits on investment-type policies and contracts			57,013						35,168
Withdrawals on investment-type policies and contracts			(16,054)						(10,229)
Subsidiary issuance of equity interests to non-controlling interests			—						632
Net change in cash collateral posted for derivative transactions and securities to repurchase			416						945
Other financing activities, net			(719)						(716)
Net cash provided by financing activities			$	42,227					$	26,758
Effect of exchange rate changes on cash and cash equivalents			3						2
									(Continued)

18

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine months ended September 30,
(In millions)			2024						2023
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities			(64)						3,299
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period			17,691						11,128
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period			$	17,627					$	14,427
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes			$	639					$	162
Cash paid for interest			611						533
Non-cash transactions
Non-Cash Investing Activities
Asset Management and Other
Distributions from principal investments			8						1
Purchases of other investments, at fair value			11						5
Retirement Services
Investments received from settlements on reinsurance agreements			48						164
Investments received from pension group annuity premiums			521						4,776
Reduction in investments relating to recapture of reinsurance agreement			—						482
Non-Cash Financing Activities
Asset Management and Other
Capital increases related to equity-based compensation			393						328
Issuance of restricted shares			24						32
Subsidiary issuance of equity interest			72						—
Issuance of common stock related to equity transactions			12						—
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)			(3,152)						78
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)			6,092						10,212
Distribution of investments to non-controlling interests of consolidated variable interest entities			1,107						—
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management			(4,836)						(4,760)
Proceeds from sale of investments - Asset Management			4,738						3,781
Cash Flows from Investing Activities
Purchases of investments - Retirement Services			(2,346)						(2,023)
Proceeds from sale of investments - Retirement Services			334						352
Cash Flows from Financing Activities
Issuance of debt			4,035						3,183
Principal repayment of debt			(3,922)						(2,768)
Distributions paid to non-controlling interests			(73)						(58)
Contributions from non-controlling interests			1,646						1,437
Distributions to redeemable non-controlling interests			—						(798)
									(Continued)

19

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine months ended September 30,
(In millions)			2024						2023
Changes in Consolidation
Investments, at fair value			148						(1,136)
Other assets			19						(1)
Debt, at fair value			(223)						—
Notes payable			20						1,068
Other liabilities			(169)						22
Non-controlling interest			41						5
Equity			(84)						95
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			$	16,253					$	12,346
Restricted cash and cash equivalents			967						1,492
Cash and cash equivalents held at consolidated variable interest entities			407						589
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities			$	17,627					$	14,427
									(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

20

---

Table of Contents

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 high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on two investing strategies: credit and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited 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. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report.

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.

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.

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. There was $154 million of revenue recognized during the nine months ended September 30, 2024 that was previously deferred as of January 1, 2024.

Recently Issued Accounting Pronouncements

Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items.

The guidance is mandatorily effective for the Company in its 2024 annual report and in interim periods in 2025; however, early adoption is permitted. The Company will adopt the new standard in its annual report for the year ended December 31, 2024, and expects the impact on the consolidated financial statements to be immaterial.

21

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant.

The guidance is mandatorily effective for the Company for annual periods beginning in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Intangibles—Goodwill and Other—Crypto Assets Accounting for and Disclosure of Crypto Assets (ASU 2023-08)

In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period.

The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Business Combinations – Joint Venture Formations (ASU 2023-05)

The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value.

The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Compensation – Stock Compensation (ASU 2024-01)

In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

Investments– Equity Method and Joint Ventures (ASU 2023-02)

In March 2023, the FASB issued guidance to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Previously, PAM only applied to low-income housing tax credit investments.

The Company early adopted the guidance on October 1, 2023, and there was no impact to the condensed consolidated financial statements upon adoption.

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

22

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 Company early adopted the guidance on July 1, 2023. The Company applied the guidance on a prospective basis, and there was no impact to the condensed consolidated financial statements upon adoption.

Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04)

The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the condensed consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. The Company will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.

3. Investments

The following table outlines the Company’s investments:

(In millions)			September 30, 2024						December 31, 2023
Asset Management
Investments, at fair value			$	1,388					$	1,489
Equity method investments			1,109						1,072
Performance allocations			3,005						2,941
Other investments			358						—
Total Investments – Asset Management			5,860						5,502
Retirement Services
AFS securities, at fair value			$	182,247					$	148,347
Trading securities, at fair value			2,303						2,544
Equity securities			1,549						1,611
Mortgage loans, at fair value			59,932						45,396
Investment funds			1,711						1,741
Policy loans			320						334
Funds withheld at interest			26,675						30,833
Derivative assets			7,529						5,298
Short-term investments			1,426						1,288
Other investments			2,075						1,549
Total Investments, including related parties – Retirement Services			285,767						238,941
Total Investments			$	291,627					$	244,443

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)			2024						2023						2024						2023
Realized gains (losses) on sales of investments, net			$	1					$	(3)					$	1					$	(4)
Net change in unrealized gains (losses) due to changes in fair value			14						(29)						32						(10)
Net gains (losses) from investment activities			$	15					$	(32)					$	33					$	(14)

23

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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, 2024			$	2,941
Change in fair value of funds			880
Fund distributions to the Company			(816)
Performance allocations, September 30, 2024			$	3,005

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 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, 2024
(In millions)			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS securities
U.S. government and agencies			$	7,501					$	—					$	84					$	(824)					$	6,761
U.S. state, municipal and political subdivisions			1,175						—						2						(200)						977
Foreign governments			2,088						—						44						(374)						1,758
Corporate			95,432						(168)						1,309						(8,963)						87,610
CLO			27,362						(1)						437						(188)						27,610
ABS			22,488						(74)						500						(444)						22,470
CMBS			9,704						(57)						112						(395)						9,364
RMBS			8,502						(377)						338						(328)						8,135
Total AFS securities			174,252						(677)						2,826						(11,716)						164,685
AFS securities – related parties
Corporate			1,295						—						7						(23)						1,279
CLO			5,763						—						41						(24)						5,780
ABS			10,725						(1)						40						(261)						10,503
Total AFS securities – related parties			17,783						(1)						88						(308)						17,562
Total AFS securities, including related parties			$	192,035					$	(678)					$	2,914					$	(12,024)					$	182,247

24

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2023
(In millions)			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS securities
U.S. government and agencies			$	6,161					$	—					$	67					$	(829)					$	5,399
U.S. state, municipal and political subdivisions			1,296						—						—						(250)						1,046
Foreign governments			2,083						—						71						(255)						1,899
Corporate			88,343						(129)						830						(10,798)						78,246
CLO			20,506						(2)						261						(558)						20,207
ABS			13,942						(49)						120						(630)						13,383
CMBS			7,070						(29)						52						(502)						6,591
RMBS			8,160						(381)						252						(464)						7,567
Total AFS securities			147,561						(590)						1,653						(14,286)						134,338
AFS securities – related parties
Corporate			1,423						—						1						(72)						1,352
CLO			4,367						—						21						(120)						4,268
ABS			8,665						(1)						34						(309)						8,389
Total AFS securities – related parties			14,455						(1)						56						(501)						14,009
Total AFS securities, including related parties			$	162,016					$	(591)					$	1,709					$	(14,787)					$	148,347

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

			September 30, 2024
(In millions)			Amortized Cost						Fair Value
AFS securities
Due in one year or less			$	2,407					$	2,394
Due after one year through five years			19,358						19,138
Due after five years through ten years			27,393						26,016
Due after ten years			57,038						49,558
CLO, ABS, CMBS and RMBS			68,056						67,579
Total AFS securities			174,252						164,685
AFS securities – related parties
Due after one year through five years			1,028						1,024
Due after five years through ten years			43						45
Due after ten years			224						210
CLO and ABS			16,488						16,283
Total AFS securities – related parties			17,783						17,562
Total AFS securities, including related parties			$	192,035					$	182,247

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.

