Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 113

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 113
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Table of Contents

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (PCAOB ID No.34)134Consolidated Statements of Financial Condition138Consolidated Statements of Operations140Consolidated Statements of Comprehensive Income (Loss)141Consolidated Statements of Equity142Consolidated Statements of Cash Flows145Notes to Consolidated Financial Statements148Note 1. Organization148Note 2. Summary of Significant Accounting Policies148Note 3. Merger with Athene169Note 4. Investments171Note 5. Derivatives181Note 6. Variable Interest Entities185Note 7. Fair Value188Note 8. Reinsurance207Note 9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired209Note 10. Goodwill210Note 11. Long-duration Contracts210Note 12. Profit Sharing Payable220Note 13. Income Taxes220Note 14. Debt224Note 15. Equity-Based Compensation227Note 16. Equity229Note 17. Earnings per Share234Note 18. Related Parties235Note 19. Commitments and Contingencies240Note 20. Statutory Requirements245Note 21. Segments247Note 22. Subsequent Events252

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Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of Apollo Global Management, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial condition of Apollo Global Management, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly