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目录表

美国

证券交易委员会

华盛顿特区，20549

  

形式 10-Q  

(标记一)

☒			根据1934年《证券交易法》第13或15(D)条规定的季度报告

截至本季度末2024年9月30日 或

☐			根据1934年证券交易法第13或15（d）条提交的过渡报告

的过渡期                    至                    

委员会文件号： 001-41197

阿波罗全球管理公司。

(注册人的确切姓名载于其章程) 

特拉华州						86-3155788
(注册成立或组织的国家或其他司法管辖区)						(国际税务局雇主身分证号码)

西57街9号, 42楼

纽约, 纽约 10019

(主要行政办公室地址)(邮政编码)

(212) 515-3200

(注册人的电话号码，包括区号)

根据该法第12(B)条登记的证券：

每个班级的标题

交易代码

注册的每个交易所的名称

普通股

APO

纽约证券交易所

6.75% A系列强制性可转换优先股

APO.PRA

纽约证券交易所

2053年到期的7.625%定息重置次级票据

APOS

纽约证券交易所

用复选标记表示注册人(1)是否在过去12个月内(或注册人被要求提交此类报告的较短时间内)提交了1934年《证券交易法》第13或15(D)节要求提交的所有报告，以及(2)在过去90天内是否符合此类提交要求。   是 x   不是 ☐

用复选标记表示注册人是否在过去12个月内(或在注册人被要求提交此类文件的较短时间内)以电子方式提交了根据S-T规则第405条(本章232.405节)要求提交的每个交互数据文件。    是 x   不是 ☐

用复选标记表示注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小的报告公司或新兴成长型公司。见《交易法》第12b-2条中“大型加速申报公司”、“加速申报公司”、“较小申报公司”和“新兴成长型公司”的定义。

大型加速文件服务器 x

加速的文件服务器☐

非加速文件服务器☐

规模较小的报告公司

☐

新兴成长型公司

☐

如果是一家新兴的成长型公司，用复选标记表示注册人是否已选择不使用延长的过渡期来遵守根据《交易所法》第13(A)节提供的任何新的或修订的财务会计准则。☐

通过勾选标记检查注册人是否是空壳公司（定义见《交易法》第120亿.2条）。 是的 不是 x

截至2024年11月4日，已有 565,816,456 注册人的流通普通股股份。

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目录表

			目录
第I部分			财务信息
第1项。			财务报表			11
第1A项。			未经审计的财务状况报表补充陈述			99
第二项。			管理层对财务状况和经营成果的探讨与分析			103
第三项。			关于市场风险的定量和定性披露			160
第四项。			控制和程序			161
第II部			其他信息
第1项。			法律诉讼			163
项目1A.			风险因素			163
第二项。			股权证券的未登记销售、所得款项的使用和发行人购买股权证券			165
第三项。			高级证券违约			166
第四项。			煤矿安全信息披露			166
第5项。			其他信息			166
第6项。			陈列品			167
签名

2

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目录表

前瞻性陈述

本报告可能包含符合修订后的1933年证券法第27A条(“证券法”)和修订后的1934年证券交易法(“交易法”)第21E节的前瞻性陈述。这些陈述包括但不限于与阿波罗对其业务表现、流动性和资本资源的预期有关的讨论，以及讨论和分析中的其他非历史性陈述。这些前瞻性陈述是基于管理层的信念，以及管理层所做的假设和目前可获得的信息。在本报告中使用的“相信”、“预期”、“估计”、“预期”、“打算”、“目标”或未来或条件动词，如“将”、“应该”、“可能”或“可能”，以及这些词语和类似表达的变体，旨在识别前瞻性陈述。尽管管理层认为这些前瞻性陈述中反映的预期是合理的，但它不能保证这些预期将被证明是正确的。这些陈述受某些风险、不确定性和假设的影响，包括与通货膨胀、利率波动和市场状况有关的风险，能源市场混乱的影响，我们管理增长的能力，我们在竞争激烈的环境中运营的能力，我们管理的基金的表现，我们筹集新资金的能力，我们收入、收益和现金流的可变性，管理层假设和估计的准确性，我们对某些关键人员的依赖，我们使用杠杆为我们的业务和我们管理的基金的投资融资，雅典娜保持或改善财务实力评级的能力，雅典娜的再保险公司未能履行其承担的义务的影响、雅典娜在高度监管的行业中管理其业务的能力、我们监管环境和税收状况的变化以及诉讼风险等。我们相信，这些因素包括但不限于本季度报告中“风险因素”一节以及公司于2024年2月27日提交给美国证券交易委员会(“美国证券交易委员会”)的10-k表格年度报告(“2023年年报”)中所描述的那些因素，因为此类因素可能会在我们提交给美国证券交易委员会的定期报告中不时更新，可在美国证券交易委员会网站www.sec.gov上查阅。这些因素不应被解释为详尽无遗，应与本报告和我们提交给美国证券交易委员会的其他文件中包含的其他警示声明一起阅读。我们没有义务公开更新任何前瞻性陈述，无论是由于新信息、未来发展还是其他原因，除非适用法律要求。

本报告中使用的术语

在本报告中，提及的“Apollo”、“我们”、“我们的”和“公司”是指Apollo Global Management，Inc.。（“年度股东大会”）及其子公司，除非文意另有所指。提及的“年度股东大会普通股”或公司“普通股”是指年度股东大会的普通股，每股面值0.00001美元，“强制性可转换优先股”是指年度股东大会的6.75%系列A强制性可转换优先股。

本报告中使用的任何定义的术语都指的是一个以上的实体、个人、证券或其他物品，这仅仅是为了方便参考，绝不意味着这些实体、个人、证券或其他物品是一个难以区分的群体。例如，尽管在本报告中使用了定义术语“阿波罗”、“我们”、“我们”和“公司”来指代年度股东大会及其子公司，但年度股东大会的每个子公司都是独立的法律实体，独立于年度股东大会及其任何其他子公司。本文提及的任何年度股东大会实体(包括任何雅典娜实体)均对其自身的财务、合同和法律义务负责。

术语或首字母缩写			定义
AAA级			Apollo Aligned Alternatives Aggregator，LP
AADE			雅典娜年金和人寿保险公司
AAIA			雅典娜年金和人寿公司
AAM			阿波罗资产管理公司（f/k/a Apollo Global Management，Inc.合并之前。）
Aare			Athene Annuity Re Ltd.，百慕大再保险子公司
ABS			资产支持证券
雅阁+			阿波罗雅阁+基金，LP，以及其平行基金和另类投资工具
Accord+ II			阿波罗雅阁+ II基金，LP，以及其平行基金和另类投资工具
雅阁一			阿波罗雅阁主基金，LP，连同其支线基金
协议II			阿波罗雅阁主基金II，LP，连同其支线基金
协议ⅲ			阿波罗雅阁主基金III，LP，连同其支线基金
协议III B			阿波罗雅阁主基金III b，LP，连同其支线基金
协议四			阿波罗雅阁基金IV，LP，以及其平行基金和另类投资工具
雅阁五			阿波罗雅阁基金V，LP，以及其平行基金和另类投资工具

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目录表

协议六			阿波罗雅阁基金VI，LP，以及其平行基金和另类投资工具
雅阁基金			协议一、协议二、协议三、协议三b、协议四、协议五和协议六
雅阁+基金			Accord+和Accord+ II
ACRA			ACRA 1和ACRA 2
ACRA 1			雅典娜共同投资再保险附属控股有限公司，连同其附属公司
ACRA 2			雅典娜联合投资再保险附属控股2有限公司，连同其附属公司
ADCF			阿波罗多元化信贷基金
ADIP			ADIP I和ADIP II
ADIP I			阿波罗/雅典娜专用投资计划（A），LP，Apollo管理的一系列基金及其平行基金，包括第三方资本，该基金通过ACRA 1与Athene一起投资某些投资
ADIP II			阿波罗/雅典娜专用投资计划II，LP，由Apollo管理的基金，包括第三方资本，该基金通过ACRA 2与Athene一起投资某些投资
调整后净利润已发行股份，或ANI已发行股份			由已发行普通股股份总数、参与股息的RSU以及假设在转换强制性可转换优先股股份后可发行的普通股股份组成
ADref			阿波罗多元化房地产基金
广告			阿波罗债务解决方案BDS
AFS			可供出售
船尾			阿波罗高级浮动利率基金公司
AIF			阿波罗战术收益基金公司
AIOF I			Apollo Infra Equity US Fund，LP和Apollo Infra Equity International Fund，LP包括其支线基金和另类投资工具
AIOF II			阿波罗基础设施机会基金II，LP，以及其平行基金和另类投资工具
AIOF III			阿波罗基础设施机会基金III，LP，以及其平行基金和另类投资工具
ALRe			雅典娜人寿保险有限公司，百慕大再保险子公司
另类投资			另类投资，包括投资基金、VIE和某些股权证券，因其基本特征
AMH			Apollo Management Holdings，L.P.，特拉华州的一家有限合伙企业，是AGM的间接子公司
ANRP I			阿波罗自然资源合伙公司及其另类投资工具
ANRP II			Apollo Natural Resources Partners II，L.P.及其另类投资工具
ANRP III			Apollo Natural Resources Partners III，L.P.及其平行基金和另类投资工具
AOCI			累计其他综合收益(亏损)
AOG单价支付			于2021年12月31日，阿波罗营运集团(“AOG单位”)(雅典娜及本公司除外)的单位持有人将该等AOG单位的一部分出售及转让予本公司的全资综合附属公司APO Corp.，换取的金额相当于3.66美元乘以该等持有人于紧接交易前持有的AOG单位总数。
阿波罗基金、我们的基金和对我们管理的基金的引用			阿波罗子公司为其提供投资管理或咨询服务的基金(包括平行基金和这类基金的另类投资工具)、合伙企业、账户，包括战略投资账户或“SIAs”、另类资产公司和其他实体。
阿波罗运营组			(I)我们目前通过其经营资产管理业务的实体，以及(Ii)一个或多个实体，其目的是(除其他活动外)持有我们在基金的本金投资的某些收益或损失，我们将其称为我们的“本金投资”。
阿里			阿波罗商业房地产金融公司。
Aris			阿波罗房地产收入解决方案公司，由Apollo管理的非交易房地产投资信托

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目录表

管理下的资产，或AUM			Apollo向其提供投资管理、咨询或某些其他投资相关服务的基金、合伙企业和账户的资产，包括但不限于此类基金、合伙企业和账户根据资本承诺有权向投资者募集的资本。我们的AUM等于： 1.我们为其提供投资管理或咨询服务的信贷和某些股权基金、合伙企业和账户的资产净值，加上已使用或可用的杠杆和/或资本承诺，或总资产加上资本承诺，但某些CLO、CDO和某些永久资本工具除外，其收费基础不同于标的资产的市值；对于某些永久资本工具，信贷中的资产总额加上可用的融资能力； 2.阿波罗管理或咨询的股权和某些信贷资金、合伙企业和账户的投资的公允价值，加上这些基金、合伙企业和账户根据资本承诺有权向投资者募集的资本，以及投资组合层面的融资； 3.与阿波罗管理或提供咨询的投资组合公司的再保险投资有关的总资产价值；以及 4.阿波罗为其提供投资管理、咨询或某些其他与投资有关的服务的基金、合伙企业和账户所管理或提供咨询的任何其他资产的公允价值，以及未使用的信贷安排，包括对此类基金、合伙企业和账户的资本承诺，以及在投资前可能需要资格预审或其他条件的投资，以及对此类基金、合伙企业和账户的任何其他可供投资的资本承诺，但不包括在上述条款中。 阿波罗的AUM指标包括阿波罗象征性收费或零收费的管理资产。阿波罗的AUM指标还包括阿波罗没有投资自由裁量权的资产，包括阿波罗只赚取与投资相关的服务费、而不是管理或咨询费的某些资产。Apollo对AUM的定义不是基于其管理文件或Apollo管理的基金的任何管理协议中所载的管理下资产的任何定义。阿波罗考虑了多种因素，以确定应该在其AUM定义中包括什么。这些因素包括但不限于(1)阿波罗影响现有和可用资产投资决策的能力；(2)阿波罗从其管理的基金中的标的资产产生收入的能力；以及(3)阿波罗内部使用或相信其他投资经理使用的AUM衡量标准。鉴于其他另类投资管理公司的投资策略和结构不同，Apollo对AUM的计算可能与其他投资管理公司采用的计算方法不同，因此，这一衡量标准可能无法与其他投资管理公司提出的类似衡量标准直接比较。阿波罗的计算也与其在美国证券交易委员会注册的关联公司在Form ADV和Form PF上以各种方式报告“管理下的监管资产”的方式不同。 阿波罗使用AUM、总资本部署和干粉作为其投资活动的业绩衡量标准，并监测与专业资源和基础设施需求相关的基金规模。
雅典娜			雅典娜控股有限公司(“雅典娜控股”或“AHL”，连同其子公司“雅典娜”)，是一家专业从事退休服务的领先金融服务公司，发行、再保险和收购退休储蓄产品，专为寻求为退休需求提供资金的越来越多的个人和机构而设计，阿波罗通过其合并子公司ISG向其提供资产管理和咨询服务。
阿索拉			Athora Holding，Ltd.(“Athora Holding”，及其子公司“Athora”)，这是一个战略责任平台，收购或再保险德国和更广泛的欧洲人寿保险市场的大量保险业务(统称为“Athora Account”)。阿波罗通过ISGI向Athora提供投资咨询服务。Athora非次级咨询资产包括由Apollo管理但不由Apollo提供次级咨询，也不投资于Apollo基金或投资工具的Athora资产。Athora Sub-Advised包括本公司明确建议的资产，以及Athora账户中直接投资于Apollo管理的基金和投资工具的资产。
Atlas			AAA的股权投资，指阿特拉斯证券化产品控股有限公司的某些子公司
具有未来管理费潜力的AUM			承诺的未投资资本部分，目前没有赚取管理费。金额取决于每个基金的具体条款和条件。
AUSA			雅典娜美国公司
百慕大红细胞			Athene的非美国再保险子公司的基于风险的资本比率使用百慕大资本计算，并在总体基础上应用NAIC基于风险的资本因素。调整的目的是(1)排除Athene的美国RBC比率中包含的美国子公司，以及(2)限制RBC浓缩费用，使其在用于确定目标资本时，费用不超过资产账面价值的100%。
BMA			百慕大金融管理局
资本解决方案费用和其他，净额			主要包括我们的资本解决方案业务（我们称之为Apollo Capital Solutions（“ACS”））赚取的交易费，该业务涉及债务和股权证券的承销、结构、安排和放置，以及Apollo管理的基金的辛迪加、Apollo管理的基金的投资组合公司以及第三方。资本解决方案费用和其他净费用还包括持续监控投资组合运营的咨询费和董事费用。这些费用还包括某些抵消金额，包括与已确认费用的一定比例相关的管理费减少（“管理费抵消”）以及其他额外的收入分享安排。
CDO			债务抵押债券
A类股			合并前AAm的A类普通股，每股面值0.00001美元。

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目录表

CLO			抵押贷款债券
CMBS			商业抵押贷款支持证券
CML			商业按揭贷款
贡献合作伙伴			间接实益拥有AOG部门的合伙人及其关联方(我们的联合创始人Leon Black、Joshua Harris和Marc Rowan先生除外)。
合并的RBC			Athene非美国再保险子公司和美国保险子公司的综合基于风险的资本比率，通过汇总美国RBC和百慕大RBC计算得出。
资金成本			资金成本包括与两种递延年金的贷记成本相关的负债成本，包括Athene的固定指数年金、期权成本和与机构产品相关的机构成本，以及其他负债成本，但不包括与非控股权益相关的资金在ACRA成本中的比例份额。其他负债成本包括DAC、DSI和VOBA摊销、某些市场风险收益成本、递延年金和机构产品以外产品的负债成本、保费以及某些产品费用和其他收入。Athene包括通过假设的再保险交易增加的与业务相关的成本，但不包括与放弃的再保险交易相关的业务成本。资金成本的计算方法为总负债成本除以有关期间的平均投资资产净额，中期按年率列报。
信用策略			Apollo Credit Strategy Master Fund Ltd.及其支线基金
政务司司长			瑞士信贷股份公司
发援会			递延收购成本
递延年金			固定指数化年金、年度重置年金、多年期保证年金和登记指数挂钩年金
干粉			根据适用的有限合伙协议或我们管理的基金、合伙企业和账户的其他管理协议的规定，可用于投资或再投资的资本额。干粉不包括只能要求基金费用和支出的未催缴承诺，以及永久资本工具的承诺。
DSI			延期销售诱因
EPF基金			阿波罗欧洲信安金融基金，L.P.，阿波罗欧洲信安金融基金II(美元A)，L.P.，EPF III和EPF IV，及其平行基金和另类投资工具
EPF III			阿波罗欧洲信安金融基金III(美元A)，L.P.及其平行基金和另类投资工具
EPF IV			阿波罗欧洲信安金融基金IV(美元A)，L.P.及其平行基金和另类投资工具
股权计划			统称为公司2019年综合股权激励计划和公司2019年房地产规划车辆综合股权激励计划。
FABN			融资协议支持的票据
FASB			财务会计准则委员会
FCI基金			金融信用投资I，L.P.，金融信用投资II，L.P.及其支线基金，金融信用投资基金III L.P.，金融信用投资IV，L.P.及其支线基金，以及阿波罗/雅典娜专用投资计划(A)，L.P.及其平行基金，由阿波罗管理的一系列基金，包括通过ACRA与雅典娜一起投资于某些投资的第三方资本
产生费用的AUM			产生费用的AUM包括我们向其提供投资管理、咨询或某些其他投资相关服务的基金、合伙企业和账户的资产，我们根据管理或其他收费协议赚取管理费、监管费或其他与投资相关的费用，其基础因阿波罗基金、合伙企业和账户而异。管理费通常基于“资产净值”、“总资产”、“调整后的面值资产”、“所有未实现组合投资的调整成本”、“资本承诺”、“调整后的资产”、“股东权益”、“投资资本”或“资本出资”，每一项都在适用的管理协议中定义。关于我们管理或建议的基金、合伙企业和账户的结构性投资组合公司投资的监管费，也称为咨询费，通常基于此类结构性投资组合公司投资的总价值，通常包括杠杆，减去已在产生费用的AUM中考虑的此类总价值的任何部分。
手续费相关收益，或FRE			用于评估资产管理分部业绩的分部收入组成部分。FRE是以下各项的总和：（i）管理费，（ii）资本解决方案和其他相关费用，（iii）来自无限期工具的费用相关绩效费，按经常性计算和收取，不取决于基础投资的实现事件，不包括Athene的绩效费和来自依赖资本增值的发起平台的绩效费，以及（iv）其他净收入，减去（a）与费用相关的报酬，不包括基于股权的报酬，（b）正常业务过程中产生的非报酬费用，（c）安置费和（d）公司管理的某些基金的管理公司的非控股权益。
国际汽联			固定指数年金，是一种保险合同，根据指定指数在递延税基础上按抵免利率赚取利息
固定年金			国际汽联和固定利率年金

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前管理合伙人			里昂·布莱克、约书亚·哈里斯和马克·罗文三人合称，当提及持有阿波罗或美联社专业控股公司的权益时，L.P.包括这些个人的某些关联方
自由母公司控股			自由母公司控股公司，L.P.
总资本部署			我们管理的基金和账户在相关期间投资的总资本，但不包括主要与公司的套期保值和现金管理职能有关的某些投资活动。总资本部署不会因销售或再融资而减少或减记，并考虑到我们管理的基金和账户在获得对其所做各种投资的敞口时所使用的杠杆。
GLWB			有保障的终身提款福利
GMDB			保障的最低死亡抚恤金
ACCORD系列、ADIP基金和欧洲主要金融基金的总内部收益率			在扣除管理费、分配给普通合伙人的绩效费用和某些其他费用之前，基于所有累积基金现金流的实际时间的年化回报。计算可能包括某些不支付费用的投资者。终端价值是截至报告日期的资产净值。非美元计价(“美元”)基金现金流和剩余价值按报告日期的即期汇率折算为美元。此外，由于投资者层面的资金流入和流出的时间等因素，基金层面的总内部收益率将不同于个人投资者层面的总内部收益率。总内部回报率并不代表任何基金投资者的回报。
传统私募股权或混合价值基金的总内部收益率			与投资有关的累积现金流(I)就作出该项投资的一项或多於一项基金而言，及(Ii)就一项特定基金本身(而非该基金的任何一名投资者)而言，在每种情况下，均按投资流入及流出的实际时间(假设处置日期为2024年9月30日或其他指明日期的未实现投资)按季汇总，而回报则按年计算，并在扣除管理费前以复利计算。绩效费用和某些其他费用(包括基金本身产生的利息)衡量的是基金投资的整体回报，而不考虑是否所有回报在分配后都将支付给基金的投资者。此外，由于投资者层面的资金流入和流出的时间等因素，基金层面的总内部收益率将不同于个人投资者层面的总内部收益率。总内部回报率并不代表任何基金投资者的回报。
基础设施资金的总内部收益率			基金本身(而非基金的任何一位投资者)与投资有关的累积现金流，以现金流入和流出的实际时间为基础(对于假设在2024年9月30日或其他指定日期处置的未实现投资)，收益在管理费、绩效费用和某些其他费用(包括基金本身产生的利息)之前按年化和复利计算，并衡量基金投资的整体收益，而不考虑是否所有收益如果分配给基金的投资者。非美元资金现金流和剩余价值按报告日期的即期汇率折算为美元。此外，由于投资者层面的资金流入和流出的时间等因素，基金层面的总内部收益率将不同于个人投资者层面的总内部收益率。总内部回报率并不代表任何基金投资者的回报。
霍尔德科			阿波罗全球管理公司(Apollo Global Management，Inc.)
暖通空调I			阿波罗混合价值基金及其平行基金和另类投资工具
暖通空调II			阿波罗混合价值基金II，L.P.及其平行基金和另类投资工具
流入			(I)在单个战略层面，认购、承诺和其他可用资本增加，如收购或杠杆，扣除战略间转移的净额，以及(Ii)在总体基础上，信贷和股权投资战略的资金流入总和。
首次公开募股(IPO)			首次公开募股
ISG			阿波罗保险解决方案集团有限公司
ISGI			统称为AAME的子公司Apollo Asset Management Europe LLP和AAME的全资子公司Apollo Asset Management PC LLP
管理费冲抵			根据某些基金的有限合伙协议的条款，基金应支付的管理费可在扣除适用的违约交易成本后，按此类咨询费和交易费的某个百分比进行扣减。
市场风险收益			有保障的终身退休津贴和有保障的最低死亡津贴
合并			根据合并协议完成先前公布的合并交易
合并协议			截至2021年3月8日，AAM、AGM、AHL、百慕大豁免公司Blue Merger Sub，Ltd.和特拉华州公司Green Merger Sub，Inc.之间的合并协议和计划。
合并日期			2022年1月1日
MFIC			Midcap Financial Investment Corporation（不属于Apollo Investment Corporation或“AIGN”）
中型金融			Midcap FinCo LLC（不属于Midcap FinCo指定活动公司）
莫德科			修改后的共同保险
NAIC			全国保险监理员协会
NAV			资产净值

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投资净资产			代表直接支持雅典娜的净储备负债和盈余资产的投资。净投资资产包括Athene的(A)简明综合财务状况表上的总投资，包括可供出售的证券、按成本或摊销成本计算的买卖证券及按揭贷款(不包括衍生工具)、(B)现金及现金等价物及限制性现金、(C)对关联方的投资、(D)应计投资收益、(E)VIE资产、负债及非控股权益调整、(F)投资应付款项及应收账款净额、(G)出售的保单贷款(抵销总投资中的直接保单贷款)及(H)信贷损失拨备的调整。净投资资产不包括抵销相关现金头寸的衍生抵押品。Athene包括支持假定预扣资金和modco协议的投资，不包括与割让的再保险交易有关的投资，以便使资产与收到的收入相匹配。净投资资产包括Athene对ACRA投资的经济所有权，但不包括与非控股权益相关的投资。
净投资收益率			按Athene的投资净资产收入计算，不包括与非控股权益相关的ACRA净投资收入的比例份额，除以相关期间的平均投资资产净额，按年率在中期列报。
净投资利差			净投资利差衡量的是Athene的投资业绩加上其战略资本管理费减去其总资金成本，在中期按年率列报。
ACCORD系列基金、ADIP基金和欧洲主要金融基金的净内部收益率			基金在扣除管理费、分配给普通合伙人的绩效费用和某些其他费用后的年化回报，计算依据的是支付这些费用的投资者。终端价值是截至报告日期的资产净值。非美元资金现金流和剩余价值按报告日期的即期汇率折算为美元。此外，由于投资者层面的资金流入和流出的时机等因素，基金层面的净内部收益率将与个人投资者层面的不同。净内部收益率并不代表任何基金投资者的回报。
传统私募股权或混合价值基金的净内部收益率			适用于基金的总内部收益率，包括关联方可能不支付费用或业绩费用的回报，扣除管理费、某些费用(包括基金本身产生或赚取的利息)和已实现业绩费用，全部抵消利息收入，并衡量基金层面的回报，如分配给基金投资者，将支付给基金投资者。适用于投资、管理费和某些费用的现金流的时间可以根据基金认购机制的使用情况进行调整。如果基金超过适用基金协议中详细说明的所有要求，则对估计的未实现价值进行调整，以便将高达20.0%的未实现收益的百分比分配给该基金的普通合伙人，从而减少基金投资者应占的余额。此外，由于投资者层面的资金流入和流出的时机等因素，基金层面的净内部收益率将与个人投资者层面的不同。净内部收益率并不代表任何基金投资者的回报。
基础设施资金净内部收益率			基金(而非基金的任何一位投资者)的累计现金流量，是根据基金投资者收到的现金流入和现金流出的实际时间(假设截至报告日期或其他指定日期的结束资产净值支付给投资者)计算的，不包括某些非手续费和非履约费承担方，收益是在扣除管理费、绩效费用和某些其他费用(包括基金本身发生的利息)后按年计算和复利的，并衡量基金整体投资者的回报。非美元资金现金流和剩余价值按报告日期的即期汇率折算为美元。此外，由于投资者层面的资金流入和流出的时机等因素，基金层面的净内部收益率将与个人投资者层面的不同。净内部收益率并不代表任何基金投资者的回报。
准备金负债净额			代表雅典娜的投保人责任义务，扣除再保险，用于分析其负债的成本。准备金负债净额包括Athene的(A)对利息敏感的合同负债，(B)未来保单收益，(C)市场风险净收益，(D)长期回购义务，(E)应付给投保人的股息和(F)其他保单索赔和收益，由可收回的再保险抵消，不包括放弃的保单贷款。准备金负债净额包括Athene对ACRA准备金负债的经济所有权，但不包括与非控股权益相关的准备金负债。准备金负债净额是扣除转让给第三方再保险公司的负债后的净额，因为负债的成本被转嫁给此类再保险公司，因此，假设其再保险交易对手根据协议履行义务，Athene对此类负债没有净经济敞口。准备金负债净额包括通过modco再保险协议承担的基础负债，以便使负债与所发生的费用相匹配。
非收费AUM			不产生管理费或监控费的AUM。这一措施一般包括以下内容： (1)根据投资资本赚取管理费的基金的公允价值高于投资资本； (ii)与普通合伙人和共同投资利益相关的净资产价值; (iii)未使用的信贷设施; (iv)对那些产生投资资本管理费的基金的可用承诺; (v)不会产生监控费用的结构性投资组合公司投资;以及 (vi)根据净资产价值赚取管理费的基金的总资产和净资产价值之间的差异。
纽约UBT			纽约市非法人营业税

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起源			指(I)由阿波罗的股权及信贷策略投资于新的股权、债务或类似债务的投资的资本(不论是由阿波罗管理的基金及账户购买，或联合向第三方购买)，而阿波罗或阿波罗的其中一个发起平台已获取、协商或重大影响投资的商业条款；(Ii)通过债务发行形成的新资本池，包括CLO；及(Iii)由我们管理的基金及账户净买入某些我们认为是私人的、流动性差的及难以取得的资产，而以其他方式管理的资金及账户可能无法有意义地取得该等资产。发端一般不包括我们管理的基金的投资组合公司发行的任何债务或类似债务的投资。
主要投资部门内的其他运营费用			在正常业务过程中发生的费用，包括与管理业务有关的非补偿费用的分配。
退休服务部门的其他运营费用			在正常业务过程中产生的费用，包括补偿和非补偿费用，不包括与非控股权益相关的ACRA运营费用的比例份额。
支出年金			目前现金支付部分的年金，主要包括单一保费即时年金、补充合同和结构性结算。
PCD			购买的信用恶化投资
绩效分配、绩效费用、绩效收入、激励费用和激励收入			由阿波罗管理的基金授予阿波罗的权益，使阿波罗有权获得基于该基金或其基础投资业绩的分配、分配或费用。
符合绩效费用条件的AUM			这可能最终会产生绩效费用。我们有权获得绩效费用分配或奖励费用的所有基金都包括在符合绩效费用资格的AUM中，该AUM包括以下内容： (1)“产生绩效收费的资产管理”，是指我们管理、提供咨询或我们向其提供某些其他与投资有关的服务的基金、合伙企业和账户的投资资本，目前该等基金、合伙企业和账户的投资资本高于该基金、合伙企业和账户的最高回报率或优先回报率，并且这些基金、合伙企业和账户的利润正在根据适用的有限合伙协议或其他管理协议分配给普通合伙人或由普通合伙人赚取； (2)“目前未产生绩效费用的资产管理”，是指我们管理、提供咨询或提供某些其他投资相关服务的基金、合伙企业和账户的投资资本，目前低于其门槛利率或优先回报；以及 (Iii)“未投资的符合履约费资格的资产管理公司”，指我们管理、建议或提供某些其他投资相关服务的基金、合伙企业及账户的资本，可供投资或再投资，但须符合适用的有限合伙协议或其他管治协议的规定，而该等资本目前并非资产净值或公允价值投资的一部分，而该等投资最终可能产生可分配予普通合伙人或由普通合伙人赚取的履约费。
永久资本			由某些工具管理的资产具有无限期，只有在某些条件下或受某些限制，包括满足规定的持有期或在特定期间内可赎回的金额的百分比限制，才可撤回该等资产。在某些情况下，我们与永续资本工具的投资管理、咨询或其他服务协议可能会被终止。
本金投资收益，简称PII			部门收入的组成部分，用于评估主要投资部门的业绩。就本金投资分部而言，PII为(I)已实现绩效费用，包括以股权形式收到的若干变现，(Ii)已实现投资收入减去(X)已实现本金投资薪酬支出，不包括与股权薪酬相关的支出，以及(Y)某些公司薪酬和非薪酬支出的总和。
本金投资补偿			已实现绩效薪酬，与投资收益和股息相关的分配，包括与经营管理相关的某些薪酬费用的分配。
政策性贷款			根据投保人的保单条款向投保人提供的贷款，并以投保人的保单为担保。
已实现价值			相关Apollo基金收到的所有现金投资收益，包括利息和股息，但不适用于该Apollo基金应支付的管理费、支出、激励性薪酬或绩效费用。
雷丁岭			Redding Ridge Asset Management，LLC及其子公司，这是根据风险保留规则建立的独立、自我管理的资产管理业务，管理CLO并保留所需的风险保留权益。
雷丁岭控股			雷丁岭控股有限公司
剩余成本			基金在有价证券投资中的初始投资，为该有价证券投资迄今分配的任何资本的回报而减少。
RMBS			住房贷款抵押证券
RML			住宅按揭贷款
RSU			限售股单位
Sia			战略投资账户
SPAC			特殊目的收购公司

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利差相关收益，或SRE			分部收入的一部分，用于评估退休服务部门的业绩，不包括某些市场波动性，包括投资收益(亏损)、保险负债和相关衍生品的抵销和非营业变化净额，以及与整合、重组、基于股权的补偿和其他费用有关的某些费用。对于退休服务部门，SRE等于(I)Athene净投资资产的净投资收益和(Ii)从为他人管理的业务中收到的管理费减去(X)资金成本，(Y)不包括基于股权的薪酬的运营费用和(Z)融资成本，包括支付给Athene优先股股东的利息支出和优先股息(如果有)。
剩余资产			超过雅典娜投保人义务的资产，根据适用住所司法管辖区的法定会计原则确定。
应收税金协议			APO公司、前管理合伙人、出资合伙人和其他当事人之间签订的应收税款协议
总投资资本			相关阿波罗基金投资的现金总额，包括与投资活动有关的资本化成本(如有)，但不包括待投资现金或可用于储备的现金，不包括以杠杆融资方式投资的金额(如有
总价值			投资的全部已实现价值和未实现价值之和
传统私募股权基金			Apollo Investment Fund I，L.P.(“Fund I”)、AIF II，L.P.(“Fund II”)、AIF II，L.P.(“Fund II”)、Apollo Investment Fund III，L.P.(连同其平行基金“Fund III”)、Apollo Investment Fund IV，L.P.(连同其平行基金“Fund IV”)、Apollo Investment Fund V，L.P.(连同其平行基金和另类投资工具，“Fund V”)，阿波罗投资基金VI(连同其平行基金及另类投资工具，“基金VI”)、阿波罗投资基金VII，L.P.(连同其平行基金及另类投资工具，“基金VII”)、阿波罗投资基金，L.P.(连同其平行基金及另类投资工具，“基金”)、阿波罗投资基金IX，L.P.(连同其平行基金及另类投资工具，“基金IX”)及阿波罗投资基金X，L.P.(连同其平行基金和另类投资工具，“基金X”)。
美国公认会计原则			美国公认会计原则
美国RBC			AADE的CAL RBC比率，AADE是Athene的母公司，在2024年10月11日与AAIA合并并并入AAIA之前
美国财政部			美国财政部
未实现价值			对于尚未变现的投资，公允价值与根据公认会计原则确定的估值一致，可能包括实物付款、应计利息和应收股息(如有)以及某些税项生效前的应收股息。此外，金额包括某些投资的承诺金额和资金金额。
尊者			尊者控股公司，连同其附属公司
VIAC			尊者保险和年金公司
VIE			可变利息实体
酿造年份			基金最终融资发生的年份，或者对于某些基金来说，基金生效日期的年份或基金根据其管理协议投资期开始的年份。
VOBA			收购的业务价值
WAccess			加权平均资金成本

10

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目录表

第一部分-财务信息

第1项。 财务报表

简明合并财务报表索引（未经审计）

			简明综合财务状况表（未经审计）						12
			简明综合业务报表(未经审计)						14
			简明综合全面收益（亏损）表（未经审计）						15
			简明合并权益表（未经审计）						16
			简明合并现金流量表(未经审计)						18
			简明合并财务报表附注(未经审计)						21
						注1.组织			21
						附注2.主要会计政策摘要			21
						说明3.投资			23
						说明4.衍生物			33
						说明5.可变利益实体			37
						说明6.公平值			40
						说明7.递延收购成本、递延销售诱因和所收购业务价值			64
						说明8.长期合同			65
						说明9.应付利润分成			72
						说明10.所得税			72
						注11。债务			74
						说明12.基于股权的薪酬			77
						注13。股权			78
						注14。每股收益			84
						说明15.关联方			85
						说明16.承诺和意外情况			89
						说明17.段			94
						注18。后续事件			98

---

目录表

阿波罗全球管理公司。

浓缩合并财务状况报表（未经审计）

(单位：百万，共享数据除外)			自.起 2024年9月30日						自.起 2023年12月31日
资产
资产管理
现金及现金等价物			$	2,666					$	2,748
受限现金和现金等价物			3						2
投资			5,860						5,502
合并可变利益实体的资产
现金及现金等价物			102						62
投资			2,353						1,640
其他资产			124						177
关联方应缴款项			572						449
商誉			264						264
其他资产			2,512						2,331
			14,456						13,175
退休服务
现金及现金等价物			13,587						13,020
受限现金和现金等价物			964						1,761
投资			257,776						213,099
对关联方的投资			27,991						25,842
合并可变利益实体的资产
现金及现金等价物			305						98
投资			21,792						20,232
其他资产			192						110
可追讨的再保险			7,454						4,154
递延收购成本、递延销售诱因和所收购业务价值			6,971						5,979
商誉			4,071						4,065
其他资产			13,130						11,953
			354,233						300,313
总资产			$	368,689					$	313,488
									(续)
见未经审计简明综合财务报表附注。

12

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目录表

阿波罗全球管理公司。

浓缩合并财务状况报表（未经审计）

(单位：百万，共享数据除外)			自.起 2024年9月30日						自.起 2023年12月31日
负债、可赎回非控股权益和股权
负债
资产管理
应付账款、应计费用和其他负债			$	3,908					$	3,338
因关联方的原因			709						870
债务			4,082						3,883
合并可变利益实体的负债
其他负债			1,021						1,145
			9,720						9,236
退休服务
利息敏感合同负债			245,436						204,670
未来的政策好处			52,962						53,287
市场风险收益			4,402						3,751
债务			5,725						4,209
回购衍生品和证券抵押品的发票			7,952						7,536
其他负债			9,597						4,456
合并可变利益实体的负债
其他负债			1,354						1,098
			327,428						279,007
总负债			337,148						288,243
承诺和或有事项（注16）
可赎回的非控股权益
可赎回的非控股权益			15						12
股权
强制可转换优先股， 28,749,765 和 28,750,000 分别截至2024年9月30日和2023年12月31日已发行和发行股票			1,398						1,398
普通股，$0.00001面值，90,000,000,000 授权股份， 565,816,456 和 567,762,932 分别截至2024年9月30日和2023年12月31日已发行和发行股票			—						—
额外实收资本			15,073						15,249
留存收益(累计亏损)			4,865						2,972
累计其他综合收益(亏损)			(3,473)						(5,575)
道达尔阿波罗全球管理公司股东权益			17,863						14,044
非控制性权益			13,663						11,189
总股本			31,526						25,233
负债总额、可赎回非控股权益和股权			$	368,689					$	313,488
									(结束语)
见未经审计简明综合财务报表附注。

13

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目录表

阿波罗全球管理公司。

简明合并业务报表(未经审计)

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万，不包括每股数据)			2024						2023						2024						2023
收入
资产管理
管理费			$	476					$	462					$	1,376					$	1,328
咨询和交易费，净额			181						157						617						482
投资收益(亏损)			230						292						910						882
奖励费			35						18						108						59
			922						929						3,011						2,751
退休服务
保费			389						26						1,163						9,163
产品费用			267						217						756						622
净投资收益			4,101						3,166						11,481						8,726
投资相关收益（损失）			1,539						(2,624)						3,082						(1,193)
合并可变利益实体的收入			552						318						1,329						946
其他收入			3						563						9						583
			6,851						1,666						17,820						18,847
总收入			7,773						2,595						20,831						21,598
费用
资产管理
薪酬和福利			605						557						1,876						1,743
利息开支			55						36						159						98
一般、行政和其他			326						220						885						643
			986						813						2,920						2,484
退休服务
利息敏感合同福利			2,599						333						7,307						3,634
未来政策和其他政策福利			793						368						2,431						10,346
市场风险有利于重新衡量（收益）损失			524						(441)						354						(166)
递延收购成本、递延销售诱因和所收购业务价值摊销			244						211						678						502
政策和其他运营费用			670						467						1,601						1,356
			4,830						938						12,371						15,672
总费用			5,816						1,751						15,291						18,156
其他收入（损失）-资产管理
投资活动净收益(亏损)			15						(32)						33						(14)
合并可变利益实体投资活动的净收益（损失）			44						49						70						95
其他收入(亏损)，净额			70						22						68						102
其他收入（损失）总额			129						39						171						183
所得税前收入（损失）（拨备）福利			2,086						883						5,711						3,625
所得税(拨备)优惠			(317)						(243)						(1,000)						(697)
净收益(亏损)			1,769						640						4,711						2,928
归属于非控股权益的净（收入）亏损			(958)						42						(1,620)						(637)
Apollo Global Management，Inc.应占净利润（亏损）			811						682						3,091						2,291
优先股股息			(24)						(22)						(73)						(22)
Apollo Global Management，Inc.应占净利润（亏损）普通股股东			$	787					$	660					$	3,018					$	2,269
每股收益(亏损)
归属于普通股股东的净利润（损失）-基本			$	1.30					$	1.10					$	4.96					$	3.77
归属于普通股股东的净利润（损失）-稀释			$	1.29					$	1.10					$	4.94					$	3.75
加权平均流通股-基本			585.4						578.8						586.9						580.6
加权平均流通股-稀释			588.5						578.8						589.9						581.6
见未经审计简明综合财务报表附注。

14

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目录表

阿波罗全球管理公司。

综合收入（损失）的简明综合报表（未经审计）

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
净收益(亏损)			$	1,769					$	640					$	4,711					$	2,928
税前其他全面收益(亏损)
可供出售证券的未实现投资收益（损失）			5,477						(3,155)						3,760						(1,767)
对冲工具未实现收益（损失）			221						(213)						229						(280)
与贴现率相关的未来政策收益的重新测量收益（损失）			(2,263)						1,317						(832)						1,328
与信用风险相关的市场风险收益的重新测量收益（损失）			(93)						(254)						(87)						(220)
外币兑换和其他调整			61						(34)						22						(1)
税前其他综合收益（亏损）			3,403						(2,339)						3,092						(940)
与其他全面收益（损失）相关的所得税费用（收益）			682						(476)						634						(175)
其他全面收益(亏损)			2,721						(1,863)						2,458						(765)
综合收益(亏损)			4,490						(1,223)						7,169						2,163
非控股权益应占全面（收益）亏损			(1,332)						199						(1,976)						(635)
Apollo Global Management，Inc.应占综合收益（亏损）			$	3,158					$	(1,024)					$	5,193					$	1,528
见未经审计简明综合财务报表附注。

15

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目录表

阿波罗全球管理公司。

浓缩合并股票报表（未经审计）

			截至2023年9月30日的三个月和九个月
			阿波罗全球管理公司股东
(单位：百万)			普通股						A系列强制可转换优先股						其他内容 已缴入 资本						留存收益(累计亏损)						累计 其他 综合收益(亏损)						阿波罗全数 全球 管理层， Inc. 股东的 权益(赤字)						非控制性 利益						总股本
2023年7月1日的余额			567						$	—					$	14,468					$	153					$	(6,392)					$	8,229					$	8,813					$	17,042
非控股权益权益的其他变化			—						—						—						—						—						—						(95)						(95)
增加可赎回的非控股权益			—						—						(2)						—						—						(2)						—						(2)
与强制性可转换优先股相关发行的股权 提供产品			—						1,397						—						—						—						1,397						—						1,397
与股权薪酬相关的增资			—						—						119						—						—						119						—						119
出资			—						—						—						—						—						—						1,037						1,037
股息/分配			—						(22)						—						(256)						—						(278)						(330)						(608)
与股票奖励普通股发行相关的付款			1						—						9						(22)						—						(13)						—						(13)
股票期权行权			—						—						6						—						—						6						—						6
赎回子公司股权			—						—						(5)						—						—						(5)						(575)						(580)
子公司发行股权			—						—						10						—						3						13						585						598
净收益(亏损)			—						22						—						660						—						682						(45)						637
其他全面收益(亏损)			—						—						—						—						(1,706)						(1,706)						(157)						(1,863)
2023年9月30日的余额			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
2023年1月1日的余额			570						$	—					$	14,982					$	(1,007)					$	(7,335)					$	6,640					$	7,726					$	14,366
非控股权益权益的其他变化			—						—						—						—						—						—						(250)						(250)
增加可赎回的非控股权益			—						—						(17)						(1)						—						(18)						—						(18)
与强制性可转换优先股相关发行的股权 提供产品			—						1,397						—						—						—						1,397						—						1,397
与股权薪酬相关的增资			—						—						364						—						—						364						—						364
出资			—						—						—						—						—						—						1,766						1,766
股息/分配			—						(22)						(239)						(514)						—						(775)						(616)						(1,391)
与股票奖励普通股发行相关的付款			6						—						32						(212)						—						(180)						—						(180)
普通股回购			(8)						—						(538)						—						—						(538)						—						(538)
股票期权行权			—						—						16						—						—						16						—						16
赎回子公司股权			—						—						(5)						—						—						(5)						(575)						(580)
子公司发行股权			—						—						10						—						3						13						585						598
净收益(亏损)			—						22						—						2,269						—						2,291						599						2,890
其他全面收益(亏损)			—						—						—						—						(763)						(763)						(2)						(765)
2023年9月30日的余额			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
(续)

16

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目录表

阿波罗全球管理公司。

浓缩合并股票报表（未经审计）

			截至2024年9月30日的三个月和九个月
			阿波罗全球管理公司股东
(单位：百万)			普通股						A系列强制可转换优先股						其他内容 已缴入 资本						留存收益(累计亏损)						累计 其他 综合收益(亏损)						阿波罗全数 全球 管理层， Inc. 股东的 权益(赤字)						非控制性 利益						总 股权
2024年7月1日余额			570						$	1,398					$	15,319					$	4,376					$	(5,820)					$	15,273					$	13,127					$	28,400
VIE的合并/解除合并			—						—						—						—						—						—						10						10
非控股权益权益的其他变化			—						—						—						—						—						—						2						2
增加可赎回的非控股权益			—						—						(1)						—						—						(1)						—						(1)
与股权薪酬相关的增资			—						—						126						—						—						126						—						126
出资			—						—						—						—						—						—						479						479
股息/分配			—						(24)						—						(277)						—						(301)						(1,293)						(1,594)
与股票奖励普通股发行相关的付款			—						—						13						(21)						—						(8)						—						(8)
普通股回购			(4)						—						(457)						—						—						(457)						—						(457)
股票期权行权			—						—						1						—						—						1						—						1
子公司发行股权			—						—						72						—						—						72						6						78
净收益(亏损)			—						24						—						787						—						811						958						1,769
其他全面收益(亏损)			—						—						—						—						2,347						2,347						374						2,721
2024年9月30日余额			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
2024年1月1日余额			568						$	1,398					$	15,249					$	2,972					$	(5,575)					$	14,044					$	11,189					$	25,233
VIE的合并/解除合并			—						—						—						—						—						—						(40)						(40)
非控股权益权益的其他变化			—						—						—						—						—						—						5						5
与股权交易相关的普通股发行			1						—						84						—						—						84						—						84
增加可赎回的非控股权益			—						—						(2)						—						—						(2)						—						(2)
与股权薪酬相关的增资			—						—						425						—						—						425						—						425
出资			—						—						—						—						—						—						2,481						2,481
股息/分配			—						(73)						—						(815)						—						(888)						(1,954)						(2,842)
与股票奖励普通股发行相关的付款			4						—						24						(310)						—						(286)						—						(286)
普通股回购			(7)						—						(792)						—						—						(792)						—						(792)
股票期权行权			—						—						13						—						—						13						—						13
子公司发行股权			—						—						72						—						—						72						6						78
净收益(亏损)			—						73						—						3,018						—						3,091						1,620						4,711
其他全面收益(亏损)			—						—						—						—						2,102						2,102						356						2,458
2024年9月30日余额			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
(结束语)
见未经审计简明综合财务报表附注。