25

---

Table of Contents

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 parties, 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, 2024
			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
U.S. government and agencies			$	1,031					$	(6)					$	3,795					$	(818)					$	4,826					$	(824)
U.S. state, municipal and political subdivisions			22						(1)						893						(198)						915						(199)
Foreign governments			886						(134)						737						(239)						1,623						(373)
Corporate			7,810						(314)						45,086						(8,624)						52,896						(8,938)
CLO			3,742						(7)						3,146						(131)						6,888						(138)
ABS			435						(93)						4,319						(258)						4,754						(351)
CMBS			918						(5)						2,074						(341)						2,992						(346)
RMBS			270						(4)						1,201						(102)						1,471						(106)
Total AFS securities			15,114						(564)						61,251						(10,711)						76,365						(11,275)
AFS securities – related parties
Corporate			109						—						368						(23)						477						(23)
CLO			680						(1)						690						(20)						1,370						(21)
ABS			2,403						(34)						3,398						(213)						5,801						(247)
Total AFS securities – related parties			3,192						(35)						4,456						(256)						7,648						(291)
Total AFS securities, including related parties			$	18,306					$	(599)					$	65,707					$	(10,967)					$	84,013					$	(11,566)

			December 31, 2023
			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
U.S. government and agencies			$	2,013					$	(94)					$	2,389					$	(735)					$	4,402					$	(829)
U.S. state, municipal and political subdivisions			123						(5)						888						(245)						1,011						(250)
Foreign governments			690						(13)						760						(242)						1,450						(255)
Corporate			7,752						(474)						50,028						(10,311)						57,780						(10,785)
CLO			689						(2)						11,579						(543)						12,268						(545)
ABS			2,129						(75)						4,378						(458)						6,507						(533)
CMBS			859						(12)						1,967						(406)						2,826						(418)
RMBS			467						(9)						2,057						(263)						2,524						(272)
Total AFS securities			14,722						(684)						74,046						(13,203)						88,768						(13,887)
AFS securities – related parties
Corporate			548						(35)						382						(37)						930						(72)
CLO			397						(16)						2,592						(102)						2,989						(118)
ABS			2,008						(66)						2,793						(225)						4,801						(291)
Total AFS securities – related parties			2,953						(117)						5,767						(364)						8,720						(481)
Total AFS securities, including related parties			$	17,675					$	(801)					$	79,813					$	(13,567)					$	97,488					$	(14,368)

26

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			September 30, 2024
			Unrealized Loss Position						Unrealized Loss Position 12 Months or More
AFS securities			7,058						6,167
AFS securities – related parties			139						62

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, unless as required for hedge accounting, 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.

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, 2024
									Additions												Reductions
(In millions)			Beginning balance						Initial credit losses						Initial credit losses on PCD securities						Securities sold during the period									Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Corporate			$	168					$	—					$	—					$	—								$	—					$	168
CLO			—						1						—						—									—						1
ABS			67						13						—						(14)									8						74
CMBS			57						1						—						—									(1)						57
RMBS			378						5						—						(4)									(2)						377
Total AFS securities			670						20						—						(18)									5						677
AFS securities – related parties, ABS			1						—						—						—									—						1
Total AFS securities, including related parties			$	671					$	20					$	—					$	(18)								$	5					$	678

			Three months ended September 30, 2023
									Additions												Reductions
(In millions)			Beginning balance						Initial credit losses						Initial credit losses on PCD securities						Securities sold during the period									Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Foreign governments			$	27					$	—					$	—					$	—								$	—					$	27
Corporate			73						67						—						(2)									2						140
CLO			3						—						—						—									—						3
ABS			35						1						—						(4)									(2)						30
CMBS			6						1						—						—									—						7
RMBS			377						4						1						(5)									(6)						371
Total AFS securities			521						73						1						(11)									(6)						578
AFS securities – related parties, ABS			1						—						—						—									—						1
Total AFS securities, including related parties			$	522					$	73					$	1					$	(11)								$	(6)					$	579

27

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2024
									Additions												Reductions
(In millions)			Beginning balance						Initial credit losses						Initial credit losses on PCD securities						Securities sold during the period												Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Corporate			$	129					$	48					$	—					$	(8)											$	(1)					$	168
CLO			2						1						—						—												(2)						1
ABS			49						25						—						(15)												15						74
CMBS			29						27						—						—												1						57
RMBS			381						10						—						(14)												—						377
Total AFS securities			590						111						—						(37)												13						677
AFS securities – related parties, ABS			1						—						—						—												—						1
Total AFS securities, including related parties			$	591					$	111					$	—					$	(37)											$	13					$	678

			Nine months ended September 30, 2023
									Additions												Reductions
(In millions)			Beginning balance						Initial credit losses						Initial credit losses on PCD securities						Securities sold during the period												Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Foreign governments			$	27					$	—					$	—					$	—											$	—					$	27
Corporate			61						88						—						(8)												(1)						140
CLO			7						1						—						—												(5)						3
ABS			29						2						—						(4)												3						30
CMBS			5						4						—						—												(2)						7
RMBS			329						15						40						(13)												—						371
Total AFS securities			458						110						40						(25)												(5)						578
AFS securities – related parties
CLO			1						—						—						—												(1)						—
ABS			—						1						—						—												—						1
Total AFS securities – related parties			1						1						—						—												(1)						1
Total AFS securities, including related parties			$	459					$	111					$	40					$	(25)											$	(6)					$	579

28

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net Investment Income

Net investment income by asset class consists of the following:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
AFS securities			$	2,519					$	1,822					$	6,996					$	4,940
Trading securities			40						44						125						130
Equity securities			19						14						65						54
Mortgage loans			1,007						642						2,711						1,632
Investment funds			45						(15)						35						46
Funds withheld at interest			279						486						1,001						1,368
Other			217						213						617						620
Investment revenue			4,126						3,206						11,550						8,790
Investment expenses			(25)						(40)						(69)						(64)
Net investment income			$	4,101					$	3,166					$	11,481					$	8,726

Investment Related Gains (Losses)

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

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
AFS securities1
Gross realized gains on investment activity			$	744					$	55					$	936					$	379
Gross realized losses on investment activity			(237)						(431)						(802)						(647)
Net realized investment gains (losses) on AFS securities			507						(376)						134						(268)
Net recognized investment gains (losses) on trading securities			119						(137)						21						(105)
Net recognized investment gains (losses) on equity securities			38						(3)						65						(34)
Net recognized investment gains (losses) on mortgage loans			1,139						(911)						874						(838)
Derivative gains (losses)			1,608						(1,480)						2,486						(66)
Provision for credit losses			(14)						(60)						(114)						(237)
Other gains (losses)			(1,858)						343						(384)						355
Investment related gains (losses)			$	1,539					$	(2,624)					$	3,082					$	(1,193)
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $8,539 million and $724 million for the three months ended September 30, 2024 and 2023, respectively, and $19,305 million and $3,918 million for the nine months ended September 30, 2024 and 2023, respectively.

