Apollo Global Management, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout 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.
See the whole filing, with its images and exhibitsContents
Unaudited Supplemental Presentation of Statements of Financial Condition
ITEM 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION
| June 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Assets | ||||
| Asset Management | ||||
| Cash and cash equivalents | $2,382 | $— | $— | $2,382 |
| Restricted cash and cash equivalents | 3 | — | — | 3 |
| Investments | 6,381 | — | (496) | 5,885 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | — | 346 | — | 346 |
| Investments | — | 2,367 | (109) | 2,258 |
| Other assets | — | 341 | (246) | 95 |
| Due from related parties | 850 | — | (87) | 763 |
| Goodwill | 264 | — | — | 264 |
| Other assets | 3,064 | — | — | 3,064 |
| 12,944 | 3,054 | (938) | 15,060 | |
| Retirement Services | ||||
| Cash and cash equivalents | 10,329 | — | — | 10,329 |
| Restricted cash and cash equivalents | 1,720 | — | — | 1,720 |
| Investments | 299,393 | — | (282) | 299,111 |
| Investments in related parties | 47,118 | — | (16,630) | 30,488 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | 19 | 172 | — | 191 |
| Investments | 1,680 | 24,681 | (173) | 26,188 |
| Other assets | 8 | 333 | — | 341 |
| Reinsurance recoverable | 9,273 | — | — | 9,273 |
| Deferred acquisition costs, deferred sales inducements and value of business acquired | 7,981 | — | — | 7,981 |
| Goodwill | 4,075 | — | — | 4,075 |
| Other assets | 14,889 | — | (96) | 14,793 |
| 396,485 | 25,186 | (17,181) | 404,490 | |
| Total Assets | $409,429 | $28,240 | $(18,119) | $419,550 |
| (Continued) | ||||
| June 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Liabilities, Redeemable non-controlling interests and Equity | ||||
| Liabilities | ||||
| Asset Management | ||||
| Accounts payable, accrued expenses, and other liabilities | $4,079 | $— | $— | $4,079 |
| Due to related parties | 1,013 | — | (253) | 760 |
| Debt | 4,280 | — | — | 4,280 |
| Liabilities of consolidated variable interest entities | ||||
| Debt, at fair value | — | 175 | (175) | — |
| Other liabilities | — | 1,155 | (107) | 1,048 |
| 9,372 | 1,330 | (535) | 10,167 | |
| Retirement Services | ||||
| Interest sensitive contract liabilities | 292,238 | — | — | 292,238 |
| Future policy benefits | 49,400 | — | — | 49,400 |
| Market risk benefits | 4,489 | — | — | 4,489 |
| Debt | 7,864 | — | — | 7,864 |
| Payables for collateral on derivatives and securities to repurchase | 7,260 | — | — | 7,260 |
| Other liabilities | 12,517 | — | — | 12,517 |
| Liabilities of consolidated variable interest entities | ||||
| Other liabilities | 30 | 1,730 | (6) | 1,754 |
| 373,798 | 1,730 | (6) | 375,522 | |
| Total Liabilities | 383,170 | 3,060 | (541) | 385,689 |
| Commitments and Contingencies (note 16) | ||||
| Equity | ||||
| Mandatory Convertible Preferred Stock | 1,398 | — | — | 1,398 |
| Additional paid in capital | 15,657 | 40 | — | 15,697 |
| Retained earnings (accumulated deficit) | 5,938 | 17,704 | (17,723) | 5,919 |
| Accumulated other comprehensive income (loss) | (3,689) | 33 | (37) | (3,693) |
| Total AGM Stockholders’ Equity | 19,304 | 17,777 | (17,760) | 19,321 |
| Non-controlling interests | 6,955 | 7,403 | 182 | 14,540 |
| Total Equity | 26,259 | 25,180 | (17,578) | 33,861 |
| Total Liabilities and Equity | $409,429 | $28,240 | $(18,119) | $419,550 |
