FALSE2024Q3000185868112-31http://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#GainLossOnInvestmentshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitiesP5YP5YP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesapo:investing_strategyapo:tierapo:positionxbrli:pureapo:extensionapo:dayapo:transactionapo:defendantapo:claimapo:segment00018586812024-01-012024-09-300001858681us-gaap:CommonStockMember2024-01-012024-09-300001858681us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001858681apo:SubordinatedNotesMember2024-01-012024-09-3000018586812024-11-040001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:RetirementServicesSegmentMember2024-09-300001858681apo:RetirementServicesSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-3100018586812024-09-3000018586812023-12-310001858681us-gaap:AssetManagement1Member2024-07-012024-09-300001858681us-gaap:AssetManagement1Member2023-07-012023-09-300001858681us-gaap:AssetManagement1Member2024-01-012024-09-300001858681us-gaap:AssetManagement1Member2023-01-012023-09-300001858681us-gaap:InvestmentAdviceMember2024-07-012024-09-300001858681us-gaap:InvestmentAdviceMember2023-07-012023-09-300001858681us-gaap:InvestmentAdviceMember2024-01-012024-09-300001858681us-gaap:InvestmentAdviceMember2023-01-012023-09-300001858681apo:AssetManagementSegmentMember2024-07-012024-09-300001858681apo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:AssetManagementSegmentMember2024-01-012024-09-300001858681apo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:ManagementServiceIncentiveMember2024-07-012024-09-300001858681us-gaap:ManagementServiceIncentiveMember2023-07-012023-09-300001858681us-gaap:ManagementServiceIncentiveMember2024-01-012024-09-300001858681us-gaap:ManagementServiceIncentiveMember2023-01-012023-09-300001858681apo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:RetirementServicesSegmentMember2023-01-012023-09-3000018586812024-07-012024-09-3000018586812023-07-012023-09-3000018586812023-01-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2023-06-300001858681us-gaap:PreferredStockMember2023-06-300001858681us-gaap:AdditionalPaidInCapitalMember2023-06-300001858681us-gaap:RetainedEarningsMember2023-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001858681us-gaap:ParentMember2023-06-300001858681us-gaap:NoncontrollingInterestMember2023-06-3000018586812023-06-300001858681us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001858681us-gaap:ParentMember2023-07-012023-09-300001858681us-gaap:PreferredStockMember2023-07-012023-09-300001858681us-gaap:RetainedEarningsMember2023-07-012023-09-300001858681us-gaap:CommonStockMember2023-07-012023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001858681us-gaap:CommonStockMember2023-09-300001858681us-gaap:PreferredStockMember2023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-09-300001858681us-gaap:RetainedEarningsMember2023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001858681us-gaap:ParentMember2023-09-300001858681us-gaap:NoncontrollingInterestMember2023-09-3000018586812023-09-300001858681us-gaap:CommonStockMember2022-12-310001858681us-gaap:PreferredStockMember2022-12-310001858681us-gaap:AdditionalPaidInCapitalMember2022-12-310001858681us-gaap:RetainedEarningsMember2022-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001858681us-gaap:ParentMember2022-12-310001858681us-gaap:NoncontrollingInterestMember2022-12-3100018586812022-12-310001858681us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001858681us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001858681us-gaap:RetainedEarningsMember2023-01-012023-09-300001858681us-gaap:ParentMember2023-01-012023-09-300001858681us-gaap:PreferredStockMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2023-01-012023-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001858681us-gaap:CommonStockMember2024-06-300001858681us-gaap:PreferredStockMember2024-06-300001858681us-gaap:AdditionalPaidInCapitalMember2024-06-300001858681us-gaap:RetainedEarningsMember2024-06-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001858681us-gaap:ParentMember2024-06-300001858681us-gaap:NoncontrollingInterestMember2024-06-3000018586812024-06-300001858681us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001858681us-gaap:ParentMember2024-07-012024-09-300001858681us-gaap:PreferredStockMember2024-07-012024-09-300001858681us-gaap:RetainedEarningsMember2024-07-012024-09-300001858681us-gaap:CommonStockMember2024-07-012024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001858681us-gaap:CommonStockMember2024-09-300001858681us-gaap:PreferredStockMember2024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-09-300001858681us-gaap:RetainedEarningsMember2024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001858681us-gaap:ParentMember2024-09-300001858681us-gaap:NoncontrollingInterestMember2024-09-300001858681us-gaap:CommonStockMember2023-12-310001858681us-gaap:PreferredStockMember2023-12-310001858681us-gaap:AdditionalPaidInCapitalMember2023-12-310001858681us-gaap:RetainedEarningsMember2023-12-310001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001858681us-gaap:ParentMember2023-12-310001858681us-gaap:NoncontrollingInterestMember2023-12-310001858681us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001858681us-gaap:CommonStockMember2024-01-012024-09-300001858681us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001858681us-gaap:ParentMember2024-01-012024-09-300001858681us-gaap:PreferredStockMember2024-01-012024-09-300001858681us-gaap:RetainedEarningsMember2024-01-012024-09-300001858681us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ConsolidatedEntityExcludingVieMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ConsolidatedEntityExcludingVieMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:USTreasuryAndGovernmentMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001858681us-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001858681us-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMember2024-06-300001858681us-gaap:NonrelatedPartyMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-07-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMember2023-06-300001858681us-gaap:NonrelatedPartyMember2023-07-012023-09-300001858681us-gaap:NonrelatedPartyMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2024-01-012024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ForeignGovernmentDebtMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:NonrelatedPartyMember2022-12-310001858681us-gaap:NonrelatedPartyMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2022-12-310001858681us-gaap:RelatedPartyMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2023-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:FundsHeldUnderReinsuranceAgreementsAssetMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMember2024-01-012024-09-300001858681us-gaap:MaturityUpTo30DaysMember2024-09-300001858681us-gaap:MaturityUpTo30DaysMember2023-12-310001858681apo:Maturity91To364DaysMember2024-09-300001858681apo:Maturity91To364DaysMember2023-12-310001858681apo:MaturityOneYearOrGreaterMember2024-09-300001858681apo:MaturityOneYearOrGreaterMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:ForeignGovernmentDebtMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300001858681us-gaap:AssetPledgedAsCollateralMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310001858681us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberapo:MortgageLoansMember2024-09-300001858681us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberapo:MortgageLoansMember2023-12-310001858681us-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMemberapo:MortgageLoansMember2024-09-300001858681us-gaap:CommercialPortfolioSegmentMemberapo:UnderDevelopmentMemberapo:MortgageLoansMember2023-12-310001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001858681apo:MortgageLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2024-09-300001858681apo:MortgageLoansMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001858681apo:MortgageLoansMember2024-09-300001858681apo:MortgageLoansMember2023-12-310001858681srt:ApartmentBuildingMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:ApartmentBuildingMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:OfficeBuildingMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:OfficeBuildingMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:IndustrialPropertyMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:IndustrialPropertyMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:HotelMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:HotelMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:RetailSiteMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:RetailSiteMemberus-gaap:CommercialLoanMember2023-12-310001858681srt:OtherPropertyMemberus-gaap:CommercialLoanMember2024-09-300001858681srt:OtherPropertyMemberus-gaap:CommercialLoanMember2023-12-310001858681us-gaap:CommercialLoanMember2024-09-300001858681us-gaap:CommercialLoanMember2023-12-310001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USEastNorthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USEastSouthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USMiddleAtlanticMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USMountainMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USMountainMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:NewEnglandMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USPacificMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USPacificMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USSouthAtlanticMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USWestNorthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:USWestSouthCentralMemberus-gaap:CommercialLoanMember2023-12-310001858681country:USus-gaap:CommercialLoanMember2024-09-300001858681country:USus-gaap:CommercialLoanMember2023-12-310001858681country:GBus-gaap:CommercialLoanMember2024-09-300001858681country:GBus-gaap:CommercialLoanMember2023-12-310001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2024-09-300001858681apo:InternationalOtherMemberus-gaap:CommercialLoanMember2023-12-310001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2024-09-300001858681us-gaap:NonUsMemberus-gaap:CommercialLoanMember2023-12-310001858681stpr:CAus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:CAus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:FLus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:FLus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:TXus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:TXus-gaap:ResidentialMortgageMember2023-12-310001858681stpr:NYus-gaap:ResidentialMortgageMember2024-09-300001858681stpr:NYus-gaap:ResidentialMortgageMember2023-12-310001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2024-09-300001858681apo:OtherUSStatesMemberus-gaap:ResidentialMortgageMember2023-12-310001858681country:USus-gaap:ResidentialMortgageMember2024-09-300001858681country:USus-gaap:ResidentialMortgageMember2023-12-310001858681country:GBus-gaap:ResidentialMortgageMember2024-09-300001858681country:GBus-gaap:ResidentialMortgageMember2023-12-310001858681apo:InternationalOtherMemberus-gaap:ResidentialMortgageMember2024-09-300001858681apo:InternationalOtherMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:NonUsMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:NonrelatedPartyMemberapo:EquityFundInvestmentsMember2024-09-300001858681us-gaap:NonrelatedPartyMemberapo:EquityFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:StrategicOriginationPlatformsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:StrategicOriginationPlatformsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:RetirementServicesPlatformsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:RetirementServicesPlatformsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:EquityFundInvestmentsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:EquityFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:CreditFundInvestmentsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:CreditFundInvestmentsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:OtherInvestmentMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:OtherInvestmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:StrategicOriginationPlatformsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:StrategicOriginationPlatformsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesPlatformsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesPlatformsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:EquityFundInvestmentsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:CreditFundInvestmentsMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:OtherInvestmentMemberus-gaap:NonrelatedPartyMember2023-12-310001858681us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001858681us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001858681apo:APGrangeHoldingsLLCMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:AtlasMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:FoxHedgeL.PMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2024-09-300001858681apo:WheelsMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2023-12-310001858681apo:ATTIncMemberapo:InvestmentConcentrationRiskMemberus-gaap:StockholdersEquityTotalMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681apo:ForeignCurrencyInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681apo:ForeignCurrencyInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681apo:ForwardsOnNetInvestmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681apo:ForwardsOnNetInvestmentsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001858681us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001858681us-gaap:StockOptionMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:StockOptionMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:ForeignExchangeFutureMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:ForeignExchangeFutureMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2023-12-310001858681apo:OtherSwapsMemberus-gaap:NondesignatedMember2024-09-300001858681apo:OtherSwapsMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-12-310001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:NondesignatedMember2024-09-300001858681apo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMemberus-gaap:NondesignatedMember2023-12-310001858681apo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMemberus-gaap:NondesignatedMember2024-09-300001858681apo:EmbeddedDerivativesFinancialInstrumentsInterestSensitiveContractLiabilitiesMemberus-gaap:NondesignatedMember2023-12-310001858681us-gaap:NondesignatedMember2024-09-300001858681us-gaap:NondesignatedMember2023-12-310001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2024-01-012024-09-300001858681us-gaap:InterestRateSwapMemberapo:AtheneHoldingLimitedMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberapo:InterestSensitiveContractLiabilitiesMember2