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

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Trading securities			$	83					$	(75)					$	42					$	(35)
Trading securities – related parties			(1)						3						(2)						3
Equity securities			28						6						56						9
Equity securities – related parties			10						(9)						2						(16)

29

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition:

(In millions)			September 30, 2024						December 31, 2023
Less than 30 days			$	—					$	686
91 days to 1 year			1,097						—
Greater than 1 year			1,569						3,167
Payables for repurchase agreements			$	2,666					$	3,853

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

			September 30, 2024												December 31, 2023
(In millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
AFS securities
Foreign governments			$	155					$	113					$	137					$	99
Corporate			1,770						1,549						2,735						2,307
CLO			587						589						580						579
ABS			597						559						1,207						1,086
Total securities pledged under repurchase agreements			$	3,109					$	2,810					$	4,659					$	4,071

Reverse Repurchase Agreements

As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $1,017 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,347 million and $1,504 million, respectively.

Mortgage Loans, including related parties and consolidated VIEs

Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 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, 2024						December 31, 2023
Commercial mortgage loans			$	32,066					$	27,630
Commercial mortgage loans under development			1,722						1,228
Total commercial mortgage loans			33,788						28,858
Mark to fair value			(1,926)						(2,246)
Commercial mortgage loans			31,862						26,612
Residential mortgage loans			30,616						21,894
Mark to fair value			(320)						(937)
Residential mortgage loans			30,296						20,957
Mortgage loans			$	62,158					$	47,569

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.

30

---

Table of Contents

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, 2024												December 31, 2023
(In millions, except percentages)			Fair Value						Percentage of Total						Fair Value						Percentage of Total
Property type
Apartment			$	11,556					36.3		%				$	9,591					36.0		%
Office building			4,140						13.0		%				4,455						16.7		%
Industrial			6,144						19.3		%				4,143						15.6		%
Hotels			2,941						9.2		%				2,913						11.0		%
Retail			2,447						7.7		%				2,158						8.1		%
Other commercial			4,634						14.5		%				3,352						12.6		%
Total commercial mortgage loans			$	31,862					100.0		%				$	26,612					100.0		%
U.S. region
East North Central			$	1,494					4.7		%				$	1,517					5.7		%
East South Central			443						1.3		%				523						2.0		%
Middle Atlantic			8,497						26.7		%				7,147						26.9		%
Mountain			1,335						4.2		%				1,196						4.5		%
New England			1,126						3.5		%				1,295						4.9		%
Pacific			5,788						18.2		%				4,860						18.3		%
South Atlantic			5,504						17.3		%				4,583						17.2		%
West North Central			228						0.7		%				249						0.9		%
West South Central			1,965						6.2		%				1,228						4.6		%
Total U.S. region			26,380						82.8		%				22,598						85.0		%
International region
United Kingdom			2,638						8.3		%				2,343						8.7		%
Other international1			2,844						8.9		%				1,671						6.3		%
Total international region			5,482						17.2		%				4,014						15.0		%
Total commercial mortgage loans			$	31,862					100.0		%				$	26,612					100.0		%
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

Athene’s residential mortgage loan portfolio primarily consists of 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, 2024						December 31, 2023
U.S. States
California			26.2		%				27.6		%
Florida			12.6		%				12.0		%
Texas			7.0		%				6.1		%
New York			5.1		%				5.9		%
Other1			40.2		%				39.4		%
Total U.S. residential mortgage loan percentage			91.1		%				91.0		%
International
United Kingdom			5.1		%				4.0		%
Other1			3.8		%				5.0		%
Total international residential mortgage loan percentage			8.9		%				9.0		%
Total residential mortgage loan percentage			100.0		%				100.0		%
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

31

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit funds, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi credit and opportunistic credit funds focused on generating returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, impact investing platform, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. 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 parties and consolidated VIEs:

			September 30, 2024												December 31, 2023 1
(In millions, except percentages)			Carrying Value						Percentage of Total						Carrying Value						Percentage of Total
Investment funds
Equity			$	107					0.6		%				$	109					0.6		%
Investment funds – related parties
Strategic origination platforms			28						0.1		%				32						0.2		%
Retirement services platforms			1,287						6.9		%				1,300						7.4		%
Equity			264						1.4		%				267						1.5		%
Credit			16						0.1		%				20						0.1		%
Other			9						—		%				13						0.1		%
Total investment funds – related parties			1,604						8.5		%				1,632						9.3		%
Investment funds – consolidated VIEs
Strategic origination platforms			5,519						29.5		%				4,987						28.4		%
Retirement services platforms			—						—		%				483						2.8		%
Equity			7,730						41.3		%				6,925						39.4		%
Credit			3,077						16.4		%				2,852						16.2		%
Other			702						3.7		%				573						3.3		%
Total investment funds – consolidated VIEs			17,028						90.9		%				15,820						90.1		%
Total investment funds, including related parties and consolidated VIEs			$	18,739					100.0		%				$	17,561					100.0		%
1 Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning the investment fund categories to reflect the Company’s updated investment strategies.

Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:

(In millions)			September 30, 2024
AP Grange Holdings, LLC			$	4,626
Atlas1			3,240
Fox Hedge L.P.			3,050
			December 31, 2023
Wheels1			$	1,591
AT&T Inc.			1,526
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 15.

32

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. Derivatives

The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.

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

			September 30, 2024																		December 31, 2023
			Notional Amount						Fair Value												Notional Amount						Fair Value
(In millions)									Assets						Liabilities												Assets						Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps			15,119						$	503					$	345					9,034						$	477					$	230
Forwards			3,691						195						36						6,294						275						102
Interest rate swaps			4,506						56						418						4,468						—						521
Forwards on net investments			218						—						3						219						—						6
Interest rate swaps			21,079						131						40						10,031						29						95
Total derivatives designated as hedges									885						842												781						954
Derivatives not designated as hedges
Equity options			82,762						5,820						127						73,881						3,809						102
Futures			44						119						—						35						72						—
Foreign currency swaps			13,706						223						354						8,072						230						244
Interest rate swaps			1,870						76						1						3,499						81						9
Other swaps			2,591						12						1						2,588						39						1
Foreign currency forwards			40,174						394						1,433						28,236						286						685
Embedded derivatives
Funds withheld, including related parties									(3,111)						80												(4,100)						(64)
Interest sensitive contract liabilities									—						11,996												—						9,059
Total derivatives not designated as hedges									3,533						13,992												417						10,036
Total derivatives									$	4,418					$	14,834											$	1,198					$	10,990

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 2031. During the three months ended September 30, 2024 and 2023, Athene recognized gains of $152 million and $91 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the nine months ended September 30, 2024 and 2023, Athene recognized gains of $149 million and losses of $35 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024, no amounts were expected to be reclassified to income within the next 12 months.

Fair Value Hedges

Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate 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.

