UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q  

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 001-41197

APOLLO GLOBAL MANAGEMENT, INC.

(Exact name of registrant as specified in its charter) 

Delaware	86-3155788
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9 West 57th Street, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	APO	New York Stock Exchange
6.75% Series A Mandatory Convertible Preferred Stock	APO.PRA	New York Stock Exchange
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053	APOS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐   No x

As of August 5, 2024, there were 569,534,271 shares of the registrant’s common stock outstanding.

	TABLE OF CONTENTS
PART I	FINANCIAL INFORMATION
ITEM 1.	Financial Statements	11
ITEM 1A.	Unaudited Supplemental Presentation of Statements of Financial Condition	95
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	151
ITEM 4.	Controls and Procedures	152
PART II	OTHER INFORMATION
ITEM 1.	Legal Proceedings	154
ITEM 1A.	Risk Factors	154
ITEM 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	157
ITEM 3.	Defaults upon Senior Securities	157
ITEM 4.	Mine Safety Disclosures	157
ITEM 5.	Other Information	158
ITEM 6.	Exhibits	158
Signatures

2

Forward-Looking Statements

This report may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this report, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in this quarterly report and the Company’s annual report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 27, 2024 (the “2023 Annual Report”), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Terms Used in This Report

In this report, references to “Apollo,” “we,” “us,” “our,” and the “Company” refer to Apollo Global Management, Inc. (“AGM”) and its subsidiaries unless the context requires otherwise. References to “AGM common stock” or “common stock” of the Company refer to shares of common stock, par value $0.00001 per share, of AGM and “Mandatory Convertible Preferred Stock” refers to the 6.75% Series A Mandatory Convertible Preferred Stock of AGM.

The use of any defined term in this report to mean more than one entity, person, security or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Apollo,” “we,” “us,” “our,” and the “Company” in this report to refer to AGM and its subsidiaries, each subsidiary of AGM is a standalone legal entity that is separate and distinct from AGM and any of its other subsidiaries. Any AGM entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.

Term or Acronym	Definition
AAA	Apollo Aligned Alternatives Aggregator, LP
AADE	Athene Annuity & Life Assurance Company
AAM	Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.)
AARe	Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABS	Asset-backed securities
Accord+	Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord I	Apollo Accord Master Fund, L.P., together with its feeder funds
Accord II	Apollo Accord Master Fund II, L.P., together with its feeder funds
Accord III	Apollo Accord Master Fund III, L.P., together with its feeder funds
Accord III B	Apollo Accord Master Fund III B, L.P., together with its feeder funds
Accord IV	Apollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles
Accord V	Apollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles
Accord VI	Apollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles
ACRA	ACRA 1 and ACRA 2

3

ACRA 1	Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2	Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADCF	Apollo Diversified Credit Fund
ADIP	ADIP I and ADIP II
ADIP I	Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA 1, invests alongside Athene in certain investments
ADIP II	Apollo/Athene Dedicated Investment Program II, L.P., a fund managed by Apollo including third-party capital that, through ACRA 2, invests alongside Athene in certain investments
Adjusted Net Income Shares Outstanding, or ANI Shares Outstanding	Consists of total shares of common stock outstanding, RSUs that participate in dividends, and shares of common stock assumed to be issuable upon the conversion of the shares of Mandatory Convertible Preferred Stock
ADREF	Apollo Diversified Real Estate Fund
ADS	Apollo Debt Solutions BDC
AFS	Available-for-sale
AFT	Apollo Senior Floating Rate Fund, Inc.
AIF	Apollo Tactical Income Fund, Inc.
AIOF I	Apollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles
AIOF II	Apollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles
AIOF III	Apollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles
ALRe	Athene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investments	Alternative investments, including investment funds, VIEs and certain equity securities due to their underlying characteristics
AMH	Apollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM
ANRP I	Apollo Natural Resources Partners, L.P., together with its alternative investment vehicles
ANRP II	Apollo Natural Resources Partners II, L.P., together with its alternative investment vehicles
ANRP III	Apollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles
AOCI	Accumulated other comprehensive income (loss)
AOG Unit Payment	On December 31, 2021, holders of units of the Apollo Operating Group (“AOG Units”) (other than Athene and the Company) sold and transferred a portion of such AOG Units to APO Corp., a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction.
Apollo funds, our funds and references to the funds we manage	The funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or “SIAs,” alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services.
Apollo Operating Group	(i) The entities through which we currently operate our asset management business and (ii) one or more entities formed for the purpose of, among other activities, holding certain of our gains or losses on our principal investments in the funds, which we refer to as our “principal investments.”
ARI	Apollo Commercial Real Estate Finance, Inc.

4

Assets Under Management, or AUM	The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than certain CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield, gross asset value plus available financing capacity; 2. the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; 3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and 4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. Apollo uses AUM, Gross capital deployment and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.
Athene	Athene Holding Ltd. (“Athene Holding” or “AHL”, together with its subsidiaries, “Athene”), a leading financial services company specializing in retirement services that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary ISG, provides asset management and advisory services.
Athora	Athora Holding, Ltd. (“Athora Holding”, together with its subsidiaries, “Athora”), a strategic liabilities platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). Apollo, through ISGI, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.
Atlas	An equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP
AUM with Future Management Fee Potential	The committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
AUSA	Athene USA Corporation
Bermuda RBC	The risk-based capital ratio of Athene’s non-U.S. reinsurance subsidiaries by applying NAIC risk-based capital factors to the statutory financial statements on an aggregate basis. Adjustments are made to (1) exclude U.S. subsidiaries which are included within Athene’s U.S. RBC Ratio and (2) limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value.
BMA	Bermuda Monetary Authority
Capital solutions fees and other, net	Primarily includes transaction fees earned by our capital solutions business which we refer to as Apollo Capital Solutions (“ACS”) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations and directors’ fees. These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized (“management fee offset”) and other additional revenue sharing arrangements.
CDO	Collateralized debt obligation
Class A shares	Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers.

5

CLO	Collateralized loan obligation
CMBS	Commercial mortgage-backed securities
CML	Commercial mortgage loan
Contributing Partners	Partners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units.
Consolidated RBC	The consolidated risk-based capital ratio of Athene’s non-U.S. reinsurance and U.S. insurance subsidiaries calculated by applying NAIC risk-based capital factors to the statutory financial statements on an aggregate basis, including interests in other non-insurance subsidiary holding companies; with an adjustment in Bermuda and non-insurance holding companies to limit RBC concentration charges such that when they are applied to determine target capital, the charges do not exceed 100% of the asset’s carrying value.
Cost of funds	Cost of funds includes liability costs related to cost of crediting on both deferred annuities, including, with respect to Athene's fixed indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues. Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Credit Strategies	Apollo Credit Strategies Master Fund Ltd., together with its feeder funds
CS	Credit Suisse AG
DAC	Deferred acquisition costs
Deferred annuities	Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
Dry Powder	The amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.
DSI	Deferred sales inducement
EPF Funds	Apollo European Principal Finance Fund, L.P., Apollo European Principal Finance Fund II (Dollar A), L.P., EPF III, and EPF IV, together with their parallel funds and alternative investment vehicles
EPF III	Apollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
EPF IV	Apollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
Equity Plan	Refers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles.
FABN	Funding agreement backed notes
FASB	Financial Accounting Standards Board
FCI Funds	Financial Credit Investment I, L.P., Financial Credit Investment II, L.P., together with its feeder funds, Financial Credit Investment Fund III L.P., Financial Credit Investment IV, L.P., together with its feeder funds, and Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA, invests alongside Athene in certain investments
Fee-Generating AUM	Fee-Generating AUM consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.
Fee Related Earnings, or FRE	Component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages.

6

FRE Margin	Calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, capital solutions fees and other, net, and fee-related performance fees).
FIA	Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities	FIAs together with fixed rate annuities
Former Managing Partners	Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or AP Professional Holdings, L.P. includes certain related parties of such individuals
Gross capital deployment	The gross capital that has been invested by the funds and accounts we manage during the relevant period, but excludes certain investment activities primarily related to hedging and cash management functions at the firm. Gross capital deployment is not reduced or netted down by sales or refinancings, and takes into account leverage used by the funds and accounts we manage in gaining exposure to the various investments that they have made.
GLWB	Guaranteed lifetime withdrawal benefit
GMDB	Guaranteed minimum death benefit
Gross IRR of accord series and the European principal finance funds	The annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non-U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross IRR of a traditional private equity or hybrid value fund	The cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2024 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross IRR of infrastructure funds	The cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 2024 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross Return or Gross ROE of a total return yield fund or the hybrid credit hedge fund	The monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for these categories are calculated for all funds and accounts in the respective strategies. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Gross return and gross ROE do not represent the return to any fund investor.
HoldCo	Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.)
HVF I	Apollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles
HVF II	Apollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles
Inflows	(i) At the individual strategy level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-strategy transfers, and (ii) on an aggregate basis, the sum of inflows across the yield, hybrid and equity investing strategies.
IPO	Initial Public Offering
ISG	Apollo Insurance Solutions Group LP
ISGI	Refers collectively to Apollo Asset Management Europe LLP, a subsidiary of AAM (“AAME”) and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME (“AAME PC”)
Management Fee Offset	Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs.
Market risk benefits	Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
Mergers	Completion of the previously announced merger transactions pursuant to the Merger Agreement

7

Merger Agreement	The Agreement and Plan of Merger dated as of March 8, 2021 by and among AAM, AGM, AHL, Blue Merger Sub, Ltd., a Bermuda exempted company, and Green Merger Sub, Inc., a Delaware corporation.
Merger Date	January 1, 2022
MFIC	MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or “AINV”)
MidCap Financial	MidCap FinCo Designated Activity Company
Modco	Modified coinsurance
NAIC	National Association of Insurance Commissioners
NAV	Net Asset Value
Net invested assets	Represent the investments that directly back Athene's net reserve liabilities as well as surplus assets. Net invested assets include Athene’s (a) total investments on the condensed consolidated statements of financial condition, with available-for-sale securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and non-controlling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an adjustment for the allowance for credit losses. Net invested assets exclude the derivative collateral offsetting the related cash positions. Athene includes the investments supporting assumed funds withheld and modco agreements and excludes the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include Athene’s economic ownership of ACRA investments but do not include the investments associated with the non-controlling interests.
Net investment earned rate	Computed as income from Athene’s net invested assets, excluding the proportionate share of the ACRA net investment income associated with the non-controlling interests, divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Net investment spread	Net investment spread measures Athene’s investment performance plus its strategic capital management fees less its total cost of funds, presented on an annualized basis for interim periods.
Net IRR of accord series and the European principal finance funds	The annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of a traditional private equity or the hybrid value funds	The gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of infrastructure funds	The cumulative cash flows in a fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of the reporting date or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net reserve liabilities	Represent Athene's policyholder liability obligations net of reinsurance and used to analyze the costs of its liabilities. Net reserve liabilities include Athene’s (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include Athene’s economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the non-controlling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, Athene has no net economic exposure to such liabilities, assuming its reinsurance counterparties perform under the agreements. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred.
Net Return or Net ROE of a total return yield fund or the hybrid credit hedge fund	The gross return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Net return and net ROE do not represent the return to any fund investor.