023-12-310001858681us-gaap:ForeignExchangeForwardMember2024-07-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:CurrencySwapMember2024-07-012024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2024-07-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMember2024-07-012024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2024-07-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2024-07-012024-09-300001858681us-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:CurrencySwapMember2023-07-012023-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2023-07-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMember2023-07-012023-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2023-07-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2023-07-012023-09-300001858681us-gaap:ForeignExchangeForwardMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:CurrencySwapMember2024-01-012024-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2024-01-012024-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2024-01-012024-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2024-01-012024-09-300001858681us-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001858681us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:CurrencySwapMember2023-01-012023-09-300001858681us-gaap:CurrencySwapMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-09-300001858681us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMember2023-01-012023-09-300001858681us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMember2023-01-012023-09-300001858681apo:ForeignCurrencyInterestRateSwapInterestSensitiveContractBenefitsMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2024-07-012024-09-300001858681us-gaap:NetInvestmentHedgingMember2023-07-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2024-01-012024-09-300001858681us-gaap:NetInvestmentHedgingMember2023-01-012023-09-300001858681us-gaap:NetInvestmentHedgingMember2023-01-012023-12-310001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:StockOptionMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeFutureMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:CurrencySwapMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMemberapo:EmbeddedDerivativesFinancialInstrumentsFundsWithheldIncludingRelatedPartyMember2023-01-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMember2024-07-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMember2023-07-012023-09-300001858681us-gaap:InvestmentIncomeExpenseMember2024-01-012024-09-300001858681us-gaap:InvestmentIncomeExpenseMember2023-01-012023-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2024-07-012024-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2023-07-012023-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2024-01-012024-09-300001858681apo:InterestSensitiveContractBenefitsMemberapo:EmbeddedDerivativesFinancialInstrumentsIndexedAnnuityProductsMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RevolvingCreditFacilityMemberapo:AssetManagementSegmentMember2023-01-012023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-09-300001858681us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310001858681apo:InvestmentFundsMember2024-09-300001858681apo:InvestmentFundsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMember2023-12-310001858681us-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasurementsRecurringMemberapo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:AssetManagementSegmentMember2023-12-310001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2024-09-300001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2024-09-300001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputTerminalCapitalizationRateMemberapo:ValuationTechniqueDirectCapitalizationMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMemberapo:AssetManagementSegmentMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2023-12-310001858681srt:WeightedAverageMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberapo:ValuationTechniqueDividendDiscountModelMember2023-12-310001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberus-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:BondsMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:ValuationTechniqueAdjustedTransactionValueMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberapo:MeasurementInputImpliedMultipleMemberapo:ValuationTechniqueNetTangibleAssetsValuesMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputImpliedMultipleMemberapo:ValuationTechniqueNetTangibleAssetsValuesMember2023-12-310001858681srt:MinimumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681srt:MaximumMemberapo:AssetManagementSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputVolatilityRateMemberapo:ValuationTechniqueOptionModelMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberapo:RetirementServicesSegmentMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MinimumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:MaximumMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681srt:WeightedAverageMemberapo:RetirementServicesSegmentMemberus-gaap:FairValueInputsLevel3Memberapo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-06-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AssetManagementSegmentMember2024-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:RetirementServicesSegmentMember2024-06-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-06-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-06-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-06-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-06-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-06-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-09-300001858681apo:AssetManagementSegmentMember2023-06-300001858681apo:AssetManagementSegmentMember2023-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:RetirementServicesSegmentMember2023-06-300001858681apo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-06-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2022-12-310001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:InvestmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681apo:AssetManagementSegmentMember2022-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsAssetsMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ShortTermInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:RelatedPartyMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:ReinsuranceRecoverableMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:LoansReceivableMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberapo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:OtherInvestmentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:RetirementServicesSegmentMember2022-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2022-12-310001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-09-300001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:UniversalLifeMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:AmerUsClosedBlockMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2022-12-310001858681apo:ILICOClosedBlockMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2022-12-310001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:ContingentConsiderationMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentsAndDerivativeAssetsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:DebtSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:CollateralizedLoanObligationsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:RelatedPartyMemberus-gaap:DebtSecuritiesMemberus-gaap:AssetBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InterestSensitiveContractLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MortgageBackedSecuritiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:InvestmentFundsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:FuturePolicyBenefitsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OtherLiabilitiesMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681apo:CommercialMortgageMember2024-09-300001858681apo:CommercialMortgageMember2023-12-310001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2024-09-300001858681us-gaap:GovernmentGuaranteedCollateralMemberus-gaap:ResidentialMortgageMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NonrelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RelatedPartyMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesMember2023-12-310001858681apo:IndexedAnnuitiesMember2023-12-310001858681apo:FundingAgreementsMember2023-12-310001858681apo:OtherInvestmentTypesMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesMember2024-01-012024-09-300001858681apo:IndexedAnnuitiesMember2024-01-012024-09-300001858681apo:FundingAgreementsMember2024-01-012024-09-300001858681apo:OtherInvestmentTypesMember2024-01-012024-09-300001858681apo:TraditionalDeferredAnnuitiesMember2024-09-300001858681apo:IndexedAnnuitiesMember2024-09-300001858681apo:FundingAgreementsMember2024-09-300001858681apo:OtherInvestmentTypesMember2024-09-300001858681apo:TraditionalDeferredAnnuitiesMember2022-12-310001858681apo:IndexedAnnuitiesMember2022-12-310001858681apo:FundingAgreementsMember2022-12-310001858681apo:OtherInvestmentTypesMember2022-12-310001858681apo:TraditionalDeferredAnnuitiesMember2023-01-012023-09-300001858681apo:IndexedAnnuitiesMember2023-01-012023-09-300001858681apo:FundingAgreementsMember2023-01-012023-09-300001858681apo:OtherInvestmentTypesMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesMember2023-09-300001858681apo:IndexedAnnuitiesMember2023-09-300001858681apo:FundingAgreementsMember2023-09-300001858681apo:OtherInvestmentTypesMember2023-09-300001858681us-gaap:IndexedAnnuityMember2023-12-310001858681us-gaap:IndexedAnnuityMember2024-01-012024-09-300001858681us-gaap:IndexedAnnuityMember2024-09-300001858681us-gaap:IndexedAnnuityMember2022-12-310001858681us-gaap:IndexedAnnuityMember2023-01-012023-09-300001858681us-gaap:IndexedAnnuityMember2023-09-300001858681us-gaap:RelatedPartyMember2023-01-012023-09-300001858681apo:ReconcilingItemsMember2024-09-300001858681apo:ReconcilingItemsMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMemberus-gaap:VariableAnnuityMembersrt:MinimumMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2024-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2024-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Membersrt:MaximumMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To2000Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0400Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Memberus-gaap:VariableAnnuityMembersrt:MaximumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0600Member2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMemberus-gaap:VariableAnnuityMembersrt:MinimumMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Memberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMemberapo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681apo:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0600AndGreaterMember2023-09-300001858681us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0100Member2023-09-300001858681apo:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0100AndGreaterMember2023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-12-310001858681us-gaap:WholeLifeInsuranceMember2023-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2024-01-012024-09-300001858681us-gaap:WholeLifeInsuranceMember2024-01-012024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2024-01-012024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2024-09-300001858681us-gaap:WholeLifeInsuranceMember2024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2024-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2022-12-310001858681us-gaap:WholeLifeInsuranceMember2022-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2022-12-310001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-01-012023-09-300001858681us-gaap:WholeLifeInsuranceMember2023-01-012023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-01-012023-09-300001858681us-gaap:AociLiabilityForFuturePolicyBenefitParentMemberapo:PayoutAnnuitiesWithLifeContingenciesMember2023-01-012023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesMember2023-09-300001858681us-gaap:WholeLifeInsuranceMember2023-09-300001858681apo:PayoutAnnuitiesWithLifeContingenciesAndWholeLifeInsuranceMember2023-09-300001858681apo:ReconcilingItemsMember2024-01-012024-09-300001858681apo:ReconcilingItemsMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-12-310001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2024-01-012024-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2024-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2022-12-310001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-01-012023-09-300001858681apo:TraditionalDeferredAnnuitiesAndIndexedAnnuitiesMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputNonperformanceRiskMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputOptionBudgetMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681apo:MeasurementInputSurrenderRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2023-09-300001858681us-gaap:MeasurementInputUtilizationRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2023-09-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentySixSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentySixSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyNineSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandTwentyNineSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:A265TwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:A265TwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyThreeNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFortyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFortyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftySubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandFiftySubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyThreeSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandFiftyThreeSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyTwoSecuredBorrowingIIMemberus-gaap:SecuredDebtMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandThirtyTwoSecuredBorrowingIIMemberus-gaap:SecuredDebtMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandSixteenAMITermFacilityIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:TwoThousandSixteenAMITermFacilityIIMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:TwoThousandTwentyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandTwentyEightSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:A615DueTwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:A615DueTwoThousandThirtySeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandThirtyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyThreeSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandThirtyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandThirtyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyOneSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyTwoSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandFiftyTwoSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandFiftyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AssetManagementSegmentMember2023-01-012023-12-310001858681apo:SeniorNotesDue2054Memberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-210001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-302024-05-300001858681apo:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMemberapo:AssetManagementSegmentMember2024-05-300001858681apo:FixedRateResettableJuniorSubordinatedNotesDue2054Memberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:AssetManagementSegmentMember2024-12-310001858681apo:FixedRateResettableJuniorSubordinatedNotesDue2054Memberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:AssetManagementSegmentMember2024-10-012024-12-310001858681us-gaap:SeniorNotesMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-03-310001858681apo:TwoThousandSixtyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMemberapo:RetirementServicesSegmentMember2024-01-012024-03-310001858681apo:TwoThousandFiftyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:RetirementServicesSegmentMember2024-12-310001858681apo:TwoThousandFiftyFourSubordinatedNotesMemberus-gaap:SubordinatedDebtMembersrt:ScenarioForecastMemberapo:RetirementServicesSegmentMember2024-10-012024-12-310001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-09-300001858681apo:AMHCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-10-120001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-06-302023-06-300001858681apo:AHLCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-06-300001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2023-12-310001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-06-282024-06-280001858681apo:AHLLiquidityFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberapo:RetirementServicesSegmentMember2024-06-280001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MinimumMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:MaximumMember2024-01-012024-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2024-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMember2023-07-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2021-12-012021-12-310001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsServiceGrantsMembersrt:PresidentMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsPerformanceGrantsMembersrt:PresidentMember2023-01-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2023-12-310001858681us-gaap:RestrictedStockMember2024-01-012024-09-300001858681us-gaap:RestrictedStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockMember2024-07-012024-09-300001858681us-gaap:RestrictedStockMember2023-07-012023-09-3000018586812022-01-0300018586812023-02-2100018586812024-02-080001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsAndOptionsMemberus-gaap:CommonStockMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsAndShareOptionsMemberus-gaap:CommonStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-3000018586812024-04-012024-06-300001858681us-gaap:SeriesAPreferredStockMember2023-08-112023-08-110001858681us-gaap:SeriesAPreferredStockMember2023-08-110001858681us-gaap:SeriesAPreferredStockMember2023-10-312023-10-310001858681us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001858681us-gaap:SeriesAPreferredStockMembersrt:MinimumMember2023-08-110001858681us-gaap:SeriesAPreferredStockMembersrt:MaximumMember2023-08-110001858681srt:ScenarioForecastMember2025-01-012025-03-310001858681srt:ScenarioForecastMember2026-01-012026-03-310001858681us-gaap:SubsequentEventMember2024-11-0600018586812023-01-012023-03-3100018586812023-04-012023-06-3000018586812023-10-012023-12-3100018586812023-01-012023-12-3100018586812024-01-012024-03-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-07-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-07-012024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-07-012024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-07-012024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-06-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-06-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-06-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-07-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-07-012023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-07-012023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-07-012023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2024-01-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-01-012024-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2024-01-012024-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2024-01-012024-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2022-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2022-12-310001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2022-12-310001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2022-12-310001858681us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2023-01-012023-09-300001858681us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-01-012023-09-300001858681us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001858681apo:RemeasurementGainLossOnFuturePolicyBenefitsRelatedToDiscountRateMember2023-01-012023-09-300001858681apo:RemeasurementGainLossOnMarketRiskBenefitsRelatedToCreditRiskMember2023-01-012023-09-300001858681us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2024-07-012024-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2023-07-012023-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2024-01-012024-09-300001858681apo:RestrictedStockUnitsRSUsUnvestedMember2023-01-012023-09-300001858681us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001858681us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001858681us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001858681us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001858681us-gaap:WarrantMember2024-07-012024-09-300001858681us-gaap:WarrantMember2023-07-012023-09-300001858681us-gaap:WarrantMember2024-01-012024-09-300001858681us-gaap:WarrantMember2023-01-012023-09-300001858681us-gaap:PreferredStockMember2024-07-012024-09-300001858681us-gaap:PreferredStockMember2023-07-012023-09-300001858681us-gaap:PreferredStockMember2024-01-012024-09-300001858681us-gaap:PreferredStockMember2023-01-012023-09-300001858681us-gaap:RestrictedStockMember2024-07-012024-09-300001858681us-gaap:RestrictedStockMember2023-07-012023-09-300001858681us-gaap:RestrictedStockMember2024-01-012024-09-300001858681us-gaap:RestrictedStockMember2023-01-012023-09-300001858681apo:InvestmentFundsMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:InvestmentFundsMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:PortfolioCompaniesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:PortfolioCompaniesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AssetManagementSegmentMember2024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AssetManagementSegmentMember2023-12-310001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2024-09-300001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2023-12-310001858681apo:InvestmentFundsMemberapo:SaleOfInvestmentMember2024-01-012024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AOGUnitPaymentMember2024-09-300001858681apo:FormerManagingPartnersAndContributingPartnersMemberapo:AOGUnitPaymentMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:TaxReceivableAgreementMember2022-01-010001858681apo:TaxReceivableAgreementMember2022-01-010001858681us-gaap:RelatedPartyMemberapo:AOGUnitHoldersMember2021-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:InterestBearingEmployeeLoansMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:InterestBearingEmployeeLoansMember2023-12-310001858681apo:EmployeesAndFormerEmployeesMemberapo:EmployeeLoansProfitSharingDistributionsMember2024-09-300001858681apo:EmployeesAndFormerEmployeesMemberapo:EmployeeLoansProfitSharingDistributionsMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:IndemnificationLiabilityMember2024-09-300001858681us-gaap:RelatedPartyMemberapo:IndemnificationLiabilityMember2023-12-310001858681us-gaap:RelatedPartyMemberapo:EquityCommitmentsMember2024-09-300001858681apo:ApolloStrategicGrowthCapitalIIAndAcropolisInfrastructureAcquisitionCorpMember2023-10-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:ApolloAlignedAlternativesAggregatorLPMember2024-01-012024-09-300001858681apo:AthoraHoldingLtdAthoraMember2024-01-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:FundingAgreementsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:FundingAgreementsMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AthoraHoldingLtdAthoraMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMember2023-12-310001858681apo:AtheneMemberapo:AtlasMember2024-01-012024-09-300001858681apo:AtheneMemberapo:AtlasMember2023-01-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:AtlasMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:ApolloRoseIIMemberapo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMember2024-07-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMemberapo:ReinsuranceAgreementMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:CatalinaMemberapo:ReinsuranceAgreementMember2023-12-310001858681apo:AtheneMemberapo:PKAirMemberapo:PKAirSeniorNotesMember2024-01-012024-09-300001858681apo:AtheneMemberapo:PKAirMemberapo:PKAirSeniorNotesMember2023-01-012023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:PKAirMemberapo:AdditionalInvestmentsMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMemberapo:CoinsuranceAndModcoAgreementMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMemberapo:CoinsuranceAndModcoAgreementMember2023-12-310001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-07-010001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-07-012023-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:VenerableInsuranceAndAnnuityCompanyMember2023-04-012023-06-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:LoansReceivableFromRelatedPartyMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:LoansReceivableFromRelatedPartyMember2023-12-310001858681apo:AtheneMemberapo:LoansReceivableFromRelatedPartyMember2024-01-012024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:WheelsIncMember2024-09-300001858681apo:AtheneMemberus-gaap:RelatedPartyMemberapo:WheelsIncMember2023-12-310001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtdMemberapo:AtheneLifeReLtdMembersrt:SubsidiariesMember2024-09-300001858681srt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-09-300001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:ApolloAtheneDedicatedInvestmentProgramsMembersrt:SubsidiariesMemberus-gaap:SubsequentEventMember2024-10-010001858681apo:AtheneCoInvestReinsuranceAffiliateHoldingLtd2Memberapo:AtheneLifeReLtdMembersrt:SubsidiariesMemberus-gaap:SubsequentEventMember2024-10-010001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-07-012024-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2023-07-012023-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2024-01-012024-09-300001858681apo:AtheneMembersrt:SubsidiariesMemberapo:ApolloAtheneDedicatedInvestmentProgramsMember2023-01-012023-09-300001858681apo:InvestmentCommitmentMember2024-09-300001858681apo:AdditionalInvestmentsMember2024-01-012024-09-300001858681apo:UnderwritingCommitmentsMemberapo:AGSMember2024-09-300001858681apo:ApolloCapitalMarketsPartnershipMemberapo:SumitomoMitsuiBankingCorpMember2024-09-300001858681apo:StoneTowerMember2024-09-300001858681apo:StoneTowerMember2023-12-310001858681apo:GriffinCapitalAssetManagementBusinessMemberus-gaap:FairValueMeasurementsRecurringMemberapo:AssetManagementSegmentMember2024-04-012024-06-300001858681apo:FederalHomeLoanBankMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FederalHomeLoanBankMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:FundingAgreementBackedNotesMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FundingAgreementBackedNotesMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:FundingAgreementBackedRepurchaseAgreementMemberapo:AtheneHoldingLimitedMember2024-09-300001858681apo:FundingAgreementBackedRepurchaseAgreementMemberapo:AtheneHoldingLimitedMember2023-12-310001858681apo:AtheneHoldingLimitedMember2024-09-300001858681apo:AtheneHoldingLimitedMember2023-12-310001858681apo:AtheneHoldingLimitedMemberus-gaap:LetterOfCreditMember2024-09-300001858681apo:AtlasMember2024-09-300001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Member2017-12-212017-12-210001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Memberapo:ConsultantMemberapo:SkyTerraMember2020-06-082020-06-080001858681apo:HarbingerCapitalPartnersIILPEtAlVApolloGlobalManagementLLCEtAlNo6575152017Membersrt:ExecutiveOfficerMemberapo:SkyTerraMember2020-06-082020-06-080001858681apo:FrankFundsVApolloGlobalManagementMemberapo:OfficersAndEmployeesMember2020-03-012020-03-310001858681apo:DistrictOfNevadaV.PlayAGSInc.Membersrt:DirectorMember2020-08-042020-08-040001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2020-08-042020-08-040001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2022-12-022022-12-020001858681apo:DistrictOfNevadaV.PlayAGSInc.Member2024-09-300001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2023-08-172023-08-170001858681apo:AnguillaSocialSecurityBoardVsBlackEtAlMember2024-09-300001858681apo:AGMStockholderAgreementComplaintMember2024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:AssetManagement1Memberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberus-gaap:InvestmentAdviceMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMember2024-07-012024-09-300001858681us-gaap:OperatingSegmentsMember2023-07-012023-09-300001858681us-gaap:OperatingSegmentsMember2024-01-012024-09-300001858681us-gaap:OperatingSegmentsMember2023-01-012023-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:AssetManagementSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:RetirementServicesSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2024-09-300001858681us-gaap:OperatingSegmentsMemberapo:PrincipalInvestingSegmentMember2023-12-310001858681us-gaap:OperatingSegmentsMember2024-09-300001858681us-gaap:OperatingSegmentsMember2023-12-310001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberus-gaap:AssetManagement1Memberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:AssetManagementSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2024-07-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2023-07-012023-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2024-01-012024-09-300001858681us-gaap:MaterialReconcilingItemsMemberapo:RetirementServicesSegmentMember2023-01-012023-09-300001858681us-gaap:MaterialReconcilingItemsMember2024-09-300001858681us-gaap:MaterialReconcilingItemsMember2023-12-310001858681us-gaap:SubsequentEventMember2024-11-052024-11-05

