10-Q: Quarterly report [Sections 13 or 15(d)]

Published on August 7, 2025

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  
Form 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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_logo_ctr_rgb_pos_s.jpg
APOLLO GLOBAL MANAGEMENT, INC.
(Exact name of registrant as specified in its charter) 
Delaware   86-3155788
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
9 West 57th Street, 42nd Floor
New York, New York 10019
(Address of principal executive offices) (Zip Code)
(212) 515-3200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock   APO New York Stock Exchange
6.75% Series A Mandatory Convertible Preferred Stock APO.PRA New York Stock Exchange
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 APOS New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No ☐

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

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

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

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

As of August 5, 2025, there were 572,026,735 shares of the registrant’s common stock outstanding.





2
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 certain 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 June 30, 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 June 30, 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 FinCo 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 Total Invested Capital, reduced for any return of capital proceeds received to date.
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)

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


(In millions, except share data) As of
June 30, 2025		 As of
December 31, 2024
Assets
Asset Management
Cash and cash equivalents $ 2,382  $ 2,692 
Restricted cash and cash equivalents 3  3 
Investments 5,885  6,086 
Assets of consolidated variable interest entities
Cash and cash equivalents 346  158 
Investments 2,258  2,806 
Other assets 95  84 
Due from related parties 763  584 
Goodwill 264  264 
Other assets 3,064  2,579 
15,060  15,256 
Retirement Services
Cash and cash equivalents 10,329  12,733 
Restricted cash and cash equivalents 1,720  943 
Investments 299,111  262,283 
Investments in related parties 30,488  28,884 
Assets of consolidated variable interest entities
Cash and cash equivalents 191  583 
Investments 26,188  23,424 
Other assets 341  565 
Reinsurance recoverable 9,273  8,194 
Deferred acquisition costs, deferred sales inducements and value of business acquired 7,981  7,173 
Goodwill 4,075  4,063 
Other assets 14,793  13,794 
404,490  362,639 
Total Assets $ 419,550  $ 377,895 
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.
12
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)


(In millions, except share data) As of
June 30, 2025		 As of
December 31, 2024
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities $ 4,079  $ 3,616 
Due to related parties 760  710 
Debt 4,280  4,279 
Liabilities of consolidated variable interest entities
Other liabilities 1,048  1,363 
10,167  9,968 
Retirement Services
Interest sensitive contract liabilities 292,238  253,637 
Future policy benefits 49,400  49,902 
Market risk benefits 4,489  4,028 
Debt 7,864  6,309 
Payables for collateral on derivatives and securities to repurchase 7,260  11,652 
Other liabilities 12,517  9,784 
Liabilities of consolidated variable interest entities
Other liabilities 1,754  1,635 
375,522  336,947 
Total Liabilities 385,689  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 June 30, 2025 and December 31, 2024, respectively
 1,398  1,398 
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 572,024,038 and 565,738,933 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
 —  — 
Additional paid in capital 15,697  15,327 
Retained earnings (accumulated deficit) 5,919  6,022 
Accumulated other comprehensive income (loss) (3,693) (5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity 19,321  17,253 
Non-controlling interests 14,540  13,711 
Total Equity 33,861  30,964 
Total Liabilities, Redeemable non-controlling interests and Equity $ 419,550  $ 377,895 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
13
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended June 30, Six months ended June 30,
(In millions, except per share data) 2025 2024 2025 2024
Revenues
Asset Management
Management fees $ 583  $ 462  $ 1,091  $ 900 
Advisory and transaction fees, net 277  267  472  436 
Investment income (loss) 189  278  492  680 
Incentive fees 58  47  98  73 
1,107  1,054  2,153  2,089 
Retirement Services
Premiums 107  673  234  774 
Product charges 274  251  539  489 
Net investment income 4,776  3,804  9,117  7,380 
Investment related gains (losses) (5) (134) (833) 1,543 
Revenues of consolidated variable interest entities 550  366  1,142  777 
Other revenues 5  4  10  6 
5,707  4,964  10,209  10,969 
Total Revenues 6,814  6,018  12,362  13,058 
Expenses
Asset Management
Compensation and benefits 602  604  1,347  1,271 
Interest expense 60  53  120  104 
General, administrative and other 370  319  678  559 
1,032  976  2,145  1,934 
Retirement Services
Interest sensitive contract benefits 3,428  1,824  4,922  4,708 
Future policy and other policy benefits 527  1,095  1,068  1,638 
Market risk benefits remeasurement (gains) losses (111) (16) 274  (170)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 292  227  559  434 
Policy and other operating expenses 550  478  1,092  931 
4,686  3,608  7,915  7,541 
Total Expenses 5,718  4,584  10,060  9,475 
Other income (loss) – Asset Management
Net gains (losses) from investment activities (268) (21) (286) 18 
Net gains (losses) from investment activities of consolidated variable interest entities 4  1  215  26 
Other income (loss), net 13  24  (205) (2)
Total Other income (loss) (251) 4  (276) 42 
Income (loss) before income tax (provision) benefit 845  1,438  2,026  3,625 
Income tax (provision) benefit (3) (261) (246) (683)
Net income (loss) 842  1,177  1,780  2,942 
Net (income) loss attributable to non-controlling interests (212) (324) (708) (662)
Net income (loss) attributable to Apollo Global Management, Inc. 630  853  1,072  2,280 
Preferred stock dividends (25) (25) (49) (49)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders $ 605  $ 828  $ 1,023  $ 2,231 
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic $ 1.00  $ 1.36  $ 1.68  $ 3.67 
Net income (loss) attributable to common stockholders - Diluted $ 0.99  $ 1.35  $ 1.67  $ 3.64 
Weighted average shares outstanding – Basic 586.7 587.1 587.0 587.7
Weighted average shares outstanding – Diluted 590.4 590.2 591.7 605.1
See accompanying notes to the unaudited condensed consolidated financial statements.
14
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three months ended June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Net income (loss) $ 842  $ 1,177  1,780  $ 2,942 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities 1,404  (979) 2,898  (1,717)
Unrealized gains (losses) on hedging instruments (8) 84  221  8 
Remeasurement gains (losses) on future policy benefits related to discount rate (45) 628  (573) 1,431 
Remeasurement gains (losses) on market risk benefits related to credit risk (135) 34  (19) 6 
Foreign currency translation and other adjustments 163  (7) 224  (39)
Other comprehensive income (loss), before tax 1,379  (240) 2,751  (311)
Income tax expense (benefit) related to other comprehensive income (loss) 266  (44) 539  (48)
Other comprehensive income (loss) 1,113  (196) 2,212  (263)
Comprehensive income (loss) 1,955  981  3,992  2,679 
Comprehensive (income) loss attributable to non-controlling interests (435) (308) (1,119) (644)
Comprehensive income (loss) attributable to Apollo Global Management, Inc. $ 1,520  $ 673  $ 2,873  $ 2,035 
See accompanying notes to the unaudited condensed consolidated financial statements.