8

Non-Fee-Generating AUM	AUM that does not produce management fees or monitoring fees. This measure generally includes the following: (i) fair value above invested capital for those funds that earn management fees based on invested capital; (ii) net asset values related to general partner and co-investment interests; (iii) unused credit facilities; (iv) available commitments on those funds that generate management fees on invested capital; (v) structured portfolio company investments that do not generate monitoring fees; and (vi) the difference between gross asset and net asset value for those funds that earn management fees based on net asset value.
NYC UBT	New York City Unincorporated Business Tax
Other operating expenses within the Principal Investing segment	Expenses incurred in the normal course of business and includes allocations of non-compensation expenses related to managing the business.
Other operating expenses within the Retirement Services segment	Expenses incurred in the normal course of business inclusive of compensation and non-compensation expenses, excluding the proportionate share of the ACRA operating expenses associated with the non-controlling interests.
Payout annuities	Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements.
PCD	Purchased Credit Deteriorated Investments
Performance allocations, Performance fees, Performance revenues, Incentive fees and Incentive income	The interests granted to Apollo by a fund managed by Apollo that entitle Apollo to receive allocations, distributions or fees which are based on the performance of such fund or its underlying investments.
Performance Fee-Eligible AUM	AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: (i) “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; (ii) “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently below its hurdle rate or preferred return; and (iii) “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.
Perpetual capital	Assets under management of certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period. The investment management, advisory or other service agreements with our perpetual capital vehicles may be terminated under certain circumstances.
Principal Investing Income, or PII	Component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses.
Principal investing compensation	Realized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business.
Policy loan	A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy.
Realized Value	All cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund.
Redding Ridge	Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests.
Redding Ridge Holdings	Redding Ridge Holdings LP
Remaining Cost	The initial investment of a fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment
RMBS	Residential mortgage-backed securities
RML	Residential mortgage loan
RSUs	Restricted share units
SIA	Strategic investment account
SPACs	Special purpose acquisition companies

9

Spread Related Earnings, or SRE	Component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees received on business managed for others, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders.
Surplus assets	Assets in excess of Athene’s policyholder obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles.
Tax receivable agreement	The tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto
Total Invested Capital	The aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities
Total Value	The sum of the total Realized Value and Unrealized Value of investments
Traditional private equity funds	Apollo Investment Fund I, L.P. (“Fund I”), AIF II, L.P. (“Fund II”), a mirrored investment account established to mirror Fund I and Fund II for investments in debt securities (“MIA”), Apollo Investment Fund III, L.P. (together with its parallel funds, “Fund III”), Apollo Investment Fund IV, L.P. (together with its parallel fund, “Fund IV”), Apollo Investment Fund V, L.P. (together with its parallel funds and alternative investment vehicles, “Fund V”), Apollo Investment Fund VI, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VI”), Apollo Investment Fund VII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VII”), Apollo Investment Fund VIII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VIII”), Apollo Investment Fund IX, L.P. (together with its parallel funds and alternative investment vehicles, “Fund IX”) and Apollo Investment Fund X, L.P. (together with its parallel funds and alternative investment vehicles, “Fund X”).
U.S. GAAP	Generally accepted accounting principles in the United States of America
U.S. RBC	The CAL RBC ratio for AADE, Athene’s parent U.S. insurance company
U.S. Treasury	United States Department of the Treasury
Unrealized Value	The fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments.
Venerable	Venerable Holdings, Inc., together with its subsidiaries
VIAC	Venerable Insurance and Annuity Company
VIE	Variable interest entity
Vintage Year	The year in which a fund’s final capital raise occurred, or, for certain funds, the year of a fund’s effective date or the year in which a fund’s investment period commences pursuant to its governing agreements.
VOBA	Value of business acquired
WACC	Weighted average cost of capital

10

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)

Condensed Consolidated Statement of Financial Condition (unaudited)		12
Condensed Consolidated Statements of Operations (unaudited)		14
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)		15
Condensed Consolidated Statements of Equity (unaudited)		16
Condensed Consolidated Statements of Cash Flows (unaudited)		18
Notes to Condensed Consolidated Financial Statements (unaudited)		20
	Note 1. Organization	20
	Note 2. Summary of Significant Accounting Policies	20
	Note 3. Investments	22
	Note 4. Derivatives	32
	Note 5. Variable Interest Entities	36
	Note 6. Fair Value	40
	Note 7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	62
	Note 8. Long-duration Contracts	63
	Note 9. Profit Sharing Payable	70
	Note 10. Income Taxes	70
	Note 11. Debt	72
	Note 12. Equity-Based Compensation	74
	Note 13. Equity	76
	Note 14. Earnings per Share	81
	Note 15. Related Parties	82
	Note 16. Commitments and Contingencies	86
	Note 17. Segments	91
	Note 18. Subsequent Events	94

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)	As of June 30, 2024		As of December 31, 2023
Assets
Asset Management
Cash and cash equivalents	$	2,854	$	2,748
Restricted cash and cash equivalents	2		2
Investments	5,697		5,502
Assets of consolidated variable interest entities
Cash and cash equivalents	473		62
Investments	1,708		1,640
Other assets	307		177
Due from related parties	479		449
Goodwill	264		264
Other assets	2,440		2,331
	14,224		13,175
Retirement Services
Cash and cash equivalents	13,004		13,020
Restricted cash and cash equivalents	1,093		1,761
Investments	237,318		213,099
Investments in related parties	27,726		25,842
Assets of consolidated variable interest entities
Cash and cash equivalents	557		98
Investments	22,093		20,232
Other assets	143		110
Reinsurance recoverable	6,188		4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	6,699		5,979
Goodwill	4,064		4,065
Other assets	13,395		11,953
	332,280		300,313
Total Assets	$	346,504	$	313,488
			(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.

12

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(In millions, except share data)	As of June 30, 2024		As of December 31, 2023
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,638	$	3,338
Due to related parties	754		870
Debt	4,082		3,883
Liabilities of consolidated variable interest entities
Other liabilities	1,728		1,145
	10,202		9,236
Retirement Services
Interest sensitive contract liabilities	228,389		204,670
Future policy benefits	50,799		53,287
Market risk benefits	3,727		3,751
Debt	5,733		4,209
Payables for collateral on derivatives and securities to repurchase	9,876		7,536
Other liabilities	7,847		4,456
Liabilities of consolidated variable interest entities
Other liabilities	1,517		1,098
	307,888		279,007
Total Liabilities	318,090		288,243
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests	14		12
Equity
Mandatory Convertible Preferred Stock, 28,749,765 and 28,750,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,398		1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 569,535,344 and 567,762,932 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	—		—
Additional paid in capital	15,319		15,249
Retained earnings (accumulated deficit)	4,376		2,972
Accumulated other comprehensive income (loss)	(5,820)		(5,575)
Total Apollo Global Management, Inc. Stockholders’ Equity	15,273		14,044
Non-controlling interests	13,127		11,189
Total Equity	28,400		25,233
Total Liabilities, Redeemable non-controlling interests and Equity	$	346,504	$	313,488
			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

13

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three months ended June 30,				Six months ended June 30,
(In millions, except per share data)	2024		2023		2024		2023
Revenues
Asset Management
Management fees	$	462	$	452	$	900	$	866
Advisory and transaction fees, net	267		170		436		325
Investment income (loss)	278		138		680		590
Incentive fees	47		26		73		41
	1,054		786		2,089		1,822
Retirement Services
Premiums	673		9,041		774		9,137
Product charges	251		207		489		405
Net investment income	3,804		2,948		7,380		5,560
Investment related gains (losses)	(134)		366		1,543		1,431
Revenues of consolidated variable interest entities	366		347		777		628
Other revenues	4		7		6		20
	4,964		12,916		10,969		17,181
Total Revenues	6,018		13,702		13,058		19,003
Expenses
Asset Management
Compensation and benefits	604		516		1,271		1,186
Interest expense	53		31		104		62
General, administrative and other	319		226		559		423
	976		773		1,934		1,671
Retirement Services
Interest sensitive contract benefits	1,824		2,012		4,708		3,301
Future policy and other policy benefits	1,095		9,512		1,638		9,978
Market risk benefits remeasurement (gains) losses	(16)		(71)		(170)		275
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	227		153		434		291
Policy and other operating expenses	478		452		931		889
	3,608		12,058		7,541		14,734
Total Expenses	4,584		12,831		9,475		16,405
Other income (loss) – Asset Management
Net gains (losses) from investment activities	(21)		20		18		18
Net gains (losses) from investment activities of consolidated variable interest entities	1		12		26		46
Other income (loss), net	24		48		(2)		80
Total Other income (loss)	4		80		42		144
Income (loss) before income tax (provision) benefit	1,438		951		3,625		2,742
Income tax (provision) benefit	(261)		(201)		(683)		(454)
Net income (loss)	1,177		750		2,942		2,288
Net (income) loss attributable to non-controlling interests	(324)		(151)		(662)		(679)
Net income (loss) attributable to Apollo Global Management, Inc.	853		599		2,280		1,609
Preferred stock dividends	(25)		—		(49)		—
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	828	$	599	$	2,231	$	1,609
Earnings (loss) per share
Net income (loss) attributable to common stockholders - Basic	$	1.36	$	1.00	$	3.67	$	2.67
Net income (loss) attributable to common stockholders - Diluted	$	1.35	$	1.00	$	3.64	$	2.67
Weighted average shares outstanding – Basic	587.1		579.0		587.7		581.5
Weighted average shares outstanding – Diluted	590.2		579.0		605.1		581.5
See accompanying notes to the unaudited condensed consolidated financial statements.

14

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Net income (loss)	$	1,177	$	750	$	2,942	$	2,288
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(979)		(711)		(1,717)		1,388
Unrealized gains (losses) on hedging instruments	84		(171)		8		(67)
Remeasurement gains (losses) on future policy benefits related to discount rate	628		813		1,431		11
Remeasurement gains (losses) on market risk benefits related to credit risk	34		(55)		6		34
Foreign currency translation and other adjustments	(7)		11		(39)		33
Other comprehensive income (loss), before tax	(240)		(113)		(311)		1,399
Income tax expense (benefit) related to other comprehensive income (loss)	(44)		11		(48)		301
Other comprehensive income (loss)	(196)		(124)		(263)		1,098
Comprehensive income (loss)	981		626		2,679		3,386
Comprehensive (income) loss attributable to non-controlling interests	(308)		(257)		(644)		(834)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$	673	$	369	$	2,035	$	2,552
See accompanying notes to the unaudited condensed consolidated financial statements.