33

---

Table of Contents

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, 2024												December 31, 2023
(In millions)			Carrying amount of the hedged assets or liabilities1						Cumulative amount of fair value hedging gains (losses)						Carrying amount of the hedged assets or liabilities1						Cumulative amount of fair value hedging gains (losses)
AFS securities
Foreign currency forwards			$	3,851					$	(13)					$	4,883					$	(15)
Foreign currency swaps			11,588						71						6,820						(141)
Interest sensitive contract liabilities
Foreign currency swaps			2,507						(44)						1,438						19
Foreign currency interest rate swaps			4,220						205						4,010						363
Interest rate swaps			17,483						(121)						6,910						189
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:

																					Amounts 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, 2024
Investment related gains (losses)
Foreign currency forwards			$	(180)					$	184					$	4					$	4					$	8
Foreign currency swaps			(313)						282						(31)						—						—
Foreign currency interest rate swaps			255						(258)						(3)						—						—
Interest rate swaps			382						(386)						(4)						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			26						(25)						1						—						—
Three months ended September 30, 2023
Investment related gains (losses)
Foreign currency forwards			$	179					$	(187)					$	(8)					$	21					$	5
Foreign currency swaps			161						(166)						(5)						—						—
Foreign currency interest rate swaps			(90)						95						5						—						—
Interest rate swaps			(74)						63						(11)						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			16						(14)						2						—						—

34

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

																					Amounts excluded
(In millions)			Derivatives						Hedged items						Net						Recognized in income through amortization approach						Recognized in income through changes in fair value
Nine months ended September 30, 2024
Investment related gains (losses)
Foreign currency forwards			$	(1)					$	1					$	—					$	35					$	14
Foreign currency swaps			(158)						144						(14)						—						—
Foreign currency interest rate swaps			132						(135)						(3)						—						—
Interest rate swaps			267						(310)						(43)						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			66						(64)						2						—						—
Nine months ended September 30, 2023
Investment related gains (losses)
Foreign currency forwards			$	74					$	(77)					$	(3)					$	66					$	12
Foreign currency swaps			59						(57)						2						—						—
Foreign currency interest rate swaps			(5)						15						10						—						—
Interest rate swaps			(92)						79						(13)						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			44						(44)						—						—						—

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Foreign currency forwards			$	13					$	(65)					$	(2)					$	(63)
Foreign currency swaps			56						(239)						82						(182)

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 months ended September 30, 2024 and 2023, these derivatives had losses of $14 million and gains of $13 million, respectively. During the nine months ended September 30, 2024 and 2023, these derivatives had losses of $11 million and gains of $5 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, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $15 million and $26 million, respectively. During the three and nine months ended September 30, 2024 and 2023, 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.

35

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

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.

Other swaps

Other swaps include total return swaps, credit default swaps and swaptions. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene 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. Swaptions provide an option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure.

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 a 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:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Equity options			$	596					$	(951)					$	2,298					$	390
Futures			26						(73)						152						22
Swaps			(126)						(24)						(156)						38
Foreign currency forwards			209						146						(657)						(191)
Embedded derivatives on funds withheld			747						(780)						560						(439)
Amounts recognized in investment related gains (losses)			1,452						(1,682)						2,197						(180)
Embedded derivatives in indexed annuity products1			(275)						1,251						(1,270)						(277)
Total gains (losses) on derivatives not designated as hedges			$	1,177					$	(431)					$	927					$	(457)
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.

36

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

									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, 2024
Derivative assets			$	7,529					$	(1,739)					$	(5,272)					$	518					$	—					$	518
Derivative liabilities			(2,758)						1,739						1,091						72						1						73
December 31, 2023
Derivative assets			$	5,298					$	(1,497)					$	(3,676)					$	125					$	—					$	125
Derivative liabilities			(1,995)						1,497						848						350						—						350
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, 2024 and December 31, 2023, 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 statements 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.

5. 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. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.

Consolidated VIEs

Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. In addition, during 2023, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 15 for further details regarding Apollo’s previously consolidated SPACs.

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 VIEs include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt and 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.

37

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management

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

			Three months ended September 30,												Nine months ended September 30,
(In millions)			20241						20231						20241						20231
Net gains (losses) from investment activities			$	32					$	18					$	25					$	42
Net gains (losses) from other liabilities			(7)						—						(7)						—
Interest and other income			46						59						140						133
Interest and other expenses			(27)						(28)						(88)						(80)
Net gains (losses) from investment activities of consolidated variable interest entities			$	44					$	49					$	70					$	95
1 Amounts reflect consolidation eliminations.

In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three and nine months ended September 30, 2024, the Company recorded $9 million and $27 million, respectively, of revenues and $74 million and $75 million, respectively, of expenses related to the activities of these VIEs. For the three and nine months ended September 30, 2023, the Company recorded $9 million and $12 million, respectively, of revenues related to the activities of these VIEs.

Subscription Lines

Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:

			September 30, 2024																		December 31, 2023
(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
Subscription lines1			$	942					7.07		%				0.07						$	1,072					7.16		%				0.09
Total – Asset Management			$	942																	$	1,072
1 The subscription lines 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.

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of September 30, 2024, the Company was not aware of any instances of non-compliance with any of these covenants.

Reverse Repurchase Agreements

As of December 31, 2023, fair value of collateral received under reverse repurchase agreements was $453 million. There was no rehypothecation of the collateral received under reverse repurchase agreements as of December 31, 2023.

38

---

Table of Contents

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:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Trading securities			$	39					$	17					$	104					$	65
Mortgage loans			30						29						91						83
Investment funds			22						20						43						55
Other			(9)						2						(13)						1
Net investment income			82						68						225						204
Net recognized investment gains (losses) on trading securities			29						(16)						21						(15)
Net recognized investment gains (losses) on mortgage loans			24						(25)						(4)						(45)
Net recognized investment gains on investment funds			415						292						1,094						831
Other gains (losses)			2						(1)						(7)						(29)
Investment related gains (losses)			470						250						1,104						742
Revenues of consolidated variable interest entities			$	552					$	318					$	1,329					$	946

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.

(In millions)			September 30, 2024						December 31, 2023
Maximum Loss Exposure1,2			$	795					$	325
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 parties, 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 and classified as AFS or trading securities on the condensed consolidated statements of financial condition.

Investment funds

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

39

---

Table of Contents

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, 2024												December 31, 2023
(In millions)			Carrying Value						Maximum Loss Exposure						Carrying Value						Maximum Loss Exposure
Investment funds			$	107					$	862					$	109					$	876
Investment in related parties – investment funds			1,604						2,659						1,632						2,377
Assets of consolidated VIEs – investment funds			17,028						23,587						15,820						22,129
Investment in fixed maturity securities			67,990						69,290						48,155						50,623
Investment in related parties – fixed maturity securities			16,902						20,764						13,495						15,608
Investment in related parties – equity securities			257						257						318						318
Total non-consolidated investments			$	103,888					$	117,419					$	79,529					$	91,931

6. 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, 2024
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Assets
Asset Management
Cash and cash equivalents			$	2,666					$	—					$	—					$	—					$	2,666
Restricted cash and cash equivalents			3						—						—						—						3
Cash and cash equivalents of VIEs			102						—						—						—						102
Investments, at fair value			226						2						1,089			1			71						1,388
Investments of consolidated VIEs			222						29						1,908						184						2,343
Due from related parties2			—						—						26						—						26
Derivative assets3			—						—						16						—						16
Total Assets – Asset Management			3,219						31						3,039						255						6,544
Retirement Services
AFS Securities
U.S. government and agencies			6,759						2						—						—						6,761
U.S. state, municipal and political subdivisions			—						977						—						—						977
Foreign governments			756						967						35						—						1,758
Corporate			12						83,423						4,175						—						87,610
CLO			—						27,610						—						—						27,610
ABS			—						6,855						15,615						—						22,470
CMBS			—						9,347						17						—						9,364
RMBS			—						7,792						343						—						8,135
Total AFS securities			7,527						136,973						20,185						—						164,685
Trading securities			24						1,623						37						—						1,684
Equity securities			207						1,059						26						—						1,292
Mortgage loans			—						—						58,587						—						58,587
(Continued)

