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

Published on August 10, 2026

FALSE2026Q2000185868112-31http://fasb.org/us-gaap/2026#OtherAssetshttp://fasb.org/us-gaap/2026#OtherAssetshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#GainLossOnInvestmentshttp://fasb.org/us-gaap/2026#OtherLiabilitieshttp://fasb.org/us-gaap/2026#OtherLiabilitiesP5YP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesapo:investing_strategyapo:tierxbrli:pureapo:positionapo:extensionapo:dayapo:tradingDayapo:transactionapo:claimapo:segment00018586812026-01-012026-06-300001858681us-gaap:CommonStockMember2026-01-012026-06-300001858681us-gaap:SeriesAPreferredStockMember2026-01-012026-06-300001858681apo:SubordinatedNotesMember2026-01-012026-06-3000018586812026-08-050001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2025-12-310001858681apo:AssetManagementSegmentMember2026-06-300001858681apo:AssetManagementSegmentMember2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2025-12-310001858681apo:RetirementServicesSegmentMember2026-06-300001858681apo:RetirementServicesSegmentMember2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2025-12-3100018586812026-06-3000018586812025-12-310001858681us-gaap:AssetManagement1Member2026-04-012026-06-300001858681us-gaap:AssetManagement1Member2025-04-012025-06-300001858681us-gaap:AssetManagement1Member2026-01-012026-06-300001858681us-gaap:AssetManagement1Member2025-01-012025-06-300001858681us-gaap:InvestmentAdviceMember2026-04-012026-06-300001858681us-gaap:InvestmentAdviceMember2025-04-012025-06-300001858681us-gaap:InvestmentAdviceMember2026-01-012026-06-300001858681us-gaap:InvestmentAdviceMember2025-01-012025-06-300001858681apo:AssetManagementSegmentMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMember2025-04-012025-06-300001858681apo:AssetManagementSegmentMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMember2025-01-012025-06-300001858681us-gaap:ManagementServiceIncentiveMember2026-04-012026-06-300001858681us-gaap:ManagementServiceIncentiveMember2025-04-012025-06-300001858681us-gaap:ManagementServiceIncentiveMember2026-01-012026-06-300001858681us-gaap:ManagementServiceIncentiveMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMember2025-01-012025-06-3000018586812026-04-012026-06-3000018586812025-04-012025-06-3000018586812025-01-012025-06-300001858681us-gaap:CommonStockMember2025-03-310001858681us-gaap:PreferredStockMember2025-03-310001858681us-gaap:AdditionalPaidInCapitalMember2025-03-310001858681us-gaap:RetainedEarningsMember2025-03-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001858681us-gaap:ParentMember2025-03-310001858681us-gaap:NoncontrollingInterestMember2025-03-3100018586812025-03-310001858681us-gaap:PreferredStockMember2025-04-012025-06-300001858681us-gaap:RetainedEarningsMember2025-04-012025-06-300001858681us-gaap:ParentMember2025-04-012025-06-300001858681us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001858681us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001858681us-gaap:CommonStockMember2025-04-012025-06-300001858681us-gaap:CommonStockMember2025-06-300001858681us-gaap:PreferredStockMember2025-06-300001858681us-gaap:AdditionalPaidInCapitalMember2025-06-300001858681us-gaap:RetainedEarningsMember2025-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001858681us-gaap:ParentMember2025-06-300001858681us-gaap:NoncontrollingInterestMember2025-06-3000018586812025-06-300001858681us-gaap:CommonStockMember2024-12-310001858681us-gaap:PreferredStockMember2024-12-310001858681us-gaap:AdditionalPaidInCapitalMember2024-12-310001858681us-gaap:RetainedEarningsMember2024-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001858681us-gaap:ParentMember2024-12-310001858681us-gaap:NoncontrollingInterestMember2024-12-3100018586812024-12-310001858681us-gaap:PreferredStockMember2025-01-012025-06-300001858681us-gaap:RetainedEarningsMember2025-01-012025-06-300001858681us-gaap:ParentMember2025-01-012025-06-300001858681us-gaap:NoncontrollingInterestMember2025-01-012025-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001858681us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001858681us-gaap:CommonStockMember2025-01-012025-06-300001858681us-gaap:CommonStockMember2026-03-310001858681us-gaap:PreferredStockMember2026-03-310001858681us-gaap:AdditionalPaidInCapitalMember2026-03-310001858681us-gaap:RetainedEarningsMember2026-03-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001858681us-gaap:ParentMember2026-03-310001858681us-gaap:NoncontrollingInterestMember2026-03-3100018586812026-03-310001858681us-gaap:PreferredStockMember2026-04-012026-06-300001858681us-gaap:RetainedEarningsMember2026-04-012026-06-300001858681us-gaap:ParentMember2026-04-012026-06-300001858681us-gaap:NoncontrollingInterestMember2026-04-012026-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001858681us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001858681us-gaap:CommonStockMember2026-04-012026-06-300001858681us-gaap:CommonStockMember2026-06-300001858681us-gaap:PreferredStockMember2026-06-300001858681us-gaap:AdditionalPaidInCapitalMember2026-06-300001858681us-gaap:RetainedEarningsMember2026-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001858681us-gaap:ParentMember2026-06-300001858681us-gaap:NoncontrollingInterestMember2026-06-300001858681us-gaap:CommonStockMember2025-12-310001858681us-gaap:PreferredStockMember2025-12-310001858681us-gaap:AdditionalPaidInCapitalMember2025-12-310001858681us-gaap:RetainedEarningsMember2025-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001858681us-gaap:ParentMember2025-12-310001858681us-gaap:NoncontrollingInterestMember2025-12-310001858681us-gaap:PreferredStockMember2026-01-012026-06-300001858681us-gaap:RetainedEarningsMember2026-01-012026-06-300001858681us-gaap:ParentMember2026-01-012026-06-300001858681us-gaap:NoncontrollingInterestMember2026-01-012026-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001858681us-gaap:AdditionalPaidInCapitalMember2026-01-012026-06-300001858681us-gaap:CommonStockMember2026-01-012026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-06-300001858681apo:CommonClassAAndClassACommonUnitMemberapo:BridgeInvestmentGroupHoldingsIncMember2025-09-022025-09-020001858681us-gaap:CommonClassBMemberapo:BridgeInvestmentGroupHoldingsIncMember2025-09-022025-09-020001858681us-gaap:CommonClassAMemberapo:BridgeInvestmentGroupHoldingsIncMember2025-09-020001858681us-gaap:CommonClassBMemberapo:BridgeInvestmentGroupHoldingsIncMember2025-09-020001858681apo:ClassACommonUnitMemberapo:BridgeInvestmentGroupHoldingsIncMember2025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMember2025-09-022025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMember2025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMemberus-gaap:InsuranceContractsAcquiredInBusinessCombinationMember2025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMemberus-gaap:InsuranceContractsAcquiredInBusinessCombinationMember2025-09-022025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMemberus-gaap:TradeNamesMember2025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMemberus-gaap:TradeNamesMember2025-09-022025-09-020001858681apo:BridgeInvestmentGroupHoldingsIncMember2025-04-012025-06-300001858681apo:BridgeInvestmentGroupHoldingsIncMember2025-01-012025-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMember2025-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2026-04-012026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2025-04-012025-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2026-01-012026-06-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001858681us-gaap:USTreasuryAndGovernmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:ForeignGovernmentDebtMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:RelatedPartyMember2026-06-300001858681us-gaap:USTreasuryAndGovernmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:ForeignGovernmentDebtMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2026-03-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2026-04-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-03-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-04-012026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-03-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-04-012026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-03-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-04-012026-06-300001858681us-gaap:NonrelatedPartyMember2026-03-310001858681us-gaap:NonrelatedPartyMember2026-04-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-03-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2025-03-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2025-04-012025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-03-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-04-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-03-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-04-012025-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-03-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-04-012025-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-06-300001858681us-gaap:NonrelatedPartyMember2025-03-310001858681us-gaap:NonrelatedPartyMember2025-04-012025-06-300001858681us-gaap:NonrelatedPartyMember2025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-03-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2026-01-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-01-012026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-01-012026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2026-01-012026-06-300001858681us-gaap:NonrelatedPartyMember2026-01-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2024-12-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:NonrelatedPartyMember2025-01-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2024-12-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-01-012025-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2024-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-01-012025-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2024-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:NonrelatedPartyMember2025-01-012025-06-300001858681us-gaap:NonrelatedPartyMember2024-12-310001858681us-gaap:NonrelatedPartyMember2025-01-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2024-12-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MortgageBackedSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MortgageBackedSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MortgageBackedSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MortgageBackedSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:FundsHeldUnderReinsuranceAgreementsAssetMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:FundsHeldUnderReinsuranceAgreementsAssetMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:FundsHeldUnderReinsuranceAgreementsAssetMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:FundsHeldUnderReinsuranceAgreementsAssetMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-01-012025-06-300001858681us-gaap:MaturityUpTo30DaysMember2026-06-300001858681us-gaap:MaturityUpTo30DaysMember2025-12-310001858681apo:Maturity91To364DaysMember2026-06-300001858681apo:Maturity91To364DaysMember2025-12-310001858681apo:MaturityOneYearOrGreaterMember2026-06-300001858681apo:MaturityOneYearOrGreaterMember2025-12-310001858681us-gaap:USTreasuryAndGovernmentMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:USTreasuryAndGovernmentMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2026-06-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-12-310001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-06-300001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-12-310001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMember2026-06-300001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMember2025-12-310001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2026-06-300001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-12-310001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2026-06-300001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2025-12-310001858681apo:MortgageLoansMember2026-06-300001858681apo:MortgageLoansMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:ApartmentBuildingMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:ApartmentBuildingMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:IndustrialPropertyMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:IndustrialPropertyMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:OfficeBuildingMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:OfficeBuildingMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:HotelMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:HotelMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:RetailSiteMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:RetailSiteMember2025-12-310001858681us-gaap:CommercialLoanMembersrt:OtherPropertyMember2026-06-300001858681us-gaap:CommercialLoanMembersrt:OtherPropertyMember2025-12-310001858681us-gaap:CommercialLoanMember2026-06-300001858681us-gaap:CommercialLoanMember2025-12-310001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USMountainMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USMountainMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USPacificMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USPacificMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2025-12-310001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2025-12-310001858681country:USus-gaap:CommercialLoanMember2026-06-300001858681country:USus-gaap:CommercialLoanMember2025-12-310001858681country:GBus-gaap:CommercialLoanMember2026-06-300001858681country:GBus-gaap:CommercialLoanMember2025-12-310001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2026-06-300001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2025-12-310001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2026-06-300001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2025-12-310001858681stpr:CAus-gaap:ResidentialMortgageMember2026-06-300001858681stpr:CAus-gaap:ResidentialMortgageMember2025-12-310001858681stpr:TXus-gaap:ResidentialMortgageMember2026-06-300001858681stpr:TXus-gaap:ResidentialMortgageMember2025-12-310001858681stpr:FLus-gaap:ResidentialMortgageMember2026-06-300001858681stpr:FLus-gaap:ResidentialMortgageMember2025-12-310001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2026-06-300001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2025-12-310001858681country:USus-gaap:ResidentialMortgageMember2026-06-300001858681country:USus-gaap:ResidentialMortgageMember2025-12-310001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2026-06-300001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2025-12-310001858681us-gaap:ResidentialMortgageMember2026-06-300001858681us-gaap:ResidentialMortgageMember2025-12-310001858681apo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681apo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681apo:OriginationPlatformsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:OriginationPlatformsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesPlatformsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesPlatformsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:EquityFundInvestmentsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:EquityFundInvestmentsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:CreditFundInvestmentsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:CreditFundInvestmentsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:OtherInvestmentMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:OtherInvestmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OriginationPlatformsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OriginationPlatformsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMember2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AthoraHoldingLtd.Member2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:FoxHedgeL.PMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPS2LLCMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPS3LLCMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:APAlkaiosLuxembourgS.a.r.l.Member2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPS4LLCMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPSILLCMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPS5LLCMember2026-06-300001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:APGrangeHoldingsLLCMember2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AtlasSecuritizedProductsHoldingsLPMember2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:FoxHedgeL.PMember2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPS2LLCMember2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:APAlkaiosLuxembourgS.a.r.l.Member2025-12-310001858681apo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMemberapo:AMAPSILLCMember2025-12-310001858681apo:AtheneMemberapo:APGrangeHoldingsLLCMember2026-04-012026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2025-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMember2025-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:ForeignCurrencyInterestRateSwapMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:ForeignCurrencyInterestRateSwapMember2025-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:ForwardsOnNetInvestmentsMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:ForwardsOnNetInvestmentsMember2025-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2025-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMember2026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310001858681us-gaap:NondesignatedMemberus-gaap:StockOptionMember2026-06-300001858681us-gaap:NondesignatedMemberus-gaap:StockOptionMember2025-12-310001858681us-gaap:NondesignatedMemberus-gaap:ForeignExchangeFutureMember2026-06-300001858681us-gaap:NondesignatedMemberus-gaap:ForeignExchangeFutureMember2025-12-310001858681us-gaap:NondesignatedMemberus-gaap:CurrencySwapMember2026-06-300001858681us-gaap:NondesignatedMemberus-gaap:CurrencySwapMember2025-12-310001858681us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2026-06-300001858681us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2025-12-310001858681us-gaap:NondesignatedMemberapo:OtherSwapsMember2026-06-300001858681us-gaap:NondesignatedMemberapo:OtherSwapsMember2025-12-310001858681us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2026-06-300001858681us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2025-12-310001858681us-gaap:NondesignatedMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2026-06-300001858681us-gaap:NondesignatedMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2025-12-310001858681us-gaap:NondesignatedMemberapo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMember2026-06-300001858681us-gaap:NondesignatedMemberapo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMember2025-12-310001858681us-gaap:NondesignatedMember2026-06-300001858681us-gaap:NondesignatedMember2025-12-310001858681apo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMember2026-04-012026-06-300001858681apo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMember2025-04-012025-06-300001858681apo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMember2026-01-012026-06-300001858681apo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMember2025-01-012025-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2026-01-012026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberapo:AtheneHoldingLimitedMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2026-06-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2025-12-310001858681us-gaap:DebtSecuritiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2026-06-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2025-12-310001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2026-06-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2025-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2026-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2025-12-310001858681us-gaap:ForeignExchangeForwardMember2026-04-012026-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2026-04-012026-06-300001858681us-gaap:CurrencySwapMember2026-04-012026-06-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2026-04-012026-06-300001858681us-gaap:CrossCurrencyInterestRateContractMember2026-04-012026-06-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2026-04-012026-06-300001858681us-gaap:InterestRateSwapMember2026-04-012026-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2026-04-012026-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