15

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

	For the three and six months ended June 30, 2023
	Apollo Global Management, Inc. Stockholders
(In millions)	Common Stock	Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)		Non-Controlling Interests		Total Equity
Balance at April 1, 2023	567	$	14,408	$	(172)	$	(6,162)	$	8,074	$	8,618	$	16,692
Other changes in equity of non-controlling interests	—	—		—		—		—		(37)		(37)
Accretion of redeemable non-controlling interests	—	(5)		(1)		—		(6)		—		(6)
Capital increase related to equity-based compensation	—	123		—		—		123		—		123
Capital contributions	—	—		—		—		—		112		112
Dividends/distributions	—	2		(258)		—		(256)		(102)		(358)
Payments related to issuances of common stock for equity-based awards	1	8		(15)		—		(7)		—		(7)
Repurchase of common stock	(1)	(78)		—		—		(78)		—		(78)
Stock option exercises	—	10		—		—		10		—		10
Net income (loss)	—	—		599		—		599		116		715
Other comprehensive income (loss)	—	—		—		(230)		(230)		106		(124)
Balance at June 30, 2023	567	$	14,468	$	153	$	(6,392)	$	8,229	$	8,813	$	17,042
Balance at January 1, 2023	570	$	14,982	$	(1,007)	$	(7,335)	$	6,640	$	7,726	$	14,366
Other changes in equity of non-controlling interests	—	—		—		—		—		(155)		(155)
Accretion of redeemable non-controlling interests	—	(15)		(1)		—		(16)		—		(16)
Capital increase related to equity-based compensation	—	245		—		—		245		—		245
Capital contributions	—	—		—		—		—		729		729
Dividends/distributions	—	(239)		(258)		—		(497)		(286)		(783)
Payments related to issuances of common stock for equity-based awards	5	23		(190)		—		(167)		—		(167)
Repurchase of common stock	(8)	(538)		—		—		(538)		—		(538)
Stock option exercises	—	10		—		—		10		—		10
Net income (loss)	—	—		1,609		—		1,609		644		2,253
Other comprehensive income (loss)	—	—		—		943		943		155		1,098
Balance at June 30, 2023	567	$	14,468	$	153	$	(6,392)	$	8,229	$	8,813	$	17,042
(Continued)

16

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

	For the three and six months ended June 30, 2024
	Apollo Global Management, Inc. Stockholders
(In millions)	Common Stock	Series A Mandatory Convertible Preferred Stock		Additional Paid in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Apollo Global Management, Inc. Stockholders’ Equity (Deficit)		Non-Controlling Interests		Total Equity
Balance at April 1, 2024	569	$	1,398	$	15,167	$	3,862	$	(5,640)	$	14,787	$	12,216	$	27,003
Consolidation/deconsolidation of VIEs	—	—		—		—		—		—		(50)		(50)
Other changes in equity of non-controlling interests	—	—		—		—		—		—		2		2
Issuance of common stock related to equity transactions	1	—		84		—		—		84		—		84
Capital increase related to equity-based compensation	—	—		136		—		—		136		—		136
Capital contributions	—	—		—		—		—		—		996		996
Dividends/distributions	—	(25)		—		(279)		—		(304)		(345)		(649)
Payments related to issuances of common stock for equity-based awards	1	—		3		(35)		—		(32)		—		(32)
Repurchase of common stock	(1)	—		(75)		—		—		(75)		—		(75)
Stock option exercises	—	—		4		—		—		4		—		4
Net income (loss)	—	25		—		828		—		853		324		1,177
Other comprehensive income (loss)	—	—		—		—		(180)		(180)		(16)		(196)
Balance at June 30, 2024	570	$	1,398	$	15,319	$	4,376	$	(5,820)	$	15,273	$	13,127	$	28,400
Balance at January 1, 2024	568	$	1,398	$	15,249	$	2,972	$	(5,575)	$	14,044	$	11,189	$	25,233
Consolidation/deconsolidation of VIEs	—	—		—		—		—		—		(50)		(50)
Other changes in equity of non-controlling interests	—	—		—		—		—		—		3		3
Issuance of common stock related to equity transactions	1	—		84		—		—		84		—		84
Accretion of redeemable non-controlling interests	—	—		(1)		—		—		(1)		—		(1)
Capital increase related to equity-based compensation	—	—		299		—		—		299		—		299
Capital contributions	—	—		—		—		—		—		2,002		2,002
Dividends/distributions	—	(49)		—		(538)		—		(587)		(661)		(1,248)
Payments related to issuances of common stock for equity-based awards	4	—		11		(289)		—		(278)		—		(278)
Repurchase of common stock	(3)	—		(335)		—		—		(335)		—		(335)
Stock option exercises	—	—		12		—		—		12		—		12
Net income (loss)	—	49		—		2,231		—		2,280		662		2,942
Other comprehensive income (loss)	—	—		—		—		(245)		(245)		(18)		(263)
Balance at June 30, 2024	570	$	1,398	$	15,319	$	4,376	$	(5,820)	$	15,273	$	13,127	$	28,400
See accompanying notes to the unaudited condensed consolidated financial statements.

    

17

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six months ended June 30,
(In millions)	2024		2023
Cash Flows from Operating Activities
Net Income (Loss)	$	2,942	$	2,288
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation	342		280
Net investment income	(670)		(639)
Net recognized (gains) losses on investments and derivatives	(2,371)		(1,483)
Depreciation and amortization	498		345
Net amortization (accretion) of net investment premiums, discount and other	(27)		48
Policy acquisition costs deferred	(828)		(706)
Other non-cash amounts included in net income (loss), net	144		81
Changes in consolidation	(10)		(51)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(3,300)		(2,959)
Proceeds from sale of investments by Funds and VIEs	3,150		2,397
Interest sensitive contract liabilities	3,225		2,080
Future policy benefits, market risk benefits and reinsurance recoverable	(1,214)		3,827
Other assets and liabilities, net	(478)		(886)
Net cash provided by operating activities	$	1,403	$	4,622
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	$	(2,125)	$	(2,313)
Purchases of available-for-sale securities	(38,006)		(16,213)
Purchases of mortgage loans	(11,743)		(8,700)
Purchases of investment funds	(1,323)		(1,222)
Purchases of U.S. Treasury securities	—		(490)
Purchases of derivatives instruments and other investments	(1,938)		(3,551)
Sales, maturities and repayments of investments and distributions from equity method investments	24,837		14,666
Other investing activities, net	(787)		315
Net cash used in investing activities	$	(31,085)	$	(17,508)
Cash Flows from Financing Activities
Issuance of debt	$	5,652	$	2,417
Repayment of debt	(3,222)		(2,262)
Repurchase of common stock	(335)		(535)
Common stock dividends	(538)		(497)
Preferred stock dividends	(49)		—
Distributions paid to non-controlling interests	(662)		(271)
Contributions from non-controlling interests	2,000		725
Distributions to redeemable non-controlling interests	—		(798)
Deposits on investment-type policies and contracts	37,102		21,942
Withdrawals on investment-type policies and contracts	(11,636)		(6,804)
Net change in cash collateral posted for derivative transactions and securities to repurchase	2,340		3,138
Other financing activities, net	(676)		(518)
Net cash provided by financing activities	$	29,976	$	16,537
Effect of exchange rate changes on cash and cash equivalents	(2)		5
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	292		3,656
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	17,691		11,128
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	$	17,983	$	14,784
			(Continued)

18

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six months ended June 30,
(In millions)	2024		2023
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$	547	$	134
Cash paid for interest	347		345
Non-cash transactions
Non-Cash Investing Activities
Asset Management and Other
Distributions from principal investments	2		1
Purchases of other investments, at fair value	7		—
Retirement Services
Investments received from settlements on reinsurance agreements	48		164
Investments received from pension group annuity premiums	521		4,776
Non-Cash Financing Activities
Asset Management and Other
Capital increases related to equity-based compensation	278		221
Issuance of restricted shares	11		23
Issuance of common stock related to equity transactions	12		—
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(2,086)		57
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	4,090		6,906
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management	(3,300)		(2,958)
Proceeds from sale of investments - Asset Management	3,150		2,397
Cash Flows from Investing Activities
Purchases of investments - Retirement Services	(1,540)		(1,306)
Proceeds from sale of investments - Retirement Services	264		275
Cash Flows from Financing Activities
Issuance of debt	3,483		2,417
Principal repayment of debt	(2,683)		(2,261)
Distributions paid to non-controlling interests	(58)		(47)
Contributions from non-controlling interests	1,292		726
Distributions to redeemable non-controlling interests	—		(798)
Changes in Consolidation
Investments, at fair value	(69)		(48)
Equity method investments	10		—
Other assets	(1)		(1)
Other liabilities	20		—
Non-controlling interest	50		5
Equity	—		95
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	$	15,858	$	12,070
Restricted cash and cash equivalents	1,095		2,473
Cash and cash equivalents held at consolidated variable interest entities	1,030		241
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	$	17,983	$	14,784
			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

19

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization

Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on three investing strategies: yield, hybrid and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in the 2023 Annual Report.

The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

The Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation.

Deferred Revenue

Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. There was $152 million of revenue recognized during the six months ended June 30, 2024 that was previously deferred as of January 1, 2024.

Recently Issued Accounting Pronouncements

Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued guidance to incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items.

The guidance is mandatorily effective for the Company in its 2024 annual report and in interim periods in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

20

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant.

The guidance is mandatorily effective for the Company for annual periods beginning in 2025; however, early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Intangibles—Goodwill and Other—Crypto Assets Accounting for and Disclosure of Crypto Assets (ASU 2023-08)

In December 2023, the FASB issued amendments on the accounting for and disclosure of crypto assets. The guidance requires assets that meet certain conditions be accounted for at fair value with changes in fair value recognized in net income. The ASU also requires disclosures about significant holdings, contractual sale restrictions, and changes during the reporting period.

The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Business Combinations – Joint Venture Formations (ASU 2023-05)

The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value.

The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

Compensation – Stock Compensation (ASU 2024-01)

In March 2024, the FASB issued guidance in ASU 2024-01 that clarifies how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. The ASU provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The guidance is mandatorily effective for the Company on January 1, 2025, and early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

Investments– Equity Method and Joint Ventures (ASU 2023-02)

In March 2023, the FASB issued guidance to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Previously, PAM only applied to low-income housing tax credit investments.

The Company early adopted the guidance on October 1, 2023, and there was no impact to the condensed consolidated financial statements upon adoption.

Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)

In June 2022, the FASB issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to

21

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities.

The Company early adopted the guidance on July 1, 2023. The Company applied the guidance on a prospective basis, and there was no impact to the condensed consolidated financial statements upon adoption.

Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04)

The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the condensed consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. The Company will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.

3. Investments

The following table outlines the Company’s investments:

(In millions)	June 30, 2024		December 31, 2023
Asset Management
Investments, at fair value	$	1,436	$	1,489
Equity method investments	1,152		1,072
Performance allocations	3,109		2,941
Total Investments – Asset Management	5,697		5,502
Retirement Services
AFS securities, at fair value	$	166,434	$	148,347
Trading securities, at fair value	2,362		2,544
Equity securities	1,783		1,611
Mortgage loans, at fair value	53,965		45,396
Investment funds	1,726		1,741
Policy loans	325		334
Funds withheld at interest	27,446		30,833
Derivative assets	7,488		5,298
Short-term investments	1,492		1,288
Other investments	2,023		1,549
Total Investments, including related parties – Retirement Services	265,044		238,941
Total Investments	$	270,741	$	244,443

Asset Management

Net Gains (Losses) from Investment Activities

The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Realized gains (losses) on sales of investments, net	$	(2)	$	(6)	$	(1)	$	(1)
Net change in unrealized gains (losses) due to changes in fair value	(19)		26		19		19
Net gains (losses) from investment activities	$	(21)	$	20	$	18	$	18

22

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Performance Allocations

Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance:

(In millions)	Total
Performance allocations, January 1, 2024	$	2,941
Change in fair value of funds	638
Fund distributions to the Company	(470)
Performance allocations, June 30, 2024	$	3,109

The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition.