    

17

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阿波罗全球管理公司。

简明合并现金流量表(未经审计)

			截至9月30日的九个月里，
(单位：百万)			2024						2023
经营活动的现金流
净收益(亏损)			$	4,711					$	2,928
净利润（损失）与经营活动提供的净现金的调整：
基于股权的薪酬			478						422
净投资收益			(1,010)						(958)
投资和衍生品已确认净（收益）损失			(3,607)						318
折旧及摊销			779						586
净投资溢价、折扣和其他的净摊销（增加）			(47)						70
递延的保单获取成本			(1,191)						(1,040)
计入净收益（损失）的其他非现金金额，净额			210						(349)
合并变化			248						(53)
经营资产和负债变化：
基金和VIE购买投资			(4,836)						(4,761)
基金和VIE出售投资的收益			4,738						3,781
利息敏感合同负债			4,948						1,485
未来保单收益、市场风险收益和可收回的再保险			(1,135)						2,917
其他资产和负债，净额			(1,029)						(1,088)
经营活动提供的净现金			$	3,257					$	4,258
投资活动产生的现金流
购买投资和对权益法投资的贡献			$	(3,402)					$	(2,719)
购买可供出售的证券			(63,058)						(24,568)
购买抵押贷款			(19,319)						(14,398)
购买投资基金			(1,895)						(2,221)
购买美国国债			—						(490)
购买衍生工具和其他投资			(2,845)						(5,242)
投资的销售、到期和偿还以及权益法投资的分配			45,089						21,565
其他投资活动，净额			(121)						354
投资活动所用现金净额			$	(45,551)					$	(27,719)
融资活动产生的现金流
债务的发行			$	6,124					$	3,821
偿还债务			(4,494)						(2,769)
赎回子公司股权			—						(575)
普通股回购			(788)						(535)
普通股分红			(815)						(753)
优先股股息			(73)						—
支付给非控股权益的分配			(859)						(596)
非控股权益的贡献			2,476						1,766
分配给可赎回的非控制权益			—						(798)
发行强制性可转换优先股，扣除发行成本			—						1,397
投资型保单和合同的存款			57,013						35,168
投资型保单和合同的提款			(16,054)						(10,229)
子公司向非控股权益发行股权			—						632
衍生品交易和回购证券公布的现金抵押品净变化			416						945
其他筹资活动，净额			(719)						(716)
融资活动提供的现金净额			$	42,227					$	26,758
汇率变化对现金和现金等值物的影响			3						2
									(续)

18

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目录表

阿波罗全球管理公司。

简明合并现金流量表(未经审计)

			截至9月30日的九个月里，
(单位：百万)			2024						2023
现金及现金等值物、限制性现金和合并可变利息实体持有的现金净增加（减少）			(64)						3,299
期末合并可变利率实体持有的现金和现金等值物、限制性现金和现金等值物以及现金和现金等值物			17,691						11,128
期末在合并可变利率实体持有的现金和现金等值物、限制性现金和现金等值物以及现金和现金等值物			$	17,627					$	14,427
现金流量信息的补充披露
缴纳税款的现金			$	639					$	162
支付利息的现金			611						533
非现金交易
非现金投资活动
资产管理等
主要投资的分配			8						1
按公允价值购买其他投资			11						5
退休服务
从再保险协议结算中收到的投资			48						164
从养老金团体年金保费中收到的投资			521						4,776
减少与再保险协议重新收回相关的投资			—						482
非现金融资活动
资产管理等
与股权薪酬相关的增资			393						328
限制性股票的发行			24						32
子公司发行股权			72						—
与股权交易相关的普通股发行			12						—
退休服务
通过再保险协议在投资型保单和合同上的存款，净假设（分出）			(3,152)						78
通过再保险协议对投资型保单和合同的应收账款，净假设（放弃）			6,092						10,212
将投资分配给合并可变利益实体的非控股权益			1,107						—
合并VIE现金流信息补充披露
经营活动的现金流
购买投资- 资产管理			(4,836)						(4,760)
出售投资收益- 资产管理			4,738						3,781
投资活动产生的现金流
购买投资- 退休服务			(2,346)						(2,023)
出售投资收益- 退休服务			334						352
融资活动产生的现金流
债务的发行			4,035						3,183
债务本金偿还			(3,922)						(2,768)
支付给非控股权益的分配			(73)						(58)
非控股权益的贡献			1,646						1,437
分配给可赎回的非控制权益			—						(798)
									(续)

19

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目录表

阿波罗全球管理公司。

简明合并现金流量表(未经审计)

			截至9月30日的九个月里，
(单位：百万)			2024						2023
合并变化
按公允价值计算的投资			148						(1,136)
其他资产			19						(1)
债务，按公允价值计算			(223)						—
应付票据			20						1,068
其他负债			(169)						22
非控制性权益			41						5
股权			(84)						95
合并可变利益实体持有的现金和现金等值物、限制性现金和现金等值物以及现金和现金等值物与简明合并财务状况表的对账：
现金及现金等价物			$	16,253					$	12,346
受限现金和现金等价物			967						1,492
合并可变利息实体持有的现金和现金等值物			407						589
合并可变利息实体持有的现金和现金等值物、限制性现金和现金等值物以及现金和现金等值物总额			$	17,627					$	14,427
									(结束语)
见未经审计简明综合财务报表附注。

20

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

1.组织结构

阿波罗全球管理公司连同其合并子公司（统称“Apollo”或“公司”）是一家高增长的全球另类资产管理公司和退休服务提供商。其资产管理业务专注于 二 投资策略：信贷和股权。Apollo通过其资产管理业务，代表世界上一些最著名的养老金、捐赠和主权财富基金和保险公司以及其他机构和个人投资者筹集、投资和管理基金、账户和其他工具。Apollo的退休服务业务由Athene负责，Athene是一家领先的金融服务公司，专门为越来越多的寻求满足退休需求的个人和机构发行、再保险和收购退休储蓄产品。

2.主要会计政策摘要

列报和合并的基础

随附的未经审计简明合并财务报表是根据美国GAAP中期财务信息以及SEC关于表格10-Q和S-X第10条的规则和法规编制的。年度审计财务报表中包含的某些披露已被精简或省略，因为根据美国公认会计原则和美国证券交易委员会规则，中期财务报表不需要披露这些披露。中期期间呈列的经营业绩不一定表明任何其他中期期间或全年可能预期的业绩。这些简明合并财务报表应与2023年年度报告中包含的年度经审计财务报表一并阅读。

本公司及其附属公司的业绩按综合基准呈列。除公司在其子公司的权益外，任何所有权权益均反映为非控股权益。公司间账户和交易已被消除。管理层相信其已做出所有必要调整（仅包括正常经常性项目），以便简明综合财务报表公平地呈列，并且所做出的任何估计都是合理和审慎的。已对先前报告的金额进行了某些重新分类，以符合本期的列报方式。

公司的主要子公司AAm和AHL及其子公司分别经营资产管理业务和退休服务业务，具有鲜明的特色。因此，公司的财务报表列报被组织为 二 层级：资产管理和退休服务。该公司相信，单独的呈示比汇总呈示可以更详细地了解公司的综合财务状况和经营业绩。

递延收入

当在提供管理服务之前收到对价时，Apollo记录递延收入，这是一种合同负债。递延收入在履行商定服务期间被转回并确认为收入。其计入简明综合财务状况表中的应付账款、应计费用和其他负债。 有$154 截至2024年9月30日的九个月内确认了数百万收入，此前已于2024年1月1日推迟。

近期发布的会计公告

分部报告-分部披露报告的改进（ASO 2023-07）

2023年11月，FASB发布了指导意见，逐步增加公共实体报告分部的披露，包括重大分部费用和其他分部项目。

该指南在公司2024年年度报告和2025年中期期间强制有效;但允许提前采用。公司将在截至2024年12月31日止年度的年度报告中采用新准则，预计对合并财务报表的影响并不重大。

21

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

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.

无形资产-善意和外部资产-加密资产会计和披露（ASO 2023-08）

2023年12月，FASb发布了有关加密资产会计和披露的修订案。该指南要求满足某些条件的资产按公允价值核算，公允价值变化在净利润中确认。亚利桑那州立大学还要求披露报告期内的重大持股、合同销售限制和变化。

该指南于2025年1月1日对公司强制生效，并允许提前采用。公司目前正在评估新准则对其合并财务报表的影响。

业务合并-合资企业组建（ASO 2023-05）

此次更新中的修订涉及合资企业如何初始确认和衡量其成立之日收到的捐款。该等修订要求合资企业在成立时应用新的会计基础，并初步按公允价值确认其资产和负债。

该指南对2025年1月1日或之后成立的所有合资企业前瞻性生效，而对生效日期之前成立的合资企业可以选择追溯应用。允许提前收养。公司目前正在评估新准则对其合并财务报表的影响。

薪酬-股票薪酬（ASO 2024-01）

2024年3月，FASb在ASO 2024-01中发布了指导意见，澄清了实体如何确定是否需要根据ASC 718或其他指导意见对利润利息奖励（和类似奖励）进行核算。ASO提供了具体示例，说明何时应将利润利息奖励作为ASC 718下的股份支付安排或以类似于ASC 710或其他ASC主题下的现金奖金或利润分享安排的方式。

该指南于2025年1月1日对公司强制生效，并允许提前采用。该公司目前正在评估新公告对其合并财务报表的影响。

最近采用的会计公告

投资-股权法和合资企业（ASO 2023-02）

2023年3月，FASb发布了指导意见，引入了应用比例摊销法（“AM”）的选项，以核算主要为了在满足某些要求时获得所得税抵免或其他所得税优惠而进行的投资。此前，PAm仅适用于低收入住房税收抵免投资。

公司于2023年10月1日提前采纳该指引，采纳后对简明合并财务报表没有影响。

公允价值计量-受合同销售限制约束的股本证券的公允价值计量（ASO 2022-03）

2022年6月，FASb发布了明确指导，要求在公允价值计量中不应考虑控股实体特征而非股权证券本身特征的限制。因此，公司必须根据不受该等合同限制的同一股权证券的市场价格，计量受控股实体应占合同限制的股权证券的公允价值。公司不允许

22

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目录表

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

将归属于控股实体的合同销售限制确认为单独的记账单位。该指南还要求披露这些股权证券。

公司于2023年7月1日提前采纳了该指引。公司前瞻性地应用了该指引，采用后对简明综合财务报表没有影响。

参考利率改革（主题848）-推迟主题848的日落日期（亚利桑那州立大学2022-06、亚利桑那州立大学2021-01、亚利桑那州立大学2020-04）

该公司采用了ASO 2020-04和ASO 2021-01，并选择应用与合同修改、对冲会计关系以及与贴现、保证金或合同价格一致相关的衍生品修改相关的某些实用权宜方法。实际权宜之计的主要目的是减轻受参考利率改革影响的合同会计的行政负担，这些选择没有、也预计不会对简明综合财务报表产生重大影响。ASO 2022-06将主题848的截止日期从2022年12月31日修订并推迟至2024年12月31日，此后公司将不再被允许应用主题848中提供的权宜措施。公司将继续评估参考利率改革对合同修改和对冲关系的影响。

3.投资

下表概述了公司的投资：

(单位：百万)			2024年9月30日						2023年12月31日
资产管理
按公允价值计算的投资			$	1,388					$	1,489
权益法投资			1,109						1,072
绩效分配			3,005						2,941
其他投资			358						—
总投资-资产管理			5,860						5,502
退休服务
可供出售证券，按公允价值计算			$	182,247					$	148,347
按公允价值进行证券交易			2,303						2,544
股权证券			1,549						1,611
抵押贷款，按公允价值计算			59,932						45,396
投资基金			1,711						1,741
政策性贷款			320						334
按利息扣缴的资金			26,675						30,833
衍生资产			7,529						5,298
短期投资			1,426						1,288
其他投资			2,075						1,549
投资总额，包括关联方-退休服务			285,767						238,941
总投资			$	291,627					$	244,443

资产管理

投资活动净收益（损失）

以下概述了投资活动净收益（损失）中报告的已实现收益（损失）和未实现收益（损失）的净变化：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
投资销售已实现收益（损失），净额			$	1					$	(3)					$	1					$	(4)
公允价值变动导致的未实现收益（损失）净变化			14						(29)						32						(10)
投资活动净收益(亏损)			$	15					$	(32)					$	33					$	(14)

23

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

绩效分配

应收绩效分配记录在简明综合财务状况表的投资中。 下表提供了绩效分配余额的前滚：

(单位：百万)			总
绩效分配，2024年1月1日			$	2,941
基金公允价值变动			880
对公司的资金分配			(816)
绩效分配，2024年9月30日			$	3,005

资金公允价值的变化不包括普通合伙人返还之前分配的绩效分配的义务，该义务在简明综合财务状况表中记录在应付关联方款项中。

向普通合伙人或投资经理支付业绩分配的时间因适用基金协议的条款而异。一般来说，如果基金的累积回报超过优先回报，则私募股权基金以及某些信贷和实物资产基金的绩效分配是应支付的，并在投资实现后分配给基金的普通合伙人。

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:

			September 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			$	7,501					$	—					$	84					$	(824)					$	6,761
U.S. state, municipal and political subdivisions			1,175						—						2						(200)						977
Foreign governments			2,088						—						44						(374)						1,758
Corporate			95,432						(168)						1,309						(8,963)						87,610
CLO			27,362						(1)						437						(188)						27,610
ABS			22,488						(74)						500						(444)						22,470
CMBS			9,704						(57)						112						(395)						9,364
RMBS			8,502						(377)						338						(328)						8,135
Total AFS securities			174,252						(677)						2,826						(11,716)						164,685
AFS securities – related parties
Corporate			1,295						—						7						(23)						1,279
CLO			5,763						—						41						(24)						5,780
ABS			10,725						(1)						40						(261)						10,503
Total AFS securities – related parties			17,783						(1)						88						(308)						17,562
Total AFS securities, including related parties			$	192,035					$	(678)					$	2,914					$	(12,024)					$	182,247

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目录表

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

			2023年12月31日
(单位：百万)			摊销成本						信贷损失准备						未实现收益总额						未实现亏损总额						公允价值
AFS证券
美国政府和机构			$	6,161					$	—					$	67					$	(829)					$	5,399
美国州、市和政治分区			1,296						—						—						(250)						1,046
外国政府			2,083						—						71						(255)						1,899
公司			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
AFS证券总额			147,561						(590)						1,653						(14,286)						134,338
AIG证券-关联方
公司			1,423						—						1						(72)						1,352
CLO			4,367						—						21						(120)						4,268
ABS			8,665						(1)						34						(309)						8,389
可供出售证券总额-关联方			14,455						(1)						56						(501)						14,009
可供出售证券总额，包括关联方			$	162,016					$	(591)					$	1,709					$	(14,787)					$	148,347

可供出售证券（包括关联方）的摊销成本和公允价值按合同到期日如下所示：

			2024年9月30日
(单位：百万)			摊销成本						公允价值
AFS证券
在一年或更短的时间内到期			$	2,407					$	2,394
应在一年至五年后到期			19,358						19,138
在五年到十年后到期			27,393						26,016
十年后到期			57,038						49,558
CLO、ABS、CMBS和RMBS			68,056						67,579
AFS证券总额			174,252						164,685
AIG证券-关联方
一年至五年后到期			1,028						1,024
五年至十年后到期			43						45
十年后到期			224						210
CLO和ABS			16,488						16,283
可供出售证券总额-关联方			17,783						17,562
可供出售证券总额，包括关联方			$	192,035					$	182,247

实际到期日可能与合同到期日不同，因为借款人可能有权在有或不有通知或预付罚款的情况下收回或预付债务。

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目录表

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

AWS证券的未实现损失

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:

			September 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			$	1,031					$	(6)					$	3,795					$	(818)					$	4,826					$	(824)
U.S. state, municipal and political subdivisions			22						(1)						893						(198)						915						(199)
Foreign governments			886						(134)						737						(239)						1,623						(373)
Corporate			7,810						(314)						45,086						(8,624)						52,896						(8,938)
CLO			3,742						(7)						3,146						(131)						6,888						(138)
ABS			435						(93)						4,319						(258)						4,754						(351)
CMBS			918						(5)						2,074						(341)						2,992						(346)
RMBS			270						(4)						1,201						(102)						1,471						(106)
Total AFS securities			15,114						(564)						61,251						(10,711)						76,365						(11,275)
AFS securities – related parties
Corporate			109						—						368						(23)						477						(23)
CLO			680						(1)						690						(20)						1,370						(21)
ABS			2,403						(34)						3,398						(213)						5,801						(247)
Total AFS securities – related parties			3,192						(35)						4,456						(256)						7,648						(291)
Total AFS securities, including related parties			$	18,306					$	(599)					$	65,707					$	(10,967)					$	84,013					$	(11,566)

			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)

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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:

			September 30, 2024
			Unrealized Loss Position						Unrealized Loss Position 12 Months or More
AFS securities			7,058						6,167
AFS securities – related parties			139						62

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 September 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			$	168					$	—					$	—					$	—								$	—					$	168
CLO			—						1						—						—									—						1
ABS			67						13						—						(14)									8						74
CMBS			57						1						—						—									(1)						57
RMBS			378						5						—						(4)									(2)						377
Total AFS securities			670						20						—						(18)									5						677
AFS securities – related parties, ABS			1						—						—						—									—						1
Total AFS securities, including related parties			$	671					$	20					$	—					$	(18)								$	5					$	678

			Three months ended September 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			73						67						—						(2)									2						140
CLO			3						—						—						—									—						3
ABS			35						1						—						(4)									(2)						30
CMBS			6						1						—						—									—						7
RMBS			377						4						1						(5)									(6)						371
Total AFS securities			521						73						1						(11)									(6)						578
AFS securities – related parties, ABS			1						—						—						—									—						1
Total AFS securities, including related parties			$	522					$	73					$	1					$	(11)								$	(6)					$	579

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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						1						—						—												(2)						1
ABS			49						25						—						(15)												15						74
CMBS			29						27						—						—												1						57
RMBS			381						10						—						(14)												—						377
Total AFS securities			590						111						—						(37)												13						677
AFS securities – related parties, ABS			1						—						—						—												—						1
Total AFS securities, including related parties			$	591					$	111					$	—					$	(37)											$	13					$	678

			Nine months ended September 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						88						—						(8)												(1)						140
CLO			7						1						—						—												(5)						3
ABS			29						2						—						(4)												3						30
CMBS			5						4						—						—												(2)						7
RMBS			329						15						40						(13)												—						371
Total AFS securities			458						110						40						(25)												(5)						578
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					$	111					$	40					$	(25)											$	(6)					$	579

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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 September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
AFS securities			$	2,519					$	1,822					$	6,996					$	4,940
Trading securities			40						44						125						130
Equity securities			19						14						65						54
Mortgage loans			1,007						642						2,711						1,632
Investment funds			45						(15)						35						46
Funds withheld at interest			279						486						1,001						1,368
Other			217						213						617						620
Investment revenue			4,126						3,206						11,550						8,790
Investment expenses			(25)						(40)						(69)						(64)
Net investment income			$	4,101					$	3,166					$	11,481					$	8,726

Investment Related Gains (Losses)

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

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
AFS证券1
投资活动已实现总收益			$	744					$	55					$	936					$	379
投资活动已实现总损失			(237)						(431)						(802)						(647)
可供出售证券的已实现净投资收益（损失）			507						(376)						134						(268)
交易证券的已确认净投资收益（损失）			119						(137)						21						(105)
股本证券已确认净投资收益（损失）			38						(3)						65						(34)
抵押贷款已确认净投资收益（损失）			1,139						(911)						874						(838)
衍生收益(亏损)			1,608						(1,480)						2,486						(66)
信贷损失准备金			(14)						(60)						(114)						(237)
其他收益(亏损)			(1,858)						343						(384)						355
投资相关收益（损失）			$	1,539					$	(2,624)					$	3,082					$	(1,193)
1 包括与指定对冲相关的可供出售证券的已确认损益的影响。

出售可供出售证券的收益为美元8,539 亿和$724 截至2024年9月30日和2023年9月30日的三个月分别为百万美元和美元19,305 亿和$3,918 截至2024年9月30日和2023年9月30日的九个月分别为百万美元。

下表总结了截至各期末持有的交易证券和股本证券未实现收益（损失）的变化：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
证券交易			$	83					$	(75)					$	42					$	(35)
交易证券-关联方			(1)						3						(2)						3
股权证券			28						6						56						9
股票证券-关联方			10						(9)						2						(16)

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

回购协议

下表概述了回购协议的剩余合同到期日，这些协议包括在简明综合财务状况表中回购衍生品和证券抵押品的应付账款中：

(单位：百万)			2024年9月30日						2023年12月31日
少于30天			$	—					$	686
91天至1年			1,097						—
超过1年			1,569						3,167
回购协议申请			$	2,666					$	3,853

下表概述了作为回购协议抵押品的证券：

			2024年9月30日												2023年12月31日
(单位：百万)			摊销成本						公允价值						摊销成本						公允价值
AFS证券
外国政府			$	155					$	113					$	137					$	99
公司			1,770						1,549						2,735						2,307
CLO			587						589						580						579
ABS			597						559						1,207						1,086
回购协议下质押的证券总额			$	3,109					$	2,810					$	4,659					$	4,071

Reverse Repurchase Agreements

As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $1,017 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,347 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)			September 30, 2024						December 31, 2023
Commercial mortgage loans			$	32,066					$	27,630
Commercial mortgage loans under development			1,722						1,228
Total commercial mortgage loans			33,788						28,858
Mark to fair value			(1,926)						(2,246)
Commercial mortgage loans			31,862						26,612
Residential mortgage loans			30,616						21,894
Mark to fair value			(320)						(937)
Residential mortgage loans			30,296						20,957
Mortgage loans			$	62,158					$	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.

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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:

			September 30, 2024												December 31, 2023
(In millions, except percentages)			Fair Value						Percentage of Total						Fair Value						Percentage of Total
Property type
Apartment			$	11,556					36.3		%				$	9,591					36.0		%
Office building			4,140						13.0		%				4,455						16.7		%
Industrial			6,144						19.3		%				4,143						15.6		%
Hotels			2,941						9.2		%				2,913						11.0		%
Retail			2,447						7.7		%				2,158						8.1		%
Other commercial			4,634						14.5		%				3,352						12.6		%
Total commercial mortgage loans			$	31,862					100.0		%				$	26,612					100.0		%
U.S. region
East North Central			$	1,494					4.7		%				$	1,517					5.7		%
East South Central			443						1.3		%				523						2.0		%
Middle Atlantic			8,497						26.7		%				7,147						26.9		%
Mountain			1,335						4.2		%				1,196						4.5		%
New England			1,126						3.5		%				1,295						4.9		%
Pacific			5,788						18.2		%				4,860						18.3		%
South Atlantic			5,504						17.3		%				4,583						17.2		%
West North Central			228						0.7		%				249						0.9		%
West South Central			1,965						6.2		%				1,228						4.6		%
Total U.S. region			26,380						82.8		%				22,598						85.0		%
International region
United Kingdom			2,638						8.3		%				2,343						8.7		%
Other international1			2,844						8.9		%				1,671						6.3		%
Total international region			5,482						17.2		%				4,014						15.0		%
Total commercial mortgage loans			$	31,862					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:

			September 30, 2024						December 31, 2023
U.S. States
California			26.2		%				27.6		%
Florida			12.6		%				12.0		%
Texas			7.0		%				6.1		%
New York			5.1		%				5.9		%
Other1			40.2		%				39.4		%
Total U.S. residential mortgage loan percentage			91.1		%				91.0		%
International
United Kingdom			5.1		%				4.0		%
Other1			3.8		%				5.0		%
Total international residential mortgage loan percentage			8.9		%				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.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of strategic origination and retirement services platforms, equity and credit funds, and other funds. Strategic origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi credit and opportunistic credit funds focused on generating returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, impact investing platform, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. 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:

			September 30, 2024												December 31, 2023 1
(In millions, except percentages)			Carrying Value						Percentage of Total						Carrying Value						Percentage of Total
Investment funds
Equity			$	107					0.6		%				$	109					0.6		%
Investment funds – related parties
Strategic origination platforms			28						0.1		%				32						0.2		%
Retirement services platforms			1,287						6.9		%				1,300						7.4		%
Equity			264						1.4		%				267						1.5		%
Credit			16						0.1		%				20						0.1		%
Other			9						—		%				13						0.1		%
Total investment funds – related parties			1,604						8.5		%				1,632						9.3		%
Investment funds – consolidated VIEs
Strategic origination platforms			5,519						29.5		%				4,987						28.4		%
Retirement services platforms			—						—		%				483						2.8		%
Equity			7,730						41.3		%				6,925						39.4		%
Credit			3,077						16.4		%				2,852						16.2		%
Other			702						3.7		%				573						3.3		%
Total investment funds – consolidated VIEs			17,028						90.9		%				15,820						90.1		%
Total investment funds, including related parties and consolidated VIEs			$	18,739					100.0		%				$	17,561					100.0		%
1 Prior period amounts have been reclassified to conform with the current year presentation as a result of aligning the investment fund categories to reflect the Company’s updated investment strategies.

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

(In millions)			September 30, 2024
AP Grange Holdings, LLC			$	4,626
Atlas1			3,240
Fox Hedge L.P.			3,050
			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.

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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:

			September 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			15,119						$	503					$	345					9,034						$	477					$	230
Forwards			3,691						195						36						6,294						275						102
Interest rate swaps			4,506						56						418						4,468						—						521
Forwards on net investments			218						—						3						219						—						6
Interest rate swaps			21,079						131						40						10,031						29						95
Total derivatives designated as hedges									885						842												781						954
Derivatives not designated as hedges
Equity options			82,762						5,820						127						73,881						3,809						102
Futures			44						119						—						35						72						—
Foreign currency swaps			13,706						223						354						8,072						230						244
Interest rate swaps			1,870						76						1						3,499						81						9
Other swaps			2,591						12						1						2,588						39						1
Foreign currency forwards			40,174						394						1,433						28,236						286						685
Embedded derivatives
Funds withheld, including related parties									(3,111)						80												(4,100)						(64)
Interest sensitive contract liabilities									—						11,996												—						9,059
Total derivatives not designated as hedges									3,533						13,992												417						10,036
Total derivatives									$	4,418					$	14,834											$	1,198					$	10,990

Derivatives Designated as Hedges

现金流对冲

Athene使用利率掉期将浮动利率利息支付转换为固定利率利息支付，以减少利率变化的风险。利率互换将于2031年7月到期。截至2024年9月30日和2023年9月30日的三个月内，Athene确认收益为美元152 亿和$91 与这些对冲相关的其他全面收益（“OCI”）中分别为百万美元。截至2024年9月30日和2023年9月30日的九个月内，Athene确认收益为美元149 百万美元和损失美元35 与这些对冲相关的OCI中分别为百万美元。截至2024年和2023年9月30日的三个月和九个月内，没有被视为无效的金额。截至2024年9月30日， 不是 预计该金额将在未来12个月内重新分类为收入。

公允价值对冲

Athene使用指定并核算为公允价值对冲的外币远期合同、外币掉期、外币利率掉期和利率掉期来对冲某些外币风险和利率风险。外币远期价格在合同签订时商定，并在指定的未来日期付款。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

以下代表包含在对冲资产或负债中的公允价值对冲调整：

			2024年9月30日												2023年12月31日
(单位：百万)			被对冲资产或负债的公允价值1						公允价值对冲收益（损失）累计金额						被对冲资产或负债的公允价值1						公允价值对冲收益（损失）累计金额
AFS证券
外币远期			$	3,851					$	(13)					$	4,883					$	(15)
外币掉期			11,588						71						6,820						(141)
利息敏感合同负债
外币掉期			2,507						(44)						1,438						19
外币利率互换			4,220						205						4,010						363
利率互换			17,483						(121)						6,910						189
1 可供出售证券披露的公允价值为摊销成本。

以下是公允价值对冲关系中与衍生品和相关对冲项目相关的收益（损失）摘要：

																					有关款项不包括
(单位：百万)			衍生品						套期保值项目						网络						通过摊销法确认为收入						通过公允价值变动在收入中确认
截至2024年9月30日的三个月
投资相关收益（损失）
外币远期			$	(180)					$	184					$	4					$	4					$	8
外币掉期			(313)						282						(31)						—						—
外币利率互换			255						(258)						(3)						—						—
利率互换			382						(386)						(4)						—						—
利息敏感合同福利
外币利率互换			26						(25)						1						—						—
截至2023年9月30日的三个月
投资相关收益（损失）
外币远期			$	179					$	(187)					$	(8)					$	21					$	5
外币掉期			161						(166)						(5)						—						—
外币利率互换			(90)						95						5						—						—
利率互换			(74)						63						(11)						—						—
利息敏感合同福利
外币利率互换			16						(14)						2						—						—

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

																					有关款项不包括
(单位：百万)			衍生物						套期保值项目						净						通过摊销法确认为收入						通过公允价值变动在收入中确认
截至2024年9月30日的九个月
投资相关收益（损失）
外币远期			$	(1)					$	1					$	—					$	35					$	14
外币掉期			(158)						144						(14)						—						—
外币利率互换			132						(135)						(3)						—						—
利率掉期			267						(310)						(43)						—						—
利息敏感合同福利
外币利率互换			66						(64)						2						—						—
截至2023年9月30日的九个月
投资相关收益（损失）
外币远期			$	74					$	(77)					$	(3)					$	66					$	12
外币掉期			59						(57)						2						—						—
外币利率互换			(5)						15						10						—						—
利率掉期			(92)						79						(13)						—						—
利息敏感合同福利
外币利率互换			44						(44)						—						—						—

以下是排除的收益（损失）摘要 来自OCI认可的对冲有效性评估:

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
外币远期			$	13					$	(65)					$	(2)					$	(63)
外币掉期			56						(239)						82						(182)

净投资对冲

Athene使用外币远期对冲其对报告货币为美元以外的子公司的投资的外币汇率风险。对冲有效性根据远期利率的变化进行评估。截至2024年9月30日和2023年9月30日的三个月内，这些衍生品的损失为美元14 百万美元和收益美元13 分别为百万。截至2024年9月30日的九个月内 和 2023年，这些衍生品损失达美元11 百万美元和收益美元5 分别为百万。该等衍生工具计入简明综合全面收益（亏损）表的外币兑换和其他调整中。截至2024年9月30日和2023年12月31日，AOCI中记录的与这些净投资对冲相关的累计外币兑换为收益美元15百万美元和美元26 分别为百万。截至2024年9月30日的三个月和九个月内 和 2023年，没有任何金额被视为无效。

未被指定为对冲的衍生品

股权期权

Athene使用股票指数期权对固定指数年金产品进行经济对冲，这些产品保证将本金返还给保单持有人，并根据特定市场指数（主要是标准普尔500指数）收益的一定百分比返还信用利息。为了对冲股票指数的不利变化，Athene签订了购买股票指数期权的合同。该合约根据行使时指数的差异和执行价格以现金净结算。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

期货

Athene购买期货合约，以对冲相关指数上涨直接导致的客户利息增长。Athene与属于交易所成员的受监管期货委员会清算经纪人签订交易所交易的期货。根据交易所交易的期货合约，Athene同意与其他方购买指定数量的合约，并每天支付相当于这些合约每日公允价值差额的变动保证金。

利率掉期

雅典娜使用 利率互换以降低利率变化的市场风险，并改变资产与负债之间期限错配产生的利率风险。通过利率互换， 雅典娜同意 与另一方以指定时间间隔交换与商定的名义本金金额相关的固定利率和浮动利率利息金额之间的差额。

其他互换

其他掉期包括总回报掉期、信用违约掉期和掉期。Athene购买总回报率掉期以获得风险敞口并从没有所有权的参考资产或指数中受益。信用违约掉期提供了针对发行人违约的措施，或允许Athene获得发行人或交易指数的信用风险敞口。Athene使用信用违约掉期与债券结合来综合创建参考债券的特征。掉期提供了进行利率掉期的选项，雅典娜使用掉期来对冲利率风险。

嵌入导数

Athene拥有嵌入式衍生品，这些衍生品需要与其主合同分开并报告为衍生品。主合同包括基于modco或预扣资金基础结构的再保险协议以及指数化年金产品。

以下是与未指定为对冲的衍生品相关的收益（损失）摘要：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
股权期权			$	596					$	(951)					$	2,298					$	390
期货			26						(73)						152						22
掉期			(126)						(24)						(156)						38
外币远期			209						146						(657)						(191)
预扣资金的嵌入衍生品			747						(780)						560						(439)
在投资相关收益（损失）中确认的金额			1,452						(1,682)						2,197						(180)
指数化年金产品中的嵌入衍生品1			(275)						1,251						(1,270)						(277)
未指定为对冲的衍生品的总收益（损失）			$	1,177					$	(431)					$	927					$	(457)
1 包括在简明综合经营报表中的利息敏感合同福利中。

信用风险

公司 如果交易对手方对衍生金融工具不履行义务，则可能面临信贷相关损失。一般来说，当前的信用风险 雅典娜的 衍生品合同是报告日的公允价值减去从交易对手收到的任何抵押品。

雅典娜管理 与信誉良好的交易对手进行交易而产生与场外衍生品相关的信用风险。如果可能的话， 雅典娜坚持认为 抵押品安排并使用主净结算协议，该协议规定一个交易对手在每个到期日和终止时向另一个交易对手进行单一净付款。 Athene还在可能的情况下制定了交易对手风险敞口限额，以评估是否有足够的抵押品来支持净风险敞口。

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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
September 30, 2024
Derivative assets			$	7,529					$	(1,739)					$	(5,272)					$	518					$	—					$	518
Derivative liabilities			(2,758)						1,739						1,091						72						1						73
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 September 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.

合并后的VIE

合并VIE包括由公司和公司被视为主要受益人的其他实体管理的某些CLO和基金。此外，2023年期间，合并VIE还包括在2023年第四季度清算的SPAC。有关Apollo之前合并的SPAC的更多详细信息，请参阅注释15。

合并VIE的资产不可供公司债权人使用，且这些合并VIE的投资者对公司的资产没有追索权。同样，公司对合并VIE的负债也没有追索权。

合并VIE的其他资产包括应收利息、应收关联公司款项和逆回购协议。其他负债包括债务和短期应付款项。

相应合并VIE中的每个系列票据都参与VIE的分配，包括基础投资的本金和利息。分配给票据持有人的金额反映了如果VIE的事务被清盘且其资产出售以换取相当于其各自公允价值的现金、根据其条款偿还的负债以及分配给票据持有人的所有剩余金额将分配的金额。发行应付票据的各个VIE以其当前净资产价值（接近公允价值）标记。

根据财务信息的可用性，Apollo管理的某些基金的业绩会延迟三个月。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

合并可变利率债券投资活动净损益-资产管理

下表列出了合并VIE投资活动的净收益（损失）：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			20241						20231						20241						20231
投资活动净收益(亏损)			$	32					$	18					$	25					$	42
其他负债净收益（损失）			(7)						—						(7)						—
利息和其他收入			46						59						140						133
利息和其他费用			(27)						(28)						(88)						(80)
合并可变利益实体投资活动的净收益（损失）			$	44					$	49					$	70					$	95
1 金额反映合并抵销。

此外，我们还在管理费、投资收入（损失）、薪酬和福利以及一般、行政和其他中确认某些合并VIE的收入和费用。截至2024年9月30日的三个月和九个月，公司录得美元91000万美元和300万美元27 收入分别为百万美元和美元741000万美元和300万美元75 与这些VIE活动相关的费用分别为百万美元。截至2023年9月30日的三个月和九个月，公司录得美元91000万美元和300万美元12 与这些VIE活动相关的收入分别为百万美元。

订阅行

其他负债包括合并VIE欠第三方机构的款项。 下表概述了这些金额的主要拨备：

			2024年9月30日																		2023年12月31日
(单位：百万，百分比除外)			未偿还本金						加权平均利率						加权平均剩余到期日(年)						未偿还本金						加权平均利率						加权平均剩余成熟度（年数）
资产管理
订阅行1			$	942					7.07		%				0.07						$	1,072					7.16		%				0.09
总计-资产管理			$	942																	$	1,072
1 合并VIE的认购额度由各相应工具持有的资产作抵押，一个工具的资产不得用于偿还另一个工具的负债。

合并VIE的债务义务包含各种习惯贷款契约。截至2024年9月30日，公司不知道有任何不遵守这些契约的情况。

反向回购协议

截至2023年12月31日，根据逆回购协议收到的抵押品公允价值为美元453 万截至2023年12月31日，逆回购协议下收到的抵押品没有再抵押。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

合并可变利率债券的收入-退休服务

以下总结了合并VIE的运营活动报表：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
证券交易			$	39					$	17					$	104					$	65
按揭贷款			30						29						91						83
投资基金			22						20						43						55
其他			(9)						2						(13)						1
净投资收益			82						68						225						204
交易证券的已确认净投资收益（损失）			29						(16)						21						(15)
抵押贷款已确认净投资收益（损失）			24						(25)						(4)						(45)
投资基金已确认净投资收益			415						292						1,094						831
其他收益(亏损)			2						(1)						(7)						(29)
投资相关收益（损失）			470						250						1,104						742
合并可变利益实体的收入			$	552					$	318					$	1,329					$	946

未合并可变利率债券-资产管理

下表列出了与这些VIE相关的最大损失风险敞口，Apollo得出的结论是，其持有大量可变权益，但其不是主要受益人。

(单位：百万)			2024年9月30日						2023年12月31日
最大损失暴露1,2			$	795					$	325
1 代表Apollo对其持有重大可变权益的实体的直接投资以及某些其他投资。此外，如果未来出现亏损，累积绩效分配可能会被逆转。
2 包括的一些金额是四分之一的欠款。

未合并可变利率债券-退休服务

该公司以证券和投资基金所有权股份的形式在某些未合并VIE中拥有可变权益。

固定期限证券

Athene作为债券持有人或证券化工具剩余权益的投资者投资于证券化实体。这些实体被视为VIE，原因是结构内的股本不足，以及股权投资者对对实体经济产生重大影响的活动缺乏控制。一般而言，Athene是这些实体内的债务投资者，因此持有可变权益；然而，由于债务持有人缺乏控制信托内对实体产生重大影响的决定的能力，以及债务持有人因股权部分的从属关系而受到保护而免受损失的事实，债务持有人不被视为主要受益人。雅典娜持有剩余股份的证券化工具并不合并，因为雅典娜没有单方面解除普通合伙人的实质性权利，或在评估关联方利益时，雅典娜不在美国公认会计准则定义的与关联方的共同控制之下，也不是代表雅典娜进行的基本上所有活动；因此，雅典娜不被视为主要受益人。债务投资和对证券化实体剩余部分的投资被视为债务工具，按公允价值持有，并在简明综合财务状况报表上归类为AFS或交易证券。

投资基金

投资基金包括非固定收益、有限合伙或类似法律结构形式的另类投资。

39

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目录表

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

股权证券

Athene投资于因结构内股权不足而被视为VIE的实体发行的优先股权证券。

Athene与其非合并投资相关的损失风险取决于投资。投资基金、股权证券和交易证券仅限于其公允价值加上无资金承诺。可供出售证券仅限于摊销成本加上无资金承诺。

以下概述了这些非合并投资的公允价值和最大损失风险：

			2024年9月30日												2023年12月31日
(单位：百万)			账面价值						最大损失暴露						账面价值						最大损失暴露
投资基金			$	107					$	862					$	109					$	876
对关联方的投资-投资基金			1,604						2,659						1,632						2,377
合并VIE的资产-投资基金			17,028						23,587						15,820						22,129
固定期限证券投资			67,990						69,290						48,155						50,623
关联方投资-固定期限证券			16,902						20,764						13,495						15,608
关联方投资-股权证券			257						257						318						318
非合并投资总额			$	103,888					$	117,419					$	79,529					$	91,931

6.公允价值

金融工具公平值计量

以下总结了公司按公允价值层级记录的金融资产和负债：

			2024年9月30日
(单位：百万)			1级						2级						3级						NAV						总
资产
资产管理
现金及现金等价物			$	2,666					$	—					$	—					$	—					$	2,666
受限现金和现金等价物			3						—						—						—						3
VIE的现金和现金等值物			102						—						—						—						102
按公允价值计算的投资			226						2						1,089			1			71						1,388
合并VIE投资			222						29						1,908						184						2,343
关联方应缴款项2			—						—						26						—						26
衍生资产3			—						—						16						—						16
总资产-资产管理			3,219						31						3,039						255						6,544
退休服务
AFS证券
美国政府和机构			6,759						2						—						—						6,761
美国州、市和政治分区			—						977						—						—						977
外国政府			756						967						35						—						1,758
公司			12						83,423						4,175						—						87,610
CLO			—						27,610						—						—						27,610
ABS			—						6,855						15,615						—						22,470
CMBS			—						9,347						17						—						9,364
RMBS			—						7,792						343						—						8,135
AFS证券总额			7,527						136,973						20,185						—						164,685
证券交易			24						1,623						37						—						1,684
股权证券			207						1,059						26						—						1,292
按揭贷款			—						—						58,587						—						58,587
(续)

40

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目录表

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

			2024年9月30日
(单位：百万)			1级						2级						3级						NAV						总
按利息预扣资金-嵌入式衍生品			—						—						(2,581)						—						(2,581)
衍生资产			143						7,385						1						—						7,529
短期投资			202						39						168						—						409
其他投资			—						603						904						—						1,507
现金及现金等价物			13,587						—						—						—						13,587
受限现金和现金等价物			964						—						—						—						964
对关联方的投资
AFS证券
公司			—						233						1,046						—						1,279
CLO			—						5,215						565						—						5,780
ABS			—						694						9,809						—						10,503
可供出售证券总额-关联方			—						6,142						11,420						—						17,562
证券交易			—						—						619						—						619
股权证券			—						—						257						—						257
按揭贷款			—						—						1,345						—						1,345
投资基金			—						—						1,106						—						1,106
按利息预扣资金-嵌入式衍生品			—						—						(530)						—						(530)
其他投资			—						—						348						—						348
可追讨的再保险			—						—						1,710						—						1,710
其他资产5			—						—						313						—						313
合并VIE资产
证券交易			—						441						1,938						—						2,379
按揭贷款			—						—						2,226						—						2,226
投资基金			—						—						818						16,210						17,028
其他投资			5						—						154						—						159
现金及现金等价物			305						—						—						—						305
总资产-退休服务			22,964						154,265						99,051						16,210						292,490
总资产			$	26,183					$	154,296					$	102,090					$	16,465					$	299,034
负债
资产管理
或有对价债务4			$	—					$	—					$	56					$	—					$	56
衍生负债3			—						33						—						—						33
总负债-资产管理			—						33						56						—						89
退休服务
利息敏感合同负债
嵌入导数			—						—						11,996						—						11,996
全民生活福利			—						—						820						—						820
未来的政策好处
AmerUs封闭区块			—						—						1,166						—						1,166
ILICO封闭区块和终身福利			—						—						545						—						545
市场风险收益5			—						—						4,402						—						4,402
衍生负债			1						2,756						1						—						2,758
其他负债			—						—						337						—						337
总负债-退休服务			1						2,756						19,267						—						22,024
总负债			$	1					$	2,789					$	19,323					$	—					$	22,113
(结束语)

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Table of Contents

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)

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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 September 30, 2024 and December 31, 2023 excludes $223 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 September 30, 2024 and December 31, 2023, Other liabilities includes $1 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 $55 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.

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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:

September 30, 2024

Fair Value (In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

$

803

Discounted cash flow

Discount rate

13.5% – 52.8%

17.6%

1

126

Direct capitalization

Capitalization rate

6.7%

6.7%

160

Adjusted transaction value

N/A

N/A

N/A

Due from related parties

26

Discounted cash flow

Discount rate

14.0%

14.0%

Derivative assets

16

Option model

Volatility rate

47.5%

47.5%

Investments of consolidated VIEs

Bank loans

80

Discounted cash flow

Discount rate

6.6% – 35.5%

8.9%

1

256

Adjusted transaction value

N/A

N/A

N/A

Equity securities

504

Dividend discount model

Discount rate

14.1%

14.1%

432

Discounted cash flow

Discount rate

12.7%

12.7%

39

Adjusted transaction value

N/A

N/A

N/A

18

Option Model

Volatility rate

85.0% – 105.0%

95.3%

1

Bonds

579

Discounted cash flow

Discount rate

6.0% – 10.4%

6.4%

1

Retirement Services

AFS, trading and equity securities

27,208

Discounted cash flow

Discount rate

4.3% – 17.7%

6.9%

1

Mortgage loans2

62,158

Discounted cash flow

Discount rate

1.0% – 36.5%

7.4%

1

Investment funds2

1,623

Discounted cash flow

Discount rate

6.3% – 13.5%

11.3%

1

Financial Liabilities

Asset Management

Contingent consideration obligations

56

Discounted cash flow

Discount rate

20.0% – 25.0%

23.7%

1

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

11,996

Discounted cash flow

Nonperformance risk

0.5% – 1.2%

0.8%

3

Option budget

0.5% – 6.0%

2.7%

4

Surrender rate

6.2% – 14.0%

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.