2026-04-012026-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2026-04-012026-06-300001858681us-gaap:ForeignExchangeForwardMember2025-04-012025-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2025-04-012025-06-300001858681us-gaap:CurrencySwapMember2025-04-012025-06-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2025-04-012025-06-300001858681us-gaap:CrossCurrencyInterestRateContractMember2025-04-012025-06-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2025-04-012025-06-300001858681us-gaap:InterestRateSwapMember2025-04-012025-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2025-04-012025-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2025-04-012025-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2025-04-012025-06-300001858681us-gaap:ForeignExchangeForwardMember2026-01-012026-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2026-01-012026-06-300001858681us-gaap:CurrencySwapMember2026-01-012026-06-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2026-01-012026-06-300001858681us-gaap:CrossCurrencyInterestRateContractMember2026-01-012026-06-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2026-01-012026-06-300001858681us-gaap:InterestRateSwapMember2026-01-012026-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2026-01-012026-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2026-01-012026-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2026-01-012026-06-300001858681us-gaap:ForeignExchangeForwardMember2025-01-012025-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2025-01-012025-06-300001858681us-gaap:CurrencySwapMember2025-01-012025-06-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2025-01-012025-06-300001858681us-gaap:CrossCurrencyInterestRateContractMember2025-01-012025-06-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2025-01-012025-06-300001858681us-gaap:InterestRateSwapMember2025-01-012025-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2025-01-012025-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2025-01-012025-06-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2025-01-012025-06-300001858681us-gaap:NetInvestmentHedgingMember2026-04-012026-06-300001858681us-gaap:NetInvestmentHedgingMember2025-04-012025-06-300001858681us-gaap:NetInvestmentHedgingMember2026-01-012026-06-300001858681us-gaap:NetInvestmentHedgingMember2025-01-012025-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2025-04-012025-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2026-04-012026-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2025-01-012025-06-300001858681us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2026-01-012026-06-300001858681us-gaap:StockOptionMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:StockOptionMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:StockOptionMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:StockOptionMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681us-gaap:CurrencySwapMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:CurrencySwapMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:CurrencySwapMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:CurrencySwapMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:GainLossOnInvestments2026-04-012026-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:GainLossOnInvestments2025-04-012025-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:GainLossOnInvestments2026-01-012026-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:GainLossOnInvestments2025-01-012025-06-300001858681us-gaap:GainLossOnInvestments2026-04-012026-06-300001858681us-gaap:GainLossOnInvestments2025-04-012025-06-300001858681us-gaap:GainLossOnInvestments2026-01-012026-06-300001858681us-gaap:GainLossOnInvestments2025-01-012025-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMemberapo:InterestSensitiveContractBenefitsExpense2026-04-012026-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMemberapo:InterestSensitiveContractBenefitsExpense2025-04-012025-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMemberapo:InterestSensitiveContractBenefitsExpense2026-01-012026-06-300001858681apo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMemberapo:InterestSensitiveContractBenefitsExpense2025-01-012025-06-300001858681apo:AtheneHoldingLimitedMemberus-gaap:CreditDefaultSwapMember2026-06-300001858681apo:AtheneHoldingLimitedMemberus-gaap:CreditDefaultSwapMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2025-01-012025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherDebtSecuritiesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherDebtSecuritiesMemberapo:AssetManagementSegmentMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherDebtSecuritiesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-06-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310001858681apo:InvestmentFundsMember2026-06-300001858681apo:InvestmentFundsMember2025-12-310001858681apo:InvestmentFundsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2025-12-310001858681us-gaap:DebtSecuritiesMember2026-06-300001858681us-gaap:DebtSecuritiesMember2025-12-310001858681us-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:FairValueInputsLevel1Memberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:FairValueInputsLevel2Memberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:FairValueInputsLevel1Memberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:FairValueInputsLevel2Memberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:FairValueInputsLevel3Memberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2026-06-300001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMember2026-06-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:FairValueInputsLevel1Memberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:FairValueInputsLevel2Memberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:FairValueInputsLevel1Memberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:FairValueInputsLevel2Memberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681apo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2025-12-310001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681apo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:MeasurementInputDiscountRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputVolatilityRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputTerminalCapitalizationRateMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueDirectCapitalizationMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputTerminalCapitalizationRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueDirectCapitalizationMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputTerminalCapitalizationRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueDirectCapitalizationMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2026-06-300001858681us-gaap:MeasurementInputDiscountRateMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputEstimatedProceedsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueRecoverabilityMember2026-06-300001858681us-gaap:MeasurementInputDiscountRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2026-06-300001858681apo:MeasurementInputNonperformanceRiskMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:MeasurementInputDiscountRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:MeasurementInputTerminalCapitalizationRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueDirectCapitalizationMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:MeasurementInputTerminalCapitalizationRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueDirectCapitalizationMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2025-12-310001858681apo:MeasurementInputVolatilityRateMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberapo:MeasurementInputVolatilityRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueOptionModelMember2025-12-310001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMember2025-12-310001858681us-gaap:MeasurementInputDiscountRateMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:MeasurementInputEstimatedProceedsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueRecoverabilityMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueReportedNetAssetValueMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:MeasurementInputNonperformanceRiskMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputNonperformanceRiskMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputOptionBudgetMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:MeasurementInputSurrenderRateMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2026-03-310001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2026-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2026-06-300001858681apo:AssetManagementSegmentMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2026-06-300001858681apo:RetirementServicesSegmentMember2026-03-310001858681apo:AssetManagementSegmentMemberus-gaap:RelatedPartyMember2026-03-310001858681apo:AssetManagementSegmentMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2026-03-310001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-04-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2026-03-310001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2026-03-310001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2026-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2026-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2026-03-310001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2026-04-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2025-03-310001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2025-04-012025-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-06-300001858681apo:AssetManagementSegmentMember2025-03-310001858681apo:AssetManagementSegmentMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-03-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-06-300001858681apo:RetirementServicesSegmentMember2025-03-310001858681apo:RetirementServicesSegmentMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2025-03-310001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2025-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2025-03-310001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2025-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2025-03-310001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2025-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2025-03-310001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2025-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:AssetManagementSegmentMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2026-01-012026-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2025-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2025-12-310001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2024-12-310001858681apo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-01-012025-06-300001858681apo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2024-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMemberus-gaap:InvestmentsMember2025-01-012025-06-300001858681apo:AssetManagementSegmentMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ShortTermInvestmentsMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EquitySecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberapo:InvestmentFundsMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2024-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:LoansReceivableMember2024-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberapo:InvestmentFundsMember2024-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:OtherAggregatedInvestmentsMember2024-12-310001858681apo:RetirementServicesSegmentMember2024-12-310001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2024-12-310001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2025-01-012025-06-300001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:UniversalLifeMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2024-12-310001858681apo:RetirementServicesSegmentMemberapo:AmerUsLifeInsuranceCompanyAmerUsClosedBlockMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2024-12-310001858681apo:RetirementServicesSegmentMemberapo:IndianapolisLifeInsuranceCompanyILICOClosedBlockMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-12-310001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2025-06-300001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2024-12-310001858681apo:RetirementServicesSegmentMemberapo:LiabilitiesOtherMember2025-01-012025-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-04-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMemberapo:DueToRelatedPartiesMember2026-04-012026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-04-012026-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-04-012026-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-04-012025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-04-012025-06-300001858681apo:AssetManagementSegmentMemberapo:ContingentConsiderationMember2025-04-012025-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMemberapo:InterestSensitiveContractLiabilitiesMember2025-04-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InterestSensitiveContractLiabilitiesMember2025-04-012025-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2026-01-012026-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMemberapo:DueToRelatedPartiesMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMemberus-gaap:LongTermDebtMember2026-01-012026-06-300001858681apo:RetirementServicesSegmentMemberapo:InterestSensitiveContractLiabilitiesMember2026-01-012026-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentsAndDerivativeAssetsMember2025-01-012025-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMember2025-01-012025-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681us-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:DebtSecuritiesMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMemberus-gaap:ReinsuranceRecoverableMember2025-01-012025-06-300001858681apo:RetirementServicesSegmentMemberapo:InterestSensitiveContractLiabilitiesMember2025-01-012025-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681apo:LiabilitiesOtherMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681apo:LiabilitiesOtherMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681apo:LiabilitiesOtherMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681apo:LiabilitiesOtherMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681apo:CommercialMortgageMember2026-06-300001858681apo:CommercialMortgageMember2025-12-310001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2026-06-300001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2025-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NonrelatedPartyMember2026-06-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2026-06-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2026-06-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NonrelatedPartyMember2025-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:RelatedPartyMember2025-12-310001858681us-gaap:DeferredFixedAnnuityMember2025-12-310001858681us-gaap:IndexedAnnuityMember2025-12-310001858681apo:FundingAgreementsMember2025-12-310001858681apo:OtherInvestmentTypesAndOtherMember2025-12-310001858681us-gaap:DeferredFixedAnnuityMember2026-01-012026-06-300001858681us-gaap:IndexedAnnuityMember2026-01-012026-06-300001858681apo:FundingAgreementsMember2026-01-012026-06-300001858681apo:OtherInvestmentTypesAndOtherMember2026-01-012026-06-300001858681us-gaap:DeferredFixedAnnuityMember2026-06-300001858681us-gaap:IndexedAnnuityMember2026-06-300001858681apo:FundingAgreementsMember2026-06-300001858681apo:OtherInvestmentTypesAndOtherMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMember2024-12-310001858681us-gaap:IndexedAnnuityMember2024-12-310001858681apo:FundingAgreementsMember2024-12-310001858681apo:OtherInvestmentTypesAndOtherMember2024-12-310001858681us-gaap:DeferredFixedAnnuityMember2025-01-012025-06-300001858681us-gaap:IndexedAnnuityMember2025-01-012025-06-300001858681apo:FundingAgreementsMember2025-01-012025-06-300001858681apo:OtherInvestmentTypesAndOtherMember2025-01-012025-06-300001858681us-gaap:DeferredFixedAnnuityMember2025-06-300001858681us-gaap:IndexedAnnuityMember2025-06-300001858681apo:FundingAgreementsMember2025-06-300001858681apo:OtherInvestmentTypesAndOtherMember2025-06-300001858681apo:ReconcilingItemsMember2026-06-300001858681apo:ReconcilingItemsMember2025-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2026-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2026-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2026-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2026-06-300001858681us-gaap:IndexedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2026-06-300001858681us-gaap:IndexedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2026-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceTotalGuaranteedMinimumCreditRateMember2026-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceNoGuaranteedMinimumCreditRateMember2026-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2025-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2025-06-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2025-06-300001858681us-gaap:DeferredFixedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2025-06-300001858681us-gaap:IndexedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2025-06-300001858681us-gaap:IndexedAnnuityMembersrt:MinimumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMembersrt:MaximumMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2025-06-300001858681us-gaap:IndexedAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceTotalGuaranteedMinimumCreditRateMember2025-06-300001858681us-gaap:IndexedAnnuityMemberapo:PolicyholderAccountBalanceNoGuaranteedMinimumCreditRateMember2025-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2025-12-310001858681us-gaap:WholeLifeInsuranceMember2025-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2025-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2026-01-012026-06-300001858681us-gaap:WholeLifeInsuranceMember2026-01-012026-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2026-01-012026-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2026-06-300001858681us-gaap:WholeLifeInsuranceMember2026-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2026-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2024-12-310001858681us-gaap:WholeLifeInsuranceMember2024-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2024-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2025-01-012025-06-300001858681us-gaap:WholeLifeInsuranceMember2025-01-012025-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2025-01-012025-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2025-06-300001858681us-gaap:WholeLifeInsuranceMember2025-06-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2025-06-300001858681apo:ReconcilingItemsMember2026-01-012026-06-300001858681apo:ReconcilingItemsMember2025-01-012025-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2026-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputNonperformanceRiskMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputOptionBudgetMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681apo:MeasurementInputSurrenderRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:MinimumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681us-gaap:MeasurementInputUtilizationRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentySixSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentySixSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentySixSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentySixSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyNineSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyNineSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyNineSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyNineSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:A265TwoThousandThirtySeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:A265TwoThousandThirtySeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:A265TwoThousandThirtySeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:A265TwoThousandThirtySeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:A4.60TwoThousandThirtyOneSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:A4.60TwoThousandThirtyOneSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:A4.60TwoThousandThirtyOneSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:A4.60TwoThousandThirtyOneSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFiveSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFiveSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFiveSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFiveSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtySixSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtySixSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtySixSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtySixSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFortyEightSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFortyEightSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFortyEightSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFortyEightSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyThreeSubordinatedNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyThreeSubordinatedNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyThreeSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyThreeSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:RecourseMember2025-12-310001858681us-gaap:RecourseMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:RecourseMemberapo:AssetManagementSegmentMember2025-12-310001858681apo:TwoThousandTwentySevenSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:NonrecourseMember2026-06-300001858681apo:TwoThousandTwentySevenSubordinatedNotesMemberapo:AssetManagementSegmentMemberus-gaap:NonrecourseMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyEightSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentyEightSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:A615DueTwoThousandThirtySeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:A615DueTwoThousandThirtySeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyOneSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyOneSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyThreeSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFourSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtyFourSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyOneSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyOneSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyTwoSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyTwoSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFourSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFiveSeniorNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandFiftyFiveSeniorNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFourSubordinatedNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFiveSubordinatedNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandFiftyFiveSubordinatedNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandSixtyFourSubordinatedNotesMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandSixtyFourSubordinatedNotesMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandThirtySixSeniorNotesMemberapo:AssetManagementSegmentMember2026-03-300001858681us-gaap:SeniorNotesMemberapo:TwoThousandTwentySixSeniorNotesMemberapo:AssetManagementSegmentMember2026-05-270001858681us-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberapo:TwoThousandThirtySixAHLSeniorNotesMemberapo:RetirementServicesSegmentMember2026-08-070001858681us-gaap:SubordinatedDebtMemberapo:TwoThousandSixtyFourSubordinatedNotesMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:LineOfCreditMemberapo:AGMCreditFacilityMemberapo:AssetManagementSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001858681us-gaap:LineOfCreditMemberapo:AtheneCreditFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001858681us-gaap:LineOfCreditMemberapo:AtheneLiquidityFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001858681us-gaap:LineOfCreditMemberapo:AGMCreditFacilityMemberapo:AssetManagementSegmentMemberus-gaap:RevolvingCreditFacilityMember2024-11-210001858681us-gaap:LineOfCreditMemberapo:AMHCreditFacilityMemberapo:AssetManagementSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001858681us-gaap:LineOfCreditMemberapo:AMHCreditFacilityMemberapo:AssetManagementSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-01-012026-06-300001858681us-gaap:LineOfCreditMemberapo:AGMCreditFacilityMemberapo:AssetManagementSegmentMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001858681us-gaap:LineOfCreditMemberapo:AtheneCreditFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-262026-06-260001858681us-gaap:LineOfCreditMemberapo:AtheneCreditFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-260001858681us-gaap:LineOfCreditMemberapo:AtheneCreditFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001858681us-gaap:LineOfCreditMemberapo:AtheneLiquidityFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-262026-06-260001858681us-gaap:LineOfCreditMemberapo:AtheneLiquidityFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2026-06-260001858681us-gaap:LineOfCreditMemberapo:AtheneLiquidityFacilityMemberapo:RetirementServicesSegmentMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MinimumMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MaximumMember2026-01-012026-06-300001858681us-gaap:RestrictedStockUnitsRSUMember2026-06-300001858681us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsServiceGrantsMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsServiceGrantsMember2025-01-012025-06-300001858681apo:RestrictedStockUnitsServiceGrantsMember2026-04-012026-06-300001858681apo:RestrictedStockUnitsServiceGrantsMember2025-04-012025-06-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2026-04-012026-06-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2025-04-012025-06-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2025-01-012025-06-300001858681us-gaap:RestrictedStockUnitsRSUMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2026-01-012026-06-300001858681us-gaap:RestrictedStockUnitsRSUMember2025-12-310001858681apo:RestrictedStockProfitSharingMember2026-01-012026-06-300001858681apo:RestrictedStockProfitSharingMember2025-01-012025-06-300001858681us-gaap:RestrictedStockMember2026-04-012026-06-300001858681us-gaap:RestrictedStockMember2025-04-012025-06-300001858681us-gaap:RestrictedStockMember2026-01-012026-06-300001858681us-gaap:RestrictedStockMember2025-01-012025-06-3000018586812024-02-0800018586812026-02-090001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2025-01-012025-06-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2025-01-012025-06-300001858681apo:OpenMarketShareRepurchasesMember2026-01-012026-06-300001858681apo:OpenMarketShareRepurchasesMember2025-01-012025-06-300001858681us-gaap:SeriesAPreferredStockMember2023-08-112023-08-110001858681us-gaap:SeriesAPreferredStockMember2023-08-110001858681us-gaap:SeriesAPreferredStockMember2025-12-310001858681us-gaap:SeriesAPreferredStockMember2026-06-300001858681us-gaap:SubsequentEventMemberus-gaap:SeriesAPreferredStockMember2026-07-310001858681us-gaap:SubsequentEventMemberus-gaap:SeriesAPreferredStockMember2026-07-312026-07-310001858681us-gaap:SubsequentEventMemberus-gaap:SeriesAPreferredStockMember2026-08-072026-08-0700018586812022-12-3100018586812025-04-012025-04-3000018586812025-04-300001858681apo:PrivatePlacement2022Member2026-01-012026-06-3000018586812024-11-300001858681apo:PrivatePlacement2024Member2026-01-012026-06-3000018586812025-02-012025-02-2800018586812026-06-012026-06-3000018586812025-01-012025-03-3100018586812025-07-012025-09-3000018586812025-10-012025-12-3100018586812025-01-012025-12-3100018586812026-01-012026-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2026-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-03-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-03-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2026-03-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2026-03-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2026-04-012026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-04-012026-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-04-012026-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2026-04-012026-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2026-04-012026-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2026-04-012026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2026-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2026-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-03-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2025-03-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2025-03-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-04-012025-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-04-012025-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2025-04-012025-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2025-04-012025-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2025-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2025-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2025-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2025-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2026-01-012026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-01-012026-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2026-01-012026-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2026-01-012026-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-01-012025-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-01-012025-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2025-01-012025-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2025-01-012025-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300001858681us-gaap:ConvertiblePreferredStockMember2026-04-012026-06-300001858681us-gaap:ConvertiblePreferredStockMember2025-04-012025-06-300001858681us-gaap:ConvertiblePreferredStockMember2026-01-012026-06-300001858681us-gaap:ConvertiblePreferredStockMember2025-01-012025-06-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2026-04-012026-06-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2025-04-012025-06-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2026-01-012026-06-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2025-01-012025-06-300001858681us-gaap:EmployeeStockOptionMember2026-04-012026-06-300001858681us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001858681us-gaap:EmployeeStockOptionMember2026-01-012026-06-300001858681us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001858681us-gaap:WarrantMember2026-04-012026-06-300001858681us-gaap:WarrantMember2025-04-012025-06-300001858681us-gaap:WarrantMember2026-01-012026-06-300001858681us-gaap:WarrantMember2025-01-012025-06-300001858681us-gaap:PreferredStockMember2026-04-012026-06-300001858681us-gaap:PreferredStockMember2025-04-012025-06-300001858681us-gaap:PreferredStockMember2026-01-012026-06-300001858681us-gaap:PreferredStockMember2025-01-012025-06-300001858681us-gaap:RestrictedStockMember2026-04-012026-06-300001858681us-gaap:RestrictedStockMember2025-04-012025-06-300001858681us-gaap:RestrictedStockMember2026-01-012026-06-300001858681us-gaap:RestrictedStockMember2025-01-012025-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentFundsMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:InvestmentFundsMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:PortfolioCompaniesMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:PortfolioCompaniesMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:EmployeesAndFormerEmployeesMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:EmployeesAndFormerEmployeesMember2025-12-310001858681apo:AssetManagementSegmentMemberapo:TaxReceivableAgreementHoldersMember2026-06-300001858681apo:AssetManagementSegmentMemberapo:TaxReceivableAgreementHoldersMember2025-12-310001858681apo:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:TaxReceivableAgreementMember2026-06-300001858681apo:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2025-09-020001858681apo:TaxReceivableAgreementMemberapo:BridgeInvestmentGroupHoldingsIncMemberus-gaap:RelatedPartyMember2025-09-022025-09-020001858681apo:InterestBearingEmployeeLoansMemberapo:EmployeesAndFormerEmployeesMember2026-06-300001858681apo:InterestBearingEmployeeLoansMemberapo:EmployeesAndFormerEmployeesMember2025-12-310001858681apo:EmployeeLoansProfitSharingDistributionsMemberapo:EmployeesAndFormerEmployeesMember2026-06-300001858681apo:EmployeeLoansProfitSharingDistributionsMemberapo:EmployeesAndFormerEmployeesMember2025-12-310001858681apo:IndemnificationLiabilityMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:IndemnificationLiabilityMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:EquityCommitmentsMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:AthoraHoldingLtdAthoraMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:AthoraHoldingLtdAthoraMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:FundingAgreementsMemberapo:AtheneMemberapo:AthoraHoldingLtdAthoraMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:FundingAgreementsMemberapo:AtheneMemberapo:AthoraHoldingLtdAthoraMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:AdditionalInvestmentsMemberapo:AtheneMemberapo:AthoraHoldingLtdAthoraMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:AtlasMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:AtlasMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:ReinsuranceAgreementMemberapo:AtheneMemberapo:CatalinaMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:ReinsuranceAgreementMemberapo:AtheneMemberapo:CatalinaMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:SkylignSeniorNotesMemberapo:AtheneMemberapo:SkylignAviationHoldingsLPMember2026-01-012026-06-300001858681apo:SkylignSeniorNotesMemberapo:AtheneMemberapo:SkylignAviationHoldingsLPMember2025-01-012025-12-310001858681apo:AtheneMemberapo:VenerableInsuranceAndAnnuityCompanyMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:VenerableInsuranceAndAnnuityCompanyMemberus-gaap:RelatedPartyMember2025-12-310001858681apo:AtheneMemberapo:WheelsInc.Memberus-gaap:RelatedPartyMember2026-06-300001858681apo:AtheneMemberapo:WheelsInc.Memberus-gaap:RelatedPartyMember2025-12-310001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtdMemberapo:AtheneLifeReLtdMembersrt:SubsidiariesMember2026-06-300001858681apo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2026-06-300001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2026-06-300001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:AtheneLifeReLtdMembersrt:SubsidiariesMember2026-06-300001858681apo:AtheneMemberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2026-04-012026-06-300001858681apo:AtheneMemberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2025-04-012025-06-300001858681apo:AtheneMemberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2026-01-012026-06-300001858681apo:AtheneMemberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMember2025-01-012025-06-300001858681apo:AtheneMemberapo:ADIPMember2026-01-012026-06-300001858681apo:AtheneMemberapo:ADIPMember2025-01-012025-12-310001858681apo:AtheneMemberapo:ADIPMemberus-gaap:RelatedPartyMember2026-06-300001858681apo:AcquiredCommercialMortgageLoansMember2026-04-242026-04-240001858681apo:InvestmentCommitmentMember2026-06-300001858681apo:AdditionalInvestmentsMember2026-01-012026-06-300001858681apo:ApolloGlobalSecuritiesLLCMemberapo:StateStreetGlobalAdvisorsMember2026-01-012026-06-300001858681apo:ApolloCapitalMarketsPartnershipMemberapo:SumitomoMitsuiBankingCorpMember2026-06-300001858681apo:StoneTowerMember2026-06-300001858681apo:StoneTowerMember2025-12-310001858681us-gaap:PerformanceGuaranteeMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:FederalHomeLoanBankMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:FederalHomeLoanBankMember2025-12-310001858681apo:AtheneHoldingLimitedMemberapo:FundingAgreementBackedNotesMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:FundingAgreementBackedNotesMember2025-12-310001858681apo:AtheneHoldingLimitedMemberapo:FundingAgreementBackedRepurchaseAgreementMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:FundingAgreementBackedRepurchaseAgreementMember2025-12-310001858681apo:AtheneHoldingLimitedMemberapo:SecuredAndOtherFundingAgreementsMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:SecuredAndOtherFundingAgreementsMember2025-12-310001858681apo:AtheneHoldingLimitedMemberapo:DirectFundingAgreementMember2026-06-300001858681apo:AtheneHoldingLimitedMemberapo:DirectFundingAgreementMember2025-12-310001858681apo:AtheneHoldingLimitedMember2026-06-300001858681apo:AtheneHoldingLimitedMember2025-12-310001858681us-gaap:LetterOfCreditMemberapo:AtheneHoldingLimitedMember2026-06-300001858681apo:AtlasMember2026-06-300001858681apo:AtlasMember2024-03-310001858681apo:AnthropicMembersrt:AffiliatedEntityMember2026-04-012026-06-300001858681apo:AtheneHoldingLimitedMemberapo:WarehouseCoIntermediateHoldingsLPMembersrt:AffiliatedEntityMember2026-01-012026-06-300001858681apo:AtheneHoldingLimitedMemberapo:WarehouseCoIntermediateHoldingsLPMembersrt:AffiliatedEntityMember2026-06-300001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2023-08-172023-08-170001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2026-06-300001858681apo:AGMStockholderAgreementComplaintMember2026-06-300001858681apo:ViolationOfFederalSecuritiesLawMember2026-01-012026-06-300001858681apo:ViolationOfFederalSecuritiesLawMember2026-06-300001858681us-gaap:AssetManagement1Memberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2026-04-012026-06-300001858681us-gaap:AssetManagement1Memberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2025-04-012025-06-300001858681us-gaap:AssetManagement1Memberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-06-300001858681us-gaap:AssetManagement1Memberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-06-300001858681us-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2026-04-012026-06-300001858681us-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2025-04-012025-06-300001858681us-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-06-300001858681us-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2026-04-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2025-04-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2026-01-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2026-04-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2025-04-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2026-01-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2026-04-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2025-04-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2026-01-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMember2026-04-012026-06-300001858681us-gaap:OperatingSegmentsMember2025-04-012025-06-300001858681us-gaap:OperatingSegmentsMember2026-01-012026-06-300001858681us-gaap:OperatingSegmentsMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2026-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2025-12-310001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2026-06-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2025-12-310001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2026-06-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2025-12-310001858681us-gaap:OperatingSegmentsMember2026-06-300001858681us-gaap:OperatingSegmentsMember2025-12-310001858681us-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMemberus-gaap:MaterialReconcilingItemsMember2026-04-012026-06-300001858681us-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMemberus-gaap:MaterialReconcilingItemsMember2025-04-012025-06-300001858681us-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMemberus-gaap:MaterialReconcilingItemsMember2026-01-012026-06-300001858681us-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-06-300001858681apo:AssetManagementAndRetirementSegmentsMember2026-04-012026-06-300001858681apo:AssetManagementAndRetirementSegmentsMember2025-04-012025-06-300001858681apo:AssetManagementAndRetirementSegmentsMember2026-01-012026-06-300001858681apo:AssetManagementAndRetirementSegmentsMember2025-01-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementAndRetirementSegmentsMember2026-04-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementAndRetirementSegmentsMember2025-04-012025-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementAndRetirementSegmentsMember2026-01-012026-06-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementAndRetirementSegmentsMember2025-01-012025-06-300001858681us-gaap:MaterialReconcilingItemsMember2026-06-300001858681us-gaap:MaterialReconcilingItemsMember2025-12-310001858681us-gaap:SubsequentEventMember2026-08-042026-08-040001858681apo:JohnZitoMember2026-04-012026-06-300001858681apo:JohnZitoMember2026-06-30