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the private equity funds and certain credit and real assets funds are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.

Retirement Services

AFS Securities

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:

	June 30, 2024
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	7,126	$	—	$	26	$	(1,108)	$	6,044
U.S. state, municipal and political subdivisions	1,211		—		—		(257)		954
Foreign governments	2,055		—		—		(464)		1,591
Corporate	98,312		(168)		319		(12,093)		86,370
CLO	24,236		—		316		(399)		24,153
ABS	15,956		(67)		108		(551)		15,446
CMBS	7,712		(57)		57		(458)		7,254
RMBS	8,214		(378)		212		(470)		7,578
Total AFS securities	164,822		(670)		1,038		(15,800)		149,390
AFS securities – related parties
Corporate	1,467		—		16		(63)		1,420
CLO	4,605		—		25		(58)		4,572
ABS	11,380		(1)		29		(356)		11,052
Total AFS securities – related parties	17,452		(1)		70		(477)		17,044
Total AFS securities, including related parties	$	182,274	$	(671)	$	1,108	$	(16,277)	$	166,434

23

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	December 31, 2023
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	6,161	$	—	$	67	$	(829)	$	5,399
U.S. state, municipal and political subdivisions	1,296		—		—		(250)		1,046
Foreign governments	2,083		—		71		(255)		1,899
Corporate	88,343		(129)		830		(10,798)		78,246
CLO	20,506		(2)		261		(558)		20,207
ABS	13,942		(49)		120		(630)		13,383
CMBS	7,070		(29)		52		(502)		6,591
RMBS	8,160		(381)		252		(464)		7,567
Total AFS securities	147,561		(590)		1,653		(14,286)		134,338
AFS securities – related parties
Corporate	1,423		—		1		(72)		1,352
CLO	4,367		—		21		(120)		4,268
ABS	8,665		(1)		34		(309)		8,389
Total AFS securities – related parties	14,455		(1)		56		(501)		14,009
Total AFS securities, including related parties	$	162,016	$	(591)	$	1,709	$	(14,787)	$	148,347

The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:

	June 30, 2024
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,473	$	2,440
Due after one year through five years	19,689		18,840
Due after five years through ten years	25,681		23,139
Due after ten years	60,861		50,540
CLO, ABS, CMBS and RMBS	56,118		54,431
Total AFS securities	164,822		149,390
AFS securities – related parties
Due after one year through five years	909		910
Due after five years through ten years	122		123
Due after ten years	436		387
CLO and ABS	15,985		15,624
Total AFS securities – related parties	17,452		17,044
Total AFS securities, including related parties	$	182,274	$	166,434

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

24

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Unrealized Losses on AFS Securities

The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:

	June 30, 2024
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	1,607	$	(60)	$	3,655	$	(1,048)	$	5,262	$	(1,108)
U.S. state, municipal and political subdivisions	42		(2)		889		(255)		931		(257)
Foreign governments	880		(184)		707		(280)		1,587		(464)
Corporate	20,579		(698)		47,371		(11,357)		67,950		(12,055)
CLO	1,638		(11)		3,835		(242)		5,473		(253)
ABS	1,081		(25)		5,330		(422)		6,411		(447)
CMBS	547		(5)		2,090		(390)		2,637		(395)
RMBS	958		(19)		1,899		(239)		2,857		(258)
Total AFS securities	27,332		(1,004)		65,776		(14,233)		93,108		(15,237)
AFS securities – related parties
Corporate	184		(29)		386		(34)		570		(63)
CLO	223		—		848		(47)		1,071		(47)
ABS	1,770		(44)		3,546		(294)		5,316		(338)
Total AFS securities – related parties	2,177		(73)		4,780		(375)		6,957		(448)
Total AFS securities, including related parties	$	29,509	$	(1,077)	$	70,556	$	(14,608)	$	100,065	$	(15,685)

	December 31, 2023
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	2,013	$	(94)	$	2,389	$	(735)	$	4,402	$	(829)
U.S. state, municipal and political subdivisions	123		(5)		888		(245)		1,011		(250)
Foreign governments	690		(13)		760		(242)		1,450		(255)
Corporate	7,752		(474)		50,028		(10,311)		57,780		(10,785)
CLO	689		(2)		11,579		(543)		12,268		(545)
ABS	2,129		(75)		4,378		(458)		6,507		(533)
CMBS	859		(12)		1,967		(406)		2,826		(418)
RMBS	467		(9)		2,057		(263)		2,524		(272)
Total AFS securities	14,722		(684)		74,046		(13,203)		88,768		(13,887)
AFS securities – related parties
Corporate	548		(35)		382		(37)		930		(72)
CLO	397		(16)		2,592		(102)		2,989		(118)
ABS	2,008		(66)		2,793		(225)		4,801		(291)
Total AFS securities – related parties	2,953		(117)		5,767		(364)		8,720		(481)
Total AFS securities, including related parties	$	17,675	$	(801)	$	79,813	$	(13,567)	$	97,488	$	(14,368)

25

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:

	June 30, 2024
	Unrealized Loss Position	Unrealized Loss Position 12 Months or More
AFS securities	8,317	6,930
AFS securities – related parties	130	80

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:

	Three months ended June 30, 2024
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities
Corporate	$	127	$	41	$	—	$	—	$	—	$	168
CLO	1		—		—		—		(1)		—
ABS	51		10		—		(1)		7		67
CMBS	31		25		—		—		1		57
RMBS	387		1		—		(6)		(4)		378
Total AFS securities	597		77		—		(7)		3		670
AFS securities – related parties, ABS	1		—		—		—		—		1
Total AFS securities, including related parties	$	598	$	77	$	—	$	(7)	$	3	$	671

	Three months ended June 30, 2023
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities
Foreign governments	$	27	$	—	$	—	$	—	$	—	$	27
Corporate	79		—		—		—		(6)		73
CLO	4		—		—		—		(1)		3
ABS	31		1		—		—		3		35
CMBS	5		2		—		—		(1)		6
RMBS	356		8		11		(4)		6		377
Total AFS securities	502		11		11		(4)		1		521
AFS securities – related parties
CLO	1		—		—		—		(1)		—
ABS	—		1		—		—		—		1
Total AFS securities – related parties	1		1		—		—		(1)		1
Total AFS securities, including related parties	$	503	$	12	$	11	$	(4)	$	—	$	522

26

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Six months ended June 30, 2024
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities
Corporate	$	129	$	48	$	—	$	(8)	$	(1)	$	168
CLO	2		—		—		—		(2)		—
ABS	49		12		—		(1)		7		67
CMBS	29		26		—		—		2		57
RMBS	381		5		—		(10)		2		378
Total AFS securities	590		91		—		(19)		8		670
AFS securities – related parties, ABS	1		—		—		—		—		1
Total AFS securities, including related parties	$	591	$	91	$	—	$	(19)	$	8	$	671

	Six months ended June 30, 2023
			Additions				Reductions
(In millions)	Beginning balance		Initial credit losses		Initial credit losses on PCD securities		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities
Foreign governments	$	27	$	—	$	—	$	—	$	—	$	27
Corporate	61		21		—		(6)		(3)		73
CLO	7		1		—		—		(5)		3
ABS	29		1		—		—		5		35
CMBS	5		3		—		—		(2)		6
RMBS	329		11		39		(8)		6		377
Total AFS securities	458		37		39		(14)		1		521
AFS securities – related parties
CLO	1		—		—		—		(1)		—
ABS	—		1		—		—		—		1
Total AFS securities – related parties	1		1		—		—		(1)		1
Total AFS securities, including related parties	$	459	$	38	$	39	$	(14)	$	—	$	522

27

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net Investment Income

Net investment income by asset class consists of the following:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
AFS securities	$	2,340	$	1,649	$	4,477	$	3,118
Trading securities	44		44		85		86
Equity securities	29		25		46		40
Mortgage loans	890		543		1,704		990
Investment funds	(19)		27		(10)		61
Funds withheld at interest	359		453		722		882
Other	189		219		400		407
Investment revenue	3,832		2,960		7,424		5,584
Investment expenses	(28)		(12)		(44)		(24)
Net investment income	$	3,804	$	2,948	$	7,380	$	5,560

Investment Related Gains (Losses)

Investment related gains (losses) by asset class consists of the following:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
AFS securities1
Gross realized gains on investment activity	$	125	$	141	$	192	$	324
Gross realized losses on investment activity	(218)		(112)		(565)		(216)
Net realized investment gains (losses) on AFS securities	(93)		29		(373)		108
Net recognized investment gains (losses) on trading securities	(33)		(32)		(98)		32
Net recognized investment gains (losses) on equity securities	(12)		(13)		27		(31)
Net recognized investment gains (losses) on mortgage loans	93		(204)		(265)		73
Derivative gains (losses)	(553)		421		878		1,414
Provision for credit losses	(90)		(111)		(100)		(177)
Other gains	554		276		1,474		12
Investment related gains (losses)	$	(134)	$	366	$	1,543	$	1,431
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $7,048 million and $2,054 million for the three months ended June 30, 2024 and 2023, respectively, and $10,766 million and $3,194 million for the six months ended June 30, 2024 and 2023, respectively.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Trading securities	$	(20)	$	(23)	$	(40)	$	40
Trading securities – related parties	(1)		(4)		(1)		(1)
Equity securities	(7)		(7)		28		3
Equity securities – related parties	(1)		4		(4)		(7)

28

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition:

(In millions)	June 30, 2024		December 31, 2023
Less than 30 days	$	1,200	$	686
91 days to 1 year	1,097		—
Greater than 1 year	1,569		3,167
Payables for repurchase agreements	$	3,866	$	3,853

The following table summarizes the securities pledged as collateral for repurchase agreements:

	June 30, 2024				December 31, 2023
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
U.S. government and agencies	$	1,665	$	1,204	$	—	$	—
Foreign governments	141		95		137		99
Corporate	1,859		1,562		2,735		2,307
CLO	584		587		580		579
ABS	608		549		1,207		1,086
Total securities pledged under repurchase agreements	$	4,857	$	3,997	$	4,659	$	4,071

Reverse Repurchase Agreements

As of June 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $980 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $1,946 million and $1,504 million, respectively.

Mortgage Loans, including related parties and consolidated VIEs

Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:

(In millions)	June 30, 2024		December 31, 2023
Commercial mortgage loans	$	31,339	$	27,630
Commercial mortgage loans under development	1,240		1,228
Total commercial mortgage loans	32,579		28,858
Mark to fair value	(2,385)		(2,246)
Commercial mortgage loans	30,194		26,612
Residential mortgage loans	26,812		21,894
Mark to fair value	(921)		(937)
Residential mortgage loans	25,891		20,957
Mortgage loans	$	56,085	$	47,569

Athene primarily invests in commercial mortgage loans on income producing properties, including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt.

