Apollo Global Management, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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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 exhibitsContents
Unaudited Supplemental Presentation of Statements of Financial Condition
ITEM 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION
| September 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries1 | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Assets | ||||
| Asset Management | ||||
| Cash and cash equivalents | $2,768 | $— | $— | $2,768 |
| Restricted cash and cash equivalents | 19 | — | — | 19 |
| Investments | 6,779 | — | (491) | 6,288 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | 13 | 435 | — | 448 |
| Investments | 463 | 4,291 | (108) | 4,646 |
| Due from related parties | 21 | — | — | 21 |
| Other assets | 28 | 245 | (159) | 114 |
| Due from related parties | 963 | — | (92) | 871 |
| Goodwill | 1,828 | — | — | 1,828 |
| Other assets | 3,466 | — | — | 3,466 |
| 16,348 | 4,971 | (850) | 20,469 | |
| Retirement Services | ||||
| Cash and cash equivalents | 14,183 | — | — | 14,183 |
| Restricted cash and cash equivalents | 2,767 | — | — | 2,767 |
| Investments | 312,641 | — | (283) | 312,358 |
| Investments in related parties | 50,586 | — | (16,946) | 33,640 |
| Assets of consolidated variable interest entities | ||||
| Cash and cash equivalents | 16 | 1,000 | — | 1,016 |
| Investments | 1,630 | 25,434 | (178) | 26,886 |
| Other assets | 7 | 286 | — | 293 |
| Reinsurance recoverable | 9,948 | — | — | 9,948 |
| Deferred acquisition costs, deferred sales inducements and value of business acquired | 8,370 | — | — | 8,370 |
| Goodwill | 4,072 | — | — | 4,072 |
| Other assets | 16,069 | — | (528) | 15,541 |
| 420,289 | 26,720 | (17,935) | 429,074 | |
| Total Assets | $436,637 | $31,691 | $(18,785) | $449,543 |
| (Continued) | ||||
| September 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) | Apollo Global Management, Inc. and Consolidated Subsidiaries1 | Consolidated Funds and VIEs | Eliminations | Consolidated |
| Liabilities, Redeemable non-controlling interests and Equity | ||||
| Liabilities | ||||
| Asset Management | ||||
| Accounts payable, accrued expenses, and other liabilities | $4,326 | $— | $— | $4,326 |
| Due to related parties | 1,293 | — | (124) | 1,169 |
| Debt | 4,775 | — | — | 4,775 |
| Liabilities of consolidated variable interest entities | ||||
| Debt, at fair value | — | 176 | (176) | — |
| Accounts payable, accrued expenses, and other liabilities | 147 | 3,047 | (90) | 3,104 |
| 10,541 | 3,223 | (390) | 13,374 | |
| Retirement Services | ||||
| Interest sensitive contract liabilities | 309,737 | — | — | 309,737 |
| Future policy benefits | 49,006 | — | — | 49,006 |
| Market risk benefits | 4,835 | — | — | 4,835 |
| Debt | 7,856 | — | — | 7,856 |
| Payables for collateral on derivatives and securities to repurchase | 9,066 | — | — | 9,066 |
| Other liabilities | 14,180 | — | — | 14,180 |
| Liabilities of consolidated variable interest entities | ||||
| Other liabilities | 31 | 1,669 | (8) | 1,692 |
| 394,711 | 1,669 | (8) | 396,372 | |
| Total Liabilities | 405,252 | 4,892 | (398) | 409,746 |
| Commitments and Contingencies (note 17) | ||||
| Equity | ||||
| Mandatory Convertible Preferred Stock | 1,398 | — | — | 1,398 |
| Additional paid in capital | 16,885 | 40 | — | 16,925 |
| Retained earnings (accumulated deficit) | 7,400 | 18,455 | (18,549) | 7,306 |
| Accumulated other comprehensive income (loss) | (2,487) | 30 | (35) | (2,492) |
| Total AGM Stockholders’ Equity | 23,196 | 18,525 | (18,584) | 23,137 |
| Non-controlling interests | 8,189 | 8,274 | 197 | 16,660 |
| Total Equity | 31,385 | 26,799 | (18,387) | 39,797 |
| Total Liabilities and Equity | $436,637 | $31,691 | $(18,785) | $449,543 |
| (Concluded) | ||||
| 1 Certain investment managers and general partners of the funds managed by the Company are VIEs. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets and liabilities of such VIEs are presented within Apollo Global Management, Inc. and Consolidated Subsidiaries. | ||||
| 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 17) | ||||
| 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.