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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.

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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 September 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			$	1,170					$	42					$	—					$	(39)					$	(68)					$	1,105					$	7					$	—
Investments of consolidated VIEs			1,507						48						—						(99)						452						1,908						8						—
Total Level 3 assets – Asset Management			$	2,677					$	90					$	—					$	(138)					$	384					$	3,013					$	15					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	34					$	—					$	1					$	—					$	—					$	35					$	—					$	—
Corporate			8,114						6						80						775						(4,800)						4,175						2						98
ABS			8,420						1						313						2,202						4,679						15,615						—						301
CMBS			20						2						(5)						—						—						17						—						(3)
RMBS			261						2						2						78						—						343						—						2
Trading securities			37						1						—						(1)						—						37						1						—
Equity securities			36						(1)						—						—						(9)						26						—						—
Mortgage loans			52,645						1,096						—						4,846						—						58,587						1,236						—
Funds withheld at interest – embedded derivative			(3,283)						702						—						—						—						(2,581)						—						—
Derivative assets			1						—						—						—						—						1						—						—
Short-term investments			80						—						—						166						(78)						168						—						—
Other investments			904						—						—						—						—						904						(1)						—
Investments in related parties
AFS securities
Corporate			1,194						(3)						12						(3)						(154)						1,046						—						(4)
CLO			521						—						2						42						—						565						—						2
ABS			10,580						28						75						(874)						—						9,809						7						73
Trading securities			719						—						—						(100)						—						619						(1)						—
Equity securities			247						10						—						—						—						257						10						—
Mortgage loans			1,320						39						—						(14)						—						1,345						(43)						—
Investment funds			1,066						40						—						—						—						1,106						40						—
Funds withheld at interest – embedded derivative			(717)						187						—						—						—						(530)						—						—
Other investments			335						13						—						—						—						348						13						—
Reinsurance recoverable			1,518						99						—						93						—						1,710						—						—
Assets of consolidated VIEs
Trading securities			1,876						82						—						34						(54)						1,938						82						—
Mortgage loans			2,120						51						—						55						—						2,226						51						—
Investment funds			913						(1)						—						338						(432)						818						(1)						—
Other investments			113						4						—						37						—						154						4						—
Total Level 3 assets – Retirement Services			$	89,074					$	2,358					$	480					$	7,674					$	(848)					$	98,738					$	1,400					$	469
(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Liabilities – Asset Management
Contingent consideration obligations			$	59					$	3					$	—					$	(6)					$	—					$	56					$	—					$	—
Total Level 3 liabilities – Asset Management			$	59					$	3					$	—					$	(6)					$	—					$	56					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(11,234)					$	(275)					$	—					$	(487)					$	—					$	(11,996)					$	—					$	—
Universal life benefits			(769)						(51)						—						—						—						(820)						—						—
Future policy benefits
AmerUs Closed Block			(1,120)						(46)						—						—						—						(1,166)						—						—
ILICO Closed Block and life benefits			(529)						(16)						—						—						—						(545)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(253)						(86)						—						2						—						(337)						—						—
Total Level 3 liabilities – Retirement Services			$	(13,906)					$	(474)					$	—					$	(485)					$	—					$	(14,865)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

			Three months ended September 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			$	1,165					$	(25)					$	—					$	6					$	—					$	1,146					$	(1)					$	—
Investments of consolidated VIEs			2,608						(9)						—						(619)						—						1,980						4						—
Total Level 3 assets – Asset Management			$	3,773					$	(34)					$	—					$	(613)					$	—					$	3,126					$	3					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	48					$	—					$	(2)					$	—					$	—					$	46					$	—					$	(2)
Corporate			2,460						(8)						(25)						(26)						(20)						2,381						—						(27)
ABS			5,305						—						14						(255)						(438)						4,626						—						4
CMBS			12						—						—						—						—						12						—						—
RMBS			6						—						—						261						(4)						263						—						—
Trading securities			38						(1)						—						(5)						—						32						(1)						—
Equity securities			67						7						—						—						—						74						7						—
Mortgage loans			34,668						(850)						—						4,160						—						37,978						(850)						—
Funds withheld at interest – embedded derivative			(4,356)						(625)						—						—						—						(4,981)						—						—
Short-term investments			30						—						(1)						100						—						129						—						(1)
Other investments			337						(5)						—						145						—						477						(5)						—
Investments in related parties
AFS securities
Corporate			1,171						1						(10)						24						—						1,186						—						(10)
CLO			495						—						8						—						—						503						—						8
ABS			7,742						(2)						(11)						110						—						7,839						(6)						(14)
Trading securities			867						4						—						—						—						871						3						—
Equity securities			252						(7)						—						—						—						245						(7)						—
Mortgage loans			1,296						(61)						—						(1)						—						1,234						(61)						—
Investment funds			1,061						(18)						—						—						—						1,043						(18)						—
(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Funds withheld at interest – embedded derivative			(1,297)						325						—						—						—						(972)						—						—
Other investments			343						(16)						—						—						—						327						(16)						—
Reinsurance recoverable			1,436						(135)						—						—						—						1,301						—						—
Assets of consolidated VIEs
Trading securities			717						(26)						—						(13)						1,180						1,858						(48)						—
Mortgage loans			2,113						(73)						—						2						—						2,042						(73)						—
Investment funds			1,351						(30)						—						81						—						1,402						(30)						—
Other investments			99						5						—						(12)						—						92						5						—
Total Level 3 assets – Retirement Services			$	56,261					$	(1,515)					$	(27)					$	4,571					$	718					$	60,008					$	(1,100)					$	(42)
Liabilities – Asset Management
Contingent consideration obligations			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
Total Level 3 liabilities – Asset Management			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(8,198)					$	1,251					$	—					$	(398)					$	—					$	(7,345)					$	—					$	—
Universal life benefits			(854)						115						—						—						—						(739)						—						—
Future policy benefits
AmerUs Closed Block			(1,159)						59						—						—						—						(1,100)						—						—
ILICO Closed Block and life benefits			(571)						20						—						—						—						(551)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(209)						(4)						—						—						—						(213)						—						—
Total Level 3 liabilities – Retirement Services			$	(10,992)					$	1,441					$	—					$	(398)					$	—					$	(9,949)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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					$	6					$	—					$	(34)					$	(68)					$	1,105					$	7					$	—
Investments of consolidated VIEs			1,492						19						—						15						382						1,908						5						—
Total Level 3 assets – Asset Management			$	2,693					$	25					$	—					$	(19)					$	314					$	3,013					$	12					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	40					$	—					$	1					$	(6)					$	—					$	35					$	—					$	1
Corporate			2,525						3						87						2,387						(827)						4,175						—						110
ABS			6,943						(14)						314						8,371						1						15,615						—						298
CMBS			21						1						(5)						—						—						17						—						(3)
RMBS			265						5						3						72						(2)						343						—						2
Trading securities			28						1						—						(6)						14						37						—						—
Equity securities			26						(1)						—						1						—						26						—						—
Mortgage loans			44,115						825						—						13,647						—						58,587						965						—
Funds withheld at interest – embedded derivative			(3,379)						798						—						—						—						(2,581)						—						—
Derivative assets			—						—						—						—						1						1						—						—
Short-term investments			105						—						—						142						(79)						168						—						—
Other investments			630						(6)						—						280						—						904						(7)						—
Investments in related parties
AFS securities
Corporate			1,171						(2)						33						(2)						(154)						1,046						—						18
CLO			506						—						17						42						—						565						—						18
ABS			7,826						46						22						1,915						—						9,809						2						20
Trading securities			838						(1)						—						(218)						—						619						(2)						—
Equity securities			255						2						—						—						—						257						2						—
Mortgage loans			1,281						41						—						23						—						1,345						(41)						—
Investment funds			1,082						24						—						—						—						1,106						24						—
Funds withheld at interest – embedded derivative			(721)						191						—						—						—						(530)						—						—
Other investments			343						5						—						—						—						348						5						—
Reinsurance recoverable			1,367						51						—						292						—						1,710						—						—
Assets of consolidated VIEs
Trading securities			1,852						31						—						103						(48)						1,938						30						—
Mortgage loans			2,173						2						—						51						—						2,226						2						—
Investment funds			977						(66)						—						339						(432)						818						(66)						—
Other investments			101						—						—						53						—						154						1						—
Total Level 3 assets – Retirement Services			$	70,370					$	1,936					$	472					$	27,486					$	(1,526)					$	98,738					$	915					$	464
(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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
Liabilities – Asset Management
Contingent consideration obligations			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
Total Level 3 liabilities – Asset Management			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(9,059)					$	(1,270)					$	—					$	(1,667)					$	—					$	(11,996)					$	—					$	—
Universal life benefits			(834)						14						—						—						—						(820)						—						—
Future policy benefits
AmerUs Closed Block			(1,178)						12						—						—						—						(1,166)						—						—
ILICO Closed Block and life benefits			(522)						(23)						—						—						—						(545)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(330)						(123)						—						52						64						(337)						—						—
Total Level 3 liabilities – Retirement Services			$	(11,924)					$	(1,390)					$	—					$	(1,615)					$	64					$	(14,865)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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					$	18					$	—					$	30					$	—					$	1,146					$	45					$	—
Investments of consolidated VIEs			727						23						—						1,232						(2)						1,980						16						—
Total Level 3 assets – Asset Management			$	1,825					$	41					$	—					$	1,262					$	(2)					$	3,126					$	61					$	—
Assets – Retirement Services
AFS securities
Foreign governments			$	1					$	—					$	(2)					$	47					$	—					$	46					$	—					$	(2)
Corporate			1,665						(9)						(1)						1,170						(444)						2,381						—						(7)
ABS			4,867						—						(36)						794						(999)						4,626						—						(49)
CMBS			—						—						—						—						12						12						—						(1)
RMBS			232						6						2						258						(235)						263						—						—
Trading securities			53						2						—						(12)						(11)						32						—						—
Equity securities			92						(5)						—						—						(13)						74						(5)						—
Mortgage loans			27,454						(794)						—						11,318						—						37,978						(792)						—
Funds withheld at interest – embedded derivative			(4,847)						(134)						—						—						—						(4,981)						—						—
Short-term investments			36						—						(3)						70						26						129						—						(1)
Other investments			441						(5)						—						41						—						477						(7)						—
Investments in related parties
AFS securities
Corporate			812						2						(18)						175						215						1,186						—						(18)
CLO			303						—						15						185						—						503						—						15
ABS			5,542						7						38						1,968						284						7,839						(2)						32
Trading securities			878						6						—						(13)						—						871						3						—
Equity securities			279						(2)						—						(32)						—						245						(3)						—
Mortgage loans			1,302						(44)						—						(24)						—						1,234						(44)						—
Investment funds			959						52						—						32						—						1,043						53						—
Funds withheld at interest – embedded derivative			(1,425)						453						—						—						—						(972)						—						—
Other investments			303						(18)						—						42						—						327						(19)						—
Reinsurance recoverable			1,388						(87)						—						—						—						1,301						—						—
Assets of consolidated VIEs
Trading securities			622						(18)						—						(23)						1,277						1,858						(40)						—
Mortgage loans			2,055						(71)						—						58						—						2,042						(71)						—
Investment funds			2,471						(7)						—						73						(1,135)						1,402						(7)						—
Other investments			99						7						—						(14)						—						92						7						—
Total Level 3 assets – Retirement Services			$	45,582					$	(659)					$	(5)					$	16,113					$	(1,023)					$	60,008					$	(927)					$	(31)
Liabilities – Asset Management
Contingent consideration obligations			$	86					$	3					$	—					$	(4)					$	—					$	85					$	—					$	—
Total Level 3 liabilities – Asset Management			$	86					$	3					$	—					$	(4)					$	—					$	85					$	—					$	—
(Continued)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative			$	(5,841)					$	(277)					$	—					$	(1,227)					$	—					$	(7,345)					$	—					$	—
Universal life benefits			(829)						90						—						—						—						(739)						—						—
Future policy benefits
AmerUs Closed Block			(1,164)						64						—						—						—						(1,100)						—						—
ILICO Closed Block and life benefits			(548)						(3)						—						—						—						(551)						—						—
Derivative liabilities			(1)						—						—						—						—						(1)						—						—
Other liabilities			(142)						(71)						—						—						—						(213)						—						—
Total Level 3 liabilities – Retirement Services			$	(8,525)					$	(197)					$	—					$	(1,227)					$	—					$	(9,949)					$	—					$	—
(Concluded)
1 Related to instruments held at end of period.

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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 September 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			$	7					$	—					$	(46)					$	—					$	(39)					$	—					$	(68)					$	(68)
Investments of consolidated VIEs			1,033						—						(1,132)						—						(99)						452						—						452
Total Level 3 assets – Asset Management			$	1,040					$	—					$	(1,178)					$	—					$	(138)					$	452					$	(68)					$	384
Assets – Retirement Services
AFS securities
Corporate			$	912					$	—					$	(16)					$	(121)					$	775					$	68					$	(4,868)					$	(4,800)
ABS			3,004						—						(351)						(451)						2,202						4,897						(218)						4,679
RMBS			81						—						—						(3)						78						—						—						—
Trading securities			—						—						—						(1)						(1)						—						—						—
Equity securities			—						—						—						—						—						—						(9)						(9)
Mortgage loans			7,518						—						—						(2,672)						4,846						—						—						—
Short-term investments			168						—						—						(2)						166						—						(78)						(78)
Investments in related parties
AFS securities
Corporate			—						—						—						(3)						(3)						—						(154)						(154)
CLO			42						—						—						—						42						—						—						—
ABS			1,193						—						—						(2,067)						(874)						—						—						—
Trading securities			—						—						—						(100)						(100)						—						—						—
Mortgage loans			—						—						—						(14)						(14)						—						—						—
Reinsurance recoverable			—						94						—						(1)						93						—						—						—
Assets of consolidated VIEs
Trading securities			38						—						(4)						—						34						34						(88)						(54)
Mortgage loans			70						—						—						(15)						55						—						—						—
Investment funds			338						—						—						—						338						—						(432)						(432)
Other investments			37						—						—						—						37						—						—						—
Total Level 3 assets – Retirement Services			$	13,401					$	94					$	(371)					$	(5,450)					$	7,674					$	4,999					$	(5,847)					$	(848)
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative			$	—					$	(750)					$	—					$	263					$	(487)					$	—					$	—					$	—
Other liabilities			—						—						—						2						2						—						—						—
Total Level 3 liabilities – Retirement Services			$	—					$	(750)					$	—					$	265					$	(485)					$	—					$	—					$	—

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Three months ended September 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			$	8					$	—					$	(2)					$	—					$	6					$	—					$	—					$	—
Investments of consolidated VIEs			1,459						—						(2,078)						—						(619)						—						—						—
Total Level 3 assets – Asset Management			$	1,467					$	—					$	(2,080)					$	—					$	(613)					$	—					$	—					$	—
Assets – Retirement Services
AFS securities
Corporate			$	26					$	—					$	—					$	(52)					$	(26)					$	—					$	(20)					$	(20)
ABS			221						—						(13)						(463)						(255)						357						(795)						(438)
RMBS			261						—						—						—						261						—						(4)						(4)
Trading securities			—						—						—						(5)						(5)						—						—						—
Mortgage loans			5,696						—						(285)						(1,251)						4,160						—						—						—
Short-term investments			100						—						—						—						100						—						—						—
Other investments			145						—						—						—						145						—						—						—
Investments in related parties
AFS securities
Corporate			27						—						—						(3)						24						—						—						—
ABS			426						—						—						(316)						110						—						—						—
Trading securities			1						—						(1)						—						—						—						—						—
Mortgage loans			—						—						—						(1)						(1)						—						—						—
Assets of consolidated VIEs
Trading securities			6						—						(19)						—						(13)						1,180						—						1,180
Mortgage loans			4						—						—						(2)						2						—						—						—
Investment funds			113						—						(32)						—						81						—						—						—
Other investments			2						—						(14)						—						(12)						—						—						—
Total Level 3 assets – Retirement Services			$	7,028					$	—					$	(364)					$	(2,093)					$	4,571					$	1,537					$	(819)					$	718
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative			$	—					$	(573)					$	—					$	175					$	(398)					$	—					$	—					$	—
Total Level 3 liabilities – Retirement Services			$	—					$	(573)					$	—					$	175					$	(398)					$	—					$	—					$	—

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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			$	27					$	—					$	(61)					$	—					$	(34)					$	—					$	(68)					$	(68)
Investments of consolidated VIEs			3,122						—						(3,107)						—						15						452						(70)						382
Total Level 3 assets – Asset Management			$	3,149					$	—					$	(3,168)					$	—					$	(19)					$	452					$	(138)					$	314
Assets – Retirement Services
AFS securities
Foreign governments			$	—					$	—					$	—					$	(6)					$	(6)					$	—					$	—					$	—
Corporate			2,623						—						(18)						(218)						2,387						166						(993)						(827)
ABS			9,635						—						(423)						(841)						8,371						748						(747)						1
RMBS			81						—						—						(9)						72						—						(2)						(2)
Trading securities			—						—						—						(6)						(6)						14						—						14
Equity securities			2						—						(1)						—						1						9						(9)						—
Mortgage loans			19,226						—						(26)						(5,553)						13,647						—						—						—
Derivative assets			—						—						—						—						—						1						—						1
Short-term investments			171						—						(6)						(23)						142						—						(79)						(79)
Other investments			280						—						—						—						280						—						—						—
Investments in related parties
AFS securities
Corporate			6						—						(1)						(7)						(2)						—						(154)						(154)
CLO			42						—						—						—						42						—						—						—
ABS			5,780						—						(504)						(3,361)						1,915						—						—						—
Trading securities			4						—						—						(222)						(218)						—						—						—
Mortgage loans			87						—						—						(64)						23						—						—						—
Reinsurance recoverable			—						294						—						(2)						292						—						—						—
Assets of consolidated VIEs
Trading securities			201						—						(91)						(7)						103						40						(88)						(48)
Mortgage loans			125						—						—						(74)						51						—						—						—
Investment funds			339						—						—						—						339						—						(432)						(432)
Other investments			56						—						(3)						—						53						—						—						—
Total Level 3 assets – Retirement Services			$	38,658					$	294					$	(1,073)					$	(10,393)					$	27,486					$	978					$	(2,504)					$	(1,526)
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(105)					$	(105)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(105)					$	(105)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative			$	—					$	(2,408)					$	—					$	741					$	(1,667)					$	—					$	—					$	—
Other liabilities			—						—						—						52						52						64						—						64
Total Level 3 liabilities – Retirement Services			$	—					$	(2,408)					$	—					$	793					$	(1,615)					$	64					$	—					$	64

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			Nine months ended September 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			$	34					$	—					$	(4)					$	—					$	30					$	—					$	—					$	—
Investments of consolidated VIEs			4,058						—						(2,826)						—						1,232						—						(2)						(2)
Total Level 3 assets – Asset Management			$	4,092					$	—					$	(2,830)					$	—					$	1,262					$	—					$	(2)					$	(2)
Assets – Retirement Services
AFS securities
Foreign governments			$	53					$	—					$	—					$	(6)					$	47					$	—					$	—					$	—
Corporate			1,338						—						—						(168)						1,170						29						(473)						(444)
ABS			1,552						—						(33)						(725)						794						695						(1,694)						(999)
CMBS			—						—						—						—						—						12						—						12
RMBS			262						—						—						(4)						258						5						(240)						(235)
Trading securities			8						—						—						(20)						(12)						5						(16)						(11)
Equity securities			—						—						—						—						—						—						(13)						(13)
Mortgage loans			14,361						—						(348)						(2,695)						11,318						—						—						—
Short-term investments			100						—						—						(30)						70						26						—						26
Other investments			472						—						—						(431)						41						—						—						—
Investments in related parties
AFS securities
Corporate			184						—						—						(9)						175						215						—						215
CLO			185						—						—						—						185						—						—						—
ABS			3,132						—						(162)						(1,002)						1,968						284						—						284
Trading securities			28						—						(38)						(3)						(13)						—						—						—
Equity securities			—						—						—						(32)						(32)						—						—						—
Mortgage loans			—						—						—						(24)						(24)						—						—						—
Investment funds			32						—						—						—						32						—						—						—
Other investments			42						—						—						—						42						—						—						—
Assets of consolidated VIEs
Trading securities			26						—						(49)						—						(23)						1,308						(31)						1,277
Mortgage loans			63						—						—						(5)						58						—						—						—
Investment funds			113						—						(40)						—						73						475						(1,610)						(1,135)
Other investments			7						—						(21)						—						(14)						—						—						—
Total Level 3 assets – Retirement Services			$	21,958					$	—					$	(691)					$	(5,154)					$	16,113					$	3,054					$	(4,077)					$	(1,023)
Liabilities - Asset Management
Contingent consideration obligations			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Total Level 3 liabilities – Asset Management			$	—					$	—					$	—					$	(4)					$	(4)					$	—					$	—					$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities – Embedded derivative			$	—					$	(1,708)					$	—					$	481					$	(1,227)					$	—					$	—					$	—
Total Level 3 liabilities – Retirement Services			$	—					$	(1,708)					$	—					$	481					$	(1,227)					$	—					$	—					$	—

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Financial Instruments Without Readily Determinable Fair Values

The Company elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of September 30, 2024 and December 31, 2023.

Fair Value Option – Retirement Services

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Trading securities			$	131					$	(116)					$	31					$	(84)
Mortgage loans			1,186						(984)						868						(909)
Investment funds			38						(66)						13						23
Future policy benefits			(46)						59						12						64
Other			5						(4)						9						(71)
Total gains (losses)			$	1,314					$	(1,111)					$	933					$	(977)

交易证券、抵押贷款和其他的损益在简明综合经营报表中计入投资相关收益（亏损）。与投资基金相关的损益在简明综合经营报表中计入净投资收益。与合并VIE投资相关的损益在简明合并经营报表中计入合并VIE的收入。未来保单福利的公允价值变化在简明综合经营报表中记录为未来保单和其他保单福利。

以下总结了公允价值期权抵押贷款（包括关联方和VIE）的信息：

(单位：百万)			2024年9月30日						2023年12月31日
未付本金余额			$	64,404					$	50,752
按公允价值计价			(2,246)						(3,183)
公平值			$	62,158					$	47,569

以下代表逾期90天或以上和/或处于非应计状态的商业抵押贷款组合：

(单位：百万)			2024年9月30日						2023年12月31日
商业抵押贷款未付本金余额逾期90天或以上和/或处于非应计状态			$	507					$	221
将商业抵押贷款的公允价值标记为逾期90天或以上和/或处于非应计状态			(191)						(74)
逾期90天或以上和/或处于非应计状态的商业抵押贷款的公允价值			$	316					$	147
逾期90天或以上商业抵押贷款的公允价值			$	254					$	64
非应计状态下的商业抵押贷款公允价值			316						147

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目录

阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

以下代表逾期90天或以上和/或处于非应计状态的住宅抵押贷款组合：

(单位：百万)			2024年9月30日						2023年12月31日
逾期90天或以上和/或处于非应计状态的住宅抵押贷款未付本金余额			$	850					$	528
按逾期90天或以上和/或处于非应计状态的住宅抵押贷款的公允价值标记			(74)						(49)
逾期90天或以上和/或处于非应计状态的住宅抵押贷款的公允价值			$	776					$	479
逾期90天或以上的住宅抵押贷款公允价值1			$	776					$	479
非应计状态下的住宅抵押贷款公允价值			679						355
1 截至2024年9月30日和2023年12月31日，包括美元97百万美元和美元124 分别有100万美元由美国政府赞助机构担保的住宅抵押贷款。

以下是期内因我们抵押贷款组合的特定工具信用风险变化而计入盈利的收益（损失）估计金额：

			截至9月30日的三个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
按揭贷款			$	(19)					$	(20)					$	(49)					$	(31)

归因于特定工具信用风险变化的损益部分是通过识别贷款价值比符合信用质量标准的商业抵押贷款和拖欠状态符合信用质量标准的住宅抵押贷款来估计的。

未以公允价值计价的金融工具的公允价值-退休服务

以下代表Athene在简明综合财务状况表中未按公允价值列账的金融工具：

			2024年9月30日
(单位：百万)			账面值						公平值						NAV						1级						2级						3级
金融资产
投资基金			$	107					$	107					$	107					$	—					$	—					$	—
政策性贷款			320						320						—						—						320						—
按利息扣缴的资金			23,812						23,812						—						—						—						23,812
短期投资			205						205						—						—						—						205
其他投资			17						28						—						—						—						28
对关联方的投资
投资基金			498						498						498						—						—						—
按利息扣缴的资金			5,974						5,974						—						—						—						5,974
短期投资			812						812						—						—						812						—
未按公允价值列账的金融资产总额			$	31,745					$	31,756					$	605					$	—					$	1,132					$	30,019
金融负债
利息敏感合同负债			$	191,137					$	187,554					$	—					$	—					$	—					$	187,554
债务			5,725						5,448						—						591						4,857						—
回购证券			2,666						2,666						—						—						2,666						—
资金预扣责任			3,416						3,416						—						—						—						3,416
未按公允价值列账的财务负债总额			$	202,944					$	199,084					$	—					$	591					$	7,523					$	190,970

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

			December 31, 2023
(In millions)			Carrying Value						Fair Value						NAV						Level 1						Level 2						Level 3
Financial assets
Investment funds			$	109					$	109					$	109					$	—					$	—					$	—
Policy loans			334						334						—						—						334						—
Funds withheld at interest			27,738						27,738						—						—						—						27,738
Other investments			46						52						—						—						—						52
Investments in related parties
Investment funds			550						550						550						—						—						—
Funds withheld at interest			7,195						7,195						—						—						—						7,195
Short-term investments			947						947						—						—						947						—
Total financial assets not carried at fair value			$	36,919					$	36,925					$	659					$	—					$	1,281					$	34,985
Financial liabilities
Interest sensitive contract liabilities			$	154,095					$	146,038					$	—					$	—					$	—					$	146,038
Debt			4,209						3,660						—						—						3,660						—
Securities to repurchase			3,853						3,853						—						—						3,853						—
Funds withheld liability			350						350						—						—						350						—
Total financial liabilities not carried at fair value			$	162,507					$	153,901					$	—					$	—					$	7,863					$	146,038

The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value.

Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.

Debt – The fair value of debt is obtained from commercial pricing services. See note 11 for further information on debt.

Significant Unobservable Inputs

Asset Management

Discounted Cash Flow and Direct Capitalization Model

When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 16 for further discussion of the contingent consideration obligations.

Option Model

When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated VIEs’ Investments

The significant unobservable input used in the fair value measurement of the equity securities, bank loans and bonds is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks.

NAV

Certain investments and investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value.

Retirement Services

AFS, trading and equity securities

Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes.

Mortgage loans

Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations.

Interest sensitive contract liabilities – embedded derivative

Significant unobservable inputs used in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:

1.Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk for use in the estimate of the fair value of embedded derivatives.

2.Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.

3.Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Valuation of Underlying Investments

Asset Management

As previously noted, the underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value.

On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages. Apollo also retains external valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the external valuation firms assist management with validating their valuation results or determining fair value. Apollo performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

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Credit Investments

Credit investments are generally valued based on third-party vendor prices and/or quoted market prices and valuation models. Valuations using quoted market prices are based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In determining the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When relying on a third-party vendor as a primary source, Apollo (i) analyzes how the price has moved over the measurement period, (ii) reviews the number of brokers included in the pricing service’s population, if available, and (iii) validates the valuation levels with Apollo’s pricing team and traders.

Debt securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model-based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the income approach, as described below. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks.

Equity Investments

The majority of illiquid equity investments are valued using the market approach and/or the income approach, as described below.

Market Approach

The market approach is driven by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to any of the following factors: (1) the subject company’s historical and projected financial data; (2) valuations given to comparable companies; (3) the size and scope of the subject company’s operations; (4) the subject company’s individual strengths and weaknesses; (5) expectations relating to the market’s receptivity to an offering of the subject company’s securities; (6) applicable restrictions on transfer; (7) industry and market information; (8) general economic and market conditions; and (9) other factors deemed relevant. Market approach valuation models typically employ a multiple that is based on one or more of the factors described above.

Enterprise value as a multiple of EBITDA is common and relevant for most companies and industries, however, other industry specific multiples are employed where available and appropriate. Sources for gaining additional knowledge related to comparable companies include public filings, annual reports, analyst research reports and press releases. Once a comparable company set is determined, Apollo reviews certain aspects of the subject company’s performance and determines how its performance compares to the group and to certain individuals in the group. Apollo compares certain measurements such as EBITDA margins, revenue growth over certain time periods, leverage ratios and growth opportunities. In addition, Apollo compares the entry multiple and its relation to the comparable set at the time of acquisition to understand its relation to the comparable set on each measurement date.

Income Approach

The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology for the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are significant assumptions related to the subject company’s expected results, the determination of a terminal value and a calculated discount rate, which is normally based on the subject company’s WACC. The WACC represents the required rate of return on total capitalization, which is comprised of a required rate of return on equity, plus the current tax-effected rate of return on debt, weighted by the relative percentages of equity and debt that are typical in the industry. The most critical step in determining the appropriate WACC for each subject company is to select companies that are comparable in nature to the subject company and the credit quality of the subject company. Sources for gaining additional knowledge about the comparable companies include public filings, annual reports, analyst research reports and press releases. The general formula then used for calculating the WACC considers the after-tax rate of return on debt capital and the rate of return on common equity capital, which further considers the risk-free rate of return, market beta, market

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risk premium and small stock premium, if applicable. The variables used in the WACC formula are inferred from the comparable market data obtained. The Company evaluates the comparable companies selected and concludes on WACC inputs based on the most comparable company or analyzes the range of data for the investment.

The value of liquid investments, where the primary market is an exchange (whether foreign or domestic), is determined using period end market prices. Such prices are generally based on the close price on the date of determination.

Certain of the funds Apollo manages may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of the period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.

Retirement Services

NAV

Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects a pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and WACC rates applied in valuation models or a discounted cash flow model.

ATF和交易证券

大多数没有活跃市场的有价证券的公允价值是从多种商业定价服务中获得的。这些被归类为2级资产。定价服务在其估值技术中纳入了各种市场可观察信息，包括基准收益率、交易活动、信用质量、发行人利差、出价、报价和其他参考数据。该类别通常包括美国和非美国公司债券、美国机构和政府担保证券、CLO、ABS、CMBS和RMBS。

Athene还拥有根据指示性经纪人报价或采用市场接受的估值模型定价的固定期限证券。对于某些固定期限证券，估值模型使用重大不可观察输入数据，这些输入数据包括在公允价值层级的第3级中。使用的重大不可观察输入数据包括贴现率、特定发行的信贷调整、重大非公开财务信息、未来盈利和现金流量的估计、违约率假设、流动性假设和做市商的指示性报价。这些输入通常被认为是不可观察的，因为并非所有市场参与者都可以访问这些数据。

Privately placed fixed maturity securities are valued based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, a matrix-based pricing model is used. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. Additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and Athene’s evaluation of the borrower’s ability to compete in its relevant market are also considered. Privately placed fixed maturity securities are classified as Level 2 or 3.

Equity securities

Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

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Mortgage loans

Athene estimates fair value monthly using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3.

Investment funds

Certain investment funds for which Athene has elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions. These inputs are usually considered unobservable, as not all market participants have access to this data.

Other investments

The fair values of other investments are determined using a discounted cash flow model using discount rates for similar investments.

Funds withheld at interest embedded derivatives

Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

Derivatives

Derivative contracts can be exchange traded or over the counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. Athene considers and incorporates counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. Athene also evaluates and includes its own nonperformance risk in valuing derivatives. The majority of Athene’s derivatives trade in liquid markets; therefore, it can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Interest sensitive contract liabilities embedded derivatives

Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

AmerUs Closed Block

Athene elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.

ILICO Closed Block

Athene elected the fair value option for the ILICO Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s

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obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits

Athene elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. Athene uses a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. The universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Other liabilities

Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

7. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 8 for more information on Athene’s products.

			Nine months ended September 30, 2024
			DAC																								DSI						VOBA						Total DAC, DSI and VOBA
(In millions)			Traditional deferred annuities						Indexed annuities						Funding agreements						Other investment-type						Indexed annuities
Balance at December 31, 2023			$	890					$	1,517					$	10					$	11					$	970					$	2,581					$	5,979
Additions			404						751						36						—						479						—						1,670
Amortization			(176)						(131)						(8)						(1)						(88)						(274)						(678)
Balance at September 30, 2024			$	1,118					$	2,137					$	38					$	10					$	1,361					$	2,307					$	6,971

    

			Nine months ended September 30, 2023
			DAC																								DSI						VOBA						Total DAC, DSI and VOBA
(In millions)			Traditional deferred annuities						Indexed annuities						Funding agreements						Other investment-type						Indexed annuities
Balance at December 31, 2022			$	304					$	755					$	11					$	9					$	399					$	2,988					$	4,466
Additions			426						609						2						3						447						—						1,487
Amortization			(74)						(69)						(3)						(1)						(40)						(315)						(502)
Other			—						—						—						—						—						(3)						(3)
Balance at September 30, 2023			$	656					$	1,295					$	10					$	11					$	806					$	2,670					$	5,448

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The

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effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

8. Long-duration Contracts

Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:

▪traditional deferred annuities,

▪indexed annuities consisting of fixed indexed and index-linked variable annuities,

▪funding agreements, and

▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks.

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

			Nine months ended September 30, 2024
(In millions, except percentages)			Traditional Deferred Annuities						Indexed Annuities												Funding Agreements						Other Investment-type						Total
Balance at December 31, 2023			$	64,763					$	93,147											$	32,350					$	7,629					$	197,889
Deposits			19,786						12,761												24,083						933						57,563
Policy charges			(2)						(522)												—						—						(524)
Surrenders and withdrawals			(3,691)						(9,724)												—						(63)						(13,478)
Benefit payments			(830)						(1,204)												(7,746)						(173)						(9,953)
Interest credited			2,323						2,313												1,173						152						5,961
Foreign exchange			(1)						1												116						(56)						60
Other			—						—												421						(74)						347
Balance at September 30, 2024			$	82,348					$	96,772											$	50,397					$	8,348					$	237,865
Weighted average crediting rate			4.3		%				2.6		%										4.5		%				2.6		%
Net amount at risk			$	427					$	15,221											$	—					$	65
Cash surrender value			78,049						89,378												—						7,112

			Nine months ended September 30, 2023
(In millions, except percentages)			Traditional Deferred Annuities						Indexed Annuities												Funding Agreements						Other Investment-type						Total
Balance at December 31, 2022			$	43,518					$	92,660											$	27,439					$	4,722					$	168,339
Deposits			18,011						8,960												4,893						3,760						35,624
Policy charges			(2)						(481)												—						—						(483)
Surrenders and withdrawals			(8,207)						(8,292)												(110)						(25)						(16,634)
Benefit payments			(738)						(1,216)												(2,264)						(223)						(4,441)
Interest credited			1,284						802												628						110						2,824
Foreign exchange			(77)						(1)												(26)						(344)						(448)
Other1			63						77												(46)						(1,419)						(1,325)
Balance at September 30, 2023			$	53,852					$	92,509											$	30,514					$	6,581					$	183,456
Weighted average crediting rate			3.7		%				2.3		%										3.1		%				2.7		%
Net amount at risk			$	425					$	14,438											$	—					$	104
Cash surrender value			50,352						84,052												—						5,335
1Other includes $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 15 for further information.

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The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:

			September 30,
(In millions)			2024						2023
Traditional deferred annuities			$	82,348					$	53,852
Indexed annuities			96,772						92,509
Funding agreements			50,397						30,514
Other investment-type			8,348						6,581
Reconciling items1			7,571						5,609
Interest sensitive contract liabilities			$	245,436					$	189,065
1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

			September 30, 2024
(In millions)			At Guaranteed Minimum						1 Basis Point – 100 Basis Points Above Guaranteed Minimum						Greater than 100 Basis Points Above Guaranteed Minimum						Total
< 2.0%			$	28,488					$	15,531					$	126,352					$	170,371
2.0% – < 4.0%			23,576						1,787						1,927						27,290
4.0% – < 6.0%			28,764						75						1						28,840
6.0% and greater			11,364						—						—						11,364
Total			$	92,192					$	17,393					$	128,280					$	237,865

			September 30, 2023
(In millions)			At Guaranteed Minimum						1 Basis Point – 100 Basis Points Above Guaranteed Minimum						Greater than 100 Basis Points Above Guaranteed Minimum						Total
< 2.0%			$	28,564					$	19,709					$	90,121					$	138,394
2.0% – < 4.0%			28,838						1,128						541						30,507
4.0% – < 6.0%			11,433						9						1						11,443
6.0% and greater			3,112						—						—						3,112
Total			$	71,947					$	20,846					$	90,663					$	183,456

Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts.

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The following is a rollforward by product within future policy benefits:

			截至2024年9月30日的九个月
(In百万，百分比和年份除外）			含生活意外情况的支付年金						终生						总
预期净保费现值
期初余额			$	—					$	1,182					$	1,182
更改贴现率假设的影响			—						(45)						(45)
外汇对贴现率假设变化的影响			—						(2)						(2)
按原贴现率计算的期初余额			—						1,135						1,135
实际体验对预期体验的影响			—						(4)						(4)
调整后余额			—						1,131						1,131
应计利息			—						17						17
收取的净保费			—						(144)						(144)
外汇			—						(28)						(28)
按原贴现率计算的期末余额			—						976						976
更改贴现率假设的影响			—						41						41
外汇对贴现率假设变化的影响			—						1						1
期末余额			$	—					$	1,018					$	1,018
预期未来政策收益的现值
期初余额			$	45,001					$	3,371					$	48,372
更改贴现率假设的影响			6,233						(89)						6,144
外汇对贴现率假设变化的影响			1						(6)						(5)
按原贴现率计算的期初余额			51,235						3,276						54,511
现金流假设变化的影响			(104)						—						(104)
实际体验对预期体验的影响			(89)						(4)						(93)
调整后余额			51,042						3,272						54,314
发行			1,010						—						1,010
应计利息			1,353						52						1,405
福利支付			(3,355)						(66)						(3,421)
外汇			33						(64)						(31)
按原贴现率计算的期末余额			50,083						3,194						53,277
更改贴现率假设的影响			(5,362)						46						(5,316)
外汇对贴现率假设变化的影响			(16)						(3)						(19)
期末余额			$	44,705					$	3,237					$	47,942
未来净政策收益			$	44,705					$	2,219					$	46,924
加权平均负债期限 (单位：年)			9.4						31.3
加权平均利息增长率			3.7		%				4.8		%
加权平均当前贴现率			5.0		%				4.0		%
预期未来毛保费，未贴现			$	—					$	1,255
预计未来毛保费，折扣1			—						1,064
预期未来福利付款，未贴现			73,523						10,235
1 按原折扣率打折。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

			截至2023年9月30日的九个月
(In百万，百分比和年份除外）			含生活意外情况的支付年金						终生						总
预期未来政策收益的现值
期初余额			$	36,422					$	—					$	36,422
更改贴现率假设的影响			8,425						—						8,425
外汇对贴现率假设变化的影响			(13)						—						(13)
按原贴现率计算的期初余额			44,834						—						44,834
现金流假设变化的影响			(297)						—						(297)
实际体验对预期体验的影响			(36)						—						(36)
调整后余额			44,501						—						44,501
发行			9,120						—						9,120
应计利息			1,194						—						1,194
福利支付			(2,731)						—						(2,731)
外汇			6						—						6
其他1			(1,509)						—						(1,509)
按原贴现率计算的期末余额			50,581						—						50,581
更改贴现率假设的影响			(9,753)						—						(9,753)
外汇对贴现率假设变化的影响			12						—						12
期末余额			$	40,840					$	—					$	40,840
未来净政策收益			$	40,840					$	—					$	40,840
加权平均负债期限 (单位：年)			9.6						0.0
加权平均利息增长率			3.6		%				—		%
加权平均当前贴现率			6.1		%				—		%
预期未来福利付款，未贴现			$	73,933					$	—
1 其他包括美元1,509 与VIAC重新夺回协议相关的储备减少00万美元。更多信息请参阅注释15。

以下是未来政策利益与简明综合财务状况表的对账：

			9月30日，
(单位：百万)			2024						2023
有生命意外情况的支付年金			$	44,705					$	40,840
一生			2,219						—
对账项目1			6,038						5,832
未来的政策好处			$	52,962					$	46,672
1 清算项目主要包括与未来保单福利负债相关的递延利润负债和负VOBA。此外，它还包括定期人寿准备金、完全放弃的终身准备金、事故、健康和残疾等非重大业务的准备金，以及通用人寿合同的无失效担保的其他保险福利准备金，所有这些都是完全放弃的。

以下是与未来保单福利相关的保费和利息支出与简明综合经营报表的对账：

			保费												利息开支
			截至9月30日的九个月里，												截至9月30日的九个月里，
(单位：百万)			2024						2023						2024						2023
有生命意外情况的支付年金			$	985					$	9,142					$	1,353					$	1,194
一生			154						—						35						—
对账项目1			24						21						—						—
总			$	1,163					$	9,163					$	1,388					$	1,194
1 登记项目主要与非物质业务有关，包括终身、完全放弃的终生以及事故、健康和残疾。

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.

Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities.

During the nine months ended September 30, 2024, the present value of expected future policy benefits decreased by $430 million, which was driven by $3,421 million of benefit payments and $104 million of favorable unlocking of assumptions, offset by $1,405 million of interest accruals, $1,010 million of issuances, primarily pension group annuities, and an $832 million change in discount rate assumptions related to a decrease in market observable rates.

During the nine months ended September 30, 2023, the present value of expected future policy benefits increased by $4,418 million, which was driven by $9,120 million of issuances, primarily pension group annuities, and $1,194 million of interest accrual, partially offset by $2,731 million of benefit payments, a $1,509 million reduction in reserve related to recapture, a $1,328 million change in discount rate assumptions related to an increase in rates, and $297 million resulting from favorable unlocking of assumptions, primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:

			Nine months ended September 30,
(In millions)			2024						2023
Reserves			$	193					$	333
Deferred profit liability			(37)						(243)
Negative VOBA			(52)						(54)
Total remeasurement gains (losses)			$	104					$	36

During the nine months ended September 30, 2024 and 2023, Athene recorded reserve increases of $15 million and $110 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.

The following is a rollfoward of net market risk benefit liabilities by product:

			Nine months ended September 30, 2024
(In millions, except years)			Traditional Deferred Annuities						Indexed Annuities												Total
Balance at December 31, 2023			$	192					$	3,181											$	3,373
Effect of changes in instrument-specific credit risk			2						(10)												(8)
Balance, beginning of period, before changes in instrument-specific credit risk			194						3,171												3,365
Issuances			—						270												270
Interest accrual			8						143												151
Attributed fees collected			1						265												266
Benefit payments			(3)						(39)												(42)
Effect of changes in interest rates			(2)						(34)												(36)
Effect of changes in equity			—						(115)												(115)
Effect of actual policyholder behavior compared to expected behavior			5						64												69
Effect of changes in future expected policyholder behavior			(3)						88												85
Effect of changes in other future expected assumptions			—						(19)												(19)
Balance, end of period, before changes in instrument-specific credit risk			200						3,794												3,994
Effect of changes in instrument-specific credit risk			1						94												95
Balance at September 30, 2024			201						3,888												4,089
Less: Reinsurance recoverable			—						(40)												(40)
Balance at September 30, 2024, net of reinsurance			$	201					$	3,848											$	4,049
Net amount at risk			$	427					$	15,221
Weighted-average attained age of contract holders (in years)			76						69

			Nine months ended September 30, 2023
(In millions, except years)			Traditional Deferred Annuities						Indexed Annuities												Total
Balance at December 31, 2022			$	170					$	2,319											$	2,489
Effect of changes in instrument-specific credit risk			13						353												366
Balance, beginning of period, before changes in instrument-specific credit risk			183						2,672												2,855
Issuances			—						47												47
Interest accrual			7						108												115
Attributed fees collected			2						250												252
Benefit payments			(1)						(24)												(25)
Effect of changes in interest rates			(18)						(591)												(609)
Effect of changes in equity			—						(26)												(26)
Effect of actual policyholder behavior compared to expected behavior			4						42												46
Effect of changes in future expected policyholder behavior			(3)						78												75
Effect of changes in other future expected assumptions			—						6												6
Balance, end of period, before changes in instrument-specific credit risk			174						2,562												2,736
Effect of changes in instrument-specific credit risk			(7)						(139)												(146)
Balance at September 30, 2023			$	167					$	2,423											$	2,590
Net amount at risk			$	425					$	14,438
Weighted-average attained age of contract holders (in years)			75						69

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.