29

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:

	June 30, 2024				December 31, 2023
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	11,042	36.6	%	$	9,591	36.0	%
Office building	4,030		13.3	%	4,455		16.7	%
Industrial	5,532		18.4	%	4,143		15.6	%
Hotels	2,994		9.9	%	2,913		11.0	%
Retail	2,085		6.9	%	2,158		8.1	%
Other commercial	4,511		14.9	%	3,352		12.6	%
Total commercial mortgage loans	$	30,194	100.0	%	$	26,612	100.0	%
U.S. region
East North Central	$	1,695	5.6	%	$	1,517	5.7	%
East South Central	438		1.5	%	523		2.0	%
Middle Atlantic	8,003		26.5	%	7,147		26.9	%
Mountain	1,309		4.3	%	1,196		4.5	%
New England	1,329		4.4	%	1,295		4.9	%
Pacific	5,760		19.1	%	4,860		18.3	%
South Atlantic	4,771		15.8	%	4,583		17.2	%
West North Central	224		0.7	%	249		0.9	%
West South Central	1,777		5.9	%	1,228		4.6	%
Total U.S. region	25,306		83.8	%	22,598		85.0	%
International region
United Kingdom	2,838		9.4	%	2,343		8.7	%
Other international1	2,050		6.8	%	1,671		6.3	%
Total international region	4,888		16.2	%	4,014		15.0	%
Total commercial mortgage loans	$	30,194	100.0	%	$	26,612	100.0	%
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

Athene’s residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:

	June 30, 2024		December 31, 2023
U.S. States
California	26.7	%	27.6	%
Florida	12.3	%	12.0	%
Texas	6.7	%	6.1	%
New York	5.5	%	5.9	%
Other1	39.7	%	39.4	%
Total U.S. residential mortgage loan percentage	90.9	%	91.0	%
International
United Kingdom	5.0	%	4.0	%
Other1	4.1	%	5.0	%
Total international residential mortgage loan percentage	9.1	%	9.0	%
Total residential mortgage loan percentage	100.0	%	100.0	%
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

30

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Investment Funds

Athene’s investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.

The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:

	June 30, 2024				December 31, 2023
(In millions, except percentages)	Carrying Value		Percentage of Total		Carrying Value		Percentage of Total
Investment funds
Equity funds	$	81	75.7	%	$	82	75.3	%
Hybrid funds	20		18.7	%	20		18.3	%
Other	6		5.6	%	7		6.4	%
Total investment funds	107		100.0	%	109		100.0	%
Investment funds – related parties
Strategic origination platforms	49		3.0	%	47		2.9	%
Insurance platforms	1,295		80.0	%	1,300		79.7	%
Apollo and other fund investments
Equity funds	249		15.4	%	254		15.6	%
Yield funds	6		0.4	%	8		0.5	%
Other	20		1.2	%	23		1.3	%
Total investment funds – related parties	1,619		100.0	%	1,632		100.0	%
Investment funds – consolidated VIEs
Strategic origination platforms	6,308		35.8	%	5,594		35.4	%
Insurance platforms	432		2.5	%	483		3.1	%
Apollo and other fund investments
Equity funds	3,621		20.5	%	3,302		20.9	%
Hybrid funds	4,600		26.1	%	4,242		26.7	%
Yield funds	1,315		7.5	%	1,356		8.6	%
Other	1,345		7.6	%	843		5.3	%
Total investment funds – consolidated VIEs	17,621		100.0	%	15,820		100.0	%
Total investment funds, including related parties and consolidated VIEs	$	19,347			$	17,561

Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:

(In millions)	June 30, 2024
AP Grange Holdings, LLC	$	4,695
Atlas1	3,345
Wheels1	1,640
	December 31, 2023
Wheels1	$	1,591
AT&T Inc.	1,526
1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in note 15.

31

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. Derivatives

The Company uses a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:

	June 30, 2024					December 31, 2023
	Notional Amount	Fair Value				Notional Amount	Fair Value
(In millions)		Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps	11,954	$	594	$	160	9,034	$	477	$	230
Forwards	4,834	353		21		6,294	275		102
Interest rate swaps	4,506	—		617		4,468	—		521
Forwards on net investments	210	1		—		219	—		6
Interest rate swaps	24,004	62		160		10,031	29		95
Total derivatives designated as hedges		1,010		958			781		954
Derivatives not designated as hedges
Equity options	80,409	5,432		98		73,881	3,809		102
Futures	51	121		21		35	72		—
Foreign currency swaps	8,784	257		209		8,072	230		244
Interest rate swaps	1,873	75		5		3,499	81		9
Other swaps	2,546	7		1		2,588	39		1
Foreign currency forwards	35,629	586		1,920		28,236	286		685
Embedded derivatives
Funds withheld, including related parties		(4,000)		(14)			(4,100)		(64)
Interest sensitive contract liabilities		—		11,234			—		9,059
Total derivatives not designated as hedges		2,478		13,474			417		10,036
Total derivatives		$	3,488	$	14,432		$	1,198	$	10,990

Derivatives Designated as Hedges

Cash Flow Hedges

Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2031. During the three months ended June 30, 2024 and 2023, Athene recognized gains of $18 million and losses of $53 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the six months ended June 30, 2024 and 2023, Athene recognized losses of $3 million and $126 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, no amounts were expected to be reclassified to income within the next 12 months.

Fair Value Hedges

Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.

32

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:

	June 30, 2024				December 31, 2023
(In millions)	Carrying amount of the hedged assets or liabilities1		Cumulative amount of fair value hedging gains (losses)		Carrying amount of the hedged assets or liabilities1		Cumulative amount of fair value hedging gains (losses)
AFS securities
Foreign currency forwards	$	4,887	$	(198)	$	4,883	$	(15)
Foreign currency swaps	8,737		(358)		6,820		(141)
Interest sensitive contract liabilities
Foreign currency swaps	1,997		67		1,438		19
Foreign currency interest rate swaps	3,960		463		4,010		363
Interest rate swaps	16,887		265		6,910		189
1 The carrying amount disclosed for AFS securities is amortized cost.

The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:

							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Three months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards	$	43	$	(51)	$	(8)	$	13	$	(3)
Foreign currency swaps	43		(24)		19		—		—
Foreign currency interest rate swaps	(7)		6		(1)		—		—
Interest rate swaps	(9)		1		(8)		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	24		(23)		1		—		—
Three months ended June 30, 2023
Investment related gains (losses)
Foreign currency forwards	$	(35)	$	37	$	2	$	(42)	$	3
Foreign currency swaps	(43)		45		2		—		—
Foreign currency interest rate swaps	7		(10)		(3)		—		—
Interest rate swaps	(120)		120		—		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	13		(15)		(2)		—		—

33

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

							Amounts excluded
(In millions)	Derivatives		Hedged items		Net		Recognized in income through amortization approach		Recognized in income through changes in fair value
Six months ended June 30, 2024
Investment related gains (losses)
Foreign currency forwards	$	179	$	(183)	$	(4)	$	31	$	6
Foreign currency swaps	155		(138)		17		—		—
Foreign currency interest rate swaps	(123)		123		—		—		—
Interest rate swaps	(115)		76		(39)		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	40		(39)		1		—		—
Six months ended June 30, 2023
Investment related gains (losses)
Foreign currency forwards	$	(105)	$	110	$	5	$	45	$	7
Foreign currency swaps	(102)		109		7		—		—
Foreign currency interest rate swaps	85		(80)		5		—		—
Interest rate swaps	(18)		16		(2)		—		—
Interest sensitive contract benefits
Foreign currency interest rate swaps	28		(30)		(2)		—		—

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Foreign currency forwards	$	2	$	(61)	$	(15)	$	2
Foreign currency swaps	64		(57)		26		57

Net Investment Hedges

Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended June 30, 2024 and 2023, these derivatives had losses of $0 million and $4 million, respectively. During the six months ended June 30, 2024 and 2023, these derivatives had gains of $3 million and losses of $8 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $29 million and $26 million, respectively. During the three and six months ended June 30, 2024 and 2023, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options

Athene uses equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

34

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Futures

Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Interest rate swaps

Athene uses interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals.

Other swaps

Other swaps include total return swaps, credit default swaps and swaptions. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure.

Embedded derivatives

Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products.

The following is a summary of the gains (losses) related to derivatives not designated as hedges:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Equity options	$	105	$	991	$	1,702	$	1,341
Futures	(1)		61		126		95
Swaps	(69)		29		(30)		62
Foreign currency forwards	(556)		(168)		(866)		(337)
Embedded derivatives on funds withheld	(112)		(262)		(187)		341
Amounts recognized in investment related gains (losses)	(633)		651		745		1,502
Embedded derivatives in indexed annuity products1	182		(1,055)		(995)		(1,528)
Total gains (losses) on derivatives not designated as hedges	$	(451)	$	(404)	$	(250)	$	(26)
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Credit Risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

35

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

			Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)	Gross amount recognized1		Financial instruments2		Collateral (received)/pledged		Net amount		Off-balance sheet securities collateral3		Net amount after securities collateral
June 30, 2024
Derivative assets	$	7,488	$	(1,879)	$	(5,994)	$	(385)	$	—	$	(385)
Derivative liabilities	(3,212)		1,879		1,753		420		2		422
December 31, 2023
Derivative assets	$	5,298	$	(1,497)	$	(3,676)	$	125	$	—	$	125
Derivative liabilities	(1,995)		1,497		848		350		—		350
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of June 30, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, the Company does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

5. Variable Interest Entities

A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.

Consolidated VIEs

Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. In addition, during 2023, consolidated VIEs also included SPACs which were liquidated during the fourth quarter of 2023. See note 15 for further details regarding Apollo’s previously consolidated SPACs.

The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.

Other assets of the consolidated VIEs include interest receivables, receivables from affiliates and reverse repurchase agreements. Other liabilities include debt and short-term payables.

Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value.

Results from certain funds managed by Apollo are reported on a three-month lag based upon the availability of financial information.

36

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities—Asset Management

The following table presents net gains (losses) from investment activities of the consolidated VIEs:

	Three months ended June 30,				Six months ended June 30,
(In millions)	20241		20231		20241		20231
Net gains (losses) from investment activities	$	(25)	$	(6)	$	(7)	$	24
Interest and other income	62		41		94		74
Interest and other expenses	(36)		(23)		(61)		(52)
Net gains (losses) from investment activities of consolidated variable interest entities	$	1	$	12	$	26	$	46
1 Amounts reflect consolidation eliminations.

In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. For the three and six months ended June 30, 2024, the Company recorded $8 million and $18 million, respectively, of revenues and $0 million and $2 million, respectively, of expenses related to the activities of these VIEs. For the three and six months ended June 30, 2023, the Company recorded $2 million and $3 million, respectively, of revenues related to the activities of these VIEs.

Subscription Lines

Included within other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:

	June 30, 2024					December 31, 2023
(In millions, except percentages)	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years	Principal Outstanding		Weighted Average Interest Rate		Weighted Average Remaining Maturity in Years
Asset Management
Subscription lines1	$	1,727	7.78	%	0.08	$	1,072	7.16	%	0.09
Total – Asset Management	$	1,727				$	1,072
1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2024, the Company was not aware of any instances of non-compliance with any of these covenants.