目錄表

美國

證券交易委員會

華盛頓特區，20549

  

形式 10-Q  

(標記一)

☒			根據1934年《證券交易法》第13或15(D)條規定的季度報告

截至本季度末2024年9月30日 或

☐			根據1934年證券交易法第13或15（d）條提交的過渡報告

的過渡期                    至                    

委員會文件號： 001-41197

阿波羅全球管理公司。

(註冊人的確切姓名載於其章程) 

特拉華州						86-3155788
(註冊成立或組織的國家或其他司法管轄區)						(國際稅務局僱主身分證號碼)

西57街9號, 42樓

紐約, 紐約 10019

(主要行政辦公室地址)(郵政編碼)

(212) 515-3200

(註冊人的電話號碼，包括區號)

根據該法第12(B)條登記的證券：

每個班級的標題

交易代碼

註冊的每個交易所的名稱

普通股

APO

紐約證券交易所

6.75% A系列強制性可轉換優先股

APO.PRA

紐約證券交易所

2053年到期的7.625%定息重置次級票據

APOS

紐約證券交易所

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短時間內)提交了1934年《證券交易法》第13或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。   是 x   不是 ☐

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。    是 x   不是 ☐

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。見《交易法》第12b-2條中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。

大型加速文件服務器 x

加速的文件服務器☐

非加速文件服務器☐

規模較小的報告公司

☐

新興成長型公司

☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120億.2條）。 是的 不是 x

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

---

目錄表

			目錄
第I部分			財務信息
第1項。			財務報表			11
第1A項。			未經審計的財務狀況報表補充陳述			99
第二項。			管理層對財務狀況和經營成果的探討與分析			103
第三項。			關於市場風險的定量和定性披露			160
第四項。			控制和程序			161
第II部			其他信息
第1項。			法律訴訟			163
項目1A.			風險因素			163
第二項。			股權證券的未登記銷售、所得款項的使用和發行人購買股權證券			165
第三項。			高級證券違約			166
第四項。			煤礦安全信息披露			166
第5項。			其他信息			166
第6項。			陳列品			167
簽名