| (Concluded) | ||||
| December 31, 2024 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Assets | ||||
| Asset Management | ||||
| Cash and cash equivalents | $2,692 | $— | $— | $2,692 |
| Restricted cash and cash equivalents | 3 | — | — | 3 |
| Investments | 6,558 | — | (472) | 6,086 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | — | 158 | — | 158 |
| Investments | — | 2,962 | (156) | 2,806 |
| Other assets | — | 188 | (104) | 84 |
| Due from related parties | 630 | — | (46) | 584 |
| Goodwill | 264 | — | — | 264 |
| Other assets | 2,579 | — | — | 2,579 |
| 12,726 | 3,308 | (778) | 15,256 | |
| Retirement Services | ||||
| Cash and cash equivalents | 12,733 | — | — | 12,733 |
| Restricted cash and cash equivalents | 943 | — | — | 943 |
| Investments | 262,561 | — | (278) | 262,283 |
| Investments in related parties | 44,332 | — | (15,448) | 28,884 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | — | 583 | — | 583 |
| Investments | 1,807 | 21,722 | (105) | 23,424 |
| Other assets | 12 | 553 | — | 565 |
| Reinsurance recoverable | 8,194 | — | — | 8,194 |
| Deferred acquisition costs, deferred sales inducements and value of business acquired | 7,173 | — | — | 7,173 |
| Goodwill | 4,063 | — | — | 4,063 |
| Other assets | 13,865 | — | (71) | 13,794 |
| 355,683 | 22,858 | (15,902) | 362,639 | |
| Total Assets | $368,409 | $26,166 | $(16,680) | $377,895 |
| (Continued) | ||||
| December 31, 2024 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Liabilities, Redeemable non-controlling interests and Equity | ||||
| Liabilities | ||||
| Asset Management | ||||
| Accounts payable, accrued expenses, and other liabilities | $3,616 | $— | $— | $3,616 |
| Due to related parties | 834 | — | (124) | 710 |
| Debt | 4,279 | — | — | 4,279 |
| Liabilities of consolidated variable interest entities | ||||
| Debt, at fair value | — | 123 | (123) | — |
| Other liabilities | — | 1,417 | (54) | 1,363 |
| 8,729 | 1,540 | (301) | 9,968 | |
| Retirement Services | ||||
| Interest sensitive contract liabilities | 253,637 | — | — | 253,637 |
| Future policy benefits | 49,902 | — | — | 49,902 |
| Market risk benefits | 4,028 | — | — | 4,028 |
| Debt | 6,309 | — | — | 6,309 |
| Payables for collateral on derivatives and securities to repurchase | 11,652 | — | — | 11,652 |
| Other liabilities | 9,789 | — | (5) | 9,784 |
| Liabilities of consolidated variable interest entities | ||||
| Other liabilities | 30 | 1,610 | (5) | 1,635 |
| 335,347 | 1,610 | (10) | 336,947 | |
| Total Liabilities | 344,076 | 3,150 | (311) | 346,915 |
| Commitments and Contingencies (note 16) | ||||
| Redeemable non-controlling interests | ||||
| Redeemable non-controlling interests | — | 16 | — | 16 |
| Equity | ||||
| Mandatory Convertible Preferred Stock | 1,398 | — | — | 1,398 |
| Additional paid in capital | 15,287 | 40 | — | 15,327 |
| Retained earnings (accumulated deficit) | 6,021 | 16,673 | (16,672) | 6,022 |
| Accumulated other comprehensive income (loss) | (5,485) | (60) | 51 | (5,494) |
| Total AGM Stockholders’ Equity | 17,221 | 16,653 | (16,621) | 17,253 |
| Non-controlling interests | 7,112 | 6,347 | 252 | 13,711 |
| Total Equity | 24,333 | 23,000 | (16,369) | 30,964 |
| Total Liabilities, Redeemable non-controlling interests and Equity | $368,409 | $26,166 | $(16,680) | $377,895 |
| (Concluded) | ||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.