Reverse Repurchase Agreements

As of December 31, 2023, fair value of collateral received under reverse repurchase agreements was $453 million. There was no rehypothecation of the collateral received under reverse repurchase agreements as of December 31, 2023.

37

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Revenues of Consolidated Variable Interest Entities—Retirement Services

The following summarizes the statements of operations activity of the consolidated VIEs:

	Three months ended June 30,				Six months ended June 30,
(In millions)	2024		2023		2024		2023
Trading securities	$	30	$	25	$	65	$	48
Mortgage loans	31		30		61		54
Investment funds	—		—		21		35
Other	1		(1)		(4)		(1)
Net investment income	62		54		143		136
Net recognized investment gains (losses) on trading securities	(8)		(5)		(8)		1
Net recognized investment losses on mortgage loans	(2)		(29)		(28)		(20)
Net recognized investment gains on investment funds	319		315		679		539
Other gains (losses)	(5)		12		(9)		(28)
Investment related gains (losses)	304		293		634		492
Revenues of consolidated variable interest entities	$	366	$	347	$	777	$	628

Unconsolidated Variable Interest Entities—Asset Management

The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.

(In millions)	June 30, 2024		December 31, 2023
Maximum Loss Exposure1,2	$	802	$	325
1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

Unconsolidated Variable Interest Entities—Retirement Services

The Company has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.

Fixed maturity securities

Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value and classified as AFS or trading securities on the condensed consolidated statements of financial condition.

Investment funds

Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

38

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Equity securities

Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:

	June 30, 2024				December 31, 2023
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	107	$	864	$	109	$	876
Investment in related parties – investment funds	1,619		2,653		1,632		2,377
Assets of consolidated VIEs – investment funds	17,621		24,161		15,820		22,129
Investment in fixed maturity securities	54,831		59,155		48,155		50,623
Investment in related parties – fixed maturity securities	16,343		19,436		13,495		15,608
Investment in related parties – equity securities	314		314		318		318
Total non-consolidated investments	$	90,835	$	106,583	$	79,529	$	91,931

39

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. Fair Value

Fair Value Measurements of Financial Instruments

The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:

	June 30, 2024
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	2,854	$	—	$	—		$	—	$	2,854
Restricted cash and cash equivalents	2		—		—			—		2
Cash and cash equivalents of VIEs	473		—		—			—		473
Investments, at fair value	202		2		1,160		1	72		1,436
Investments of consolidated VIEs	—		25		1,507			167		1,699
Due from related parties2	—		—		29			—		29
Derivative assets3	—		—		10			—		10
Total Assets – Asset Management	3,531		27		2,706			239		6,503
Retirement Services
AFS Securities
U.S. government and agencies	6,037		7		—			—		6,044
U.S. state, municipal and political subdivisions	—		954		—			—		954
Foreign governments	670		887		34			—		1,591
Corporate	10		78,246		8,114			—		86,370
CLO	—		24,153		—			—		24,153
ABS	—		7,026		8,420			—		15,446
CMBS	—		7,234		20			—		7,254
RMBS	—		7,317		261			—		7,578
Total AFS securities	6,717		125,824		16,849			—		149,390
Trading securities	23		1,583		37			—		1,643
Equity securities	208		867		36			—		1,111
Mortgage loans	—		—		52,645			—		52,645
Funds withheld at interest – embedded derivative	—		—		(3,283)			—		(3,283)
Derivative assets	162		7,325		1			—		7,488
Short-term investments	318		114		80			—		512
Other investments	—		553		904			—		1,457
Cash and cash equivalents	13,004		—		—			—		13,004
Restricted cash and cash equivalents	1,093		—		—			—		1,093
Investments in related parties
AFS securities
Corporate	—		226		1,194			—		1,420
CLO	—		4,051		521			—		4,572
ABS	—		472		10,580			—		11,052
Total AFS securities – related parties	—		4,749		12,295			—		17,044
Trading securities	—		—		719			—		719
Equity securities	67		—		247			—		314
Mortgage loans	—		—		1,320			—		1,320
Investment funds	—		—		1,066			—		1,066
Funds withheld at interest – embedded derivative	—		—		(717)			—		(717)
Other investments	—		—		335			—		335
Reinsurance recoverable	—		—		1,518			—		1,518
Other assets5	—		—		371			—		371
(Continued)

40

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	June 30, 2024
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		357		1,876		—		2,233
Mortgage loans	—		—		2,120		—		2,120
Investment funds	—		—		913		16,708		17,621
Other investments	5		1		113		—		119
Cash and cash equivalents	557		—		—		—		557
Total Assets – Retirement Services	22,154		141,373		89,445		16,708		269,680
Total Assets	$	25,685	$	141,400	$	92,151	$	16,947	$	276,183
Liabilities
Asset Management
Contingent consideration obligations4	$	—	$	—	$	59	$	—	$	59
Derivative liabilities3	—		5		—		—		5
Total Liabilities – Asset Management	—		5		59		—		64
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		11,234		—		11,234
Universal life benefits	—		—		769		—		769
Future policy benefits
AmerUs Closed Block	—		—		1,120		—		1,120
ILICO Closed Block and life benefits	—		—		529		—		529
Market risk benefits5	—		—		3,727		—		3,727
Derivative liabilities	37		3,174		1		—		3,212
Other liabilities	—		—		253		—		253
Total Liabilities – Retirement Services	37		3,174		17,633		—		20,844
Total Liabilities	$	37	$	3,179	$	17,692	$	—	$	20,908
(Concluded)

41

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	December 31, 2023
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	2,748	$	—	$	—		$	—	$	2,748
Restricted cash and cash equivalents	2		—		—			—		2
Cash and cash equivalents of VIEs	62		—		—			—		62
Investments, at fair value	202		38		1,188		1	61		1,489
Investments of consolidated VIEs	—		16		1,492			127		1,635
Due from related parties2	—		—		37			—		37
Derivative assets3	—		—		13			—		13
Total Assets – Asset Management	3,014		54		2,730			188		5,986
Retirement Services
AFS Securities
U.S. government and agencies	5,392		7		—			—		5,399
U.S. state, municipal and political subdivisions	—		1,046		—			—		1,046
Foreign governments	895		964		40			—		1,899
Corporate	10		75,711		2,525			—		78,246
CLO	—		20,207		—			—		20,207
ABS	—		6,440		6,943			—		13,383
CMBS	—		6,570		21			—		6,591
RMBS	—		7,302		265			—		7,567
Total AFS securities	6,297		118,247		9,794			—		134,338
Trading securities	24		1,654		28			—		1,706
Equity securities	210		699		26			—		935
Mortgage loans	—		—		44,115			—		44,115
Funds withheld at interest – embedded derivative	—		—		(3,379)			—		(3,379)
Derivative assets	108		5,190		—			—		5,298
Short-term investments	—		236		105			—		341
Other investments	—		313		630			—		943
Cash and cash equivalents	13,020		—		—			—		13,020
Restricted cash and cash equivalents	1,761		—		—			—		1,761
Investments in related parties
AFS securities
Corporate	—		181		1,171			—		1,352
CLO	—		3,762		506			—		4,268
ABS	—		563		7,826			—		8,389
Total AFS securities – related parties	—		4,506		9,503			—		14,009
Trading securities	—		—		838			—		838
Equity securities	63		—		255			—		318
Mortgage loans	—		—		1,281			—		1,281
Investment funds	—		—		1,082			—		1,082
Funds withheld at interest – embedded derivative	—		—		(721)			—		(721)
Other investments	—		—		343			—		343
Reinsurance recoverable	—		—		1,367			—		1,367
Other assets5	—		—		378			—		378
Assets of consolidated VIEs
Trading securities	—		284		1,852			—		2,136
Mortgage loans	—		—		2,173			—		2,173
Investment funds	—		—		977			14,843		15,820
(Continued)

42

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	December 31, 2023
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Other investments	—		2		101		—		103
Cash and cash equivalents	98		—		—		—		98
Total Assets – Retirement Services	21,581		131,131		70,748		14,843		238,303
Total Assets	$	24,595	$	131,185	$	73,478	$	15,031	$	244,289
Liabilities
Asset Management
Other liabilities of consolidated VIEs, at fair value	$	—	$	3	$	—	$	—	$	3
Contingent consideration obligations4	—		—		93		—		93
Derivative liabilities3	—		42		—		—		42
Total Liabilities – Asset Management	—		45		93		—		138
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		9,059		—		9,059
Universal life benefits	—		—		834		—		834
Future policy benefits
AmerUs Closed Block	—		—		1,178		—		1,178
ILICO Closed Block and life benefits	—		—		522		—		522
Market risk benefits5	—		—		3,751		—		3,751
Derivative liabilities	17		1,977		1		—		1,995
Other liabilities	—		(64)		330		—		266
Total Liabilities – Retirement Services	17		1,913		15,675		—		17,605
Total Liabilities	$	17	$	1,958	$	15,768	$	—	$	17,743
(Concluded)
1 Investments as of June 30, 2024 and December 31, 2023 excludes $215 million and $218 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
2 Due from related parties represents a receivable from a fund.
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 As of June 30, 2024 and December 31, 2023, Other liabilities includes $2 million and $26 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and also includes profit sharing payable of $57 million and $67 million, respectively, related to other contingent obligations classified as Level 3.
5 Other assets consist of market risk benefits assets. See note 8 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Changes in fair value of contingent consideration obligations in connection with the acquisitions of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the condensed consolidated statements of operations. Refer to note 16 for further details.

43

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Level 3 Financial Instruments

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

	June 30, 2024
	Fair Value (In millions)		Valuation Technique	Unobservable Inputs	Ranges	Weighted Average
Financial Assets
Asset Management
Investments	$	862	Discounted cash flow	Discount rate	10.3% – 52.8%	17.2%	1
	115		Direct capitalization	Capitalization rate	6.8%	6.8%
	183		Adjusted transaction value	N/A	N/A	N/A
Due from related parties	29		Discounted cash flow	Discount rate	14.0%	14.0%
Derivative assets	10		Option model	Volatility rate	62.5%	62.5%
Investments of consolidated VIEs
Bank loans	13		Discounted cash flow	Discount rate	8.8% – 15.2%	13.2%	1
	357		Adjusted transaction value	N/A	N/A	N/A
Equity securities	461		Dividend discount model	Discount rate	13.5%	13.5%
	93		Adjusted transaction value	N/A	N/A	N/A
Bonds	22		Discounted cash flow	Discount rate	13.5%	13.5%
	561		Adjusted transaction value	N/A	N/A	N/A
Retirement Services
AFS, trading and equity securities	18,966		Discounted cash flow	Discount rate	5.0% – 18.3%	7.7%	1
Mortgage loans2	56,085		Discounted cash flow	Discount rate	1.6% – 31.3%	7.9%	1
Investment funds2	1,548		Discounted cash flow	Discount rate	6.7% – 13.5%	11.4%	1
	432		Net tangible asset values	Implied multiple	1.35x	1.35x
Financial Liabilities
Asset Management
Contingent consideration obligations	59		Discounted cash flow	Discount rate	20.0% – 25.0%	23.7%	1
			Option model	Volatility rate	25.5% – 29.7%	27.6%	1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	11,234		Discounted cash flow	Nonperformance risk	0.4% – 1.3%	0.9%	3
				Option budget	0.5% – 6.0%	2.6%	4
				Surrender rate	6.0% – 14.6%	8.7%	4
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.