2

---

目錄表

前瞻性陳述

本報告可能包含符合修訂後的1933年證券法第27A條(「證券法」)和修訂後的1934年證券交易法(「交易法」)第21E節的前瞻性陳述。這些陳述包括但不限於與阿波羅對其業務表現、流動性和資本資源的預期有關的討論，以及討論和分析中的其他非歷史性陳述。這些前瞻性陳述是基於管理層的信念，以及管理層所做的假設和目前可獲得的信息。在本報告中使用的「相信」、「預期」、「估計」、「預期」、「打算」、「目標」或未來或條件動詞，如「將」、「應該」、「可能」或「可能」，以及這些詞語和類似表達的變體，旨在識別前瞻性陳述。儘管管理層認爲這些前瞻性陳述中反映的預期是合理的，但它不能保證這些預期將被證明是正確的。這些陳述受某些風險、不確定性和假設的影響，包括與通貨膨脹、利率波動和市場狀況有關的風險，能源市場混亂的影響，我們管理增長的能力，我們在競爭激烈的環境中運營的能力，我們管理的基金的表現，我們籌集新資金的能力，我們收入、收益和現金流的可變性，管理層假設和估計的準確性，我們對某些關鍵人員的依賴，我們使用槓桿爲我們的業務和我們管理的基金的投資融資，雅典娜保持或改善財務實力評級的能力，雅典娜的再保險公司未能履行其承擔的義務的影響、雅典娜在高度監管的行業中管理其業務的能力、我們監管環境和稅收狀況的變化以及訴訟風險等。我們相信，這些因素包括但不限於本季度報告中「風險因素」一節以及公司於2024年2月27日提交給美國證券交易委員會(「美國證券交易委員會」)的10-k表格年度報告(「2023年年報」)中所描述的那些因素，因爲此類因素可能會在我們提交給美國證券交易委員會的定期報告中不時更新，可在美國證券交易委員會網站www.sec.gov上查閱。這些因素不應被解釋爲詳盡無遺，應與本報告和我們提交給美國證券交易委員會的其他文件中包含的其他警示聲明一起閱讀。我們沒有義務公開更新任何前瞻性陳述，無論是由於新信息、未來發展還是其他原因，除非適用法律要求。

本報告中使用的術語

在本報告中，提及的「Apollo」、「我們」、「我們的」和「公司」是指Apollo Global Management，Inc.。（「年度股東大會」）及其子公司，除非文意另有所指。提及的「年度股東大會普通股」或公司「普通股」是指年度股東大會的普通股，每股面值0.00001美元，「強制性可轉換優先股」是指年度股東大會的6.75%系列A強制性可轉換優先股。

本報告中使用的任何定義的術語都指的是一個以上的實體、個人、證券或其他物品，這僅僅是爲了方便參考，絕不意味着這些實體、個人、證券或其他物品是一個難以區分的群體。例如，儘管在本報告中使用了定義術語「阿波羅」、「我們」、「我們」和「公司」來指代年度股東大會及其子公司，但年度股東大會的每個子公司都是獨立的法律實體，獨立於年度股東大會及其任何其他子公司。本文提及的任何年度股東大會實體(包括任何雅典娜實體)均對其自身的財務、合同和法律義務負責。

術語或首字母縮寫			定義
AAA級			Apollo Aligned Alternatives Aggregator，LP
AADE			雅典娜年金和人壽保險公司
AAIA			雅典娜年金和人壽公司
AAM			阿波羅資產管理公司（f/k/a Apollo Global Management，Inc.合併之前。）
Aare			Athene Annuity Re Ltd.，百慕大再保險子公司
ABS			資產支持證券
雅閣+			阿波羅雅閣+基金，LP，以及其平行基金和另類投資工具
Accord+ II			阿波羅雅閣+ II基金，LP，以及其平行基金和另類投資工具
雅閣一			阿波羅雅閣主基金，LP，連同其支線基金
協議II			阿波羅雅閣主基金II，LP，連同其支線基金
協議ⅲ			阿波羅雅閣主基金III，LP，連同其支線基金
協議III B			阿波羅雅閣主基金III b，LP，連同其支線基金
協議四			阿波羅雅閣基金IV，LP，以及其平行基金和另類投資工具
雅閣五			阿波羅雅閣基金V，LP，以及其平行基金和另類投資工具

3

---

目錄表

協議六			阿波羅雅閣基金VI，LP，以及其平行基金和另類投資工具
雅閣基金			協議一、協議二、協議三、協議三b、協議四、協議五和協議六
雅閣+基金			Accord+和Accord+ II
ACRA			ACRA 1和ACRA 2
ACRA 1			雅典娜共同投資再保險附屬控股有限公司，連同其附屬公司
ACRA 2			雅典娜聯合投資再保險附屬控股2有限公司，連同其附屬公司
ADCF			阿波羅多元化信貸基金
ADIP			ADIP I和ADIP II
ADIP I			阿波羅/雅典娜專用投資計劃（A），LP，Apollo管理的一系列基金及其平行基金，包括第三方資本，該基金通過ACRA 1與Athene一起投資某些投資
ADIP II			阿波羅/雅典娜專用投資計劃II，LP，由Apollo管理的基金，包括第三方資本，該基金通過ACRA 2與Athene一起投資某些投資
調整後淨利潤已發行股份，或ANI已發行股份			由已發行普通股股份總數、參與股息的RSU以及假設在轉換強制性可轉換優先股股份後可發行的普通股股份組成
ADref			阿波羅多元化房地產基金
廣告			阿波羅債務解決方案BDS
AFS			可供出售
船尾			阿波羅高級浮動利率基金公司
AIF			阿波羅戰術收益基金公司
AIOF I			Apollo Infra Equity US Fund，LP和Apollo Infra Equity International Fund，LP包括其支線基金和另類投資工具
AIOF II			阿波羅基礎設施機會基金II，LP，以及其平行基金和另類投資工具
AIOF III			阿波羅基礎設施機會基金III，LP，以及其平行基金和另類投資工具
ALRe			雅典娜人壽保險有限公司，百慕大再保險子公司
另類投資			另類投資，包括投資基金、VIE和某些股權證券，因其基本特徵
AMH			Apollo Management Holdings，L.P.，特拉華州的一家有限合夥企業，是AGM的間接子公司
ANRP I			阿波羅自然資源合夥公司及其另類投資工具
ANRP II			Apollo Natural Resources Partners II，L.P.及其另類投資工具
ANRP III			Apollo Natural Resources Partners III，L.P.及其平行基金和另類投資工具
AOCI			累計其他綜合收益(虧損)
AOG單價支付			於2021年12月31日，阿波羅營運集團(「AOG單位」)(雅典娜及本公司除外)的單位持有人將該等AOG單位的一部分出售及轉讓予本公司的全資綜合附屬公司APO Corp.，換取的金額相當於3.66美元乘以該等持有人於緊接交易前持有的AOG單位總數。
阿波羅基金、我們的基金和對我們管理的基金的引用			阿波羅子公司爲其提供投資管理或諮詢服務的基金(包括平行基金和這類基金的另類投資工具)、合夥企業、帳戶，包括戰略投資帳戶或「SIAs」、另類資產公司和其他實體。
阿波羅運營組			(I)我們目前通過其經營資產管理業務的實體，以及(Ii)一個或多個實體，其目的是(除其他活動外)持有我們在基金的本金投資的某些收益或損失，我們將其稱爲我們的「本金投資」。
阿里			阿波羅商業房地產金融公司。
Aris			阿波羅房地產收入解決方案公司，由Apollo管理的非交易房地產投資信託