			2024年9月30日																		2023年9月30日
(单位：百万)			资产						责任						净负债						资产						责任						净负债
传统递延年金			$	—					$	201					$	201					$	—					$	167					$	167
指数年金			313						4,201						3,888						431						2,854						2,423
总			$	313					$	4,402					$	4,089					$	431					$	3,021					$	2,590

截至2024年9月30日的九个月内，净市场风险福利负债增加了美元716 百万，主要由美元推动270 百万发行量，美元266 从保单持有人收取的费用百万美元，以及美元151 百万的应计利息。

截至2023年9月30日的九个月内，净市场风险福利负债增加了美元101 百万，主要由美元推动252 从保单持有人收取的费用百万美元，一美元220 与信贷利差和美元收紧相关的特定工具信用风险发生百万变化115 应计利息百万，部分被减少美元抵消609 万 与曲线上无风险贴现率的变化有关。

确定市场风险收益的公允价值需要使用与费用、评估和假设相关的输入数据来确定超过预计账户余额的预计收益。需要对影响未来保单持有人账户增长的经济假设和精算假设进行判断，这些假设可以是可观察的，也可以是不可观察的。

经济假设包括整个负债期限内的利率和隐含波动率。对于指数化年金，假设还包括影响归因于指数化策略的现金流的预计股权回报、隐含股权波动率、下一个保单周年日的预期指数信用以及未来股权期权成本。与用于确定未来股权期权成本的期权预算水平相关的假设以及对未来保单持有人账户价值增长的影响被视为不可观察输入。

保单持有人行为假设是不可观察的输入，是使用公认的精算估值方法来估计提款（自首率）和收入附加费利用率而建立的。假设通常基于行业数据和定价假设，必要时根据实际经验进行更新。对于最近发布的产品，实际体验可能有限。

所有输入都用于预测一系列风险中性、随机利率情景下的超额收益和费用。对于指数年金，随机股票回报情景也包括在该范围内。风险边际被纳入贴现率中，以反映预计现金流的不确定性，例如保单持有人行为的变化，以及信用利差以反映不绩效风险（被认为是不可观察的输入）。Athene使用其截至估值日相对于美国国债曲线的公共信用评级，以反映其在市场风险收益的公允价值估计中的不良风险。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

以下总结了市场风险收益的不可观察输入：

						2024年9月30日
(单位：百万，百分比除外)						公平值						估价技术						不可观测的输入						最低要求						最大						加权平均									投入增加对公允价值的影响
市场风险收益，净						$	4,089					贴现现金流						不绩效风险						0.5		%				1.2		%				1.1		%	1						减少
																		选项预算						0.5		%				6.0		%				2.2		%	2						减少
																		退保率						3.3		%				7.0		%				4.5		%	2						减少
																		利用率						28.6		%				95.0		%				84.7		%	3						增加
						2023年9月30日
(单位：百万，百分比除外)						公平值						估价技术						不可观测的输入						最低要求						最大						加权平均									投入增加对公允价值的影响
市场风险收益，净						$	2,590					贴现现金流						不绩效风险						0.6		%				1.6		%				1.4		%	1						减少
																		选项预算						0.5		%				5.9		%				1.9		%	2						减少
																		退保率						3.4		%				6.5		%				4.6		%	2						减少
																		利用率						28.6		%				95.0		%				83.2		%	3						增加
1 不绩效风险加权平均值基于市场风险福利准备金的现金流量。
2 期权预算和自首率加权平均值是根据预计账户价值计算的。
3 GLWb提款的利用率代表预计在合同期限内使用收入附加条款的保单持有人的估计百分比，加权平均值基于经常账户价值。

9.应付利润分成

应付利润分成为美元1.93亿美元和3,000美元1.7 截至2024年9月30日和2023年12月31日，分别为10亿美元。 以下是利润分享应付余额的结转：

(单位：百万)			总
应付利润分成，2024年1月1日			$	1,669
利润分成费用			570
付款/其他			(373)
应付利润分成，2024年9月30日			$	1,866

利润分享费用包括（i）应向有权分享Apollo管理的基金绩效收入的现任和前任员工支付的金额变化，以及（ii）与公司的某些收购相关确认的或有对价义务的公允价值变化。应付利润分成不包括如果某些基金被清算而到期的利润分成分配的潜在回报，该利润分成分配在简明综合财务状况表中记录为应收关联方款项。

公司要求将分配给公司员工的某些绩效收入的一部分用于购买根据其股权计划发行的普通股的限制性股票。在分配业绩收入之前，公司将预计授予的股权奖励的价值记录在其他资产和应付账款、应计费用和其他负债中。

10. Income Taxes

The Company’s income tax provision totaled $317 million and $243 million for the three months ended September 30, 2024 and 2023, respectively, and totaled $1,000 million and $697 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 15.2% and 27.5% for the three months ended September 30, 2024 and 2023, respectively, and 17.5% and 19.2% for the nine months ended September 30, 2024 and 2023, respectively.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

AHL changed its domicile from Bermuda to the United States, causing AHL to become a U.S.-domiciled corporation and a U.S. taxpayer effective December 31, 2023 (the “Redomicile”) and will be subject to U.S. corporate income tax for 2024 and future years. AHL’s Bermuda subsidiaries (and AHL for pre-Redomicile periods) file protective U.S. income tax returns. AHL’s U.S. subsidiaries file, and AHL for post-Redomicile periods will file, income tax returns with the U.S. federal government and various state governments.

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 (“Bermuda CIT”). Commencing on January 1, 2025, the Bermuda CIT generally will impose a 15% corporate income tax on in-scope entities that are resident in Bermuda or have a Bermuda permanent establishment, without regard to any assurances that have been given pursuant to the Exempted Undertakings Tax Protection Act 1966. The Company recorded material deferred tax assets at December 31, 2023 as a result of the passage of the Bermuda CIT, primarily related to an estimated opening tax loss carryforward under the Bermuda CIT. Throughout 2024, the Company will evaluate and record applicable adjustments to these deferred tax assets. The Company evaluated the existing deferred tax assets and determined that no adjustments were necessary at September 30, 2024.

The U.K. enacted legislation in July 2023 implementing certain provisions of the Organisation for Economic Cooperation and Development’s “Pillar Two” global minimum tax initiative (“Pillar Two”) that will apply to multinational enterprises for accounting periods beginning on or after December 31, 2023. On February 22, 2024, the U.K. enacted certain amendments to its Pillar Two legislation which similarly take effect for accounting periods beginning on or after December 31, 2023. The Company continues to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries, as such legislative changes could result in changes to our effective tax rate. The Company evaluated the enacted legislation and concluded there was no material impact to our effective tax rate for the three months ended September 30, 2024.

Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of September 30, 2024, the Company recorded $10 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact our effective tax rate. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months.

The primary jurisdictions in which the Company operates and incurs income taxes are the United States, the United Kingdom, and Bermuda (beginning January 1, 2025). There are no unremitted earnings with respect to the United Kingdom or other foreign jurisdictions.

In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of September 30, 2024, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2020 through 2022 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for tax years 2019 to 2021. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2014 to 2021. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax years 2015 to 2022. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above.

The Company has historically recorded deferred tax assets resulting from the step-up in the tax basis of assets, including intangibles, resulting from exchanges of AOG Units for Class A shares by the Former Managing Partners and Contributing Partners. A related liability has also historically been recorded in due to related parties in the condensed consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among the Company, the Former Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 15). The benefit the Company obtained from the difference in the tax asset recognized and the related liability was recorded as an increase to additional paid in capital. The amortization period for the portion of the increase in tax basis related to intangibles is 15 years. The realization of the remaining portion of the increase in tax basis relates to the disposition of the underlying assets to which the step-up is attributed. The associated deferred tax assets reverse at the time of the corresponding asset disposition.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

11. Debt

Company debt consisted of the following:

									September 30, 2024															December 31, 2023
(In millions, except percentages)			Maturity Date						Outstanding Balance						Fair Value															Outstanding Balance						Fair Value
Asset Management
4.00% 2024 Senior Notes1,2			May 30, 2024						$	—					$	—														$	499					$	496		4
4.40% 2026 Senior Notes1,2			May 27, 2026						499						500			4												498						490			4
4.87% 2029 Senior Notes1,2			February 15, 2029						675						687			4												675						664			4
2.65% 2030 Senior Notes1,2			June 5, 2030						497						454			4												496						432			4
6.38% 2033 Senior Notes1,2			November 15, 2033						492						558			4												492						539			4
5.00% 2048 Senior Notes1,2			March 15, 2048						297						296			4												297						275			4
5.80% 2054 Senior Notes1,2			May 21, 2054						741						800			4												—						—
4.95% 2050 Subordinated Notes1,2			January 14, 2050						297						299			4												297						283			4
7.63% 2053 Subordinated Notes1,2			September 15, 2053						584						656			5												584						652			5
1.70% Secured Borrowing II			April 15, 2032						—						—															14						14			4
1.30% 2016 AMI Term Facility I			January 15, 2025						—						—															19						19			3
2.00% 2016 AMI Term Facility II			October 18, 2024						—						—															12						12			3
									4,082						4,250															3,883						3,876
Retirement Services
4.13% 2028 AHL Senior Notes1			January 12, 2028						1,054						986			4												1,066						956			4
6.15% 2030 AHL Senior Notes1			April 3, 2030						582						538			4												593						516			4
3.50% 2031 AHL Senior Notes1			January 15, 2031						521						466			4												523						442			4
6.65% 2033 AHL Senior Notes1			February 1, 2033						395						441			4												395						427			4
5.88% 2034 AHL Senior Notes1			January 15, 2034						584						629			4												583						607			4
3.95% 2051 AHL Senior Notes1			May 25, 2051						545						385			4												545						375			4
3.45% 2052 AHL Senior Notes1			May 15, 2052						504						344			4												504						337			4
6.25% 2054 AHL Senior Notes1			April 1, 2054						982						1,068			4												—						—
7.25% 2064 AHL Subordinated Notes1			March 30, 2064						558						591			5												—						—
									5,725						5,448															4,209						3,660
Total Debt									$	9,807					$	9,698														$	8,092					$	7,536
1 Interest rate is calculated as weighted average annualized.
2 Includes amortization of note discount, as applicable, totaling $41 million and $34 million as of September 30, 2024 and December 31, 2023, respectively. Outstanding balance is presented net of unamortized debt issuance costs.
3 Fair value is based on a discounted cash flow method. These notes are classified as a Level 3 liability within the fair value hierarchy.
4 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
5 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.

Asset Management – Notes Issued and Repayments

On May 21, 2024, AGM issued $750 million aggregate principal amount of its 5.800% Senior Notes due 2054 (the “2054 Senior Notes”), at par value. The 2054 Senior Notes bear interest at a rate of 5.800% per annum and interest is payable semi-annually in arrears on May 21 and November 21 of each year, commencing on November 21, 2024. The 2054 Senior Notes will mature on May 21, 2054. The underwriting discount and related expenses are amortized into interest expense on the condensed consolidated statements of operations over the term of the 2054 Senior Notes.

On May 30, 2024, AMH repaid in full the principal and accrued interest of the $500 million aggregate principal amount of its 4.00% 2024 Senior Notes.

During the fourth quarter of 2024, AGM issued $500 million aggregate principal amount of its 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (the “2054 Subordinated Notes”), at par value. Subject to the Company’s right to defer the payment of interest for up to five years, interest on the 2054 Subordinated Notes is payable on a semi-annual basis in arrears on June 15 and December 15 of each year, commencing on June 15, 2025. The 2054 Subordinated Notes bear interest at a fixed rate of 6.000% per annum until December 15, 2034 (the “First Reset Date”). On and after the First Reset Date, on the five-year

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

anniversary of the First Reset Date and every five years thereafter, the interest rate on the 2054 Subordinated Notes will be reset equal to the Five-Year U.S. Treasury Rate (as defined in the indenture for the 2054 Subordinated Notes (the “Indenture”)) as of the most recent Reset Interest Determination Date (as defined in the Indenture) plus a spread of 2.168%. The 2054 Subordinated Notes will mature on December 15, 2054. The underwriting discount and related expenses will be amortized into interest expense on the condensed consolidated statements of operations over the term of the 2054 Subordinated Notes, commencing in the fourth quarter of 2024.

The indentures governing the 2026 Senior Notes, the 2029 Senior Notes, the 2030 Senior Notes, the 2033 Senior Notes, the 2048 Senior Notes, the 2054 Senior Notes, the 2050 Subordinated Notes, the 2053 Subordinated Notes and the 2054 Subordinated Notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.

Retirement Services – Notes Issued

AHL Senior Notes – Athene’s senior unsecured notes are callable by AHL at any time. If called prior to three months before the scheduled maturity date, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread (as defined in the applicable prospectus supplement) and any accrued and unpaid interest.

During the first quarter of 2024, Athene issued $1.0 billion of 6.250% Senior Notes due April 1, 2054 (the “2054 AHL Senior Notes”). Athene will pay interest on the 2054 AHL Senior Notes semi-annually, commencing on October 1, 2024.

AHL Subordinated Notes – During the first quarter of 2024, Athene issued $575 million of 7.250% Fixed-Rate Reset Junior Subordinated Debentures due March 30, 2064 (the “2064 AHL Subordinated Notes”). Athene will pay interest at an annual fixed rate of 7.250% on the 2064 AHL Subordinated Notes quarterly, commencing on June 30, 2024 until March 30, 2029. On March 30, 2029, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year U.S. Treasury Rate (as defined in the applicable prospectus supplement) plus 2.986%. Athene may defer interest payments for up to five consecutive years.

During the fourth quarter of 2024, Athene issued $600 million of 6.625% Fixed-Rate Reset Junior Subordinated Debentures due October 15, 2054 (the “2054 AHL Subordinated Notes”). Athene will pay interest semi-annually at an annual fixed rate of 6.625% on the 2054 AHL Subordinated Notes, commencing on April 15, 2025 until October 15, 2034. On October 15, 2034, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year U.S. Treasury Rate (as defined in the applicable prospectus supplement) plus 2.607%. Athene may defer interest payments for up to five consecutive years.

Credit and Liquidity Facilities

The following table represents the Company’s credit and liquidity facilities as of September 30, 2024:

Instrument/Facility

Borrowing Date

Maturity Date

Administrative Agent

Key terms

Asset Management - AMH credit facility

N/A

October 12, 2027

Citibank

The commitment fee on the $1.0 billion undrawn AMH credit facility as of September 30, 2024 was 0.08%.

Retirement Services - AHL credit facility

N/A

June 30, 2028

Citibank

The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.

Retirement Services - AHL liquidity facility

N/A

June 27, 2025

Wells Fargo Bank

The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.

Asset Management – Credit Facility

On October 12, 2022, AMH, as borrower, entered into a $1.0 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on October 12, 2027 (“AMH credit facility”). Borrowings under the AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. As of September 30, 2024, AMH, the borrower under the facility, could incur incremental facilities in an aggregate amount not to

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exceed $250 million plus additional amounts so long as AMH was in compliance with a net leverage ratio not to exceed 4.00 to 1.00.

As of September 30, 2024, there were no amounts outstanding under the AMH credit facility and the Company was in compliance with all financial covenants under the facility.

Retirement Services – Credit and Liquidity Facilities

AHL Credit Facility—On June 30, 2023, AHL, ALRe, AUSA and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”). The AHL credit facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the AHL credit facility. In connection with the AHL credit facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents. The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility.

The AHL credit facility contains various standard covenants with which Athene must comply, including the following:

1.Consolidated debt-to-capitalization ratio not to exceed 35%;

2.Minimum consolidated net worth of no less than $14.8 billion; and

3.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the AHL credit facility. As of September 30, 2024 and December 31, 2023, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility.

AHL Liquidity Facility—On June 28, 2024, AHL and ALRe entered into a new revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“AHL liquidity facility”), which replaced Athene’s previous revolving credit agreement dated as of June 30, 2023. The previous credit agreement, and the commitments under it, expired on June 28, 2024. The AHL liquidity facility is unsecured and has a commitment termination date of June 27, 2025, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the AHL liquidity facility. In connection with the AHL liquidity facility, ALRe guaranteed all of the obligations of AHL under the AHL liquidity facility and the related loan documents. The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the AHL liquidity facility. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following:

1.ALRe minimum consolidated net worth of no less than $10.2 billion; and

2.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on ALRe’s financial strength rating. Rates and terms are as defined in the AHL liquidity facility. As of September 30, 2024 and December 31, 2023, there were no amounts outstanding under the current or previous AHL liquidity facilities and Athene was in compliance with all financial covenants under the facilities.

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Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Asset Management			$	55					$	36					$	159					$	98
Retirement Services1			65						30						174						91
Total Interest Expense			$	120					$	66					$	333					$	189
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

12. Equity-Based Compensation

Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to six years from the date of grant. Certain service-based awards are tied to profit sharing arrangements in which a portion of the performance fees distributed to the general partner are required to be used by employees to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Company’s Equity Plan. Performance-based awards vest subject to continued employment and the Company’s achievement of specified performance goals. In accordance with U.S. GAAP, equity-based compensation expense for performance grants are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately.

For the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense of $136 million and $142 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense of $478 million and $422 million, respectively. As of September 30, 2024, there was $691 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.1 years.

Service-Based Awards

During the nine months ended September 30, 2024 and 2023, the Company awarded 3.5 million and 4.8 million of service-based RSUs, respectively, with a grant date fair value of $378 million and $326 million, respectively.

During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on service-based RSUs of $95 million and $80 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on service-based RSUs of $296 million and $227 million, respectively.

Performance-Based Awards

During the nine months ended September 30, 2024 and 2023, the Company awarded 0.9 million and 1.4 million of performance-based RSUs, respectively, with a grant date fair value of $89 million and $94 million, respectively, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.

During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on performance-based awards of $31 million and $41 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense on performance-based awards of $138 million and $137 million, respectively.

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In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics.

During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for service-based awards related to these one-time grants of $14 million and $14 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for service-based awards related to these one-time grants of $42 million and $42 million, respectively.

During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for performance-based awards related to these one-time grants of $6 million and $6 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense for performance-based awards related to these one-time grants of $18 million and $18 million, respectively.

The following table summarizes all RSU activity for the current period:

			Unvested						Weighted Average Grant Date Fair Value						Vested						Total Number of RSUs Outstanding
Balance at January 1, 2024			16,692,903						$	62.92					22,067,052						38,759,955
Granted			4,359,947						106.78						21,957						4,381,904
Forfeited			(235,093)						71.52						(172,960)						(408,053)
Vested			(3,320,092)						66.30						3,320,092						—
Issued			—						—						(7,034,702)						(7,034,702)
Balance at September 30, 2024			17,497,665						$	68.10					18,201,439						35,699,104

Restricted Stock Awards

During the nine months ended September 30, 2024 and 2023, the Company awarded 0.2 million and 0.5 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $25 million and $32 million, respectively.

During the three months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $9 million and $15 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded equity-based compensation expense related to restricted stock awards from profit sharing arrangements of $31 million and $36 million, respectively.

13. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

During the three and nine months ended September 30, 2024 and 2023, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings (accumulated deficit).

On January 3, 2022, the Company announced a share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of $1.5 billion of shares of its common stock in order to opportunistically reduce its share count and (ii) up to an aggregate of $1.0 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans. On February 21, 2023, the AGM board of directors approved a reallocation of the Company’s share repurchase program, pursuant to which, the Company was authorized to repurchase (i) up to an aggregate of

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$1.0 billion of shares of its common stock in order to opportunistically reduce its share count, a decrease of $0.5 billion of shares from the previously authorized amount and (ii) up to an aggregate of $1.5 billion of shares of its common stock in order to offset the dilutive impact of share issuances under its equity incentive plans, an increase of $0.5 billion of shares from the previously authorized amount.

On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity for the nine months ended September 30, 2024 and 2023:

			Nine months ended September 30,
			2024						2023
Shares of common stock issued in settlement of vested RSUs and options exercised1			7,352,428						7,736,756
Reduction of shares of common stock issued2			(2,404,677)						(2,997,427)
Shares of common stock purchased related to share issuances and forfeitures3			(149,002)						(161,530)
Issuance of shares of common stock for equity-based awards			4,798,749						4,577,799
1 The gross value of shares issued was $789 million and $553 million for the nine months ended September 30, 2024 and 2023, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $310 million and $215 million for the nine months ended September 30, 2024 and 2023, respectively.
3 Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of common stock that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of common stock on the open market and retire them. During the nine months ended September 30, 2024, and 2023, Apollo issued 228,392 and 452,640 of such restricted shares and 149,002 and 161,530 of such RSUs under the Equity Plan, respectively. During the nine months ended September 30, 2023, Apollo repurchased 499,430 shares of common stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program.

During the nine months ended September 30, 2024 and 2023, 7,267,000 and 7,386,570 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $788 million and $501 million for these open market share repurchases during the nine months ended September 30, 2024 and 2023, respectively.

During the second quarter of 2024, the Company issued 742,742 shares of common stock in settlement of a share-based contingent consideration. See note 16 for further information on the contingent consideration.

Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Mandatory Convertible Preferred Stock will be payable quarterly on January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2023, and ending on, and including, July 31, 2026. The first dividend payment on October 31, 2023 was $0.7500 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $0.8438 per share of Mandatory Convertible Preferred Stock.

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Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be July 31, 2026, into between 0.5055 shares and 0.6066 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to July 31, 2026.

Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations.

If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to July 31, 2026, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the Fundamental Change Conversion Rate for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not subject to redemption at the Company’s option.

During the nine months ended September 30, 2024, 235 shares of the Mandatory Convertible Preferred Stock were converted at the option of the respective holders. There were 28,749,765 shares of Mandatory Convertible Preferred Stock issued and outstanding as of September 30, 2024.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. As of September 30, 2024, warrants exercisable for 7.5 million shares of common stock were vested and exercisable. Additional warrants exercisable for 2.5 million shares of common stock each become exercisable in the first quarter of 2025 and 2026, respectively. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire in 2027 with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

On November 6, 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

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Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data). Certain subsidiaries of the Company may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement.

Dividend Declaration Date						Dividend per Share of Common Stock						Payment Date						Dividend to Common Stockholders																		Distribution Equivalents on Participating Securities
February 9, 2023						$	0.40					February 28, 2023						$	229																	$	12
May 9, 2023						0.43						May 31, 2023						244																		12
August 3, 2023						0.43						August 31, 2023						244																		12
November 1, 2023						0.43						November 30, 2023						244																		15
Year ended December 31, 2023						$	1.69											$	961																	$	51
February 8, 2024						0.43						February 29, 2024						245																		14
May 2, 2024						0.46						May 31, 2024						263																		16
August 1, 2024						0.46						August 30, 2024						262																		15
Nine months ended September 30, 2024						$	1.35											$	770																	$	45

Accumulated Other Comprehensive Income (Loss)

(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk																		Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at June 30, 2024			$	(9,674)					$	(277)					$	(82)					$	4,218					$	5																	$	(10)					$	(5,820)
Other comprehensive income (loss) before reclassifications			5,143						(22)						225						(2,263)						(93)																		61						3,051
Less: Reclassification adjustments for gains (losses) realized1			(348)						(8)						4						—						—																		—						(352)
Less: Income tax expense (benefit)			1,122						(3)						47						(472)						(20)																		8						682
Less: Other comprehensive loss attributable to non-controlling interests, net of tax			886						7						60						(596)						(9)																		26						374
Balance at September 30, 2024			$	(6,191)					$	(295)					$	32					$	3,023					$	(59)																	$	17					$	(3,473)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

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(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk						Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at June 30, 2023			$	(11,052)					$	(378)					$	27					$	4,708					$	312					$	(9)					$	(6,392)
Other comprehensive income (loss) before reclassifications			(3,199)						33						(192)						1,317						(254)						(34)						(2,329)
Less: Reclassification adjustments for gains (losses) realized1			(11)						—						21						—						—						—						10
Less: Income tax expense (benefit)			(654)						6						(46)						273						(52)						(3)						(476)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax			(577)						(3)						(26)						471						(8)						(17)						(160)
Balance at September 30, 2023			$	(13,009)					$	(348)					$	(114)					$	5,281					$	118					$	(23)					$	(8,095)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk						Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at December 31, 2023			$	(8,675)					$	(289)					$	(81)					$	3,458					$	3					$	9					$	(5,575)
Other comprehensive income (loss) before reclassifications			3,528						(19)						264						(832)						(87)						22						2,876
Less: Reclassification adjustments for gains (losses) realized1			(237)						(14)						35						—						—						—						(216)
Less: Income tax expense (benefit)			776						(1)						49						(176)						(18)						4						634
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax			505						2						67						(221)						(7)						10						356
Balance at September 30, 2024			$	(6,191)					$	(295)					$	32					$	3,023					$	(59)					$	17					$	(3,473)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

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(In millions)			Unrealized investment gains (losses) on AFS securities without a credit allowance						Unrealized investment gains (losses) on AFS securities with a credit allowance						Unrealized gains (losses) on hedging instruments						Remeasurement gains (losses) on future policy benefits related to discount rate						Remeasurement gains (losses) on market risk benefits related to credit risk						Foreign currency translation and other adjustments						Accumulated other comprehensive income (loss)
Balance at December 31, 2022			$	(12,568)					$	(334)					$	48					$	5,256					$	285					$	(22)					$	(7,335)
Other comprehensive income (loss) before reclassifications			(1,841)						(31)						(214)						1,328						(220)						(1)						(979)
Less: Reclassification adjustments for gains (losses) realized1			(105)						—						66						—						—						—						(39)
Less: Income tax expense (benefit)			(828)						(12)						(68)						777						(46)						2						(175)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of subsidiary issuance of equity interest and tax			(467)						(5)						(50)						526						(7)						(2)						(5)
Balance at September 30, 2023			$	(13,009)					$	(348)					$	(114)					$	5,281					$	118					$	(23)					$	(8,095)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

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14. Earnings per Share

The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:

			Basic and Diluted
			Three months ended September 30,												Nine months ended September 30,
(In millions, except share and per share amounts)			2024						2023						2024						2023
Numerator:
Net income (loss) attributable to common stockholders			$	787					$	660					$	3,018					$	2,269
Dividends declared on common stock1			(262)						(244)						(770)						(717)
Dividends on participating securities2			(15)						(12)						(45)						(36)
Earnings allocable to participating securities			(14)						(12)						(59)						(44)
Undistributed income (loss) attributable to common stockholders: Basic			496						392						2,144						1,472
Dilution effect on distributable income attributable to contingent shares			—						—						—						(5)
Undistributed income (loss) attributable to common stockholders: Diluted			$	496					$	392					$	2,144					$	1,467
Denominator:
Weighted average number of shares of common stock outstanding: Basic			585,382,685						578,797,225						586,921,189						580,610,127
Dilution effect of options			1,029,658						—						1,057,400						960,937
Dilution effect of warrants			2,129,471						—						1,929,163						—
Dilution effect of contingent shares			—						—						—						42,215
Weighted average number of shares of common stock outstanding: Diluted			588,541,814						578,797,225						589,907,752						581,613,279
Net income (loss) per share of common stock: Basic
Distributed income			$	0.46					$	0.43					$	1.35					$	1.26
Undistributed income (loss)			0.84						0.67						3.61						2.51
Net income (loss) per share of common stock: Basic			$	1.30					$	1.10					$	4.96					$	3.77
Net income (loss) per share of common stock: Diluted
Distributed income			$	0.46					$	0.43					$	1.35					$	1.26
Undistributed income (loss)			0.83						0.67						3.59						2.49
Net income (loss) per share of common stock: Diluted			$	1.29					$	1.10					$	4.94					$	3.75
1 See note 13 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan.

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.

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The following table summarizes the anti-dilutive securities:

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Weighted average unvested RSUs			14,405,628						15,755,026						14,282,686						15,238,581
Weighted average unexercised options			—						2,096,655						—						—
Weighted average unexercised warrants			—						5,065,938						—						4,659,465
Weighted average Mandatory Convertible Preferred Stock			14,531,793						9,480,194						14,528,276						3,194,791
Weighted average unvested restricted shares			1,249,388						1,706,003						1,371,113						1,730,341

15. Related Parties

Asset Management

Due from/ to related parties

Due from/ to related parties includes:

•unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies;

•reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and

•other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo.

Due from related parties and Due to related parties consisted of the following as of September 30, 2024 and December 31, 2023:

(单位：百万)			2024年9月30日						2023年12月31日
关联方到期的：
应收资金1			$	416					$	299
应由投资组合公司支付			50						40
应收员工和前员工款项			106						110
关联方应缴款项总额			$	572					$	449
致关联方：
应付前管理合伙人和贡献合伙人款项2			$	458					$	661
由于资金问题			219						194
由于投资组合公司			32						15
应付关联方的合计			$	709					$	870
1 包括$26百万美元和美元37 截至2024年9月30日和2023年12月31日，分别为百万美元，与公司向该基金出售平台投资有关的基金应收账款有关。该金额应支付给该公司 五年 并以公允价值持有。
2 包括$44 亿和$175 截至2024年9月30日和2023年12月31日，与AOG单位付款有关的金额分别为百万，并在2024年12月31日之前分季度分期付款。

应收税金协议

在合并完成之前，每位前管理合伙人和出资合伙人都有权将既得AOG单位交换为A类股份，但须遵守某些限制。所有Apollo运营集团实体都已或将根据美国国税法（“IRC”）第754条做出选择，这将导致Apollo运营集团实体拥有的资产的税基进行调整。该选择导致相关资产的税基增加，这将减少股东大会及其子公司未来需要支付的收益和相关税款。

应收税款协议（“TRA”）规定向前管理合伙人和出资合伙人支付 85公司因将AOG单位兑换为A类股票而实现的资产税基增加而实现的美国联邦、州、地方和外国所得税现金税收节省金额（如果有）的百分比

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

前几年。年度股东大会及其子公司保留剩余股东的利益 15实际现金税收节省的%。如果公司没有按照应收税款协议的规定及时支付所需的年度付款，则在付款日期之前对余额应计利息。

合并结束后，由于前管理合伙人和出资合伙人不再拥有AOG部门，因此没有新的交易所受TRA约束。

AOG单价支付

2021年12月31日，AOG单位持有人（Athene和公司除外）将部分AOG单位出售并转让给公司的一家全资合并子公司，以换取相当于美元的金额3.66 乘以该持有人在该交易前持有的AOG单位总数。这些持有人持有的其余AOG单位在2022年1月1日合并完成的同时交换为年度股东大会普通股股份。

截至2024年9月30日，欠前管理合伙人和出资合伙人的未付应付款项为美元44 百万美元，每季度分期付款至2024年12月31日。

应收雇员和前雇员款项

截至2024年9月30日和2023年12月31日，应收关联方款项包括应付Apollo的各种款项，包括员工贷款和利润分成分配返还。截至2024年9月30日和2023年12月31日，余额包括应收生息员工贷款美元5百万美元和美元3 分别为百万。贷款的未偿还本金以及所有应计和未付利息必须在相关贷款日期的八周年或相关员工辞职之日（以较早者为准）偿还。

来自某些员工和前员工的应收款项包括如果某些基金清算为美元，则将到期的利润分成分配的潜在回报金额95百万美元和美元99 2024年9月30日和2023年12月31日分别为百万。

赔款

如果某些指定的回报门槛最终无法实现，阿波罗从基金中赚取的某些业绩收入可能需要由其子公司偿还，这些子公司是基金的普通合伙人。前管理合伙人、贡献合伙人和某些其他投资专业人士在某些限制的情况下，亲自担保这些子公司在履行这一义务方面的义务。这种担保是多个的，而不是连带的，仅限于特定个人的分配。阿波罗已同意赔偿每一位前管理合伙人和某些贡献合伙人根据这些个人担保向其管理的某些基金支付的所有款项(包括与调查担保依据或反对任何有关担保的索赔有关的成本和开支)，以补偿前管理合伙人和贡献合伙人向阿波罗运营集团贡献或出售的所有权益。

Apollo记录的赔偿责任为美元0.4百万美元和美元0.3 截至2024年9月30日和2023年12月31日，分别为百万。

因关联方的原因

根据Apollo管理的某些基金的假设清算，它记录了普通合伙人返还之前分配的绩效分配的义务，该分配代表了应支付某些基金的金额。该义务根据截至报告日基金净资产的假设清算来确认。实际确定和任何所需付款将在根据基金合同终止或基金各自管理文件中另有规定对基金投资进行最终处置之前进行。

Apollo记录了普通合伙人返还之前分配的与某些美元资金相关的绩效分配的义务202百万美元和美元174 截至2024年9月30日和2023年12月31日，分别为百万。

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Athora

Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and 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”). AAM and its subsidiaries had equity commitments outstanding to Athora of up to $356 million as of September 30, 2024, subject to certain conditions.

Athora Sub-Advised

Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.

Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class.

See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora.

Regulated Entities and Affiliated Service Providers

Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of September 30, 2024. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services.

Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of September 30, 2024.

Investment in SPACs

Apollo previously sponsored and consolidated two SPACs, Apollo Strategic Growth Capital II and Acropolis Infrastructure Acquisition Corp. Both SPACs were ultimately liquidated in the fourth quarter of 2023, resulting in a loss of $40 million.

Retirement Services

AAA

Athene consolidates AAA as a VIE and AAA holds the majority of Athene’s alternative investments portfolio. Apollo established AAA to provide a single vehicle through which Athene and third-party investors participate in a portfolio of alternative investments, including those managed by Apollo. Additionally, the Company believes AAA enhances its ability to increase alternative assets under management by raising capital from third parties, which allows it to achieve greater scale and diversification for alternatives. During the third quarter of 2024, AAA underwent a restructuring which resulted in a change in consolidation that reduced Athene’s non-controlling interests by $1.1 billion and does not represent a withdrawal from AAA.

Athora

Athene has a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, Athene has the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by Athene’s insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) Athene provides Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the

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U.K.) and (4) Athora provides Athene and its subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the U.K. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of September 30, 2024, Athene had not exercised its right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries.

The following table summarizes Athene’s investments in Athora:

(In millions)			September 30, 2024						December 31, 2023
Investment fund			$	1,106					$	1,082
Non-redeemable preferred equity and corporate debt securities			296						249
Total investment in Athora			$	1,402					$	1,331

Additionally, as of September 30, 2024 and December 31, 2023, Athene had $61 million and $61 million, respectively, of funding agreements outstanding to Athora. Athene also has commitments to make additional investments in Athora of $540 million as of September 30, 2024.

Atlas

Athene has an equity investment in Atlas, an asset-backed specialty lender, through its investment in AAA and, as of September 30, 2024 and December 31, 2023, Athene held $2.4 billion and $1.0 billion, respectively, of AFS securities issued by Atlas. Athene also held $792 million and $921 million of reverse repurchase agreements issued by Atlas as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, Athene has commitments to make additional investments in Atlas of $3.0 billion. Additionally, see note 16 for further information on assurance letters issued in support of Atlas.

Catalina

Athene has an investment in Apollo Rose II (B) (“Apollo Rose”). Apollo Rose holds equity interests in Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, “Catalina”). During the third quarter of 2024, Athene distributed $141 million of its investment in Apollo Rose representing Catalina common equity interest to an asset management subsidiary of AGM.

Athene has a strategic modco reinsurance agreement with Catalina to cede certain inforce funding agreements. Athene elected the fair value option on this agreement and had a liability of $257 million and $330 million as of September 30, 2024 and December 31, 2023, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. During the first quarter of 2024, Athene entered into a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of September 30, 2024, Athene had a reinsurance recoverable balance of $3.4 billion related to this agreement.

PK AirFinance

Athene has investments in PK AirFinance (“PK Air”), an aviation lending business with a portfolio of loans (“Aviation Loans”). The Aviation Loans are generally fully secured by aircraft leases and aircraft and are securitized by a special purpose vehicle (“SPV”) for which Apollo acts as ABS manager (“ABS-SPV”). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. Athene invests in PK Air through its investment in AAA. As of September 30, 2024 and December 31, 2023, Athene also held $1.6 billion and $1.6 billion, respectively, of PK Air senior notes, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene has commitments to make additional investments in PK Air of $40 million as of September 30, 2024.

Venerable

VA Capital Company LLC (“VA Capital”) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable. Athene has a minority

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equity investment in VA Capital, which was $180 million and $181 million as of September 30, 2024 and December 31, 2023, respectively, that is included in investments in related parties on the condensed consolidated statements of financial condition and accounted for as an equity method investment.

Athene also has coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to Athene’s investment in VA Capital. Effective July 1, 2023, VIAC recaptured $2.7 billion of reserves, which represents a portion of their business that was subject to those coinsurance and modco agreements. Athene recognized a gain of $555 million, which is included in other revenues on the condensed consolidated statements of operations, in the third quarter of 2023 as a result of the settlement of the recapture agreement. As a result of Athene’s intent to transfer the assets supporting this business to VIAC in connection with the recapture, Athene was required by U.S. GAAP to recognize the unrealized losses on these assets of $104 million as intent-to-sell impairments in the second quarter of 2023.

Additionally, Athene has term loans receivable from Venerable due in 2033, which are included in investments in related parties on the condensed consolidated statements of financial condition. The loans are held at fair value and were $348 million and $343 million as of September 30, 2024 and December 31, 2023, respectively. While management viewed the overall transactions with Venerable as favorable to Athene, the stated interest rate of 6.257% on the initial term loan to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions.

Wheels

Athene invests in Wheels, Inc. (“Wheels”) indirectly through its investment in AAA. As of September 30, 2024 and December 31, 2023, Athene also owned $928 million and $981 million, respectively, of AFS securities issued by Wheels, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene also has commitments to make additional investments in Wheels of $81 million as of September 30, 2024.

Apollo/Athene Dedicated Investment Programs    

Athene’s subsidiary, ACRA 1 is partially owned by ADIP I, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, currently holds 36.55% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63.45% of the economic interests. ACRA 2 is partially owned by ADIP II, a fund managed by Apollo. Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37%. ALRe holds all of ACRA 2’s voting interests.

Athene received capital contributions and paid distributions relating to ACRA of the following:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Contributions from ADIP			$	126					$	325					$	831					$	325
Distributions to ADIP			(95)						(254)						(603)						(381)

16. Commitments and Contingencies

Investment Commitments

The Company has unfunded capital commitments of $606 million as of September 30, 2024 related to the funds it manages. Separately, Athene had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously and those of its consolidated VIEs, of $27.2 billion as of September 30, 2024. The Company expects most of the current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request.

Contingent Obligations

Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through September 30, 2024 and that could be reversed approximates

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$5.4 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote.

Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund.

Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements.

One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of September 30, 2024, AGS had unfunded contingent commitments of $175 million outstanding related to such offerings. The commitments expired on October 1, 2024 with no funding on the part of Apollo.

The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.25 billion. The revolving credit facility, which has a final maturity date of April 1, 2025, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of September 30, 2024, the Apollo Capital Markets Partnership had funded commitments of $877 million, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment.

Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk.

In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $55 million and $67 million as of September 30, 2024 and December 31, 2023, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense within compensation and benefits in the condensed consolidated statements of operations.

In connection with the acquisition of Griffin Capital’s U.S. asset management business on May 3, 2022, Apollo agreed to pay its former owners certain share-based consideration contingent on specified AUM and capital raising thresholds. This obligation was determined based on the present value of estimated future performance relative to such thresholds and is recorded in other liabilities. During the second quarter of 2024, the specified capital raise thresholds were achieved and the Company issued 742,742 shares of common stock to settle the share-based consideration obligation to Griffin Capital’s former owners. The fair value of the remaining contingent obligation was $1 million and $26 million as of September 30, 2024 and December 31, 2023, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the respective thresholds are met such that the contingencies are satisfied. The period to satisfy such contingencies is valid until the end of 2024. The changes in the fair value of the Griffin Capital contingent consideration obligation are reflected in other income (loss) in the condensed consolidated statements of income.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Funding Agreements

Athene is a member of the Federal Home Loan Bank of Des Moines (“FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2024 and December 31, 2023, Athene had $13.0 billion and $6.5 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

Athene has a funding agreement backed notes (“FABN”) program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of September 30, 2024 and December 31, 2023, Athene had $23.0 billion and $19.9 billion, respectively, of FABN funding agreements outstanding. Athene had $11.9 billion of board-authorized FABN capacity remaining as of September 30, 2024.

Athene also issues secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of September 30, 2024 and December 31, 2023, Athene had $14.1 billion and $6.0 billion, respectively, of secured and other funding agreements outstanding.

Pledged Assets and Funds in Trust (Restricted Assets)

Athene’s total restricted assets included on the condensed consolidated statements of financial condition are as follows:

(单位：百万)			2024年9月30日						2023年12月31日
AFS证券			$	42,446					$	32,458
证券交易			1,777						139
股权证券			304						80
按揭贷款			23,171						14,257
投资基金			777						409
衍生资产			68						73
短期投资			14						153
其他投资			623						313
受限现金和现金等价物			974						1,761
受限制资产总额			$	70,154					$	49,643

受限制资产主要与根据共同保险协议以及上述FHLb和担保融资协议建立的再保险信托有关。

信用证

Athene拥有总额为美元的未开立信用证1.3 截至2024年9月30日，已达10亿美元。这些信用证是为Athene的再保险计划签发的，有效期至2028年5月22日。

Atlas

关于公司与CS之前宣布的交易，阿特拉斯收购了CS证券化产品集团的某些资产， 二 该公司的子公司均向CS发出了一封保证函，为Atlas的全部五年延期购买义务提供担保，金额为美元3.3 亿2024年3月，随着Atlas与CS签订投资管理协议，延期购买义务金额减少至美元2.5 亿此外，某些战略投资者已向Atlas做出股权承诺，因此这些投资者有义务承担部分延期购买义务。该公司的担保不可能支付，因此该公司的简明综合财务报表不承担任何责任。

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

诉讼和监管事项

公司是日常业务过程中不时发生的各种法律诉讼的一方，包括政府和自律机构就公司业务提出的索赔和诉讼、仲裁、审查、调查或诉讼。

2017年12月21日，几个统称为“港湾”的实体在纽约最高法院提起诉讼，标题为先锋资本合伙人II LP等人。V.Apollo Global Management LLC等人。(657515/2017年)起诉书将被告列为AAM，以及由阿波罗管理的投资于SkyTerra Communications，Inc.的基金等。起诉书称，在2004年至2010年Harbinger对SkyTerra进行各种股权和债务投资期间，被告向Harbinger隐瞒了SkyTerra技术的重大缺陷。起诉书进一步声称，Harbinger不会对SkyTerra进行总计约美元的投资1.91000亿美元的公司知道这些缺陷，这些缺陷的公开披露最终导致SkyTerra在2012年申请破产(在更名为LightSquared之后)。起诉书要求赔偿美元。1.9200亿美元的损害赔偿，以及惩罚性损害赔偿、利息、成本和费用。2019年6月12日，哈博格在没有偏见的情况下自愿停止了国家行动。2020年6月8日，Harbinger向纽约最高法院重新提起诉讼，标题为先锋资本合伙人II，LP等人。V.Apollo Global Management，LLC等人。(652342/2020年)起诉书补充道八新的被告和三与Harbinger的论点有关的新索赔，即新被告诱使Harbinger收购CCTV One Four Holdings，LLC(CCTV)以支持SkyTerra的网络，尽管他们据称知道该网络存在重大缺陷。2020年11月23日，被告重新提出破产动议，并于2020年11月24日向州法院提出动议，要求暂停州法院的诉讼程序，等待破产法院对破产动议做出裁决。2021年2月1日，破产法院驳回了破产动议。被告于2021年3月31日提出动议，要求驳回纽约最高法院的诉讼，该诉讼于2023年5月23日部分获得批准，部分被驳回。法院完全批准了被告驳回哈宾格的申诉的动议，理由是时间有限，并驳回了被告因未能提出索赔而驳回申诉的动议，理由是毫无意义。原告已对法院的裁决提出上诉。阿波罗认为，这起诉讼中的索赔是没有根据的。目前还无法对可能的损失做出合理的估计。

在 2020年3月，声称是MPM控股公司(MPM)前股东的Frank Funds在特拉华州衡平法院提起诉讼，标题为Frank Funds诉阿波罗全球管理公司等人案。，C.A.No.2020-0130，针对AAM，某些前MPM董事(包括三阿波罗官员和员工)，以及在2019年5月合并中收购MPM的财团成员。起诉书代表一类假定的前MPM股东，声称阿波罗违反了其作为MPM所谓控股股东的受托责任，与2019年5月的合并有关。Frank Funds寻求未指明的补偿性损害赔偿。2019年7月23日，一群前MPM股东向特拉华州衡平法院提交了一份评估请愿书，要求对通过2019年5月15日MPM合并购买的MPM股票进行公允价值评估，行动说明如下对MPM控股公司的重新评估。，C.A.No.2019-0519(Del.Ch.)。2020年6月3日，请愿人申请许可提交经核实的修订评估请愿书和集体诉讼诉状，其中包括违反受托责任和/或协助和教唆违反对AAM的受托责任的索赔，AAM是阿波罗附属基金，在合并前拥有MPM的股票，某些前MPM董事(包括三阿波罗员工)，以及收购MPM的财团成员，基于与2019年5月合并相关的指控行为。请愿人还试图通过Frank Funds行动巩固他们的评估程序。2020年11月13日，大法官法院批准了当事人关于合并这两个事项的规定命令，2020年12月21日，大法官法院批准了请愿人提出的许可提起拟议修正申诉的动议。此新合并操作的标题为在Re MPM中控股公司评估和股东诉讼，C.A.No.2 2019-0519(Delch.)。2023年11月17日，原告和被告向衡平法院提交了和解规定。2024年2月23日，衡平法院就拟议的和解方案举行了听证会，目前正在等待法院的批准。

2020年8月4日，美国内华达州地区法院对PlayAGS Inc.(以下简称PlayAGS)提起了一项可能的集体诉讼，PlayAGS董事会的所有成员(包括三与Apollo有关联的董事)、PlayAGS的某些承销商(包括Apollo Global Securities，LLC)以及AAM、Apollo Investment Fund VIII，L.P.、Apollo Gaming Holdings，L.P.和Apollo Gaming VoteCo，LLC(这些是最后一家四各方合称为“阿波罗被告”)。起诉书声称，根据1933年证券法，所有被告都提出了与2018年8月和2019年3月进行的某些PlayAGS股票二次发行有关的索赔，声称与这些发行相关的注册声明没有完全披露PlayAGS面临的某些商业挑战。起诉书进一步声称，根据《交易法》第20(A)条，控制人对阿波罗被告和董事被告(包括与阿波罗有关联的董事)提出指控，称这些被告对PlayAGS在其业务上的某些失实陈述和遗漏负有责任。2022年12月2日，法院驳回了针对承销商(包括阿波罗全球证券有限责任公司)和阿波罗被告的所有索赔，但批准了一项索赔

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阿波罗全球管理公司。

简明合并财务报表附注(未经审计)

对阵PlayAGS和 二 PlayAGS的高管继续进行。2024年2月13日，法院以偏见驳回了针对所有被告的整个案件，并指示法院书记员结案。2024年3月14日，原告提交了上诉通知书，目前已全面通报。阿波罗认为这一行动中的说法毫无根据。 没有 此时可以对可能的损失（如果有的话）做出合理估计。

2023年8月17日，一名据称是年度股东大会的股东向特拉华州衡平法院提交了一份股东派生诉讼(“原始申诉”)，指控现任年度股东大会董事马克·罗文、斯科特·克莱因曼、詹姆斯·泽尔特、阿尔文·克朗加德、迈克尔·杜西和波林·理查兹、阿波罗前管理合伙人利昂·布莱克和约书亚·哈里斯，以及名义上的被告年度股东大会。这一行动的标题是安圭拉社会保障委员会诉布莱克等人案，C.A.编号2023-0846-JTL，并挑战美元570向前管理合伙人和贡献合伙人支付了2000万美元，用于取消在阿波罗与雅典娜合并之前已经存在的UP-C结构。正如此前在阿波罗提交给美国证券交易委员会的文件中披露的那样，这位所谓的股东此前曾根据特拉华州公司法第220条寻求并收到与交易有关的文件。最初的起诉书称，被质疑的付款相当于企业浪费，前管理合伙人和贡献合伙人收到的与公司资本重组有关的付款超过公允价值，因此违反了他们的受托责任，以及谈判取消TRA的AAM董事会独立冲突委员会(当时由Krongard先生、Ducey先生和Richards女士组成)违反了他们的受托责任。最初的起诉书声称，诉讼前的要求是徒劳的，因为年度股东大会的大多数董事会成员要么不是独立于前管理合伙人，要么鉴于交易面临的挑战，面临很大的责任可能性。最初的诉状要求，除其他事项外，声明性救济、未指明的金钱损害赔偿、利息、恢复原状、归还、禁令救济、费用和律师费。2023年11月16日，被告采取行动驳回最初的申诉，理由之一是原告未能向阿波罗董事会提出诉讼前要求。2024年2月9日，原告提交了修改后的起诉书(“修改后的起诉书”)，增加了新的事实指控，但点名相同的被告，主张相同的诉讼理由，并寻求与原始起诉书相同的救济。修改后的起诉书声称，由于与原始起诉书中所称的相同的原因，诉讼前的要求是徒劳的。2024年4月25日，被告提出驳回修改后的起诉书。2024年9月20日，衡平法院驳回了被告的驳回动议。被告答复修改后的起诉书的最后期限是2024年11月25日。没有目前可以对可能的损失做出合理的估计。

2024年3月14日，一名自称年度股东的股东向特拉华州司法法院提起针对年度股东的集体诉讼。诉状称，股东大会与前管理合伙人于2022年1月1日达成的股东协议的某些条款违反了特拉华州法律。阿波罗认为这一行动中的说法毫无根据。2024年7月11日，被告提出驳回诉讼。2024年8月7日，法院下达命令，暂缓驳回动议，等待对判决的上诉解决 西棕榈滩消防员养老基金诉莫里斯公司，311 A.3d 809（Del.第2024章）。 没有 此时可以对可能的损失（如果有的话）做出合理估计。

Certain of Apollo’s investment adviser subsidiaries have received a request for information and documents from the SEC in connection with an investigation concerning compliance with record retention requirements relating to business communications sent or received via electronic messaging channels. As has been publicly reported, the SEC is conducting similar investigations of other investment advisers. The Company is in discussions with the SEC regarding a potential resolution of this investigation. As of June 30, 2024, Apollo recorded an accrual for the estimated liability associated with this matter. There can be no assurances that these discussions will lead to resolution of the investigation, and it is possible that the ultimate amount of any potential liability could be different from the amount accrued.

