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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 MARCH 31, 2025 OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 001-41197

APOLLO GLOBAL MANAGEMENT, INC.

(Exact name of registrant as specified in its charter) 

Delaware						86-3155788
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

9 West 57th Street, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

APO

New York Stock Exchange

6.75% Series A Mandatory Convertible Preferred Stock

APO.PRA

New York Stock Exchange

7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053

APOS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐   No x

As of May 5, 2025, there were 571,494,234 shares of the registrant’s common stock outstanding.

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Table of Contents

			TABLE OF CONTENTS
PART I			FINANCIAL INFORMATION
ITEM 1.			Financial Statements			11
ITEM 1A.			Unaudited Supplemental Presentation of Statements of Financial Condition			87
ITEM 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			91
ITEM 3.			Quantitative and Qualitative Disclosures about Market Risk			141
ITEM 4.			Controls and Procedures			141
PART II			OTHER INFORMATION
ITEM 1.			Legal Proceedings			143
ITEM 1A.			Risk Factors			143
ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds			143
ITEM 3.			Defaults upon Senior Securities			144
ITEM 4.			Mine Safety Disclosures			144
ITEM 5.			Other Information			144
ITEM 6.			Exhibits			145
Signatures

2

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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, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, 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 the Company’s annual report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 24, 2025 (the “2024 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
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

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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
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 and VIEs, adjusted for reinsurance impacts and to include Athene's proportionate share of ACRA alternative investments based on its economic ownership
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 DAF			The donor-advised fund established by Apollo
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.

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Assets Under Management, or AUM			The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the 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 capital			The capital of Athene's non-U.S. reinsurance subsidiaries as reported in the Bermuda statutory financial statements and applying U.S. statutory accounting principles for policyholder reserve liabilities which are subjected to U.S. cash flow testing requirements, excluding certain items that do not exist under Athene's applicable Bermuda requirements, such as interest maintenance reserves. There are certain Bermuda statutory accounting differences, primarily (1) marking to market of inception date investment gains or losses relating to reinsurance transactions and (2) admission of certain deferred tax assets, that may from time to time result in material differences from the calculation of statutory capital under U.S. statutory accounting principles.
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, excluding U.S. subsidiaries which are included within Athene’s U.S. RBC Ratio.
BMA			Bermuda Monetary Authority

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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.
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., and Financial Credit Investment IV, L.P., together with its feeder funds
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.

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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
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.
GDP			Gross Domestic Product
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 March 31, 2025 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 March 31, 2025 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

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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, together with its subsidiaries
Modco			Modified coinsurance
NAIC			National Association of Insurance Commissioners
NAV			Net Asset Value
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 and VOE 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.

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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
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

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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
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 AAIA, Athene's parent U.S. insurance company
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
VOE			Voting interest entity
WACC			Weighted average cost of capital

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)

			Condensed Consolidated Statements of Financial Condition (unaudited)						12
			Condensed Consolidated Statements of Operations (unaudited)						14
			Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)						15
			Condensed Consolidated Statements of Equity (unaudited)						16
			Condensed Consolidated Statements of Cash Flows (unaudited)						17
			Notes to Condensed Consolidated Financial Statements (unaudited)						19
						Note 1. Organization			19
						Note 2. Summary of Significant Accounting Policies			19
						Note 3. Investments			21
						Note 4. Derivatives			29
						Note 5. Variable Interest Entities			33
						Note 6. Fair Value			36
						Note 7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired			55
						Note 8. Long-duration Contracts			56
						Note 9. Profit Sharing Payable			64
						Note 10. Income Taxes			65
						Note 11. Debt			66
						Note 12. Equity-Based Compensation			68
						Note 13. Equity			69
						Note 14. Earnings per Share			73
						Note 15. Related Parties			74
						Note 16. Commitments and Contingencies			78
						Note 17. Segments			82
						Note 18. Subsequent Events			86

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)			As of March 31, 2025						As of December 31, 2024
Assets
Asset Management
Cash and cash equivalents			$	1,871					$	2,692
Restricted cash and cash equivalents			3						3
Investments			6,591						6,086
Assets of consolidated variable interest entities
Cash and cash equivalents			231						158
Investments			1,873						2,806
Other assets			264						84
Due from related parties			634						584
Goodwill			264						264
Other assets			2,677						2,579
			14,408						15,256
Retirement Services
Cash and cash equivalents			11,023						12,733
Restricted cash and cash equivalents			2,210						943
Investments			278,323						262,283
Investments in related parties			29,834						28,884
Assets of consolidated variable interest entities
Cash and cash equivalents			175						583
Investments			24,653						23,424
Other assets			362						565
Reinsurance recoverable			8,790						8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired			7,606						7,173
Goodwill			4,067						4,063
Other assets			13,594						13,794
			380,637						362,639
Total Assets			$	395,045					$	377,895
									(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)			As of March 31, 2025						As of December 31, 2024
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities			$	3,773					$	3,616
Due to related parties			708						710
Debt			4,280						4,279
Liabilities of consolidated variable interest entities
Other liabilities			785						1,363
			9,546						9,968
Retirement Services
Interest sensitive contract liabilities			273,439						253,637
Future policy benefits			49,897						49,902
Market risk benefits			4,362						4,028
Debt			6,301						6,309
Payables for collateral on derivatives and securities to repurchase			7,253						11,652
Other liabilities			10,355						9,784
Liabilities of consolidated variable interest entities
Other liabilities			1,548						1,635
			353,155						336,947
Total Liabilities			362,701						346,915
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests			—						16
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,749,765 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively			1,398						1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 570,432,275 and 565,738,933 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively			—						—
Additional paid in capital			15,527						15,327
Retained earnings (accumulated deficit)			5,634						6,022
Accumulated other comprehensive income (loss)			(4,583)						(5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity			17,976						17,253
Non-controlling interests			14,368						13,711
Total Equity			32,344						30,964
Total Liabilities, Redeemable non-controlling interests and Equity			$	395,045					$	377,895
									(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

			Three months ended March 31,
(In millions, except per share data)			2025						2024
Revenues
Asset Management
Management fees			$	508					$	438
Advisory and transaction fees, net			195						169
Investment income (loss)			303						402
Incentive fees			40						26
			1,046						1,035
Retirement Services
Premiums			127						101
Product charges			265						238
Net investment income			4,341						3,576
Investment related gains (losses)			(828)						1,677
Revenues of consolidated variable interest entities			592						411
Other revenues			5						2
			4,502						6,005
Total Revenues			5,548						7,040
Expenses
Asset Management
Compensation and benefits			745						667
Interest expense			60						51
General, administrative and other			308						240
			1,113						958
Retirement Services
Interest sensitive contract benefits			1,494						2,884
Future policy and other policy benefits			541						543
Market risk benefits remeasurement (gains) losses			385						(154)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			267						207
Policy and other operating expenses			542						453
			3,229						3,933
Total Expenses			4,342						4,891
Other income (loss) – Asset Management
Net gains (losses) from investment activities			(18)						39
Net gains (losses) from investment activities of consolidated variable interest entities			211						25
Other income (loss), net			(218)						(26)
Total Other income (loss)			(25)						38
Income (loss) before income tax (provision) benefit			1,181						2,187
Income tax (provision) benefit			(243)						(422)
Net income (loss)			938						1,765
Net (income) loss attributable to non-controlling interests			(496)						(338)
Net income (loss) attributable to Apollo Global Management, Inc.			442						1,427
Preferred stock dividends			(24)						(24)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders			$	418					$	1,403
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic			$	0.68					$	2.31
Net income (loss) attributable to common stockholders - Diluted			$	0.68					$	2.28
Weighted average shares outstanding – Basic			587.3						588.1
Weighted average shares outstanding – Diluted			593.0						605.4
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

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

			Three months ended March 31,
(In millions)			2025						2024
Net income (loss)			$	938					$	1,765
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities			1,492						(738)
Unrealized gains (losses) on hedging instruments			229						(76)
Remeasurement gains (losses) on future policy benefits related to discount rate			(528)						803
Remeasurement gains (losses) on market risk benefits related to credit risk			116						(28)
Foreign currency translation and other adjustments			63						(32)
Other comprehensive income (loss), before tax			1,372						(71)
Income tax expense (benefit) related to other comprehensive income (loss)			273						(4)
Other comprehensive income (loss)			1,099						(67)
Comprehensive income (loss)			2,037						1,698
Comprehensive (income) loss attributable to non-controlling interests			(684)						(336)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.			$	1,353					$	1,362
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			For the three months ended March 31, 2024
			Apollo Global Management, Inc. Stockholders
(In millions, except share data)			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 January 1, 2024			567,762,932						$	1,398					$	15,249					$	2,972					$	(5,575)					$	14,044					$	11,189					$	25,233
Other changes in equity of non-controlling interests			—						—						—						—						—						—						1						1
Accretion of redeemable non-controlling interests			—						—						(1)						—						—						(1)						—						(1)
Capital increase related to equity-based compensation			—						—						163						—						—						163						—						163
Capital contributions			—						—						—						—						—						—						1,006						1,006
Dividends/distributions			—						(24)						—						(259)						—						(283)						(316)						(599)
Payments related to issuances of common stock for equity-based awards			3,306,526						—						8						(254)						—						(246)						—						(246)
Repurchase of common stock			(2,337,000)						—						(260)						—						—						(260)						—						(260)
Stock option exercises			271,464						—						8						—						—						8						—						8
Net income (loss)			—						24						—						1,403						—						1,427						338						1,765
Other comprehensive income (loss)			—						—						—						—						(65)						(65)						(2)						(67)
Balance at March 31, 2024			569,003,922						$	1,398					$	15,167					$	3,862					$	(5,640)					$	14,787					$	12,216					$	27,003