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, 2026 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) 
Delaware86-3155788
(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 classTrading Symbol(s)Name of each exchange on which registered
Common StockAPONew York Stock Exchange
6.75% Series A Mandatory Convertible Preferred StockAPO.PRANew York Stock Exchange
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053APOSNew 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, 2026, there were 590,543,159 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 25, 2026 (the “2025 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 Apollo entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.

Term or AcronymDefinition
AAAApollo Aligned Alternatives Aggregator, L.P.
AAA LuxApollo Aligned Alternatives Lux Aggregator, L.P.
AAIAAthene Annuity and Life Company
AAMApollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.)
AAReAthene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABSAsset-backed securities
Accord+Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord+ IIApollo Accord+ II Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord IApollo Accord Master Fund, L.P., together with its feeder funds
Accord IIApollo Accord Master Fund II, L.P., together with its feeder funds
Accord IIIApollo Accord Master Fund III, L.P., together with its feeder funds
Accord III BApollo Accord Master Fund III B, L.P., together with its feeder funds
Accord IVApollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles
3
Accord VApollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles
Accord VIApollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles
Accord VIIApollo Accord Fund VII, L.P., together with its parallel funds and alternative investment vehicles
Accord FundsAccord I, Accord II, Accord III, Accord III B, Accord IV, Accord V, Accord VI and Accord VII
Accord+ FundsAccord+ and Accord+ II
ACRAACRA 1 and ACRA 2
ACRA 1Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADCFApollo Diversified Credit Fund
ADIPADIP I and ADIP II
ADIP IApollo/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 IIApollo/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 OutstandingConsists 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
ADREFApollo Diversified Real Estate Fund
ADSApollo Debt Solutions BDC
AFSAvailable-for-sale
AIOF IApollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles
AIOF IIApollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles
AIOF IIIApollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles
ALReAthene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investmentsAlternative 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
AMAPSApollo Multi-Asset Prime Securities
AMHApollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM
ANRP IApollo Natural Resources Partners, L.P., together with its alternative investment vehicles
ANRP IIApollo Natural Resources Partners II, L.P., together with its alternative investment vehicles
ANRP IIIApollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles
AOCIAccumulated other comprehensive income (loss)
AOG UnitsUnits of the Apollo Operating Group
Apollo DAFThe donor-advised fund established by Apollo
Apollo funds, our funds and references to the funds we manageThe funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or “SIAs,” alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services.
Apollo Operating Group(i) The entities through which we currently operate our asset management business and (ii) one or more entities formed for the purpose of, among other activities, holding certain of our gains or losses on our principal investments in the funds, which we refer to as our “principal investments.”
Apollo TRAThe tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto
ARIApollo Commercial Real Estate Finance, Inc.
ARISApollo Realty Income Solutions, Inc.
4
Assets Under Management, or AUMThe 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 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.
ASUAccounting Standards Update
AtheneAthene 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.
AthoraAthora Holding Ltd. (“Athora Holding”, together with its subsidiaries, “Athora”), is a leading European savings and retirement services group focused on the traditional life and pensions market. Apollo, through ISGI, provides investment advisory services to Athora for certain of its assets.
AtlasAn equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP
AUM with Future Management Fee PotentialThe committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
AUSAAthene USA Corporation
Bermuda CapitalThe capital of Athene's non-U.S. reinsurance subsidiaries as reported in the Bermuda statutory financial statements, adjusted to exclude deferred tax assets related to the enactment of the Government of Bermuda Corporate Income Tax Act 2023. Bermuda statutory financial statements apply U.S. statutory accounting principles for policyholder reserve liabilities, which Athene also subjects to U.S. cash flow testing requirements. There are certain differences between Bermuda statutory and U.S. statutory frameworks that result in Consolidated RBC being approximately 20 RBC points higher as of December 31, 2025. The primary driver of this difference is that Bermuda statutory financial statements require that assets assumed as part of a reinsurance transaction and any assets sold are recorded at their market value, without posting an interest maintenance reserve.
Bermuda RBCThe 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.
BMABermuda Monetary Authority
BridgeBridge Investment Group Holdings Inc.
Bridge fundsFunds, vehicles and accounts managed by subsidiaries of Bridge
Bridge TRAThe tax receivable agreement with certain equity holders of Bridge
5
Capital solutions fees and other, net
Primarily includes transaction fees earned by 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, directors' fees, as well as fees and earnings related to property management activities. 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, including with certain subsidiaries and other affiliates.
CDOCollateralized debt obligation
Class A sharesClass A common stock, $0.00001 par value per share, of AAM prior to the Mergers.
CLOCollateralized loan obligation
CMBSCommercial mortgage-backed securities
CMLCommercial mortgage loan
Contributing PartnersPartners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units.
Consolidated RBCThe 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, with immaterial adjustments for net assets at the holding company.
Cost of fundsCost of funds includes liability costs related to cost of crediting on deferred annuities, including, with respect to Athene's 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, product charges, excluding market value adjustments, and certain 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 StrategiesApollo Credit Strategies Master Fund Ltd., together with its feeder funds
CSCredit Suisse AG
DACDeferred acquisition costs
Deferred annuitiesFixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
Dry PowderThe 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.
DSIDeferred sales inducement
EPF FundsApollo 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 IIIApollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
EPF IVApollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
Equity PlanRefers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles.
FABNFunding agreement backed notes
FABRFunding agreement backed repurchase agreement
FASB
Financial Accounting Standards Board
FCI FundsFinancial 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 AUMFee-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.
6
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.
FIAFixed 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 annuitiesFIAs together with fixed rate annuities
Former Managing PartnersMessrs. 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.
GDPGross 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.
GLWBGuaranteed lifetime withdrawal benefit
GMDBGuaranteed minimum death benefit
Gross IRR of accord series, ADIP funds and the European principal finance fundsThe 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 fundThe 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, 2026 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 fundsThe 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, 2026 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.
HoldCoApollo Global Management, Inc. (f/k/a Tango Holdings, Inc.)
HVF IApollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles
HVF IIApollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles
HVF IIIApollo Hybrid Value Fund III, 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.
IPOInitial Public Offering
ISGApollo 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 OffsetUnder 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 benefitsGuaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
7
MergersCompletion of the previously announced merger transactions pursuant to the Merger Agreement
Merger AgreementThe 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.
MFICMidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or “AINV”)
MidCap FinCoMidCap FinCo LLC, together with its subsidiaries
ModcoModified coinsurance
NAICNational Association of Insurance Commissioners
NAVNet Asset Value
Net invested assetsRepresent 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 rateComputed 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 spreadNet 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 fundsThe 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 fundsThe 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 fundsThe 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 liabilitiesRepresent Athene's policyholder and institutional 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.
8
Non-Fee-Generating AUMAUM 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 UBTNew 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 segmentExpenses 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 segmentExpenses 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 annuitiesAnnuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements.
Performance Fee-Eligible AUMAUM 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 PIIComponent 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, and (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 compensationRealized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business.
Policy loanA loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy.
Realized ValueAll 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 RidgeRedding 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 HoldingsRedding Ridge Holdings LP
Remaining CostTotal Invested Capital, reduced for any return of capital proceeds received to date.
RMBSResidential mortgage-backed securities
RMLResidential mortgage loan
RSUsRestricted share units
SIAStrategic investment account
9
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, and equity-based compensation, as well as other items. 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 assetsAssets in excess of Athene’s policyholder and institutional obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles.
S3 Equity and Hybrid SolutionsApollo S3 Equity and Hybrid Solutions Fund, L.P.
Total Invested CapitalThe 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 ValueThe 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. GAAPGenerally accepted accounting principles in the United States of America
U.S. RBCThe CAL RBC ratio for AAIA, Athene’s U.S. insurance company
U.S. TreasuryUnited States Department of the Treasury
Unrealized ValueThe 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.
VenerableVenerable Holdings, Inc., together with its subsidiaries
VIACVenerable Insurance and Annuity Company
VIEVariable interest entity
Vintage YearThe 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.
VOBAValue of business acquired
VOEVoting interest entity
WACCWeighted average cost of capital
10
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)June 30, 2026December 31, 2025
Assets
Asset Management
Cash and cash equivalents$3,415 $3,350 
Restricted cash and cash equivalents19 19 
Investments6,325 6,226 
Assets of consolidated variable interest entities
Cash and cash equivalents1,272 327 
Investments3,713 3,509 
Due from related parties23 16 
Other assets634 230 
Due from related parties940 647 
Goodwill1,833 1,848 
Other assets3,587 3,376 
21,761 19,548 
Retirement Services
Cash and cash equivalents21,957 14,994 
Restricted cash and cash equivalents1,583 1,332 
Investments333,842 321,081 
Investments in related parties43,300 34,979 
Assets of consolidated variable interest entities
Cash and cash equivalents171 569 
Investments31,884 29,992 
Other assets202 346 
Reinsurance recoverable10,929 10,282 
Deferred acquisition costs, deferred sales inducements and value of business acquired9,279 8,634 
Goodwill4,079 4,072 
Other assets15,061 15,120 
472,287 441,401 
Total Assets$494,048 $460,949 
(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)June 30, 2026December 31, 2025
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities$4,130 $3,861 
Due to related parties1,173 1,062 
Debt5,895 5,516 
Liabilities of consolidated variable interest entities
Accounts payable, accrued expenses, and other liabilities
3,847 1,949 
15,045 12,388 
Retirement Services
Interest sensitive contract liabilities344,593 315,889 
Future policy benefits48,241 50,264 
Market risk benefits5,283 4,930 
Debt7,832 7,848 
Payables for collateral on derivatives and securities to repurchase11,199 11,085 
Other liabilities18,981 14,329 
Liabilities of consolidated variable interest entities
Other liabilities1,392 1,701 
437,521 406,046 
Total Liabilities452,566 418,434 
Commitments and Contingencies (note 17)
Redeemable non-controlling interests
Redeemable non-controlling interests— — 
Equity
Mandatory Convertible Preferred Stock, 28,749,227 and 28,749,665 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,398 1,398 
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 575,971,752 and 578,981,398 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Additional paid in capital16,668 16,954 
Retained earnings6,149 7,634 
Accumulated other comprehensive income (loss)(3,209)(2,645)
Total Apollo Global Management, Inc. Stockholders’ Equity21,006 23,341 
Non-controlling interests20,476 19,174 
Total Equity41,482 42,515 
Total Liabilities, Redeemable non-controlling interests and Equity$494,048 $460,949 
(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)2026202520262025
Revenues
Asset Management
Management fees$749 $583 $1,445 $1,091 
Advisory and transaction fees, net418 277 724 472 
Investment income (loss)379 189 302 492 
Incentive fees59 58 123 98 
Property management, development and other fees22 — 44 — 
1,627 1,107 2,638 2,153 
Retirement Services
Premiums170 107 387 234 
Product charges299 274 580 539 
Net investment income5,350 4,776 10,489 9,117 
Investment related gains (losses)2,989 (5)911 (833)
Revenues of consolidated variable interest entities714 550 1,199 1,142 
Other revenues4 5 8 10 
9,526 5,707 13,574 10,209 
Total Revenues11,153 6,814 16,212 12,362 
Expenses
Asset Management
Compensation and benefits927 602 1,638 1,347 
Interest expense88 60 165 120 
General, administrative and other479 370 918 678 
1,494 1,032 2,721 2,145 
Retirement Services
Interest sensitive contract benefits5,714 3,428 7,305 4,922 
Future policy and other policy benefits594 527 1,233 1,068 
Market risk benefits remeasurement (gains) losses(24)(111)235 274 
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired350 292 687 559 
Policy and other operating expenses613 550 1,239 1,092 
7,247 4,686 10,699 7,915 
Total Expenses8,741 5,718 13,420 10,060 
Other income (loss) – Asset Management
Net gains (losses) from investment activities63 (268)(49)(286)
Net gains (losses) from investment activities of consolidated variable interest entities(7)4 (22)215 
Other income (loss), net17 13 47 (205)
Total Other income (loss)73 (251)(24)(276)
Income (loss) before income tax (provision) benefit2,485 845 2,768 2,026 
Income tax (provision) benefit(396)(3)(2,090)(246)
Net income (loss)2,089 842 678 1,780 
Net (income) loss attributable to non-controlling interests(728)(212)(1,223)(708)
Net income (loss) attributable to Apollo Global Management, Inc.1,361 630 (545)1,072 
Preferred stock dividends(25)(25)(49)(49)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders$1,336 $605 $(594)$1,023 
Earnings (loss) per share
Net income (loss) attributable to common stockholders – Basic
$2.18 $1.00 $(1.06)$1.68 
Net income (loss) attributable to common stockholders – Diluted
$2.15 $0.99 $(1.06)$1.67 
Weighted average shares outstanding – Basic591.8586.7593.3587.0
Weighted average shares outstanding – Diluted610.2590.4593.3591.7
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)2026202520262025
Net income (loss)$2,089 $842 $678 $1,780 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities343 1,404 (1,711)2,898 
Unrealized gains (losses) on hedging instruments(236)(8)(106)221 
Remeasurement gains (losses) on future policy benefits related to discount rate(199)(45)710 (573)
Remeasurement gains (losses) on market risk benefits related to credit risk(180)(135)36 (19)
Foreign currency translation and other adjustments(3)163 (33)224 
Other comprehensive income (loss), before tax(275)1,379 (1,104)2,751 
Income tax provision (benefit) related to other comprehensive income (loss)(68)266 (224)539 
Other comprehensive income (loss)(207)1,113 (880)2,212 
Comprehensive income (loss)1,882 1,955 (202)3,992 
Comprehensive (income) loss attributable to non-controlling interests(586)(435)(907)(1,119)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.$1,296 $1,520 $(1,109)$2,873 
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, 2025
Apollo Global Management, Inc. Stockholders
(In millions, except share data)Common StockSeries A Mandatory Convertible Preferred StockAdditional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total Apollo
Global
Management,
Inc.
Stockholders’
Equity		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 
Net income (loss)— 25 — 605 — 630 212 842 
Other comprehensive income (loss)— — — — 890 890 223 1,113 
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 awards172,927 — 12 (14)— (2)— (2)
Stock option and warrant exercises1,418,836 — 13 — — 13 — 13 
Other changes in equity of non-controlling interests— — — — — — (9)(9)
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 
Net income (loss)— 49 — 1,023 — 1,072 708 1,780 
Other comprehensive income (loss)— — — — 1,801 1,801 411 2,212 
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 awards4,505,089 — 18 (542)— (524)— (524)
Repurchase of common stock(1,392,000)— (193)— — (193)— (193)
Stock option and warrant exercises1,418,836 — 13 — — 13 — 13 
Consolidation/deconsolidation of VIEs— — — — — — (442)(442)
Issuance of warrants— — 54 — — 54 — 54 
Issuance of common stock related to equity transactions540,177 — — — — — — — 
Accretion of redeemable non-controlling interests— — 5 — — 5 — 5 
Issuance of common stock to donor-advised fund1,213,003 — 200 — — 200 — 200 
Other changes in equity of non-controlling interests— — — — — — (14)(14)
Balance at June 30, 2025
572,024,038 $1,398 $15,697 $5,919 $(3,693)$19,321 $14,540 $33,861 
(Continued)