4

---

目錄表

管理下的資產，或AUM			Apollo向其提供投資管理、諮詢或某些其他投資相關服務的基金、合夥企業和帳戶的資產，包括但不限於此類基金、合夥企業和帳戶根據資本承諾有權向投資者募集的資本。我們的AUM等於： 1.我們爲其提供投資管理或諮詢服務的信貸和某些股權基金、合夥企業和帳戶的資產淨值，加上已使用或可用的槓桿和/或資本承諾，或總資產加上資本承諾，但某些CLO、CDO和某些永久資本工具除外，其收費基礎不同於標的資產的市值；對於某些永久資本工具，信貸中的資產總額加上可用的融資能力； 2.阿波羅管理或諮詢的股權和某些信貸資金、合夥企業和帳戶的投資的公允價值，加上這些基金、合夥企業和帳戶根據資本承諾有權向投資者募集的資本，以及投資組合層面的融資； 3.與阿波羅管理或提供諮詢的投資組合公司的再保險投資有關的總資產價值；以及 4.阿波羅爲其提供投資管理、諮詢或某些其他與投資有關的服務的基金、合夥企業和帳戶所管理或提供諮詢的任何其他資產的公允價值，以及未使用的信貸安排，包括對此類基金、合夥企業和帳戶的資本承諾，以及在投資前可能需要資格預審或其他條件的投資，以及對此類基金、合夥企業和帳戶的任何其他可供投資的資本承諾，但不包括在上述條款中。 阿波羅的AUM指標包括阿波羅象徵性收費或零收費的管理資產。阿波羅的AUM指標還包括阿波羅沒有投資自由裁量權的資產，包括阿波羅只賺取與投資相關的服務費、而不是管理或諮詢費的某些資產。Apollo對AUM的定義不是基於其管理文件或Apollo管理的基金的任何管理協議中所載的管理下資產的任何定義。阿波羅考慮了多種因素，以確定應該在其AUM定義中包括什麼。這些因素包括但不限於(1)阿波羅影響現有和可用資產投資決策的能力；(2)阿波羅從其管理的基金中的標的資產產生收入的能力；以及(3)阿波羅內部使用或相信其他投資經理使用的AUM衡量標準。鑑於其他另類投資管理公司的投資策略和結構不同，Apollo對AUM的計算可能與其他投資管理公司採用的計算方法不同，因此，這一衡量標準可能無法與其他投資管理公司提出的類似衡量標準直接比較。阿波羅的計算也與其在美國證券交易委員會註冊的關聯公司在Form ADV和Form PF上以各種方式報告「管理下的監管資產」的方式不同。 阿波羅使用AUM、總資本部署和乾粉作爲其投資活動的業績衡量標準，並監測與專業資源和基礎設施需求相關的基金規模。
雅典娜			雅典娜控股有限公司(「雅典娜控股」或「AHL」，連同其子公司「雅典娜」)，是一家專業從事退休服務的領先金融服務公司，發行、再保險和收購退休儲蓄產品，專爲尋求爲退休需求提供資金的越來越多的個人和機構而設計，阿波羅通過其合併子公司ISG向其提供資產管理和諮詢服務。
阿索拉			Athora Holding，Ltd.(「Athora Holding」，及其子公司「Athora」)，這是一個戰略責任平台，收購或再保險德國和更廣泛的歐洲人壽保險市場的大量保險業務(統稱爲「Athora Account」)。阿波羅通過ISGI向Athora提供投資諮詢服務。Athora非次級諮詢資產包括由Apollo管理但不由Apollo提供次級諮詢，也不投資於Apollo基金或投資工具的Athora資產。Athora Sub-Advised包括本公司明確建議的資產，以及Athora帳戶中直接投資於Apollo管理的基金和投資工具的資產。
Atlas			AAA的股權投資，指阿特拉斯證券化產品控股有限公司的某些子公司
具有未來管理費潛力的AUM			承諾的未投資資本部分，目前沒有賺取管理費。金額取決於每個基金的具體條款和條件。
AUSA			雅典娜美國公司
百慕大紅細胞			Athene的非美國再保險子公司的基於風險的資本比率使用百慕大資本計算，並在總體基礎上應用NAIC基於風險的資本因素。調整的目的是(1)排除Athene的美國RBC比率中包含的美國子公司，以及(2)限制RBC濃縮費用，使其在用於確定目標資本時，費用不超過資產賬面價值的100%。
BMA			百慕大金融管理局
資本解決方案費用和其他，淨額			主要包括我們的資本解決方案業務（我們稱之爲Apollo Capital Solutions（「ACS」））賺取的交易費，該業務涉及債務和股權證券的承銷、結構、安排和放置，以及Apollo管理的基金的辛迪加、Apollo管理的基金的投資組合公司以及第三方。資本解決方案費用和其他淨費用還包括持續監控投資組合運營的諮詢費和袍金用。這些費用還包括某些抵消金額，包括與已確認費用的一定比例相關的管理費減少（「管理費抵消」）以及其他額外的收入分享安排。
CDO			債務抵押債券
A類股			合併前AAm的A類普通股，每股面值0.00001美元。

5

---

目錄表

CLO			抵押貸款債券
CMBS			商業抵押貸款支持證券
CML			商業按揭貸款
貢獻合作伙伴			間接實益擁有AOG部門的合夥人及其關聯方(我們的聯合創始人Leon Black、Joshua Harris和Marc Rowan先生除外)。
合併的RBC			Athene非美國再保險子公司和美國保險子公司的綜合基於風險的資本比率，通過彙總美國RBC和百慕大RBC計算得出。
資金成本			資金成本包括與兩種遞延年金的貸記成本相關的負債成本，包括Athene的固定指數年金、期權成本和與機構產品相關的機構成本，以及其他負債成本，但不包括與非控股權益相關的資金在ACRA成本中的比例份額。其他負債成本包括DAC、DSI和VOBA攤銷、某些市場風險收益成本、遞延年金和機構產品以外產品的負債成本、保費以及某些產品費用和其他收入。Athene包括通過假設的再保險交易增加的與業務相關的成本，但不包括與放棄的再保險交易相關的業務成本。資金成本的計算方法爲總負債成本除以有關期間的平均投資資產淨額，中期按年率列報。
信用策略			Apollo Credit Strategy Master Fund Ltd.及其支線基金
政務司司長			瑞士信貸股份公司
發援會			遞延收購成本
遞延年金			固定指數化年金、年度重置年金、多年期保證年金和登記指數掛鉤年金
乾粉			根據適用的有限合夥協議或我們管理的基金、合夥企業和帳戶的其他管理協議的規定，可用於投資或再投資的資本額。乾粉不包括只能要求基金費用和支出的未催繳承諾，以及永久資本工具的承諾。
DSI			延期銷售誘因
EPF基金			阿波羅歐洲信安金融基金，L.P.，阿波羅歐洲信安金融基金II(美元A)，L.P.，EPF III和EPF IV，及其平行基金和另類投資工具
EPF III			阿波羅歐洲信安金融基金III(美元A)，L.P.及其平行基金和另類投資工具
EPF IV			阿波羅歐洲信安金融基金IV(美元A)，L.P.及其平行基金和另類投資工具
股權計劃			統稱爲公司2019年綜合股權激勵計劃和公司2019年房地產規劃車輛綜合股權激勵計劃。
FABN			融資協議支持的票據
FASB			財務會計準則委員會
FCI基金			金融信用投資I，L.P.，金融信用投資II，L.P.及其支線基金，金融信用投資基金III L.P.，金融信用投資IV，L.P.及其支線基金，以及阿波羅/雅典娜專用投資計劃(A)，L.P.及其平行基金，由阿波羅管理的一系列基金，包括通過ACRA與雅典娜一起投資於某些投資的第三方資本
產生費用的AUM			產生費用的AUM包括我們向其提供投資管理、諮詢或某些其他投資相關服務的基金、合夥企業和帳戶的資產，我們根據管理或其他收費協議賺取管理費、監管費或其他與投資相關的費用，其基礎因阿波羅基金、合夥企業和帳戶而異。管理費通常基於「資產淨值」、「總資產」、「調整後的面值資產」、「所有未實現組合投資的調整成本」、「資本承諾」、「調整後的資產」、「股東權益」、「投資資本」或「資本出資」，每一項都在適用的管理協議中定義。關於我們管理或建議的基金、合夥企業和帳戶的結構性投資組合公司投資的監管費，也稱爲諮詢費，通常基於此類結構性投資組合公司投資的總價值，通常包括槓桿，減去已在產生費用的AUM中考慮的此類總價值的任何部分。
手續費相關收益，或FRE			用於評估資產管理分部業績的分部收入組成部分。FRE是以下各項的總和：（i）管理費，（ii）資本解決方案和其他相關費用，（iii）來自無限期工具的費用相關績效費，按經常性計算和收取，不取決於基礎投資的實現事件，不包括Athene的績效費和來自依賴資本增值的發起平台的績效費，以及（iv）其他淨收入，減去（a）與費用相關的報酬，不包括基於股權的報酬，（b）正常業務過程中產生的非報酬費用，（c）安置費和（d）公司管理的某些基金的管理公司的非控股權益。
國際汽聯			固定指數年金，是一種保險合同，根據指定指數在遞延稅基礎上按抵免利率賺取利息
固定年金			國際汽聯和固定利率年金

