Apollo Global Management, Inc.

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 7, 2025

APO$122.74+0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Financial Condition (unaudited)

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

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)	As of June 30, 2025	As of December 31, 2024
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$4,079	$3,616
Due to related parties	760	710
Debt	4,280	4,279
Liabilities of consolidated variable interest entities
Other liabilities	1,048	1,363
	10,167	9,968
Retirement Services
Interest sensitive contract liabilities	292,238	253,637
Future policy benefits	49,400	49,902
Market risk benefits	4,489	4,028
Debt	7,864	6,309
Payables for collateral on derivatives and securities to repurchase	7,260	11,652
Other liabilities	12,517	9,784
Liabilities of consolidated variable interest entities
Other liabilities	1,754	1,635
	375,522	336,947
Total Liabilities	385,689	346,915
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests	—	16
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,749,765 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 572,024,038 and 565,738,933 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	—	—
Additional paid in capital	15,697	15,327
Retained earnings (accumulated deficit)	5,919	6,022
Accumulated other comprehensive income (loss)	(3,693)	(5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity	19,321	17,253
Non-controlling interests	14,540	13,711
Total Equity	33,861	30,964
Total Liabilities, Redeemable non-controlling interests and Equity	$419,550	$377,895
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.