Apollo Global Management, Inc.

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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, 2026 · Filed Nov 5, 2026

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

Unaudited Supplemental Presentation of Statements of Financial Condition

ITEM 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION

	September 30, 2026
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1	Consolidated Funds and VIEs	Eliminations	Consolidated
Assets
Asset Management
Cash and cash equivalents	$4,004	$—	$—	$4,004
Restricted cash and cash equivalents	3	—	—	3
Investments	6,318	—	(416)	5,902
Assets of consolidated variable interest entities
Cash and cash equivalents	16	237	—	253
Investments	385	4,646	(703)	4,328
Due from related parties	18	—	—	18
Other assets	31	457	(280)	208
Due from related parties	1,120	—	(152)	968
Goodwill	1,977	—	—	1,977
Other assets	3,727	—	—	3,727
	17,599	5,340	(1,551)	21,388
Retirement Services
Cash and cash equivalents	17,326	—	—	17,326
Restricted cash and cash equivalents	1,066	—	—	1,066
Investments	336,241	—	(564)	335,677
Investments in related parties	67,269	—	(18,860)	48,409
Assets of consolidated variable interest entities
Cash and cash equivalents	15	184	—	199
Investments	1,314	31,389	—	32,703
Other assets	6	168	—	174
Reinsurance recoverable	11,308	—	—	11,308
Deferred acquisition costs, deferred sales inducements and value of business acquired	9,598	—	—	9,598
Goodwill	4,079	—	—	4,079
Other assets	16,459	—	(60)	16,399
	464,681	31,741	(19,484)	476,938
Total Assets	$482,280	$37,081	$(21,035)	$498,326
(Continued)

	September 30, 2026
(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	$4,420	$—	$—	$4,420
Due to related parties	1,416	—	(220)	1,196
Debt	5,936	—	—	5,936
Liabilities of consolidated variable interest entities
Debt	—	500	—	500
Accounts payable, accrued expenses, and other liabilities	175	2,713	(562)	2,326
	11,947	3,213	(782)	14,378
Retirement Services
Interest sensitive contract liabilities	354,099	—	—	354,099
Future policy benefits	45,166	—	—	45,166
Market risk benefits	4,668	—	—	4,668
Debt	8,813	—	—	8,813
Payables for collateral on derivatives and securities to repurchase	11,098	—	—	11,098
Other liabilities	23,272	—	—	23,272
Liabilities of consolidated variable interest entities
Other liabilities	29	665	(8)	686
	447,145	665	(8)	447,802
Total Liabilities	459,092	3,878	(790)	462,180
Commitments and Contingencies (note 17)
Equity
Mandatory Convertible Preferred Stock	—	—	—	—
Additional paid in capital	18,196	40	—	18,236
Retained earnings	4,879	20,732	(20,890)	4,721
Accumulated other comprehensive income (loss)	(7,033)	20	5	(7,008)
Total AGM Stockholders’ Equity	16,042	20,792	(20,885)	15,949
Non-controlling interests	7,146	12,411	640	20,197
Total Equity	23,188	33,203	(20,245)	36,146
Total Liabilities and Equity	$482,280	$37,081	$(21,035)	$498,326
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.
(Concluded)

	December 31, 2025
(In millions)	Apollo Global Management, Inc. and Consolidated Subsidiaries1	Consolidated Funds and VIEs	Eliminations	Consolidated
Assets
Asset Management
Cash and cash equivalents	$3,350	$—	$—	$3,350
Restricted cash and cash equivalents	19	—	—	19
Investments	6,750	—	(524)	6,226
Assets of consolidated variable interest entities
Cash and cash equivalents	5	322	—	327
Investments	431	3,211	(133)	3,509
Due from related parties	16	—	—	16
Other assets	30	325	(125)	230
Due from related parties	728	—	(81)	647
Goodwill	1,848	—	—	1,848
Other assets	3,376	—	—	3,376
	16,553	3,858	(863)	19,548
Retirement Services
Cash and cash equivalents	14,994	—	—	14,994
Restricted cash and cash equivalents	1,332	—	—	1,332
Investments	321,757	—	(676)	321,081
Investments in related parties	52,251	—	(17,272)	34,979
Assets of consolidated variable interest entities
Cash and cash equivalents	23	546	—	569
Investments	1,596	28,578	(182)	29,992
Other assets	4	342	—	346
Reinsurance recoverable	10,282	—	—	10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,634	—	—	8,634
Goodwill	4,072	—	—	4,072
Other assets	15,177	—	(57)	15,120
	430,122	29,466	(18,187)	441,401
Total Assets	$446,675	$33,324	$(19,050)	$460,949
(Continued)

	December 31, 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	$3,861	$—	$—	$3,861
Due to related parties	1,165	—	(103)	1,062
Debt	5,516	—	—	5,516
Liabilities of consolidated variable interest entities
Debt, at fair value	—	177	(177)	—
Accounts payable, accrued expenses, and other liabilities	141	1,859	(51)	1,949
	10,683	2,036	(331)	12,388
Retirement Services
Interest sensitive contract liabilities	315,889	—	—	315,889
Future policy benefits	50,264	—	—	50,264
Market risk benefits	4,930	—	—	4,930
Debt	7,848	—	—	7,848
Payables for collateral on derivatives and securities to repurchase	11,085	—	—	11,085
Other liabilities	14,329	—	—	14,329
Liabilities of consolidated variable interest entities
Other liabilities	32	1,681	(12)	1,701
	404,377	1,681	(12)	406,046
Total Liabilities	415,060	3,717	(343)	418,434
Commitments and Contingencies (note 17)
Equity
Mandatory Convertible Preferred Stock	1,398	—	—	1,398
Additional paid in capital	16,914	40	—	16,954
Retained earnings	7,731	18,784	(18,881)	7,634
Accumulated other comprehensive income (loss)	(2,636)	31	(40)	(2,645)
Total AGM Stockholders’ Equity	23,407	18,855	(18,921)	23,341
Non-controlling interests	8,208	10,752	214	19,174
Total Equity	31,615	29,607	(18,707)	42,515
Total Liabilities and Equity	$446,675	$33,324	$(19,050)	$460,949
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.
(Concluded)

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