16
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and six months ended June 30, 2026
Apollo Global Management, Inc. Stockholders
(In millions, except share data)Common Stock
Series A Mandatory Convertible Preferred Stock
Additional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total Apollo
Global
Management,
Inc.
Stockholders’
Equity
Non-Controlling
Interests
Total Equity
Balance at April 1, 2026576,507,457 1,398 $16,540 $5,157 $(3,144)$19,951 $19,582 $39,533 
Net income (loss)— 25 — 1,336 — 1,361 728 2,089 
Other comprehensive income (loss)— — — — (65)(65)(142)(207)
Capital increase related to equity-based compensation— — 216 — — 216 — 216 
Capital contributions— — — — — — 1,138 1,138 
Dividends/distributions— (25)— (342)— (367)(555)(922)
Payments related to issuances of common stock for equity-based awards173,189 — 9 (5)— 4 — 4 
Repurchase of common stock(743,882)— (99)— — (99)— (99)
Stock option and warrant exercises34,988 — 2 — — 2 — 2 
Consolidation/deconsolidation of VIEs— — — — — — (288)(288)
Other changes in equity of non-controlling interests— — — 3 — 3 13 16 
Balance at June 30, 2026
575,971,752 1,398 $16,668 $6,149 $(3,209)$21,006 $20,476 $41,482 
Balance at January 1, 2026
578,981,398 1,398 $16,954 $7,634 $(2,645)$23,341 $19,174 $42,515 
Net income (loss)— 49 — (594)— (545)1,223 678 
Other comprehensive income (loss)— — — — (564)(564)(316)(880)
Capital increase related to equity-based compensation— — 411 — — 411 — 411 
Capital contributions— — — — — — 2,085 2,085 
Dividends/distributions— (49)— (654)— (703)(1,423)(2,126)
Payments related to issuances of common stock for equity-based awards2,632,585 — 24 (240)— (216)— (216)
Repurchase of common stock(5,926,713)— (733)— — (733)— (733)
Stock option and warrant exercises284,482 — 10 — — 10 — 10 
Consolidation/deconsolidation of VIEs— — — — — — (288)(288)
Other changes in equity of non-controlling interests— — 2 3 — 5 21 26 
Balance at June 30, 2026
575,971,752 1,398 $16,668 $6,149 $(3,209)$21,006 $20,476 $41,482 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.


17
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
(In millions)20262025
Cash Flows from Operating Activities
Net income (loss)$678 $1,780 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation478 315 
Net investment income(543)(776)
Net recognized (gains) losses on investments and derivatives(2,154)49 
Depreciation and amortization811 640 
Net amortization (accretion) of net investment premiums, discount and other(113)(90)
Policy acquisition costs deferred(939)(957)
Other non-cash amounts included in net income (loss), net75 228 
Changes in consolidation(63)(23)
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs (5,947)(1,719)
Proceeds from sale of investments by funds and VIEs 5,534 1,665 
Interest sensitive contract liabilities4,736 2,977 
Future policy benefits, market risk benefits and reinsurance recoverable(846)(1,073)
Other assets and liabilities, net2,794 (742)
Net cash provided by operating activities4,501 2,274 
Cash Flows from Investing Activities
Purchases of:
Available-for-sale securities(44,953)(47,445)
Mortgage loans(19,621)(17,779)
Investment funds and contributions to equity method investments(5,394)(1,593)
Trading securities, equity securities, derivatives and other investments(4,971)(7,294)
Sales, maturities and repayments of:
Available-for-sale securities32,948 26,495 
Mortgage loans10,014 5,694 
Investment funds and distributions from equity method investments2,040 1,456 
Trading securities, equity securities, derivatives and other investments4,881 4,215 
Other investing activities, net1,185 (266)
Net cash used in investing activities(23,871)(36,517)
Cash Flows from Financing Activities
Issuance of debt5,769 2,632 
Repayment of debt(4,804)(1,285)
Repurchase of common stock(729)(193)
Common stock dividends(654)(584)
Preferred stock dividends(49)(49)
Distributions paid to non-controlling interests(1,407)(1,030)
Contributions from non-controlling interests1,669 1,191 
Deposits on investment-type policies and contracts41,617 45,973 
Withdrawals on investment-type policies and contracts(14,741)(9,604)
Net change in cash collateral posted for derivative transactions and securities to repurchase92 (4,392)
Other financing activities, net435 (570)
Net cash provided by financing activities27,198 32,089 
(Continued)
18
APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
(In millions)20262025
Effect of exchange rate changes on cash and cash equivalents(2)13 
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities7,826 (2,141)
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period20,591 17,112 
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period$28,417 $14,971 
Supplemental Disclosure of Cash Flow Information
Cash paid (refunded) for taxes$(23)$415 
Cash paid for interest542 585 
Non-cash transactions
Non-cash investing activities
Asset Management and Other
Purchase of investments53 9 
Sale of investments83 7 
Retirement Services
Exchange of interests in consolidated variable interest entities for related party investments450 — 
Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation 395 257 
Issuance of warrants— 54 
Issuance of restricted shares24 18 
Contributions from non-controlling interests416 — 
Issuance of common stock to donor-advised fund— 200 
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)(879)(851)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)2,251 3,123 
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$25,372 $12,711 
Restricted cash and cash equivalents1,602 1,723 
Cash and cash equivalents held at consolidated variable interest entities1,443 537 
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities$28,417 $14,971 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
19
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization

Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Apollo’s 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.

Acquisition of Bridge

On September 2, 2025 (the “Acquisition Date”), Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM. Bridge’s results are included in the condensed consolidated financial statements commencing from the Acquisition Date.

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 our 2025 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 $85 million of revenue recognized during the six months ended June 30, 2026 that was previously deferred as of January 1, 2026.

20
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Recently Issued Accounting Pronouncements

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 notes 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 for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027; 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.

Intangibles – Goodwill and Other – Internal-Use Software (ASU 2025-06)

In September 2025, the FASB issued guidance providing targeted improvements to the accounting for internal-use software. The ASU simplifies accounting for internal-use software by eliminating references to specific development project stages and clarifies the threshold entities should apply to begin capitalizing costs.

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2027, including interim periods therein; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Derivatives and Hedging and Revenue from Contracts with Customers (ASU 2025-07)

In September 2025, the FASB issued amendments to refine the scope of derivatives within the derivatives guidance by excluding certain non-exchange-traded contracts for which settlement is based on operations or activities specific to a party, unless settlement involves a market-based variable or a financial instrument. The updates also clarify that share-based non-cash consideration from a customer in a revenue contract should be accounted for under revenue recognition guidance until the entity’s right to receive or retain the consideration becomes unconditional.

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.

21
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Derivatives and Hedging – Hedge Accounting Improvements (ASU 2025-09)

In November 2025, the FASB issued guidance amending certain aspects of the hedge accounting guidance and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The objective of this ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities.

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.

Interim Reporting (ASU 2025-11)

In December 2025, the FASB issued amendments to improve the guidance in Accounting Standards Codification (“ASC”) 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

The guidance is mandatorily effective for the Company for interim reporting periods within annual reporting periods beginning after December 15, 2027; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted 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.

The Company adopted the guidance for the annual reporting period ended December 31, 2025, and there was no impact on the condensed consolidated financial statements in interim periods upon adoption.

22
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. Business Combination

On September 2, 2025, Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM.

Under the terms of the agreement governing the Bridge acquisition, each share of Bridge Class A common stock and each Bridge Investment Group Holdings LLC (“Bridge LLC”) Class A common unit was converted into 0.07081 shares of common stock of AGM and cash paid in lieu of fractional shares. Additionally, each share of Bridge Class B common stock was converted into 0.00006 shares of common stock of AGM and cash paid in lieu of fractional shares. The purchase price was as follows:

(In millions, except share price data and exchange ratio)
Bridge Class A common stock purchased55.8 
Bridge Class B common stock purchased62.7 
Bridge LLC Class A common units purchased76.7 
Exchange ratio for Class A common stock and Class A common units0.07081 
Exchange ratio for Class B common stock 0.00006 
Shares of AGM common stock issued in exchange9.4 
AGM common stock closing price$136.23 
Value of AGM common stock issued in exchange$1,279 
Fair value of estimated equity instruments assumed1
28 
Purchase of certain non-controlling interests50 
Total consideration1,357 
Non-controlling interest489 
Total Bridge equity value$1,846 
1 All outstanding Bridge equity awards were converted into AGM equity awards, of which $28 million was included as part of the consideration for the portion that was attributable to pre-combination services and $81 million will be treated as post-combination compensation expense over the applicable service period.

The consideration transferred is subject to customary post-closing adjustments, which could affect the preliminary goodwill recognized. The Bridge acquisition was accounted for as a business combination. The consideration was allocated to Bridge’s assets acquired and liabilities assumed based on estimates of their fair values as of the Acquisition Date.

Adjustments to provisional amounts, if any, will be recognized in the period in which they are identified and reflected as if the accounting had been completed at the Acquisition Date. The effect on earnings of changes in amortization or other income effects, if any, as a result of any change to the provisional amounts, will be recorded in the financial statements for the period in which such change occurs, calculated as if the accounting had been completed at the Acquisition Date. The purchase price allocation is expected to be finalized as soon as practicable, but no later than one year from the Acquisition Date.

Goodwill of $1.6 billion was recognized within the Asset Management segment and is primarily attributable to the assembled workforce, enhanced origination capabilities and the scale and synergies that can be achieved subsequent to the Bridge acquisition. A majority of the goodwill recognized is expected to be deductible for tax purposes.

23
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Acquisition Date:

(In millions)Fair Value and Goodwill Calculation
Total consideration$1,357 
Total Value to Allocate
Cash and cash equivalents83 
Restricted cash and cash equivalents16 
Investments519 
Due from related parties64 
Other assets718 
Estimated fair value of total assets acquired, excluding goodwill1,400 
Accounts payable, accrued expenses, and other liabilities280 
Due to related parties387 
Debt470 
Estimated fair value of total liabilities assumed1,137 
Estimated fair value of net assets acquired, excluding goodwill263 
Non-controlling interests489 
Estimated fair value of net assets acquired less non-controlling interests, excluding goodwill(226)
Goodwill attributable to the Bridge acquisition$1,583 

Included within the above are provisional amounts based on the availability of data as of the date these condensed consolidated financial statements were issued for certain investments, deferred tax liabilities included within accounts payable, accrued expenses, and other liabilities and the Bridge TRA within due to related parties. Adjustments to provisional amounts will be made as described above.

The Company performed a valuation of the acquired investments and identifiable intangibles using methodologies consistent with those described in note 2 of the consolidated financial statements included in our 2025 Annual Report and note 7 herein.

Identifiable intangible assets

The identifiable intangible assets are included in other assets on the condensed consolidated statements of financial condition and summarized as follows:

Management ContractsTrade Name
These assets are valued using the multi-period excess earnings method, which derives value based on the present value of the cash flow attributable to the management contracts, less returns for contributory assets. Amortization of these assets is on a straight-line basis.This represents the Bridge trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis.

The fair value and weighted average estimated useful lives of the identifiable intangible assets acquired in the Bridge acquisition consist of the following:

Fair value
(in millions)
Average useful life
(in years)
Management Contracts$605 11
Trade Name20 8
Total$625 

24
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Pro Forma Financial Information

Unaudited pro forma financial information for the three and six months ended June 30, 2025 are presented below. Pro forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the Bridge acquisition and assumes it occurred as of January 1, 2024. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the acquisition been completed as of January 1, 2024.

Three months ended June 30,Six months ended June 30,
(In millions)20252025
Total Revenues$6,922 $12,558 
Net income attributable to Apollo Global Management, Inc.629 1,051 

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

•the elimination of historical amortization of Bridge’s intangibles and the additional amortization of intangibles measured at fair value as of the Acquisition Date;
•adjustments reflecting the purchase of all Bridge LLC Class A common units and certain other non-controlling interests in subsidiaries; and
•adjustments reflecting the transaction costs.

4. Investments

The following table outlines the Company’s investments:

(In millions)June 30, 2026December 31, 2025
Asset Management
Investments, at fair value$2,173 $1,696 
Equity method investments1,143 1,278 
Performance allocations2,997 3,240 
Other investments12 12 
Total Investments – Asset Management
6,325 6,226 
Retirement Services
AFS securities, at fair value229,841 218,644 
Trading securities, at fair value7,608 6,863 
Equity securities, at fair value697 1,088 
Mortgage loans, at fair value101,523 93,404 
Investment funds3,506 2,257 
Policy loans293 301 
Funds withheld at interest17,589 19,628 
Derivative assets11,034 9,190 
Short-term investments248 193 
Other investments4,803 4,492 
Total Investments, including related parties – Retirement Services
377,142 356,060 
Total Investments$383,467 $362,286 

25
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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)2026202520262025
Realized gains (losses) on sales of investments, net$16 $3 $(55)$(6)
Net change in unrealized gains (losses) due to changes in fair value47 (271)6 (280)
Net gains (losses) from investment activities$63 $(268)$(49)$(286)

Performance Allocations

Performance allocations receivable and those of consolidated VIEs are recorded within investments and investments of consolidated VIEs, respectively, in the condensed consolidated statements of financial condition. The following table presents the performance allocations:

(In millions)June 30, 2026December 31, 2025
Performance allocations$2,997 $3,240 
Performance allocations – consolidated VIEs233 314 
Total performance allocations$3,230 $3,554 

The table below provides a roll forward of the performance allocations balance:

(In millions)Total
Total performance allocations, January 1, 2026
$3,554 
Change in fair value of funds475 
Fund distributions to the Company(799)
Total performance allocations, June 30, 2026
$3,230 

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.