15
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and six months ended June 30, 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 April 1, 2024
 569,003,922  $ 1,398  $ 15,167  $ 3,862  $ (5,640) $ 14,787  $ 12,216  $ 27,003 
Consolidation/deconsolidation of VIEs —  —  —  —  —  —  (50) (50)
Other changes in equity of non-controlling interests —  —  —  —  —  —  2  2 
Issuance of common stock related to equity transactions 742,742  —  84  —  —  84  —  84 
Capital increase related to equity-based compensation —  —  136  —  —  136  —  136 
Capital contributions —  —  —  —  —  —  996  996 
Dividends/distributions —  (25) —  (279) —  (304) (345) (649)
Payments related to issuances of common stock for equity-based awards 400,947  —  3  (35) —  (32) —  (32)
Repurchase of common stock (650,000) —  (75) —  —  (75) —  (75)
Stock option exercises 37,733  —  4  —  —  4  —  4 
Net income (loss) —  25  —  828  —  853  324  1,177 
Other comprehensive income (loss) —  —  —  —  (180) (180) (16) (196)
Balance at June 30, 2024
 569,535,344  $ 1,398  $ 15,319  $ 4,376  $ (5,820) $ 15,273  $ 13,127  $ 28,400 
Balance at January 1, 2024
 567,762,932  $ 1,398  $ 15,249  $ 2,972  $ (5,575) $ 14,044  $ 11,189  $ 25,233 
Consolidation/deconsolidation of VIEs —  —  —  —  —  —  (50) (50)
Other changes in equity of non-controlling interests —  —  —  —  —  —  3  3 
Issuance of common stock related to equity transactions 742,742  —  84  —  —  84  —  84 
Accretion of redeemable non-controlling interests —  —  (1) —  —  (1) —  (1)
Capital increase related to equity-based compensation —  —  299  —  —  299  —  299 
Capital contributions —  —  —  —  —  —  2,002  2,002 
Dividends/distributions —  (49) —  (538) —  (587) (661) (1,248)
Payments related to issuances of common stock for equity-based awards 3,707,473  —  11  (289) —  (278) —  (278)
Repurchase of common stock (2,987,000) —  (335) —  —  (335) —  (335)
Stock option exercises 309,197  —  12  —  —  12  —  12 
Net income (loss) —  49  —  2,231  —  2,280  662  2,942 
Other comprehensive income (loss) —  —  —  —  (245) (245) (18) (263)
Balance at June 30, 2024
 569,535,344  $ 1,398  $ 15,319  $ 4,376  $ (5,820) $ 15,273  $ 13,127  $ 28,400 









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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and six months ended June 30, 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 April 1, 2025 570,432,275  $ 1,398  $ 15,527  $ 5,634  $ (4,583) $ 17,976  $ 14,368  $ 32,344 
Other changes in equity of non-controlling interests —  —  —  —  —  —  (9) (9)
Capital increase related to equity-based compensation —  —  145  —  —  145  —  145 
Capital contributions —  —  —  —  —  —  579  579 
Dividends/distributions —  (25) —  (306) —  (331) (833) (1,164)
Payments related to issuances of common stock for equity-based awards 172,927  —  12  (14) —  (2) —  (2)
Stock option and warrant exercises 1,418,836  —  13  —  —  13  —  13 
Net income (loss) —  25  —  605  —  630  212  842 
Other comprehensive income (loss) —  —  —  —  890  890  223  1,113 
Balance at June 30, 2025
 572,024,038  $ 1,398  $ 15,697  $ 5,919  $ (3,693) $ 19,321  $ 14,540  $ 33,861 
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 —  —  —  —  —  —  (14) (14)
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 —  —  273  —  —  273  —  273 
Capital contributions —  —  —  —  —  —  1,215  1,215 
Dividends/distributions —  (49) —  (584) —  (633) (1,049) (1,682)
Payments related to issuances of common stock for equity-based awards 4,505,089  —  18  (542) —  (524) —  (524)
Repurchase of common stock (1,392,000) —  (193) —  —  (193) —  (193)
Stock option and warrant exercises 1,418,836  —  13  —  —  13  —  13 
Net income (loss) —  49  —  1,023  —  1,072  708  1,780 
Other comprehensive income (loss) —  —  —  —  1,801  1,801  411  2,212 
Balance at June 30, 2025
 572,024,038  $ 1,398  $ 15,697  $ 5,919  $ (3,693) $ 19,321  $ 14,540  $ 33,861 
(Concluded)
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)
Six months ended June 30,
(In millions) 2025 2024
Cash Flows from Operating Activities
Net income (loss) $ 1,780  $ 2,942 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation 315  342 
Net investment income (776) (670)
Net recognized (gains) losses on investments and derivatives 49  (2,371)
Depreciation and amortization 640  498 
Net amortization (accretion) of net investment premiums, discount and other (90) (27)
Policy acquisition costs deferred (957) (828)
Other non-cash amounts included in net income (loss), net 228  144 
Changes in consolidation (23) (10)
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs (1,719) (3,300)
Proceeds from sale of investments by funds and VIEs 1,665  3,150 
Interest sensitive contract liabilities 2,977  3,225 
Future policy benefits, market risk benefits and reinsurance recoverable (1,073) (1,214)
Other assets and liabilities, net (742) (478)
Net cash provided by operating activities $ 2,274  $ 1,403 
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments $ (4,313) $ (2,125)
Purchases of available-for-sale securities (47,445) (38,006)
Purchases of mortgage loans (17,779) (11,743)
Purchases of investment funds (1,593) (1,323)
Purchases of U.S. Treasury securities (444) — 
Purchases of derivatives instruments and other investments (2,537) (1,938)
Sales, maturities and repayments of investments and distributions from equity method investments 37,860  24,837 
Other investing activities, net (266) (787)
Net cash used in investing activities $ (36,517) $ (31,085)
Cash Flows from Financing Activities
Issuance of debt $ 2,632  $ 5,652 
Repayment of debt (1,285) (3,222)
Repurchase of common stock (193) (335)
Common stock dividends (584) (538)
Preferred stock dividends (49) (49)
Distributions paid to non-controlling interests (1,030) (662)
Contributions from non-controlling interests 1,191  2,000 
Deposits on investment-type policies and contracts 45,973  37,102 
Withdrawals on investment-type policies and contracts (9,604) (11,636)
Net change in cash collateral posted for derivative transactions and securities to repurchase (4,392) 2,340 
Other financing activities, net (570) (676)
Net cash provided by financing activities $ 32,089  $ 29,976 
Effect of exchange rate changes on cash and cash equivalents 13  (2)
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities (2,141) 292 
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 $ 14,971  $ 17,983 
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
(In millions) 2025 2024
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes $ 415  $ 547 
Cash paid for interest 585  347 
Non-cash transactions
Non-cash investing activities
Retirement Services
Investments received from settlements on reinsurance agreements —  48 
Investments received from pension group annuity premiums —  521 
Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation 257  278 
Issuance of warrants 54  — 
Issuance of restricted shares 18  11 
Issuance of common stock related to equity transactions —  12 
Issuance of common stock to donor-advise fund 200  — 
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (851) (2,086)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) 3,123  4,090 
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management
(1,719) (3,300)
Proceeds from sale of investments - Asset Management
1,665  3,150 
Cash Flows from Investing Activities
Purchases of investments - Retirement Services
(3,130) (1,540)
Proceeds from sale of investments - Retirement Services
1,815  264 
Cash Flows from Financing Activities
Issuance of debt 1,042  3,483 
Principal repayment of debt (1,285) (2,683)
Distributions paid to non-controlling interests (146) (58)
Contributions from non-controlling interests 1,053  1,292 
Other financing activities, net 46  — 
Changes in Consolidation
Investments, at fair value (549) (69)
Equity method investments —  10 
Other assets (14) (1)
Other liabilities 88  20 
Non-controlling interest 442  50 
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 $ 12,711  $ 15,858 
Restricted cash and cash equivalents 1,723  1,095 
Cash and cash equivalents held at consolidated variable interest entities 537  1,030 
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities $ 14,971  $ 17,983 
(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 third quarter 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 $91 million of revenue recognized during the six months ended June 30, 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.

Business Combinations and Consolidation (ASU 2025-03)

In May 2025, the FASB issued guidance clarifying how to identify the accounting acquirer in business combinations involving variable interest entities. The ASU requires an assessment of control and economic interests to determine the acquirer for consolidation purposes.

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2026, including interim periods therein; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Compensation – Stock Compensation and Revenue from Contracts with Customers (ASU 2025-04)

In June 2025, the FASB issued guidance clarifying the accounting for share-based consideration payable to customers, specifically addressing when such payments should be classified as stock compensation expense versus a reduction of revenue.