40

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			September 30, 2024
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Funds withheld at interest – embedded derivative			—						—						(2,581)						—						(2,581)
Derivative assets			143						7,385						1						—						7,529
Short-term investments			202						39						168						—						409
Other investments			—						603						904						—						1,507
Cash and cash equivalents			13,587						—						—						—						13,587
Restricted cash and cash equivalents			964						—						—						—						964
Investments in related parties
AFS securities
Corporate			—						233						1,046						—						1,279
CLO			—						5,215						565						—						5,780
ABS			—						694						9,809						—						10,503
Total AFS securities – related parties			—						6,142						11,420						—						17,562
Trading securities			—						—						619						—						619
Equity securities			—						—						257						—						257
Mortgage loans			—						—						1,345						—						1,345
Investment funds			—						—						1,106						—						1,106
Funds withheld at interest – embedded derivative			—						—						(530)						—						(530)
Other investments			—						—						348						—						348
Reinsurance recoverable			—						—						1,710						—						1,710
Other assets5			—						—						313						—						313
Assets of consolidated VIEs
Trading securities			—						441						1,938						—						2,379
Mortgage loans			—						—						2,226						—						2,226
Investment funds			—						—						818						16,210						17,028
Other investments			5						—						154						—						159
Cash and cash equivalents			305						—						—						—						305
Total Assets – Retirement Services			22,964						154,265						99,051						16,210						292,490
Total Assets			$	26,183					$	154,296					$	102,090					$	16,465					$	299,034
Liabilities
Asset Management
Contingent consideration obligations4			$	—					$	—					$	56					$	—					$	56
Derivative liabilities3			—						33						—						—						33
Total Liabilities – Asset Management			—						33						56						—						89
Retirement Services
Interest sensitive contract liabilities
Embedded derivative			—						—						11,996						—						11,996
Universal life benefits			—						—						820						—						820
Future policy benefits
AmerUs Closed Block			—						—						1,166						—						1,166
ILICO Closed Block and life benefits			—						—						545						—						545
Market risk benefits5			—						—						4,402						—						4,402
Derivative liabilities			1						2,756						1						—						2,758
Other liabilities			—						—						337						—						337
Total Liabilities – Retirement Services			1						2,756						19,267						—						22,024
Total Liabilities			$	1					$	2,789					$	19,323					$	—					$	22,113
(Concluded)

41

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2023
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Assets
Asset Management
Cash and cash equivalents			$	2,748					$	—					$	—					$	—					$	2,748
Restricted cash and cash equivalents			2						—						—						—						2
Cash and cash equivalents of VIEs			62						—						—						—						62
Investments, at fair value			202						38						1,188			1			61						1,489
Investments of consolidated VIEs			—						16						1,492						127						1,635
Due from related parties2			—						—						37						—						37
Derivative assets3			—						—						13						—						13
Total Assets – Asset Management			3,014						54						2,730						188						5,986
Retirement Services
AFS Securities
U.S. government and agencies			5,392						7						—						—						5,399
U.S. state, municipal and political subdivisions			—						1,046						—						—						1,046
Foreign governments			895						964						40						—						1,899
Corporate			10						75,711						2,525						—						78,246
CLO			—						20,207						—						—						20,207
ABS			—						6,440						6,943						—						13,383
CMBS			—						6,570						21						—						6,591
RMBS			—						7,302						265						—						7,567
Total AFS securities			6,297						118,247						9,794						—						134,338
Trading securities			24						1,654						28						—						1,706
Equity securities			210						699						26						—						935
Mortgage loans			—						—						44,115						—						44,115
Funds withheld at interest – embedded derivative			—						—						(3,379)						—						(3,379)
Derivative assets			108						5,190						—						—						5,298
Short-term investments			—						236						105						—						341
Other investments			—						313						630						—						943
Cash and cash equivalents			13,020						—						—						—						13,020
Restricted cash and cash equivalents			1,761						—						—						—						1,761
Investments in related parties
AFS securities
Corporate			—						181						1,171						—						1,352
CLO			—						3,762						506						—						4,268
ABS			—						563						7,826						—						8,389
Total AFS securities – related parties			—						4,506						9,503						—						14,009
Trading securities			—						—						838						—						838
Equity securities			63						—						255						—						318
Mortgage loans			—						—						1,281						—						1,281
Investment funds			—						—						1,082						—						1,082
Funds withheld at interest – embedded derivative			—						—						(721)						—						(721)
Other investments			—						—						343						—						343
Reinsurance recoverable			—						—						1,367						—						1,367
Other assets5			—						—						378						—						378
Assets of consolidated VIEs
Trading securities			—						284						1,852						—						2,136
Mortgage loans			—						—						2,173						—						2,173
Investment funds			—						—						977						14,843						15,820
(Continued)

42

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2023
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Other investments			—						2						101						—						103
Cash and cash equivalents			98						—						—						—						98
Total Assets – Retirement Services			21,581						131,131						70,748						14,843						238,303
Total Assets			$	24,595					$	131,185					$	73,478					$	15,031					$	244,289
Liabilities
Asset Management
Other liabilities of consolidated VIEs, at fair value			$	—					$	3					$	—					$	—					$	3
Contingent consideration obligations4			—						—						93						—						93
Derivative liabilities3			—						42						—						—						42
Total Liabilities – Asset Management			—						45						93						—						138
Retirement Services
Interest sensitive contract liabilities
Embedded derivative			—						—						9,059						—						9,059
Universal life benefits			—						—						834						—						834
Future policy benefits
AmerUs Closed Block			—						—						1,178						—						1,178
ILICO Closed Block and life benefits			—						—						522						—						522
Market risk benefits5			—						—						3,751						—						3,751
Derivative liabilities			17						1,977						1						—						1,995
Other liabilities			—						(64)						330						—						266
Total Liabilities – Retirement Services			17						1,913						15,675						—						17,605
Total Liabilities			$	17					$	1,958					$	15,768					$	—					$	17,743
(Concluded)
1 Investments as of September 30, 2024 and December 31, 2023 excludes $223 million and $218 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.
2 Due from related parties represents a receivable from a fund.
3 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.
4 As of September 30, 2024 and December 31, 2023, Other liabilities includes $1 million and $26 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and also includes profit sharing payable of $55 million and $67 million, respectively, related to other contingent obligations classified as Level 3.
5 Other assets consist of market risk benefits assets. See note 8 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Changes in fair value of contingent consideration obligations in connection with the acquisitions 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 16 for further details.