26
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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, 2026
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. government and agencies$24,849 $— $27 $(1,460)$23,416 
U.S. state, municipal and political subdivisions690 — — (164)526 
Foreign governments2,384 — 29 (682)1,731 
Corporate101,635 (23)735 (9,422)92,925 
CLO21,061 — 362 (91)21,332 
ABS36,714 (185)484 (477)36,536 
CMBS12,620 (78)57 (315)12,284 
RMBS8,490 (417)217 (277)8,013 
Total AFS securities208,443 (703)1,911 (12,888)196,763 
AFS securities – related parties
Corporate3,354 — 23 (13)3,364 
CLO6,702 — 71 (27)6,746 
ABS23,040 (1)28 (210)22,857 
CMBS111 — — — 111 
Total AFS securities – related parties33,207 (1)122 (250)33,078 
Total AFS securities, including related parties$241,650 $(704)$2,033 $(13,138)$229,841 

December 31, 2025
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. government and agencies$18,008 $— $116 $(1,226)$16,898 
U.S. state, municipal and political subdivisions954 — — (195)759 
Foreign governments2,225 — 32 (598)1,659 
Corporate97,166 (105)1,291 (8,921)89,431 
CLO25,730 — 648 (106)26,272 
ABS35,275 (171)823 (465)35,462 
CMBS13,351 (70)120 (317)13,084 
RMBS9,407 (411)300 (264)9,032 
Total AFS securities202,116 (757)3,330 (12,092)192,597 
AFS securities – related parties
Corporate2,287 — 43 (13)2,317 
CLO7,103 — 121 (21)7,203 
ABS16,500 (1)45 (178)16,366 
CMBS162 — — (1)161 
Total AFS securities – related parties26,052 (1)209 (213)26,047 
Total AFS securities, including related parties$228,168 $(758)$3,539 $(12,305)$218,644 

27
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:

June 30, 2026
(In millions)Amortized CostFair Value
AFS securities
Due in one year or less$2,170 $2,163 
Due after one year through five years26,658 26,302 
Due after five years through ten years26,515 25,488 
Due after ten years74,215 64,645 
CLO, ABS, CMBS and RMBS78,885 78,165 
Total AFS securities208,443 196,763 
AFS securities – related parties
Due in one year or less7 8 
Due after one year through five years1,133 1,149 
Due after five years through ten years844 849 
Due after ten years1,370 1,358 
CLO, ABS and CMBS29,853 29,714 
Total AFS securities – related parties33,207 33,078 
Total AFS securities, including related parties$241,650 $229,841 

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

Unrealized Losses on AFS Securities

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

June 30, 2026
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
U.S. government and agencies$15,091 $(502)$3,440 $(957)$18,531 $(1,459)
U.S. state, municipal and political subdivisions23 (1)498 (163)521 (164)
Foreign governments237 (9)1,271 (673)1,508 (682)
Corporate26,017 (679)35,199 (8,693)61,216 (9,372)
CLO5,379 (39)1,395 (44)6,774 (83)
ABS11,443 (153)4,339 (246)15,782 (399)
CMBS3,383 (26)1,694 (238)5,077 (264)
RMBS838 (6)941 (114)1,779 (120)
Total AFS securities62,411 (1,415)48,777 (11,128)111,188 (12,543)
AFS securities – related parties
Corporate1,498 (11)86 (2)1,584 (13)
CLO1,590 (16)64 (3)1,654 (19)
ABS2,582 (14)1,931 (179)4,513 (193)
CMBS15 — 3 — 18 — 
Total AFS securities – related parties5,685 (41)2,084 (184)7,769 (225)
Total AFS securities, including related parties$68,096 $(1,456)$50,861 $(11,312)$118,957 $(12,768)

28
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
U.S. government and agencies$5,987 $(96)$4,068 $(1,130)$10,055 $(1,226)
U.S. state, municipal and political subdivisions37 (1)707 (194)744 (195)
Foreign governments84 (11)1,326 (587)1,410 (598)
Corporate13,107 (284)38,209 (8,602)51,316 (8,886)
CLO11,891 (59)1,017 (45)12,908 (104)
ABS6,355 (165)4,873 (263)11,228 (428)
CMBS1,663 (20)1,446 (190)3,109 (210)
RMBS217 (2)839 (90)1,056 (92)
Total AFS securities39,341 (638)52,485 (11,101)91,826 (11,739)
AFS securities – related parties
Corporate170 (1)377 (12)547 (13)
CLO4,215 (19)95 (2)4,310 (21)
ABS2,069 (6)3,076 (162)5,145 (168)
CMBS70 (1)5 — 75 (1)
Total AFS securities – related parties6,524 (27)3,553 (176)10,077 (203)
Total AFS securities, including related parties$45,865 $(665)$56,038 $(11,277)$101,903 $(11,942)

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, 2026
Unrealized Loss PositionUnrealized Loss Position 12 Months or More
AFS securities6,551 4,820 
AFS securities – related parties177 66 

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition of the securities. 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.

29
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
Three months ended June 30, 2026
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS Securities
Corporate$56 $— $— $(33)$23 
ABS179 — — 6 185 
CMBS91 — (24)11 78 
RMBS417 1 (4)3 417 
Total AFS securities743 1 (28)(13)703 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$744 $1 $(28)$(13)$704 

Three months ended June 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$174 $— $— $— $174 
ABS82 39 (2)11 130 
CMBS60 — — 2 62 
RMBS392 3 (3)2 394 
Total AFS securities708 42 (5)15 760 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$709 $42 $(5)$15 $761 

Six months ended June 30, 2026
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$105 $— $(49)$(33)$23 
ABS171 — — 14 185 
CMBS70 — (24)32 78 
RMBS411 2 (18)22 417 
Total AFS securities757 2 (91)35 703 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$758 $2 $(91)$35 $704 

30
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$175 $— $— $(1)$174 
ABS76 40 (3)17 130 
CMBS60 — — 2 62 
RMBS397 5 (10)2 394 
Total AFS securities708 45 (13)20 760 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$709 $45 $(13)$20 $761 

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)2026202520262025
AFS securities$3,114 $2,877 $6,152 $5,541 
Trading securities142 66 264 108 
Equity securities12 29 28 44 
Mortgage loans1,588 1,262 3,132 2,385 
Investment funds18 127 12 165 
Funds withheld at interest222 244 437 509 
Other311 227 559 457 
Investment revenue5,407 4,832 10,584 9,209 
Investment expenses(57)(56)(95)(92)
Net investment income$5,350 $4,776 $10,489 $9,117 

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)2026202520262025
AFS securities1
Gross realized gains on investment activity$745 $1,521 $867 $2,232 
Gross realized losses on investment activity(422)(142)(1,060)(377)
Net realized investment gains (losses) on AFS securities323 1,379 (193)1,855 
Net recognized investment gains (losses) on trading securities64 261 (181)341 
Net recognized investment gains (losses) on equity securities1 36 (30)51 
Net recognized investment gains (losses) on mortgage loans(588)785 (1,344)1,799 
Net derivative gains (losses)2,633 (1,075)1,692 (2,587)
Provision for credit losses(15)(56)(13)(64)
Other gains (losses), net571 (1,335)980 (2,228)
Investment related gains (losses)$2,989 $(5)$911 $(833)
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $10,694 million and $5,865 million for the three months ended June 30, 2026 and 2025, respectively, and $18,462 million and $14,810 million for the six months ended June 30, 2026 and 2025, respectively.

31
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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)2026202520262025
Trading securities$87 $118 $(127)$140 
Equity securities1 27 (6)39 

Repurchase Agreements

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

(In millions)June 30, 2026December 31, 2025
Less than 30 days$— $2,796 
91 days to 1 year1,269 — 
Greater than 1 year1,975 3,247 
Payables for repurchase agreements
$3,244 $6,043 

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

June 30, 2026December 31, 2025
(In millions)Amortized CostFair ValueAmortized CostFair Value
AFS securities
U.S. government and agencies$— $— $2,780 $2,787 
Foreign governments259 190 241 185 
Corporate2,102 1,813 2,022 1,785 
CLO594 590 611 608 
ABS524 505 584 568 
CMBS231 231 197 198 
RMBS87 88 93 94 
Total securities pledged under repurchase agreements$3,797 $3,417 $6,528 $6,225 

As of December 31, 2025, $907 million of repurchase agreements were presented net of reverse repurchase agreements on the condensed consolidated statements of financial condition, and the agreements were net settled during the first quarter of 2026.

Reverse Repurchase Agreements

As of June 30, 2026 and December 31, 2025, amounts loaned under reverse repurchase agreements were $142 million and $1,067 million, respectively, and the fair value of the collateral was $787 million of asset-backed securities and $1,822 million of asset-backed securities and short-term investments, respectively.

32
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Mortgage Loans, including related parties and consolidated VIEs

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

(In millions)June 30, 2026December 31, 2025
Commercial mortgage loans$48,372 $38,869 
Commercial mortgage loans under development1,802 1,787 
Total commercial mortgage loans50,174 40,656 
Mark to fair value(1,883)(1,585)
Commercial mortgage loans48,291 39,071 
Residential mortgage loans55,030 55,613 
Mark to fair value260 860 
Residential mortgage loans55,290 56,473 
Mortgage loans$103,581 $95,544 

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

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

June 30, 2026December 31, 2025
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
Property type
Apartment$15,640 32.4 %$15,458 39.5 %
Industrial10,467 21.6 %8,778 22.5 %
Office building6,367 13.2 %4,530 11.6 %
Hotels5,072 10.5 %2,773 7.1 %
Retail2,591 5.4 %2,061 5.3 %
Other commercial8,154 16.9 %5,471 14.0 %
Total commercial mortgage loans$48,291 100.0 %$39,071 100.0 %
U.S. region
East North Central$2,451 5.1 %$1,883 4.8 %
East South Central381 0.8 %447 1.1 %
Middle Atlantic10,747 22.3 %9,323 23.9 %
Mountain1,877 3.9 %1,605 4.1 %
New England1,184 2.5 %1,088 2.8 %
Pacific6,143 12.7 %6,021 15.4 %
South Atlantic8,404 17.4 %6,919 17.7 %
West North Central787 1.6 %842 2.2 %
West South Central4,128 8.5 %3,175 8.1 %
Total U.S. region36,102 74.8 %31,303 80.1 %
International region
United Kingdom5,336 11.0 %3,085 7.9 %
Other international1
6,853 14.2 %4,683 12.0 %
Total international region12,189 25.2 %7,768 19.9 %
Total commercial mortgage loans$48,291 100.0 %$39,071 100.0 %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
33
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

June 30, 2026December 31, 2025
U.S. States
California22.8 %23.0 %
Texas15.6 %15.2 %
Florida10.5 %10.6 %
Other1
42.5 %42.5 %
Total U.S. residential mortgage loan percentage91.4 %91.3 %
International1
8.6 %8.7 %
Total residential mortgage loan percentage100.0 %100.0 %
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of 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 comprises 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 comprises private equity, hybrid value, secondaries equity, real estate equity, 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, 2026December 31, 2025
(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of Total
Investment funds
Equity$276 0.9 %$108 0.4 %
Investment funds – related parties
Origination platforms37 0.1 %33 0.1 %
Retirement services platforms2,533 8.4 %1,538 5.9 %
Equity225 0.7 %260 1.0 %
Credit346 1.1 %313 1.2 %
Other89 0.3 %5 — %
Total investment funds – related parties3,230 10.6 %2,149 8.2 %
Investment funds – consolidated VIEs
Origination platforms9,868 32.6 %9,067 34.7 %
Equity11,164 36.9 %9,553 36.5 %
Credit3,526 11.6 %3,682 14.1 %
Other2,240 7.4 %1,586 6.1 %
Total investment funds – consolidated VIEs26,798 88.5 %23,888 91.4 %
Total investment funds, including related parties and consolidated VIEs$30,304 100.0 %$26,145 100.0 %

34
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:

(In millions)June 30, 2026
Investments in Athora1
$3,191 
Investment-grade ABS debt issued by Fox Hedge L.P.3,150 
Investment-grade ABS debt issued by AMAPS 2, LLC1
3,000 
Investment-grade ABS debt issued by AMAPS 3, LLC1
2,995 
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.2,775 
Investment-grade ABS debt issued by AMAPS 4, LLC1
2,571 
Investment-grade ABS debt issued by AMAPS 1, LLC1
2,544 
Investment-grade ABS debt issued by AMAPS 5, LLC1
2,405 
December 31, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC (“AP Grange”)2
$5,080 
Investments in Atlas Securitized Products Holdings L.P. (“Atlas”)1
3,304 
Investment-grade ABS debt issued by Fox Hedge L.P.3,171 
Investment-grade ABS debt issued by AMAPS 2, LLC1
3,000 
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.2,791 
Investment-grade ABS debt issued by AMAPS 1, LLC1
2,550 
1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. For Atlas and Athora, see note 16 for additional information.
2 During the second quarter of 2026, AP Grange called the ABS debt outstanding and, as a result, Athene recognized a gain of $673 million.

5. Derivatives

Athene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 7 for information about the fair value hierarchy for derivatives.

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

June 30, 2026December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps27,919 $658 $565 26,437 $560 $868 
Forwards1,670 98 17 2,302 81 34 
Interest rate swaps4,198 51 283 4,347 86 242 
Forwards on net investments220 2 — 234 — — 
Interest rate swaps51,484 36 99 31,252 129 30 
Total derivatives designated as hedges845 964 856 1,174 
Derivatives not designated as hedges
Equity options107,469 8,277 485 97,259 6,905 170 
Futures54 106 — 890 192 1 
Foreign currency swaps29,675 491 543 19,248 230 744 
Interest rate swaps and forwards27,800 122 549 14,606 72 295 
Other swaps2,288 151 — 2,845 78 2 
Foreign currency forwards40,878 1,042 3,700 47,486 857 3,356 
Embedded derivatives
Funds withheld, including related parties(2,751)97 (2,765)150 
Interest sensitive contract liabilities— 16,384 — 14,749 
Total derivatives not designated as hedges7,438 21,758 5,569 19,467 
Total derivatives$8,283 $22,722 $6,425 $20,641 

35
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 January 2036. During the three months ended June 30, 2026 and 2025, Athene recognized losses of $84 million and gains of $76 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the six months ended June 30, 2026 and 2025, Athene recognized losses of $148 million and gains of $172 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, Athene expected an estimated $20 million of losses to be reclassified to income within the next 12 months based on current market economics; however, actual amounts recognized may vary as a result of changes in relevant market conditions.

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 $21.2 billion and $21.3 billion as of June 30, 2026 and December 31, 2025, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $8.5 billion and $8.4 billion as of June 30, 2026 and December 31, 2025, respectively.

