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_logo_ctr_rgb_pos_s.jpg
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
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
PART II
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.


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)


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.

ConcentrationsThe 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