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2026, including interim periods therein; 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
21
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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.

3. Investments

The following table outlines the Company’s investments:

(In millions) June 30, 2025 December 31, 2024
Asset Management
Investments, at fair value $ 1,638  $ 1,384 
Equity method investments 1,175  1,082 
Performance allocations 3,072  3,262 
Other investments —  358 
Total Investments – Asset Management
 5,885  6,086 
Retirement Services
AFS securities, at fair value $ 210,289  $ 184,167 
Trading securities, at fair value 4,459  2,156 
Equity securities, at fair value 1,416  1,524 
Mortgage loans, at fair value 78,564  64,536 
Investment funds 2,164  1,960 
Policy loans 310  318 
Funds withheld at interest 21,588  23,916 
Derivative assets 6,901  8,154 
Short-term investments 205  1,190 
Other investments 3,703  3,246 
Total Investments, including related parties – Retirement Services
 329,599  291,167 
Total Investments $ 335,484  $ 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 June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Realized gains (losses) on sales of investments, net $ 3  $ (2) $ (6) $ (1)
Net change in unrealized gains (losses) due to changes in fair value (271) (19) (280) 19 
Net gains (losses) from investment activities $ (268) $ (21) $ (286) $ 18 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Performance Allocations

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

(In millions) Total
Performance allocations, January 1, 2025
 $ 3,262 
Change in fair value of funds 411 
Fund distributions to the Company (601)
Performance allocations, June 30, 2025
 $ 3,072 

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

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the 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:

June 30, 2025
(In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
AFS securities
U.S. government and agencies $ 10,117  $ —  $ 67  $ (1,161) $ 9,023 
U.S. state, municipal and political subdivisions 1,068  —  —  (228) 840 
Foreign governments 2,260  —  52  (560) 1,752 
Corporate 103,597  (174) 1,237  (10,097) 94,563 
CLO 30,620  —  868  (100) 31,388 
ABS 27,405  (130) 563  (476) 27,362 
CMBS 13,854  (62) 102  (394) 13,500 
RMBS 10,716  (394) 322  (322) 10,322 
Total AFS securities 199,637  (760) 3,211  (13,338) 188,750 
AFS securities – related parties
Corporate 2,189  —  21  (18) 2,192 
CLO 7,384  —  163  (9) 7,538 
ABS 12,003  (1) 36  (229) 11,809 
Total AFS securities – related parties 21,576  (1) 220  (256) 21,539 
Total AFS securities, including related parties $ 221,213  $ (761) $ 3,431  $ (13,594) $ 210,289 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 

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

June 30, 2025
(In millions) Amortized Cost Fair Value
AFS securities
Due in one year or less $ 2,385  $ 2,355 
Due after one year through five years 25,853  25,861 
Due after five years through ten years 29,743  28,473 
Due after ten years 59,061  49,489 
CLO, ABS, CMBS and RMBS 82,595  82,572 
Total AFS securities 199,637  188,750 
AFS securities – related parties
Due after one year through five years 1,142  1,150 
Due after five years through ten years 823  832 
Due after ten years 224  210 
CLO and ABS 19,387  19,347 
Total AFS securities – related parties 21,576  21,539 
Total AFS securities, including related parties $ 221,213  $ 210,289 

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.

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Unrealized Losses on AFS Securities

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

June 30, 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 $ 1,724  $ (74) $ 3,206  $ (1,087) $ 4,930  $ (1,161)
U.S. state, municipal and political subdivisions 65  (3) 768  (225) 833  (228)
Foreign governments 146  (6) 1,411  (554) 1,557  (560)
Corporate 13,910  (568) 41,302  (9,500) 55,212  (10,068)
CLO 6,179  (20) 1,697  (77) 7,876  (97)
ABS 5,044  (157) 3,475  (240) 8,519  (397)
CMBS 4,277  (77) 1,529  (261) 5,806  (338)
RMBS 565  (9) 1,129  (123) 1,694  (132)
Total AFS securities 31,910  (914) 54,517  (12,067) 86,427  (12,981)
AFS securities – related parties
Corporate 169  (2) 372  (17) 541  (19)
CLO 2,213  (7) 159  (2) 2,372  (9)
ABS 2,997  (16) 3,678  (198) 6,675  (214)
Total AFS securities – related parties 5,379  (25) 4,209  (217) 9,588  (242)
Total AFS securities, including related parties $ 37,289  $ (939) $ 58,726  $ (12,284) $ 96,015  $ (13,223)

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)

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:

June 30, 2025
Unrealized Loss Position Unrealized Loss Position 12 Months or More
AFS securities 6,857  5,525 
AFS securities – related parties 164  68 

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 June 30, 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 $ 174  $ —  $ —  $ —  $ 174 
ABS 82  39  (2) 11  130 
CMBS 60  —  —  2  62 
RMBS 392  3  (3) 2  394 
Total AFS securities 708  42  (5) 15  760 
AFS securities – related parties, ABS 1  —  —  —  1 
Total AFS securities, including related parties $ 709  $ 42  $ (5) $ 15  $ 761 

Three months ended June 30, 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 $ 127  $ 41  $ —  $ —  $ 168 
CLO 1  —  —  (1) — 
ABS 51  10  (1) 7  67 
CMBS 31  25  —  1  57 
RMBS 387  1  (6) (4) 378 
Total AFS securities 597  77  (7) 3  670 
AFS securities – related parties, ABS 1  —  —  —  1 
Total AFS securities, including related parties $ 598  $ 77  $ (7) $ 3  $ 671 
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six months ended June 30, 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  40  (3) 17  130 
CMBS 60  —  —  2  62 
RMBS 397  5  (10) 2  394 
Total AFS securities 708  45  (13) 20  760 
AFS securities – related parties, ABS 1  —  —  —  1 
Total AFS securities, including related parties $ 709  $ 45  $ (13) $ 20  $ 761 

Six months ended June 30, 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  $ 48  $ (8) $ (1) $ 168 
CLO 2  —  —  (2) — 
ABS 49  12  (1) 7  67 
CMBS 29  26  —  2  57 
RMBS 381  5  (10) 2  378 
Total AFS securities 590  91  (19) 8  670 
AFS securities – related parties, ABS 1  —  —  —  1 
Total AFS securities, including related parties $ 591  $ 91  $ (19) $ 8  $ 671 

Net Investment Income

Net investment income by asset class consists of the following:

Three months ended June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
AFS securities $ 2,877  $ 2,340  $ 5,541  $ 4,477 
Trading securities 66  44  108  85 
Equity securities 29  29  44  46 
Mortgage loans 1,262  890  2,385  1,704 
Investment funds 127  (19) 165  (10)
Funds withheld at interest 244  359  509  722 
Other 227  189  457  400 
Investment revenue 4,832  3,832  9,209  7,424 
Investment expenses (56) (28) (92) (44)
Net investment income $ 4,776  $ 3,804  $ 9,117  $ 7,380 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Investment Related Gains (Losses)

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

Three months ended June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
AFS securities1
Gross realized gains on investment activity $ 1,521  $ 125  $ 2,232  $ 192 
Gross realized losses on investment activity (142) (218) (377) (565)
Net realized investment gains (losses) on AFS securities 1,379  (93) 1,855  (373)
Net recognized investment gains (losses) on trading securities 261  (33) 341  (98)
Net recognized investment gains (losses) on equity securities 36  (12) 51  27 
Net recognized investment gains (losses) on mortgage loans 785  93  1,799  (265)
Derivative gains (losses) (1,075) (553) (2,587) 878 
Provision for credit losses (56) (90) (64) (100)
Other gains (losses) (1,335) 554  (2,228) 1,474 
Investment related gains (losses) $ (5) $ (134) $ (833) $ 1,543 
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $5,865 million and $7,048 million for the three months ended June 30, 2025 and 2024, respectively, and $14,810 million and $10,766 million for the six months ended June 30, 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 June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Trading securities $ 118  $ (21) $ 140  $ (41)
Equity securities 27  (8) 39  24 