6

---

目錄表

前管理合夥人			里昂·布萊克、約書亞·賀錦麗和馬克·羅文三人合稱，當提及持有阿波羅或美聯社專業控股公司的權益時，L.P.包括這些個人的某些關聯方
自由母公司控股			自由母公司控股公司，L.P.
總資本部署			我們管理的基金和帳戶在相關期間投資的總資本，但不包括主要與公司的套期保值和現金管理職能有關的某些投資活動。總資本部署不會因銷售或再融資而減少或減記，並考慮到我們管理的基金和帳戶在獲得對其所做各種投資的敞口時所使用的槓桿。
GLWB			有保障的終身提款福利
GMDB			保障的最低死亡撫卹金
ACCORD系列、ADIP基金和歐洲主要金融基金的總內部收益率			在扣除管理費、分配給普通合夥人的績效費用和某些其他費用之前，基於所有累積基金現金流的實際時間的年化回報。計算可能包括某些不支付費用的投資者。終端價值是截至報告日期的資產淨值。非美元計價(「美元」)基金現金流和剩餘價值按報告日期的即期匯率折算爲美元。此外，由於投資者層面的資金流入和流出的時間等因素，基金層面的總內部收益率將不同於個人投資者層面的總內部收益率。總內部回報率並不代表任何基金投資者的回報。
傳統私募股權或混合價值基金的總內部收益率			與投資有關的累積現金流(I)就作出該項投資的一項或多於一項基金而言，及(Ii)就一項特定基金本身(而非該基金的任何一名投資者)而言，在每種情況下，均按投資流入及流出的實際時間(假設處置日期爲2024年9月30日或其他指明日期的未實現投資)按季彙總，而回報則按年計算，並在扣除管理費前以複利計算。績效費用和某些其他費用(包括基金本身產生的利息)衡量的是基金投資的整體回報，而不考慮是否所有回報在分配後都將支付給基金的投資者。此外，由於投資者層面的資金流入和流出的時間等因素，基金層面的總內部收益率將不同於個人投資者層面的總內部收益率。總內部回報率並不代表任何基金投資者的回報。
基礎設施資金的總內部收益率			基金本身(而非基金的任何一位投資者)與投資有關的累積現金流，以現金流入和流出的實際時間爲基礎(對於假設在2024年9月30日或其他指定日期處置的未實現投資)，收益在管理費、績效費用和某些其他費用(包括基金本身產生的利息)之前按年化和複利計算，並衡量基金投資的整體收益，而不考慮是否所有收益如果分配給基金的投資者。非美元資金現金流和剩餘價值按報告日期的即期匯率折算爲美元。此外，由於投資者層面的資金流入和流出的時間等因素，基金層面的總內部收益率將不同於個人投資者層面的總內部收益率。總內部回報率並不代表任何基金投資者的回報。
霍爾德科			阿波羅全球管理公司(Apollo Global Management，Inc.)
暖通空調I			阿波羅混合價值基金及其平行基金和另類投資工具
暖通空調II			阿波羅混合價值基金II，L.P.及其平行基金和另類投資工具
流入			(I)在單個戰略層面，認購、承諾和其他可用資本增加，如收購或槓桿，扣除戰略間轉移的淨額，以及(Ii)在總體基礎上，信貸和股權投資戰略的資金流入總和。
首次公開募股(IPO)			首次公開募股
ISG			阿波羅保險解決方案集團有限公司
ISGI			統稱爲AAME的子公司Apollo Asset Management Europe LLP和AAME的全資子公司Apollo Asset Management PC LLP
管理費衝抵			根據某些基金的有限合夥協議的條款，基金應支付的管理費可在扣除適用的違約交易成本後，按此類諮詢費和交易費的某個百分比進行扣減。
市場風險收益			有保障的終身退休津貼和有保障的最低死亡津貼
合併			根據合併協議完成先前公佈的合併交易
合併協議			截至2021年3月8日，AAM、AGM、AHL、百慕大豁免公司Blue Merger Sub，Ltd.和特拉華州公司Green Merger Sub，Inc.之間的合併協議和計劃。
合併日期			2022年1月1日
MFIC			Midcap Financial Investment Corporation（不屬於Apollo Investment Corporation或「AIGN」）
中型金融			Midcap FinCo LLC（不屬於Midcap FinCo指定活動公司）
莫德科			修改後的共同保險
NAIC			全國保險監理員協會
NAV			資產淨值

7

---

目錄表

投資淨資產			代表直接支持雅典娜的淨儲備負債和盈餘資產的投資。淨投資資產包括Athene的(A)簡明綜合財務狀況表上的總投資，包括可供出售的證券、按成本或攤銷成本計算的買賣證券及按揭貸款(不包括衍生工具)、(B)現金及現金等價物及限制性現金、(C)對關聯方的投資、(D)應計投資收益、(E)VIE資產、負債及非控股權益調整、(F)投資應付款項及應收賬款淨額、(G)出售的保單貸款(抵銷總投資中的直接保單貸款)及(H)信貸損失撥備的調整。淨投資資產不包括抵銷相關現金頭寸的衍生抵押品。Athene包括支持假定預扣資金和modco協議的投資，不包括與割讓的再保險交易有關的投資，以便使資產與收到的收入相匹配。淨投資資產包括Athene對ACRA投資的經濟所有權，但不包括與非控股權益相關的投資。
淨投資收益率			按Athene的投資淨資產收入計算，不包括與非控股權益相關的ACRA淨投資收入的比例份額，除以相關期間的平均投資資產淨額，按年率在中期列報。
淨投資利差			淨投資利差衡量的是Athene的投資業績加上其戰略資本管理費減去其總資金成本，在中期按年率列報。
ACCORD系列基金、ADIP基金和歐洲主要金融基金的淨內部收益率			基金在扣除管理費、分配給普通合夥人的績效費用和某些其他費用後的年化回報，計算依據的是支付這些費用的投資者。終端價值是截至報告日期的資產淨值。非美元資金現金流和剩餘價值按報告日期的即期匯率折算爲美元。此外，由於投資者層面的資金流入和流出的時機等因素，基金層面的淨內部收益率將與個人投資者層面的不同。淨內部收益率並不代表任何基金投資者的回報。
傳統私募股權或混合價值基金的淨內部收益率			適用於基金的總內部收益率，包括關聯方可能不支付費用或業績費用的回報，扣除管理費、某些費用(包括基金本身產生或賺取的利息)和已實現業績費用，全部抵消利息收入，並衡量基金層面的回報，如分配給基金投資者，將支付給基金投資者。適用於投資、管理費和某些費用的現金流的時間可以根據基金認購機制的使用情況進行調整。如果基金超過適用基金協議中詳細說明的所有要求，則對估計的未實現價值進行調整，以便將高達20.0%的未實現收益的百分比分配給該基金的普通合夥人，從而減少基金投資者應占的餘額。此外，由於投資者層面的資金流入和流出的時機等因素，基金層面的淨內部收益率將與個人投資者層面的不同。淨內部收益率並不代表任何基金投資者的回報。
基礎設施資金淨內部收益率			基金(而非基金的任何一位投資者)的累計現金流量，是根據基金投資者收到的現金流入和現金流出的實際時間(假設截至報告日期或其他指定日期的結束資產淨值支付給投資者)計算的，不包括某些非手續費和非履約費承擔方，收益是在扣除管理費、績效費用和某些其他費用(包括基金本身發生的利息)後按年計算和複利的，並衡量基金整體投資者的回報。非美元資金現金流和剩餘價值按報告日期的即期匯率折算爲美元。此外，由於投資者層面的資金流入和流出的時機等因素，基金層面的淨內部收益率將與個人投資者層面的不同。淨內部收益率並不代表任何基金投資者的回報。
準備金負債淨額			代表雅典娜的投保人責任義務，扣除再保險，用於分析其負債的成本。準備金負債淨額包括Athene的(A)對利息敏感的合同負債，(B)未來保單收益，(C)市場風險淨收益，(D)長期回購義務，(E)應付給投保人的股息和(F)其他保單索賠和收益，由可收回的再保險抵消，不包括放棄的保單貸款。準備金負債淨額包括Athene對ACRA準備金負債的經濟所有權，但不包括與非控股權益相關的準備金負債。準備金負債淨額是扣除轉讓給第三方再保險公司的負債後的淨額，因爲負債的成本被轉嫁給此類再保險公司，因此，假設其再保險交易對手根據協議履行義務，Athene對此類負債沒有淨經濟敞口。準備金負債淨額包括通過modco再保險協議承擔的基礎負債，以便使負債與所發生的費用相匹配。
非收費AUM			不產生管理費或監控費的AUM。這一措施一般包括以下內容： (1)根據投資資本賺取管理費的基金的公允價值高於投資資本； (ii)與普通合夥人和共同投資利益相關的淨資產價值; (iii)未使用的信貸設施; (iv)對那些產生投資資本管理費的基金的可用承諾; (v)不會產生監控費用的結構性投資組合公司投資;以及 (vi)根據淨資產價值賺取管理費的基金的總資產和淨資產價值之間的差異。
紐約UBT			紐約市非法人營業稅