43

---

Table of Contents

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, 2024

Fair Value (In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

$

803

Discounted cash flow

Discount rate

13.5% – 52.8%

17.6%

1

126

Direct capitalization

Capitalization rate

6.7%

6.7%

160

Adjusted transaction value

N/A

N/A

N/A

Due from related parties

26

Discounted cash flow

Discount rate

14.0%

14.0%

Derivative assets

16

Option model

Volatility rate

47.5%

47.5%

Investments of consolidated VIEs

Bank loans

80

Discounted cash flow

Discount rate

6.6% – 35.5%

8.9%

1

256

Adjusted transaction value

N/A

N/A

N/A

Equity securities

504

Dividend discount model

Discount rate

14.1%

14.1%

432

Discounted cash flow

Discount rate

12.7%

12.7%

39

Adjusted transaction value

N/A

N/A

N/A

18

Option Model

Volatility rate

85.0% – 105.0%

95.3%

1

Bonds

579

Discounted cash flow

Discount rate

6.0% – 10.4%

6.4%

1

Retirement Services

AFS, trading and equity securities

27,208

Discounted cash flow

Discount rate

4.3% – 17.7%

6.9%

1

Mortgage loans2

62,158

Discounted cash flow

Discount rate

1.0% – 36.5%

7.4%

1

Investment funds2

1,623

Discounted cash flow

Discount rate

6.3% – 13.5%

11.3%

1

Financial Liabilities

Asset Management

Contingent consideration obligations

56

Discounted cash flow

Discount rate

20.0% – 25.0%

23.7%

1

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

11,996

Discounted cash flow

Nonperformance risk

0.5% – 1.2%

0.8%

3

Option budget

0.5% – 6.0%

2.7%

4

Surrender rate

6.2% – 14.0%

8.7%

4

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

44

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

December 31, 2023

Fair Value (In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

$

857

Discounted cash flow

Discount rate

10.5% – 52.8%

17.2%

1

112

Direct capitalization

Capitalization rate

6.9%

6.9%

219

Adjusted transaction value

N/A

N/A

N/A

Due from related parties

37

Discounted cash flow

Discount rate

14.0%

14.0%

Derivative assets

13

Option model

Volatility rate

62.5%

62.5%

Investments of consolidated VIEs

Bank loans

605

Discounted cash flow

Discount rate

7.7% – 11.0%

9.4%

1

64

Adjusted transaction value

N/A

N/A

N/A

Equity securities

494

Dividend discount model

Discount rate

13.5%

13.5%

131

Adjusted transaction value

N/A

N/A

N/A

Bonds

35

Discounted cash flow

Discount rate

6.1% – 13.0%

10.7%

1

163

Adjusted transaction value

N/A

N/A

N/A

Retirement Services

AFS, trading and equity securities

14,247

Discounted cash flow

Discount rate

2.3% – 18.1%

7.0%

1

Mortgage loans2

47,569

Discounted cash flow

Discount rate

2.5% – 20.6%

6.8%

1

Investment funds2

1,574

Discounted cash flow

Discount rate

6.3% – 13.5%

11.2%

1

483

Net tangible asset values

Implied multiple

1.14x

1.14x

Financial Liabilities

Asset Management

Contingent consideration obligations

93

Discounted cash flow

Discount rate

20.0% – 25.0%

23.3%

1

Option model

Volatility rate

31.4% – 33.4%

32.4%

1

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

9,059

Discounted cash flow

Nonperformance risk

0.4% – 1.4%

0.9%

3

Option budget

0.5% – 6.0%

2.3%

4

Surrender rate

6.0% – 13.4%

8.7%

4

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

45

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			Three months ended September 30, 2024
									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 and derivative assets			$	1,170					$	42					$	—					$	(39)					$	(68)					$	1,105					$	7					$	—
Investments of consolidated VIEs			1,507						48						—						(99)						452						1,908						8						—
Total Level 3 assets – Asset Management			$	2,677					$	90					$	—					$	(138)					$	384					$	3,013					$	15					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	34					$	—					$	1					$	—					$	—					$	35					$	—					$	—
Corporate			8,114						6						80						775						(4,800)						4,175						2						98
ABS			8,420						1						313						2,202						4,679						15,615						—						301
CMBS			20						2						(5)						—						—						17						—						(3)
RMBS			261						2						2						78						—						343						—						2
Trading securities			37						1						—						(1)						—						37						1						—
Equity securities			36						(1)						—						—						(9)						26						—						—
Mortgage loans			52,645						1,096						—						4,846						—						58,587						1,236						—
Funds withheld at interest – embedded derivative			(3,283)						702						—						—						—						(2,581)						—						—
Derivative assets			1						—						—						—						—						1						—						—
Short-term investments			80						—						—						166						(78)						168						—						—
Other investments			904						—						—						—						—						904						(1)						—
Investments in related parties
AFS securities
Corporate			1,194						(3)						12						(3)						(154)						1,046						—						(4)
CLO			521						—						2						42						—						565						—						2
ABS			10,580						28						75						(874)						—						9,809						7						73
Trading securities			719						—						—						(100)						—						619						(1)						—
Equity securities			247						10						—						—						—						257						10						—
Mortgage loans			1,320						39						—						(14)						—						1,345						(43)						—
Investment funds			1,066						40						—						—						—						1,106						40						—
Funds withheld at interest – embedded derivative			(717)						187						—						—						—						(530)						—						—
Other investments			335						13						—						—						—						348						13						—
Reinsurance recoverable			1,518						99						—						93						—						1,710						—						—
Assets of consolidated VIEs
Trading securities			1,876						82						—						34						(54)						1,938						82						—
Mortgage loans			2,120						51						—						55						—						2,226						51						—
Investment funds			913						(1)						—						338						(432)						818						(1)						—
Other investments			113						4						—						37						—						154						4						—
Total Level 3 assets – Retirement Services			$	89,074					$	2,358					$	480					$	7,674					$	(848)					$	98,738					$	1,400					$	469
(Continued)

46

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Liabilities – Asset Management
Contingent consideration obligations			$	59					$	3					$	—					$	(6)					$	—					$	56					$	—					$	—
Total Level 3 liabilities – Asset Management			$	59					$	3					$	—					$	(6)					$	—					$	56					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(11,234)					$	(275)					$	—					$	(487)					$	—					$	(11,996)					$	—					$	—
Universal life benefits			(769)						(51)						—						—						—						(820)						—						—
Future policy benefits
AmerUs Closed Block			(1,120)						(46)						—						—						—						(1,166)						—						—
ILICO Closed Block and life benefits			(529)						(16)						—						—						—						(545)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(253)						(86)						—						2						—						(337)						—						—
Total Level 3 liabilities – Retirement Services			$	(13,906)					$	(474)					$	—					$	(485)					$	—					$	(14,865)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

			Three months ended September 30, 2023
									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 and derivative assets			$	1,165					$	(25)					$	—					$	6					$	—					$	1,146					$	(1)					$	—
Investments of consolidated VIEs			2,608						(9)						—						(619)						—						1,980						4						—
Total Level 3 assets – Asset Management			$	3,773					$	(34)					$	—					$	(613)					$	—					$	3,126					$	3					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	48					$	—					$	(2)					$	—					$	—					$	46					$	—					$	(2)
Corporate			2,460						(8)						(25)						(26)						(20)						2,381						—						(27)
ABS			5,305						—						14						(255)						(438)						4,626						—						4
CMBS			12						—						—						—						—						12						—						—
RMBS			6						—						—						261						(4)						263						—						—
Trading securities			38						(1)						—						(5)						—						32						(1)						—
Equity securities			67						7						—						—						—						74						7						—
Mortgage loans			34,668						(850)						—						4,160						—						37,978						(850)						—
Funds withheld at interest – embedded derivative			(4,356)						(625)						—						—						—						(4,981)						—						—
Short-term investments			30						—						(1)						100						—						129						—						(1)
Other investments			337						(5)						—						145						—						477						(5)						—
Investments in related parties
AFS securities
Corporate			1,171						1						(10)						24						—						1,186						—						(10)
CLO			495						—						8						—						—						503						—						8
ABS			7,742						(2)						(11)						110						—						7,839						(6)						(14)
Trading securities			867						4						—						—						—						871						3						—
Equity securities			252						(7)						—						—						—						245						(7)						—
Mortgage loans			1,296						(61)						—						(1)						—						1,234						(61)						—
Investment funds			1,061						(18)						—						—						—						1,043						(18)						—
(Continued)