			For the three months ended March 31, 2025
			Apollo Global Management, Inc. Stockholders
(In millions, except share data)			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 January 1, 2025			565,738,933						$	1,398					$	15,327					$	6,022					$	(5,494)					$	17,253					$	13,711					$	30,964
Consolidation/deconsolidation of VIEs			—						—						—						—						—						—						(442)						(442)
Issuance of warrants			—						—						54						—						—						54						—						54
Other changes in equity of non-controlling interests			—						—						—						—						—						—						(5)						(5)
Issuance of common stock related to equity transactions			540,177						—						—						—						—						—						—						—
Accretion of redeemable non-controlling interests			—						—						5						—						—						5						—						5
Issuance of common stock to donor-advised fund			1,213,003						—						200						—						—						200						—						200
Capital increase related to equity-based compensation			—						—						128						—						—						128						—						128
Capital contributions			—						—						—						—						—						—						636						636
Dividends/distributions			—						(24)						—						(278)						—						(302)						(216)						(518)
Payments related to issuances of common stock for equity-based awards			4,332,162						—						6						(528)						—						(522)						—						(522)
Repurchase of common stock			(1,392,000)						—						(193)						—						—						(193)						—						(193)
Net income (loss)			—						24						—						418						—						442						496						938
Other comprehensive income (loss)			—						—						—						—						911						911						188						1,099
Balance at March 31, 2025			570,432,275						$	1,398					$	15,527					$	5,634					$	(4,583)					$	17,976					$	14,368					$	32,344
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Three months ended March 31,
(In millions)			2025						2024
Cash Flows from Operating Activities
Net income (loss)			$	938					$	1,765
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation			149						189
Net investment income			(370)						(416)
Net recognized (gains) losses on investments and derivatives			306						(2,094)
Depreciation and amortization			308						238
Net amortization (accretion) of net investment premiums, discount and other			(42)						(5)
Policy acquisition costs deferred			(515)						(459)
Other non-cash amounts included in net income (loss), net			300						72
Changes in consolidation			(23)						—
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs			(871)						(1,521)
Proceeds from sale of investments by funds and VIEs			1,191						879
Interest sensitive contract liabilities			519						2,132
Future policy benefits, market risk benefits and reinsurance recoverable			(289)						(671)
Other assets and liabilities, net			(589)						(39)
Net cash provided by operating activities			$	1,012					$	70
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments			$	(1,336)					$	(634)
Purchases of available-for-sale securities			(24,317)						(18,464)
Purchases of mortgage loans			(9,013)						(5,714)
Purchases of investment funds			(714)						(612)
Purchases of U.S. Treasury securities			(444)						—
Purchases of derivatives instruments and other investments			(942)						(857)
Sales, maturities and repayments of investments and distributions from equity method investments			18,976						9,601
Other investing activities, net			902						295
Net cash used in investing activities			$	(16,888)					$	(16,385)
Cash Flows from Financing Activities
Issuance of debt			$	294					$	2,827
Repayment of debt			(818)						(524)
Repurchase of common stock			(193)						(260)
Common stock dividends			(278)						(259)
Preferred stock dividends			(24)						(24)
Distributions paid to non-controlling interests			(210)						(305)
Contributions from non-controlling interests			607						1,001
Deposits on investment-type policies and contracts			25,306						20,803
Withdrawals on investment-type policies and contracts			(5,248)						(4,786)
Net change in cash collateral posted for derivative transactions and securities to repurchase			(4,399)						611
Other financing activities, net			(763)						(742)
Net cash provided by financing activities			$	14,274					$	18,342
Effect of exchange rate changes on cash and cash equivalents			3						(2)
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities			(1,599)						2,025
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period			17,112						17,691
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period			$	15,513					$	19,716
									(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Three months ended March 31,
(In millions)			2025						2024
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes			$	310					$	338
Cash paid for interest			321						167
Non-cash transactions
Non-cash investing activities
Retirement Services
Investments received from settlements on reinsurance agreements			—						48
Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation			121						153
Issuance of warrants			54						—
Issuance of restricted shares			6						9
Issuance of common stock to donor-advise fund			200						—
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)			(483)						(1,062)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)			1,761						1,998
Distributions to non-controlling interests			—						11
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management			(871)						(1,521)
Proceeds from sale of investments - Asset Management			1,191						879
Cash Flows from Investing Activities
Purchases of investments - Retirement Services			(1,399)						(589)
Proceeds from sale of investments - Retirement Services			938						117
Cash Flows from Financing Activities
Issuance of debt			294						1,258
Principal repayment of debt			(818)						(499)
Distributions paid to non-controlling interests			(69)						(5)
Contributions from non-controlling interests			604						593
Other financing activities, net			(187)						—
Changes in Consolidation
Investments, at fair value			(549)						1
Other assets			(14)						—
Notes payable			—						(2)
Other liabilities			88						—
Non-controlling interest			442						1
Equity			56						—
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			$	12,894					$	17,723
Restricted cash and cash equivalents			2,213						1,577
Cash and cash equivalents held at consolidated variable interest entities			406						416
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities			$	15,513					$	19,716
									(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

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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.

Bridge Acquisition

On February 23, 2025, the Company entered into a definitive agreement for Apollo to acquire Bridge Investment Group Holdings Inc. (“Bridge”) in an all-stock transaction. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and the receipt of regulatory approvals.

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 2024 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 $79 million of revenue recognized during the three months ended March 31, 2025 that was previously deferred as of January 1, 2025.

Recently Issued Accounting Pronouncements

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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03)

In November 2024, the FASB issued guidance that requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable.

The guidance is mandatorily effective for the Company in its 2027 annual report and in interim periods in 2028; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

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

In August 2023, the FASB issued amendments to 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 Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

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 Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

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 Company adopted the guidance on January 1, 2025, and there was no impact on the condensed consolidated financial statements upon adoption.

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 Company adopted the guidance for the annual reporting period ended December 31, 2024, and in interim periods beginning January 1, 2025. Refer to Note 17, Segments, for the expanded disclosures.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. Investments

The following table outlines the Company’s investments:

(In millions)			March 31, 2025						December 31, 2024
Asset Management
Investments, at fair value			$	1,546					$	1,384
Equity method investments			1,127						1,082
Performance allocations			3,112						3,262
U.S. Treasury securities, at fair value			448						—
Other investments			358						358
Total Investments – Asset Management			6,591						6,086
Retirement Services
AFS securities, at fair value			$	196,541					$	184,167
Trading securities, at fair value			2,543						2,156
Equity securities, at fair value			1,299						1,524
Mortgage loans, at fair value			72,212						64,536
Investment funds			2,039						1,960
Policy loans			313						318
Funds withheld at interest			22,670						23,916
Derivative assets			6,153						8,154
Short-term investments			1,036						1,190
Other investments			3,351						3,246
Total Investments, including related parties – Retirement Services			308,157						291,167
Total Investments			$	314,748					$	297,253

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 March 31,
(In millions)			2025						2024
Realized gains (losses) on sales of investments, net			$	(9)					$	1
Net change in unrealized gains (losses) due to changes in fair value			(9)						38
Net gains (losses) from investment activities			$	(18)					$	39

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, 2025			$	3,262
Change in fair value of funds			245
Fund distributions to the Company			(395)
Performance allocations, March 31, 2025			$	3,112

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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 equity funds and certain credit funds we manage 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:

			March 31, 2025
(In millions)			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS securities
U.S. government and agencies			$	10,503					$	—					$	60					$	(1,088)					$	9,475
U.S. state, municipal and political subdivisions			1,100						—						—						(226)						874
Foreign governments			2,103						—						3						(496)						1,610
Corporate			98,527						(174)						593						(10,742)						88,204
CLO			30,094						—						282						(310)						30,066
ABS			25,796						(82)						228						(485)						25,457
CMBS			12,482						(60)						80						(394)						12,108
RMBS			9,280						(392)						244						(373)						8,759
Total AFS securities			189,885						(708)						1,490						(14,114)						176,553
AFS securities – related parties
Corporate			2,152						—						18						(23)						2,147
CLO			6,623						—						17						(51)						6,589
ABS			11,483						(1)						24						(254)						11,252
Total AFS securities – related parties			20,258						(1)						59						(328)						19,988
Total AFS securities, including related parties			$	210,143					$	(709)					$	1,549					$	(14,442)					$	196,541

			December 31, 2024
(In millions)			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS securities
U.S. government and agencies			$	8,413					$	—					$	8					$	(1,270)					$	7,151
U.S. state, municipal and political subdivisions			1,167						—						—						(246)						921
Foreign governments			2,082						—						—						(514)						1,568
Corporate			95,006						(175)						485						(11,731)						83,585
CLO			29,524						—						266						(608)						29,182
ABS			24,779						(76)						138						(640)						24,201
CMBS			11,158						(60)						75						(432)						10,741
RMBS			8,587						(397)						228						(403)						8,015
Total AFS securities			180,716						(708)						1,200						(15,844)						165,364
AFS securities – related parties
Corporate			2,150						—						18						(31)						2,137
CLO			6,130						—						18						(113)						6,035
ABS			10,899						(1)						21						(288)						10,631
Total AFS securities – related parties			19,179						(1)						57						(432)						18,803
Total AFS securities, including related parties			$	199,895					$	(709)					$	1,257					$	(16,276)					$	184,167

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			March 31, 2025
(In millions)			Amortized Cost						Fair Value
AFS securities
Due in one year or less			$	2,925					$	2,895
Due after one year through five years			23,015						22,714
Due after five years through ten years			29,985						28,177
Due after ten years			56,308						46,377
CLO, ABS, CMBS and RMBS			77,652						76,390
Total AFS securities			189,885						176,553
AFS securities – related parties
Due after one year through five years			1,103						1,103
Due after five years through ten years			825						835
Due after ten years			224						209
CLO and ABS			18,106						17,841
Total AFS securities – related parties			20,258						19,988
Total AFS securities, including related parties			$	210,143					$	196,541

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.

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:

			March 31, 2025
			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			$	2,028					$	(57)					$	3,555					$	(1,030)					$	5,583					$	(1,087)
U.S. state, municipal and political subdivisions			40						(2)						810						(224)						850						(226)
Foreign governments			192						(17)						1,418						(479)						1,610						(496)
Corporate			17,652						(619)						41,957						(10,084)						59,609						(10,703)
CLO			6,972						(35)						1,843						(137)						8,815						(172)
ABS			5,952						(122)						3,346						(237)						9,298						(359)
CMBS			3,793						(78)						1,542						(260)						5,335						(338)
RMBS			737						(10)						1,082						(134)						1,819						(144)
Total AFS securities			37,366						(940)						55,553						(12,585)						92,919						(13,525)
AFS securities – related parties
Corporate			62						(1)						367						(22)						429						(23)
CLO			2,108						(8)						283						(16)						2,391						(24)
ABS			2,048						(16)						3,663						(222)						5,711						(238)
Total AFS securities – related parties			4,218						(25)						4,313						(260)						8,531						(285)
Total AFS securities, including related parties			$	41,584					$	(965)					$	59,866					$	(12,845)					$	101,450					$	(13,810)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 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			$	3,010					$	(114)					$	3,462					$	(1,156)					$	6,472					$	(1,270)
U.S. state, municipal and political subdivisions			67						(3)						842						(243)						909						(246)
Foreign governments			830						(205)						738						(309)						1,568						(514)
Corporate			19,530						(673)						44,051						(10,997)						63,581						(11,670)
CLO			2,675						(48)						2,325						(215)						5,000						(263)
ABS			9,361						(155)						4,070						(309)						13,431						(464)
CMBS			1,868						(56)						1,773						(315)						3,641						(371)
RMBS			825						(13)						1,261						(157)						2,086						(170)
Total AFS securities			38,166						(1,267)						58,522						(13,701)						96,688						(14,968)
AFS securities – related parties
Corporate			471						(4)						365						(26)						836						(30)
CLO			586						(10)						544						(56)						1,130						(66)
ABS			2,533						(43)						3,355						(235)						5,888						(278)
Total AFS securities – related parties			3,590						(57)						4,264						(317)						7,854						(374)
Total AFS securities, including related parties			$	41,756					$	(1,324)					$	62,786					$	(14,018)					$	104,542					$	(15,342)

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:

			March 31, 2025
			Unrealized Loss Position						Unrealized Loss Position 12 Months or More
AFS securities			7,495						5,728
AFS securities – related parties			160						69

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 March 31, 2025
									Additions									Reductions
(In millions)			Beginning balance						Initial credit losses												Securities sold during the period												Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Corporate			$	175					$	—											$	—											$	(1)					$	174
ABS			76						1												(1)												6						82
CMBS			60						—												—												—						60
RMBS			397						2												(7)												—						392
Total AFS securities			708						3												(8)												5						708
AFS securities – related parties, ABS			1						—												—												—						1
Total AFS securities, including related parties			$	709					$	3											$	(8)											$	5					$	709

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended March 31, 2024
									Additions									Reductions
(In millions)			Beginning balance						Initial credit losses												Securities sold during the period												Additions (reductions) to previously impaired securities						Ending balance
AFS securities
Corporate			$	129					$	7											$	(8)											$	(1)					$	127
CLO			2						—												—												(1)						1
ABS			49						2												—												—						51
CMBS			29						1												—												1						31
RMBS			381						4												(4)												6						387
Total AFS securities			590						14												(12)												5						597
AFS securities – related parties, ABS			1						—												—												—						1
Total AFS securities, including related parties			$	591					$	14											$	(12)											$	5					$	598

Net Investment Income

Net investment income by asset class consists of the following:

						Three months ended March 31,
(In millions)												2025						2024
AFS securities												$	2,664					$	2,137
Trading securities												42						41
Equity securities												15						17
Mortgage loans												1,123						814
Investment funds												38						9
Funds withheld at interest												265						363
Other												230						211
Investment revenue												4,377						3,592
Investment expenses												(36)						(16)
Net investment income												$	4,341					$	3,576

Investment Related Gains (Losses)