Repurchase Agreements

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

(In millions) June 30, 2025 December 31, 2024
Less than 30 days $ 790  $ 2,752 
30 – 90 days —  300 
91 days to 1 year —  1,095 
Greater than 1 year 2,747  1,569 
Payables for repurchase agreements
 $ 3,537  $ 5,716 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the securities pledged as collateral for repurchase agreements:

June 30, 2025 December 31, 2024
(In millions) Amortized Cost Fair Value Amortized Cost Fair Value
AFS securities
U.S. government and agencies $ 711  $ 514  $ 3,253  $ 2,693 
Foreign governments 243  179  159  107 
Corporate 2,113  1,894  1,877  1,573 
CLO 585  588  587  588 
ABS 598  561  596  552 
RMBS —  —  369  365 
Total securities pledged under repurchase agreements $ 4,250  $ 3,736  $ 6,841  $ 5,878 

Reverse Repurchase Agreements

As of June 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $189 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities, was $1,034 million and $2,208 million, respectively.

Mortgage Loans, including related parties and consolidated VIEs

Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:

(In millions) June 30, 2025 December 31, 2024
Commercial mortgage loans $ 37,482  $ 32,544 
Commercial mortgage loans under development 1,782  1,987 
Total commercial mortgage loans 39,264  34,531 
Mark to fair value (1,997) (2,099)
Commercial mortgage loans 37,267  32,432 
Residential mortgage loans 43,445  35,223 
Mark to fair value 396  (540)
Residential mortgage loans 43,841  34,683 
Mortgage loans $ 81,108  $ 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.

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:

June 30, 2025 December 31, 2024
(In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total
Property type
Apartment $ 14,559  39.1  % $ 11,746  36.2  %
Industrial 7,849  21.0  % 6,793  21.0  %
Office building 4,217  11.3  % 4,162  12.8  %
Hotels 2,864  7.7  % 2,786  8.6  %
Retail 2,422  6.5  % 2,269  7.0  %
Other commercial 5,356  14.4  % 4,676  14.4  %
Total commercial mortgage loans $ 37,267  100.0  % $ 32,432  100.0  %
U.S. region
East North Central $ 1,672  4.5  % $ 1,546  4.8  %
East South Central 430  1.2  % 438  1.3  %
Middle Atlantic 9,980  26.8  % 8,386  25.9  %
Mountain 1,544  4.2  % 1,322  4.1  %
New England 1,093  2.9  % 1,118  3.4  %
Pacific 6,386  17.1  % 5,768  17.8  %
South Atlantic 6,679  17.9  % 6,198  19.1  %
West North Central 308  0.8  % 221  0.7  %
West South Central 2,391  6.4  % 1,971  6.1  %
Total U.S. region 30,483  81.8  % 26,968  83.2  %
International region
United Kingdom 2,988  8.0  % 2,281  7.0  %
Other international1
3,796  10.2  % 3,183  9.8  %
Total international region 6,784  18.2  % 5,464  16.8  %
Total commercial mortgage loans $ 37,267  100.0  % $ 32,432  100.0  %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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

June 30, 2025 December 31, 2024
U.S. States
California 25.9  % 25.6  %
Florida 12.0  % 12.4  %
Texas 7.4  % 7.4  %
Other1
46.5  % 45.5  %
Total U.S. residential mortgage loan percentage 91.8  % 90.9  %
International1
8.2  % 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.

30
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Investment Funds

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

June 30, 2025 December 31, 2024
(In millions, except percentages) Carrying Value Percentage of Total Carrying Value Percentage of Total
Investment funds
Equity $ 102  0.5  % $ 107  0.6  %
Investment funds – related parties
Origination platforms 31  0.1  % 29  0.2  %
Retirement services platforms 1,492  7.0  % 1,317  6.7  %
Equity 218  1.0  % 244  1.2  %
Credit 314  1.5  % 253  1.3  %
Other 7  —  % 10  0.1  %
Total investment funds – related parties 2,062  9.6  % 1,853  9.5  %
Investment funds – consolidated VIEs
Origination platforms 7,536  35.3  % 6,347  32.3  %
Equity 7,210  33.8  % 7,597  38.7  %
Credit 3,735  17.5  % 3,062  15.6  %
Other 694  3.3  % 654  3.3  %
Total investment funds – consolidated VIEs 19,175  89.9  % 17,660  89.9  %
Total investment funds, including related parties and consolidated VIEs $ 21,339  100.0  % $ 19,620  100.0  %

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

(In millions) June 30, 2025
AP Grange Holdings, LLC1
$ 4,773 
Atlas Securitized Products Holdings LP2
3,732 
Fox Hedge L.P.1
3,175 
Investment-grade debt issued by Blackstone Private Credit Fund3
2,021 
December 31, 2024
AP Grange Holdings, LLC1
$ 4,661 
Atlas Securitized Products Holdings LP2
3,172 
Fox Hedge L.P.1
2,924 
1 Investment-grade ABS.
2 See note 15 for additional details on Atlas. Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party.
3 Senior unsecured investment-grade debt issued by a non-exchange traded business development company.

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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:

June 30, 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 20,404  $ 623  $ 964  15,669  $ 938  $ 211 
Forwards 2,721  60  49  3,139  331  5 
Interest rate swaps 4,382  102  247  4,506  —  654 
Forwards on net investments 224  —  15  218  11  — 
Interest rate swaps 29,423  142  41  24,885  55  138 
Total derivatives designated as hedges 927  1,316  1,335  1,008 
Derivatives not designated as hedges
Equity options 91,009  5,069  146  85,452  5,002  126 
Futures 59  133  —  37  93  11 
Foreign currency swaps 18,216  185  1,064  14,908  600  199 
Interest rate swaps and forwards 3,249  63  252  3,255  67  124 
Other swaps 2,066  12  —  2,644  3  5 
Foreign currency forwards 39,990  512  2,111  39,598  1,054  2,083 
Embedded derivatives
Funds withheld, including related parties (3,221) 60  (3,650) 4 
Interest sensitive contract liabilities —  12,276  —  11,242 
Total derivatives not designated as hedges 2,753  15,909  3,169  13,794 
Total derivatives $ 3,680  $ 17,225  $ 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 May 2035. During the three months ended June 30, 2025 and 2024, Athene recognized gains of $76 million and $18 million, respectively, in OCI associated with these hedges. During the six months ended June 30, 2025 and 2024, Athene recognized gains of $172 million and losses of $3 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, no amounts were expected to be reclassified to income within the next 12 months.

Fair Value Hedges – Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency risk was $17,818 million and $16,307 million as of June 30, 2025 and December 31, 2024, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $6,012 million and $2,426 million as of June 30, 2025 and December 31, 2024, respectively.

The following represents the carrying amount and the cumulative fair value of hedging adjustments of hedged liabilities, excluding those solely hedging foreign currency risk:
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2025 December 31, 2024
(In millions) Carrying amount of the hedged liabilities
Cumulative amount of fair value hedging gains (losses)1
Carrying amount of the hedged liabilities Cumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps $ 4,315  $ 85  $ 3,946  $ 488 
Interest rate swaps 17,327  (34) 17,873  130 
1 Excludes gains (losses) related to foreign currency risk.