The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding liabilities solely hedging foreign currency risk and cumulative amounts related to foreign currency gains (losses):

June 30, 2026December 31, 2025
(In millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$4,017 $67 $4,271 $77 
Interest rate swaps33,676 277 19,175 (20)

36
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards$5 $(6)$(1)$9 $— 
Foreign currency swaps68 (80)(12)— — 
Foreign currency interest rate swaps(9)21 12 — — 
Interest rate swaps(192)194 2 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps21 (21)— — — 
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 swaps344 (330)14 — — 
Interest rate swaps65 (49)16 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps25 (24)1 — — 

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Six months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards$45 $(42)$3 $16 $— 
Foreign currency swaps241 (254)(13)— — 
Foreign currency interest rate swaps(68)79 11 — — 
Interest rate swaps(299)300 1 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps45 (44)1 — — 
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 swaps481 (464)17 — — 
Interest rate swaps194 (174)20 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps48 (47)1 — — 

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)2026202520262025
Foreign currency forwards$(3)$3 $(2)$29 
Foreign currency swaps(149)(87)44 20 

37
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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, 2026 and 2025, these derivatives had losses of $1 million and $14 million, respectively. During the six months ended June 30, 2026 and 2025, these derivatives had gains of $3 million and losses of $22 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, 2026 and December 31, 2025, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $17 million and $14 million, respectively. During the three and six months ended June 30, 2026 and 2025, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options

Athene uses equity indexed options to economically hedge 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. With an interest rate forward, including a bond forward, Athene agrees with a counterparty to lock in the terms of an investment purchase that will occur on a specified future date.

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.

38
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)2026202520262025
Equity options$2,847 $871 $1,692 $(65)
Futures113 (9)66 (16)
Foreign currency swaps117 (1,009)553 (1,288)
Interest rate swaps and forwards and other swaps(35)(70)(149)(137)
Foreign currency forwards(258)(401)(212)(611)
Embedded derivatives on funds withheld(32)41 (193)199 
Amounts recognized in investment related gains (losses)2,752 (577)1,757 (1,918)
Embedded derivatives in indexed annuity products1
(2,135)(887)(604)116 
Total gains (losses) on derivatives not designated as hedges$617 $(1,464)$1,153 $(1,802)
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)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
June 30, 2026
Derivative assets$11,034 $(3,055)$(7,934)$45 $(170)$(125)
Derivative liabilities(6,241)3,055 2,945 (241)631 390 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
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, 2026 and December 31, 2025, 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.

39
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Certain derivative instruments contain provisions for credit-related events, such as a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, Athene may be required to settle an outstanding liability. Athene has written credit default swaps primarily on high-yield indices. As of June 30, 2026 and December 31, 2025, the carrying value of these derivatives was $144 million and $76 million in assets, respectively, and less than $1 million of liabilities as of each respective period. As of June 30, 2026 and December 31, 2025, the maximum amount of potential future payments on the credit default swaps was $1,010 million and $510 million, respectively.

6. Variable Interest Entities

A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. 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. Consolidated VIEs also include certain investment managers and general partners of the funds managed by the Company. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations.

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.

As of June 30, 2026, cash and cash equivalents of consolidated VIEs includes $68 million of restricted cash held in escrow related to the sale of an investment, which is expected to be released over the next 12 months.

Other assets of the consolidated VIEs include short-term receivables due from investments sold and interest receivables. Accounts payable, accrued expenses, and other liabilities of consolidated VIEs include debt, profit sharing payable and other short-term payables.

Results from certain consolidated VIEs are reported on up to a three-month lag based upon the availability of financial information.

40
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Variable Interest Entities—Asset Management

The following table presents the investments of the consolidated VIEs:

(In millions)June 30, 2026December 31, 2025
Asset Management
Investments, at fair value$3,359 $3,078 
Equity method investments116 112 
Performance allocations233 314 
Other investments5 5 
Total Investments – Asset Management$3,713 $3,509 

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)2026202520262025
Net gains (losses) from investment activities$28 $18 $(22)$216 
Net gains (losses) from debt(3)— 35 — 
Interest and other income34 5 89 39 
Interest and other expenses(66)(19)(124)(40)
Net gains (losses) from investment activities of consolidated variable interest entities$(7)$4 $(22)$215 

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. The following table presents revenues, expenses and other gains (losses) related to the activities of these VIEs.

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Revenues$(12)$53 $(15)$85 
Expenses24 7 61 11 
Other gains (losses) (3)(4)(6)(18)

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

June 30, 2026December 31, 2025
(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in Years
Asset Management
Subscription lines1
$1,381 6.25 %0.08$1,443 5.66 %0.24
Other debt obligations501 11.00 %0.38— N/AN/A
Total – Asset Management
$1,882 $1,443 
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, 2026, the Company was not aware of any instances of non-compliance with any of these covenants.
41
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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)2026202520262025
Trading securities$26 $54 $80 $101 
Mortgage loans25 38 57 81 
Investment funds2 20 6 21 
Investment expenses and other2 (24)(9)(31)
Net investment income55 88 134 172 
Net recognized investment gains (losses) on trading securities
4 4 (41)6 
Net recognized investment gains (losses) on mortgage loans
4 (13)6 7 
Net recognized investment gains on investment funds
656 455 1,098 940 
Net other gains (losses)
(5)16 2 17 
Investment related gains (losses)659 462 1,065 970 
Revenues of consolidated variable interest entities$714 $550 $1,199 $1,142 

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, 2026December 31, 2025
Maximum Loss Exposure1,2
$409 $453 
1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

Unconsolidated Variable Interest Entities—Retirement Services

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

Fixed maturity securities

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

Investment funds

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

42
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Equity securities

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

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

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

June 30, 2026December 31, 2025
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$276 $596 $108 $458 
Investment in related parties – investment funds3,230 4,398 2,149 5,859 
Assets of consolidated VIEs – investment funds26,798 31,300 23,888 29,804 
Investment in fixed maturity securities78,757 80,860 84,397 87,995 
Investment in related parties – fixed maturity securities30,047 30,914 24,184 26,717 
Investment in related parties – equity securities— — 266 266 
Total non-consolidated investments$139,108 $148,068 $134,992 $151,099 

43
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
7. Fair Value

Fair Value Measurements of Financial Instruments

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

June 30, 2026
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$3,415 $— $— $— $3,415 
Restricted cash and cash equivalents19 — — — 19 
Cash and cash equivalents of consolidated VIEs1,272 — — — 1,272 
Investments219 199 1,538 
1
217 2,173 
Investments of consolidated VIEs21 — 2,766 572 3,359 
Derivative assets3
— 55 1 — 56 
Total Assets – Asset Management
4,946 254 4,305 789 10,294 
Retirement Services
AFS Securities
U.S. government and agencies23,416 — — — 23,416 
U.S. state, municipal and political subdivisions— 526 — — 526 
Foreign governments— 1,731 — — 1,731 
Corporate35 88,237 4,653 — 92,925 
CLO— 21,332 — — 21,332 
ABS— 12,604 23,932 — 36,536 
CMBS— 12,254 30 — 12,284 
RMBS— 7,632 381 — 8,013 
Total AFS securities23,451 144,316 28,996 — 196,763 
Trading securities24 6,134 160 — 6,318 
Equity securities175 515 7 — 697 
Mortgage loans— — 99,974 — 99,974 
Funds withheld at interest – embedded derivative— — (2,404)— (2,404)
Derivative assets116 10,915 3 — 11,034 
Short-term investments100 4 1 — 105 
Other investments— 1,256 655 — 1,911 
Cash and cash equivalents21,957 — — — 21,957 
Restricted cash and cash equivalents1,583 — — — 1,583 
Investments in related parties
AFS securities
Corporate— 2,382 982 — 3,364 
CLO— 5,412 1,334 — 6,746 
ABS— 1,091 21,766 — 22,857 
CMBS— 111 — — 111 
Total AFS securities – related parties— 8,996 24,082 — 33,078 
Trading securities— — 1,290 — 1,290 
Mortgage loans— — 1,549 — 1,549 
Investment funds— — 2,311 — 2,311 
Funds withheld at interest – embedded derivative— — (347)— (347)
Other investments— — 333 — 333 
Reinsurance recoverable— — 1,920 — 1,920 
Other assets5
— — 169 — 169 
(Continued)
44
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities— 594 1,509 — 2,103 
Mortgage loans— — 2,058 — 2,058 
Investment funds22 — 290 26,486 26,798 
Cash and cash equivalents171 — — — 171 
Total Assets – Retirement Services
47,599 172,730 162,556 26,486 409,371 
Total Assets$52,545 $172,984 $166,861 $27,275 $419,665 
Liabilities
Asset Management
Due to related parties2
$— $— $54 $— $54 
Contingent consideration obligations4
— — 56 — 56 
Other liabilities of consolidated VIEs, at fair value— — 7 — 7 
Total Liabilities – Asset Management
— — 117 — 117 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 16,384 — 16,384 
Universal life benefits— — 742 — 742 
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,054 — 1,054 
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 510 — 510 
Market risk benefits5
— — 5,283 — 5,283 
Derivative liabilities11 6,222 8 — 6,241 
Other liabilities— — 174 — 174 
Total Liabilities – Retirement Services
11 6,222 24,155 — 30,388 
Total Liabilities$11 $6,222 $24,272 $— $30,505 
(Continued)
45
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$3,350 $— $— $— $3,350 
Restricted cash and cash equivalents19 — — — 19 
Cash and cash equivalents of consolidated VIEs327 — — — 327 
Investments232 82 1,197 
1
185 1,696 
Investments of consolidated VIEs1 5 2,939 133 3,078 
Due from related parties2
— — 15 — 15 
Derivative assets3
— — 7 — 7 
Total Assets – Asset Management
3,929 87 4,158 318 8,492 
Retirement Services
AFS Securities
U.S. government and agencies16,898 — — — 16,898 
U.S. state, municipal and political subdivisions— 759 — — 759 
Foreign governments516 1,131 12 — 1,659 
Corporate10 82,771 6,650 — 89,431 
CLO— 26,272 — — 26,272 
ABS— 13,255 22,207 — 35,462 
CMBS— 13,043 41 — 13,084 
RMBS— 8,593 439 — 9,032 
Total AFS securities17,424 145,824 29,349 — 192,597 
Trading securities24 6,367 18 — 6,409 
Equity securities185 629 8 — 822 
Mortgage loans— — 91,918 — 91,918 
Funds withheld at interest – embedded derivative— — (2,409)— (2,409)
Derivative assets206 8,982 2 — 9,190 
Short-term investments— 33 — — 33 
Other investments— 1,057 761 — 1,818 
Cash and cash equivalents14,994 — — — 14,994 
Restricted cash and cash equivalents1,332 — — — 1,332 
Investments in related parties
AFS securities
Corporate— 1,117 1,200 — 2,317 
CLO— 5,870 1,333 — 7,203 
ABS— 1,089 15,277 — 16,366 
CMBS— 161 — — 161 
Total AFS securities – related parties— 8,237 17,810 — 26,047 
Trading securities— — 454 — 454 
Equity securities— — 266 — 266 
Mortgage loans— — 1,486 — 1,486 
Investment funds— — 1,318 — 1,318 
Funds withheld at interest – embedded derivative— — (356)— (356)
Other investments— — 344 — 344 
Reinsurance recoverable— — 1,911 — 1,911 
Other assets5
— — 214 — 214 
(Continued)
46
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities— 683 2,437 — 3,120 
Mortgage loans— — 2,140 — 2,140 
Investment funds— — 286 23,602 23,888 
Cash and cash equivalents569 — — — 569 
Total Assets – Retirement Services
34,734 171,812 147,957 23,602 378,105 
Total Assets$38,663 $171,899 $152,115 $23,920 $386,597 
Liabilities
Asset Management
Contingent consideration obligations4
$— $— $72 $— $72 
Derivative liabilities3
— 7 — — 7 
Total Liabilities – Asset Management
— 7 72 — 79 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 14,749 — 14,749 
Universal life benefits— — 766 — 766 
Future policy benefits
AmerUs Closed Block— — 1,085 — 1,085 
ILICO Closed Block and life benefits— — 530 — 530 
Market risk benefits5
— — 4,930 — 4,930 
Derivative liabilities9 5,733 — — 5,742 
Other liabilities— — 254 — 254 
Total Liabilities – Retirement Services
9 5,733 22,314 — 28,056 
Total Liabilities$9 $5,740 $22,386 $— $28,135 
(Concluded)
1 Investments as of June 30, 2026 and December 31, 2025 excludes $231 million and $235 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option.
2 Due from/to related parties represents receivables and payables associated with funds. See note 16 for additional information on due from/ to related parties.
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 include profit sharing payable related to contingent obligations classified as Level 3.
5 Other assets consist of market risk benefits assets. See note 9 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.


47
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, 2026
Fair Value
(In millions)
Valuation TechniqueUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$1,203 Discounted cash flowDiscount rate
6.0% – 52.8%
16.6%
1
50 Option modelVolatility rate60.0%60.0%
285 Adjusted transaction valueN/AN/AN/A
Derivative assets1 Option modelVolatility rate40.0%40.0%
Investments of consolidated VIEs
Bank loans312 Discounted cash flowDiscount rate
7.4% – 13.3%
9.3%
1
175 Adjusted transaction valueN/AN/AN/A
Equity securities343 Discounted cash flowDiscount rate14.2%14.2%
147 Direct capitalizationCapitalization rate7.2%7.2%
71 Adjusted transaction valueN/AN/AN/A
1 Option modelVolatility rate
75.0% – 200.0%
131.2%
1
Bonds37 Discounted cash flowDiscount rate
6.6% – 8.0%
6.6%
1
1,680 Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities37,037 Discounted cash flowDiscount rate
3.2% – 23.5%
6.7%
1
Mortgage loans2
103,581 Discounted cash flowDiscount rate
1.4% – 35.0%
6.8%
1
Investment funds2
2,311 Discounted cash flowDiscount rate
14.0% – 14.0%
14.0%
1
290 RecoverabilityEstimated proceedsN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligations56 Discounted cash flowDiscount rate
21.0% – 25.0%
24.0%
1
Due to related parties54 Adjusted transaction valueN/AN/AN/A
Liabilities of Consolidated VIEs
Bank Loans2 Adjusted transaction valueN/AN/AN/A
5 Discounted cash flowDiscount rate
8.6% – 13.0%
10.6%
1
Retirement Services
Interest sensitive contract liabilities – indexed annuities embedded derivatives16,384 Discounted cash flowNonperformance risk
0.3% – 1.1%
0.7%
3
Option budget
0.5% – 5.9%
3.3%
4
Surrender rate
6.3% – 13.4%
9.8%
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.
48
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
Fair Value
(In millions)
Valuation TechniquesUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$850 Discounted cash flowDiscount rate
5.7% – 52.8%
17.3%
1
154 Direct capitalizationCapitalization rate7.0%7.0%

193 Adjusted transaction valueN/AN/AN/A
Due from related parties15 Discounted cash flowDiscount rate14.8%14.8%
Derivative assets7 Option modelVolatility rate40.0%40.0%
Investments of consolidated VIEs
Bank loans357 Discounted cash flowDiscount rate
6.7% – 13.9%
8.9%
1
740 Adjusted transaction valueN/AN/AN/A
Equity securities392 Discounted cash flowDiscount rate
10.0% – 13.5%
12.8%
1
1,014 Adjusted transaction valueN/AN/AN/A
6 Option modelVolatility rate
100.0% – 105.0%
102.9%
1
Bonds430 Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities31,915 Discounted cash flowDiscount rate
2.8% – 22.9%
6.4%
1
Mortgage loans2
95,524 Discounted cash flowDiscount rate
1.0% – 31.5%
6.5%
1
20 RecoverabilityEstimated proceedsN/AN/A
Investment funds2
1,313 Discounted cash flowDiscount rate
13.0% – 14.0%
13.1%
1
286 RecoverabilityEstimated proceedsN/AN/A
5 Reported net asset valueReported net asset valueN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligations72 Discounted cash flowDiscount rate
20.0% – 24.0%
22.9%
1
Retirement Services
Interest sensitive contract liabilities – indexed annuities embedded derivatives14,749 Discounted cash flowNonperformance risk
0.4% – 1.0%
0.6%
3
Option budget
0.5% – 5.9%
3.1%
4
Surrender rate
6.0% – 14.2%
9.6%
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.