Guaranty Association Assessments

Guaranty associations may subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. The assessments are based on an insurer’s proportionate share of premiums written in that state during a specified one-year or three-year period for lines of business in which the impaired or insolvent insurer engaged, subject to prescribed limits. On December 30, 2022, the North Carolina Wake County Superior Court entered an Order of Liquidation (the “Liquidation Order”) against Bankers Life Insurance Company (“BLIC”) and Colorado Bankers Life Insurance Company (“CBLIC”), which was affirmed by the North Carolina Court of Appeals on March 5, 2024. On April 9, 2024, GBIG Holdings, LLC (“GBIG”), the sole shareholder of BLIC and CBLIC, filed a Petition for Discretionary Review requesting the North Carolina Supreme Court review the decision by the North Carolina Court of Appeals to affirm the Liquidation Order. On July 11, 2024, GBIG filed a Motion to Withdraw its Petition for Discretionary Review. Athene is not a party to this litigation. The North Carolina Supreme

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Court granted the Motion to Withdraw on August 23, 2024, which makes the Liquidation Order effective on November 30, 2024. Shortly thereafter, guaranty associations began levying assessments and we expect those assessments to continue for the foreseeable future. As of September 30, 2024, Athene has recorded a liability of $177 million, based on the current best estimate of these assessments. The actual amount of assessments levied against Athene during the year ended December 31, 2024 or in future years in connection with the BLIC and CBLIC insolvencies may vary from this estimate. Athene expects to recover $5 million of assessments paid through future premium tax credits.

17. Segments

The Company conducts its business through three reportable segments: (i) Asset Management, (ii) Retirement Services and (iii) Principal Investing. Segment information is utilized by the Company’s chief operating decision maker to assess performance and to allocate resources.

The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because the chief operating decision maker makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds.

Segment Income

Segment Income is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following:

•decisions related to the allocation of resources such as staffing decisions, including hiring and locations for deployment of the new hires;

•decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;

•decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and

•decisions related to the amount of earnings available for dividends to common stockholders and holders of equity-based awards that participate in dividends.

Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. Segment Income excludes the effects of the consolidation of any of the related funds and SPACs, interest and other financing costs related to AGM not attributable to any specific segment, taxes and related payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements.

Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment Income as a measure of operating performance, not as a measure of liquidity. Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote.

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Fee Related Earnings

Fee Related Earnings (“FRE”) is a 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.

Spread Related Earnings

Spread Related Earnings (“SRE”) is a 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.

Principal Investing Income

Principal Investing Income (“PII”) is a 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, and (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.

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The following presents financial data for the Company’s reportable segments.

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Asset Management
Management fees1			$	710					$	648					$	2,034					$	1,845
Capital solutions fees and other, net			159						146						508						422
Fee-related performance fee			57						40						155						102
Fee-related compensation			(238)						(212)						(698)						(635)
Other operating expenses			(157)						(150)						(490)						(423)
Fee Related Earnings			531						472						1,509						1,311
Retirement Services
Fixed income and other net investment income			2,806						2,235						7,893						6,399
Alternative net investment income			236						230						670						674
Strategic capital management fees			27						19						76						49
Cost of funds			(1,983)						(1,384)						(5,586)						(4,056)
Other operating expenses			(112)						(121)						(342)						(362)
Interest and other financing costs			(118)						(106)						(328)						(344)
Spread Related Earnings			856						873						2,383						2,360
Principal Investing
Realized performance fees			331						132						600						473
Realized investment income			17						5						42						35
Principal investing compensation			(253)						(119)						(464)						(434)
Other operating expenses			(17)						(14)						(46)						(42)
Principal Investing Income			78						4						132						32
Segment Income			$	1,465					$	1,349					$	4,024					$	3,703

Segment Assets:			September 30, 2024						December 31, 2023
Asset Management			$	2,314					$	1,938
Retirement Services			348,604						294,730
Principal Investing			10,205						9,573
Total Assets2			$	361,123					$	306,241
1 Includes intersegment management fees from Retirement Services of $320 million and $890 million for the three and nine months ended September 30, 2024, respectively, and $247 million and $695 million for the three and nine months ended September 30, 2023, respectively.
2 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets.

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The following presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Income:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
Income (loss) before income tax provision (benefit)			$	2,086					$	883					$	5,711					$	3,625
Asset Management Adjustments:
Equity-based profit sharing expense and other1			41						62						180						186
Equity-based compensation			72						57						230						167
Transaction-related charges2			79						25						156						18
Merger-related transaction and integration costs3			9						5						24						17
(Gains) losses from change in tax receivable agreement liability			(35)						—						(34)						—
Net (income) loss attributable to non-controlling interests in consolidated entities			(975)						28						(1,675)						(687)
Unrealized performance fees			141						(91)						(213)						(244)
Unrealized profit sharing expense			(65)						55						129						191
HoldCo interest and other financing costs4			21						36						51						77
Unrealized principal investment income (loss)			(4)						(27)						(14)						(66)
Unrealized net (gains) losses from investment activities and other5			(6)						30						23						50
Retirement Services Adjustments:
Investment (gains) losses, net of offsets			(628)						663						(482)						829
Non-operating change in insurance liabilities and related derivatives6			513						(431)						(363)						(600)
Integration, restructuring and other non-operating expenses			204						41						265						98
Equity-based compensation			12						13						36						42
Segment Income			$	1,465					$	1,349					$	4,024					$	3,703
1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.
2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges.
3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers.
4 Represents interest and other financing costs related to AGM not attributable to any specific segment.
5 Nine months ended September 30, 2024 includes an accrual related to an estimated liability associated with a regulatory matter.
6 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)			September 30, 2024						December 31, 2023
Total reportable segment assets			$	361,123					$	306,241
Adjustments1			7,566						7,247
Total assets			$	368,689					$	313,488
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

18. Subsequent Events

Dividends

On November 5, 2024, the Company declared a cash dividend of $0.4625 per share of common stock, which will be paid on November 29, 2024 to holders of record at the close of business on November 18, 2024.

On November 5, 2024, the Company also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on January 31, 2025 to holders of record at the close of business on January 15, 2025.

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

			2024年9月30日
(单位：百万)			阿波罗全球管理公司和合并子公司						合并基金和可变利益实体						淘汰						已整合
资产
资产管理
现金及现金等价物			$	2,666					$	—					$	—					$	2,666
受限现金和现金等价物			3						—						—						3
投资			6,338						—						(478)						5,860
合并可变利益实体的资产
现金及现金等价物			—						102						—						102
投资			—						2,455						(102)						2,353
其他资产			—						255						(131)						124
关联方应缴款项			677						—						(105)						572
商誉			264						—						—						264
其他资产			2,512						—						—						2,512
			12,460						2,812						(816)						14,456
退休服务
现金及现金等价物			13,587						—						—						13,587
受限现金和现金等价物			964						—						—						964
投资			258,061						—						(285)						257,776
对关联方的投资			42,922						—						(14,931)						27,991
合并可变利益实体的资产
现金及现金等价物			—						305						—						305
投资			1,377						20,523						(108)						21,792
其他资产			8						184						—						192
可追讨的再保险			7,454						—						—						7,454
递延收购成本、递延销售诱因和所收购业务价值			6,971						—						—						6,971
商誉			4,071						—						—						4,071
其他资产			13,188						—						(58)						13,130
			348,603						21,012						(15,382)						354,233
总资产			$	361,063					$	23,824					$	(16,198)					$	368,689
																					(续)

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			2024年9月30日
(单位：百万)			阿波罗全球管理公司和合并子公司						合并基金和可变利益实体						淘汰						已整合
负债、可赎回非控股权益和股权
负债
资产管理
应付账款、应计费用和其他负债			$	3,908					$	—					$	—					$	3,908
因关联方的原因			839						—						(130)						709
债务			4,082						—						—						4,082
合并可变利益实体的负债
债务，按公允价值计算			—						136						(136)						—
其他负债			—						1,073						(52)						1,021
			8,829						1,209						(318)						9,720
退休服务
利息敏感合同负债			245,436						—						—						245,436
未来的政策好处			52,962						—						—						52,962
市场风险收益			4,402						—						—						4,402
债务			5,725						—						—						5,725
回购衍生品和证券抵押品的发票			7,952						—						—						7,952
其他负债			10,097						(500)						—						9,597
合并可变利益实体的负债
其他负债			33						1,330						(9)						1,354
			326,607						830						(9)						327,428
总负债			335,436						2,039						(327)						337,148
承诺和或有事项（注16）
可赎回的非控股权益：
可赎回的非控股权益			—						15						—						15
股权
强制可转换优先股			1,398						—						—						1,398
额外实收资本			15,032						36						5						15,073
留存收益(累计亏损)			4,901						15,937						(15,973)						4,865
累计其他综合收益(亏损)			(3,472)						(16)						15						(3,473)
年度股东权益总额			17,859						15,957						(15,953)						17,863
非控制性权益			7,768						5,813						82						13,663
总股本			25,627						21,770						(15,871)						31,526
负债总额、可赎回非控股权益和股权			$	361,063					$	23,824					$	(16,198)					$	368,689
																					(结束语)

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			December 31, 2023
(In millions)			Apollo Global Management, Inc. and Consolidated Subsidiaries						Consolidated Funds and VIEs						Eliminations						Consolidated
Assets
Asset Management
Cash and cash equivalents			$	2,748					$	—					$	—					$	2,748
Restricted cash and cash equivalents			2						—						—						2
Investments			5,673						—						(171)						5,502
Assets of consolidated variable interest entities
Cash and cash equivalents			—						62						—						62
Investments			—						1,690						(50)						1,640
Other assets			—						204						(27)						177
Due from related parties			464						—						(15)						449
Goodwill			264						—						—						264
Other assets			2,331						—						—						2,331
			11,482						1,956						(263)						13,175
Retirement Services
Cash and cash equivalents			13,020						—						—						13,020
Restricted cash and cash equivalents			1,761						—						—						1,761
Investments			213,099						—						—						213,099
Investments in related parties			39,194						—						(13,352)						25,842
Assets of consolidated variable interest entities
Cash and cash equivalents			—						98						—						98
Investments			1,453						18,886						(107)						20,232
Other assets			9						101						—						110
Reinsurance recoverable			4,154						—						—						4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired			5,979						—						—						5,979
Goodwill			4,065						—						—						4,065
Other assets			11,996						—						(43)						11,953
			294,730						19,085						(13,502)						300,313
Total Assets			$	306,212					$	21,041					$	(13,765)					$	313,488
																					(Continued)

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			December 31, 2023
(In millions)			Apollo Global Management, Inc. and Consolidated Subsidiaries						Consolidated Funds and VIEs						Eliminations						Consolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities			$	3,333					$	5					$	—					$	3,338
Due to related parties			897						—						(27)						870
Debt			3,883						—						—						3,883
Liabilities of consolidated variable interest entities
Other liabilities			—						1,145						—						1,145
			8,113						1,150						(27)						9,236
Retirement Services
Interest sensitive contract liabilities			204,670						—						—						204,670
Future policy benefits			53,287						—						—						53,287
Market risk benefits			3,751						—						—						3,751
Debt			4,209						—						—						4,209
Payables for collateral on derivatives and securities to repurchase			7,536						—						—						7,536
Other liabilities			4,456						—						—						4,456
Liabilities of consolidated variable interest entities
Other liabilities			38						1,076						(16)						1,098
			277,947						1,076						(16)						279,007
Total Liabilities			286,060						2,226						(43)						288,243
Commitments and Contingencies (note 16)
Redeemable non-controlling interests
Redeemable non-controlling interests			—						12						—						12
Equity
Mandatory Convertible Preferred Stock			1,398						—						—						1,398
Additional paid in capital			15,282						(34)						1						15,249
Retained earnings (accumulated deficit)			2,948						13,693						(13,669)						2,972
Accumulated other comprehensive income (loss)			(5,575)						(19)						19						(5,575)
Total AGM Stockholders’ Equity			14,053						13,640						(13,649)						14,044
Non-controlling interests			6,099						5,163						(73)						11,189
Total Equity			20,152						18,803						(13,722)						25,233
Total Liabilities, Redeemable non-controlling interests and Equity			$	306,212					$	21,041					$	(13,765)					$	313,488
																					(Concluded)

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with Apollo Global Management, Inc.’s condensed consolidated financial statements and the related notes within this quarterly report. This discussion contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those included in the section entitled “Item 1A. Risk Factors” in the 2023 Annual Report and “Item 1A. Risk Factors” in this quarterly report. The highlights listed below have had significant effects on many items within our condensed consolidated financial statements and affect the comparison of the current period’s activity with those of prior periods.

General

Our Businesses

Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the United States through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. As of September 30, 2024, Apollo had a team of 5,053 employees, including 1,978 employees of Athene.

Asset Management

Our Asset Management segment focuses on two investing strategies: credit and equity. We have a flexible mandate in many of the funds we manage which enables the funds to invest opportunistically across a company’s capital structure. We raise, invest and manage 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. As of September 30, 2024, we had total AUM of $733 billion.

During the third quarter ended September 30, 2024, we updated our Asset Management strategies to credit and equity, from the previously reported yield, hybrid and equity, which, we believe, better reflects our Asset Management investment strategies. The credit and equity investing strategies of our Asset Management segment reflect the range of investment capabilities across our platform, from investment grade to private equity. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients. We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our sizeable private equity franchise. After expenses, we call the resulting earnings stream “Fee Related Earnings” or “FRE”, which represents the primary performance measure for the Asset Management segment.

Credit

Credit is our largest asset management strategy with $598 billion of AUM as of September 30, 2024. Our credit strategy spans third-party strategies and Apollo’s retirement services business across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit. Our credit strategy provides flexible, scaled and diverse capital solutions across the entire credit risk-return spectrum, with a focus on generating excess returns through high-quality credit underwriting and origination. Beyond participation in the traditional issuance and secondary credit markets, through our origination platforms and corporate solutions capabilities we seek to originate attractive and safe-yielding assets for the investors in the funds we manage.

Equity

Our equity strategy managed $135 billion of AUM as of September 30, 2024. Across our equity strategy, we maintain our focus on creative structuring and sourcing while working with the management teams of our Apollo-managed funds’ portfolio companies to help transform and grow their businesses. Our flexible mandate and purchase price discipline allow us to embrace complexity and seek attractive outcomes for our stakeholders. Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, impact investing platform, infrastructure and clean transition equity strategies. We have consistently produced attractive long-term investment

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returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through September 30, 2024.

Retirement Services

Our retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene’s primary product line is annuities, which include fixed, payout and group annuities issued in conjunction with pension group annuity transactions. Athene also offers funding agreements, which are comprised of funding agreements issued under its FABN program, secured and other funding agreements, funding agreements issued to the FHLB and repurchase agreements with an original maturity exceeding one year. Our asset management business provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence and certain operational support services, including investment compliance, tax, legal and risk management support.

Our retirement services business focuses on generating spread income by combining the two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of our asset management business to actively source or originate assets with Athene’s preferred risk and return characteristics. Athene’s investment philosophy is to invest a portion of its assets in securities that earn an incremental yield by taking measured liquidity and complexity risk and capitalize on its long-dated, persistent liability profile to prudently achieve higher net investment earned rates, rather than assuming incremental credit risk. A cornerstone of Athene’s investment philosophy is that given the operating leverage inherent in its business, modest investment outperformance can translate to outsized return performance. Because Athene maintains discipline in underwriting attractively priced liabilities, it has the ability to invest in a broad range of high-quality assets to generate attractive earnings.

Principal Investing

Our Principal Investing segment is comprised of our realized performance fee income, realized investment income from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company. The Principal Investing segment also includes our growth capital and liquidity resources at AGM. Over time, we may deploy capital into strategic investments over time that will help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the efficiency of our operations. We believe these investments may translate into greater compounded annual growth of Fee Related Earnings.

Given the cyclical nature of performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments. We earn fees based on the investment performance of the funds we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with the investors in the funds we manage and incentivize them to deliver strong investment performance over time. To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over the last few years.

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The diagram below depicts our current organizational structure:

Note: The organizational structure chart above depicts a simplified version of the Apollo structure. It does not include all legal entities in the structure.

(1)Includes direct and indirect ownership by AGM.

Business Environment

Economic and Market Conditions

Our asset management and retirement services businesses are affected by the condition of global financial markets and the economy. Price fluctuations within equity, credit, commodity, and foreign exchange markets, as well as interest rates and global inflation, which may be volatile and mixed across geographies, can significantly impact the performance of our business, including, but not limited to, the valuation of investments, including those of the funds we manage, and related income we may recognize.

Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the United States and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

We carefully monitor economic and market conditions that could potentially give rise to global market volatility and affect our business operations, investment portfolios and derivatives, which includes global inflation. U.S. inflation eased in 2024 but the Consumer Price Index remains above the U.S. Federal Reserve’s 2% target. The U.S. Bureau of Labor Statistics reported that the annual U.S. inflation rate decreased modestly to 2.4% as of September 30, 2024, compared to 3.0% as of June 30, 2024. The U.S. Federal Reserve finished the quarter with a benchmark interest rate target range of 4.75% to 5.00%, marking the first significant cut in rates since the pandemic.

Equity market performance was strong during the third quarter of 2024. In the U.S., the S&P 500 Index increased by 5.5% during the quarter following an increase of 3.9% in the second quarter of 2024. Global equity markets increased during the quarter, with the MSCI All Country World ex USA Index increasing by 7.8%, following a decrease of 0.4% in the second quarter of 2024.

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Conditions in the credit markets also have a significant impact on our business. Credit markets were positive in the third quarter of 2024, with the BofAML HY Master II Index increasing by 5.3%, while the S&P/LSTA Leveraged Loan Index increased by 1.9%.

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 2.8% in the third quarter of 2024, following an increase of 3.0% in the second quarter of 2024. As of October 2024, the International Monetary Fund estimated that the U.S. economy will expand by 2.8% in 2024 and 2.2% in 2025. The U.S. Bureau of Labor Statistics reported that the U.S. unemployment rate remained at 4.1% as of September 30, 2024.

Foreign exchange rates can materially impact the valuations of our investments and those of the funds we manage that are denominated in currencies other than the U.S. dollar. The U.S. dollar weakened in the third quarter of 2024 compared to the euro and the British pound. Relative to the U.S. dollar, the euro appreciated 3.9% during the third quarter of 2024, after depreciating 0.7% in the second quarter of 2024, while the British pound appreciated 5.8% during the third quarter of 2024, after appreciating 0.2% in the second quarter of 2024. Oil finished the third quarter of 2024 down 16.4% from the second quarter of 2024.

We are actively monitoring the developments in Ukraine resulting from the Russia/Ukraine conflict and the economic sanctions and restrictions imposed against Russia, Belarus, and certain Russian and Belarussian entities and individuals. The Company continues to (i) identify and assess any exposure to designated persons or entities across the Company’s business; (ii) ensure existing surveillance and controls are calibrated to the evolving sanctions; and (iii) ensure appropriate levels of communication across the Company, and with other relevant market participants, as appropriate.

As of September 30, 2024, the funds we manage have no investments that would cause Apollo or any Apollo managed fund to be in violation of current international sanctions, and we believe the direct exposure of investment portfolios of the funds we manage to Russia and Ukraine is insignificant. The Company and the funds we manage do not intend to make any new material investments in Russia, and have appropriate controls in place to ensure review of any new exposure.

Institutional investors continue to allocate capital towards alternative investment managers in search of more attractive returns, and we believe the business environment remains generally accommodative to raise larger successor funds, launch new products, and pursue attractive strategic growth opportunities.

Interest Rate Environment

Rates decreased during the third quarter of 2024, with the U.S. 10-year Treasury yield at 3.81%, compared to 4.36% at the end of the second quarter of 2024, primarily due to the U.S. Federal Reserve’s decision to lower the benchmark interest rate target range by 50 basis points at its September meeting.

With respect to Retirement Services, Athene’s investment portfolio consists predominantly of fixed maturity investments. If prevailing interest rates were to rise, we believe the yield on Athene’s new investment purchases may also rise and its investment income from floating rate investments would increase, while the value of its existing investments may decline. If prevailing interest rates were to decline significantly, the yield on Athene’s new investment purchases may decline and its investment income from floating rate investments would decrease, while the value of its existing investments may increase.

Athene addresses interest rate risk through managing the duration of the liabilities it sources with assets it acquires through asset liability management (“ALM”) modeling. As part of its investment strategy, Athene purchases floating rate investments, which are expected to perform well in a rising interest rate environment and are expected to underperform in a declining rate environment. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position. As of September 30, 2024, Athene’s net invested asset portfolio included $49.8 billion of floating rate investments, or 21% of its net invested assets, and its net reserve liabilities included $35.0 billion of floating rate liabilities at notional, or 15% of its net invested assets, resulting in $14.8 billion of net floating rate assets, or 6% of its net invested assets.

If prevailing interest rates were to rise, we believe Athene’s products would be more attractive to consumers and its sales would likely increase. If prevailing interest rates were to decline, it is likely that Athene’s products would be less attractive to consumers and its sales would likely decrease. In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent that Athene is unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions. A

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significant majority of Athene’s deferred annuity products have crediting rates that it may reset annually upon renewal, following the expiration of the current guaranteed period. While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum levels, its willingness to do so may be limited by competitive pressures.

See “Part I—Item 3. Quantitative and Qualitative Disclosures About Market Risk,” in this report and “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” in our 2023 Annual Report, which include a discussion regarding interest rate and other significant risks and our strategies for managing these risks.

Overview of Results of Operations

Financial Measures under U.S. GAAP - Asset Management

The following discussion of financial measures under U.S. GAAP is based on Apollo’s asset management business as of September 30, 2024.

Revenues

Management Fees

The significant growth of the assets we manage has had a positive effect on our revenues. Management fees are typically calculated based upon any of “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted costs of all unrealized portfolio investments,” “capital commitments,” “invested capital,” “adjusted assets,” “capital contributions,” or “stockholders’ equity,” each as defined in the applicable limited partnership agreement and/or management agreement of the unconsolidated funds or accounts.

Advisory and Transaction Fees, Net

As a result of providing advisory services with respect to actual and potential investments, we are entitled to receive fees for transactions related to the acquisition and, in certain instances, disposition and financing of companies, some of which are portfolio companies of the funds we manage, as well as fees for ongoing monitoring of portfolio company operations and directors’ fees. We also receive advisory fees for advisory services provided to certain funds. In addition, monitoring fees are generated on certain structured portfolio company investments. 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 (up to 100%) of such advisory and transaction fees, net of applicable broken deal costs (“Management Fee Offset”). Such amounts are presented as a reduction to advisory and transaction fees, net, in the condensed consolidated statements of operations.

Performance Fees

The general partners of the funds we manage are entitled to an incentive return of normally up to 20% of the total returns of a fund’s capital, depending upon performance of the underlying funds and subject to preferred returns and high water marks, as applicable. Performance fees, categorized as performance allocations, are accounted for as an equity method investment, and effectively, the performance fees for any period are based upon an assumed liquidation of the funds’ assets at the reporting date, and distribution of the net proceeds in accordance with the funds’ allocation provisions. Performance fees categorized as incentive fees, which are not accounted for as an equity method investment, are deferred until fees are probable to not be significantly reversed. The majority of performance fees are comprised of performance allocations.

As of September 30, 2024, approximately 39% of the value of the investments of the funds we manage, on a gross basis, was determined using market-based valuation methods (i.e., reliance on broker or listed exchange quotes) and the remaining 61% was determined primarily by comparable company and industry multiples or discounted cash flow models. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest” in the 2023 Annual Report for discussion regarding certain industry-specific risks that could affect the fair value of certain of the portfolio company investments of the funds we manage.

In certain funds we manage, generally in our equity strategy, the Company does not earn performance fees until the investors have achieved cumulative investment returns on invested capital (including management fees and expenses) in excess of an 8% hurdle rate. Additionally, certain of the credit funds we manage have various performance fee rates and hurdle rates. Certain of

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the credit funds we manage allocate performance fees to the general partner in a similar manner as the equity funds. In certain funds we manage, as long as the investors achieve their priority returns, there is a catch-up formula whereby the Company earns a priority return for a portion of the return until the Company’s performance fees equate to its performance fee rate for that fund; thereafter, the Company participates in returns from the fund at the performance fee rate. Performance fees, categorized as performance allocations, are subject to reversal to the extent that the performance fees distributed exceed the amount due to the general partner based on a fund’s cumulative investment returns. The Company recognizes potential repayment of previously received performance fees as a general partner obligation representing all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying fund’s investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life or as otherwise set forth in the respective limited partnership agreement of the fund.

The table below presents an analysis of Apollo’s (i) performance fees receivable on an unconsolidated basis, (ii) unrealized performance fees and (iii) realized performance fees, inclusive of realized incentive fees:

			September 30, 2024												Performance Fees for the Three Months Ended September 30, 2024																		Performance Fees for the Nine Months Ended September 30, 2024
(In millions)			Performance Fees Receivable on an Unconsolidated Basis									Unrealized						Realized						Total						Unrealized						Realized						Total
Accord and Accord+ Funds			$	100											$	5					$	14					$	19					$	27					$	14					$	41
AIOF I and II			39												8						—						8						20						—						20
ANRP I, II and III1			63												10						1						11						40						1						41
Athora			73												(22)						—						(22)						(26)						—						(26)
Credit Strategies			91												43						4						47						84						8						92
EPF Funds1			21												—						—						—						(3)						8						5
FCI Funds			89												(1)						—						(1)						3						—						3
Freedom Parent Holdings			29												(66)						87						21						(34)						87						53
Fund X			138												28						—						28						137						—						137
Fund IX			1,536												(143)						209						66						(178)						392						214
Fund VIII2			27												(106)						1						(105)						(127)						3						(124)
Fund VII			—												—						—						—						(26)						27						1
Fund VI			29												—						2						2						—						7						7
HVF I			59												1						—						1						14						4						18
HVF II			113												49						—						49						113						—						113
MidCap Financial			34												2						10						12						5						30						35
Redding Ridge Holdings			150												20						11						31						39						28						67
Other1,3			606												30						48						78						125						145						270
Total			$	3,197											$	(142)					$	387					$	245					$	213					$	754					$	967
Total, net of profit sharing payable4/expense			$	1,433											$	(77)					$	147					$	70					$	84					$	327					$	411
1 As of September 30, 2024, certain funds had $202 million in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations was $1.8 billion as of September 30, 2024.
2 As of September 30, 2024, the remaining investments and escrow cash of Fund VIII was valued at 90% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2024, Fund VIII had $86 million of gross performance fees or $47 million net of profit sharing, in escrow. With respect to Fund VIII, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement. Performance fees receivable as of September 30, 2024 and realized performance fees for the three and nine months ended September 30, 2024 include interest earned on escrow balances that is not subject to contingent repayment.
3 Other includes certain SIAs.
4 There was a corresponding profit sharing payable of $1.8 billion as of September 30, 2024, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $55 million.

The general partners of certain of the funds we manage accrue performance fees, categorized as performance allocations, when the fair value of investments exceeds the cost basis of the individual investors’ investments in the fund, including any allocable share of expenses incurred in connection with such investments, which we refer to as “high water marks.” These high water

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marks are applied on an individual investor basis. Certain of the funds we manage have investors with various high water marks, the achievement of which is subject to market conditions and investment performance.

Performance fees from certain funds we manage are subject to contingent repayment by the general partner in the event of future losses to the extent that the cumulative performance fees distributed from inception to date exceeds the amount computed as due to the general partner at the final distribution. These general partner obligations, if applicable, are included in due to related parties on the condensed consolidated statements of financial condition.

The following table summarizes our performance fees since inception through September 30, 2024:

			Performance Fees Since Inception1
(In millions)			Undistributed by Fund and Recognized						Distributed by Fund and Recognized2						Total Undistributed and Distributed by Fund and Recognized3						General Partner Obligation3						Maximum Performance Fees Subject to Potential Reversal4
Accord and Accord+ Funds			100						27						127						—						100
AIOF I and II			39						63						102						—						72
ANRP I, II and III			63						162						225						23						77
Athora			73						—						73						—						73
Credit Strategies			91						373						464						—						88
EPF Funds			21						539						560						118						140
FCI Funds			89						24						113						—						89
Freedom Parent Holdings			29						87						116						—						29
Fund X			138						—						138						—						138
Fund IX			1,536						1,270						2,806						—						2,256
Fund VIII			27						1,779						1,806						40						1,157
Fund VII			—						3,271						3,271						—						—
Fund VI			29						1,664						1,693						—						—
Fund IV and Fund V			—						2,023						2,023						1						—
HVF I			59						246						305						—						180
HVF II			113						—						113						—						113
MidCap Financial			34						166						200						—						34
Redding Ridge Holdings			150						—						150						—						123
Other5			606						2,623						3,229						20						724
Total			$	3,197					$	14,317					$	17,514					$	202					$	5,393
1 Certain funds are denominated in euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.11 as of September 30, 2024. Certain funds are denominated in pounds sterling and historical figures are translated into U.S. dollars at an exchange rate of £1.00 to $1.34 as of September 30, 2024.
2 Amounts in “Distributed by Fund and Recognized” for the Citi Property Investors (“CPI”), Gulf Stream Asset Management, LLC (“Gulf Stream”), Stone Tower Capital LLC and its related companies (“Stone Tower”) funds and SIAs are presented for activity subsequent to the respective acquisition dates. Amounts exclude certain performance fees from business development companies and Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge.
3 Amounts were computed based on the fair value of fund investments on September 30, 2024. Performance fees have been allocated to and recognized by the general partner. Based on the amount allocated, a portion is subject to potential reversal or, to the extent applicable, has been reduced by the general partner obligation to return previously distributed performance fees at September 30, 2024. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund.
4 Represents the amount of performance fees that would be reversed if remaining fund investments became worthless on September 30, 2024. Amounts subject to potential reversal of performance fees include amounts undistributed by a fund (i.e., the performance fees receivable), as well as a portion of the amounts that have been distributed by a fund, net of taxes and not subject to a general partner obligation to return previously distributed performance fees, except for those funds that are gross of taxes as defined in the respective funds’ governing documents.
5 Other includes certain SIAs.

Expenses

Compensation and Benefits

The most significant expense in our asset management business is compensation and benefits expense. This consists of fixed salary, discretionary and non-discretionary bonuses, profit sharing expense associated with the performance fees earned and compensation expense associated with the vesting of non-cash equity-based awards.

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Our compensation arrangements with certain employees contain a significant performance-based incentive component. Therefore, as our net revenues increase, our compensation costs rise. Our compensation costs also reflect the increased investment in people as we expand geographically and create new funds.

In addition, certain professionals and selected other individuals have a profit sharing interest in the performance fees earned in order to better align their interests with our own and with those of the investors in the funds we manage. Profit sharing expense is part of our compensation and benefits expense and is generally based upon a fixed percentage of performance fees. Certain of our performance-based incentive arrangements provide for compensation based on realized performance fees which includes fees earned by the general partners of the funds we manage under the applicable fund limited partnership agreements based upon transactions that have closed or other rights to incentive income cash that have become fixed in the applicable calendar year period. Profit sharing expense can reverse during periods when there is a decline in performance fees that were previously recognized. Profit sharing amounts are normally distributed to employees after the corresponding investment gains have been realized and generally before preferred returns are achieved for the investors. Therefore, changes in our unrealized performance fees have the same effect on our profit sharing expense. Profit sharing expense increases when unrealized performance fees increase. Realizations only impact profit sharing expense to the extent that the effects on investments have not been recognized previously. If losses on other investments within a fund are subsequently realized, the profit sharing amounts previously distributed are normally subject to a general partner obligation to return performance fees previously distributed back to the funds. This general partner obligation due to the funds would be realized only when the fund is liquidated, which generally occurs at the end of the fund’s term. However, indemnification obligations also exist for realized gains with respect to certain funds, which, although our Former Managing Partners and Contributing Partners would remain personally liable, may indemnify our Former Managing Partners and Contributing Partners for 17.5% to 100% of the previously distributed profits regardless of the fund’s future performance. See note 15 to our condensed consolidated financial statements for further information regarding the Company’s indemnification liability.

The Company grants equity awards to certain employees, including RSUs and restricted shares of common stock, that generally vest and become exercisable in quarterly installments or annual installments depending on the award terms. In some instances, vesting of an RSU is also subject to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. See note 12 to our condensed consolidated financial statements for further discussion of equity-based compensation.

Other expenses

The balance of our other expenses includes interest, placement fees, and general, administrative and other operating expenses. Interest expense consists primarily of interest related to the senior and subordinated notes as discussed in note 11 to our condensed consolidated financial statements. Placement fees are incurred in connection with our capital raising activities. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. General, administrative and other expenses includes occupancy expense, depreciation and amortization, professional fees and costs related to travel, information technology and administration. Occupancy expense represents charges related to office leases and associated expenses, such as utilities and maintenance fees. Depreciation and amortization of fixed assets is normally calculated using the straight-line method over their estimated useful lives, ranging from two to sixteen years, taking into consideration any residual value. Leasehold improvements are amortized over the shorter of the useful life of the asset or the expected term of the lease. Intangible assets are amortized based on the future cash flows over the expected useful lives of the assets.

Other Income (Loss)

Net Gains (Losses) from Investment Activities

Net gains (losses) from investment activities include both realized gains and losses and the change in unrealized gains and losses in our investment portfolio between the opening reporting date and the closing reporting date. Net unrealized gains (losses) are a result of changes in the fair value of unrealized investments and reversal of unrealized gains (losses) due to dispositions of investments during the reporting period. Significant judgment and estimation goes into the assumptions that drive these models and the actual values realized with respect to investments could be materially different from values obtained based on the use of those models. The valuation methodologies applied impact the reported value of investment company holdings and their underlying portfolios in our condensed consolidated financial statements.

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Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities (“VIEs”)

Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses subsequent to consolidation are presented within net gains (losses) from investment activities of consolidated variable interest entities and are attributable to non-controlling interests in the condensed consolidated statements of operations.

Other Income (Losses), Net

Other income (losses), net includes gains (losses) arising from the remeasurement of foreign currency denominated assets and liabilities, remeasurement of the tax receivable agreement liability and other miscellaneous non-operating income and expenses.

Financial Measures under U.S. GAAP - Retirement Services

The following discussion of financial measures under U.S. GAAP is based on the Company’s retirement services business, which is operated by Athene, as of September 30, 2024.

Revenues

Premiums

Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. Insurance revenues are reported net of reinsurance ceded.

Product charges

Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period.

Net investment income

Net investment income is a significant component of Athene’s total revenues. Athene recognizes investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupon interest.

Investment related gains (losses)

Investment related gains (losses) primarily consist of (i) realized gains and losses on sales of investments, (ii) unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships, (iii) gains and losses on trading securities, (iv) gains and losses on equity securities, (v) changes in the fair value of the embedded derivatives and derivatives not designated as a hedge, (vi) changes in the fair value of mortgage loan assets and (vii) changes in the provision for credit losses.

Expenses

Interest sensitive contract benefits

Universal life-type policies and investment contracts include traditional deferred annuities, indexed annuities consisting of fixed indexed and index-linked variable annuities in the accumulation phase, funding agreements, immediate annuities without significant mortality risk (which include pension group annuities without life contingencies), universal life insurance, and other investment contracts inclusive of assumed endowments without significant mortality risk. Liabilities for traditional deferred annuities, indexed annuities, funding agreements and universal life insurance are carried at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic which is carried at fair value. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts contain an embedded derivative. Benefit reserves for these contracts are reported as the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. Liabilities for immediate annuities without

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significant mortality risk are calculated as the present value of future liability cash flows and policy maintenance expenses discounted at contractual interest rates. Certain contracts are offered with additional contract features that meet the definition of a market risk benefit. See “—Market risk benefits remeasurement (gains) losses” below for further information.

Changes in interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the condensed consolidated statements of operations.

Future policy and other policy benefits

Athene issues contracts classified as long-duration, which include term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which include pension group annuities with life contingencies).

Liabilities for nonparticipating long-duration contracts are established as the estimated present value of benefits Athene expects to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the characteristics of the liability, including the duration and currency of the underlying cash flows.

Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). Changes in the liability for the remeasurement gains or losses and all other changes in the liability are recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. Each reporting period, expected excess benefits and assessments are updated with actual excess benefits and assessments and the liability balance is adjusted due to the OCI effects of unrealized investment gains and losses on AFS securities.

Changes in the liabilities associated with no-lapse guarantees, other than the adjustment for the OCI effects of unrealized investment gains and losses on AFS securities, are recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

Market risk benefits remeasurement (gains) losses

Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. Athene’s deferred annuity contracts contain GLWB and GMDB riders that meet the criteria for, and are classified as, market risk benefits.

Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are included in market risk benefits or other assets, respectively, on the condensed consolidated statements of financial condition. Fees and assessments collectible from the policyholder at contract inception are allocated to the extent they are attributable to the market risk benefit. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities.

Changes in fair value of market risk benefits are recorded in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of operations, excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated statements of financial condition.

Amortization of deferred acquisition costs, deferred sales inducements, and value of business acquired

Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder

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account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition.

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. VOBA associated with acquired contracts can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities.

Amortization of DAC, DSI and VOBA is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of operations.

Policy and other operating expenses

Policy and other operating expenses include normal operating expenses, policy acquisition expenses, interest expense, dividends to policyholders, integration, restructuring and other non-operating expenses and stock compensation expenses.

Other Financial Measures under U.S. GAAP

Income Taxes

Significant judgment is required in determining the provision for income taxes and in evaluating income tax positions, including evaluating uncertainties. We recognize the income tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the positions. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s income tax positions are reviewed and evaluated quarterly to determine whether or not we have uncertain tax positions that require financial statement recognition or de-recognition.

Deferred tax assets and liabilities are recognized for the expected future tax consequences, using currently enacted tax rates, of differences between the carrying amount of assets and liabilities and their respective tax basis. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Non-Controlling Interests

For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than Apollo. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests primarily include limited partner interests in certain consolidated funds and VIEs.

The authoritative guidance for non-controlling interests in the condensed consolidated financial statements requires reporting entities to present non-controlling interest as equity and provides guidance on the accounting for transactions between an entity and non-controlling interests. According to the guidance, (1) non-controlling interests are presented as a separate component of stockholders’ equity on the Company’s condensed consolidated statements of financial condition, (2) net income (loss) includes the net income (loss) attributable to the non-controlling interest holders on the Company’s condensed consolidated statements of operations, and (3) profits and losses are allocated to non-controlling interests in proportion to their ownership interests regardless of their basis.

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Results of Operations

Below is a discussion of our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

			Three months ended September 30,												Total Change						Percentage Change						Nine months ended September 30,												Total Change						Percentage Change
(In millions, except percentages)			2024						2023																		2024						2023
Revenues
Asset Management
Management fees			$	476					$	462					$	14					3.0%						$	1,376					$	1,328					$	48					3.6%
Advisory and transaction fees, net			181						157						24						15.3						617						482						135						28.0
Investment income (loss)			230						292						(62)						(21.2)						910						882						28						3.2
Incentive fees			35						18						17						94.4						108						59						49						83.1
			922						929						(7)						(0.8)						3,011						2,751						260						9.5
Retirement Services
Premiums			389						26						363						NM						1,163						9,163						(8,000)						(87.3)
Product charges			267						217						50						23.0						756						622						134						21.5
Net investment income			4,101						3,166						935						29.5						11,481						8,726						2,755						31.6
Investment related gains (losses)			1,539						(2,624)						4,163						NM						3,082						(1,193)						4,275						NM
Revenues of consolidated variable interest entities			552						318						234						73.6						1,329						946						383						40.5
Other revenues			3						563						(560)						(99.5)						9						583						(574)						(98.5)
			6,851						1,666						5,185						311.2						17,820						18,847						(1,027)						(5.4)
Total Revenues			7,773						2,595						5,178						199.5						20,831						21,598						(767)						(3.6)
Expenses
Asset Management
Compensation and benefits:
Salary, bonus and benefits			291						254						37						14.6						851						766						85						11.1
Equity-based compensation			124						129						(5)						(3.9)						442						379						63						16.6
Profit sharing expense			190						174						16						9.2						583						598						(15)						(2.5)
Total compensation and benefits			605						557						48						8.6						1,876						1,743						133						7.6
Interest expense			55						36						19						52.8						159						98						61						62.2
General, administrative and other			326						220						106						48.2						885						643						242						37.6
			986						813						173						21.3						2,920						2,484						436						17.6
Retirement Services
Interest sensitive contract benefits			2,599						333						2,266						NM						7,307						3,634						3,673						101.1
Future policy and other policy benefits			793						368						425						115.5						2,431						10,346						(7,915)						(76.5)
Market risk benefits remeasurement (gains) losses			524						(441)						965						NM						354						(166)						520						NM
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired			244						211						33						15.6						678						502						176						35.1
Policy and other operating expenses			670						467						203						43.5						1,601						1,356						245						18.1
			4,830						938						3,892						414.9						12,371						15,672						(3,301)						(21.1)
Total Expenses			5,816						1,751						4,065						232.2						15,291						18,156						(2,865)						(15.8)
Other income (loss) – Asset Management
Net gains (losses) from investment activities			15						(32)						47						NM						33						(14)						47						NM
Net gains (losses) from investment activities of consolidated variable interest entities			44						49						(5)						(10.2)						70						95						(25)						(26.3)
Other income (loss), net			70						22						48						218.2						68						102						(34)						(33.3)
Total Other income (loss)			129						39						90						230.8						171						183						(12)						(6.6)
Income (loss) before income tax (provision) benefit			2,086						883						1,203						136.2						5,711						3,625						2,086						57.5
Income tax (provision) benefit			(317)						(243)						(74)						30.5						(1,000)						(697)						(303)						43.5
Net income (loss)			1,769						640						1,129						176.4						4,711						2,928						1,783						60.9
Net (income) loss attributable to non-controlling interests			(958)						42						(1,000)						NM						(1,620)						(637)						(983)						154.3
Net income (loss) attributable to Apollo Global Management, Inc.			811						682						129						18.9						3,091						2,291						800						34.9
Preferred stock dividends			(24)						(22)						(2)						9.1						(73)						(22)						(51)						231.8
Net income (loss) available to Apollo Global Management, Inc. common stockholders			$	787					$	660					$	127					19.2%						$	3,018					$	2,269					$	749					33.0%
Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.