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

						Three months ended March 31,
(In millions)												2025						2024
AFS securities1
Gross realized gains on investment activity												$	711					$	67
Gross realized losses on investment activity												(235)						(347)
Net realized investment gains (losses) on AFS securities												476						(280)
Net recognized investment gains (losses) on trading securities												80						(65)
Net recognized investment gains on equity securities												15						39
Net recognized investment gains (losses) on mortgage loans												1,014						(358)
Derivative gains (losses)												(1,512)						1,431
Provision for credit losses												(8)						(10)
Other gains (losses)												(893)						920
Investment related gains (losses)												$	(828)					$	1,677
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Proceeds from sales of AFS securities were $8,945 million and $3,718 million for the three months ended March 31, 2025 and 2024, 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 March 31,
(In millions)												2025						2024
Trading securities												$	21					$	(20)
Equity securities												12						38

Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements:

(In millions)			March 31, 2025						December 31, 2024
Less than 30 days			$	—					$	2,752
30 – 90 days			1,095						300
91 days to 1 year			—						1,095
Greater than 1 year			1,969						1,569
Payables for repurchase agreements			$	3,064					$	5,716

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

			March 31, 2025												December 31, 2024
(In millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
AFS securities
U.S. government and agencies			$	—					$	—					$	3,253					$	2,693
Foreign governments			163						111						159						107
Corporate			2,277						1,979						1,877						1,573
CLO			587						588						587						588
ABS			600						559						596						552
RMBS			—						—						369						365
Total securities pledged under repurchase agreements			$	3,627					$	3,237					$	6,841					$	5,878

Reverse Repurchase Agreements

As of March 31, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $965 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,200 million and $2,208 million, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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)			March 31, 2025						December 31, 2024
Commercial mortgage loans			$	34,854					$	32,544
Commercial mortgage loans under development			1,962						1,987
Total commercial mortgage loans			36,816						34,531
Mark to fair value			(2,156)						(2,099)
Commercial mortgage loans			34,660						32,432
Residential mortgage loans			39,903						35,223
Mark to fair value			168						(540)
Residential mortgage loans			40,071						34,683
Mortgage loans			$	74,731					$	67,115

Athene invests in commercial mortgage loans, primarily 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 whether properties are performing at a consistent and acceptable level to secure the related debt.

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:

			March 31, 2025												December 31, 2024
(In millions, except percentages)			Fair Value						Percentage of Total						Fair Value						Percentage of Total
Property type
Apartment			$	13,559					39.1		%				$	11,746					36.2		%
Industrial			7,223						20.8		%				6,793						21.0		%
Office building			4,157						12.0		%				4,162						12.8		%
Hotels			2,900						8.4		%				2,786						8.6		%
Retail			2,201						6.4		%				2,269						7.0		%
Other commercial			4,620						13.3		%				4,676						14.4		%
Total commercial mortgage loans			$	34,660					100.0		%				$	32,432					100.0		%
U.S. region
East North Central			$	1,535					4.4		%				$	1,546					4.8		%
East South Central			430						1.3		%				438						1.3		%
Middle Atlantic			9,195						26.5		%				8,386						25.9		%
Mountain			1,470						4.2		%				1,322						4.1		%
New England			1,101						3.2		%				1,118						3.4		%
Pacific			6,160						17.8		%				5,768						17.8		%
South Atlantic			6,424						18.5		%				6,198						19.1		%
West North Central			327						1.0		%				221						0.7		%
West South Central			2,139						6.2		%				1,971						6.1		%
Total U.S. region			28,781						83.1		%				26,968						83.2		%
International region
United Kingdom			2,296						6.6		%				2,281						7.0		%
Other international1			3,583						10.3		%				3,183						9.8		%
Total international region			5,879						16.9		%				5,464						16.8		%
Total commercial mortgage loans			$	34,660					100.0		%				$	32,432					100.0		%
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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:

			March 31, 2025						December 31, 2024
U.S. States
California			25.5		%				25.6		%
Florida			12.2		%				12.4		%
Texas			7.5		%				7.4		%
New York			5.0		%				4.7		%
Other1			41.4		%				40.8		%
Total U.S. residential mortgage loan percentage			91.6		%				90.9		%
International
Other1			8.4		%				9.1		%
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.

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit, 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 excess 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, 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:

			March 31, 2025												December 31, 2024
(In millions, except percentages)			Carrying Value						Percentage of Total						Carrying Value						Percentage of Total
Investment funds
Equity			$	104					0.5		%				$	107					0.6		%
Investment funds – related parties
Strategic origination platforms			31						0.2		%				29						0.2		%
Retirement services platforms			1,357						6.7		%				1,317						6.7		%
Equity			221						1.1		%				244						1.2		%
Credit			319						1.6		%				253						1.3		%
Other			7						—		%				10						0.1		%
Total investment funds – related parties			1,935						9.6		%				1,853						9.5		%
Investment funds – consolidated VIEs
Strategic origination platforms			6,825						33.7		%				6,347						32.3		%
Equity			7,194						35.6		%				7,597						38.7		%
Credit			3,262						16.1		%				3,062						15.6		%
Other			906						4.5		%				654						3.3		%
Total investment funds – consolidated VIEs			18,187						89.9		%				17,660						89.9		%
Total investment funds, including related parties and consolidated VIEs			$	20,226					100.0		%				$	19,620					100.0		%

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

(In millions)			March 31, 2025
AP Grange Holdings, LLC			$	4,710
Fox Hedge L.P.			3,208
Atlas Securitized Products Holdings LP (Atlas)1			3,189
Blackstone Private Credit			1,904
			December 31, 2024
AP Grange Holdings, LLC			$	4,661
Atlas1			3,172
Fox Hedge L.P.			2,924
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.

4. Derivatives

Athene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, 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:

			March 31, 2025																		December 31, 2024
			Notional Amount						Fair Value												Notional Amount						Fair Value
(In millions)									Assets						Liabilities												Assets						Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps			17,448						$	664					$	201					15,669						$	938					$	211
Forwards			3,109						257						10						3,139						331						5
Interest rate swaps			4,382						10						498						4,506						—						654
Forwards on net investments			224						—						1						218						11						—
Interest rate swaps			25,256						76						65						24,885						55						138
Total derivatives designated as hedges									1,007						775												1,335						1,008
Derivatives not designated as hedges
Equity options			88,024						4,027						156						85,452						5,002						126
Futures			42						88						5						37						93						11
Foreign currency swaps			17,066						389						270						14,908						600						199
Interest rate swaps and forwards			3,252						67						192						3,255						67						124
Other swaps			2,151						6						5						2,644						3						5
Foreign currency forwards			39,745						569						1,962						39,598						1,054						2,083
Embedded derivatives
Funds withheld, including related parties									(3,387)						23												(3,650)						4
Interest sensitive contract liabilities									—						10,747												—						11,242
Total derivatives not designated as hedges									1,759						13,360												3,169						13,794
Total derivatives									$	2,766					$	14,135											$	4,504					$	14,802

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 March 31, 2025 and 2024, Athene recognized gains of $96 million and losses of $21 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2025 and 2024. As of March 31, 2025, no amounts were expected to be reclassified to income within the next 12 months.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:

			March 31, 2025												December 31, 2024
(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			$	2,871					$	(104)					$	3,790					$	(258)
Foreign currency swaps			13,153						(298)						12,517						(842)
Interest sensitive contract liabilities
Foreign currency swaps			4,571						9						2,426						130
Foreign currency interest rate swaps			4,187						354						3,946						488
Interest rate swaps			18,264						5						17,873						130
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 March 31, 2025
Investment related gains (losses)
Foreign currency forwards			$	(115)					$	104					$	(11)					$	10					$	—
Foreign currency swaps			(332)						359						27						—						—
Foreign currency interest rate swaps			137						(134)						3						—						—
Interest rate swaps			129						(125)						4						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			23						(23)						—						—						—
Three months ended March 31, 2024
Investment related gains (losses)
Foreign currency forwards			136						(132)						4						18						9
Foreign currency swaps			112						(114)						(2)						—						—
Foreign currency interest rate swaps			(116)						117						1						—						—
Interest rate swaps			(106)						75						(31)						—						—
Interest sensitive contract benefits
Foreign currency interest rate swaps			16						(16)						—						—						—

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			Three months ended March 31,
(In millions)			2025						2024
Foreign currency forwards			$	26					$	(17)
Foreign currency swaps			107						(38)

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 March 31, 2025 and 2024, these derivatives had losses of $8 million and gains of $3 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of March 31, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $21 million and $29 million, respectively. During the three months ended March 31, 2025 and 2024, 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, including the S&P 500 and other bespoke indices. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures

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

Interest rate swaps and forwards

Athene uses interest rate swaps and forwards 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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			Three months ended March 31,
(In millions)			2025						2024
Equity options			$	(936)					$	1,597
Futures			(7)						127
Interest rate swaps and forwards and other swaps			(346)						39
Foreign currency forwards			(210)						(310)
Embedded derivatives on funds withheld			158						(75)
Amounts recognized in investment related gains (losses)			(1,341)						1,378
Embedded derivatives in indexed annuity products1			1,003						(1,177)
Total gains (losses) on derivatives not designated as hedges			$	(338)					$	201
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Credit Risk

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

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

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

The estimated fair value of 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
March 31, 2025
Derivative assets			$	6,153					$	(1,787)					$	(4,177)					$	189					$	(164)					$	25
Derivative liabilities			(3,365)						1,787						1,396						(182)						243						61
December 31, 2024
Derivative assets			$	8,154					$	(2,209)					$	(5,922)					$	23					$	—					$	23
Derivative liabilities			(3,556)						2,209						1,333						(14)						2						(12)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of March 31, 2025 and December 31, 2024, 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, Athene 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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

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 short-term receivables due from investments sold, interest receivables, due from related parties and performance fee allocations. Other liabilities include debt and short-term payables.

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

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 March 31,
(In millions)			20251						20241
Net gains (losses) from investment activities			$	198					$	18
Interest and other income			34						32
Interest and other expenses			(21)						(25)
Net gains (losses) from investment activities of consolidated variable interest entities			$	211					$	25
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 months ended March 31, 2025, the Company recorded $32 million of revenues, $4 million of expenses and $14 million of other losses related to the activities of these VIEs. For the three months ended March 31, 2024, the Company recorded $10 million of revenues and $2 million of expenses 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:

			March 31, 2025																		December 31, 2024
(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			$	674					7.36		%				0.06						$	1,198					6.84		%				0.06
Total – Asset Management			$	674																	$	1,198
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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.

Revenues of Consolidated Variable Interest Entities—Retirement Services

The following summarizes the statements of operations activity of the consolidated VIEs:

									Three months ended March 31,
(In millions)															2025						2024
Trading securities															$	47					$	35
Mortgage loans															43						30
Investment funds															1						21
Other															(7)						(5)
Net investment income															84						81
Net recognized investment gains on trading securities															2						—
Net recognized investment gains (losses) on mortgage loans															20						(26)
Net recognized investment gains on investment funds															485						360
Other gains (losses)															1						(4)
Investment related gains (losses)															508						330
Revenues of consolidated variable interest entities															$	592					$	411

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)			March 31, 2025						December 31, 2024
Maximum Loss Exposure1,2			$	304					$	614
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

Athene 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 structure 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.