44

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	December 31, 2023
	Fair Value (In millions)		Valuation Techniques	Unobservable Inputs	Ranges	Weighted Average
Financial Assets
Asset Management
Investments	$	857	Discounted cash flow	Discount rate	10.5% – 52.8%	17.2%	1
	112		Direct capitalization	Capitalization rate	6.9%	6.9%
	219		Adjusted transaction value	N/A	N/A	N/A
Due from related parties	37		Discounted cash flow	Discount rate	14.0%	14.0%
Derivative assets	13		Option model	Volatility rate	62.5%	62.5%
Investments of consolidated VIEs
Bank loans	605		Discounted cash flow	Discount rate	7.7% – 11.0%	9.4%	1
	64		Adjusted transaction value	N/A	N/A	N/A
Equity securities	494		Dividend discount model	Discount rate	13.5%	13.5%
	131		Adjusted transaction value	N/A	N/A	N/A
Bonds	35		Discounted cash flow	Discount rate	6.1% – 13.0%	10.7%	1
	163		Adjusted transaction value	N/A	N/A	N/A
Retirement Services
AFS, trading and equity securities	14,247		Discounted cash flow	Discount rate	2.3% – 18.1%	7.0%	1
Mortgage loans2	47,569		Discounted cash flow	Discount rate	2.5% – 20.6%	6.8%	1
Investment funds2	1,574		Discounted cash flow	Discount rate	6.3% – 13.5%	11.2%	1
	483		Net tangible asset values	Implied multiple	1.14x	1.14x
Financial Liabilities
Asset Management
Contingent consideration obligations	93		Discounted cash flow	Discount rate	20.0% – 25.0%	23.3%	1
			Option model	Volatility rate	31.4% – 33.4%	32.4%	1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives	9,059		Discounted cash flow	Nonperformance risk	0.4% – 1.4%	0.9%	3
				Option budget	0.5% – 6.0%	2.3%	4
				Surrender rate	6.0% – 13.4%	8.7%	4
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.

45

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:

	Three months ended June 30, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,191	$	(29)	$	—	$	8	$	—	$	1,170	$	(18)	$	—
Investments of consolidated VIEs	2,110		(29)		—		(504)		(70)		1,507		(2)		—
Total Level 3 assets – Asset Management	$	3,301	$	(58)	$	—	$	(496)	$	(70)	$	2,677	$	(20)	$	—
Assets – Retirement Services
AFS securities
Foreign governments	$	40	$	—	$	—	$	(6)	$	—	$	34	$	—	$	—
Corporate	3,378		(1)		5		5,463		(731)		8,114		(1)		21
ABS	7,165		(17)		(12)		1,349		(65)		8,420		—		(15)
CMBS	21		(1)		—		—		—		20		—		(1)
RMBS	265		2		1		(5)		(2)		261		—		(1)
Trading securities	40		—		—		(3)		—		37		—		—
Equity securities	27		—		—		—		9		36		—		—
Mortgage loans	48,207		70		—		4,368		—		52,645		69		—
Funds withheld at interest – embedded derivative	(3,362)		79		—		—		—		(3,283)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	101		—		—		(20)		(1)		80		—		—
Other investments	751		(3)		—		156		—		904		(3)		—
Investments in related parties
AFS securities
Corporate	1,175		—		22		(3)		—		1,194		—		22
CLO	520		—		1		—		—		521		—		1
ABS	10,043		17		(39)		559		—		10,580		(1)		(40)
Trading securities	781		(1)		—		(61)		—		719		(1)		—
Equity securities	249		(2)		—		—		—		247		(2)		—
Mortgage loans	1,263		19		—		38		—		1,320		19		—
Investment funds	1,067		(1)		—		—		—		1,066		(1)		—
Funds withheld at interest – embedded derivative	(723)		6		—		—		—		(717)		—		—
Other investments	336		(1)		—		—		—		335		(1)		—
Reinsurance recoverable	1,468		(40)		—		90		—		1,518		—		—
Assets of consolidated VIEs
Trading securities	1,770		(18)		—		124		—		1,876		(18)		—
Mortgage loans	2,147		(7)		—		(20)		—		2,120		(7)		—
Investment funds	951		(38)		—		—		—		913		(38)		—
Other investments	115		(2)		—		—		—		113		(2)		—
Total Level 3 assets – Retirement Services	$	77,796	$	61	$	(22)	$	12,029	$	(790)	$	89,074	$	13	$	(13)
Liabilities – Asset Management
Contingent consideration obligations	$	127	$	17	$	—	$	(85)	$	—	$	59	$	—	$	—
Total Level 3 liabilities – Asset Management	$	127	$	17	$	—	$	(85)	$	—	$	59	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(10,908)	$	182	$	—	$	(508)	$	—	$	(11,234)	$	—	$	—
Universal life benefits	(788)		19		—		—		—		(769)		—		—
(Continued)

46

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Future policy benefits
AmerUs Closed Block	(1,151)		31		—		—		—		(1,120)		—		—
ILICO Closed Block and life benefits	(553)		24		—		—		—		(529)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(229)		(27)		—		3		—		(253)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,630)	$	229	$	—	$	(505)	$	—	$	(13,906)	$	—	$	—
(Concluded)
1 Related to instruments held at end of period.

	Three months ended June 30, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,131	$	17	$	—	$	17	$	—	$	1,165	$	19	$	—
Investments of consolidated VIEs	1,282		(2)		—		1,328		—		2,608		6		—
Total Level 3 assets – Asset Management	$	2,413	$	15	$	—	$	1,345	$	—	$	3,773	$	25	$	—
Assets – Retirement Services
AFS securities
Foreign governments	$	1	$	—	$	—	$	47	$	—	$	48	$	—	$	—
Corporate	1,622		—		12		1,070		(244)		2,460		—		12
ABS	4,942		—		(31)		894		(500)		5,305		—		(30)
CMBS	—		—		—		—		12		12		—		—
RMBS	238		3		(1)		(3)		(231)		6		—		—
Trading securities	42		1		—		(3)		(2)		38		—		—
Equity securities	71		(4)		—		—		—		67		(4)		—
Mortgage loans	29,949		(195)		—		4,914		—		34,668		(195)		—
Funds withheld at interest – embedded derivative	(4,291)		(65)		—		—		—		(4,356)		—		—
Short-term investments	30		—		—		—		—		30		—		—
Other investments	286		(1)		—		52		—		337		(1)		—
Investments in related parties
AFS securities
Corporate	959		—		(1)		(2)		215		1,171		—		(1)
CLO	498		—		(3)		—		—		495		—		(3)
ABS	7,005		5		5		443		284		7,742		1		2
Trading securities	885		(4)		—		(14)		—		867		(4)		—
Equity securities	251		1		—		—		—		252		1		—
Mortgage loans	1,324		(9)		—		(19)		—		1,296		(9)		—
Investment funds	1,034		27		—		—		—		1,061		27		—
Funds withheld at interest – embedded derivative	(1,266)		(31)		—		—		—		(1,297)		—		—
Other investments	338		5		—		—		—		343		5		—
Reinsurance recoverable	1,470		(34)		—		—		—		1,436		—		—
Assets of consolidated VIEs
Trading securities	648		(4)		—		(8)		81		717		(4)		—
Mortgage loans	2,119		(17)		—		11		—		2,113		(17)		—
Investment funds	2,581		5		—		—		(1,235)		1,351		6		—
Other investments	97		2		—		—		—		99		2		—
Total Level 3 assets – Retirement Services	$	50,833	$	(315)	$	(19)	$	7,382	$	(1,620)	$	56,261	$	(192)	$	(20)
(Continued)

47

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Liabilities – Asset Management
Contingent consideration obligations	$	78	$	(9)	$	—	$	—	$	—	$	69	$	—	$	—
Total Level 3 liabilities – Asset Management	$	78	$	(9)	$	—	$	—	$	—	$	69	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(6,747)	$	(1,055)	$	—	$	(396)	$	—	$	(8,198)	$	—	$	—
Universal life benefits	(879)		25		—		—		—		(854)		—		—
Future policy benefits
AmerUs Closed Block	(1,190)		31		—		—		—		(1,159)		—		—
ILICO Closed Block and life benefits	(579)		8		—		—		—		(571)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(189)		(20)		—		—		—		(209)		—		—
Total Level 3 liabilities – Retirement Services	$	(9,585)	$	(1,011)	$	—	$	(396)	$	—	$	(10,992)	$	—	$	—
(Concluded)
1 Related to instruments held at end of period.

	Six months ended June 30, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,201	$	(36)	$	—	$	5	$	—	$	1,170	$	—	$	—
Investments of consolidated VIEs	1,492		(29)		—		114		(70)		1,507		(1)		—
Total Level 3 assets – Asset Management	$	2,693	$	(65)	$	—	$	119	$	(70)	$	2,677	$	(1)	$	—
Assets – Retirement Services
AFS securities
Foreign governments	$	40	$	—	$	—	$	(6)	$	—	$	34	$	—	$	—
Corporate	2,525		(3)		7		6,307		(722)		8,114		(2)		19
ABS	6,943		(15)		1		1,474		17		8,420		—		—
CMBS	21		(1)		—		—		—		20		—		—
RMBS	265		3		1		(6)		(2)		261		—		(1)
Trading securities	28		—		—		(5)		14		37		(1)		—
Equity securities	26		—		—		1		9		36		—		—
Mortgage loans	44,115		(271)		—		8,801		—		52,645		(271)		—
Funds withheld at interest – embedded derivative	(3,379)		96		—		—		—		(3,283)		—		—
Derivative assets	—		—		—		—		1		1		—		—
Short-term investments	105		—		—		(24)		(1)		80		—		—
Other investments	630		(6)		—		280		—		904		(6)		—
Investments in related parties
AFS securities
Corporate	1,171		1		21		1		—		1,194		—		21
CLO	506		—		15		—		—		521		—		15
ABS	7,826		18		(53)		2,789		—		10,580		(6)		(55)
Trading securities	838		(1)		—		(118)		—		719		(1)		—
Equity securities	255		(8)		—		—		—		247		(7)		—
Mortgage loans	1,281		2		—		37		—		1,320		2		—
Investment funds	1,082		(16)		—		—		—		1,066		(16)		—
(Continued)

48

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Six months ended June 30, 2024
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Funds withheld at interest – embedded derivative	(721)		4		—		—		—		(717)		—		—
Other investments	343		(8)		—		—		—		335		(8)		—
Reinsurance recoverable	1,367		(48)		—		199		—		1,518		—		—
Assets of consolidated VIEs
Trading securities	1,852		(51)		—		69		6		1,876		(52)		—
Mortgage loans	2,173		(49)		—		(4)		—		2,120		(49)		—
Investment funds	977		(65)		—		1		—		913		(64)		—
Other investments	101		(4)		—		16		—		113		(3)		—
Total Level 3 assets – Retirement Services	$	70,370	$	(422)	$	(8)	$	19,812	$	(678)	$	89,074	$	(484)	$	(1)
Liabilities – Asset Management
Contingent consideration obligations	$	93	$	65	$	—	$	(99)	$	—	$	59	$	—	$	—
Total Level 3 liabilities – Asset Management	$	93	$	65	$	—	$	(99)	$	—	$	59	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(9,059)	$	(995)	$	—	$	(1,180)	$	—	$	(11,234)	$	—	$	—
Universal life benefits	(834)		65		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,178)		58		—		—		—		(1,120)		—		—
ILICO Closed Block and life benefits	(522)		(7)		—		—		—		(529)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(330)		(37)		—		50		64		(253)		—		—
Total Level 3 liabilities – Retirement Services	$	(11,924)	$	(916)	$	—	$	(1,130)	$	64	$	(13,906)	$	—	$	—
(Concluded)
1 Related to instruments held at end of period.