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Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

In this section, references to 2024 refer to the three months ended September 30, 2024 and references to 2023 refer to the three months ended September 30, 2023.

Asset Management

Revenues

Revenues were $922 million in 2024, a decrease of $7 million from $929 million in 2023, primarily driven by lower investment income, partially offset by an increase in advisory and transaction fees, net. Investment income decreased $62 million in 2024 to $230 million compared to $292 million in 2023. The decrease in investment income of $62 million in 2024 was driven by decreases in performance allocations and principal investment income of $40 million and $22 million, respectively.

Significant drivers for performance allocations in 2024 were performance allocations primarily earned from Fund IX, HVF II, Credit Strategies, Redding Ridge Holdings, Fund X and Freedom Parent Holdings of $74 million, $49 million, $47 million, $31 million, $28 million and $21 million, respectively, partially offset by performance allocation losses from Fund VIII of $103 million.

See below for details on the respective performance allocations in 2024.

The performance allocations earned from Fund IX in 2024 were primarily driven by appreciation and realization of the fund’s investments in the (i) manufacturing and industrial and (ii) consumer services sectors, and the fund’s distressed investments.

The performance allocations earned from HVF II in 2024 were primarily driven by appreciation of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) manufacturing and industrial sectors. Moreover, the fund achieved its annualized hurdle rate in 2024.

The performance allocations earned from Credit Strategies in 2024 were driven by the net income generated by the fund’s investments.

The performance allocations earned from Redding Ridge Holdings in 2024 were primarily driven by existing and new CLO issuances, CLO contract acquisitions, new consulting contracts and the accumulation of warehouse assets.

The performance allocations earned from Fund X in 2024 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial and (ii) consumer and retail sectors, and the fund’s distressed investments.

The performance allocations earned from Freedom Parent Holdings in 2024 were primarily driven by the appreciation of its investment in Wheels, a U.S. corporate fleet lessor platform.

The performance allocation losses from Fund VIII in 2024 were primarily driven by the depreciation of the fund’s investments in the (i) media, telecom and technology, (ii) leisure and (iii) consumer services sectors.

Advisory and transaction fees increased by $24 million to $181 million in 2024 from $157 million in 2023. Advisory and transaction fees were primarily attributable to fees earned from companies in the (i) business services, (ii) consumer and retail, (iii) financial services and (iv) media, telecom and technology sectors.

Expenses

Expenses were $986 million in 2024, an increase of $173 million from $813 million in 2023 due to increases in general, administrative and other and total compensation and benefits expenses.

General, administrative and other expenses were $326 million in 2024, an increase of $106 million from $220 million in 2023. The increase in 2024 was primarily driven by $72 million related to equity interests issued by a subsidiary as part of a

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restructuring of such entity. Additionally, increases in professional fees, higher travel and entertainment expenses, placement fees, and higher depreciation and amortization also contributed to the higher general, administrative and other expenses in 2024.

Total compensation and benefits were $605 million in 2024, an increase of $48 million from $557 million in 2023, primarily due to increases in salary, bonus and benefits and profit sharing expense of $37 million and $16 million, respectively. The increase in salary, bonus and benefits of $37 million was primarily driven by growth in revenues and increased headcount in 2024. The increase in profit sharing expense was primarily driven by the performance fees included within investment income in 2024. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period.

Interest expense was $55 million in 2024, an increase of $19 million from $36 million in 2023. The increase in 2024 was primarily driven by higher interest expense from debt issued in the second quarter of 2024 and the fourth quarter of 2023.

Other Income (Loss)

Other income (loss) was $129 million in 2024, an increase of $90 million from $39 million in 2023. This increase was primarily driven by increases in other income (loss), net and net gains (losses) from investment activities of $48 million and $47 million, respectively.

The increase in other income, net of $48 million in 2024 was primarily attributable to foreign currency gains and gains from changes in the tax receivable agreement liability. The increase in net gains from investment activities of $47 million was primarily driven by the appreciation in the Company’s investment in Global Business Travel Group, Inc.

Retirement Services

Revenues

Retirement Services revenues were $6.9 billion in 2024, an increase of $5.2 billion from $1.7 billion in 2023. The increase was primarily driven by an increase in investment related gains (losses), an increase in net investment income, an increase in premiums and an increase in revenues of consolidated VIEs, partially offset by a decrease in other revenues.

Investment related gains (losses) were $1.5 billion in 2024, an increase of $4.2 billion from $(2.6) billion in 2023, primarily due to the favorable change in fair value of mortgage loans, FIA hedging derivatives, reinsurance assets and trading securities, partially offset by unfavorable net foreign exchange impacts. The change in fair value of mortgage loans increased $1.7 billion, the change in fair value of reinsurance assets increased $1.5 billion and the change in fair value of trading securities increased $144 million, primarily driven by a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023. The change in fair value of FIA hedging derivatives increased $1.6 billion, primarily driven by favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 index, which increased 5.5% in 2024, compared to a decrease of 3.6% in 2023. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S. dollar against foreign currencies in 2024 compared to 2023.

Net investment income was $4.1 billion in 2024, an increase of $935 million from $3.2 billion in 2023, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment.

Premiums were $389 million in 2024, an increase of $363 million from $26 million in 2023, primarily driven by a $294 million increase in pension group annuity premiums compared to 2023, as well as an increase in life premiums attributable to a block reinsurance transaction completed in the fourth quarter of 2023.

Revenues of consolidated VIEs were $552 million in 2024, an increase of $234 million from $318 million in 2023, primarily driven by unrealized gains on assets held by AAA and a favorable change in the fair value of mortgage loans held in VIEs related to a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023.

Other revenues were $3 million in 2024, a decrease of $560 million from $563 million in 2023, primarily driven by the $555 million gain on the settlement of the VIAC recapture agreement in 2023.

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Expenses

Retirement Services expenses were $4.8 billion in 2024, an increase of $3.9 billion from $938 million in 2023. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in market risk benefits remeasurement (gains) losses, an increase in future policy and other policy benefits, an increase in policy and other operating expenses and an increase in DAC, DSI and VOBA amortization. Athene’s annual unlocking of assumptions resulted in an increase in total benefits and expenses of $31 million compared to a decrease of $22 million in 2023. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits, compared to a decrease of $94 million in interest sensitive contract benefits and a decrease of $45 million in future policy and other policy benefits, partially offset by an increase of $81 million in market risk benefits and an increase of $36 million related to DAC, DSI and VOBA in 2023.

Interest sensitive contract benefits were $2.6 billion in 2024, an increase of $2.3 billion from $333 million in 2023, primarily driven by an increase in the change in Athene’s fixed indexed annuity reserves, significant growth in its deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances in comparison to its existing blocks of business and an unfavorable change in unlocking. The change in Athene’s fixed indexed annuity reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $1.5 billion was primarily due to the performance of the equity indices to which Athene’s FIA policies are linked. The largest percentage of Athene’s FIA policies are linked to the S&P 500 index, which increased 5.5% in 2024, compared to a decrease of 3.6% in 2023. The change in fair value of FIA embedded derivatives was also driven by the unfavorable change in discount rates used in Athene’s embedded derivative calculations as 2024 experienced a decrease in discount rates compared to an increase in 2023. These impacts were partially offset by the favorable impact of rates on policyholder projected benefits. The fair value of FIA embedded derivatives unlocking in 2024 was $67 million unfavorable primarily due to changes to projected interest crediting, while 2023 unlocking was $20 million favorable primarily due to changes to projected interest crediting, partially offset by an increase in lapse and risk margin assumptions. The negative VOBA unlocking related to Athene’s interest sensitive contract liabilities in 2024 was $59 million favorable mainly due to updated economics and an increase in lapse assumptions, while 2023 unlocking was $74 million favorable mainly due to an increase in lapse assumptions.

Market risk benefits remeasurement (gains) losses were $524 million in 2024, an increase of $965 million from $(441) million in 2023. The losses in 2024 compared to gains in 2023 were primarily driven by an unfavorable change in the fair value of market risk benefits, partially offset by a favorable change in unlocking. The change in fair value of market risk benefits was $1.0 billion unfavorable compared to 2023 due to a decrease in the risk-free discount rate across the curve, which is used in the fair value measurement of the liability for market risk benefits. This impact was partially offset by a favorable change in fair value of market risk benefits of $69 million related to the favorable equity market performance compared to 2023. The market risk benefits unlocking in 2024 was $62 million unfavorable primarily due to an increase in the income rider utilization assumption increasing projected claims, partially offset by favorable changes in lapse and enhanced income utilization assumptions, while 2023 unlocking was $81 million unfavorable primarily due to an increase in the income rider utilization assumption increasing projected claims, partially offset by favorable changes in lapse and income rider restart assumptions.

Future policy and other policy benefits were $793 million in 2024, an increase of $425 million from $368 million in 2023, primarily driven by a $294 million increase in pension group annuity obligations compared to 2023 and an increase in the change in the AmerUs Closed Block fair value liability, partially offset by a favorable change in unlocking. The change in the AmerUs Closed Block fair value liability was primarily due to a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023. Unlocking in 2024 was $60 million favorable consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to favorable projected mortality lowering future benefit payments, partially offset by an increase in the lump sum payment utilization assumption. Unlocking in 2023 was $45 million favorable consisting of $297 million of favorable future policy benefit reserve unlocking, partially offset by $252 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.

Policy and other operating expenses were $670 million in 2024, an increase of $203 million from $467 million in 2023, primarily driven by the recognition of $172 million of expense related to estimated guaranty association assessments Athene expects to be levied against it in connection with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies, as well as an increase in general operating expenses attributable to growth in the business.

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DAC, DSI and VOBA amortization was $244 million in 2024, an increase of $33 million from $211 million in 2023, primarily due to growth in Athene’s retail channel, partially offset by lower VOBA amortization and a favorable change in unlocking. Unlocking in 2024 was $21 million unfavorable mainly related to changes to projected interest crediting and an increase in lapse assumptions, while unlocking in 2023 was $36 million unfavorable mainly related to an increase in lapse assumptions and changes to projected interest crediting.

Income Tax (Provision) Benefit

The Company’s income tax provision totaled $317 million and $243 million in 2024 and 2023, respectively. The change to the provision was primarily related to the increase in pretax income subject to income tax. The provision for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 15.2% and 27.5% for 2024 and 2023, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests and (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m). During the fourth quarter of 2023, the Company experienced a decrease to its consolidated effective income tax rate due to the one-time deferred tax benefit resulting from the enactment of the Bermuda Corporate Income Tax (“CIT”). The Company does not expect a material increase to its consolidated effective tax rate or earnings and results of operations as a result of the utilization of the deferred tax assets, though the Company can provide no assurance that the impacts will not be material in future years (see note 10 to the condensed consolidated financial statements for further details regarding the Company’s income tax provision).

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

In this section, references to 2024 refer to the nine months ended September 30, 2024 and references to 2023 refer to the nine months ended September 30, 2023.

Asset Management

Revenues

Revenues were $3,011 million in 2024, an increase of $260 million from $2,751 million in 2023, primarily driven by an increase in advisory and transaction fees, net, incentive fees and management fees.

Advisory and transaction fees increased by $135 million to $617 million in 2024 from $482 million in 2023. Advisory and transaction fees earned during 2024 were primarily attributable to advisory and transaction fees earned from companies in the (i) media, telecom and technology, (ii) financial services and (iii) business services sectors.

Incentive fees increased by $49 million to $108 million in 2024 from $59 million in 2023, primarily attributable to incentive fees earned from ADS of $40 million, reflecting the growing contribution from Apollo’s wealth-focused products.

Management fees increased by $48 million to $1,376 million in 2024 from $1,328 million in 2023. The increase in management fees was primarily attributable to management fees earned from ADS and Athora of $35 million and $9 million, respectively, driven by an increase in subscriptions and higher fee-generating AUM.

Investment income moderated in 2024, increasing $28 million to $910 million compared to $882 million in 2023. The increase in investment income in 2024 was driven by an increase in performance allocations of $84 million, partially offset by a decrease in principal investment income of $56 million.

Significant drivers for performance allocations in 2024 were performance allocations primarily earned from Fund IX, Fund X, HVF II, Credit Strategies, Redding Ridge Holdings and Freedom Parent Holdings of $232 million, $137 million, $114 million, $92 million, $66 million and $53 million, respectively, partially offset by performance allocation losses from Fund VIII of $117 million.

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See below for details on the respective performance allocations in 2024.

The performance allocations earned from Fund IX in 2024 were primarily driven by appreciation of the fund’s investments in the (i) manufacturing and industrial and (ii) consumer services sectors, and the fund’s distressed investments.

The performance allocations earned from Fund X in 2024 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial and (ii) consumer and retail sectors, and the fund’s distressed investments. Moreover, the fund achieved its annualized hurdle rate in 2024.

The performance allocations earned from HVF II in 2024 were primarily driven by the appreciation of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) manufacturing and industrial sectors. HVF II also achieved its annualized hurdle rate in 2024.

The performance allocations earned from Credit Strategies in 2024 were driven by the net income generated by the fund’s investments.

The performance allocations earned from Redding Ridge Holdings in 2024 were primarily driven by existing and new CLO issuances, CLO contract acquisitions, new consulting contracts and the accumulation of warehouse assets.

The performance allocations earned from Freedom Parent Holdings in 2024 were primarily driven by the appreciation of its investment in Wheels.

The performance allocation losses from Fund VIII in 2024 were primarily driven by the depreciation of the fund’s investments in the (i) media, telecom and technology, (ii) leisure and (iii) consumer services sectors.

Expenses

Expenses were $2,920 million in 2024, an increase of $436 million from $2,484 million in 2023, primarily due to increases in general, administrative and other and total compensation and benefits expenses. General, administrative and other expenses were $885 million in 2024, an increase of $242 million from $643 million in 2023. The increase in 2024 was primarily driven by $72 million related to equity interests issued by a subsidiary as part of a restructuring of such entity, as well as $18 million of fund merger-related costs. Additionally, increases in professional fees, higher travel and entertainment expenses and placement fees also contributed to the higher general, administrative and other expenses in 2024.

Total compensation and benefits were $1,876 million in 2024, an increase of $133 million from $1,743 million in 2023, primarily due to increases in salary, bonus and benefits and equity-based compensation of $85 million and $63 million, respectively. The increase in salary, bonus and benefits of $85 million was primarily driven by the growth in revenues and increased headcount in 2024. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the Co-Presidents, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

Interest expense was $159 million in 2024, an increase of $61 million from $98 million in 2023. The increase in 2024 was primarily driven by higher interest expense from debt issued in 2024 and the fourth quarter of 2023.

Other Income (Loss)

Other income (loss) was $171 million in 2024, a decrease of $12 million from $183 million in 2023. This decrease was driven by decreases in other income (loss), net and net gains (losses) from investment activities of consolidated variable interest entities of $34 million and $25 million, respectively, partially offset by an increase in net gains (losses) from investment activities of $47 million.

Other income in 2023 was primarily attributable to interest income earned on the Company’s money market funds and U.S. Treasury securities, as a result of the rising interest rate environment and derivatives gains, which were offset, in part, by losses

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from certain of the Company’s balance sheet investments and consolidated SPACs. Other income of $171 million in 2024 was primarily attributable to net gains from consolidated VIEs, as well as interest income earned on the Company’s money market funds and U.S. Treasury securities, partially offset by an increase in earnout expense associated with a previous acquisition.

Retirement Services

Revenues

Retirement Services revenues were $17.8 billion in 2024, a decrease of $1.0 billion from $18.8 billion in 2023. The decrease was primarily driven by a decrease in premiums and a decrease in other revenues, partially offset by an increase in investment related gains (losses), an increase in net investment income and an increase in revenues of consolidated VIEs.

Premiums were $1.2 billion in 2024, a decrease of $8.0 billion from $9.2 billion in 2023, primarily driven by an $8.2 billion decrease in pension group annuity premiums compared to 2023, partially offset by an increase in life premiums attributable to a block reinsurance transaction completed in the fourth quarter of 2023.

Other revenues were $9 million in 2024, a decrease of $574 million from $583 million in 2023, primarily driven by the $555 million gain on the settlement of the VIAC recapture agreement in 2023.

Investment related gains (losses) were $3.1 billion in 2024, an increase of $4.3 billion from $(1.2) billion in 2023, primarily due to the change in fair value of FIA hedging derivatives, mortgage loans, reinsurance assets and trading securities, as well as a favorable change in the provision for credit losses, partially offset by unfavorable net foreign exchange impacts. The change in fair value of FIA hedging derivatives increased $2.0 billion, primarily driven by the favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 index, which increased 20.8% in 2024, compared to an increase of 11.7% in 2023. The change in fair value of mortgage loans increased $1.6 billion, the change in fair value of reinsurance assets increased $1.0 billion and the change in fair value of trading securities increased $79 million primarily driven by a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023. The favorable change in the provision for credit losses of $123 million was primarily driven by intent-to-sell impairments in 2023 related to the timing of the recapture of certain business by VIAC and impacts from the Silicon Valley Bank failure. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S. dollar against foreign currencies in 2024 compared to 2023.

Net investment income was $11.5 billion in 2024, an increase of $2.8 billion from $8.7 billion in 2023, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment and higher floating rate income.

Revenues of consolidated VIEs were $1.3 billion in 2024, an increase of $383 million from $946 million in 2023, primarily driven by unrealized gains on assets held by AAA and a favorable change in the fair value of mortgage loans held in VIEs related to a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023.

Expenses

Retirement Services expenses were $12.4 billion in 2024, a decrease of $3.3 billion from $15.7 billion in 2023. The decrease was primarily driven by a decrease in future policy and other policy benefits, partially offset by an increase in interest sensitive contract benefits, an increase in market risk benefits remeasurement (gains) losses, an increase in policy and other operating expenses and an increase in DAC, DSI and VOBA amortization. Athene’s annual unlocking of assumptions resulted in an increase in total benefits and expenses of $31 million compared to a decrease of $22 million in 2023. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits, compared to a decrease of $94 million in interest sensitive contract benefits and a decrease of $45 million in future policy and other policy benefits, partially offset by an increase of $81 million in market risk benefits and an increase of $36 million related to DAC, DSI and VOBA in 2023.

Future policy and other policy benefits were $2.4 billion in 2024, a decrease of $7.9 billion from $10.3 billion in 2023, primarily driven by an $8.2 billion decrease in pension group annuity obligations compared to 2023 and a favorable change in unlocking, partially offset by a $211 million increase in accrued interest and an increase in the change in the AmerUs Closed

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Block fair value liability. The increase in accrued interest was primarily attributable to a larger outstanding balance in 2024 compared to 2023. The change in the AmerUs Closed Block fair value liability was primarily due to a decrease in U.S. Treasury rates in 2024 compared to an increase in 2023. Unlocking in 2024 was $60 million favorable consisting of $104 million of favorable future policy benefit reserve unlocking, partially offset by $44 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to favorable projected mortality lowering future benefit payments, partially offset by an increase in the lump sum payment utilization assumption. Unlocking in 2023 was $45 million favorable consisting of $297 million of favorable future policy benefit reserve unlocking, partially offset by $252 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.

Interest sensitive contract benefits were $7.3 billion in 2024, an increase of $3.7 billion from $3.6 billion in 2023, primarily driven by an increase in the change in Athene’s fixed indexed annuity reserves, significant growth in its deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances in comparison to its existing blocks of business, increased costs on floating rate funding agreements and an unfavorable change in unlocking. The change in Athene’s fixed indexed annuity reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $993 million was primarily due to the performance of the equity indices to which Athene’s FIA policies are linked. The largest percentage of Athene’s FIA policies are linked to the S&P 500 index, which increased 20.8% in 2024, compared to an increase of 11.7% in 2023. The change in fair value of FIA embedded derivatives was also driven by the unfavorable change in discount rates used in Athene’s embedded derivative calculations as 2024 experienced a decrease in discount rates compared to an increase in 2023. These impacts were partially offset by the favorable impact of rates on policyholder projected benefits. The fair value of FIA embedded derivatives unlocking in 2024 was $67 million unfavorable primarily due to changes to projected interest crediting, while 2023 unlocking was $20 million favorable primarily due to changes to projected interest crediting, partially offset by an increase in lapse and risk margin assumptions. The negative VOBA unlocking related to Athene’s interest sensitive contract liabilities in 2024 was $59 million favorable mainly due to updated economics and an increase in lapse assumptions, while 2023 unlocking was $74 million favorable mainly due to an increase in lapse assumptions.

Market risk benefits remeasurement (gains) losses were $354 million in 2024, an increase of $520 million from $(166) million in 2023. The losses in 2024 compared to gains in 2023 were primarily driven by an unfavorable change in the fair value of market risk benefits, partially offset by a favorable change in unlocking. The change in fair value of market risk benefits was $573 million unfavorable compared to 2023 due to a decrease in the risk-free discount rate across the curve, which is used in the fair value measurement of the liability for market risk benefits. This impact was partially offset by a favorable change in the fair value of market risk benefits of $89 million related to the favorable equity market performance compared to 2023. The market risk benefits unlocking in 2024 was $62 million unfavorable primarily due to an increase in the income rider utilization assumption increasing projected claims, partially offset by favorable changes in lapse and enhanced income utilization assumptions, while 2023 unlocking was $81 million unfavorable primarily due to an increase in the income rider utilization assumption increasing projected claims, partially offset by favorable changes in lapse and income rider restart assumptions.

Policy and other operating expenses were $1.6 billion in 2024, an increase of $245 million from $1.4 billion in 2023, primarily driven by the recognition of $172 million of expense related to estimated guaranty association assessments Athene expects to be levied against it in connection with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies, as well as an increase in general operating expenses attributable to growth in the business.

DAC, DSI and VOBA amortization were $678 million in 2024, an increase of $176 million from $502 million in 2023, primarily due to growth in Athene’s retail channel, partially offset by a favorable change in unlocking. Unlocking in 2024 was $21 million unfavorable mainly related to changes to projected interest crediting and an increase in lapse assumptions, while unlocking in 2023 was $36 million unfavorable mainly related to an increase in lapse assumptions and changes to projected interest crediting.

Income Tax (Provision) Benefit

The Company’s income tax provision totaled $1,000 million and $697 million in 2024 and 2023, respectively. The change to the provision was primarily related to the increase in pretax income subject to income tax. The provision for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 17.5% and 19.2% for 2024 and 2023, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests and (iii) equity-based compensation net of the limiting provisions for executive

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compensation under IRC Section 162(m). During the fourth quarter of 2023, the Company experienced a decrease to its consolidated effective income tax rate due to the one-time deferred tax benefit resulting from the enactment of the Bermuda CIT. The Company does not expect a material increase to its consolidated effective tax rate or earnings and results of operations as a result of the utilization of the deferred tax assets, though the Company can provide no assurance that the impacts will not be material in future years (see note 10 to the condensed consolidated financial statements for further details regarding the Company’s income tax provision).

Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures

We believe that the presentation of Segment Income supplements a reader’s understanding of the economic operating performance of each of our segments.

Segment Income and Adjusted Net Income

Segment Income is the key performance measure used by management in evaluating the performance of the Asset Management, Retirement Services, and Principal Investing segments. See note 17 to the condensed consolidated financial statements for more details regarding the components of Segment Income and management’s consideration of Segment Income.

We believe that Segment Income is helpful for an understanding of our business and that investors should review the same supplemental financial measure that management uses to analyze our segment performance. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed above in “—Overview of Results of Operations” that have been prepared in accordance with U.S. GAAP.

Adjusted Net Income (“ANI”) represents Segment Income less HoldCo interest and other financing costs and estimated income taxes. For purposes of calculating the Adjusted Net Income tax rate, Segment Income is reduced by HoldCo interest and financing costs. Income taxes on FRE and PII represents the total current corporate, local, and non-U.S. taxes as well as the current payable under Apollo’s tax receivable agreement. Income taxes on FRE and PII excludes the impacts of deferred taxes and the remeasurement of the tax receivable agreement, which arise from changes in estimated future tax rates. Certain assumptions and methodologies that impact the implied FRE and PII income tax provision are similar to those used under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP relating to transaction related charges, equity-based compensation, and tax deductible interest expense are taken into account for the implied tax provision. Income Taxes on SRE represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Management believes the methodologies used to compute income taxes on FRE, SRE, and PII are meaningful to each segment and increases comparability of income taxes between periods.

Fee Related Earnings, Spread Related Earnings and Principal Investing Income

Fee Related Earnings, or “FRE”, is a component of Segment Income that is used as a supplemental performance measure to assess the performance of the Asset Management segment.

Spread Related Earnings, or “SRE”, is a component of Segment Income that is used as a supplemental performance measure 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.

Non-operating change in insurance liabilities and related derivatives includes the change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

Principal Investing Income, or “PII”, is a component of Segment Income that is used as a supplemental performance measure to assess the performance of the Principal Investing segment.

See note 17 to the condensed consolidated financial statements for more details regarding the components of FRE, SRE, and PII.

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We use Segment Income, ANI, FRE, SRE and PII as measures of operating performance, not as measures of liquidity. These measures should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of these measures without consideration of their related U.S. GAAP measures is not adequate due to the adjustments described above.

Net Invested Assets

In managing its business, Athene analyzes net invested assets, which does not correspond to total Athene investments, including investments in related parties, as disclosed in the condensed consolidated statements of financial condition and notes thereto. Net invested assets represent the investments that directly back Athene’s net reserve liabilities as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which is used to analyze the profitability of Athene’s investment portfolio. Net invested assets include (a) total investments on the condensed consolidated statements of financial condition with AFS 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 underlying investments supporting its assumed funds withheld and modco agreements and excludes the underlying investments related to ceded reinsurance transactions in its net invested assets calculation in order to match the assets with the income received. Athene believes the adjustments for reinsurance provide a view of the assets for which it has economic exposure. Net invested assets include Athene’s proportionate share of ACRA investments, based on its economic ownership, but do not include the proportionate share of investments associated with the non-controlling interests. Net invested assets are averaged over the number of quarters in the relevant period to compute a net investment earned rate for such period. While Athene believes net invested assets is a meaningful financial metric and enhances the understanding of the underlying drivers of its investment portfolio, it should not be used as a substitute for Athene’s total investments, including related parties, presented under U.S. GAAP.

Segment Analysis

Discussed below are our results of operations for each of our reportable segments. They represent the segment information available and utilized by management to assess performance and to allocate resources. See note 17 to our condensed consolidated financial statements for more information regarding our segment reporting.

Asset Management

The following table presents Fee Related Earnings, the performance measure of our Asset Management segment.

			Three months ended September 30,												Total Change						Percentage Change						Nine months ended September 30,												Total Change						Percentage Change
(In millions, except percentages)			2024						2023																		2024						2023
Asset Management:
Management fees - Credit			$	518					$	431					$	87					20.2%						$	1,465					$	1,242					$	223					18.0%
Management fees - Equity			192						217						(25)						(11.5)						569						603						(34)						(5.6)
Management fees			710						648						62						9.6						2,034						1,845						189						10.2
Capital solutions fees and other, net			159						146						13						8.9						508						422						86						20.4
Fee-related performance fees			57						40						17						42.5						155						102						53						52.0
Fee-related compensation			(238)						(212)						26						12.3						(698)						(635)						63						9.9
Non-compensation expenses			(157)						(150)						7						4.7						(490)						(423)						67						15.8
Fee Related Earnings (FRE)			$	531					$	472					$	59					12.5%						$	1,509					$	1,311					$	198					15.1%

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

In this section, references to 2024 refer to the three months ended September 30, 2024 and references to 2023 refer to the three months ended September 30, 2023.

FRE was $531 million in 2024, an increase of $59 million compared to $472 million in 2023. This increase was primarily attributable to growth in fee related revenues, including management fees, fee-related performance fees and capital solutions fees and other, net.

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The increase in management fees was primarily attributable to management fees earned from Athene and ADS of $64 million and $14 million, respectively, driven by increases in fee-generating AUM and subscriptions in 2024, respectively, partially offset by a decrease in management fees earned from Fund X of $24 million primarily related to the catch-up management fees earned in 2023. Management fees in 2024 benefited from robust growth in the credit strategy reflecting strong capital formation across Athene and third-party clients.

The increase in fee-related performance fees in 2024 was primarily attributable to fees earned from ADS of $16 million, reflecting the growing contribution from Apollo’s wealth-focused products.

The increase in capital solutions fees in 2024 was primarily attributable to fees earned from companies in the (i) business services, (ii) consumer and retail, (iii) financial services and (iv) media, telecom and technology sectors.

The growth in revenues was offset, in part, by higher fee-related compensation expense and an increase in non-compensation expenses. The increase in fee-related compensation was driven by corresponding growth in fee related revenues and increased headcount in 2024. The increase in non-compensation expenses in 2024 was primarily driven by increases in depreciation and amortization expenses and higher placement fees.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

In this section, references to 2024 refer to the nine months ended September 30, 2024 and references to 2023 refer to the nine months ended September 30, 2023.

FRE was $1,509 million in 2024, an increase of $198 million compared to $1,311 million in 2023. This increase was primarily attributable to growth in fee related revenues, including management fees, capital solutions fees and other, net and fee-related performance fees.

The increase in management fees was primarily attributable to management fees earned from Athene and ADS of $168 million and $32 million, respectively, primarily driven by increases in fee-generating AUM and increased subscriptions in 2024, respectively, partially offset by a decrease in management fees earned from Fund X of $21 million primarily related to the catch-up management fees earned in 2023.

The increase in capital solutions fees in 2024 was primarily attributable to fees earned from companies in the (i) media, telecom and technology, (ii) financial services and (iii) business services sectors.

The increase in fee-related performance fees in 2024 was primarily attributable to fees earned from ADS of $40 million, reflecting the growing contribution from Apollo’s wealth-focused products.

The growth in revenues was offset, in part, by increases in non-compensation expenses and higher fee-related compensation expense stemming from growth in fee related revenues and increased headcount in 2024. The increase in non-compensation expenses in 2024 was primarily driven by higher travel and entertainment expenses, higher placement fees and increases in depreciation and amortization expenses.

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Asset Management Operating Metrics

We monitor certain operating metrics that are common to the alternative asset management industry and directly impact the performance of our Asset Management segment. These operating metrics include Assets Under Management, origination, gross capital deployment and uncalled commitments.

Assets Under Management

The following presents Apollo’s Total AUM and Fee-Generating AUM by investing strategy (in billions):

Note: Totals may not add due to rounding.

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The following presents Apollo’s AUM with Future Management Fee Potential by investing strategy (in billions):

Note: Totals may not add due to rounding

The following tables present the components of Performance Fee-Eligible AUM for Apollo’s investing strategies within the Asset Management segment:

									September 30, 2024
(In millions)									Credit						Equity						Total
Performance Fee-Generating AUM 1									$	88,616					$	54,239					$	142,855
AUM Not Currently Generating Performance Fees									11,810						4,796						16,606
Uninvested Performance Fee-Eligible AUM									30,470						30,247						60,717
Total Performance Fee-Eligible AUM									$	130,896					$	89,282					$	220,178

									September 30, 2023
(In millions)									Credit						Equity						Total
Performance Fee-Generating AUM 1									$	77,655					$	47,467					$	125,122
AUM Not Currently Generating Performance Fees									6,442						9,566						16,008
Uninvested Performance Fee-Eligible AUM									22,376						34,691						57,067
Total Performance Fee-Eligible AUM									$	106,473					$	91,724					$	198,197

									December 31, 2023
(In millions)									Credit						Equity						Total
Performance Fee-Generating AUM 1									$	77,026					$	51,444					$	128,470
AUM Not Currently Generating Performance Fees									9,412						6,886						16,298
Uninvested Performance Fee-Eligible AUM									22,933						34,047						56,980
Total Performance Fee-Eligible AUM									$	109,371					$	92,377					$	201,748
1 Performance Fee-Generating AUM of $6.7 billion, $4.2 billion and $5.4 billion as of September 30, 2024, September 30, 2023 and December 31, 2023, respectively, are above the hurdle rates or preferred returns and have been deferred to future periods when the fees are probable to not be significantly reversed.

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The components of Fee-Generating AUM by investing strategy are presented below:

			September 30, 2024
(In millions)			Credit						Equity												Total
Fee-Generating AUM based on capital commitments			$	223					$	25,204											$	25,427
Fee-Generating AUM based on invested capital			11,731						32,382												44,113
Fee-Generating AUM based on gross/adjusted assets			405,910						5,323												411,233
Fee-Generating AUM based on NAV			61,146						9,104												70,250
Total Fee-Generating AUM			$	479,010					$	72,013		1									$	551,023
1 The weighted average remaining life of the traditional private equity funds as of September 30, 2024 was 63 months.

									September 30, 2023
(In millions)									Credit						Equity						Total
Fee-Generating AUM based on capital commitments									$	212					$	27,799					$	28,011
Fee-Generating AUM based on invested capital									10,267						29,369						39,636
Fee-Generating AUM based on gross/adjusted assets									338,973						5,542						344,515
Fee-Generating AUM based on NAV									48,664						7,561						56,225
Total Fee-Generating AUM									$	398,116					$	70,271		1			$	468,387
1 The weighted average remaining life of the traditional private equity funds at September 30, 2023 was 73 months.

									December 31, 2023
(In millions)									Credit						Equity						Total
Fee-Generating AUM based on capital commitments									$	221					$	27,868					$	28,089
Fee-Generating AUM based on invested capital									10,216						29,583						39,799
Fee-Generating AUM based on gross/adjusted assets									360,777						5,436						366,213
Fee-Generating AUM based on NAV									50,822						8,029						58,851
Total Fee-Generating AUM									$	422,036					$	70,916		1			$	492,952
1 The weighted average remaining life of the traditional private equity funds as of December 31, 2023 was 70 months.

Apollo, through its consolidated subsidiary, ISG, provides asset management services to Athene with respect to assets in the accounts owned by or related to Athene (“Athene Accounts”), including asset allocation services, direct asset management services, asset and liability matching management, mergers and acquisitions asset diligence, hedging and other asset management services and receives management fees for providing these services. The Company, through ISG, also provides sub-allocation services with respect to a portion of the assets in the Athene Accounts. Apollo, through its asset management business, managed or advised $319.8 billion, $278.3 billion and $260.8 billion of AUM on behalf of Athene as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively.

Apollo, through ISGI, provides investment advisory services with respect to certain assets in certain portfolio companies of Apollo funds and sub-advises the Athora Accounts and broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts 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. The Company refers to the portion of the Athora AUM that is not Athora Sub-Advised AUM as “Athora Non-Sub Advised” AUM. See note 15 to the condensed consolidated financial statements for more details regarding the fee arrangements with respect to the assets in the Athora Accounts. Apollo managed or advised $53.6 billion, $49.9 billion and $48.5 billion of AUM on behalf of Athora as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively.

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The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment:

			Three months ended September 30,
			2024																								2023
(In millions)			Credit						Equity												Total												Credit						Equity						Total
Change in Total AUM1:
Beginning of Period			$	561,612					$	134,641											$	696,253											$	486,435					$	130,670					$	617,105
Inflows			38,642						3,300												41,942												27,154						5,797						32,951
Outflows2			(11,688)						(1,317)												(13,005)												(12,118)						(402)						(12,520)
Net Flows			26,954						1,983												28,937												15,036						5,395						20,431
Realizations			(2,717)						(2,383)												(5,100)												(5,596)						(2,409)						(8,005)
Market Activity3			11,947						1,170												13,117												391						1,237						1,628
End of Period			$	597,796					$	135,411											$	733,207											$	496,266					$	134,893					$	631,159
1 At the individual segment level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions, and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Total AUM include redemptions of $1.6 billion and $1.4 billion during the three months ended September 30, 2024 and 2023, respectively.
3 Includes foreign exchange impacts of $2.8 billion and $(2.4) billion during the three months ended September 30, 2024 and 2023, respectively.

			Nine months ended September 30,
			2024																								2023
(In millions)			Credit						Equity												Total												Credit						Equity						Total
Change in Total AUM1:
Beginning of Period			$	515,523					$	135,253											$	650,776											$	421,206					$	126,441					$	547,647
Inflows			112,010						7,508												119,518												109,746						14,028						123,774
Outflows2			(42,282)						(4,209)												(46,491)												(32,239)						(2,569)						(34,808)
Net Flows			69,728						3,299												73,027												77,507						11,459						88,966
Realizations			(9,779)						(7,270)												(17,049)												(11,052)						(6,281)						(17,333)
Market Activity3			22,324						4,129												26,453												8,605						3,274						11,879
End of Period			$	597,796					$	135,411											$	733,207											$	496,266					$	134,893					$	631,159
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Total AUM include redemptions of $5.1 billion and $5.2 billion during the nine months ended September 30, 2024 and 2023, respectively.
3 Includes foreign exchange impacts of $0.5 billion and $(1.0) billion during the nine months ended September 30, 2024 and 2023, respectively.

Three Months Ended September 30, 2024

Total AUM was $733.2 billion at September 30, 2024, an increase of $37.0 billion, or 5.3%, compared to $696.3 billion at June 30, 2024. The net increase was primarily driven by the growth of our retirement services client assets, subscriptions across the platform and new financing facilities, partially offset by normal course outflows at Athene as well as distributions. More specifically, the net increase was due to:

•Net flows of $28.9 billion primarily attributable to:

•a $27.0 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $11.1 billion related to the growth of our retirement services clients; (ii) $11.1 billion of leverage primarily driven by new Atlas warehousing financing facilities; and (iii) $5.8 billion of subscriptions mostly related to the direct lending, performing credit, investment grade and opportunistic credit funds we manage; and

•a $2.0 billion increase related to the funds we manage in our equity strategy.

•Realizations of $(5.1) billion primarily attributable to:

•$(2.7) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct lending, performing credit and investment grade funds we manage; and

•$(2.4) billion related to the funds we manage in our equity strategy, largely driven by distributions across the traditional private equity funds we manage.

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•Market activity of $13.1 billion, primarily attributable to:

•$11.9 billion related to the funds we manage in our credit strategy primarily consisting of $7.2 billion driven by our retirement services clients and $2.1 billion related to the direct lending, performing credit and investment grade funds we manage; and

•$1.2 billion related to the funds we manage in our equity strategy.

Nine Months Ended September 30, 2024

Total AUM was $733.2 billion at September 30, 2024, an increase of $82.4 billion, or 12.7%, compared to $650.8 billion at December 31, 2023. The net increase was primarily driven by subscriptions across the platform and the growth of our retirement services client assets, partially offset by outflows attributable to Atlas and distributions. More specifically, the net increase was due to:

•Net flows of $73.0 billion primarily attributable to:

•a $69.7 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $35.6 billion of subscriptions mostly related to the direct lending, performing credit, investment grade and asset-backed finance funds we manage; and (ii) $28.0 billion related to the growth of our retirement services clients; and (iii) $15.9 billion of leverage, partially offset by $(7.0) billion of outflows resulting from the previously announced conclusion of the Atlas SP-Credit Suisse investment management agreement; and

•a $3.3 billion increase related to the funds we manage in our equity strategy.

•Realizations of $(17.0) billion primarily attributable to:

•$(9.8) billion related to the funds we manage in our credit strategy, largely driven by distributions from the asset-backed finance, direct lending, performing credit, investment grade and opportunistic credit funds we manage, and the anticipated run-off related to the Atlas SP-Credit Suisse investment management agreement; and

•$(7.3) billion related to the funds we manage in our equity strategy primarily consisting of distributions across the traditional private equity funds.

•Market activity of $26.5 billion primarily attributable to:

•$22.3 billion related to the funds we manage in our credit strategy primarily consisting of $14.4 billion related to our retirement services client assets and $3.1 billion related to the direct lending, performing credit and investment grade funds; and

•$4.1 billion related to the funds we manage in our equity strategy related to the traditional private equity funds and hybrid value funds we manage.

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The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment:

			Three months ended September 30,
			2024																								2023
(In millions)			Credit						Equity												Total												Credit						Equity						Total
Change in Fee-Generating AUM1:
Beginning of Period			$	451,292					$	70,871											$	522,163											$	393,701					$	68,082					$	461,783
Inflows			31,069						3,898												34,967												17,838						3,795						21,633
Outflows2			(12,251)						(2,449)												(14,700)												(12,585)						(997)						(13,582)
Net Flows			18,818						1,449												20,267												5,253						2,798						8,051
Realizations			(1,334)						(765)												(2,099)												(1,207)						(316)						(1,523)
Market Activity3			10,234						458												10,692												369						(293)						76
End of Period			$	479,010					$	72,013											$	551,023											$	398,116					$	70,271					$	468,387
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Fee-Generating AUM include redemptions of $1.6 billion and $1.1 billion during the three months ended September 30, 2024 and 2023, respectively.
3 Includes foreign exchange impacts of $2.4 billion and $(1.9) billion during the three months ended September 30, 2024 and 2023, respectively.

			Nine months ended September 30,
			2024																								2023
(In millions)			Credit						Equity												Total												Credit						Equity						Total
Change in Fee-Generating AUM1:
Beginning of Period			$	422,036					$	70,916											$	492,952											$	346,598					$	65,489					$	412,087
Inflows			89,589						7,426												97,015												81,160						10,196						91,356
Outflows2			(48,404)						(4,982)												(53,386)												(34,731)						(4,088)						(38,819)
Net Flows			41,185						2,444												43,629												46,429						6,108						52,537
Realizations			(3,812)						(1,722)												(5,534)												(2,226)						(962)						(3,188)
Market Activity3			19,601						375												19,976												7,315						(364)						6,951
End of Period			$	479,010					$	72,013											$	551,023											$	398,116					$	70,271					$	468,387
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Fee-Generating AUM include redemptions of $4.7 billion and $4.7 billion during the nine months ended September 30, 2024 and 2023, respectively.
3 Includes foreign exchange impacts of $0.6 billion and $(0.8) billion during the nine months ended September 30, 2024 and 2023, respectively.

Three Months Ended September 30, 2024

Total Fee-Generating AUM was $551.0 billion at September 30, 2024, an increase of $28.9 billion, or 5.5%, compared to $522.2 billion at June 30, 2024. The net increase was primarily due to the growth of our retirement services client assets, market activity primarily in our credit strategy and subscriptions across the platform, partially offset by redemptions. More specifically, the net increase was due to:

•Net flows of $20.3 billion primarily attributable to:

•an $18.8 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $11.1 billion related to the growth of our retirement services clients; (ii) $4.9 billion of other net fee-generating movements; and (iii) $2.5 billion of subscriptions primarily related to the direct lending, performing credit and investment grade funds we manage, partially offset by $1.3 billion of redemptions.

•Market activity of $10.7 billion attributable to the funds we manage in our credit strategy primarily consisting of $6.7 billion related to our retirement services clients.

•Realizations of $(2.1) billion across the credit and equity strategies.

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Nine Months Ended September 30, 2024

Total Fee-Generating AUM was $551.0 billion at September 30, 2024, an increase of $58.1 billion, or 11.8%, compared to $493.0 billion at December 31, 2023. The net increase was primarily driven by the growth of our retirement services client assets, market activity primarily in our credit strategy, and subscriptions across the platform, partially offset by outflows attributable to Atlas. More specifically, the net increase was due to:

•Net flows of $43.6 billion primarily attributable to:

•a $41.2 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) a $28.0 billion increase related to the growth of our retirement services client assets; (ii) $11.1 billion of other net fee-generating movements; and (iii) $10.3 billion of subscriptions primarily related to the direct lending, performing credit and investment grade funds we manage, partially offset by $(7.0) billion of outflows resulting from the previously announced conclusion of the Atlas SP-Credit Suisse investment management agreement.

•Market activity of $20.0 billion primarily attributable to the funds we manage in our credit strategy consisting of $14.0 billion related to our retirement services clients.

•Realizations of $(5.5) billion across the credit and equity strategies.

Origination, Gross Capital Deployment and Uncalled Commitments

Origination represents (i) capital that has been invested in new equity, debt or debt-like investments by Apollo's equity and credit strategies (whether purchased by funds and accounts managed by Apollo, or syndicated to third parties) where Apollo or one of Apollo's origination platforms has sourced, negotiated, or significantly affected the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs; and (iii) net purchases of certain assets by the funds and accounts we manage that we consider to be private, illiquid, and hard to access assets and which the funds and accounts otherwise may not be able to meaningfully access. Origination generally excludes any issuance of debt or debt-like investments by the portfolio companies of the funds we manage.

Gross capital deployment represents 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 Company. 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.

Uncalled commitments, by contrast, represent unfunded capital commitments that certain of the funds we manage have received from fund investors to fund future or current fund investments and expenses.

Origination is indicative of our ability to originate assets for the funds we manage, through our origination platforms and our corporate solutions capabilities. Gross capital deployment and uncalled commitments are indicative of the pace and magnitude of fund capital that is deployed or will be deployed. Origination, gross capital deployment and uncalled commitments could result in future revenues that include management fees, capital solutions fees and performance fees to the extent they are fee-generating. They can also give rise to future costs that are related to the hiring of additional resources to manage and account for the additional origination activities and the capital that is deployed or will be deployed. Management uses origination, gross capital deployment and uncalled commitments as key operating metrics since we believe the results are measures of investment activities of the funds we manage.

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The following presents origination, gross capital deployment and uncalled commitments (in billions):

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Note: Totals may not add due to rounding

As of September 30, 2024 and December 31, 2023, Apollo had $64 billion and $58 billion of dry powder, respectively, which represents 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. These amounts exclude uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.