Investment funds

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

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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:

			March 31, 2025												December 31, 2024
(In millions)			Carrying Value						Maximum Loss Exposure						Carrying Value						Maximum Loss Exposure
Investment funds			$	104					$	924					$	107					$	987
Investment in related parties – investment funds			1,935						3,214						1,853						3,226
Assets of consolidated VIEs – investment funds			18,187						23,896						17,660						23,488
Investment in fixed maturity securities			76,787						78,509						72,523						74,797
Investment in related parties – fixed maturity securities			18,278						21,947						17,239						21,793
Investment in related parties – equity securities			244						244						234						234
Total non-consolidated investments			$	115,535					$	128,734					$	109,616					$	124,525

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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:

			March 31, 2025
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Assets
Asset Management
Cash and cash equivalents			$	1,871					$	—					$	—					$	—					$	1,871
Restricted cash and cash equivalents			3						—						—						—						3
Cash and cash equivalents of VIEs			231						—						—						—						231
U.S. Treasury securities			448						—						—						—						448
Investments, at fair value			204						84						1,097			1			161						1,546
Investments of consolidated VIEs			185						—						1,518						152						1,855
Due from related parties2			—						—						18						—						18
Derivative assets3			—						—						10						—						10
Total Assets – Asset Management			2,942						84						2,643						313						5,982
Retirement Services
AFS Securities
U.S. government and agencies			9,475						—						—						—						9,475
U.S. state, municipal and political subdivisions			—						874						—						—						874
Foreign governments			662						920						28						—						1,610
Corporate			10						82,589						5,605						—						88,204
CLO			—						30,066						—						—						30,066
ABS			—						12,885						12,572						—						25,457
CMBS			—						12,108						—						—						12,108
RMBS			—						8,453						306						—						8,759
Total AFS securities			10,147						147,895						18,511						—						176,553
Trading securities			23						2,076						7						—						2,106
Equity securities			188						841						26						—						1,055
Mortgage loans			—						—						70,916						—						70,916
Funds withheld at interest – embedded derivative			—						—						(2,847)						—						(2,847)
Derivative assets			103						6,049						1						—						6,153
Short-term investments			—						23						48						—						71
Other investments			—						783						896						—						1,679
Cash and cash equivalents			11,023						—						—						—						11,023
Restricted cash and cash equivalents			2,210						—						—						—						2,210
Investments in related parties
AFS securities
Corporate			—						1,039						1,108						—						2,147
CLO			—						5,519						1,070						—						6,589
ABS			—						867						10,385						—						11,252
Total AFS securities – related parties			—						7,425						12,563						—						19,988
Trading securities			—						—						437						—						437
Equity securities			—						—						244						—						244
Mortgage loans			—						—						1,296						—						1,296
Investment funds			—						—						1,180						—						1,180
Funds withheld at interest – embedded derivative			—						—						(540)						—						(540)
Other investments			—						—						340						—						340
Reinsurance recoverable			—						—						1,729						—						1,729
Other assets5			—						—						285						—						285
(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			March 31, 2025
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Assets of consolidated VIEs
Trading securities			—						841						2,170						—						3,011
Mortgage loans			—						—						2,519						—						2,519
Investment funds			—						—						289						17,898						18,187
Other investments			4						12						91						—						107
Cash and cash equivalents			175						—						—						—						175
Total Assets – Retirement Services			23,873						165,945						110,161						17,898						317,877
Total Assets			$	26,815					$	166,029					$	112,804					$	18,211					$	323,859
Liabilities
Asset Management
Contingent consideration obligations4			$	—					$	—					$	55					$	—					$	55
Derivative liabilities3			—						24						—						—						24
Total Liabilities – Asset Management			—						24						55						—						79
Retirement Services
Interest sensitive contract liabilities
Embedded derivative			—						—						10,747						—						10,747
Universal life benefits			—						—						769						—						769
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block			—						—						1,107						—						1,107
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits			—						—						556						—						556
Market risk benefits5			—						—						4,362						—						4,362
Derivative liabilities			24						3,341						—						—						3,365
Other liabilities			—						—						230						—						230
Total Liabilities – Retirement Services			24						3,341						17,771						—						21,136
Total Liabilities			$	24					$	3,365					$	17,826					$	—					$	21,215
(Concluded)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2024
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Assets
Asset Management
Cash and cash equivalents			$	2,692					$	—					$	—					$	—					$	2,692
Restricted cash and cash equivalents			3						—						—						—						3
Cash and cash equivalents of VIEs			158						—						—						—						158
Investments, at fair value			238						22						1,052			1			72						1,384
Investments of consolidated VIEs			191						111						2,258						234						2,794
Due from related parties2			—						—						27						—						27
Derivative assets3			—						40						29						—						69
Total Assets – Asset Management			3,282						173						3,366						306						7,127
Retirement Services
AFS Securities
U.S. government and agencies			7,149						2						—						—						7,151
U.S. state, municipal and political subdivisions			—						921						—						—						921
Foreign governments			658						881						29						—						1,568
Corporate			11						79,253						4,321						—						83,585
CLO			—						29,182						—						—						29,182
ABS			—						7,672						16,529						—						24,201
CMBS			—						10,741						—						—						10,741
RMBS			—						7,759						256						—						8,015
Total AFS securities			7,818						136,411						21,135						—						165,364
Trading securities			22						1,539						22						—						1,583
Equity securities			190						1,073						27						—						1,290
Mortgage loans			—						—						63,239						—						63,239
Funds withheld at interest – embedded derivative			—						—						(3,035)						—						(3,035)
Derivative assets			121						8,032						1						—						8,154
Short-term investments			—						86						169						—						255
Other investments			—						711						895						—						1,606
Cash and cash equivalents			12,733						—						—						—						12,733
Restricted cash and cash equivalents			943						—						—						—						943
Investments in related parties
AFS securities
Corporate			—						1,029						1,108						—						2,137
CLO			—						5,339						696						—						6,035
ABS			—						890						9,741						—						10,631
Total AFS securities – related parties			—						7,258						11,545						—						18,803
Trading securities			—						—						573						—						573
Equity securities			—						—						234						—						234
Mortgage loans			—						—						1,297						—						1,297
Investment funds			—						—						1,139						—						1,139
Funds withheld at interest – embedded derivative			—						—						(615)						—						(615)
Other investments			—						—						331						—						331
Reinsurance recoverable			—						—						1,661						—						1,661
Other assets5			—						—						313						—						313
Assets of consolidated VIEs
Trading securities			—						347						1,954						—						2,301
Mortgage loans			—						—						2,579						—						2,579
Investment funds			—						—						770						16,890						17,660
(Continued)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2024
(In millions)			Level 1						Level 2						Level 3						NAV						Total
Other investments			4						—						103						—						107
Cash and cash equivalents			583						—						—						—						583
Total Assets – Retirement Services			22,414						155,457						104,337						16,890						299,098
Total Assets			$	25,696					$	155,630					$	107,703					$	17,196					$	306,225
Liabilities
Asset Management
Contingent consideration obligations4			$	—					$	—					$	67					$	—					$	67
Total Liabilities – Asset Management			—						—						67						—						67
Retirement Services
Interest sensitive contract liabilities
Embedded derivative			—						—						11,242						—						11,242
Universal life benefits			—						—						742						—						742
Future policy benefits
AmerUs Closed Block			—						—						1,102						—						1,102
ILICO Closed Block and life benefits			—						—						538						—						538
Market risk benefits5			—						—						4,028						—						4,028
Derivative liabilities			19						3,536						1						—						3,556
Other liabilities			—						—						225						—						225
Total Liabilities – Retirement Services			19						3,536						17,878						—						21,433
Total Liabilities			$	19					$	3,536					$	17,945					$	—					$	21,500
(Concluded)
1 Investments as of March 31, 2025 and December 31, 2024 excludes $219 million and $248 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 Other liabilities as of March 31, 2025 and December 31, 2024 includes profit sharing payable of $55 million and $67 million, respectively, related to 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 acquisition of Stone Tower are recorded in compensation and benefits expense in the condensed consolidated statements of operations. For periods prior to December 31, 2024, changes in fair value of contingent consideration obligations in connection with the acquisition of Griffin Capital were recorded in other income (loss), net, in the condensed consolidated statements of operations. Refer to note 16 for further details.

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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:

March 31, 2025

Fair Value (In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

$

793

Discounted cash flow

Discount rate

10.2% – 52.8%

17.5%

1

144

Direct capitalization

Capitalization rate

7.3%

7.3%

160

Adjusted transaction value

N/A

N/A

N/A

Due from related parties

18

Discounted cash flow

Discount rate

14.0%

14.0%

Derivative assets

10

Option model

Volatility rate

40.0%

40.0%

Investments of consolidated VIEs

Bank loans

78

Discounted cash flow

Discount rate

8.8% – 9.9%

9.5%

1

164

Adjusted transaction value

N/A

N/A

N/A

Equity securities

396

Discounted cash flow

Discount rate

13.4%

13.4%

803

Adjusted transaction value

N/A

N/A

N/A

17

Option model

Volatility rate

80.0% – 115.0%

104.9%

1

Bonds

60

Adjusted transaction value

N/A

N/A

N/A

Retirement Services

AFS, trading and equity securities

26,941

Discounted cash flow

Discount rate

4.5% – 22.7%

6.9%

1

Mortgage loans2

74,731

Discounted cash flow

Discount rate

1.4% – 48.8%

6.5%

1

Investment funds2

1,181

Discounted cash flow

Discount rate

10.0%-14.0%

13.1%

1

294

Recoverability

Estimated proceeds

N/A

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

55

Discounted cash flow

Discount rate

20.0% – 25.0%

23.7%

1

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

10,747

Discounted cash flow

Nonperformance risk

0.5% – 1.3%

0.8%

3

Option budget

0.5% – 6.0%

2.8%

4

Surrender rate

5.7% – 13.7%

8.8%

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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

December 31, 2024

Fair Value (In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

$

765

Discounted cash flow

Discount rate

13.5% – 52.8%

17.8%

1

128

Direct capitalization

Capitalization rate

6.7%

6.7%

159

Adjusted transaction value

N/A

N/A

N/A

Due from related parties

27

Discounted cash flow

Discount rate

14.0%

14.0%

Derivative assets

29

Option model

Volatility rate

52.5%

52.5%

Investments of consolidated VIEs

Bank loans

168

Discounted cash flow

Discount rate

5.6% – 23.4%

9.0%

1

179

Adjusted transaction value

N/A

N/A

N/A

Equity securities

495

Dividend discount model

Discount rate

14.1%

14.1%

417

Discounted cash flow

Discount rate

8.3% – 13.3%

13.3%

1

69

Adjusted transaction value

N/A

N/A

N/A

27

Option model

Volatility rate

84.8% – 117.5%

110.7%

1

Bonds

412

Discounted cash flow

Discount rate

6.6% – 11.7%

7.0%

1

491

Adjusted transaction value

N/A

N/A

N/A

Retirement Services

AFS, trading and equity securities

28,655

Discounted cash flow

Discount rate

4.7% – 20.0%

7.1%

1

Mortgage loans2

67,115

Discounted cash flow

Discount rate

1.8% – 43.1%

6.7%

1

Investment funds2

1,909

Discounted cash flow

Discount rate

6.6% – 14.0%

10.8%

1

Financial Liabilities

Asset Management

Contingent consideration obligations

67

Discounted cash flow

Discount rate

20.0% – 25.0%

23.6%

1

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

11,242

Discounted cash flow

Nonperformance risk

0.4% – 1.1%

0.7%

3

Option budget

0.5% – 6.0%

2.8%

4

Surrender rate

6.0% – 14.2%

9.0%

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.

