Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 0

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1A
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Table of Contents

ITEM 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION

September 30, 2025(In millions)Apollo Global Management, Inc. and Consolidated Subsidiaries1Consolidated Funds and VIEsEliminationsConsolidatedAssetsAsset ManagementCash and cash equivalents$2,768 $— $— $2,768 Restricted cash and cash equivalents19 — — 19 Investments6,779 — (491)6,288 Assets of consolidated variable interest entitiesCash and cash equivalents13 435 — 448 Investments463 4,291 (108)4,646 Due from related parties21 — — 21 Other assets28 245 (159)114 Due from related parties963 — (92)871 Goodwill1,828 — — 1,828 Other assets3,466 — — 3,466 16,348 4,971 (850)20,469 Retirement ServicesCash and cash equivalents14,183 — — 14,183 Restricted cash and cash equivalents2,767 — — 2,767 Investments312,641 — (283)312,358 Investments in related parties50,586 — (16,946)33,640 Assets of consolidated variable interest entitiesCash and cash equivalents16 1,000 — 1,016 Investments1,630 25,434 (178)26,886 Other assets7 286 — 293 Reinsurance recoverable9,948 — — 9,948 Deferred acquisition costs, deferred sales inducements and value of business acquired8,370 — — 8,370 Goodwill4,072 — — 4,072 Other assets16,069 — (528)15,541 420,289 26,720 (17,935)429,074 Total Assets$436,637 $31,691 $(18,785)$449,543 (Continued)

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Table of Contents

September 30, 2025(In millions)Apollo Global Management, Inc. and Consolidated Subsidiaries1Consolidated Funds and VIEsEliminationsConsolidatedLiabilities, Redeemable non-controlling