Retirement Services

The following table presents Spread Related Earnings, the performance measure of our Retirement Services segment:

			Three months ended September 30,												Total Change						Percentage Change						Nine months ended September 30,												Total Change						Percentage Change
(In millions, except percentages)			2024						2023																		2024						2023
Retirement Services:
Fixed income and other net investment income			$	2,806					$	2,235					$	571					25.5%						$	7,893					$	6,399					$	1,494					23.3%
Alternative net investment income			236						230						6						2.6						670						674						(4)						(0.6)
Net investment earnings			3,042						2,465						577						23.4						8,563						7,073						1,490						21.1
Strategic capital management fees			27						19						8						42.1						76						49						27						55.1
Cost of funds			(1,983)						(1,384)						599						43.3						(5,586)						(4,056)						1,530						37.7
Net investment spread			1,086						1,100						(14)						(1.3)						3,053						3,066						(13)						(0.4)
Other operating expenses			(112)						(121)						(9)						(7.4)						(342)						(362)						(20)						(5.5)
Interest and other financing costs			(118)						(106)						12						11.3						(328)						(344)						(16)						(4.7)
Spread Related Earnings (SRE)			$	856					$	873					$	(17)					(1.9)%						$	2,383					$	2,360					$	23					1.0%

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Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

In this section, references to 2024 refer to the three months ended September 30, 2024 and references to 2023 refer to the three months ended September 30, 2023.

Spread Related Earnings

SRE was $856 million in 2024, a decrease of $17 million, or 2%, compared to $873 million in 2023. The decrease in SRE was primarily driven by higher cost of funds and interest and other financing costs, partially offset by higher net investment earnings and strategic capital management fees.

Cost of funds increased $599 million, primarily driven by growth in and higher rates on new deferred annuity issuances, growth in and higher rates on new institutional business, including the additional costs of swapping to or issuing funding agreements as floating rate to mitigate SRE sensitivity to floating rate assets, an increase in business mix to institutional business at higher crediting rates and the $114 million operating gain on the settlement of the VIAC recapture agreement in 2023. These impacts were partially offset by a favorable change in unlocking as well as a favorable impact to pension group annuity balances related to a refinement in methodology. Unlocking, net of the non-controlling interests, was favorable $16 million primarily related to favorable projected mortality lowering future benefit payments, updated economics and favorable changes in lapse and enhanced income utilization assumptions. These impacts were largely offset by an increase in the income rider utilization assumption increasing projected claims, an increase in the lump sum payment utilization assumption and changes to projected interest crediting. Unlocking, net of the non-controlling interests, in 2023 was unfavorable $24 million primarily related to an increase in the income rider utilization assumption increasing projected claims. This impact was partially offset by favorable changes in lapse and income rider restart assumptions, as well as higher interest rates and favorable mortality experience lowering future benefit payments.

Interest and other financing costs increased $12 million related to interest expense on Athene’s debt issuances in the fourth quarter of 2023 and the first quarter of 2024, partially offset by lower interest expense resulting from a decrease in short-term repurchase agreements outstanding in 2024 compared to 2023.

Net investment earnings increased $577 million, primarily driven by $30.5 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and an increase in alternative net investment income. The increase in alternative net investment income compared to 2023 was primarily driven by favorable performance within strategic origination platforms and credit, largely offset by less favorable performance within equity and retirement services platforms. The increase in income from strategic origination platforms was mainly attributable to a Wheels valuation increase in 2024, unfavorable performance from Aqua Finance, Inc. (“Aqua Finance”) in 2023 related to macroeconomic headwinds for consumer loan origination and favorable performance from other strategic origination platforms related to the funding of recent investments. The decrease in income from equity was largely driven by underperformance within private equity and real assets compared to 2023, while the decrease in income from retirement services platforms was primarily related to continued inflationary and regulatory pressures impacting the valuation of Athora.

Strategic capital management fees increased $8 million due to additional fees received from ADIP II related to new business ceded to ACRA 2 over the previous twelve months as well as the 10% increase in ADIP II’s ownership of ACRA 2 effective December 31, 2023.

Net Investment Spread

			Three months ended September 30,
			2024						2023						Change
Fixed income and other net investment earned rate			4.96		%				4.57		%				39bps
Alternative net investment earned rate			8.19		%				7.75		%				44bps
Net investment earned rate			5.12		%				4.76		%				36bps
Strategic capital management fees			0.05		%				0.04		%				1bp
Cost of funds			(3.34)		%				(2.67)		%				67bps
Net investment spread			1.83		%				2.13		%				(30)bps

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Net investment spread was 1.83% in 2024, a decrease of 30 basis points compared to 2.13% in 2023, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds was 3.34% in 2024, an increase of 67 basis points compared to 2.67% in 2023, primarily driven by higher rates on new deferred annuity issuances, higher rates on new institutional business, including the additional costs of swapping to or issuing funding agreements as floating rate to mitigate SRE sensitivity to floating rate assets, an increase in business mix to institutional business at higher crediting rates and the $114 million operating gain on the settlement of the VIAC recapture agreement in 2023. These impacts were partially offset by a favorable change in unlocking, as well as a favorable impact to pension group annuity balances related to a refinement in methodology.

Net investment earned rate was 5.12% in 2024, an increase of 36 basis points compared to 4.76% in 2023, primarily due to higher returns in both Athene’s fixed income and alternative investment portfolios. Fixed income and other net investment earned rate was 4.96% in 2024, an increase from 4.57% in 2023, primarily driven by higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment. Alternative net investment earned rate was 8.19% in 2024, an increase from 7.75% in 2023, primarily driven by favorable performance within strategic origination platforms and credit, largely offset by less favorable performance within equity and retirement services platforms. The higher return on strategic origination platforms was mainly attributable to a Wheels valuation increase in 2024, unfavorable performance from Aqua Finance in 2023 related to macroeconomic headwinds for consumer loan origination and favorable performance from other strategic origination platforms related to the funding of recent investments. The lower return on equity was largely driven by underperformance within private equity and real assets compared to 2023, while the lower return on retirement services platforms was primarily related to continued inflationary and regulatory pressures impacting the valuation of Athora.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

In this section, references to 2024 refer to the nine months ended September 30, 2024 and references to 2023 refer to the nine months ended September 30, 2023.

Spread Related Earnings

SRE was $2.4 billion in 2024, an increase of $23 million, or 1%, compared to $2.4 billion in 2023. The increase in SRE was primarily driven by higher net investment earnings, higher strategic capital management fees and lower interest and other financing costs, partially offset by higher cost of funds.

Net investment earnings increased $1.5 billion, primarily driven by $23.9 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and higher floating rate income, partially offset by an increase in income attributable to the ACRA non-controlling interests following the sale of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increase in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023, as well as slightly lower alternative net investment income. The decrease in alternative net investment income compared to 2023 was primarily driven by less favorable performance within retirement services platforms and equity, largely offset by favorable performance within strategic origination platforms and credit. The decrease in income from retirement services platforms was primarily related to continued inflationary and regulatory pressures impacting the valuation of Athora, while the decrease in income from equity was largely driven by underperformance within private equity compared to 2023. The increase in income from strategic origination platforms was mainly attributable to a Wheels valuation increase in 2024, as well as unfavorable performance from Aqua Finance in 2023 related to macroeconomic headwinds for consumer loan origination, partially offset by outsized performance from MidCap Financial in 2023.

Strategic capital management fees increased $27 million due to additional fees received from ADIP II as a result of the sale of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increase in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023, as well as new business ceded to ACRA 2 over the previous twelve months.

Interest and other financing costs decreased $16 million related to lower interest expense resulting from a decrease in short-term repurchase agreements outstanding in 2024 compared to 2023, partially offset by interest expense related to Athene’s debt issuances in the fourth quarter of 2023 and the first quarter of 2024.

Cost of funds increased $1.5 billion, primarily driven by growth in and higher rates on new deferred annuity issuances, growth in and higher rates on new institutional business, including the additional costs of swapping to or issuing funding agreements as floating rate to mitigate SRE sensitivity to floating rate assets, an increase in business mix to institutional business at higher

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crediting rates and the $114 million operating gain on the settlement of the VIAC recapture agreement in 2023. These impacts were partially offset by an increase in costs attributable to the ACRA non-controlling interests following the sale of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increase in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023, as well as a favorable change in unlocking and a favorable impact to pension group annuity balances related to a refinement in methodology. Unlocking, net of the non-controlling interests, was favorable $16 million primarily related to favorable projected mortality lowering future benefit payments, updated economics and favorable changes in lapse and enhanced income utilization assumptions. These impacts were largely offset by an increase in the income rider utilization assumption increasing projected claims, an increase in the lump sum payment utilization assumption and changes to projected interest crediting. Unlocking, net of the non-controlling interests, in 2023 was unfavorable $24 million primarily related to an increase in the income rider utilization assumption increasing projected claims. This impact was partially offset by favorable changes in lapse and income rider restart assumptions, as well as higher interest rates and favorable mortality experience lowering future benefit payments.

Net Investment Spread

			Nine months ended September 30,
			2024						2023						Change
Fixed income and other net investment earned rate			4.82		%				4.39		%				43bps
Alternative net investment earned rate			7.69		%				7.46		%				23bps
Net investment earned rate			4.96		%				4.57		%				39bps
Strategic capital management fees			0.04		%				0.03		%				1bp
Cost of funds			(3.24)		%				(2.62)		%				62bps
Net investment spread			1.76		%				1.98		%				(22)bps

Net investment spread was 1.76% in 2024, a decrease of 22 basis points compared to 1.98% in 2023, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds was 3.24% in 2024, an increase of 62 basis points compared to 2.62% in 2023, primarily driven by higher rates on new deferred annuity issuances, higher rates on new institutional business, including the additional costs of swapping to or issuing funding agreements as floating rate to mitigate SRE sensitivity to floating rate assets, an increase in business mix to institutional business at higher crediting rates and the $114 million operating gain on the settlement of the VIAC recapture agreement in 2023. These impacts were partially offset by an increase in costs attributable to the ACRA non-controlling interests following the sale of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increase in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023, as well as a favorable change in unlocking and a favorable impact to pension group annuity balances related to a refinement in methodology.

Net investment earned rate was 4.96% in 2024, an increase of 39 basis points compared to 4.57% in 2023, primarily due to higher returns in Athene’s fixed income portfolio and slightly favorable performance within its alternative investment portfolio, partially offset by an increase in income attributable to the ACRA non-controlling interests following the sale of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increase in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023. Fixed income and other net investment earned rate was 4.82% in 2024, an increase from 4.39% in 2023, primarily driven by higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and higher floating rate income. Alternative net investment earned rate was 7.69% in 2024, an increase from 7.46% in 2023, as slightly lower income was earned on average alternative net invested assets that decreased $432 million compared to 2023. The slightly lower alternative net investment income compared to 2023 was primarily driven by less favorable performance within retirement services platforms and equity, largely offset by favorable performance within strategic origination platforms and credit. The lower return on retirement services platforms was primarily related to continued inflationary and regulatory pressures impacting the valuation of Athora, while the lower return on equity was largely driven by underperformance within private equity compared to 2023. The higher return on strategic origination platforms was mainly attributable to a Wheels valuation increase in 2024, as well as unfavorable performance from Aqua Finance in 2023 related to macroeconomic headwinds for consumer loan origination, partially offset by outsized performance from MidCap Financial in 2023.

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Investment Portfolio

Athene had total investments, including related parties and consolidated VIEs, of $307.6 billion and $259.2 billion as of September 30, 2024 and December 31, 2023, respectively. Athene’s investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of its investment portfolio against its long-duration liabilities, coupled with the diversification of risk. The investment strategies focus primarily on a buy and hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of Athene’s liability profile. Athene takes advantage of its generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk. Athene has selected a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities and commercial and residential real estate loans, among others. Athene also maintains holdings in floating rate and less rate-sensitive instruments, including CLOs, non-agency RMBS and various types of structured products. In addition to its fixed income portfolio, Athene opportunistically allocates approximately 5% of its portfolio to alternative investments where it primarily focuses on fixed income-like, cash flow-based investments.

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The following table presents the carrying values of Athene’s total investments, including related parties and consolidated VIEs:

			September 30, 2024												December 31, 2023
(In millions, except percentages)			Carrying Value						Percentage of Total						Carrying Value						Percentage of Total
AFS securities, at fair value
U.S. government and agencies			$	6,761					2.2		%				$	5,399					2.1		%
U.S. state, municipal and political subdivisions			977						0.3		%				1,046						0.4		%
Foreign governments			1,758						0.6		%				1,899						0.7		%
Corporate			87,610						28.5		%				78,246						30.2		%
CLO			27,610						9.0		%				20,207						7.8		%
ABS			22,470						7.3		%				13,383						5.2		%
CMBS			9,364						3.0		%				6,591						2.5		%
RMBS			8,135						2.6		%				7,567						2.9		%
Total AFS securities, at fair value			164,685						53.5		%				134,338						51.8		%
Trading securities, at fair value			1,684						0.6		%				1,706						0.7		%
Equity securities			1,292						0.4		%				1,293						0.5		%
Mortgage loans, at fair value			58,587						19.1		%				44,115						17.0		%
Investment funds			107						—		%				109						0.1		%
Policy loans			320						0.1		%				334						0.1		%
Funds withheld at interest			21,231						6.9		%				24,359						9.4		%
Derivative assets			7,529						2.4		%				5,298						2.1		%
Short-term investments			614						0.2		%				341						0.1		%
Other investments			1,727						0.6		%				1,206						0.5		%
Total investments			257,776						83.8		%				213,099						82.3		%
Investments in related parties
AFS securities, at fair value
Corporate			1,279						0.4		%				1,352						0.5		%
CLO			5,780						1.9		%				4,268						1.7		%
ABS			10,503						3.4		%				8,389						3.2		%
Total AFS securities, at fair value			17,562						5.7		%				14,009						5.4		%
Trading securities, at fair value			619						0.2		%				838						0.3		%
Equity securities, at fair value			257						0.1		%				318						0.1		%
Mortgage loans, at fair value			1,345						0.4		%				1,281						0.5		%
Investment funds			1,604						0.5		%				1,632						0.6		%
Funds withheld at interest			5,444						1.8		%				6,474						2.5		%
Short-term investments			812						0.3		%				947						0.4		%
Other investments, at fair value			348						0.1		%				343						0.1		%
Total related party investments			27,991						9.1		%				25,842						9.9		%
Total investments, including related parties			285,767						92.9		%				238,941						92.2		%
Investments of consolidated VIEs
Trading securities, at fair value			2,379						0.8		%				2,136						0.8		%
Mortgage loans, at fair value			2,226						0.7		%				2,173						0.8		%
Investment funds, at fair value			17,028						5.5		%				15,820						6.2		%
Other investments, at fair value			159						0.1		%				103						—		%
Total investments of consolidated VIEs			21,792						7.1		%				20,232						7.8		%
Total investments, including related parties and consolidated VIEs			$	307,559					100.0		%				$	259,173					100.0		%

The $48.4 billion increase in Athene’s total investments, including related parties and consolidated VIEs, as of September 30, 2024 compared to December 31, 2023 was primarily driven by significant growth from gross organic inflows of $56.8 billion in excess of gross liability outflows of $26.3 billion, unrealized gains on AFS securities during the nine months ended September 30, 2024 of $3.8 billion, as well as unrealized gains on mortgage loans and reinsurance assets attributable to a decrease in U.S. Treasury rates and credit spread tightening in 2024, and an increase in derivative assets primarily related to the impact of

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favorable equity market performance in 2024 on Athene’s call options. Additionally, total investments, including related parties and consolidated VIEs, increased due to the issuance of debt in the first quarter of 2024, reinvestment of earnings and an increase in VIE investment funds attributable to favorable performance of the underlying assets within AAA in 2024 and net contributions from third-party investors into AAA, partially offset by Athene’s distribution of certain investments to AGM as a dividend.

Athene’s investment portfolio consists largely of high quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds and other instruments, including equity holdings. Fixed maturity securities and loans include publicly issued corporate bonds, government and other sovereign bonds, privately placed corporate bonds and loans, mortgage loans, CMBS, RMBS, CLOs and ABS. A significant majority of Athene’s AFS portfolio, 97.1% and 96.5% as of September 30, 2024 and December 31, 2023, respectively, was invested in assets considered investment grade with an NAIC designation of 1 or 2.

Athene invests a portion of its investment portfolio in mortgage loans, which are generally comprised of high quality commercial first lien and mezzanine real estate loans. Athene has acquired mortgage loans through acquisitions and reinsurance arrangements, as well as through an active program to invest in new mortgage loans. It invests in CMLs on income producing properties including hotels, apartments, retail and office buildings, and other commercial and industrial properties. Athene’s RML portfolio primarily consists of first lien RMLs collateralized by properties located in the U.S.

Funds withheld at interest represent a receivable for amounts contractually withheld by ceding companies in accordance with modco and funds withheld reinsurance agreements in which Athene acts as the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company.

While the substantial majority of Athene’s investment portfolio has been allocated to corporate bonds and structured credit products, a key component of Athene’s investment strategy is the opportunistic acquisition of investment funds with attractive risk and return profiles. Athene’s investment fund portfolio consists of funds or similar equity structures that employ various strategies including equity and credit funds. Athene has a strong preference for alternative investments that have some or all of the following characteristics, among others: (1) investments that constitute a direct investment or an investment in a fund with a high degree of co-investment; (2) investments with credit- or debt-like characteristics (for example, a stipulated maturity and par value), or alternatively, investments with reduced volatility when compared to pure equity; or (3) investments that Athene believes have less downside risk.

Athene holds derivatives for economic hedging purposes to reduce its exposure to the cash flow variability of assets and liabilities, equity market risk, foreign exchange risk, interest rate risk and credit risk. Athene’s primary use of derivative instruments relates to providing the income needed to fund the annual index credits on its FIA products. Athene primarily uses fixed indexed options to economically hedge indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specific market index. Athene also uses derivative instruments, such as forward contracts and swaps, to hedge foreign currency exposure resulting from foreign denominated assets and liabilities and to help manage its net floating rate position.

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Net Invested Assets

The following summarizes Athene’s net invested assets:

			September 30, 2024												December 31, 2023
(In millions, except percentages)			Net Invested Asset Value1						Percentage of Total						Net Invested Asset Value1						Percentage of Total
Corporate			$	86,751					35.7		%				$	82,883					38.1		%
CLO			25,200						10.4		%				20,538						9.4		%
Credit			111,951						46.1		%				103,421						47.5		%
CML			27,928						11.5		%				25,977						11.9		%
RML			25,144						10.4		%				18,021						8.3		%
RMBS			7,768						3.2		%				7,795						3.6		%
CMBS			7,436						3.1		%				5,580						2.6		%
Real estate			68,276						28.2		%				57,373						26.4		%
ABS			28,572						11.8		%				22,202						10.2		%
Alternative investments			11,356						4.7		%				11,659						5.4		%
State, municipal, political subdivisions and foreign government			3,259						1.3		%				3,384						1.5		%
Equity securities			2,095						0.9		%				1,727						0.8		%
Short-term investments			1,256						0.5		%				1,048						0.5		%
U.S. government and agencies			4,955						2.0		%				4,052						1.9		%
Other investments			51,493						21.2		%				44,072						20.3		%
Cash and cash equivalents			8,354						3.4		%				10,467						4.8		%
Policy loans and other			2,589						1.1		%				2,094						1.0		%
Net invested assets			$	242,663					100.0		%				$	217,427					100.0		%
1 See “Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures” for the definition of net invested assets.

Athene’s net invested assets were $242.7 billion and $217.4 billion as of September 30, 2024 and December 31, 2023, respectively. The increase in net invested assets was primarily driven by growth from net organic inflows of $40.1 billion in excess of net liability outflows of $21.6 billion, reinvestment of earnings and the issuance of debt in the first quarter of 2024, partially offset by the distribution of certain investments to AGM as a dividend and a decrease in short-term repurchase agreements outstanding in 2024.

In managing its business, Athene utilizes net invested assets as presented in the above table. Net invested assets do not correspond to Athene’s total investments, including related parties, on the condensed consolidated statements of financial condition, as discussed previously in “Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures”. Net invested assets represent Athene’s investments that directly back its net reserve liabilities and surplus assets. Athene believes this view of its portfolio provides a view of the assets for which it has economic exposure. Athene adjusts the presentation for assumed and ceded reinsurance transactions to include or exclude the underlying investments based upon the contractual transfer of economic exposure to such underlying investments. Athene also adjusts for VIEs to show the net investment in the funds, which are included in the alternative investments line above as well as adjusting for the allowance for credit losses. Net invested assets include Athene’s proportionate share of ACRA investments, based on its economic ownership, but exclude the proportionate share of investments associated with the non-controlling interests.

Net invested assets is utilized by management to evaluate Athene’s investment portfolio. Net invested assets is used in the computation of net investment earned rate, which allows Athene to analyze the profitability of its investment portfolio. Net invested assets is also used in Athene’s risk management processes for asset purchases, product design and underwriting, stress scenarios, liquidity and ALM.

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Principal Investing

The following table presents Principal Investing Income, the performance measure of our Principal Investing segment.

			Three months ended September 30,												Total Change						Percentage Change						Nine months ended September 30,												Total Change						Percentage Change
(In millions, except percentages)			2024						2023																		2024						2023
Principal Investing:
Realized performance fees			$	331					$	132					$	199					150.8%						$	600					$	473					$	127					26.8%
Realized investment income (loss)			17						5						12						240.0						42						35						7						20.0
Principal investing compensation			(253)						(119)						134						112.6						(464)						(434)						30						6.9
Other operating expenses			(17)						(14)						3						21.4						(46)						(42)						4						9.5
Principal Investing Income (PII)			$	78					$	4					$	74					NM						$	132					$	32					$	100					NM

As described in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—General”, earnings from our Principal Investing segment are inherently more volatile in nature than earnings from our Asset Management segment due to the intrinsic cyclical nature of performance fees, one of the key drivers of PII performance.

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

In this section, references to 2024 refer to the three months ended September 30, 2024 and references to 2023 refer to the three months ended September 30, 2023.

PII was $78 million in 2024, an increase of $74 million, as compared to $4 million in 2023. This increase was primarily attributable to an increase in realized performance fees of $199 million, partially offset by an increase in principal investing compensation expense of $134 million.

The increase in realized performance fees of $199 million in 2024 was primarily due to an increase in realized performance fees generated from Fund IX and Freedom Parent Holdings, partially offset by a decrease in realized performance fees earned from EPF III.

Principal investing compensation of $253 million in 2024 increased $134 million, as compared to $119 million in 2023. The increase in 2024 was primarily due to an increase in profit sharing expense corresponding to the increase in realized performance fees. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period. The increase in 2024 was also due to an increase in profit sharing expense attributable to the Company’s incentive pool, a compensation program through which certain employees are allocated discretionary compensation based on realized performance fees in a given year, and is included within principal investing compensation. The incentive pool is separate from the fund related profit sharing expense and may result in greater variability in compensation and have a variable impact on the blended profit sharing percentage during a particular period.

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023

In this section, references to 2024 refer to the nine months ended September 30, 2024 and references to 2023 refer to the nine months ended September 30, 2023.

PII was $132 million in 2024, an increase of $100 million, as compared to $32 million in 2023. This increase was primarily attributable to an increase in realized performance fees of $127 million in 2024, partially offset by an increase in principal investing compensation expense of $30 million.

The increase in realized performance fees of $127 million in 2024 was primarily driven by an increase in realized performance fees generated from Fund IX and Freedom Parent Holdings, partially offset by a decrease in realized performance fees earned from Fund VIII and Hybrid Value Fund.

Principal investing compensation of $464 million in 2024 increased $30 million, as compared to $434 million in 2023. The increase in 2024 was primarily due to an increase in profit sharing expense corresponding to the increase in realized performance fees, partially offset by a decrease in profit sharing expense attributable to the Company’s incentive pool and a clawback related to previously recorded profit sharing expense.

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The Historical Investment Performance of Our Funds

Below we present information relating to the historical performance of the funds we manage, including certain legacy Apollo funds that do not have a meaningful amount of unrealized investments, and in respect of which the general partner interest has not been contributed to us.

When considering the data presented below, you should note that the historical results of funds we manage are not indicative of the future results that you should expect from such funds, from any future funds we may raise or from your investment in our common stock.

An investment in our common stock is not an investment in any of the Apollo managed funds, and the assets and revenues of the funds we manage are not directly available to us. The historical and potential future returns of the funds we manage are not directly linked to returns on our common stock. Therefore, you should not conclude that continued positive performance of the funds we manage will necessarily result in positive returns on an investment in our common stock. However, poor performance of the funds that we manage would cause a decline in our revenue from such funds, and would therefore have a negative effect on our performance and in all likelihood the value of our common stock.

Moreover, the historical returns of funds we manage should not be considered indicative of the future results you should expect from such funds or from any future funds we may raise. There can be no assurance that any Apollo fund will continue to achieve the same results in the future.

Finally, our private equity IRRs have historically varied greatly from fund to fund. For example, Fund VI generated a 12% gross IRR and a 9% net IRR since its inception through September 30, 2024, while Fund V generated a 61% gross IRR and a 44% net IRR since its inception through its liquidation in 2023. Accordingly, the IRR going forward for any current or future fund may vary considerably from the historical IRR generated by any particular fund, or for our private equity funds as a whole. Future returns will also be affected by the applicable risks, including risks of the industries and businesses in which a particular fund invests. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—“Historical performance metrics are unreliable indicators of our current or future results of operations.” in the 2023 Annual Report.

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Investment Record

The following table summarizes the investment record by strategy of Apollo’s significant commitment-based funds that have a defined maturity date in which investors make a commitment to provide capital at the formation of such funds and deliver capital when called as investment opportunities become available. All amounts are as of September 30, 2024, unless otherwise noted.

(In millions, except IRR)			Vintage Year						Total AUM						Committed Capital						Total Invested Capital						Realized Value						Remaining Cost						Unrealized Value						Total Value						Gross IRR						Net IRR
Credit:
Accord VI1			2024						$	1,868					$	1,701					$	261					$	72					$	243					$	238					$	310					35		%				20		%
Accord I, II, III, III B, IV & V1			Various						375						7,992						6,795						7,251						—						—						7,251						18						13
Accord+ II5			N/A						2,564						2,556						494						—						498						510						510						NM4						NM4
Accord+			2021						3,315						2,370						6,389						4,722						2,209						2,368						7,090						16						13
ADIP II			2024						6,598						6,016						2,473						—						2,473						2,719						2,719						NM4						NM4
ADIP I			2020						5,058						3,254						2,620						1,252						2,597						3,311						4,563						24						20
EPF IV			2023						3,169						3,064						954						285						715						910						1,195						19						11
EPF III			2017						3,068						4,500						5,005						4,212						1,980						2,052						6,264						10						5
Total Credit									$	26,015					$	31,453					$	24,991					$	17,794					$	10,715					$	12,108					$	29,902
Equity:
Fund X			2023						$	20,005					$	19,877					$	5,133					$	1,222					$	4,650					$	5,365					$	6,587					43		%				15		%
Fund IX			2018						31,932						24,729						21,462						13,834						15,239						24,827						38,661						28						19
Fund VIII			2013						7,762						18,377						16,541						23,022						4,710						4,572						27,594						13						9
Fund VII			2008						—						14,677						16,461						34,294						—						—						34,294						33						25
Fund VI			2006						367						10,136						12,457						21,136						405						—						21,136						12						9
Fund V			2001						—						3,742						5,192						12,724						—						—						12,724						61						44
Fund I, II, III, IV & MIA2			Various						9						7,320						8,753						17,400						—						—						17,400						39						26
Traditional Private Equity Funds3									$	60,075					$	98,858					$	85,999					$	123,632					$	25,004					$	34,764					$	158,396					39						24
AIOF III5			N/A						1,301						1,304						164						—						164						180						180						NM4						NM4
AIOF II			2021						2,717						2,542						1,943						736						1,421						1,756						2,492						16						10
AIOF I			2018						385						897						803						1,066						171						210						1,276						22						17
HVF II			2022						5,089						4,592						3,303						203						3,245						3,857						4,060						13						10
HVF I			2019						3,247						3,238						3,698						4,214						1,038						1,472						5,686						22						17
Total Equity									$	72,814					$	111,431					$	95,910					$	129,851					$	31,043					$	42,239					$	172,090
1 Accord funds have investment periods shorter than 24 months, therefore Gross and Net IRR are presented after 12 months of investing.
2 The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the reorganization of the Company that occurred in 2007. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s investment professionals.
3 Total IRR is calculated based on total cash flows for all funds presented.
4 Data has not been presented as the fund’s effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful.
5 Vintage Year is not yet applicable as the fund has not had its final closing.

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Equity

The following table summarizes the investment record for distressed investments made in our traditional private equity fund portfolios since the Company’s inception. All amounts are as of September 30, 2024.

(In millions, except percentages)			Total Invested Capital						Total Value						Gross IRR
Distressed for Control			$	8,532					$	19,670					29		%
Non-Control Distressed			6,306						12,340						71
Total			14,838						32,010						49
Corporate Carve-outs, Opportunistic Buyouts and Other Credit1			71,161						126,386						21
Total			$	85,999					$	158,396					39		%
1 Other Credit is defined as investments in debt securities of issuers other than portfolio companies that are not considered to be distressed.

The following tables provide additional detail on the composition of the Fund X, Fund IX and Fund VIII private equity portfolios based on investment strategy. Amounts for Fund I, II, III, IV, V, VI and VII are included in the table above but not presented below as their remaining value is less than $100 million, the fund has been liquidated or the fund commenced investing capital less than 24 months prior to September 30, 2024 and such information was deemed not meaningful. All amounts are as of September 30, 2024.

Fund X

(In millions)			Total Invested Capital						Total Value
Opportunistic Buyouts			$	4,848					$	5,544
Distressed1			285						1,043
Total			$	5,133					$	6,587

Fund IX

(In millions)			Total Invested Capital						Total Value
Corporate Carve-outs			$	5,538					$	11,601
Opportunistic Buyouts			14,665						23,364
Distressed1			1,259						3,696
Total			$	21,462					$	38,661

Fund VIII

(In millions)			Total Invested Capital						Total Value
Corporate Carve-outs			$	2,704					$	7,072
Opportunistic Buyouts			13,270						19,768
Distressed1			567						754
Total			$	16,541					$	27,594
1 The distressed investment strategy includes distressed for control, non-control distressed and other credit. Other credit is defined as investments in debt securities of issuers other than portfolio companies that are not considered to be distressed.

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Perpetual Capital

The following table summarizes the investment record for the perpetual capital vehicles we manage, excluding Athene and Athora-related assets.

															Total Returns1
(In millions)			IPO Year2						Total AUM						For the Three Months Ended September 30, 2024												For the Three Months Ended September 30, 2023						For the Nine Months Ended September 30, 2024						For the Nine Months Ended September 30, 2023
MidCap Financial3			N/A						$	12,474					5		%										5		%				13		%				16		%
MFIC4			2004						3,015						(5)		%										12		%				10		%				32		%
ADS5			N/A						12,414						3		%										4		%				9		%				13		%
ARI			2009						9,293						2		%										(7)		%				(9)		%				4		%
ADREF6			N/A						6,044						7		%										(3)		%				5		%				(6)		%
ADCF6			N/A						1,319						5		%										3		%				10		%				11		%
ARIS6			N/A						1,153						2		%										N/A						4		%				N/A
Other7			N/A						10,551						N/A												N/A						N/A						N/A
Total									$	56,263
1 Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission.
2 An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange.
3 MidCap Financial is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 4% and 4% for the three months ended September 30, 2024 and 2023, respectively. The net returns based on NAV were 10% and 19% for the nine months ended September 30, 2024 and 2023, respectively.
4 AUM is presented on a three-month lag, as of June 30, 2024, based upon the availability of the information.
5 ADS is not a publicly traded vehicle and therefore IPO year is not applicable. AUM is as of June 30, 2024. The returns presented are net returns based on NAV.
6 ADREF, ADCF and ARIS are not publicly traded vehicles and therefore IPO years are not applicable. The returns presented are for its respective Class I shares and are net returns based on NAV.
7 Other includes, among others, AUM of $2.0 billion related to a publicly traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services, as of June 30, 2024. Returns and IPO year are not provided for this AUM. Other also includes AUM of $6.9 billion related to third-party capital within AAA.

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Summary of Non-U.S. GAAP Measures

The table below sets forth a reconciliation of net income attributable to Apollo Global Management, Inc. common stockholders to Segment Income and Adjusted Net Income:

			Three months ended September 30,												Nine months ended September 30,
(In millions)			2024						2023						2024						2023
GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc.			$	787					$	660					$	3,018					$	2,269
Preferred dividends			24						22						73						22
Net income (loss) attributable to non-controlling interests			958						(42)						1,620						637
GAAP Net Income (Loss)			$	1,769					$	640					$	4,711					$	2,928
Income tax provision (benefit)			317						243						1,000						697
GAAP Income (Loss) Before Income Tax Provision (Benefit)			$	2,086					$	883					$	5,711					$	3,625
Asset Management Adjustments:
Equity-based profit sharing expense and other1			41						62						180						186
Equity-based compensation			72						57						230						167
Transaction-related charges2			79						25						156						18
Merger-related transaction and integration costs3			9						5						24						17
(Gains) losses from change in tax receivable agreement liability			(35)						—						(34)						—
Net (income) loss attributable to non-controlling interests in consolidated entities			(975)						28						(1,675)						(687)
Unrealized performance fees			141						(91)						(213)						(244)
Unrealized profit sharing expense			(65)						55						129						191
HoldCo interest and other financing costs4			21						36						51						77
Unrealized principal investment income (loss)			(4)						(27)						(14)						(66)
Unrealized net (gains) losses from investment activities and other5			(6)						30						23						50
Retirement Services Adjustments:
Investment (gains) losses, net of offsets			(628)						663						(482)						829
Non-operating change in insurance liabilities and related derivatives6			513						(431)						(363)						(600)
Integration, restructuring and other non-operating expenses			204						41						265						98
Equity-based compensation expense			12						13						36						42
Segment Income			1,465						1,349						4,024						3,703
HoldCo interest and other financing costs4			(21)						(36)						(51)						(77)
Taxes and related payables			(312)						(268)						(768)						(726)
Adjusted Net Income			$	1,132					$	1,045					$	3,205					$	2,900
1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.
2 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges.
3 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers.
4 Represents interest and other financing costs related to AGM not attributable to any specific segment.
5 Nine months ended September 30, 2024 includes an accrual related to an estimated liability associated with a regulatory matter.
6 Includes the change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

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The table below sets forth a reconciliation of common stock outstanding to our Adjusted Net Income Shares Outstanding:

			September 30, 2024						December 31, 2023
Total GAAP Common Stock Outstanding			565,816,456						567,762,932
Non-GAAP Adjustments:
Mandatory Convertible Preferred Stock1			14,531,793						15,564,983
Vested RSUs			18,201,439						22,072,379
Unvested RSUs Eligible for Dividend Equivalents			14,274,139						12,603,041
Adjusted Net Income Shares Outstanding			612,823,827						618,003,335
1 Reflects the number of shares of underlying common stock assumed to be issuable upon conversion of the Mandatory Convertible Preferred Stock during each period.

The table below sets forth a reconciliation of Athene’s total investments, including related parties, to net invested assets:

(In millions)			September 30, 2024						December 31, 2023
Total investments, including related parties			$	285,767					$	238,941
Derivative assets			(7,529)						(5,298)
Cash and cash equivalents (including restricted cash)			14,551						14,781
Accrued investment income			2,695						1,933
Net receivable (payable) for collateral on derivatives			(4,194)						(2,835)
Reinsurance impacts			(4,284)						(572)
VIE assets, liabilities and non-controlling interests			16,032						14,818
Unrealized (gains) losses			11,674						16,445
Ceded policy loans			(167)						(174)
Net investment receivables (payables)			(291)						11
Allowance for credit losses			689						608
Other investments			(11)						(41)
Total adjustments to arrive at gross invested assets			29,165						39,676
Gross invested assets			314,932						278,617
ACRA non-controlling interests			(72,269)						(61,190)
Net invested assets			$	242,663					$	217,427

Liquidity and Capital Resources

Overview

The Company primarily derives revenues and cash flows from the assets it manages and the retirement savings products it issues, reinsures and acquires. Based on management’s experience, we believe that the Company’s current liquidity position, together with the cash generated from revenues will be sufficient to meet the Company’s anticipated expenses and other working capital needs for at least the next 12 months. For the longer-term liquidity needs of the asset management business, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. The principal sources of liquidity for the retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

AGM is a holding company whose primary source of cash flow is distributions from its subsidiaries, which are expected to be sufficient to fund cash flow requirements based on current estimates of future obligations. AGM’s primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, common stock and preferred stock dividend payments and strategic transactions, such as acquisitions.

At September 30, 2024, the Company had $16.3 billion of unrestricted cash and cash equivalents, as well as $4.9 billion of available funds from the AMH credit facility, AHL credit facility, and AHL liquidity facility.

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Primary Uses of Cash

Over the next 12 months, we expect the Company’s primary liquidity needs will be to:

•support the future growth of Apollo’s businesses through strategic corporate investments;

•pay the Company’s operating expenses, including, compensation, general, administrative, and other expenses;

•make payments to policyholders for surrenders, withdrawals and payout benefits;

•make interest and principal payments on funding agreements;

•make payments to satisfy pension group annuity obligations and policy acquisition costs;

•make interest and principal payments on the Company’s debt;

•pay taxes and tax related payments;

•pay cash dividends;

•make payments related to the AOG Unit Payment;

•repurchase common stock; and

•make payments under the tax receivable agreement.

Over the long term, we believe we will be able to (i) grow Apollo’s Assets Under Management and generate positive investment performance in the funds we manage, which we expect will allow us to grow the Company’s management fees and performance fees and (ii) grow the investment portfolio of retirement services, in each case in amounts sufficient to cover our long-term liquidity requirements, which may include:

•supporting the future growth of our businesses;

•creating new or enhancing existing products and investment platforms;

•making payments to policyholders;

•pursuing new strategic corporate investment opportunities;

•paying interest and principal on the Company’s financing arrangements;

•repurchasing common stock;

•making payments under the tax receivable agreement; and

•paying cash dividends.

Cash Flow Analysis

The section below discusses in more detail the Company’s primary sources and uses of cash and the primary drivers of cash flows within the Company’s condensed consolidated statements of cash flows:

			Nine months ended September 30,
(In millions)			2024						2023
Operating Activities			$	3,257					$	4,258
Investing Activities			(45,551)						(27,719)
Financing Activities			42,227						26,758
Effect of exchange rate changes on cash and cash equivalents			3						2
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities			$	(64)					$	3,299

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The assets of our consolidated funds and VIEs, on a gross basis, could have a substantial effect on the accompanying statement of cash flows. Because our consolidated funds and VIEs are generally treated as investment companies for accounting purposes, their investing cash flow amounts are included in our cash flows from operating activities. The table below summarizes our condensed consolidated statements of cash flow by activity attributable to the Company and to our consolidated funds and VIEs.

			Nine months ended September 30,
(In millions)			2024						2023
Net cash provided by the Company's operating activities			$	3,122					$	5,080
Net cash provided by (used in) the Consolidated Funds and VIEs operating activities			135						(822)
Net cash provided by operating activities			3,257						4,258
Net cash used in the Company's investing activities			(44,049)						(26,294)
Net cash used in the Consolidated Funds and VIEs investing activities			(1,502)						(1,425)
Net cash used in investing activities			(45,551)						(27,719)
Net cash provided by the Company's financing activities			40,583						25,963
Net cash provided by the Consolidated Funds and VIEs financing activities			1,644						795
Net cash provided by financing activities			$	42,227					$	26,758

Operating Activities

The Company’s operating activities support its Asset Management, Retirement Services and Principal Investing activities. The primary sources of cash within operating activities include: (a) management fees, (b) advisory and transaction fees, (c) realized performance revenues, (d) realized principal investment income, (e) investment sales from our consolidated funds and VIEs, (f) net investment income, (g) annuity considerations and (h) insurance premiums. The primary uses of cash within operating activities include: (a) compensation and non-compensation related expenses, (b) interest and taxes, (c) investment purchases from our consolidated funds and VIEs, (d) benefit payments and (e) other operating expenses.

•During the nine months ended September 30, 2024, cash provided by operating activities reflects cash inflows of management fees, advisory and transaction fees, realized performance revenues, realized principal investment income and net investment income, partially offset by pension group annuity benefit payments, net of cash inflows, and cash paid for interest on funding agreements, policy acquisition costs and other operating expenses. Net cash provided by operating activities includes net cash provided by our consolidated funds and VIEs, which primarily includes proceeds from the sale of VIE investments, partially offset by net payments for purchases of VIE investments.

•During the nine months ended September 30, 2023, cash provided by operating activities reflects cash inflows of management fees, advisory and transaction fees, realized performance revenues, realized principal investment income, cash received from pension group annuity premiums, net of outflows, and net investment income, partially offset by cash paid for policy acquisition and other operating expenses. Net cash provided by operating activities includes net cash used in our consolidated funds and VIEs, which primarily includes net proceeds from the sale of VIEs’ investments, offset by purchases of VIEs’ investments.

Investing Activities

The Company’s investing activities support the growth of its business. The primary sources of cash within investing activities include: (a) distributions from investments and (b) sales, maturities and repayments of investments. The primary uses of cash within investing activities include: (a) capital expenditures, (b) purchases and acquisitions of new investments, including purchases of U.S. Treasury securities and (c) equity method investments in the funds we manage.

•During the nine months ended September 30, 2024, cash used in investing activities primarily reflects the purchase of investments, mainly AFS and mortgage loans, due to the deployment of significant cash inflows from Athene’s organic growth, partially offset by the sales, maturities and repayments of investments.

•During the nine months ended September 30, 2023, cash used in investing activities primarily reflects the purchase of investments due to the deployment of significant cash inflows from Athene’s organic growth, partially offset by the sales, maturities and repayments of investments.

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Financing Activities

The Company’s financing activities reflect its capital market transactions and transactions with equity holders. The primary sources of cash within financing activities includes: (a) proceeds from debt and preferred equity issuances, (b) inflows on Athene’s investment-type policies and contracts, (c) changes of cash collateral for derivative transactions posted by counterparties, (d) capital contributions, and (e) proceeds from other borrowing activities. The primary uses of cash within financing activities include: (a) dividends, (b) payments under the tax receivable agreement, (c) share repurchases, (d) cash paid to settle tax withholding obligations in connection with net share settlements of equity-based awards, (e) repayments of debt, (f) withdrawals on Athene’s investment-type policies and contracts, (g) changes of cash collateral for derivative transactions posted by counterparties and (h) capital distributions.

•During the nine months ended September 30, 2024, cash provided by financing activities primarily reflects cash received from strong organic retail and funding agreement inflows, net of cash outflows, net capital contributions from non-controlling interests, a favorable change in cash collateral posted by counterparties for derivative transactions related to the favorable equity market performance in 2024 and issuances of debt by our subsidiary, partially offset by the repayment of debt and repurchase obligations as well as payment of common and preferred stock dividends. Cash provided by financing activities of our consolidated funds and VIEs primarily includes proceeds from the issuance of debt and contributions from non-controlling interests, partially offset by repayment of debt and distributions to non-controlling interests.

•During the nine months ended September 30, 2023, cash provided by financing activities primarily reflects cash received from the strong organic inflows from retail, flow reinsurance and funding agreements, net of outflows, net capital contributions from non-controlling interests, a favorable change in cash collateral posted for derivative transactions related to the favorable equity market performance in 2023, and issuances of the 2053 Subordinated Notes and Mandatory Convertible Preferred Stock, partially offset by the redemption of the AAM Series A Preferred Stock and the AAM Series B Preferred Stock, the payment of stock dividends, and distribution to redeemable non-controlling interest. Cash provided by financing activities of our consolidated funds and VIEs primarily includes proceeds from the issuance of debt, offset by payments for borrowings under repurchase agreements.

Contractual Obligations, Commitments and Contingencies

For a summary and a description of the nature of the Company’s commitments, contingencies and contractual obligations, see note 16 to the condensed consolidated financial statements and “—Contractual Obligations, Commitments and Contingencies.” The Company’s commitments are primarily fulfilled through cash flows from operations and financing activities.

Consolidated Funds and VIEs

The Company manages its liquidity needs by evaluating unconsolidated cash flows; however, the Company’s financial statements reflect the financial position of Apollo as well as Apollo’s consolidated funds and VIEs (including previously consolidated SPACs). The primary sources and uses of cash at Apollo’s consolidated funds and VIEs include: (a) raising capital from their investors, which have been reflected historically as non-controlling interests of the consolidated subsidiaries in our financial statements, (b) using capital to make investments, (c) generating cash flows from operations through distributions, interest and the realization of investments, (d) distributing cash flow to investors, and (e) issuing debt to finance investments (CLOs).

Dividends and Distributions

For information regarding the quarterly dividends that were made to common stockholders and distribution equivalents on participating securities, see note 13 to the condensed consolidated financial statements. Although the Company currently expects to pay dividends, we may not pay dividends if, among other things, we do not have the cash necessary to pay the dividends. To the extent we do not have cash on hand sufficient to pay dividends, we may have to borrow funds to pay dividends, or we may determine not to pay dividends. The declaration, payment and determination of the amount of our dividends are at the sole discretion of the AGM board of directors.

Because AGM is a holding company, the primary source of funds for AGM’s dividends is distributions from its operating subsidiaries, AAM and AHL, which are expected to be adequate to fund AGM’s dividends and other cash flow requirements based on current estimates of future obligations. The ability of these operating subsidiaries to make distributions to AGM will

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depend on satisfying applicable law with respect to such distributions, including surplus and minimum solvency requirements among others, as well as making prior distributions on AHL outstanding preferred stock. Moreover, the ability of AAM and AHL to receive distributions from their own respective subsidiaries will continue to depend on applicable law with respect to such distributions.