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 June 30, 2025
Investment related gains (losses)
Foreign currency forwards $ (235) $ 228  $ (7) $ 9  $ — 
Foreign currency swaps (681) 699  18  —  — 
Foreign currency interest rate swaps 344  (330) 14  —  — 
Interest rate swaps 65  (49) 16  —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 25  (24) 1  —  — 
Three months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards $ 43  $ (51) $ (8) $ 13  $ (3)
Foreign currency swaps 43  (24) 19  —  — 
Foreign currency interest rate swaps (7) 6  (1) —  — 
Interest rate swaps (9) 1  (8) —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 24  (23) 1  —  — 

Amounts excluded
(In millions) Derivatives Hedged items Net Recognized in income through amortization approach Recognized in income through changes in fair value
Six months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards $ (350) $ 332  $ (18) $ 19  $ — 
Foreign currency swaps (1,013) 1,058  45  —  — 
Foreign currency interest rate swaps 481  (464) 17  —  — 
Interest rate swaps 194  (174) 20  —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 48  (47) 1  —  — 
Six months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards 179  (183) (4) 31  6 
Foreign currency swaps 155  (138) 17  —  — 
Foreign currency interest rate swaps (123) 123  —  —  — 
Interest rate swaps (115) 76  (39) —  — 
Interest sensitive contract benefits
Foreign currency interest rate swaps 40  (39) 1  —  — 
33
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 June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Foreign currency forwards $ 3  $ 2  $ 29  $ (15)
Foreign currency swaps (87) 64  20  26 

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 June 30, 2025 and 2024, these derivatives had losses of $14 million and $0 million, respectively. During the six months ended June 30, 2025 and 2024, these derivatives had losses of $22 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 June 30, 2025 and December 31, 2024, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $7 million and $29 million, respectively. During the three and six months ended June 30, 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.

34
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 June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Equity options $ 871  $ 105  $ (65) $ 1,702 
Futures (9) (1) (16) 126 
Interest rate swaps and forwards and other swaps (1,079) (69) (1,425) (30)
Foreign currency forwards (401) (556) (611) (866)
Embedded derivatives on funds withheld 41  (112) 199  (187)
Amounts recognized in investment related gains (losses) (577) (633) (1,918) 745 
Embedded derivatives in indexed annuity products1
(887) 182  116  (995)
Total gains (losses) on derivatives not designated as hedges $ (1,464) $ (451) $ (1,802) $ (250)
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
June 30, 2025
Derivative assets $ 6,901  $ (2,496) $ (3,685) $ 720  $ (536) $ 184 
Derivative liabilities (4,889) 2,496  2,041  (352) 209  (143)
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 June 30, 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.

35
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, performance fee allocations, interest receivables and due from related parties. 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 June 30, Six months ended June 30,
(In millions)
20251
20241
20251
20241
Net gains (losses) from investment activities $ 18  $ (25) $ 216  $ (7)
Interest and other income 5  62  39  94 
Interest and other expenses (19) (36) (40) (61)
Net gains (losses) from investment activities of consolidated variable interest entities $ 4  $ 1  $ 215  $ 26 
1 Amounts reflect consolidation eliminations.

In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three and six months ended June 30, 2025, the Company recorded $53 million and $85 million, respectively, of revenues, $7 million and $11 million, respectively, of expenses and $4 million and $18 million, respectively, of other losses related to the activities of these VIEs. For the three and six months ended June 30, 2024, the Company recorded $8 million and $18 million, respectively, of revenues and $0 million and $2 million, respectively, of expenses related to the activities of these VIEs.

36
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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:

June 30, 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
$ 954  6.82  % 0.08 $ 1,198  6.84  % 0.06
Total – Asset Management
 $ 954  $ 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.

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 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 June 30, Six months ended June 30,
(In millions) 2025 2024 2025 2024
Trading securities $ 54  $ 30  $ 101  $ 65 
Mortgage loans 38  31  81  61 
Investment funds 20  —  21  21 
Other (24) 1  (31) (4)
Net investment income 88  62  172  143 
Net recognized investment gains (losses) on trading securities
 4  (8) 6  (8)
Net recognized investment gains (losses) on mortgage loans
 (13) (2) 7  (28)
Net recognized investment gains on investment funds
 455  319  940  679 
Other gains (losses)
 16  (5) 17  (9)
Investment related gains (losses) 462  304  970  634 
Revenues of consolidated variable interest entities $ 550  $ 366  $ 1,142  $ 777 

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) June 30, 2025 December 31, 2024
Maximum Loss Exposure1,2
$ 342  $ 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.

37
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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.

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:

June 30, 2025 December 31, 2024
(In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure
Investment funds $ 102  $ 745  $ 107  $ 987 
Investment in related parties – investment funds 2,062  3,119  1,853  3,226 
Assets of consolidated VIEs – investment funds 19,175  25,514  17,660  23,488 
Investment in fixed maturity securities 83,063  83,542  72,523  74,797 
Investment in related parties – fixed maturity securities 19,746  22,521  17,239  21,793 
Investment in related parties – equity securities 266  315  234  234 
Total non-consolidated investments $ 124,414  $ 135,756  $ 109,616  $ 124,525 

38
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:

June 30, 2025
(In millions) Level 1 Level 2 Level 3 NAV Total
Assets
Asset Management
Cash and cash equivalents $ 2,382  $ —  $ —  $ —  $ 2,382 
Restricted cash and cash equivalents 3  —  —  —  3 
Cash and cash equivalents of VIEs 346  —  —  —  346 
Investments, at fair value 213  116  1,144 
1
 165  1,638 
Investments of consolidated VIEs 166  —  1,887  175  2,228 
Due from related parties2
—  —  19  —  19 
Derivative assets3
—  —  5  —  5 
Total Assets – Asset Management
 3,110  116  3,055  340  6,621 
Retirement Services
AFS Securities
U.S. government and agencies 9,023  —  —  —  9,023 
U.S. state, municipal and political subdivisions —  840  —  —  840 
Foreign governments 622  1,107  23  —  1,752 
Corporate 9  87,162  7,392  —  94,563 
CLO —  31,388  —  —  31,388 
ABS —  13,218  14,144  —  27,362 
CMBS —  13,500  —  —  13,500 
RMBS —  9,824  498  —  10,322 
Total AFS securities 9,654  157,039  22,057  —  188,750 
Trading securities 24  4,018  18  —  4,060 
Equity securities 182  960  8  —  1,150 
Mortgage loans —  —  77,289  —  77,289 
Funds withheld at interest – embedded derivative —  —  (2,743) —  (2,743)
Derivative assets 149  6,751  1  —  6,901 
Short-term investments —  4  12  —  16 
Other investments —  954  741  —  1,695 
Cash and cash equivalents 10,329  —  —  —  10,329 
Restricted cash and cash equivalents 1,720  —  —  —  1,720 
Investments in related parties
AFS securities
Corporate —  1,093  1,099  —  2,192 
CLO —  6,468  1,070  —  7,538 
ABS —  999  10,810  —  11,809 
Total AFS securities – related parties —  8,560  12,979  —  21,539 
Trading securities —  —  399  —  399 
Equity securities —  —  266  —  266 
Mortgage loans —  —  1,275  —  1,275 
Investment funds —  —  1,297  —  1,297 
Funds withheld at interest – embedded derivative —  —  (478) —  (478)
Other investments —  —  339  —  339 
Reinsurance recoverable —  —  1,780  —  1,780 
Other assets5
—  —  277  —  277 
(Continued)
39
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2025
(In millions) Level 1 Level 2 Level 3 NAV Total
Assets of consolidated VIEs
Trading securities —  927  2,338  —  3,265 
Mortgage loans —  —  2,544  —  2,544 
Investment funds —  —  270  18,905  19,175 
Other investments 5  12  366  —  383 
Cash and cash equivalents 191  —  —  —  191 
Total Assets – Retirement Services
 22,254  179,225  121,035  18,905  341,419 
Total Assets $ 25,364  $ 179,341  $ 124,090  $ 19,245  $ 348,040 
Liabilities
Asset Management
Other liabilities of consolidated VIEs, at fair value $ —  $ 5  $ —  $ —  $ 5 
Contingent consideration obligations4
—  —  61  —  61 
Derivative liabilities3
—  25  —  —  25 
Total Liabilities – Asset Management
 —  30  61  —  91 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative —  —  12,276  —  12,276 
Universal life benefits —  —  755  —  755 
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block —  —  1,097  —  1,097 
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits —  —  556  —  556 
Market risk benefits5
—  —  4,489  —  4,489 
Derivative liabilities 10  4,879  —  —  4,889 
Other liabilities —  —  295  —  295 
Total Liabilities – Retirement Services
 10  4,879  19,468  —  24,357 
Total Liabilities $ 10  $ 4,909  $ 19,529  $ —  $ 24,448 
(Concluded)

40
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)
41
APOLLO GLOBAL MANAGEMENT, INC.
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 June 30, 2025 and December 31, 2024 excludes $213 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 June 30, 2025 and December 31, 2024 includes profit sharing payable of $61 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.