	Six months ended June 30, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,098	$	43	$	—	$	24	$	—	$	1,165	$	46	$	—
Investments of consolidated VIEs	727		32		—		1,851		(2)		2,608		15		—
Total Level 3 assets – Asset Management	$	1,825	$	75	$	—	$	1,875	$	(2)	$	3,773	$	61	$	—
Assets – Retirement Services
AFS securities
Foreign governments	$	1	$	—	$	—	$	47	$	—	$	48	$	—	$	—
Corporate	1,665		(1)		24		1,196		(424)		2,460		—		17
ABS	4,867		—		(50)		1,049		(561)		5,305		—		(46)
CMBS	—		—		—		—		12		12		—		(1)
RMBS	232		6		2		(3)		(231)		6		—		—
(Continued)

49

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Six months ended June 30, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Trading securities	53		3		—		(7)		(11)		38		1		—
Equity securities	92		(12)		—		—		(13)		67		(12)		—
Mortgage loans	27,454		56		—		7,158		—		34,668		57		—
Funds withheld at interest – embedded derivative	(4,847)		491		—		—		—		(4,356)		—		—
Short-term investments	36		—		(2)		(30)		26		30		—		—
Other investments	441		—		—		(104)		—		337		(1)		—
Investments in related parties
AFS securities
Corporate	812		1		(8)		151		215		1,171		—		(8)
CLO	303		—		7		185		—		495		—		7
ABS	5,542		9		49		1,858		284		7,742		4		46
Trading securities	878		2		—		(13)		—		867		(1)		—
Equity securities	279		5		—		(32)		—		252		5		—
Mortgage loans	1,302		17		—		(23)		—		1,296		17		—
Investment funds	959		70		—		32		—		1,061		70		—
Funds withheld at interest – embedded derivative	(1,425)		128		—		—		—		(1,297)		—		—
Other investments	303		(2)		—		42		—		343		(2)		—
Reinsurance recoverable	1,388		48		—		—		—		1,436		—		—
Assets of consolidated VIEs
Trading securities	622		8		—		(10)		97		717		8		—
Mortgage loans	2,055		2		—		56		—		2,113		2		—
Investment funds	2,471		23		—		(8)		(1,135)		1,351		23		—
Other investments	99		2		—		(2)		—		99		2		—
Total Level 3 assets – Retirement Services	$	45,582	$	856	$	22	$	11,542	$	(1,741)	$	56,261	$	173	$	15
Liabilities – Asset Management
Contingent consideration obligations	$	86	$	(17)	$	—	$	—	$	—	$	69	$	—	$	—
Total Level 3 liabilities – Asset Management	$	86	$	(17)	$	—	$	—	$	—	$	69	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(5,841)	$	(1,528)	$	—	$	(829)	$	—	$	(8,198)	$	—	$	—
Universal life benefits	(829)		(25)		—		—		—		(854)		—		—
Future policy benefits
AmerUs Closed Block	(1,164)		5		—		—		—		(1,159)		—		—
ILICO Closed Block and life benefits	(548)		(23)		—		—		—		(571)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(142)		(67)		—		—		—		(209)		—		—
Total Level 3 liabilities – Retirement Services	$	(8,525)	$	(1,638)	$	—	$	(829)	$	—	$	(10,992)	$	—	$	—
(Concluded)
1 Related to instruments held at end of period.

50

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

	Three months ended June 30, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	8	$	—	$	—	$	—	$	8	$	—	$	—	$	—
Investments of consolidated VIEs	788		—		(1,292)		—		(504)		—		(70)		(70)
Total Level 3 assets – Asset Management	$	796	$	—	$	(1,292)	$	—	$	(496)	$	—	$	(70)	$	(70)
Assets – Retirement Services
AFS securities
Foreign governments	$	—	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—
Corporate	5,549		—		(65)		(21)		5,463		89		(820)		(731)
ABS	1,558		—		(7)		(202)		1,349		205		(270)		(65)
RMBS	—		—		—		(5)		(5)		—		(2)		(2)
Trading securities	—		—		—		(3)		(3)		—		—		—
Equity securities	—		—		—		—		—		9		—		9
Mortgage loans	6,022		—		—		(1,654)		4,368		—		—		—
Short-term investments	1		—		—		(21)		(20)		—		(1)		(1)
Other investments	156		—		—		—		156		—		—		—
Investments in related parties
AFS securities
Corporate	—		—		(1)		(2)		(3)		—		—		—
ABS	1,894		—		(304)		(1,031)		559		—		—		—
Trading securities	2		—		—		(63)		(61)		—		—		—
Mortgage loans	87		—		—		(49)		38		—		—		—
Reinsurance recoverable	—		91		—		(1)		90		—		—		—
Assets of consolidated VIEs
Trading securities	163		—		(32)		(7)		124		—		—		—
Mortgage loans	23		—		—		(43)		(20)		—		—		—
Total Level 3 assets – Retirement Services	$	15,455	$	91	$	(409)	$	(3,108)	$	12,029	$	303	$	(1,093)	$	(790)
Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(85)	$	(85)	$	—	$	—	$	—
Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(85)	$	(85)	$	—	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative	$	—	$	(760)	$	—	$	252	$	(508)	$	—	$	—	$	—
Other liabilities	—		—		—		3		3		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(760)	$	—	$	255	$	(505)	$	—	$	—	$	—

51

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Three months ended June 30, 2023
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	18	$	—	$	(1)	$	—	$	17	$	—	$	—	$	—
Investments of consolidated VIEs	1,728		—		(400)		—		1,328		—		—		—
Total Level 3 assets – Asset Management	$	1,746	$	—	$	(401)	$	—	$	1,345	$	—	$	—	$	—
Assets – Retirement Services
AFS securities
Foreign governments	$	53	$	—	$	—	$	(6)	$	47	$	—	$	—	$	—
Corporate	1,104		—		—		(34)		1,070		—		(244)		(244)
ABS	1,033		—		(20)		(119)		894		123		(623)		(500)
CMBS	—		—		—		—		—		12		—		12
RMBS	—		—		—		(3)		(3)		5		(236)		(231)
Trading securities	8		—		—		(11)		(3)		—		(2)		(2)
Mortgage loans	5,783		—		(31)		(838)		4,914		—		—		—
Other investments	325		—		—		(273)		52		—		—		—
Investments in related parties
AFS securities
Corporate	1		—		—		(3)		(2)		215		—		215
ABS	1,072		—		(162)		(467)		443		284		—		284
Trading securities	25		—		(37)		(2)		(14)		—		—		—
Mortgage loans	—		—		—		(19)		(19)		—		—		—
Assets of consolidated VIEs
Trading securities	10		—		(18)		—		(8)		109		(28)		81
Mortgage loans	13		—		—		(2)		11		—		—		—
Investment funds	—		—		—		—		—		327		(1,562)		(1,235)
Total Level 3 assets – Retirement Services	$	9,427	$	—	$	(268)	$	(1,777)	$	7,382	$	1,075	$	(2,695)	$	(1,620)
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative	$	—	$	(558)	$	—	$	162	$	(396)	$	—	$	—	$	—
Total Level 3 liabilities – Retirement Services	$	—	$	(558)	$	—	$	162	$	(396)	$	—	$	—	$	—

52

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Six months ended June 30, 2024
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	20	$	—	$	(15)	$	—	$	5	$	—	$	—	$	—
Investments of consolidated VIEs	2,089		—		(1,975)		—		114		—		(70)		(70)
Total Level 3 assets – Asset Management	$	2,109	$	—	$	(1,990)	$	—	$	119	$	—	$	(70)	$	(70)
Assets – Retirement Services
AFS securities
Foreign governments	$	—	$	—	$	—	$	(6)	$	(6)	$	—	$	—	$	—
Corporate	6,471		—		(67)		(97)		6,307		98		(820)		(722)
ABS	1,871		—		(7)		(390)		1,474		546		(529)		17
RMBS	—		—		—		(6)		(6)		—		(2)		(2)
Trading securities	—		—		—		(5)		(5)		14		—		14
Equity securities	2		—		(1)		—		1		9		—		9
Mortgage loans	11,708		—		(26)		(2,881)		8,801		—		—		—
Derivative assets	—		—		—		—		—		1		—		1
Short-term investments	3		—		(6)		(21)		(24)		—		(1)		(1)
Other investments	280		—		—		—		280		—		—		—
Investments in related parties
AFS securities
Corporate	6		—		(1)		(4)		1		—		—		—
ABS	4,587		—		(504)		(1,294)		2,789		—		—		—
Trading securities	4		—		—		(122)		(118)		—		—		—
Mortgage loans	87		—		—		(50)		37		—		—		—
Reinsurance recoverable	—		200		—		(1)		199		—		—		—
Assets of consolidated VIEs
Trading securities	163		—		(87)		(7)		69		6		—		6
Mortgage loans	55		—		—		(59)		(4)		—		—		—
Investment funds	1		—		—		—		1		—		—		—
Other investments	19		—		(3)		—		16		—		—		—
Total Level 3 assets – Retirement Services	$	25,257	$	200	$	(702)	$	(4,943)	$	19,812	$	674	$	(1,352)	$	(678)
Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(99)	$	(99)	$	—	$	—	$	—
Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(99)	$	(99)	$	—	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,658)	$	—	$	478	$	(1,180)	$	—	$	—	$	—
Other liabilities	—		—		—		50		50		64		—		64
Total Level 3 liabilities – Retirement Services	$	—	$	(1,658)	$	—	$	528	$	(1,130)	$	64	$	—	$	64

53

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

	Six months ended June 30, 2023
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	26	$	—	$	(2)	$	—	$	24	$	—	$	—	$	—
Investments of consolidated VIEs	2,599		—		(748)		—		1,851		—		(2)		(2)
Total Level 3 assets – Asset Management	$	2,625	$	—	$	(750)	$	—	$	1,875	$	—	$	(2)	$	(2)
Assets – Retirement Services
AFS securities
Foreign governments	$	53	$	—	$	—	$	(6)	$	47	$	—	$	—	$	—
Corporate	1,312		—		—		(116)		1,196		29		(453)		(424)
ABS	1,331		—		(20)		(262)		1,049		338		(