On November 5, 2024, AGM declared a cash dividend of $0.4625 per share of its common stock, which will be paid on November 29, 2024 to holders of record at the close of business on November 18, 2024.

On November 5, 2024, the Company also declared and set aside a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on January 31, 2025 to holders of record at the close of business on January 15, 2025.

Repurchase of Securities

Share Repurchase Program

For information regarding the Company’s share repurchase program, see note 13 to the condensed consolidated financial statements.

Repurchase of Other Securities

We may from time to time seek to retire or purchase our other outstanding debt or equity securities through cash purchases and/or exchanges for other securities, purchases in the open market, privately negotiated transactions or otherwise. Any such repurchases will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions and applicable regulatory, legal and accounting factors. Whether or not we repurchase any of our other securities and the size and timing of any such repurchases will be determined at our discretion.

Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock. There were 28,749,765 shares of Mandatory Convertible Preferred Stock issued and outstanding as of September 30, 2024. See note 13 to the condensed consolidated financial statements for further details.

Asset Management Liquidity

Our asset management business requires limited capital resources to support the working capital or operating needs of the business. For the asset management business’ longer-term liquidity needs, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. Liquidity needs are also met (to a limited extent) through proceeds from borrowings and equity issuances as described in notes 11 and 13 to the condensed consolidated financial statements, respectively. From time to time, if the Company determines that market conditions are favorable after taking into account our liquidity requirements, we may seek to raise proceeds through the issuance of additional debt or equity instruments. AGM has a registration statement on Form S-3 to provide it with access to the capital markets, subject to market conditions and other factors.

At September 30, 2024, the asset management business had $2.7 billion of unrestricted cash and cash equivalents, as well as $1.0 billion of available funds from the AMH credit facility.

Future Debt Obligations

The asset management business had long-term debt of $4.1 billion at September 30, 2024, which includes notes with maturities in 2026, 2029, 2030, 2033, 2048, 2050, 2053 and 2054. Additionally, during the fourth quarter of 2024, AGM issued $500 million of 6.000% Fixed-Rate Reset Junior Subordinated Notes due December 15, 2054. See note 11 to the condensed consolidated financial statements for further information regarding the asset management business’ debt arrangements.

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Future Cash Flows

Our ability to execute our business strategy, particularly our ability to increase our AUM, depends on our ability to establish new funds and to raise additional investor capital within such funds. Our liquidity will depend on a number of factors, such as our ability to project our financial performance, which is highly dependent on the funds we manage and our ability to manage our projected costs, fund performance, access to credit facilities, compliance with existing credit agreements, as well as industry and market trends. Also during economic downturns the funds we manage might experience cash flow issues or liquidate entirely. In these situations we might be asked to reduce or eliminate the management fee and performance fees we charge, which could adversely impact our cash flow in the future.

An increase in the fair value of the investments of the funds we manage, by contrast, could favorably impact our liquidity through higher management fees where the management fees are calculated based on the net asset value, gross assets or adjusted assets. Additionally, higher performance fees not yet realized would generally result when investments appreciate over their cost basis which would not have an impact on the asset management business’ cash flow until realized.

Consideration of Financing Arrangements

As noted above, in limited circumstances, the asset management business may issue debt or equity to supplement its liquidity. The decision to enter into a particular financing arrangement is made after careful consideration of various factors, including the asset management business’ cash flows from operations, future cash needs, current sources of liquidity, demand for the asset management business’ debt or equity, and prevailing interest rates.

Revolver Facility

Under the AMH credit facility, AMH may borrow in an aggregate amount not to exceed $1.0 billion and may incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AMH is in compliance with a net leverage ratio not to exceed 4.00 to 1.00. Borrowings under the AMH credit facility may be used for working capital and general corporate purposes, including without limitation, permitted acquisitions. The AMH credit facility has a final maturity date of October 12, 2027.

Tax Receivable Agreement

The tax receivable agreement provides for the payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that AGM and its subsidiaries realize subject to the agreement. For more information regarding the tax receivable agreement, see note 15 to the condensed consolidated financial statements.

AOG Unit Payment

On December 31, 2021, holders of AOG Units (other than Athene and Apollo) sold and transferred a portion of such AOG Units to a wholly-owned 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 (such payment, the “AOG Unit Payment”). The remainder of the AOG Units held by such holders were exchanged for shares of AGM common stock concurrently with the consummation of the Mergers on January 1, 2022.

As of September 30, 2024, the outstanding AOG Unit Payment amount was $44 million, payable in equal quarterly installments through December 31, 2024. See note 15 for more information.

Athora

Athora is a strategic liabilities platform that acquires and reinsures traditional closed life insurance policies and provides capital and reinsurance solutions to insurers in Europe. In 2017, an AAM subsidiary made a €125 million commitment to Athora, which was fully drawn as of April 2020. An AAM subsidiary committed an incremental €58 million in 2020 to purchase new equity interests. Additionally, in 2021, an AAM subsidiary acquired approximately €21.9 million of new equity interests in Athora.

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In December 2021, an AAM subsidiary committed an additional €250 million to purchase new equity interests to support Athora’s ongoing growth initiatives, of which €180 million was drawn as of September 30, 2024.

An AAM subsidiary and Athene are minority investors in Athora with a long-term strategic relationship. Through its share ownership, the AAM subsidiary has approximately 19.9% of the total voting power in Athora, and Athene holds shares in Athora representing 10% of the total voting power in Athora. In addition, Athora shares held by funds and other accounts managed by Apollo represent, in the aggregate, approximately 15.1% of the total voting power in Athora.

Fund Escrow

As of September 30, 2024, the remaining investments and escrow cash of Fund VIII was valued at 90% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. Realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement.

Clawback

Performance fees from certain of the funds we manage are subject to contingent repayment by the general partner in the event of future losses to the extent that the cumulative performance fees distributed from inception to date exceeds the amount computed as due to the general partner at the final distribution. See “—Overview of Results of Operations—Performance Fees” for the maximum performance fees subject to potential reversal by each fund.

Indemnification Liability

The asset management business recorded an indemnification liability in the event that the Former Managing Partners, Contributing Partners and certain investment professionals are required to pay amounts in connection with a general partner obligation to return previously distributed performance fees. See note 15 to the condensed consolidated financial statements for further information regarding the asset management business’ indemnification liability.

Retirement Services Liquidity

There are two forms of liquidity relevant to our retirement services business: funding liquidity and balance sheet liquidity. Funding liquidity relates to the ability to fund operations. Balance sheet liquidity relates to the ability to liquidate or rebalance Athene’s balance sheet without incurring significant costs from fees, bid-offer spreads, or market impact. Athene manages its liquidity position by matching projected cash demands with adequate sources of cash and other liquid assets. The principal sources of liquidity for our retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

Athene’s investment portfolio is structured to ensure a strong liquidity position over time to permit timely payment of policy and contract benefits without requiring asset sales at inopportune times or at depressed prices. In general, liquid assets include cash and cash equivalents, highly rated bonds, short-term investments, unaffiliated preferred stock and public common stock, all of which generally have liquid markets with a large number of buyers, but excludes pledged assets, mainly associated with funding agreement and repurchase agreement liabilities. Assets included in modified coinsurance and funds withheld portfolios, including assets held in reinsurance trusts, are available to fund the benefits for the associated obligations but are restricted from other uses. Although the investment portfolio of our retirement services business does contain assets that are generally considered illiquid for liquidity monitoring purposes (primarily mortgage loans, policy loans, real estate, investment funds and affiliated common stock), there is some ability to raise cash from these assets if needed. Athene has access to additional liquidity through its AHL credit facility and AHL liquidity facility. The AHL credit facility has a borrowing capacity of $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility. The AHL credit facility has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, and was undrawn as of September 30, 2024. Athene entered into a new AHL liquidity facility on June 28, 2024, which replaced its previous agreement dated as of June 30, 2023. The AHL liquidity facility has a borrowing capacity of $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the AHL liquidity facility. The AHL liquidity facility has a commitment termination date of June 27, 2025, subject to additional 364-day extensions, and was undrawn as of September 30, 2024. Athene also has access to $2.0 billion of committed repurchase facilities. Athene has a registration statement on Form S-3 to provide it with access to the capital markets, subject to market conditions and other factors. Athene is also the counterparty to

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repurchase agreements with several different financial institutions, pursuant to which it may obtain short-term liquidity, to the extent available. In addition, through Athene’s membership in the FHLB, it is eligible to borrow under variable rate short-term federal funds arrangements to provide additional liquidity.

Athene proactively manages its liquidity position to meet cash needs while minimizing adverse impacts on investment returns. Athene analyzes its cash-flow liquidity over the upcoming 12 months by modeling potential demands on liquidity under a variety of scenarios, taking into account the provisions of its policies and contracts in force, its cash flow position, and the volume of cash and readily marketable securities in its portfolio.

Liquidity risk is monitored, managed and mitigated through a number of stress tests and analyses to assess Athene’s ability to meet its cash flow requirements, as well as the ability of its reinsurance and insurance subsidiaries to meet their collateral obligations, under various stress scenarios. Athene further seeks to mitigate liquidity risk by maintaining access to alternative, external sources of liquidity.

Insurance Subsidiaries’ Operating Liquidity

The primary cash flow sources for Athene’s insurance subsidiaries include retirement services product inflows (premiums and deposits), investment income, principal repayments on its investments, net transfers from separate accounts and financial product inflows. Uses of cash include investment purchases, payments to policyholders for surrenders, withdrawals and payout benefits, interest and principal payments on funding agreements and outstanding debt, payments to satisfy pension group annuity obligations, policy acquisition and general operating costs and payment of cash dividends.

Athene’s policyholder obligations are generally long-term in nature. However, policyholders may elect to withdraw some, or all, of their account value in amounts that exceed Athene’s estimates and assumptions over the life of an annuity contract. Athene includes provisions within its annuity policies, such as surrender charges and market value adjustments (“MVA”), which are intended to protect it from early withdrawals. As of September 30, 2024 and December 31, 2023, approximately 81% and 79%, respectively, of Athene’s deferred annuity liabilities were subject to penalty upon surrender. In addition, as of September 30, 2024 and December 31, 2023, approximately 66% and 64%, respectively, of policies contained MVAs that may also have the effect of limiting early withdrawals if interest rates increase but may encourage early withdrawals by effectively subsidizing a portion of surrender charges when interest rates decrease. As of September 30, 2024, approximately 32% of Athene’s net reserve liabilities were generally non-surrenderable, including buy-out pension group annuities other than those that can be withdrawn as lump sums, funding agreements and payout annuities, while 54% were subject to penalty upon surrender.

Membership in Federal Home Loan Bank

Through its membership in the FHLB, Athene is eligible to borrow under variable rate short-term federal funds arrangements to provide additional liquidity. The borrowings must be secured by eligible collateral such as mortgage loans, eligible CMBS or RMBS, government or agency securities and guaranteed loans. As of each of September 30, 2024 and December 31, 2023, Athene had no outstanding borrowings under these arrangements.

Athene has issued funding agreements to the FHLB. These funding agreements were issued in an investment spread strategy, consistent with other investment spread operations. As of September 30, 2024 and December 31, 2023, Athene had funding agreements outstanding with the FHLB in the aggregate principal amount of $13.0 billion and $6.5 billion, respectively.

The maximum FHLB indebtedness by a member is determined by the amount of collateral pledged and cannot exceed a specified percentage of the member’s total statutory assets dependent on the internal credit rating assigned to the member by the FHLB. As of September 30, 2024, Athene’s total maximum borrowing capacity under the FHLB facilities was limited to $53.1 billion. However, Athene’s ability to borrow under the facilities is constrained by the availability of assets that qualify as eligible collateral under the facilities and certain other limitations. Considering these limitations, as of September 30, 2024, Athene had the ability to draw up to an estimated $16.2 billion, inclusive of borrowings then outstanding. This estimate is based on Athene’s internal analysis and assumptions and may not accurately measure collateral which is ultimately acceptable to the FHLB.

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Securities Repurchase Agreements

Athene engages in repurchase transactions whereby it sells fixed income securities to third parties, primarily major brokerage firms or commercial banks, with a concurrent agreement to repurchase such securities at a determined future date. Athene requires that, at all times during the term of the repurchase agreements, it maintains sufficient cash or other liquid assets sufficient to allow it to fund substantially all of the repurchase price. Proceeds received from the sale of securities pursuant to these arrangements are generally invested in short-term investments or maintained in cash, with the offsetting obligation to repurchase the security included within payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. As per the terms of the repurchase agreements, Athene monitors the market value of the securities sold and may be required to deliver additional collateral (which may be in the form of cash or additional securities) to the extent that the value of the securities sold decreases prior to the repurchase date.

As of September 30, 2024 and December 31, 2023, the payables for repurchase agreements were $2.7 billion and $3.9 billion, respectively, while the fair value of securities and collateral held by counterparties backing the repurchase agreements was $2.8 billion and $4.1 billion, respectively. As of September 30, 2024, payables for repurchase agreements, based on original issuance, were comprised of no short-term and $2.7 billion long-term repurchase agreements. As of December 31, 2023, payables for repurchase agreements, based on original issuance, were comprised of $686 million short-term and $3.2 billion long-term repurchase agreements.

Dividends from Insurance Subsidiaries

AHL is a holding company whose primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, debt servicing, preferred and common stock dividend payments and strategic transactions, such as acquisitions. The primary source of AHL’s cash flow is dividends from its subsidiaries, which are expected to be adequate to fund cash flow requirements based on current estimates of future obligations.

The ability of AHL’s insurance subsidiaries to pay dividends is limited by applicable laws and regulations of the jurisdictions where the subsidiaries are domiciled, as well as agreements entered into with regulators. These laws and regulations require, among other things, the insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends these subsidiaries can pay.

Subject to these limitations and prior notification to the appropriate regulatory agency, Athene’s U.S. insurance subsidiaries are permitted to pay ordinary dividends based on calculations specified under insurance laws of the relevant state of domicile. Any distributions above the amount permitted by statute in any twelve-month period are considered to be extraordinary dividends, and require the approval of the appropriate regulator prior to payment. AHL does not currently plan on having the U.S. subsidiaries pay any dividends to their parents.

Dividends from AHL’s subsidiaries are projected to be the primary source of AHL’s liquidity. Under the Bermuda Insurance Act, each of Athene’s Bermuda insurance subsidiaries is prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the board of directors of the Bermuda insurance subsidiary and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the Bermuda insurance subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda insurance subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA in accordance with the Bermuda Insurance Act, and further subject to the Bermuda insurance subsidiary meeting its relevant margins, the Bermuda insurance subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of its total statutory capital. Distributions in excess of this amount require the approval of the BMA.

The maximum distribution permitted by law or contract is not necessarily indicative of the insurance subsidiaries’ actual ability to pay such distributions, which may be further restricted by business and other considerations, such as the impact of such distributions on surplus, which could affect Athene’s ratings or competitive position and the amount of premiums that can be written. Specifically, the level of capital needed to maintain desired financial strength ratings from rating agencies, including S&P, AM Best, Fitch and Moody’s, is of particular concern when determining the amount of capital available for distributions. AHL believes its insurance subsidiaries have sufficient statutory capital and surplus, combined with additional capital available to be provided by AHL, to meet their financial strength ratings objectives. Finally, state insurance laws and regulations require that the statutory surplus of Athene’s insurance subsidiaries following any dividend or distribution must be reasonable in relation to their outstanding liabilities and adequate for the insurance subsidiaries’ financial needs.

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Other Sources of Funding

Athene may seek to secure additional funding at the AHL level by means other than dividends from subsidiaries, such as by drawing on its undrawn $1.25 billion AHL credit facility, drawing on its undrawn $2.6 billion AHL liquidity facility or by pursuing future issuances of debt or preferred stock to third-party investors. The AHL credit facility contains various standard covenants with which Athene must comply, including maintaining a consolidated debt-to-capitalization ratio of not greater than 35%, maintaining a minimum consolidated net worth of no less than $14.8 billion and restrictions on the ability to incur liens, with certain exceptions. Rates, ratios and terms are as defined in the AHL credit facility. The AHL liquidity facility also contains various standard covenants with which Athene must comply, including maintaining an ALRe minimum consolidated net worth of no less than $10.2 billion and restrictions on the ability to incur liens, with certain exceptions. Rates and terms are as defined in the AHL liquidity facility.

Future Debt Obligations

Athene had long-term debt of $5.7 billion as of September 30, 2024, which includes notes with maturities in 2028, 2030, 2031, 2033, 2034, 2051, 2052, 2054 and 2064. Additionally, during the fourth quarter of 2024, Athene issued $600 million of 6.625% Fixed-Rate Reset Junior Subordinated Debentures due October 15, 2054. See note 11 to the condensed consolidated financial statements for further information regarding Athene’s debt arrangements.

Capital

Athene believes it has a strong capital position and is well positioned to meet policyholder and other obligations. Athene measures capital sufficiency using an internal capital model which reflects management’s view on the various risks inherent to its business, the amount of capital required to support its core operating strategies and the amount of capital necessary to maintain its current ratings in a recessionary environment. The amount of capital required to support Athene’s core operating strategies is determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both NAIC RBC and Bermuda capital requirements. Capital in excess of this required amount is considered excess equity capital, which is available to deploy. As of December 31, 2023 and December 31, 2022, Athene’s U.S. RBC ratio was 392% and 387%, respectively, its Bermuda RBC ratio was 400% and 407%, respectively, and its consolidated RBC ratio was 412% and 416%, respectively. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. The RBC of Athene’s Bermuda insurance companies presented herein excludes the impact of any deferred taxes that may be recorded on a statutory basis as a result of the enactment of the Bermuda CIT. Athene is currently assessing deferred taxes that may be recorded on a statutory basis as a result of the Bermuda CIT, which could have a positive impact on the statutory capital and surplus of its Bermuda insurance companies.

ACRA

ACRA 1 provided Athene with access to on-demand capital to support its growth strategies and capital deployment opportunities. ACRA 1 provided a capital source to fund both Athene’s inorganic and organic channels. The commitment period for ACRA 1 expired in August 2023.

Similar to ACRA 1, ACRA 2 was funded in December 2022 as another long-duration, on-demand capital vehicle. Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37%. ALRe holds all of ACRA 2’s voting interests. ACRA 2 participates in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP II’s proportionate economic interest in ACRA 2.

These strategic capital solutions allow Athene the flexibility to simultaneously deploy capital across multiple accretive avenues, while maintaining a strong financial position.

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Critical Accounting Estimates and Policies

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon the condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses and should be read in conjunction with our significant accounting policies described in note 2 of our consolidated financial statements in our 2023 Annual Report. Actual results could differ from these estimates.

The following is a summary of our accounting policies that are affected most by judgments, estimates and assumptions.

•Consolidation of VIEs

•Revenue Recognition

◦Performance Fees within Investment Income

◦Management Fees

•Investments, at fair value

•Fair value of financial instruments

•Equity-based compensation

•Profit sharing expense

•Income taxes

•Valuation of Fixed Maturity Securities, Equity Securities and Mortgage Loans

•Impairment of investments and allowances for expected credit losses

•Derivatives valuation, including embedded derivatives

•Future policy benefits

•Market risk benefits

The above critical accounting estimates and judgments are discussed in detail in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates and Policies” of our 2023 Annual Report.

Recent Accounting Pronouncements

A list of recent accounting pronouncements that are relevant to Apollo and its industries is included in note 2 to our condensed consolidated financial statements.

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Contractual Obligations, Commitments and Contingencies

Fixed and determinable payments due in connection with the Company’s material contractual obligations are as follows as of September 30, 2024:

(In millions)			2024						2025 - 2026						2027 - 2028						2029 and Thereafter						Total
Asset Management
Operating lease obligations1			$	18					$	165					$	160					$	509					$	852
Other long-term obligations2			16						21						—						—						37
AMH credit facility3			—						2						1						—						3
Debt obligations3			55						925						394						6,639						8,013
AOG Unit payment 4			44						—						—						—						44
			133						1,113						555						7,148						8,949
Retirement Services
Interest sensitive contract liabilities			3,535						45,833						71,780						124,288						245,436
Future policy benefits			802						6,008						5,665						40,487						52,962
Market risk benefits			—						—						—						6,234						6,234
Other policy claims and benefits			107						—						—						—						107
Dividends payable to policyholders			2						16						14						60						92
Debt3			77						585						1,565						8,891						11,118
Securities to repurchase5			36						1,618						1,300						—						2,954
			4,559						54,060						80,324						179,960						318,903
Obligations			$	4,692					$	55,173					$	80,879					$	187,108					$	327,852
1 Operating lease obligations excludes $155 million of other operating expenses associated with operating leases.
2 Includes (i) payments on management service agreements related to certain assets and (ii) payments with respect to certain consulting agreements entered into by the Company. Note that a significant portion of these costs are reimbursable by funds.
3 The obligations for debt payments include contractual maturities of principal and estimated future interest payments based on the terms of the debt agreements. See note 11 of the condensed consolidated financial statements for further discussion of these debt obligations.
4 On December 31, 2021, each holder of AOG Units (other than those held by the Company and Athene) sold a portion of their limited partnership interests to the Company in exchange for the AOG Unit Payment. See note 15 to the condensed consolidated financial statements for more information.
5 The obligations for securities to repurchase payments include contractual maturities of principal and estimated future interest payments based on the terms of the agreements. Future interest payments on floating rate repurchase agreements were calculated using the September 30, 2024 interest rate.

Note:    Due to the fact that the timing of certain amounts to be paid cannot be determined or for other reasons discussed below, the following contractual commitments have not been presented in the table above.

(i)As noted previously, the tax receivable agreement requires us to pay to our Former Managing Partners and Contributing Partners 85% of any tax savings received by AGM and its subsidiaries from our step-up in tax basis. The tax savings achieved may not ensure that we have sufficient cash available to pay this liability and we might be required to incur additional debt to satisfy this liability.

(ii)Debt amounts related to the consolidated VIEs are not presented in the table above as the Company is not a guarantor of these non-recourse liabilities.

(iii)In connection with the Stone Tower acquisition, Apollo agreed to pay the former owners of Stone Tower a specified percentage of any future performance fees earned from certain of the Stone Tower funds, CLOs and strategic investment accounts. In connection with the acquisition of Griffin Capital’s U.S. asset management business on May 3, 2022, Apollo agreed to pay the former owners certain share-based consideration contingent on specified AUM and capital raising thresholds. These contingent consideration liabilities are remeasured to fair value at each reporting period until the obligations are satisfied. See note 16 to the condensed consolidated financial statements for further information regarding the contingent consideration liabilities.

(iv)Commitments from certain of our subsidiaries to contribute to the funds we manage and certain related parties.

Atlas

In connection with the Company and CS’s previously announced transaction, certain subsidiaries of Atlas acquired certain assets of the CS Securitized Products Group (the “Transaction”). Under the terms of the Transaction, Atlas originally agreed to pay CS an amount of $3.3 billion by February 8, 2028. This deferred purchase price is an obligation first of Atlas, second of AAA, third of AAM, fourth of AHL and fifth of AARe. Each of AARe and AAM has issued an assurance letter to CS for the full deferred purchase obligation amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, Atlas will no longer receive $0.8 billion of fees and the deferred purchase price obligation is reduced by a corresponding amount from $3.3 billion to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase price obligation.

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In exchange for the purchase price, Atlas originally received approximately $0.4 billion in cash and a portfolio of senior secured warehouse assets, subject to debt, with approximately $1 billion of tangible equity value. These warehouse assets are senior secured assets at industry standard loan-to-value ratios, structured to investment grade-equivalent criteria, and were approved by Atlas in connection with this Transaction. Atlas also benefits generally from the net spread earned on these assets in excess of its cost of financing. Finally, Atlas will earn total fees of $0.4 billion under the terms of the investment management agreement with CS, including management fees and transition and termination payments. As a result, the guarantee related to the Company’s aforementioned assurance letter is not probable of payment hence there is no liability on the condensed consolidated financial statements.

Supplemental Guarantor Financial Information

The 2053 Subordinated Notes issued by AGM are guaranteed on a junior, unsecured basis, and the 2033 Senior Notes and the 2054 Senior Notes issued by AGM are both guaranteed on a senior, unsecured basis, by AAM, together with certain Apollo intermediary holding companies (collectively, the “Guarantors”). The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the 2053 Subordinated Notes on a subordinated, unsecured basis and (ii) on the 2033 Senior Notes and the 2054 Senior Notes on a senior, unsecured basis. See note 11 of the condensed consolidated financial statements for further discussion on these debt obligations.

AGM, as issuer, and the Guarantors are holding companies. The primary sources of cash flow are dependent upon distributions from their respective subsidiaries to meet their future obligations under the notes and the guarantees, respectively. The 2033 Senior Notes, the 2054 Senior Notes and the 2053 Subordinated Notes are not guaranteed by any fee generating businesses, Apollo-managed funds, or Athene and its direct and indirect subsidiaries. Holders of the guaranteed registered debt securities will have a direct claim only against AGM as issuer.

The following tables present summarized financial information of AGM, as the issuer of the debt securities, and the Guarantors on a combined basis after elimination of intercompany transactions and balances within the Guarantors and equity in the earnings from and investments in any non-guarantor subsidiary. As used herein, “obligor group” means AGM, as the issuer of the debt securities, and the Guarantors on a combined basis. The summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the obligor group and is not intended to present the financial position or results of operations of the obligor group in accordance with generally accepted accounting principles as such principles are in effect in the United States.

(In millions)			September 30, 2024						December 31, 2023
Summarized Statements of Financial Condition
Current assets, less receivables from non-guarantor subsidiaries			$	2,670					$	2,747
Non-current assets			8,777						7,165
Due from related parties, excluding non-guarantor subsidiaries			709						357
Current liabilities, less payables to non-guarantor subsidiaries			895						997
Non-current liabilities			7,045						6,107
Due to related parties, excluding non-guarantor subsidiaries			246						222
Non-controlling interests			9						12

									Nine months ended September 30,
(In millions)									2024
Summarized Statements of Operations
Revenues									$	3,004
Net income (loss)									183
Net income (loss) attributable to obligor group									106

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The following are transactions of the obligor group with non-guarantor subsidiaries.

									Nine months ended September 30,
(In millions)									2024
Due from non-guarantor subsidiaries									$	140
Due to non-guarantor subsidiaries									440
Intercompany revenue									909

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of incurring losses due to adverse changes in market rates and prices. Included in market risk are potential losses in value due to credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk.

In our asset management business, our predominant exposure to market risk is related to our role as investment manager and general partner for the funds we manage and the sensitivity to movements in the fair value of their investments and resulting impact on performance fees and management fee revenues. Our direct investments in the funds we manage also expose us to market risk whereby movements in the fair values of the underlying investments will increase or decrease both net gains (losses) from investment activities and income (loss) from equity method investments.

Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities. Athene’s primary market risk exposures are to credit risk, interest rate risk, equity price risk and inflation risk.

For a discussion of our market risk exposures in general, please see “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2023 Annual Report, which is accessible on the Securities and Exchange Commission’s website at www.sec.gov and is incorporated by reference into this report.

There have been no material changes to market risk exposures from those previously disclosed in the Company’s 2023 Annual Report, except as described below.

Sensitivities

Retirement Services

Interest Rate Risk

Athene assesses interest rate exposure for financial assets and liabilities using hypothetical stress tests and exposure analyses. Assuming all other factors are constant, if there was an immediate parallel increase in interest rates of 100 basis points from levels as of September 30, 2024, Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of $2.5 billion, net of offsets. If there was a similar parallel increase in interest rates from levels as of December 31, 2023, Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of $2.5 billion, net of offsets. The financial instruments included in the sensitivity analysis are carried at fair value and changes in fair value are recognized in earnings. These financial instruments include derivative instruments, embedded derivatives, mortgage loans, certain fixed maturity securities and market risk benefits. The sensitivity analysis excludes those financial instruments carried at fair value for which changes in fair value are recognized in equity, such as AFS fixed maturity securities.

Assuming a 25 basis point increase in interest rates that persists for a 12-month period, the estimated impact to spread related earnings due to the change in net investment spread from floating rate assets and liabilities would be an increase of approximately $30 – $40 million, and a 25 basis point decrease would generally result in a similar decrease. This is calculated without regard to future changes to assumptions and excludes the impact of rate changes on cash and cash equivalents. As of September 30, 2024, Athene’s balance in cash and cash equivalents plus restricted cash, net investment payables and receivables, reinsurance impacts and the net derivative collateral offsetting the related cash positions, was $8.4 billion, net of the amount attributable to the non-controlling interests. The decrease in sensitivity to spread related earnings due to the change

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in net investment spread from floating rate assets and liabilities as of September 30, 2024, when compared to December 31, 2023, was driven by the decrease in Athene’s net floating rate position related to hedging actions as well as additional issuances of floating rate funding agreements in 2024.

With the implementation of the Long Duration Targeted Improvements accounting standard, changes in the fair value of market risk benefits due to current period movement in the interest rate curve used to discount the reserve are reflected in net income (loss) but excluded from spread related earnings. However, changes in interest rates that impact the cost of the projected GLWB and GMDB rider benefits, included within Athene’s market risk benefit reserve, are amortized within cost of funds in spread related earnings over the life of the business. Assuming a parallel increase in interest rates of 25 basis points, the estimated impact to spread related earnings over a 12-month period related to market risk benefits would be an increase of approximately $30 – $50 million, and a parallel decrease in interest rates of 25 basis points would generally result in a similar decrease. This is calculated without regard to future changes to assumptions.

Athene is unable to make forward-looking estimates regarding the impact on net income (loss) of changes in interest rates that persist for a longer period of time, or changes in the shape of the yield curve over time, as a result of an inability to determine how such changes will affect certain of the items that Athene characterizes as “adjustments to income (loss) before income taxes” in its reconciliation between net income (loss) available to AHL common stockholder and spread related earnings. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Non-U.S. GAAP Measures” for the reconciliation of net income (loss) attributable to AGM common stockholders to adjusted net income, of which SRE is a component. The impact of changing rates on these adjustments is likely to be significant. See above for a discussion regarding the estimated impact on income (loss) before income tax (provision) benefit of an immediate, parallel increase in interest rates of 100 basis points from levels as of September 30, 2024, which discussion encompasses the impact of such an increase on certain of the adjustment items.

The models used to estimate the impact of changes in market interest rates incorporate numerous assumptions, require significant estimates and assume an immediate change in interest rates without any discretionary management action to counteract such a change. Consequently, potential changes in Athene’s valuations indicated by these simulations will likely be different from the actual changes experienced under any given interest rate scenarios and these differences may be material. Because Athene actively manages its assets and liabilities, the net exposure to interest rates can vary over time. However, any such decreases in the fair value of fixed maturity securities, unless related to credit concerns of the issuer requiring recognition of credit losses, would generally be realized only if Athene were required to sell such securities at losses to meet liquidity needs.

ITEM 4.    CONTROLS AND PROCEDURES

We maintain “disclosure controls and procedures”, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

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No changes in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) occurred during our most recent quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

See a summary of the Company’s legal proceedings set forth in note 16 to our condensed consolidated financial statements, which is incorporated by reference herein.

ITEM 1A.    RISK FACTORS     

For a discussion of our potential risks and uncertainties, see the information under the heading "Risk Factors" in our 2023 Annual Report, which is accessible on the Securities and Exchange Commission's website at www.sec.gov.

The risks described in our 2023 Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes to the risk factors disclosed in our 2023 Annual Report, except for the following:

Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our businesses.

We are subject to extensive regulation, including periodic examinations and requirements to obtain and maintain licenses and/or other approvals, by government agencies and self-regulatory organizations in the jurisdictions in which we operate around the world. Many of the various laws and regulations to which we are subject are discussed in “Item 1. Business—Regulatory and Compliance Matters” in our 2023 Annual Report. As detailed in that section, certain of our businesses, subsidiaries and/or affiliates are, among others, regulated under the Investment Advisers Act; the Investment Company Act; the Dodd-Frank Wall Street Reform and Consumer Protection Act; the EU Alternative Investment Fund Managers Directive; the EU Markets in Financial Instruments Directive; the EU General Data Protection Regulation (as implemented in countries in the European Economic Area) and the U.K. General Data Protection Regulation; the U.K. Data Protection Act 2018 and potentially various new and emerging EU and U.K. cybersecurity laws; the Cayman Islands Data Protection Act; the Gramm-Leach-Bliley Act; the California Consumer Privacy Act of 2018 and a variety of other U.S. state privacy and cybersecurity laws; the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories; as well as by the Financial Stability Oversight Council and similar non-U.S. regulators; the Federal Reserve; the SEC; FINRA; the U.S. Department of Labor; the Internal Revenue Service (“IRS”); the Office of the Comptroller of the Currency; the Federal Communications Commission; insurance regulators in U.S. states, the EU, Bermuda, U.K., Ireland, Italy, Switzerland, Germany, Belgium, the Netherlands, Australia, Singapore, Canada, Cayman Islands and Malaysia; banking regulators in Germany, Slovenia and Spain; as well as rules and regulations regarding CLO risk retention, real estate investment trusts, broker-dealers, “over the counter” derivatives markets, commodity pool operators, commodity trading advisors, gaming companies, and natural resources companies. We distribute many of our products through financial intermediaries, including third-party broker-dealers, and as such, increasing broker-dealer regulation (particularly concerning marketing and sales practices) could make it more difficult and expensive for us to distribute such products. We are also subject to laws and regulations governing payments and contributions to public officials or other parties, including restrictions imposed by the U.S. Foreign Corrupt Practices Act, as well as economic sanctions and export control laws administered by the U.S. Treasury Department’s Office of Foreign Assets Control, the U.S. Department of Commerce and the U.S. Department of State. Increasingly, we are or may be subject to new initiatives and additional rules and regulations relating to sustainable finance and/or environmental, social and governance matters, including but not limited to: in the EU, the EU Regulation on the Establishment of a Framework to Facilitate Sustainable Investment as well as the EU Sustainable Finance Disclosure Regulation and supporting regulatory technical standards; and, in the U.K., the U.K. FCA’s disclosure rules for asset managers aligned with the recommendations of the Taskforce on Climate-Related Financial Disclosures as well as the forthcoming Sustainability Disclosure Requirements and investment labelling regime and the proposed U.K. Green Taxonomy. Compliance with such laws and regulations requires increasing amounts of resources and the attention of our management team. Any violation, even if alleged, of such laws and regulations or any failure to obtain or maintain licenses and/or other regulatory approvals as required for our operations may have a material adverse effect on our businesses, financial condition, results of operations, liquidity, cash flows and prospects.

Many of these laws and regulations empower regulators, including U.S. and foreign government agencies and self-regulatory organizations, as well as state securities commissions and insurance departments in the U.S., to conduct investigations and administrative proceedings that can result in penalties, fines, suspensions or revocations of licenses and/or other regulatory approvals, suspensions of personnel or other sanctions, including censure, the issuance of cease-and-desist orders, enforcement

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actions and settlements, or the suspension or expulsion of an investment adviser from registration or memberships. Even if an investigation or proceeding does not result in a sanction or the sanction imposed against us or our personnel by a regulator is small in monetary amount, the adverse publicity relating to the investigation, proceeding or imposition of these sanctions could harm our reputation and cause us to lose existing investors or fail to gain new investors. These requirements imposed by our regulators are designed primarily to ensure the integrity of the financial markets and to protect investors in the funds we manage and policyholders of our retirement services and other businesses and may not necessarily be designed to protect our stockholders. Other regulations, such as those promulgated by the Committee on Foreign Investment in the United States and similar foreign direct investment regimes in other jurisdictions, may impair our ability to invest the funds we manage and/or for such funds to realize full value from our investments in certain industries and countries.

Our businesses may be adversely affected as a result of new or revised legislation or regulations imposed by U.S. or foreign government agencies or self-regulatory organizations. We also may be adversely affected by changes in the interpretation or enforcement of existing laws and rules by these government agencies and self-regulatory organizations. For instance, the SEC and other regulators have been increasing regulation of private funds and advisers to private funds, and this type of regulation may make it more difficult for us to manage and distribute both our private fund products and our products that are purchased by third-party private fund managers.

In addition to the foregoing risks, the financial services industry is the focus of increased regulatory scrutiny as various U.S. state and federal government agencies and self-regulatory organizations conduct inquiries and investigations into the products and practices of the companies within this industry. Government authorities and standard setters in the U.S. and worldwide (including the International Association of Insurance Supervisors (“IAIS”)) have become increasingly interested in potential risks posed by the insurance industry as a whole, and to commercial and financial activities and systems in general, as indicated by the development of the global insurance capital standard by the IAIS to be applicable to internationally active insurance groups (“IAIGs”), as well as the NAIC’s adoption of the group capital calculation and liquidity stress test, each of which the Iowa Insurance Division (“IID”) has adopted and is now applicable to us. On February 6, 2024, the IID identified AGM as meeting the criteria as an IAIG and further identified Athene as the Head of the IAIG. As a result of these identifications, we expect Athene to be subject to the relevant capital standard that the U.S. applies to IAIGs. At this time, we do not expect a significant impact on Athene’s capital position or capital structure; however, we cannot fully predict with certainty the impact (if any) on Athene’s capital position or capital structure and any other burdens being named an IAIG may impose on Athene or its insurance affiliates.

Guaranty associations may also subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. These associations levy assessments, up to prescribed limits, on each member insurer doing business in a particular state on the basis of their proportionate share of the premiums written by all member insurers in the lines of business in which the impaired or insolvent insurer previously engaged. Most states limit assessments in any year to 2% of the insurer’s average annual premium for the three years preceding the calendar year in which the impaired insurer became impaired or insolvent. Although Athene has not historically paid material amounts in connection with these assessments, we cannot accurately predict the magnitude of such amounts in the future, or accurately predict which past or future insolvencies of other insurers could lead to such assessments. If material, such future assessments may have an adverse effect on our financial condition, results of operations, liquidity or cash flows and any liability we have previously established for these potential assessments may not be adequate. See also note 16 to the condensed consolidated financial statements.

We have been and may be the target or the subject of third-party litigation from time to time that could result in significant liabilities and/or reputational harm, which could have a material adverse effect on our results of operations, financial condition and liquidity.

The activities of our businesses, including the investment activities of the funds we manage and activities of our employees in connection with the funds, their portfolio companies, our insurance subsidiaries, as well as publicly listed vehicles we manage or sponsor may subject us and certain of our employees to the risk of litigation, including class actions, by third parties, including fund investors dissatisfied with the performance or management of such funds, holders of our or the funds’ portfolio companies’ debt or equity, policyholders of our retirement services business, public stockholders and a variety of other potential litigants. In general, we will be exposed to risk of litigation by our investors if our management of any fund is alleged to constitute bad faith, gross negligence, willful misconduct, fraud, willful or reckless disregard for our duties to the fund, breach of fiduciary duties or securities laws, or other forms of misconduct. If such allegations are made against our Board or management, Section 220 of the Delaware General Corporation Law (the “DGCL”) allows stockholders to access corporate books and records to investigate wrongdoing. Fund investors could sue us to recover amounts lost by the funds we manage due

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to our alleged misconduct, up to the entire amount of loss. Further, we may be subject to litigation arising from investor dissatisfaction with the performance of the funds we manage or from third-party allegations that we (i) improperly exercised control or influence over companies in which the funds we manage have large investments or (ii) are liable for actions or inactions taken by portfolio companies that such third parties argue we control. We are also exposed to risks of litigation or investigation relating to transactions that presented conflicts of interest that were not properly addressed. Our rights to indemnification by the funds we manage may not be upheld if challenged, and our indemnification rights generally do not cover bad faith, gross negligence, willful misconduct, fraud, willful or reckless disregard for our duties to the fund or other forms of misconduct. With many highly paid investment professionals and complex compensation and incentive arrangements, we face the risk of lawsuits relating to claims for compensation, which may individually or in the aggregate be significant in amount. We are also increasingly faced with the risk of litigation or investigation in relation to environmental, social and/or governance-related issues given the increasing scrutiny of such issues by investors, other stakeholders, regulators, and other third parties as well as due to the increasing disclosure obligations on our businesses, the funds we manage, and their portfolio companies. Such risks may relate to accusations concerning but not limited to: (i) the activities of portfolio companies, including environmental damage and violations of labor and human rights; (ii) misrepresentations of the investment strategies of the funds we manage as well as about our, the funds’, and their investments’ performance against environmental, social and/or governance-related measures and/or initiatives; or (iii) breaches of fiduciary duty in relation to the funds we manage and other violations of law related to the management of environmental, social and/or governance-related risks.

If any civil or criminal litigation brought against us were to result in a finding of substantial legal liability or culpability, the litigation could, in addition to any financial damage, cause significant reputational harm to us, which could seriously harm our business. In addition, we may not be able to obtain or maintain sufficient insurance on commercially reasonable terms or with adequate coverage levels against potential liabilities we may face in connection with potential claims, which could have a material adverse effect on our business.

In addition, our business has been, and may continue to be, the subject of litigation between third parties that could negatively impact us. For example, beginning in March 2024, a number of putative class actions were filed in federal courts in the U.S. against certain customers of Athene, in their respective capacities as plan sponsors, alleging violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) in connection with their transfer of pension obligations under defined benefit plans governed under ERISA and their purchase of pension group annuity (“PGA”) contracts from Athene. The lawsuits seek, inter alia, that defendants guarantee the annuities purchased from Athene and disgorge any profits earned from the transactions. Although Athene is not a named defendant, the lawsuits make several negative allegations about Athene and its business, which we believe to be untrue. Negative public perceptions of Athene and its business could adversely affect (and may have already adversely affected) its ability to attract and retain customers, which could have a material adverse effect on our business, results of operations, financial condition and cash flows. In addition, these lawsuits could lead to increased regulatory and governmental scrutiny of Athene’s business and the industry overall, and/or result in Athene becoming involved in these lawsuits or even being named as a defendant in future lawsuits related to its PGA business, which could result in additional expenses, adverse regulations and oversight, and/or additional reputational harm. These lawsuits could also spur similar copycat lawsuits, which could further impact Athene’s PGA business. To the extent that the inflows in Athene’s PGA business are negatively impacted by these lawsuits and any related regulatory and governmental scrutiny, Athene may seek to increase its inflows in its other distribution channels, including by issuing additional funding agreements within its institutional channel. However, there are no assurances that Athene would be successful in replacing any PGA inflows with inflows from other distribution channels or that such other inflows would result in comparable spreads.

ITEM 2.    UNREGISTERED SALE OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

Unregistered Sale of Equity Securities

On August 14, 2024, the Company issued 51,382 restricted shares under the 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles and 5,293 restricted shares under the 2019 Omnibus Equity Incentive Plan to certain holders of vested performance fee rights. The shares were issued in private placements in reliance on Regulation D or Section 4(a)(2) of the Securities Act.

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Issuer Purchases of Equity Securities

The following table sets forth information regarding repurchases of shares of common stock during the fiscal quarter ended September 30, 2024.

Period						Total number of shares of common stock purchased						Average price paid per share						Total number of shares of common stock purchased as part of publicly announced plans or programs1						Approximate dollar value of common stock that may yet be purchased under the plans or programs
July 1, 2024 through July 31, 2024
Opportunistic repurchases						—												—
Equity award-related repurchases2						—												—
Total						—						$	—					—						$	2,377,209,744
August 1, 2024 through August 31, 2024
Opportunistic repurchases						3,470,725												3,470,725
Equity award-related repurchases2						468,108												468,108
Total						3,938,833						$	105.53					3,938,833						$	1,961,537,827
September 1, 2024 through September 30, 2024
Opportunistic repurchases						554,000												554,000
Equity award-related repurchases2						—												—
Total						554,000						$	107.52					554,000						$	1,901,969,206
Total
Opportunistic repurchases						4,024,725												4,024,725
Equity award-related repurchases2						468,108												468,108
Total						4,492,833												4,492,833
1 On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Under the share repurchase program, repurchases may be of outstanding shares of common stock occurring from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The share repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended. The program may be suspended, extended, modified or discontinued at any time.
2 Represents repurchases of shares of common stock in order to offset the dilutive impact of share issuances under the Equity Plan including reductions of shares of common stock that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

During the three months ended September 30, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of AGM adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.    EXHIBITS

Exhibit Number						Exhibit Description
2.1						Agreement and Plan of Merger, dated as of March 8, 2021, by and among Apollo Global Management, Inc., Athene Holding Ltd., Tango Holdings, Inc., Blue Merger Sub, Ltd., and Green Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 to Apollo Asset Management, Inc.’s Form 8-K filed on March 8, 2021 (File No. 001-35107)).
3.1						Amended and Restated Certificate of Incorporation of Tango Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
3.2						Amendment to the Amended and Restated Certificate of Incorporation of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
3.3						Certificate of Designations of 6.75% Series A Mandatory Convertible Preferred Stock of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197)).
3.4						Amended and Restated Bylaws of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.3 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
4.1						Form of 6.75% Series A Mandatory Convertible Preferred Stock Certificate (included in Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197), which is incorporated by reference).
4.2						Indenture, dated as of August 23, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197)).
4.3						Form of 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197), which is incorporated by reference).
4.4						Indenture, dated as of November 13, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197)).
4.5						Form of 6.375% Senior Notes due 2033 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197), which is incorporated by reference).
4.6						Indenture, dated as of May 21, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197), which is incorporated by reference).
4.7						Form of 5.800% Senior Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197), which is incorporated by reference).
4.8						Indenture, dated as of October 10, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197), which is incorporated by reference).

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4.9						Form of 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197), which is incorporated by reference).
4.10						Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of any such instruments.
*31.1						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
*31.2						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
*32.1						Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
*32.2						Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101						Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and September 30, 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and September 30, 2023; (iv) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and September 30, 2023, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 30, 2023, and (vi) the Notes to the Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).

*			Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						Apollo Global Management, Inc.
						(Registrant)
Date: November 6, 2024			By:			/s/ Martin Kelly
						Name:			Martin Kelly
						Title:			Chief Financial Officer (principal financial officer and authorized signatory)

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