Apollo Global Management, Inc.

For the period ended Sep 30, 2025. Filed Nov 10, 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.

Sep 30, 2025 · Filed Nov 10, 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 exhibits

Contents

Condensed Consolidated Statements of Financial Condition (unaudited)

(In millions, except share data)	As of September 30, 2025	As of December 31, 2024
Assets
Asset Management
Cash and cash equivalents	$2,768	$2,692
Restricted cash and cash equivalents	19	3
Investments	6,288	6,086
Assets of consolidated variable interest entities
Cash and cash equivalents	448	158
Investments	4,646	2,806
Due from related parties	21	—
Other assets	114	84
Due from related parties	871	584
Goodwill	1,828	264
Other assets	3,466	2,579
	20,469	15,256
Retirement Services
Cash and cash equivalents	14,183	12,733
Restricted cash and cash equivalents	2,767	943
Investments	312,358	262,283
Investments in related parties	33,640	28,884
Assets of consolidated variable interest entities
Cash and cash equivalents	1,016	583
Investments	26,886	23,424
Other assets	293	565
Reinsurance recoverable	9,948	8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,370	7,173
Goodwill	4,072	4,063
Other assets	15,541	13,794
	429,074	362,639
Total Assets	$449,543	$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 September 30, 2025	As of December 31, 2024
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$4,326	$3,616
Due to related parties	1,169	710
Debt	4,775	4,279
Liabilities of consolidated variable interest entities
Accounts payable, accrued expenses, and other liabilities	3,104	1,363
	13,374	9,968
Retirement Services
Interest sensitive contract liabilities	309,737	253,637
Future policy benefits	49,006	49,902
Market risk benefits	4,835	4,028
Debt	7,856	6,309
Payables for collateral on derivatives and securities to repurchase	9,066	11,652
Other liabilities	14,180	9,784
Liabilities of consolidated variable interest entities
Other liabilities	1,692	1,635
	396,372	336,947
Total Liabilities	409,746	346,915
Commitments and Contingencies (note 17)
Redeemable non-controlling interests
Redeemable non-controlling interests	—	16
Equity
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	1,398	1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 580,389,090 and 565,738,933 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	—	—
Additional paid in capital	16,925	15,327
Retained earnings (accumulated deficit)	7,306	6,022
Accumulated other comprehensive income (loss)	(2,492)	(5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity	23,137	17,253
Non-controlling interests	16,660	13,711
Total Equity	39,797	30,964
Total Liabilities, Redeemable non-controlling interests and Equity	$449,543	$377,895
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

ContentsView on SEC.gov

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