47

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Funds withheld at interest – embedded derivative			(1,297)						325						—						—						—						(972)						—						—
Other investments			343						(16)						—						—						—						327						(16)						—
Reinsurance recoverable			1,436						(135)						—						—						—						1,301						—						—
Assets of consolidated VIEs
Trading securities			717						(26)						—						(13)						1,180						1,858						(48)						—
Mortgage loans			2,113						(73)						—						2						—						2,042						(73)						—
Investment funds			1,351						(30)						—						81						—						1,402						(30)						—
Other investments			99						5						—						(12)						—						92						5						—
Total Level 3 assets – Retirement Services			$	56,261					$	(1,515)					$	(27)					$	4,571					$	718					$	60,008					$	(1,100)					$	(42)
Liabilities – Asset Management
Contingent consideration obligations			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
Total Level 3 liabilities – Asset Management			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(8,198)					$	1,251					$	—					$	(398)					$	—					$	(7,345)					$	—					$	—
Universal life benefits			(854)						115						—						—						—						(739)						—						—
Future policy benefits
AmerUs Closed Block			(1,159)						59						—						—						—						(1,100)						—						—
ILICO Closed Block and life benefits			(571)						20						—						—						—						(551)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(209)						(4)						—						—						—						(213)						—						—
Total Level 3 liabilities – Retirement Services			$	(10,992)					$	1,441					$	—					$	(398)					$	—					$	(9,949)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

48

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2024
									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 and derivative assets			$	1,201					$	6					$	—					$	(34)					$	(68)					$	1,105					$	7					$	—
Investments of consolidated VIEs			1,492						19						—						15						382						1,908						5						—
Total Level 3 assets – Asset Management			$	2,693					$	25					$	—					$	(19)					$	314					$	3,013					$	12					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	40					$	—					$	1					$	(6)					$	—					$	35					$	—					$	1
Corporate			2,525						3						87						2,387						(827)						4,175						—						110
ABS			6,943						(14)						314						8,371						1						15,615						—						298
CMBS			21						1						(5)						—						—						17						—						(3)
RMBS			265						5						3						72						(2)						343						—						2
Trading securities			28						1						—						(6)						14						37						—						—
Equity securities			26						(1)						—						1						—						26						—						—
Mortgage loans			44,115						825						—						13,647						—						58,587						965						—
Funds withheld at interest – embedded derivative			(3,379)						798						—						—						—						(2,581)						—						—
Derivative assets			—						—						—						—						1						1						—						—
Short-term investments			105						—						—						142						(79)						168						—						—
Other investments			630						(6)						—						280						—						904						(7)						—
Investments in related parties
AFS securities
Corporate			1,171						(2)						33						(2)						(154)						1,046						—						18
CLO			506						—						17						42						—						565						—						18
ABS			7,826						46						22						1,915						—						9,809						2						20
Trading securities			838						(1)						—						(218)						—						619						(2)						—
Equity securities			255						2						—						—						—						257						2						—
Mortgage loans			1,281						41						—						23						—						1,345						(41)						—
Investment funds			1,082						24						—						—						—						1,106						24						—
Funds withheld at interest – embedded derivative			(721)						191						—						—						—						(530)						—						—
Other investments			343						5						—						—						—						348						5						—
Reinsurance recoverable			1,367						51						—						292						—						1,710						—						—
Assets of consolidated VIEs
Trading securities			1,852						31						—						103						(48)						1,938						30						—
Mortgage loans			2,173						2						—						51						—						2,226						2						—
Investment funds			977						(66)						—						339						(432)						818						(66)						—
Other investments			101						—						—						53						—						154						1						—
Total Level 3 assets – Retirement Services			$	70,370					$	1,936					$	472					$	27,486					$	(1,526)					$	98,738					$	915					$	464
(Continued)

49

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2024
									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
Liabilities – Asset Management
Contingent consideration obligations			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
Total Level 3 liabilities – Asset Management			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(9,059)					$	(1,270)					$	—					$	(1,667)					$	—					$	(11,996)					$	—					$	—
Universal life benefits			(834)						14						—						—						—						(820)						—						—
Future policy benefits
AmerUs Closed Block			(1,178)						12						—						—						—						(1,166)						—						—
ILICO Closed Block and life benefits			(522)						(23)						—						—						—						(545)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(330)						(123)						—						52						64						(337)						—						—
Total Level 3 liabilities – Retirement Services			$	(11,924)					$	(1,390)					$	—					$	(1,615)					$	64					$	(14,865)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

50

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2023
									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 and derivative assets			$	1,098					$	18					$	—					$	30					$	—					$	1,146					$	45					$	—
Investments of consolidated VIEs			727						23						—						1,232						(2)						1,980						16						—
Total Level 3 assets – Asset Management			$	1,825					$	41					$	—					$	1,262					$	(2)					$	3,126					$	61					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	1					$	—					$	(2)					$	47					$	—					$	46					$	—					$	(2)
Corporate			1,665						(9)						(1)						1,170						(444)						2,381						—						(7)
ABS			4,867						—						(36)						794						(999)						4,626						—						(49)
CMBS			—						—						—						—						12						12						—						(1)
RMBS			232						6						2						258						(235)						263						—						—
Trading securities			53						2						—						(12)						(11)						32						—						—
Equity securities			92						(5)						—						—						(13)						74						(5)						—
Mortgage loans			27,454						(794)						—						11,318						—						37,978						(792)						—
Funds withheld at interest – embedded derivative			(4,847)						(134)						—						—						—						(4,981)						—						—
Short-term investments			36						—						(3)						70						26						129						—						(1)
Other investments			441						(5)						—						41						—						477						(7)						—
Investments in related parties
AFS securities
Corporate			812						2						(18)						175						215						1,186						—						(18)
CLO			303						—						15						185						—						503						—						15
ABS			5,542						7						38						1,968						284						7,839						(2)						32
Trading securities			878						6						—						(13)						—						871						3						—
Equity securities			279						(2)						—						(32)						—						245						(3)						—
Mortgage loans			1,302						(44)						—						(24)						—						1,234						(44)						—
Investment funds			959						52						—						32						—						1,043						53						—
Funds withheld at interest – embedded derivative			(1,425)						453						—						—						—						(972)						—						—
Other investments			303						(18)						—						42						—						327						(19)						—
Reinsurance recoverable			1,388						(87)						—						—						—						1,301						—						—
Assets of consolidated VIEs
Trading securities			622						(18)						—						(23)						1,277						1,858						(40)						—
Mortgage loans			2,055						(71)						—						58						—						2,042						(71)						—
Investment funds			2,471						(7)						—						73						(1,135)						1,402						(7)						—
Other investments			99						7						—						(14)						—						92						7						—
Total Level 3 assets – Retirement Services			$	45,582					$	(659)					$	(5)					$	16,113					$	(1,023)					$	60,008					$	(927)					$	(31)
Liabilities – Asset Management
Contingent consideration obligations			$	86					$	3					$	—					$	(4)					$	—					$	85					$	—					$	—
Total Level 3 liabilities – Asset Management			$	86					$	3					$	—					$	(4)					$	—					$	85					$	—					$	—
(Continued)