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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 March 31, 2025
									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			$	1,081					$	12					$	—					$	14					$	—					$	1,107					$	(6)					$	—
Investments of consolidated VIEs			2,258						219						—						(352)						(607)						1,518						(8)						—
Total Level 3 assets – Asset Management			$	3,339					$	231					$	—					$	(338)					$	(607)					$	2,625					$	(14)					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	29					$	(1)					$	—					$	—					$	—					$	28					$	—					$	—
Corporate			4,321						14						27						1,421						(178)						5,605						13						20
ABS			16,529						22						167						(81)						(4,065)						12,572						1						121
CMBS			—						(24)						(3)						28						(1)						—						—						—
RMBS			256						4						(1)						47						—						306						—						(1)
Trading securities			22						—						—						(1)						(14)						7						—						—
Equity securities			27						(1)						—						—						—						26						—						—
Mortgage loans			63,239						1,000						—						6,677						—						70,916						1,007						—
Funds withheld at interest – embedded derivative			(3,035)						188						—						—						—						(2,847)						—						—
Derivative assets			1						—						—						—						—						1						—						—
Short-term investments			169						—						—						(120)						(1)						48						—						—
Other investments			895						1						—						—						—						896						1						—
Investments in related parties
AFS securities
Corporate			1,108						—						(2)						2						—						1,108						—						(2)
CLO			696						—						(2)						376						—						1,070						—						(2)
ABS			9,741						1						19						624						—						10,385						—						13
Trading securities			573						—						—						(136)						—						437						—						—
Equity securities			234						10						—						—						—						244						10						—
Mortgage loans			1,297						14						—						(15)						—						1,296						14						—
Investment funds			1,139						41						—						—						—						1,180						41						—
Funds withheld at interest – embedded derivative			(615)						75						—						—						—						(540)						—						—
Other investments			331						9						—						—						—						340						9						—
Reinsurance recoverable			1,661						30						—						38						—						1,729						—						—
Assets of consolidated VIEs
Trading securities			1,954						67						—						71						78						2,170						66						—
Mortgage loans			2,579						27						—						(87)						—						2,519						30						—
Investment funds			770						15						—						(496)						—						289						3						—
Other investments			103						4						—						(16)						—						91						2						—
Total Level 3 assets – Retirement Services			$	104,024					$	1,496					$	205					$	8,332					$	(4,181)					$	109,876					$	1,197					$	149
																																													(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended March 31, 2025
									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			$	67					$	1					$	—					$	(13)					$	—					$	55					$	—					$	—
Total Level 3 liabilities – Asset Management			$	67					$	1					$	—					$	(13)					$	—					$	55					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(11,242)					$	1,003					$	—					$	(508)					$	—					$	(10,747)					$	—					$	—
Universal life benefits			(742)						(27)						—						—						—						(769)						—						—
Future policy benefits
AmerUs Closed Block			(1,102)						(5)						—						—						—						(1,107)						—						—
ILICO Closed Block and life benefits			(538)						(18)						—						—						—						(556)						—						—
Derivative liabilities			(1)						1						—						—						—						—						—						—
Other liabilities			(225)						(6)						—						1						—						(230)						—						—
Total Level 3 liabilities – Retirement Services			$	(13,850)					$	948					$	—					$	(507)					$	—					$	(13,409)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended March 31, 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					$	(7)					$	—					$	(3)					$	—					$	1,191					$	18					$	—
Investments of consolidated VIEs			1,492						—						—						618						—						2,110						(1)						—
Total Level 3 assets – Asset Management			$	2,693					$	(7)					$	—					$	615					$	—					$	3,301					$	17					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	40					$	—					$	—					$	—					$	—					$	40					$	—					$	—
Corporate			2,525						(2)						2						844						9						3,378						(1)						1
ABS			6,943						2						13						125						82						7,165						(2)						11
CMBS			21						—						—						—						—						21						—						1
RMBS			265						1						—						(1)						—						265						—						—
Trading securities			28						—						—						(2)						14						40						—						—
Equity securities			26						—						—						1						—						27						1						—
Mortgage loans			44,115						(341)						—						4,433						—						48,207						(341)						—
Funds withheld at interest – embedded derivative			(3,379)						17						—						—						—						(3,362)						—						—
Derivative assets			—						—						—						—						1						1						—						—
Short-term investments			105						—						—						(4)						—						101						—						—
Other investments			630						(3)						—						124						—						751						(3)						—
Investments in related parties
AFS securities
Corporate			1,171						1						(1)						4						—						1,175						—						(1)
CLO			506						—						14						—						—						520						—						14
ABS			7,826						1						(14)						2,230						—						10,043						(4)						(17)
Trading securities			838						—						—						(57)						—						781						—						—
Equity securities			255						(6)						—						—						—						249						(6)						—
Mortgage loans			1,281						(17)						—						(1)						—						1,263						(17)						—
Investment funds			1,082						(15)						—						—						—						1,067						(15)						—
Funds withheld at interest – embedded derivative			(721)						(2)						—						—						—						(723)						—						—
Other investments			343						(7)						—						—						—						336						(7)						—
Reinsurance recoverable			1,367						(8)						—						109						—						1,468						—						—
Assets of consolidated VIEs
Trading securities			1,852						(33)						—						(55)						6						1,770						(33)						—
Mortgage loans			2,173						(42)						—						16						—						2,147						(42)						—
Investment funds			977						(27)						—						1						—						951						(27)						—
Other investments			101						(2)						—						16						—						115						(2)						—
Total Level 3 assets – Retirement Services			$	70,370					$	(483)					$	14					$	7,783					$	112					$	77,796					$	(499)					$	9
Liabilities – Asset Management
Contingent consideration obligations			$	93					$	48					$	—					$	(14)					$	—					$	127					$	—					$	—
Total Level 3 liabilities – Asset Management			$	93					$	48					$	—					$	(14)					$	—					$	127					$	—					$	—
																																													(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended March 31, 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 – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(9,059)					$	(1,177)					$	—					$	(672)					$	—					$	(10,908)					$	—					$	—
Universal life benefits			(834)						46						—						—						—						(788)						—						—
Future policy benefits
AmerUs Closed Block			(1,178)						27						—						—						—						(1,151)						—						—
ILICO Closed Block and life benefits			(522)						(31)						—						—						—						(553)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(330)						(10)						—						47						64						(229)						—						—
Total Level 3 liabilities – Retirement Services			$	(11,924)					$	(1,145)					$	—					$	(625)					$	64					$	(13,630)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

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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 March 31, 2025
(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			$	14					$	—					$	—					$	—					$	14					$	—					$	—					$	—
Investments of consolidated VIEs			625						—						(977)						—						(352)						—						(607)						(607)
Total Level 3 assets – Asset Management			$	639					$	—					$	(977)					$	—					$	(338)					$	—					$	(607)					$	(607)
Assets – Retirement Services
AFS securities
Corporate			$	1,555					$	—					$	(6)					$	(128)					$	1,421					$	96					$	(274)					$	(178)
ABS			229						—						(12)						(298)						(81)						479						(4,544)						(4,065)
CMBS			28						—						—						—						28						13						(14)						(1)
RMBS			49						—						—						(2)						47						—						—						—
Trading securities			—						—						—						(1)						(1)						—						(14)						(14)
Mortgage loans			9,010						—						(132)						(2,201)						6,677						—						—						—
Short-term investments			12						—						—						(132)						(120)						—						(1)						(1)
Investments in related parties
AFS securities
Corporate			5						—						—						(3)						2						—						—						—
CLO			376						—						—						—						376						—						—						—
ABS			1,204						—						—						(580)						624						—						—						—
Trading securities			22						—						(91)						(67)						(136)						—						—						—
Mortgage loans			—						—						(15)						—						(15)						—						—						—
Reinsurance recoverable			—						41						—						(3)						38						—						—						—
Assets of consolidated VIEs
Trading securities			144						—						(73)						—						71						90						(12)						78
Mortgage loans			15						—						(7)						(95)						(87)						—						—						—
Investment funds			—						—						(496)						—						(496)						—						—						—
Other investments			—						—						(16)						—						(16)						—						—						—
Total Level 3 assets – Retirement Services			$	12,649					$	41					$	(848)					$	(3,510)					$	8,332					$	678					$	(4,859)					$	(4,181)
Liabilities – Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(13)					$	(13)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(13)					$	(13)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative			$	—					$	(752)					$	—					$	244					$	(508)					$	—					$	—					$	—
Other liabilities			—						—						—						1						1						—						—						—
Total Level 3 liabilities – Retirement Services			$	—					$	(752)					$	—					$	245					$	(507)					$	—					$	—					$	—

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended March 31, 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			$	12					$	—					$	(15)					$	—					$	(3)					$	—					$	—					$	—
Investments of consolidated VIEs			1,301						—						(683)						—						618						—						—						—
Total Level 3 assets – Asset Management			$	1,313					$	—					$	(698)					$	—					$	615					$	—					$	—					$	—
Assets – Retirement Services
AFS securities
Corporate			$	922					$	—					$	(2)					$	(76)					$	844					$	9					$	—					$	9
ABS			313						—						—						(188)						125						341						(259)						82
RMBS			—						—						—						(1)						(1)						—						—						—
Trading securities			—						—						—						(2)						(2)						14						—						14
Equity securities			2						—						(1)						—						1						—						—						—
Mortgage loans			5,686						—						(26)						(1,227)						4,433						—						—						—
Derivative assets			—						—						—						—						—						1						—						1
Short-term investments			2						—						(6)						—						(4)						—						—						—
Other investments			124						—						—						—						124						—						—						—
Investments in related parties
AFS securities
Corporate			6						—						—						(2)						4						—						—						—
ABS			2,693						—						(200)						(263)						2,230						—						—						—
Trading securities			2						—						—						(59)						(57)						—						—						—
Mortgage loans			—						—						—						(1)						(1)						—						—						—
Reinsurance recoverable			—						109						—						—						109						—						—						—
Assets of consolidated VIEs
Trading securities			—						—						(55)						—						(55)						6						—						6
Mortgage loans			32						—						—						(16)						16						—						—						—
Investment funds			1						—						—						—						1						—						—						—
Other investments			19						—						(3)						—						16						—						—						—
Total Level 3 assets – Retirement Services			$	9,802					$	109					$	(293)					$	(1,835)					$	7,783					$	371					$	(259)					$	112
Liabilities – Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(14)					$	(14)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(14)					$	(14)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative			$	—					$	(898)					$	—					$	226					$	(672)					$	—					$	—					$	—
Other liabilities			—						—						—						47						47						64						—						64
Total Level 3 liabilities – Retirement Services			$	—					$	(898)					$	—					$	273					$	(625)					$	64					$	—					$	64

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Financial Instruments Without Readily Determinable Fair Values

The Company elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of March 31, 2025 and December 31, 2024.

Fair Value Option – Retirement Services

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:

									Three months ended March 31,
(In millions)															2025						2024
Trading securities															$	75					$	(60)
Mortgage loans															1,041						(400)
Investment funds															41						(28)
Future policy benefits															(5)						27
Other															12						15
Total gains (losses)															$	1,164					$	(446)

Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:

(In millions)			March 31, 2025						December 31, 2024
Unpaid principal balance			$	76,719					$	69,754
Mark to fair value			(1,988)						(2,639)
Fair value			$	74,731					$	67,115

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)			March 31, 2025						December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status			$	427					$	195
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status			(203)						(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status			$	224					$	93
Fair value of commercial mortgage loans 90 days or more past due			$	43					$	31
Fair value of commercial mortgage loans in non-accrual status			224						93

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The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)			March 31, 2025						December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status			$	1,024					$	898
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status			(62)						(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status			$	962					$	847
Fair value of residential mortgage loans 90 days or more past due1			$	962					$	847
Fair value of residential mortgage loans in non-accrual status			886						765
1 As of March 31, 2025 and December 31, 2024, includes $76 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:

									Three months ended March 31,
(In millions)															2025						2024
Mortgage loans															$	(3)					$	(33)

The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

Fair Value of Financial Instruments Not Carried at Fair Value – Retirement Services

The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:

			March 31, 2025
(In millions)			Carrying Value						Fair Value						NAV						Level 1						Level 2						Level 3
Financial assets
Investment funds			$	104					$	104					$	104					$	—					$	—					$	—
Policy loans			313						313						—						—						313						—
Funds withheld at interest			20,707						20,707						—						—						—						20,707
Short-term investments			181						181						—						—						—						181
Other investments			88						99						—						—						—						99
Investments in related parties
Investment funds			755						755						755						—						—						—
Funds withheld at interest			5,350						5,350						—						—						—						5,350
Short-term investments			784						784						—						—						784						—
Total financial assets not carried at fair value			$	28,282					$	28,293					$	859					$	—					$	1,097					$	26,337
Financial liabilities
Interest sensitive contract liabilities			$	220,311					$	214,258					$	—					$	—					$	—					$	214,258
Debt			6,301						5,872						—						579						5,293						—
Securities to repurchase			3,064						3,064						—						—						3,064						—
Funds withheld liability			4,636						4,636						—						—						—						4,636
Total financial liabilities not carried at fair value			$	234,312					$	227,830					$	—					$	579					$	8,357					$	218,894

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			December 31, 2024
(In millions)			Carrying Value						Fair Value						NAV						Level 1						Level 2						Level 3
Financial assets
Investment funds			$	107					$	107					$	107					$	—					$	—					$	—
Policy loans			318						318						—						—						318						—
Funds withheld at interest			21,901						21,901						—						—						—						21,901
Short-term investments			192						192						—						—						—						192
Other investments			93						101						—						—						—						101
Investments in related parties
Investment funds			714						714						714						—						—						—
Funds withheld at interest			5,665						5,665						—						—						—						5,665
Short-term investments			743						743						—						—						743						—
Total financial assets not carried at fair value			$	29,733					$	29,741					$	821					$	—					$	1,061					$	27,859
Financial liabilities
Interest sensitive contract liabilities			$	200,278					$	192,025					$	—					$	—					$	—					$	192,025
Debt			6,309						5,844						—						581						5,263						—
Securities to repurchase			5,716						5,716						—						—						5,716						—
Funds withheld liability			4,331						4,331						—						—						—						4,331
Total financial liabilities not carried at fair value			$	216,634					$	207,916					$	—					$	581					$	10,979					$	196,356

The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value.

Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.

Debt – The fair value of debt is obtained from commercial pricing services. See note 11 for further information on debt.

Significant Unobservable Inputs

Asset Management

Discounted Cash Flow and Direct Capitalization Model

When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 16 for further discussion of the contingent consideration obligations.

Option Model

When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment.

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Consolidated VIEs’ Investments

The significant unobservable inputs used in the fair value measurement of the equity securities, bank loans and bonds are the discount rate and volatility rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount and volatility rates are determined based on the market rates an investor would expect for a similar investment with similar risks.

NAV

Certain investments and investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value.

Retirement Services

AFS, trading and equity securities

Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes.

Mortgage loans

Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations.

Interest sensitive contract liabilities – embedded derivative

Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:

1.Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives.

2.Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.

3.Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Valuation of Underlying Investments

Asset Management

As previously noted, the underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value.

On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages. Apollo also retains external valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the external valuation firms assist management with validating their valuation results or determining fair value. Apollo performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

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Credit Investments

Credit investments are generally valued based on third-party vendor prices and/or quoted market prices and valuation models. Valuations using quoted market prices are based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In determining the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When relying on a third-party vendor as a primary source, Apollo (i) analyzes how the price has moved over the measurement period, (ii) reviews the number of brokers included in the pricing service’s population, if available, and (iii) validates the valuation levels with Apollo’s pricing team and traders.

Debt securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model-based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the income approach, as described below. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks.

Equity Investments

The majority of illiquid equity investments are valued using the market approach and/or the income approach, as described below.

Market Approach

The market approach is driven by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to any of the following factors: (1) the subject company’s historical and projected financial data; (2) valuations given to comparable companies; (3) the size and scope of the subject company’s operations; (4) the subject company’s individual strengths and weaknesses; (5) expectations relating to the market’s receptivity to an offering of the subject company’s securities; (6) applicable restrictions on transfer; (7) industry and market information; (8) general economic and market conditions; and (9) other factors deemed relevant. Market approach valuation models typically employ a multiple that is based on one or more of the factors described above.

Enterprise value as a multiple of EBITDA is common and relevant for most companies and industries, however, other industry specific multiples are employed where available and appropriate. Sources for gaining additional knowledge related to comparable companies include public filings, annual reports, analyst research reports and press releases. Once a comparable company set is determined, Apollo reviews certain aspects of the subject company’s performance and determines how its performance compares to the group and to certain individuals in the group. Apollo compares certain measurements such as EBITDA margins, revenue growth over certain time periods, leverage ratios and growth opportunities. In addition, Apollo compares the entry multiple and its relation to the comparable set at the time of acquisition to understand its relation to the comparable set on each measurement date.

Income Approach

The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology for the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are significant assumptions related to the subject company’s expected results, the determination of a terminal value and a calculated discount rate, which is normally based on the subject company’s WACC. The WACC represents the required rate of return on total capitalization, which is comprised of a required rate of return on equity, plus the current tax-effected rate of return on debt, weighted by the relative percentages of equity and debt that are typical in the industry. The most critical step in determining the appropriate WACC for each subject company is to select companies that are comparable in nature to the subject company and the credit quality of the subject company. Sources for gaining additional knowledge about the comparable companies include public filings, annual reports, analyst research reports and press releases. The general formula then used for calculating the WACC considers the after-tax rate of return on debt capital and the rate of return on common equity capital, which further considers the risk-free rate of return, market beta, market

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risk premium and small stock premium, if applicable. The variables used in the WACC formula are inferred from the comparable market data obtained. The Company evaluates the comparable companies selected and concludes on WACC inputs based on the most comparable company or analyzes the range of data for the investment.

The value of liquid investments, where the primary market is an exchange (whether foreign or domestic), is determined using period end market prices. Such prices are generally based on the close price on the date of determination.

Certain of the funds Apollo manages may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of the period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.

Retirement Services

AFS and trading securities

The fair values for most marketable securities without an active market are obtained from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes U.S. and non-U.S. corporate bonds, U.S. agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.

Athene also has fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these are included in Level 3 in the fair value hierarchy. Significant unobservable inputs used include discount rates, issue-specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers.

Privately placed fixed maturity securities are valued based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, a matrix-based pricing model is used. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. Additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and Athene’s evaluation of the borrower’s ability to compete in its relevant market are also considered. Privately placed fixed maturity securities are classified as Level 2 or 3.

Equity securities

Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

Mortgage loans

Athene estimates fair value monthly using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3.

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Investment funds

Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects a pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and WACC rates applied in valuation models or a discounted cash flow model.

Certain investment funds for which Athene has elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions.

Other investments

The fair values of other investments are determined using a discounted cash flow model using discount rates for similar investments.

Funds withheld at interest embedded derivatives

Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

Derivatives

Derivative contracts can be exchange traded or over the counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. Athene considers and incorporates counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. Athene also evaluates and includes its own nonperformance risk in valuing derivatives. The majority of Athene’s derivatives trade in liquid markets; therefore, it can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Interest sensitive contract liabilities embedded derivatives

Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

AmerUs Closed Block

Athene elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.

ILICO Closed Block

Athene elected the fair value option for the ILICO Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include

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commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits

Athene elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. Athene uses a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. The universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Other liabilities

Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

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

The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products.

			Three months ended March 31, 2025
			DAC																								DSI						VOBA						Total DAC, DSI and VOBA
(In millions)			Traditional Deferred Annuities						Indexed Annuities						Funding Agreements						Other Investment-type						Indexed Annuities
Balance at December 31, 2024			$	1,158					$	2,278					$	40					$	11					$	1,476					$	2,210					$	7,173
Additions			237						258						19						1						184						—						699
Amortization			(81)						(58)						(5)						—						(40)						(83)						(267)
Other			1						—						—						—						—						—						1
Balance at March 31, 2025			$	1,315					$	2,478					$	54					$	12					$	1,620					$	2,127					$	7,606

			Three months ended March 31, 2024
			DAC																								DSI						VOBA						Total DAC, DSI and VOBA
(In millions)			Traditional Deferred Annuities						Indexed Annuities						Funding Agreements						Other Investment-type						Indexed Annuities
Balance at December 31, 2023			$	890					$	1,517					$	10					$	11					$	970					$	2,581					$	5,979
Additions			147						294						18						—						177						—						636
Amortization			(51)						(39)						(2)						—						(26)						(89)						(207)
Balance at March 31, 2024			$	986					$	1,772					$	26					$	11					$	1,121					$	2,492					$	6,408

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-

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type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

8. Long-duration Contracts

Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:

▪traditional deferred annuities,

▪indexed annuities consisting of fixed indexed, index-linked variable annuities, and assumed indexed universal life without significant mortality risk,

▪funding agreements, and

▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks.

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

			Three months ended March 31, 2025
(In millions, except percentages)			Traditional Deferred Annuities						Indexed Annuities												Funding Agreements						Other Investment-type						Total
Balance at December 31, 2024			$	86,661					$	97,861											$	54,768					$	8,030					$	247,320
Deposits			10,515						4,127												10,744						118						25,504
Policy charges			—						(186)												—						—						(186)
Surrenders and withdrawals			(1,305)						(2,824)												—						(19)						(4,148)
Benefit payments			(342)						(391)												(2,768)						(86)						(3,587)
Interest credited			993						840												644						54						2,531
Foreign exchange			175						2												287						230						694
Other			—						—												144						(9)						135
Balance at March 31, 2025			$	96,697					$	99,429											$	63,819					$	8,318					$	268,263
Weighted average crediting rate			4.6		%				2.6		%										4.6		%				2.7		%
Net amount at risk			$	421					$	15,599											$	—					$	45
Cash surrender value			90,843						90,820												—						6,907

			Three months ended March 31, 2024
(In millions, except percentages)			Traditional Deferred Annuities						Indexed Annuities												Funding Agreements						Other Investment-type						Total
Balance at December 31, 2023			$	64,763					$	93,147											$	32,350					$	7,629					$	197,889
Deposits			7,165						4,814												8,542						485						21,006
Policy charges			(1)						(168)												—						—						(169)
Surrenders and withdrawals			(1,328)						(3,150)												—						(20)						(4,498)
Benefit payments			(283)						(433)												(1,840)						(57)						(2,613)
Interest credited			697						641												299						49						1,686
Foreign exchange			(183)						(3)												(184)						(314)						(684)
Other			—						—												(78)						(24)						(102)
Balance at March 31, 2024			$	70,830					$	94,848											$	39,089					$	7,748					$	212,515
Weighted average crediting rate			4.1		%				2.4		%										4.0		%				2.7		%
Net amount at risk			$	425					$	14,995											$	—					$	88
Cash surrender value			66,597						86,747												—						6,542

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The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:

			March 31,
(In millions)			2025						2024
Traditional deferred annuities			$	96,697					$	70,830
Indexed annuities			99,429						94,848
Funding agreements			63,819						39,089
Other investment-type			8,318						7,748
Reconciling items1			5,176						7,719
Interest sensitive contract liabilities			$	273,439					$	220,234
1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution, and as a result, those policyholder account balances are excluded from the following tables.

			March 31, 2025
(In millions)			At Guaranteed Minimum						1 Basis Point – 100 Basis Points Above Guaranteed Minimum						Greater than 100 Basis Points Above Guaranteed Minimum						Total
Traditional deferred annuities
< 2.0%			$	4,759					$	1,620					$	77,515					$	83,894
2.0% - < 4.0%			6,194						634						1,997						8,825
4.0% - < 6.0%			3,972						2						1						3,975
6.0% and greater			3						—						—						3
Total traditional deferred annuities			$	14,928					$	2,256					$	79,513					$	96,697
Indexed annuities
< 2.0%			$	1,658					$	1,211					$	3,129					$	5,998
2.0% - <4.0%			4,276						44						186						4,506
Total indexed annuities with GMCR			5,934						1,255						3,315						10,504
Other1																					88,925
Total indexed annuities																					$	99,429
1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

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			March 31, 2024
(In millions)			At Guaranteed Minimum						1 Basis Point – 100 Basis Points Above Guaranteed Minimum						Greater than 100 Basis Points Above Guaranteed Minimum						Total
Traditional deferred annuities
< 2.0%			$	4,117					$	3,181					$	50,943					$	58,241
2.0% - < 4.0%			7,418						446						1,293						9,157
4.0% - < 6.0%			3,420						9						1						3,430
6.0% and greater			2						—						—						2
Total traditional deferred annuities			$	14,957					$	3,636					$	52,237					$	70,830
Indexed annuities
< 2.0%			$	2,263					$	1,571					$	2,888					$	6,722
2.0% - < 4.0%			5,061						62						—						5,123
Total indexed annuities with GMCR			$	7,324					$	1,633					$	2,888					11,845
Other1																					83,003
Total indexed annuities																					$	94,848
1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

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Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.