42
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:

June 30, 2025
Fair Value
(In millions)
 Valuation Technique Unobservable Inputs Ranges Weighted Average
Financial Assets
Asset Management
Investments $ 850  Discounted cash flow Discount rate
13.0% – 52.8%
 17.3%
1
136 Direct capitalization Capitalization rate 7.3% 7.3%
158 Adjusted transaction value N/A N/A N/A
Due from related parties 19 Discounted cash flow Discount rate 14.0% 14.0%
Derivative assets 5 Option model Volatility rate 45.0% 45.0%
Investments of consolidated VIEs
Bank loans 270  Discounted cash flow Discount rate
7.2% – 10.2%
 8.5%
1
240  Adjusted transaction value N/A N/A N/A
Equity securities 377 Discounted cash flow Discount rate
13.4%
13.4%
896 Adjusted transaction value N/A N/A N/A
22 Option model Volatility rate
90.0% – 270.0%
 122.1%
1
Bonds 82 Adjusted transaction value N/A N/A N/A
Retirement Services
AFS, trading and equity securities 28,765  Discounted cash flow Discount rate
2.5% – 22.4%
 6.7%
1
Mortgage loans2
81,108  Discounted cash flow Discount rate
0.1% – 49.6%
 6.4%
1
Investment funds2
1,294  Discounted cash flow Discount rate
13.0% – 14.0%
13.1%
1
281  Recoverability Estimated proceeds N/A N/A
Financial Liabilities
Asset Management
Contingent consideration obligations 61  Discounted cash flow Discount rate
20.0% – 24.0%
 23.1%
1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 12,276  Discounted cash flow Nonperformance risk
0.3% – 1.1%
 0.7%
3
Option budget
0.5% – 6.0%
 3.0%
4
Surrender rate
5.7% – 13.5%
 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.
43
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.


44
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 June 30, 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 $ 1,107  $ 37  $ —  $ 5  $ —  $ 1,149  $ (5) $ — 
Investments of Consolidated VIEs 1,518  84  —  345  (60) 1,887  (19) — 
Total Level 3 assets – Asset Management
 $ 2,625  $ 121  $ —  $ 350  $ (60) $ 3,036  $ (24) $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 28  $ —  $ —  $ (5) $ —  $ 23  $ —  $ — 
Corporate 5,605  56  51  1,650  30  7,392  51  59 
ABS 12,572  (17) 306  1,926  (643) 14,144  3  321 
CMBS —  1  (1) —  —  —  —  — 
RMBS 306  5  2  234  (49) 498  —  1 
Trading securities 7  —  —  11  —  18  (6) — 
Equity securities 26  —  —  (18) —  8  —  — 
Mortgage loans 70,916  772  —  5,601  —  77,289  821  — 
Funds withheld at interest – embedded derivative (2,847) 104  —  —  —  (2,743) —  — 
Derivative assets 1  —  —  —  —  1  —  — 
Short-term investments 48  —  —  (36) —  12  —  — 
Other investments 896  1  —  (156) —  741  (1) — 
Investments in related parties
AFS securities
Corporate 1,108  —  (6) (3) —  1,099  —  (7)
CLO 1,070  —  —  —  —  1,070  —  — 
ABS 10,385  2  31  393  (1) 10,810  —  26 
Trading securities 437  —  —  (40) 2  399  1  — 
Equity securities 244  22  —  —  —  266  22  — 
Mortgage loans 1,296  10  —  (31) —  1,275  8  — 
Investment funds 1,180  114  —  3  —  1,297  115  — 
Funds withheld at interest – embedded derivative (540) 62  —  —  —  (478) —  — 
Other investments 340  (1) —  —  —  339  (1) — 
Reinsurance recoverable 1,729  5  —  46  —  1,780  —  — 
Assets of consolidated VIEs
Trading securities 2,170  150  —  29  (11) 2,338  148  — 
Mortgage loans 2,519  110  —  (85) —  2,544  111  — 
Investment funds 289  (18) —  (1) —  270  (18) — 
Other investments 91  (4) —  279  —  366  5  — 
Total Level 3 assets – Retirement Services
 $ 109,876  $ 1,374  $ 383  $ 9,797  $ (672) $ 120,758  $ 1,259  $ 400 
(Continued)
45
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 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 $ 55  $ 7  $ —  $ (1) $ —  61  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ 55  $ 7  $ —  $ (1) $ —  $ 61  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (10,747) $ (887) $ —  $ (642) $ —  (12,276) $ —  $ — 
Universal life benefits (769) 14  —  —  —  (755) —  — 
Future policy benefits
AmerUs Closed Block (1,107) 10  —  —  —  (1,097) —  — 
ILICO Closed Block and life benefits (556) —  —  —  —  (556) —  — 
Other liabilities (230) (65) —  —  —  (295) —  — 
Total Level 3 liabilities – Retirement Services
 $ (13,409) $ (928) $ —  $ (642) $ —  $ (14,979) $ —  $ — 
(Concluded)
1 Related to instruments held at end of period.

Three months ended June 30, 2024
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets $ 1,191  $ (29) $ —  $ 8  $ —  $ 1,170  $ (18) $ — 
Investments of consolidated VIEs 2,110  (29) —  (504) (70) 1,507  (2) — 
Total Level 3 assets – Asset Management
 $ 3,301  $ (58) $ —  $ (496) $ (70) $ 2,677  $ (20) $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 40  $ —  $ —  $ (6) $ —  $ 34  $ —  $ — 
Corporate 3,378  (1) 5  5,463  (731) 8,114  (1) 21 
ABS 7,165  (17) (12) 1,349  (65) 8,420  —  (15)
CMBS 21  (1) —  —  —  20  —  (1)
RMBS 265  2  1  (5) (2) 261  —  (1)
Trading securities 40  —  —  (3) —  37  —  — 
Equity securities 27  —  —  —  9  36  —  — 
Mortgage loans 48,207  70  —  4,368  —  52,645  69  — 
Funds withheld at interest – embedded derivative (3,362) 79  —  —  —  (3,283) —  — 
Derivative assets 1  —  —  —  —  1  —  — 
Short-term investments 101  —  —  (20) (1) 80  —  — 
Other investments 751  (3) —  156  —  904  (3) — 
(Continued)
46
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2024
Total realized and unrealized gains (losses)
(In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Investments in related parties
AFS securities
Corporate 1,175  —  22  (3) —  1,194  —  22 
CLO 520  —  1  —  —  521  —  1 
ABS 10,043  17  (39) 559  —  10,580  (1) (40)
Trading securities 781  (1) —  (61) —  719  (1) — 
Equity securities 249  (2) —  —  —  247  (2) — 
Mortgage loans 1,263  19  —  38  —  1,320  19  — 
Investment funds 1,067  (1) —  —  —  1,066  (1) — 
Funds withheld at interest – embedded derivative (723) 6  —  —  —  (717) —  — 
Other investments 336  (1) —  —  —  335  (1) — 
Reinsurance recoverable 1,468  (40) —  90  —  1,518  —  — 
Assets of consolidated VIEs
Trading securities 1,770  (18) —  124  —  1,876  (18) — 
Mortgage loans 2,147  (7) —  (20) —  2,120  (7) — 
Investment funds 951  (38) —  —  —  913  (38) — 
Other investments 115  (2) —  —  —  113  (2) — 
Total Level 3 assets – Retirement Services
 $ 77,796  $ 61  $ (22) $ 12,029  $ (790) $ 89,074  $ 13  $ (13)
Liabilities – Asset Management
Contingent consideration obligations $ 127  $ 17  $ —  $ (85) $ —  $ 59  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ 127  $ 17  $ —  $ (85) $ —  $ 59  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (10,908) $ 182  $ —  $ (508) $ —  $ (11,234) $ —  $ — 
Universal life benefits (788) 19  —  —  —  (769) —  — 
Future policy benefits
AmerUs Closed Block (1,151) 31  —  —  —  (1,120) —  — 
ILICO Closed Block and life benefits (553) 24  —  —  —  (529) —  — 
Derivative liabilities (1) —  —  —  —  (1) —  — 
Other liabilities (229) (27) —  3  —  (253) —  — 
Total Level 3 liabilities – Retirement Services
 $ (13,630) $ 229  $ —  $ (505) $ —  $ (13,906) $ —  $ — 
(Concluded)
1 Related to instruments held at end of period.

