Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 105

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 105
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 — 35 (561)— (526)— (526)Repurchase of common stock(3,850,000)— (533)— — (533)— (533)Stock option and warrant exercises1,487,780 — 16 — — 16 — 16 Net income (loss)— 73 — 2,735 — 2,808 1,433 4,241 Other comprehensive income (loss)— — — — 3,002 3,002 583 3,585 Balance at September 30, 2025580,389,090 $1,398 $16,925 $7,306 $(2,492)$23,137 $16,660 $39,797 (Concluded)See accompanying notes to the unaudited condensed consolidated financial statements.

17

Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine months ended September 30,(In millions)20252024Cash Flows from Operating ActivitiesNet income (loss)$4,241 $4,711 Adjustments to reconcile net income (loss) to net cash provided by operating activities:Equity-based compensation523 478 Net investment income(1,119)(1,010)Net recognized (gains) losses on investments and derivatives(2,754)(3,607)Depreciation and amortization1,040 779 Net amortization (accretion) of net investment premiums, discount and other(135)(47)Policy acquisition costs deferred(1,493)(1,191)Other non-cash amounts included in net income (loss), net357 210 Changes in consolidation(23)248 Changes in operating assets and liabilities:Purchases of investments by funds and VIEs (4,554)(4,836)Proceeds from sale of investments by funds and VIEs 2,498 4,738 Interest sensitive contract liabilities5,867 4,948 Future policy benefits, market risk benefits and reinsurance recoverable(1,521)(1,135)Other assets and liabilities, net(350)(1,029)Net cash provided by operating activities$2,577 $3,257 Cash Flows from Investing ActivitiesPurchases of investments and contributions to equity method investments$(5,991)$(3,