The following is a rollforward by product within future policy benefits:

			Three months ended March 31, 2025
(In millions, except percentages and years)			Payout Annuities with Life Contingencies						Whole Life						Total
Present value of expected net premiums
Beginning balance			$	—					$	880					$	880
Effect of changes in discount rate assumptions			—						(30)						(30)
Effect of foreign exchange on the change in discount rate assumptions			—						2						2
Beginning balance at original discount rate			—						852						852
Interest accrual			—						4						4
Net premium collected			—						(47)						(47)
Foreign exchange			—						40						40
Ending balance at original discount rate			—						849						849
Effect of changes in discount rate assumptions			—						20						20
Effect of foreign exchange on the change in discount rate assumptions			—						(1)						(1)
Ending balance, present value of expected net premiums			$	—					$	868					$	868
Present value of expected future policy benefits
Beginning balance			$	42,261					$	2,711					$	44,972
Effect of changes in discount rate assumptions			7,378						206						7,584
Effect of foreign exchange on the change in discount rate assumptions			(5)						(1)						(6)
Beginning balance at original discount rate			49,634						2,916						52,550
Effect of actual to expected experience			(42)						2						(40)
Adjusted balance			49,592						2,918						52,510
Issuances			75						—						75
Interest accrual			442						17						459
Benefit payments			(1,132)						(22)						(1,154)
Foreign exchange			25						143						168
Ending balance at original discount rate			49,002						3,056						52,058
Effect of changes in discount rate assumptions			(6,778)						(288)						(7,066)
Effect of foreign exchange on the change in discount rate assumptions			(6)						(10)						(16)
Ending balance, present value of expected future policy benefits			42,218						2,758						44,976
Less: Present value of expected net premiums			—						868						868
Net future policy benefits			$	42,218					$	1,890					$	44,108
Weighted-average liability duration (in years)			9.4						30.0
Weighted-average interest accretion rate			3.7		%				4.8		%
Weighted-average current discount rate			5.4		%				4.7		%
Expected future gross premiums, undiscounted			$	—					$	1,073
Expected future gross premiums, discounted1			—						927
Expected future benefit payments, undiscounted			71,699						10,126
1 Discounted at the original discount rate.

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			Three months ended March 31, 2024
(In millions, except percentages and years)			Payout Annuities with Life Contingencies						Whole Life						Total
Present value of expected net premiums
Beginning balance			$	—					$	1,182					$	1,182
Effect of changes in discount rate assumptions			—						(45)						(45)
Effect of foreign exchange on the change in discount rate assumptions			—						(2)						(2)
Beginning balance at original discount rate			—						1,135						1,135
Interest accrual			—						6						6
Net premium collected			—						(53)						(53)
Foreign exchange			—						(77)						(77)
Ending balance at original discount rate			—						1,011						1,011
Effect of changes in discount rate assumptions			—						43						43
Effect of foreign exchange on the change in discount rate assumptions			—						(1)						(1)
Ending balance, present value of expected net premiums			$	—					$	1,053					$	1,053
Present value of expected future policy benefits
Beginning balance			$	45,001					$	3,371					$	48,372
Effect of changes in discount rate assumptions			6,233						(89)						6,144
Effect of foreign exchange on the change in discount rate assumptions			1						(6)						(5)
Beginning balance at original discount rate			51,235						3,276						54,511
Effect of actual to expected experience			(4)						(4)						(8)
Adjusted balance			51,231						3,272						54,503
Issuances			42						—						42
Interest accrual			453						18						471
Benefit payments			(1,126)						(19)						(1,145)
Foreign exchange			(7)						(225)						(232)
Ending balance at original discount rate			50,593						3,046						53,639
Effect of changes in discount rate assumptions			(6,999)						50						(6,949)
Effect of foreign exchange on the change in discount rate assumptions			2						(1)						1
Ending balance, present value of expected future policy benefits			43,596						3,095						46,691
Less: Present value of expected net premiums			—						1,053						1,053
Net future policy benefits			$	43,596					$	2,042					$	45,638
Weighted-average liability duration (in years)			9.5						32.7
Weighted-average interest accretion rate			3.7		%				4.8		%
Weighted-average current discount rate			5.4		%				4.4		%
Expected future gross premiums, undiscounted			$	—					$	1,344
Expected future gross premiums, discounted1			—						1,103
Expected future benefit payments, undiscounted			74,239						11,449
1 Discounted at the original discount rate.

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The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:

			March 31,
(In millions)			2025						2024
Payout annuities with life contingencies			$	42,218					$	43,596
Whole life			1,890						2,042
Reconciling items1			5,789						6,034
Future policy benefits			$	49,897					$	51,672
1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:

			Premiums
			Three months ended March 31,
(In millions)			2025						2024
Payout annuities with life contingencies			$	70					$	38
Whole life			51						55
Reconciling items1			6						8
Total premiums			$	127					$	101
			Interest expense
			Three months ended March 31,
(In millions)			2025						2024
Payout annuities with life contingencies			$	442					$	453
Whole life			12						12
Total interest expense			$	454					$	465
1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.

Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities.

During the three months ended March 31, 2025, the present value of expected future policy benefits increased by $4 million, which was driven by a $528 million change in discount rate assumptions related to a decrease in market observable rates, $459 million of interest accruals, a $168 million change in foreign exchange and $75 million of issuances, primarily pension group annuities, offset by $1,154 million of benefit payments.

During the three months ended March 31, 2024, the present value of expected future policy benefits decreased by $1,681 million, which was driven by $1,145 million of benefit payments and an $803 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $471 million of interest accrual.

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The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:

			Three months ended March 31,
(In millions)			2025						2024
Reserves			$	40					$	8
Deferred profit liability			1						(20)
Total remeasurement gains (losses)			$	41					$	(12)

During the three months ended March 31, 2025 and 2024, Athene recorded reserve increases of $8 million and $25 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.

The following is a rollforward of net market risk benefit liabilities by product:

			Three months ended March 31, 2025
(In millions, except years)			Traditional Deferred Annuities						Indexed Annuities												Total
Balance at December 31, 2024			$	190					$	3,525											$	3,715
Effect of changes in instrument-specific credit risk			(3)						(154)												(157)
Balance, beginning of period, before changes in instrument-specific credit risk			187						3,371												3,558
Issuances			—						87												87
Interest accrual			2						42												44
Attributed fees collected			—						93												93
Benefit payments			(1)						(14)												(15)
Effect of changes in interest rates			6						183												189
Effect of changes in equity			—						50												50
Effect of actual policyholder behavior compared to expected behavior			—						30												30
Balance, end of period, before changes in instrument-specific credit risk			194						3,842												4,036
Effect of changes in instrument-specific credit risk			—						41												41
Balance at March 31, 2025			194						3,883												4,077
Less: Reinsurance recoverable			—						47												47
Balance at March 31, 2025, net of reinsurance			$	194					$	3,836											$	4,030
Net amount at risk			$	421					$	15,599
Weighted-average attained age of contract holders (in years)			76						69

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			Three months ended March 31, 2024
(In millions, except years)			Traditional Deferred Annuities						Indexed Annuities												Total
Balance at December 31, 2023			$	192					$	3,181											$	3,373
Effect of changes in instrument-specific credit risk			2						(10)												(8)
Balance, beginning of period, before changes in instrument-specific credit risk			194						3,171												3,365
Issuances			—						93												93
Interest accrual			3						47												50
Attributed fees collected			1						86												87
Benefit payments			(2)						(15)												(17)
Effect of changes in interest rates			(8)						(220)												(228)
Effect of changes in equity			—						(73)												(73)
Effect of actual policyholder behavior compared to expected behavior			2						25												27
Balance, end of period, before changes in instrument-specific credit risk			190						3,114												3,304
Effect of changes in instrument-specific credit risk			(1)						37												36
Balance at March 31, 2024			189						3,151												3,340
Less: Reinsurance recoverable			—						10												10
Balance, at March 31, 2024, net of reinsurance			$	189					$	3,141											$	3,330
Net amount at risk			$	425					$	14,995
Weighted-average attained age of contract holders (in years)			76						69

The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.

			March 31, 2025
(In millions)			Asset						Liability						Net Liability
Traditional deferred annuities			$	—					$	194					$	194
Indexed annuities			285						4,168						3,883
Total			$	285					$	4,362					$	4,077
			March 31, 2024
(In millions)			Asset						Liability						Net Liability
Traditional deferred annuities			$	—					$	189					$	189
Indexed annuities			383						3,534						3,151
Total			$	383					$	3,723					$	3,340

During the three months ended March 31, 2025, net market risk benefit liabilities increased by $362 million, which was primarily driven by an increase of $189 million related to changes in the risk-free discount rate across the curve, $93 million in fees collected from policyholders, and $87 million of issuances.

During the three months ended March 31, 2024, net market risk benefit liabilities decreased by $33 million, which was primarily driven by a decrease of $228 million related to changes in the risk-free discount rate across the curve, offset by $93 million of issuances and $87 million in fees collected from policyholders.

The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs.

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Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products.

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect nonperformance risk, which is considered an unobservable input. Athene uses its public credit rating relative to the U.S. Treasury curve as of the valuation date to reflect its nonperformance risk in the fair value estimate of market risk benefits.

The following summarizes the unobservable inputs for market risk benefits:

						March 31, 2025
(In millions, except percentages)						Fair Value						Valuation Technique						Unobservable Inputs						Minimum						Maximum						Weighted Average									Impact of an Increase in the Input on Fair Value
Market risk benefits, net						$	4,077					Discounted cash flow						Nonperformance risk						0.5		%				1.3		%				1.1		%	1						Decrease
																		Option budget						0.5		%				6.0		%				2.4		%	2						Decrease
																		Surrender rate						3.1		%				6.8		%				4.5		%	2						Decrease
																		Utilization rate						28.6		%				95.0		%				85.1		%	3						Increase
						March 31, 2024
(In millions, except percentages)						Fair Value						Valuation Technique						Unobservable Inputs						Minimum						Maximum						Weighted Average									Impact of an Increase in the Input on Fair Value
Market risk benefits, net						$	3,340					Discounted cash flow						Nonperformance risk						0.4		%				1.2		%				1.1		%	1						Decrease
																		Option budget						0.5		%				6.0		%				2.0		%	2						Decrease
																		Surrender rate						3.1		%				6.6		%				4.4		%	2						Decrease
																		Utilization rate						28.6		%				95.0		%				84.1		%	3						Increase
1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

9. Profit Sharing Payable

Profit sharing payable was $1.9 billion and $1.9 billion as of March 31, 2025 and December 31, 2024, respectively. The below is a roll-forward of the profit-sharing payable balance:

(In millions)			Total
Profit sharing payable, January 1, 2025			$	1,888
Profit sharing expense			262
Payments/other			(280)
Profit sharing payable, March 31, 2025			$	1,870

Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition.

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The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

10. Income Taxes

The Company’s income tax provision totaled $243 million and $422 million for the three months ended March 31, 2025 and 2024, respectively. The Company’s effective income tax rate was approximately 20.6% and 19.3% for the three months ended March 31, 2025 and 2024, respectively.

Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of March 31, 2025, the Company recorded $4 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact the effective tax rate. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months.

The primary jurisdictions in which the Company operates and incurs income taxes are the United States, the United Kingdom, and Bermuda. There are no material unremitted earnings with respect to the United Kingdom or other foreign jurisdictions.

In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of March 31, 2025, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2021 through 2023 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for tax years 2019 to 2021. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2014 to 2023. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax years 2015 to 2022. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above.