47
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 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  $ 49  $ —  $ 19  $ —  $ 1,149  $ (11) $ — 
Investments of consolidated VIEs 2,258  303  —  (7) (667) 1,887  (29) — 
Total Level 3 assets – Asset Management
 $ 3,339  $ 352  $ —  $ 12  $ (667) $ 3,036  $ (40) $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 29  $ (1) $ —  $ (5) $ —  $ 23  $ —  $ — 
Corporate 4,321  70  78  3,071  (148) 7,392  63  72 
ABS 16,529  5  473  1,845  (4,708) 14,144  4  494 
CMBS —  (23) (4) 28  (1) —  —  — 
RMBS 256  9  1  281  (49) 498  —  1 
Trading securities 22  —  —  10  (14) 18  (6) — 
Equity securities 27  (1) —  (18) —  8  (1) — 
Mortgage loans 63,239  1,772  —  12,278  —  77,289  1,750  — 
Funds withheld at interest – embedded derivative (3,035) 292  —  —  —  (2,743) —  — 
Derivative assets 1  —  —  —  —  1  —  — 
Short-term investments 169  —  —  (156) (1) 12  —  — 
Other investments 895  2  —  (156) —  741  (1) — 
Investments in related parties
AFS securities
Corporate 1,108  —  (8) (1) —  1,099  —  (9)
CLO 696  —  (2) 376  —  1,070  —  (2)
ABS 9,741  3  50  1,017  (1) 10,810  —  41 
Trading securities 573  —  —  (176) 2  399  1  — 
Equity securities 234  32  —  —  —  266  32  — 
Mortgage loans 1,297  24  —  (46) —  1,275  25  — 
Investment funds 1,139  155  —  3  —  1,297  155  — 
Funds withheld at interest – embedded derivative (615) 137  —  —  —  (478) —  — 
Other investments 331  8  —  —  —  339  8  — 
Reinsurance recoverable 1,661  35  —  84  —  1,780  —  — 
Assets of consolidated VIEs
Trading securities 1,954  217  —  100  67  2,338  214  — 
Mortgage loans 2,579  137  —  (172) —  2,544  141  — 
Investment funds 770  (3) —  (497) —  270  (15) — 
Other investments 103  —  —  263  —  366  7  — 
Total Level 3 assets – Retirement Services
 $ 104,024  $ 2,870  $ 588  $ 18,129  $ (4,853) $ 120,758  $ 2,377  $ 597 
(Continued)
48
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 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  $ 8  $ —  $ (14) $ —  $ 61  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ 67  $ 8  $ —  $ (14) $ —  $ 61  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (11,242) $ 116  $ —  $ (1,150) $ —  $ (12,276) $ —  $ — 
Universal life benefits (742) (13) —  —  —  (755) —  — 
Future policy benefits
AmerUs Closed Block (1,102) 5  —  —  —  (1,097) —  — 
ILICO Closed Block and life benefits (538) (18) —  —  —  (556) —  — 
Derivative liabilities (1) 1  —  —  —  —  —  — 
Other liabilities (225) (71) —  1  —  (295) —  — 
Total Level 3 liabilities – Retirement Services
 $ (13,850) $ 20  $ —  $ (1,149) $ —  $ (14,979) $ —  $ — 
(Concluded)
1 Related to instruments held at end of period.

Six months ended June 30, 2024
Total realized and unrealized gains (losses)
(In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets $ 1,201  $ (36) $ —  $ 5  $ —  $ 1,170  $ —  $ — 
Investments of consolidated VIEs 1,492  (29) —  114  (70) 1,507  (1) — 
Total Level 3 assets – Asset Management
 $ 2,693  $ (65) $ —  $ 119  $ (70) $ 2,677  $ (1) $ — 
Assets – Retirement Services
AFS securities
Foreign governments $ 40  $ —  $ —  $ (6) $ —  $ 34  $ —  $ — 
Corporate 2,525  (3) 7  6,307  (722) 8,114  (2) 19 
ABS 6,943  (15) 1  1,474  17  8,420  —  — 
CMBS 21  (1) —  —  —  20  —  — 
RMBS 265  3  1  (6) (2) 261  —  (1)
Trading securities 28  —  —  (5) 14  37  (1) — 
Equity securities 26  —  —  1  9  36  —  — 
Mortgage loans 44,115  (271) —  8,801  —  52,645  (271) — 
Funds withheld at interest – embedded derivative (3,379) 96  —  —  —  (3,283) —  — 
Derivative assets —  —  —  —  1  1  —  — 
Short-term investments 105  —  —  (24) (1) 80  —  — 
Other investments 630  (6) —  280  —  904  (6) — 
(Continued)
49
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2024
Total realized and unrealized gains (losses)
(In millions) Beginning Balance Included in Income Included in OCI Net Purchases, Issuances, Sales and Settlements Net Transfers In (Out) Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate 1,171  1  21  1  —  1,194  —  21 
CLO 506  —  15  —  —  521  —  15 
ABS 7,826  18  (53) 2,789  —  10,580  (6) (55)
Trading securities 838  (1) —  (118) —  719  (1) — 
Equity securities 255  (8) —  —  —  247  (7) — 
Mortgage loans 1,281  2  —  37  —  1,320  2  — 
Investment funds 1,082  (16) —  —  —  1,066  (16) — 
Funds withheld at interest – embedded derivative (721) 4  —  —  —  (717) —  — 
Other investments 343  (8) —  —  —  335  (8) — 
Reinsurance recoverable 1,367  (48) —  199  —  1,518  —  — 
Assets of consolidated VIEs
Trading securities 1,852  (51) —  69  6  1,876  (52) — 
Mortgage loans 2,173  (49) —  (4) —  2,120  (49) — 
Investment funds 977  (65) —  1  —  913  (64) — 
Other investments 101  (4) —  16  —  113  (3) — 
Total Level 3 assets – Retirement Services
 $ 70,370  $ (422) $ (8) $ 19,812  $ (678) $ 89,074  $ (484) $ (1)
Liabilities – Asset Management
Contingent consideration obligations $ 93  $ 65  $ —  $ (99) $ —  $ 59  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ 93  $ 65  $ —  $ (99) $ —  $ 59  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative $ (9,059) $ (995) $ —  $ (1,180) $ —  $ (11,234) $ —  $ — 
Universal life benefits (834) 65  —  —  —  (769) —  — 
Future policy benefits
AmerUs Closed Block (1,178) 58  —  —  —  (1,120) —  — 
ILICO Closed Block and life benefits (522) (7) —  —  —  (529) —  — 
Derivative liabilities (1) —  —  —  —  (1) —  — 
Other liabilities (330) (37) —  50  64  (253) —  — 
Total Level 3 liabilities – Retirement Services
 $ (11,924) $ (916) $ —  $ (1,130) $ 64  $ (13,906) $ —  $ — 
(Concluded)
1 Related to instruments held at end of period.