49
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, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$1,588 $2 $— $(33)$(18)$1,539 $42 $— 
Investments of Consolidated VIEs1,938 (14)— 1,248 (406)2,766 (20)— 
Total Level 3 assets – Asset Management
$3,526 $(12)$— $1,215 $(424)$4,305 $22 $— 
Assets – Retirement Services
AFS securities
Foreign governments$17 $— $— $(6)$(11)$— $— $— 
Corporate6,428 2 47 290 (2,114)4,653 (1)2 
ABS24,784 (19)26 1,686 (2,545)23,932 (30)1 
CMBS19 — — 11 — 30 — — 
RMBS411 4 — (34)— 381 — 1 
Trading securities143 1 — 14 2 160 — — 
Equity securities8 (1)— — — 7 — — 
Mortgage loans93,077 (638)— 7,519 16 99,974 (794)— 
Funds withheld at interest – embedded derivative(2,540)136 — — — (2,404)— — 
Derivative assets2 1 — — — 3 — — 
Short-term investments1 — — — — 1 — — 
Other investments709 — — (54)— 655 — — 
Investments in related parties
AFS securities
Corporate982 — 1 (1)— 982 — 1 
CLO1,333 — 1 — — 1,334 — 1 
ABS17,603 (8)14 4,081 76 21,766 — 7 
Trading securities1,376 (17)— (69)— 1,290 2 — 
Mortgage loans1,557 — — (8)— 1,549 (2)— 
Investment funds2,310 1 — — — 2,311 1 — 
Funds withheld at interest – embedded derivative(381)34 — — — (347)— — 
Other investments341 (8)— — — 333 (8)— 
Reinsurance recoverable1,851 29 — 40 — 1,920 — — 
Assets of consolidated VIEs
Trading securities2,411 (21)— 21 (902)1,509 (25)— 
Mortgage loans2,031 14 — 131 (118)2,058 10 — 
Investment funds288 2 — — — 290 2 — 
Total Level 3 assets – Retirement Services
$154,761 $(488)$89 $13,621 $(5,596)$162,387 $(845)$13 
(Continued)
50
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Liabilities – Asset Management
Due to related parties$84 $(1)$— $(29)$— $54 $— $— 
Contingent consideration obligations56 1 — (1)— 56 — — 
Other liabilities of consolidated VIEs17 (11)— 1 — 7 — — 
Total Level 3 liabilities – Asset Management
$157 $(11)$— $(29)$— $117 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(13,549)$(2,135)$— $(700)$— $(16,384)$— $— 
Universal life benefits(744)2 — — — (742)— — 
Future policy benefits
AmerUs Closed Block(1,061)7 — — — (1,054)— — 
ILICO Closed Block and life benefits(526)16 — — — (510)— — 
Derivative liabilities— (8)— — — (8)— — 
Other liabilities(143)(53)— 22 — (174)— — 
Total Level 3 liabilities – Retirement Services
$(16,023)$(2,171)$— $(678)$— $(18,872)$— $— 
1 Related to instruments held at end of period.
(Concluded)
Three months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet 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 VIEs1,518 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 $— $— 
Corporate5,605 56 51 1,650 30 7,392 51 59 
ABS12,572 (17)306 1,926 (643)14,144 3 321 
CMBS— 1 (1)— — — — — 
RMBS306 5 2 234 (49)498 — 1 
Trading securities7 — — 11 — 18 (6)— 
Equity securities26 — — (18)— 8 — — 
Mortgage loans70,916 772 — 5,601 — 77,289 821 — 
Funds withheld at interest – embedded derivative(2,847)104 — — — (2,743)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments48 — — (36)— 12 — — 
Other investments896 1 — (156)— 741 (1)— 
(Continued)
51
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 balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Investments in related parties
AFS securities
Corporate1,108 — (6)(3)— 1,099 — (7)
CLO1,070 — — — — 1,070 — — 
ABS10,385 2 31 393 (1)10,810 — 26 
Trading securities437 — — (40)2 399 1 — 
Equity securities244 22 — — — 266 22 — 
Mortgage loans1,296 10 — (31)— 1,275 8 — 
Investment funds1,180 114 — 3 — 1,297 115 — 
Funds withheld at interest – embedded derivative(540)62 — — — (478)— — 
Other investments340 (1)— — — 339 (1)— 
Reinsurance recoverable1,729 5 — 46 — 1,780 — — 
Assets of consolidated VIEs
Trading securities2,170 150 — 29 (11)2,338 148 — 
Mortgage loans2,519 110 — (85)— 2,544 111 — 
Investment funds289 (18)— (1)— 270 (18)— 
Other investments91 (4)— 279 — 366 5 — 
Total Level 3 assets – Retirement Services
$109,876 $1,374 $383 $9,797 $(672)$120,758 $1,259 $400 
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)$— $(642)$— $(14,979)$— $— 
1 Related to instruments held at end of period.
(Concluded)

52
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,204 $(10)$— $363 $(18)$1,539 $47 $— 
Investments of consolidated VIEs2,939 (41)— 759 (891)2,766 (43)— 
Total Level 3 assets – Asset Management
$4,143 $(51)$— $1,122 $(909)$4,305 $4 $— 
Assets – Retirement Services
AFS securities
Foreign governments$12 $— $— $(1)$(11)$— $— $— 
Corporate6,650 1 (106)938 (2,830)4,653 (8)(52)
ABS22,207 (76)(137)4,649 (2,711)23,932 (96)(160)
CMBS41 — — (11)— 30 — — 
RMBS439 8 — (66)— 381 — 2 
Trading securities18 — — 142 — 160 — — 
Equity securities8 (1)— — — 7 — — 
Mortgage loans91,918 (1,384)— 9,424 16 99,974 (1,543)— 
Funds withheld at interest – embedded derivative(2,409)5 — — — (2,404)— — 
Derivative assets2 1 — — — 3 — — 
Short-term investments— — — 1 — 1 — — 
Other investments761 — — (106)— 655 — — 
Investments in related parties
AFS securities
Corporate1,200 — 9 (227)— 982 — (2)
CLO1,333 — 1 — — 1,334 — — 
ABS15,277 (6)(35)6,358 172 21,766 — (43)
Trading securities454 (39)— 856 19 1,290 (10)— 
Equity securities266 (4)— (262)— — — — 
Mortgage loans1,486 (7)— 70 — 1,549 (9)— 
Investment funds1,318 (8)— 1,001 — 2,311 (9)— 
Funds withheld at interest – embedded derivative(356)9 — — — (347)— — 
Other investments344 (11)— — — 333 (12)— 
Reinsurance recoverable1,911 (55)— 64 — 1,920 — — 
Assets of consolidated VIEs
Trading securities2,437 (67)— 91 (952)1,509 (63)— 
Mortgage loans2,140 16 — 20 (118)2,058 16 — 
Investment funds286 4 — — — 290 4 — 
Total Level 3 assets – Retirement Services
$147,743 $(1,614)$(268)$22,941 $(6,415)$162,387 $(1,730)$(255)
(Continued)
53
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Due to related parties$— $(4)$— $58 $— $54 $— $— 
Contingent consideration obligations72 1 — (17)— 56 — — 
Other liabilities of consolidated VIEs— 5 — 2 — 7 — — 
Total Level 3 liabilities – Asset Management
$72 $2 $— $43 $— $117 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(14,749)$(604)$— $(1,031)$— $(16,384)$— $— 
Universal life benefits(766)24 — — — (742)— — 
Future policy benefits
AmerUs Closed Block(1,085)31 — — — (1,054)— — 
ILICO Closed Block and life benefits(530)20 — — — (510)— — 
Derivative liabilities— (8)— — — (8)— — 
Other liabilities(254)58 — 22 — (174)— — 
Total Level 3 liabilities – Retirement Services
$(17,384)$(479)$— $(1,009)$— $(18,872)$— $— 
1 Related to instruments held at end of period.
(Concluded)

Six months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet 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 VIEs2,258 303 — (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 $— $— 
Corporate4,321 70 78 3,071 (148)7,392 63 72 
ABS16,529 5 473 1,845 (4,708)14,144 4 494 
CMBS— (23)(4)28 (1)— — — 
RMBS256 9 1 281 (49)498 — 1 
Trading securities22 — — 10 (14)18 (6)— 
Equity securities27 (1)— (18)— 8 (1)— 
Mortgage loans63,239 1,772 — 12,278 — 77,289 1,750 — 
Funds withheld at interest – embedded derivative(3,035)292 — — — (2,743)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments169 — — (156)(1)12 — — 
Other investments895 2 — (156)— 741 (1)— 
(Continued)
54
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 BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate1,108 — (8)(1)— 1,099 — (9)
CLO696 — (2)376 — 1,070 — (2)
ABS9,741 3 50 1,017 (1)10,810 — 41 
Trading securities573 — — (176)2 399 1 — 
Equity securities234 32 — — — 266 32 — 
Mortgage loans1,297 24 — (46)— 1,275 25 — 
Investment funds1,139 155 — 3 — 1,297 155 — 
Funds withheld at interest – embedded derivative(615)137 — — — (478)— — 
Other investments331 8 — — — 339 8 — 
Reinsurance recoverable1,661 35 — 84 — 1,780 — — 
Assets of consolidated VIEs
Trading securities1,954 217 — 100 67 2,338 214 — 
Mortgage loans2,579 137 — (172)— 2,544 141 — 
Investment funds770 (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 
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 $— $(1,149)$— $(14,979)$— $— 
1 Related to instruments held at end of period.
(Concluded)

55
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, 2026
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$1,250 $— $(1,283)$— $(33)$6 $(24)$(18)
Investments of consolidated VIEs2,852 — (1,604)— 1,248 — (406)(406)
Total Level 3 assets – Asset Management$4,102 $— $(2,887)$— $1,215 $6 $(430)$(424)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(6)(6)$— $(11)$(11)
Corporate482 — (96)(96)290 — (2,114)(2,114)
ABS2,247 — (46)(515)1,686 52 (2,597)(2,545)
CMBS11 — — — 11 — — — 
RMBS— — — (34)(34)— — — 
Trading securities17 — (2)(1)14 2 — 2 
Mortgage loans12,628 — (287)(4,822)7,519 16 — 16 
Other investments— — — (54)(54)— — — 
Investments in related parties
AFS securities
Corporate1 — — (2)(1)— — — 
ABS6,864 — (869)(1,914)4,081 76 — 76 
Trading securities— — — (69)(69)— — — 
Mortgage loans102 — — (110)(8)— — — 
Reinsurance recoverable— 47 — (7)40 — — — 
Assets of consolidated VIEs
Trading securities49 — (28)— 21 — (902)(902)
Mortgage loans282 — (22)(129)131 — (118)(118)
Total Level 3 assets – Retirement Services$22,683 $47 $(1,350)$(7,759)$13,621 $146 $(5,742)$(5,596)
Liabilities – Asset Management
Due to related parties$— $— $— $(29)$(29)$— $— $— 
Contingent consideration obligations— — — (1)(1)— — — 
Debt and other liabilities of consolidated VIEs— 3 — (2)1 — — — 
Total Level 3 liabilities – Asset Management
$— $3 $— $(32)$(29)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,001)$— $301 $(700)$— $— $— 
Other liabilities— — — 22 22 — — — 
Total Level 3 liabilities – Retirement Services$— $(1,001)$— $323 $(678)$— $— $— 

56
APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$15 $— $(10)$— $5 $— $— $— 
Investments of consolidated VIEs664 — (319)— 345 — (60)(60)
Total Level 3 assets – Asset Management$679 $— $(329)$— $350 $— $(60)$(60)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(5)$(5)$— $— $— 
Corporate1,872 — — (222)1,650 30 — 30 
ABS2,563 — (11)(626)1,926 — (643)(643)
RMBS248 — — (14)234 — (49)(49)
Trading securities11 — — — 11 — — — 
Equity securities— — — (18)(18)— — — 
Mortgage loans8,750 — (40)(3,109)5,601 — — — 
Short-term investments— — — (36)(36)— — — 
Other investments— — — (156)(156)— — — 
Investments in related parties
AFS securities
Corporate— — — (3)(3)— — — 
ABS1,055 — — (662)393 14 (15)(1)
Trading securities48 — — (88)(40)2 — 2 
Mortgage loans— — — (31)(31)— — — 
Investment funds3 — — — 3 — — — 
Reinsurance recoverable— 49 — (3)46 — — — 
Assets of consolidated VIEs
Trading securities291 — (262)— 29 — (11)(11)
Mortgage loans19 — (3)(101)(85)— — — 
Investment funds— — (1)— (1)— — — 
Other investments279 — — — 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)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - embedded derivative$— $(861)$— $219 $(642)$— $— $— 
Total Level 3 liabilities – Retirement Services
$— $(861)$— $219 $(642)$—