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11. Debt

Company debt consisted of the following:

									March 31, 2025															December 31, 2024
(In millions, except percentages)			Maturity Date						Outstanding Balance						Fair Value															Outstanding Balance						Fair Value
Asset Management
4.40% 2026 Senior Notes1,2			May 27, 2026						$	499					$	499		3												$	499					$	496		3
4.87% 2029 Senior Notes1,2			February 15, 2029						675						681			3												675						670			3
2.65% 2030 Senior Notes1,2			June 5, 2030						497						453			3												497						439			3
6.38% 2033 Senior Notes1,2			November 15, 2033						493						543			3												492						542			3
5.00% 2048 Senior Notes1,2			March 15, 2048						297						270			3												297						271			3
5.80% 2054 Senior Notes1,2			May 21, 2054						741						741			3												741						753			3
7.63% 2053 Subordinated Notes1,2			September 15, 2053						585						623			4												584						642			4
6.00% 2054 Subordinated Notes1,2			December 15, 2054						493						485			3												494						494			3
									4,280						4,295															4,279						4,307
Retirement Services
4.13% 2028 AHL Senior Notes1			January 12, 2028						1,046						986			3												1,050						976			3
6.15% 2030 AHL Senior Notes1			April 3, 2030						575						527			3												579						519			3
3.50% 2031 AHL Senior Notes1			January 15, 2031						519						463			3												520						452			3
6.65% 2033 AHL Senior Notes1			February 1, 2033						396						426			3												395						425			3
5.88% 2034 AHL Senior Notes1			January 15, 2034						585						611			3												584						608			3
3.95% 2051 AHL Senior Notes1			May 25, 2051						544						358			3												544						360			3
3.45% 2052 AHL Senior Notes1			May 15, 2052						504						321			3												504						322			3
6.25% 2054 AHL Senior Notes1			April 1, 2054						982						1,004			3												983						1,003			3
6.63% 2054 AHL Subordinated Notes1			October 15, 2054						592						597			3												592						598			3
7.25% 2064 AHL Subordinated Notes1			March 30, 2064						558						579			4												558						581			4
									6,301						5,872															6,309						5,844
Total Debt									$	10,581					$	10,167														$	10,588					$	10,151
1 Interest rate is calculated as weighted average annualized.
2 Includes amortization of note discount, as applicable, totaling $44 million and $44 million as of March 31, 2025 and December 31, 2024, respectively. Outstanding balance is presented net of unamortized debt issuance costs.
3 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
4 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.

Asset Management – Notes Issued

The indentures governing the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2033 Senior Notes, the 2048 Senior Notes, the 2054 Senior Notes, the 2053 Subordinated Notes and the 2054 Subordinated Notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.

Retirement Services – Notes Issued

AHL Senior Notes – Athene’s senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread (as defined in the applicable prospectus supplement) and any accrued and unpaid interest.

AHL Subordinated Notes – Athene has fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year U.S. Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. Athene may defer interest payments on the subordinated notes for up to five consecutive years.

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Credit and Liquidity Facilities

The following table represents the Company’s credit and liquidity facilities as of March 31, 2025:

Instrument/Facility

Borrowing Date

Maturity Date

Administrative Agent

Key terms

Asset Management - AGM credit facility

N/A

November 21, 2029

Citibank

The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.

Retirement Services - AHL credit facility

N/A

June 30, 2028

Citibank

The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.

Retirement Services - AHL liquidity facility

N/A

June 27, 2025

Wells Fargo Bank

The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.

Asset Management – Credit Facility

On November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). As of March 31, 2025, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00.

As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facilities.

Retirement Services – Credit and Liquidity Facilities

AHL Credit Facility—On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”). The AHL credit facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the AHL credit facility. In connection with the AHL credit facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents. The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility.

The AHL credit facility contains various standard covenants with which Athene must comply, including the following:

1.Consolidated debt-to-capitalization ratio not to exceed 35%;

2.Minimum consolidated net worth of no less than $14.8 billion; and

3.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the AHL credit facility. As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility.

AHL Liquidity Facility—On June 28, 2024, AHL and ALRe entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“AHL liquidity facility”). The AHL liquidity facility is unsecured and has a commitment termination date of June 27, 2025, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the AHL liquidity facility. In connection with the AHL liquidity facility, ALRe guaranteed all of the obligations of AHL under the AHL liquidity facility and the related loan documents. The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on

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the terms described in the AHL liquidity facility. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following:

1.ALRe minimum consolidated net worth of no less than $10.2 billion; and

2.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on ALRe’s financial strength rating. Rates and terms are as defined in the AHL liquidity facility. As of March 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility.

Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:

			Three months ended March 31,
(In millions)			2025						2024
Asset Management			$	60					$	51
Retirement Services1			75						43
Total Interest Expense			$	135					$	94
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

12. Equity-Based Compensation

Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Certain service-based awards are tied to profit sharing arrangements in which a portion of the performance fees distributed to the general partner are required to be used by employees to purchase restricted shares of common stock or are delivered in the form of RSUs, which are granted under the Company’s Equity Plan. Performance-based awards vest subject to continued employment and the Company’s achievement of specified performance goals. In accordance with U.S. GAAP, equity-based compensation expense for performance grants are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately.

For the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense of $149 million and $189 million, respectively. As of March 31, 2025, there was $942 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.3 years.

Service-Based Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 3.0 million and 3.3 million of service-based RSUs, respectively, with a grant date fair value of $481 million and $353 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense on service-based RSUs of $118 million and $92 million, respectively.

Performance-Based Awards

During the three months ended March 31, 2025, there were no performance-based RSUs awarded. During the three months ended March 31, 2024, the Company awarded 0.8 million of performance-based RSUs with a grant date fair value of $85

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million, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense on performance-based awards of $16 million and $74 million, respectively.

In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense related to these one-time grants of $14 million and $14 million, respectively, for service-based awards and $6 million and $6 million, respectively, for performance-based awards.

The following table summarizes all RSU activity for the current period:

			Unvested						Weighted Average Grant Date Fair Value						Vested						Total Number of RSUs Outstanding
Balance at January 1, 2025			14,635,028						$	70.03					21,337,132						35,972,160
Granted			2,970,846						160.29						65,707						3,036,553
Forfeited			(42,656)						81.83						—						(42,656)
Vested			(2,223,141)						87.97						2,223,141						—
Issued			—						—						(7,480,021)						(7,480,021)
Balance at March 31, 2025			15,340,077						$	78.45					16,145,959						31,486,036

Restricted Stock Awards

During the three months ended March 31, 2025 and 2024, the Company awarded 0.1 million and 0.1 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $6 million and $9 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $9 million and $12 million, respectively.

13. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

During the three months ended March 31, 2025 and 2024, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings (accumulated deficit).

On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of $1.5 billion of shares of its common stock in order to opportunistically reduce its share count and (ii) up to an aggregate of $1.0 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans. On February 21, 2023, the AGM board of directors approved a reallocation of the Company’s share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of $1.0 billion of shares of its common stock in order to opportunistically reduce its share count, a decrease of $0.5 billion of shares from the previously authorized amount and (ii) up to an aggregate of $1.5 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans, an increase of $0.5 billion of shares from the previously authorized amount.

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On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity for the three months ended March 31, 2025 and 2024:

			Three months ended March 31,
			2025						2024
Shares of common stock issued in settlement of vested RSUs and options exercised1			7,480,021						5,963,140
Reduction of shares of common stock issued2			(3,186,770)						(2,292,336)
Shares of common stock purchased related to share issuances and forfeitures3			(2,841)						(147,111)
Issuance of shares of common stock for equity-based awards			4,290,410						3,523,693
1 The gross value of shares issued was $1,234 million and $642 million for the three months ended March 31, 2025 and 2024, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $528 million and $314 million for the three months ended March 31, 2025 and 2024, respectively.
3 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the three months ended March 31, 2025 and 2024, Apollo issued 38,912 and 82,858 of such restricted shares and 2,841 and 147,111 of such RSUs under the Equity Plan, respectively.

During the three months ended March 31, 2025 and 2024, 1,392,000 and 2,337,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $193 million and $260 million for these open market share repurchases during the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, the Company issued 540,177 shares of common stock in settlement of a deferred consideration obligation.

Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Mandatory Convertible Preferred Stock will be payable quarterly on January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2023, and ending on, and including, July 31, 2026. The first dividend payment on October 31, 2023 was $0.7500 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $0.8438 per share of Mandatory Convertible Preferred Stock.

Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be July 31, 2026, into between 0.5057 shares and 0.6068 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common

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stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to July 31, 2026.

Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations.

If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to July 31, 2026, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the Fundamental Change Conversion Rate for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not subject to redemption at the Company’s option.

During the three months ended March 31, 2024, 235 shares of the Mandatory Convertible Preferred Stock were converted at the option of the respective holders. As of March 31, 2025 and December 31, 2024, there were 28,749,765 and 28,749,765 shares of Mandatory Convertible Preferred Stock issued and outstanding, respectively.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. As of March 31, 2025, warrants exercisable for 10.0 million shares of common stock were vested and exercisable. The remaining warrants exercisable for 2.5 million shares of common stock will become exercisable in the first quarter of 2026. As of March 31, 2025, pursuant to certain anti-dilution provisions, the exercise price for the warrants was adjusted to $82.73.

In November 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. As of March 31, 2025, warrants exercisable for 0.4 million shares of common stock were vested and exercisable. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

In April 2025, the Company issued 1,080,041 shares of common stock in relation to a cashless exercise of 2.6 million vested warrants issued in 2022.

Donor-Advised Fund

In February 2025, the Company established a donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF.

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Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data).

Dividend Declaration Date						Dividend per Share of Common Stock						Payment Date						Dividend to Common Stockholders																		Distribution Equivalents on Participating Securities
February 8, 2024						$	0.43					February 29, 2024						$	245																	$	14
May 2, 2024						0.46						May 31, 2024						263																		16
August 1, 2024						0.46						August 30, 2024						262																		15
November 5, 2024						0.46						November 29, 2024						262																		15
Year ended December 31, 2024						$	1.81											$	1,032																	$	60
February 4, 2025						$	0.46					February 28, 2025						$	264																	$	14
Three months ended March 31, 2025						$	0.46											$	264																	$	14

Accumulated Other Comprehensive Income (Loss)

(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk						Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at December 31, 2024			$	(9,174)					$	(284)					$	(119)					$	4,235					$	(103)					$	(49)					$	(5,494)
Other comprehensive income (loss) before reclassifications			1,338						(37)						239						(528)						116						63						1,191
Less: Reclassification adjustments for gains (losses) realized1			(191)						—						10						—						—						—						(181)
Less: Income tax expense (benefit)			312						(8)						48						(110)						24						7						273
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax			260						—						62						(169)						12						23						188
Balance at March 31, 2025			$	(8,217)					$	(313)					$	—					$	3,986					$	(23)					$	(16)					$	(4,583)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

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(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk						Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at December 31, 2023			$	(8,675)					$	(289)					$	(81)					$	3,458					$	3					$	9					$	(5,575)
Other comprehensive income (loss) before reclassifications			(546)						(145)						(58)						803						(28)						(32)						(6)
Less: Reclassification adjustments for gains (losses) realized1			47						—						18						—						—						—						65
Less: Income tax expense (benefit)			(117)						(30)						(16)						168						(6)						(3)						(4)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax			(188)						—						(13)						214						(2)						(13)						(2)
Balance at March 31, 2024			$	(8,963)					$	(404)					$	(128)					$	3,879					$	(17)					$	(7)					$	(5,640)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

14. Earnings per Share

The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:

			Basic and Diluted
			Three months ended March 31,
(In millions, except share and per share amounts)			2025						2024
Numerator:
Net income (loss) attributable to common stockholders			$	418					$	1,403
Dividends declared on common stock1			(264)						(245)
Dividends on participating securities2			(14)						(14)
Earnings allocable to participating securities			(3)						(29)
Undistributed income (loss) attributable to common stockholders: Basic			137						1,115
Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock			—						24
Undistributed income (loss) attributable to common stockholders: Diluted			$	137					$	1,139
Denominator:
Weighted average number of shares of common stock outstanding: Basic			587,258,883						588,120,328
Dilution effect of Mandatory Convertible Preferred Stock			—						14,524,410
Dilution effect of options			1,107,075						1,111,770
Dilution effect of warrants			4,618,883						1,622,201
Weighted average number of shares of common stock outstanding: Diluted			592,984,841						605,378,709
Net income (loss) per share of common stock: Basic
Distributed income			$	0.46					$	0.43
Undistributed income (loss)			0.22						1.88
Net income (loss) per share of common stock: Basic			$	0.68					$	2.31
Net income (loss) per share of common stock: Diluted
Distributed income			$	0.46					$	0.43
Undistributed income (loss)