50
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 June 30, 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 $ 15  $ —  $ (10) $ —  $ 5  $ —  $ —  $ — 
Investments of consolidated VIEs 664  —  (319) —  345  —  (60) (60)
Total Level 3 assets – Asset Management $ 679  $ —  $ (329) $ —  $ 350  $ —  $ (60) $ (60)
Assets – Retirement Services
AFS securities
Foreign governments $ —  $ —  $ —  $ (5) (5) $ —  $ —  — 
Corporate 1,872  —  —  (222) 1,650  30  —  30 
ABS 2,563  —  (11) (626) 1,926  —  (643) (643)
RMBS 248  —  —  (14) 234  —  (49) (49)
Trading securities 11  —  —  —  11  —  —  — 
Equity securities —  —  —  (18) (18) —  —  — 
Mortgage loans 8,750  —  (40) (3,109) 5,601  —  —  — 
Short-term investments —  —  —  (36) (36) —  —  — 
Other investments —  —  —  (156) (156) —  —  — 
Investments in related parties
AFS securities
Corporate —  —  —  (3) (3) —  —  — 
ABS 1,055  —  —  (662) 393  14  (15) (1)
Trading securities 48  —  —  (88) (40) 2  —  2 
Mortgage loans —  —  —  (31) (31) —  —  — 
Investment funds 3  —  —  —  3  —  —  — 
Reinsurance recoverable —  49  —  (3) 46  —  —  — 
Assets of consolidated VIEs
Trading securities 291  —  (262) —  29  —  (11) (11)
Mortgage loans 19  —  (3) (101) (85) —  —  — 
Investment funds —  —  (1) —  (1) —  —  — 
Other investments 279  —  —  —  279  —  —  — 
Total Level 3 assets – Retirement Services $ 15,139  $ 49  $ (317) $ (5,074) $ 9,797  $ 46  $ (718) $ (672)
Liabilities - Asset Management
Contingent consideration obligations $ —  $ —  $ —  $ (1) $ (1) $ —  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ —  $ —  $ —  $ (1) $ (1) $ —  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative $ —  $ (861) $ —  $ 219  $ (642) $ —  $ —  $ — 
Total Level 3 liabilities – Retirement Services $ —  $ (861) $ —  $ 219  $ (642) $ —  $ —  $ — 
1 Related to instruments held at end of period.
51
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2024
(In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers In Transfers Out Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets $ 8  $ —  $ —  $ —  $ 8  $ —  $ —  $ — 
Investments of consolidated VIEs 788  —  (1,292) —  (504) —  (70) (70)
Total Level 3 assets – Asset Management $ 796  $ —  $ (1,292) $ —  $ (496) $ —  $ (70) $ (70)
Assets – Retirement Services
AFS securities
Foreign governments $ —  $ —  $ —  $ (6) $ (6) $ —  $ —  $ — 
Corporate 5,549  —  (65) (21) 5,463  89  (820) (731)
ABS 1,558  —  (7) (202) 1,349  205  (270) (65)
RMBS —  —  —  (5) (5) —  (2) (2)
Trading securities —  —  —  (3) (3) —  —  — 
Equity securities —  —  —  —  —  9  —  9 
Mortgage loans 6,022  —  —  (1,654) 4,368  —  —  — 
Short-term investments 1  —  —  (21) (20) —  (1) (1)
Other investments 156  —  —  —  156  —  —  — 
Investments in related parties
AFS securities
Corporate —  —  (1) (2) (3) —  —  — 
ABS 1,894  —  (304) (1,031) 559  —  —  — 
Trading securities 2  —  —  (63) (61) —  —  — 
Mortgage loans 87  —  —  (49) 38  —  —  — 
Reinsurance recoverable —  91  —  (1) 90  —  —  — 
Assets of consolidated VIEs
Trading securities 163  —  (32) (7) 124  —  —  — 
Mortgage loans 23  —  —  (43) (20) —  —  — 
Total Level 3 assets – Retirement Services $ 15,455  $ 91  $ (409) $ (3,108) $ 12,029  $ 303  $ (1,093) $ (790)
Liabilities - Asset Management
Contingent consideration obligations $ —  $ —  $ —  $ (85) $ (85) $ —  $ —  $ — 
Total Level 3 liabilities – Asset Management
 $ —  $ —  $ —  $ (85) $ (85) $ —  $ —  $ — 
Liabilities – Retirement Services
Interest sensitive contract liabilities - embedded derivative $ —  $ (760) $ —  $ 252  $ (508) $ —  $ —  $ — 
Other liabilities —  —  —  3  3  —  —  — 
Total Level 3 liabilities – Retirement Services
 $ —  $ (760) $ —  $ 255  $ (505) $ —  $ —  $ — 









52
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 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 $ 29  $ —  $ (10) $ —  $ 19  $ —  $ —  $ — 
Investments of consolidated VIEs 1,289  —  (1,296) —  (7) —  (667) (667)
Total Level 3 assets – Asset Management
 $ 1,318  $ —  $ (1,306) $ —  $ 12  $ —  $ (667) $ (667)
Assets – Retirement Services
AFS securities
Foreign governments $ —  $ —  $ —  $ (5) $ (5) $ —  $ —  $ — 
Corporate 3,427  —  (6) (350) 3,071  126  (274) (148)
ABS 2,792  —  (23) (924) 1,845  479  (5,187) (4,708)
CMBS 28  —  —  —  28  13  (14) (1)
RMBS 297  —  —  (16) 281  —  (49) (49)
Trading securities 11  —  —  (1) 10  —  (14) (14)
Equity securities —  —  —  (18) (18) —  —  — 
Mortgage loans 17,760  —  (172) (5,310) 12,278  —  —  — 
Short-term investments 12  —  —  (168) (156) —  (1) (1)
Other investments —  —  —  (156) (156) —  —  — 
Investments in related parties
AFS securities
Corporate 5  —  —  (6) (1) —  —  — 
CLO 376  —  —  —  376  —  —  — 
ABS 2,259  —  —  (1,242) 1,017  14  (15) (1)
Trading securities 70  —  (91) (155) (176) 2  —  2 
Mortgage loans —  —  (15) (31) (46) —  —  — 
Investment funds 3  —  —  —  3  —  —  — 
Reinsurance recoverable —  90  —  (6) 84  —  —  — 
Assets of consolidated VIEs
Trading securities 435  —  (335) —  100  90  (23) 67 
Mortgage loans 34  —  (10) (196) (172) —  —  — 
Investment funds —  —  (497) —  (497) —  —  — 
Other investments 279  —  (16) —  263  —  —  — 
Total Level 3 assets – Retirement Services
 $ 27,788  $ 90  $ (1,165) $ (8,584) $ 18,129  $ 724  $ (5,577) $ (4,853)
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 $ —  $ (1,613) $ —  $ 463  $ (1,150) $ —  $ —  $ — 
Other liabilities —  —  —  1  1  —  —  — 
Total Level 3 liabilities – Retirement Services
 $ —  $ (1,613) $ —  $ 464  $ (1,149) $ —  $ —  $ — 
53
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six months ended June 30, 2024
(In millions) Purchases Issuances Sales Settlements Net Purchases, Issuances, Sales and Settlements Transfers In Transfers Out Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets $ 20  $ —  $ (15) $ —  $ 5  $ —  $ —  $ — 
Investments of consolidated VIEs 2,089  —  (1,975) —  114  —  (70) (70)
Total Level 3 assets – Asset Management
 $ 2,109