51

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2023
									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
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(5,841)					$	(277)					$	—					$	(1,227)					$	—					$	(7,345)					$	—					$	—
Universal life benefits			(829)						90						—						—						—						(739)						—						—
Future policy benefits
AmerUs Closed Block			(1,164)						64						—						—						—						(1,100)						—						—
ILICO Closed Block and life benefits			(548)						(3)						—						—						—						(551)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(142)						(71)						—						—						—						(213)						—						—
Total Level 3 liabilities – Retirement Services			$	(8,525)					$	(197)					$	—					$	(1,227)					$	—					$	(9,949)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

52

---

Table of Contents

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, 2024
(In millions)			Purchases						Issuances						Sales						Settlements						Net purchases, issuances, sales and settlements						Transfers In						Transfers Out						Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets			$	7					$	—					$	(46)					$	—					$	(39)					$	—					$	(68)					$	(68)
Investments of consolidated VIEs			1,033						—						(1,132)						—						(99)						452						—						452
Total Level 3 assets – Asset Management			$	1,040					$	—					$	(1,178)					$	—					$	(138)					$	452					$	(68)					$	384
Assets – Retirement Services
AFS securities
Corporate			$	912					$	—					$	(16)					$	(121)					$	775					$	68					$	(4,868)					$	(4,800)
ABS			3,004						—						(351)						(451)						2,202						4,897						(218)						4,679
RMBS			81						—						—						(3)						78						—						—						—
Trading securities			—						—						—						(1)						(1)						—						—						—
Equity securities			—						—						—						—						—						—						(9)						(9)
Mortgage loans			7,518						—						—						(2,672)						4,846						—						—						—
Short-term investments			168						—						—						(2)						166						—						(78)						(78)
Investments in related parties
AFS securities
Corporate			—						—						—						(3)						(3)						—						(154)						(154)
CLO			42						—						—						—						42						—						—						—
ABS			1,193						—						—						(2,067)						(874)						—						—						—
Trading securities			—						—						—						(100)						(100)						—						—						—
Mortgage loans			—						—						—						(14)						(14)						—						—						—
Reinsurance recoverable			—						94						—						(1)						93						—						—						—
Assets of consolidated VIEs
Trading securities			38						—						(4)						—						34						34						(88)						(54)
Mortgage loans			70						—						—						(15)						55						—						—						—
Investment funds			338						—						—						—						338						—						(432)						(432)
Other investments			37						—						—						—						37						—						—						—
Total Level 3 assets – Retirement Services			$	13,401					$	94					$	(371)					$	(5,450)					$	7,674					$	4,999					$	(5,847)					$	(848)
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative			$	—					$	(750)					$	—					$	263					$	(487)					$	—					$	—					$	—
Other liabilities			—						—						—						2						2						—						—						—
Total Level 3 liabilities – Retirement Services			$	—					$	(750)					$	—					$	265					$	(485)					$	—					$	—					$	—

53

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended September 30, 2023
(In millions)			Purchases						Issuances						Sales						Settlements						Net purchases, issuances, sales and settlements						Transfers In						Transfers Out						Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets			$	8					$	—					$	(2)					$	—					$	6					$	—					$	—					$	—
Investments of consolidated VIEs			1,459						—						(2,078)						—						(619)						—						—						—
Total Level 3 assets – Asset Management			$	1,467					$	—					$	(2,080)					$	—					$	(613)					$	—					$	—					$	—
Assets – Retirement Services
AFS securities
Corporate			$	26					$	—					$	—					$	(52)					$	(26)					$	—					$	(20)					$	(20)
ABS			221						—						(13)						(463)						(255)						357						(795)						(438)
RMBS			261						—						—						—						261						—						(4)						(4)
Trading securities			—						—						—						(5)						(5)						—						—						—
Mortgage loans			5,696						—						(285)						(1,251)						4,160						—						—						—
Short-term investments			100						—						—						—						100						—						—						—
Other investments			145						—						—						—						145						—						—						—
Investments in related parties
AFS securities
Corporate			27						—						—						(3)						24						—						—						—
ABS			426						—						—						(316)						110						—						—						—
Trading securities			1						—						(1)						—						—						—						—						—
Mortgage loans			—						—						—						(1)						(1)						—						—						—
Assets of consolidated VIEs
Trading securities			6						—						(19)						—						(13)						1,180						—						1,180
Mortgage loans			4						—						—						(2)						2						—						—						—
Investment funds			113						—						(32)						—						81						—						—						—
Other investments			2						—						(14)						—						(12)						—						—						—
Total Level 3 assets – Retirement Services			$	7,028					$	—					$	(364)					$	(2,093)					$	4,571					$	1,537					$	(819)					$	718
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative			$	—					$	(573)					$	—					$	175					$	(398)					$	—					$	—					$	—
Total Level 3 liabilities – Retirement Services			$	—					$	(573)					$	—					$	175					$	(398)					$	—					$	—					$	—

54

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 30, 2024
(In millions)			Purchases						Issuances						Sales						Settlements						Net Purchases, Issuances, Sales and Settlements						Transfers In						Transfers Out						Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets			$	27					$	—					$	(61)					$	—					$	(34)					$	—					$	(68)					$	(68)
Investments of consolidated VIEs			3,122						—						(3,107)						—						15						452						(70)						382
Total Level 3 assets – Asset Management			$	3,149					$	—					$	(3,168)					$	—					$	(19)					$	452					$	(138)					$	314
Assets – Retirement Services
AFS securities
Foreign governments			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Corporate			2,623						—						(18)						(218)						2,387						166						(993)						(827)
ABS			9,635						—						(423)						(841)						8,371						748						(747)						1
RMBS			81						—						—						(9)						72						—						(2)						(2)
Trading securities			—						—						—						(6)						(6)						14						—						14
Equity securities			2						—						(1)						—						1						9						(9)						—
Mortgage loans			19,226						—						(26)						(5,553)						13,647						—						—						—
Derivative assets			—						—						—						—						—						1						—						1
Short-term investments			171						—						(6)						(23)						142						—						(79)						(79)
Other investments			280						—						—						—						280						—						—						—
Investments in related parties
AFS securities
Corporate			6						—						(1)						(7)						(2)						—						(154)						(154)
CLO			42						—						—						—						42						—						—						—
ABS			5,780						—						(504)						(3,361)						1,915						—						—						—
Trading securities			4						—						—						(222)						(218)						—						—						—
Mortgage loans			87						—						—						(64)						23						—						—						—
Reinsurance recoverable			—						294						—						(2)						292						—						—						—
Assets of consolidated VIEs
Trading securities			201						—						(91)						(7)						103						40						(88)						(48)
Mortgage loans			125						—						—