8

---

目錄表

起源			指(I)由阿波羅的股權及信貸策略投資於新的股權、債務或類似債務的投資的資本(不論是由阿波羅管理的基金及帳戶購買，或聯合向第三方購買)，而阿波羅或阿波羅的其中一個發起平台已獲取、協商或重大影響投資的商業條款；(Ii)通過債務發行形成的新資本池，包括CLO；及(Iii)由我們管理的基金及帳戶淨買入某些我們認爲是私人的、流動性差的及難以取得的資產，而以其他方式管理的資金及帳戶可能無法有意義地取得該等資產。發端一般不包括我們管理的基金的投資組合公司發行的任何債務或類似債務的投資。
主要投資部門內的其他運營費用			在正常業務過程中發生的費用，包括與管理業務有關的非補償費用的分配。
退休服務部門的其他運營費用			在正常業務過程中產生的費用，包括補償和非補償費用，不包括與非控股權益相關的ACRA運營費用的比例份額。
支出年金			目前現金支付部分的年金，主要包括單一保費即時年金、補充合同和結構性結算。
PCD			購買的信用惡化投資
績效分配、績效費用、績效收入、激勵費用和激勵收入			由阿波羅管理的基金授予阿波羅的權益，使阿波羅有權獲得基於該基金或其基礎投資業績的分配、分配或費用。
符合績效費用條件的AUM			這可能最終會產生績效費用。我們有權獲得績效費用分配或獎勵費用的所有基金都包括在符合績效費用資格的AUM中，該AUM包括以下內容： (1)「產生績效收費的資產管理」，是指我們管理、提供諮詢或我們向其提供某些其他與投資有關的服務的基金、合夥企業和帳戶的投資資本，目前該等基金、合夥企業和帳戶的投資資本高於該基金、合夥企業和帳戶的最高回報率或優先回報率，並且這些基金、合夥企業和帳戶的利潤正在根據適用的有限合夥協議或其他管理協議分配給普通合夥人或由普通合夥人賺取； (2)「目前未產生績效費用的資產管理」，是指我們管理、提供諮詢或提供某些其他投資相關服務的基金、合夥企業和帳戶的投資資本，目前低於其門檻利率或優先回報；以及 (Iii)「未投資的符合履約費資格的資產管理公司」，指我們管理、建議或提供某些其他投資相關服務的基金、合夥企業及帳戶的資本，可供投資或再投資，但須符合適用的有限合夥協議或其他管治協議的規定，而該等資本目前並非資產淨值或公允價值投資的一部分，而該等投資最終可能產生可分配予普通合夥人或由普通合夥人賺取的履約費。
永久資本			由某些工具管理的資產具有無限期，只有在某些條件下或受某些限制，包括滿足規定的持有期或在特定期間內可贖回的金額的百分比限制，才可撤回該等資產。在某些情況下，我們與永續資本工具的投資管理、諮詢或其他服務協議可能會被終止。
本金投資收益，簡稱PII			部門收入的組成部分，用於評估主要投資部門的業績。就本金投資分部而言，PII爲(I)已實現績效費用，包括以股權形式收到的若干變現，(Ii)已實現投資收入減去(X)已實現本金投資薪酬支出，不包括與股權薪酬相關的支出，以及(Y)某些公司薪酬和非薪酬支出的總和。
本金投資補償			已實現績效薪酬，與投資收益和股息相關的分配，包括與經營管理相關的某些薪酬費用的分配。
政策性貸款			根據投保人的保單條款向投保人提供的貸款，並以投保人的保單爲擔保。
已實現價值			相關Apollo基金收到的所有現金投資收益，包括利息和股息，但不適用於該Apollo基金應支付的管理費、支出、激勵性薪酬或績效費用。
雷丁嶺			Redding Ridge Asset Management，LLC及其子公司，這是根據風險保留規則建立的獨立、自我管理的資產管理業務，管理CLO並保留所需的風險保留權益。
雷丁嶺控股			雷丁嶺控股有限公司
剩餘成本			基金在有價證券投資中的初始投資，爲該有價證券投資迄今分配的任何資本的回報而減少。
RMBS			住房貸款抵押證券
RML			住宅按揭貸款
RSU			限售股單位
Sia			戰略投資帳戶
SPAC			特殊目的收購公司

9

---

目錄表

利差相關收益，或SRE			分部收入的一部分，用於評估退休服務部門的業績，不包括某些市場波動性，包括投資收益(虧損)、保險負債和相關衍生品的抵銷和非營業變化淨額，以及與整合、重組、基於股權的補償和其他費用有關的某些費用。對於退休服務部門，SRE等於(I)Athene淨投資資產的淨投資收益和(Ii)從爲他人管理的業務中收到的管理費減去(X)資金成本，(Y)不包括基於股權的薪酬的運營費用和(Z)融資成本，包括支付給Athene優先股股東的利息支出和優先股息(如果有)。
剩餘資產			超過雅典娜投保人義務的資產，根據適用住所司法管轄區的法定會計原則確定。
應收稅金協議			APO公司、前管理合夥人、出資合夥人和其他當事人之間簽訂的應收稅款協議
總投資資本			相關阿波羅基金投資的現金總額，包括與投資活動有關的資本化成本(如有)，但不包括待投資現金或可用於儲備的現金，不包括以槓桿融資方式投資的金額(如有
總價值			投資的全部已實現價值和未實現價值之和
傳統私募股權基金			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.(連同其平行基金「Fund III」)、Apollo Investment Fund IV，L.P.(連同其平行基金「Fund IV」)、Apollo Investment Fund V，L.P.(連同其平行基金和另類投資工具，「Fund V」)，阿波羅投資基金VI(連同其平行基金及另類投資工具，「基金VI」)、阿波羅投資基金VII，L.P.(連同其平行基金及另類投資工具，「基金VII」)、阿波羅投資基金，L.P.(連同其平行基金及另類投資工具，「基金」)、阿波羅投資基金IX，L.P.(連同其平行基金及另類投資工具，「基金IX」)及阿波羅投資基金X，L.P.(連同其平行基金和另類投資工具，「基金X」)。
美國公認會計原則			美國公認會計原則
美國RBC			AADE的CAL RBC比率，AADE是Athene的母公司，在2024年10月11日與AAIA合併並併入AAIA之前
美國財政部			美國財政部
未實現價值			對於尚未變現的投資，公允價值與根據公認會計原則確定的估值一致，可能包括實物付款、應計利息和應收股息(如有)以及某些稅項生效前的應收股息。此外，金額包括某些投資的承諾金額和資金金額。
尊者			尊者控股公司，連同其附屬公司
VIAC			尊者保險和年金公司
VIE			可變利息實體
釀造年份			基金最終融資發生的年份，或者對於某些基金來說，基金生效日期的年份或基金根據其管理協議投資期開始的年份。
VOBA			收購的業務價值
WAccess			加權平均資金成本

10

---

目錄表

第一部分-財務信息

第1項。 財務報表

簡明合併財務報表索引（未經審計）

			簡明綜合財務狀況表（未經審計）						12
			簡明綜合業務報表(未經審計)						14
			簡明綜合全面收益（虧損）表（未經審計）						15
			簡明合併權益表（未經審計）						16
			簡明合併現金流量表(未經審計)						18
			簡明合併財務報表附註(未經審計)						21
						注1.組織			21
						附註2.主要會計政策摘要			21
						說明3.投資			23
						說明4.衍生物			33
						說明5.可變利益實體			37
						說明6.公平值			40
						說明7.遞延收購成本、遞延銷售誘因和所收購業務價值			64
						說明8.長期合同			65
						說明9.應付利潤分成			72
						說明10.所得稅			72
						注11。債務			74
						說明12.基於股權的薪酬			77
						注13。股權			78
						注14。每股收益			84
						說明15.關聯方			85
						說明16.承諾和意外情況			89
						說明17.段			94
						注18。後續事件			98

---

目錄表

阿波羅全球管理公司。

濃縮合並財務狀況報表（未經審計）

(單位：百萬，共享數據除外)			自.起 2024年9月30日						自.起 2023年12月31日
資產
資產管理
現金及現金等價物			$	2,666					$	2,748
受限現金和現金等價物			3						2
投資			5,860						5,502
合併可變利益實體的資產
現金及現金等價物			102						62
投資			2,353						1,640
其他資產			124						177
關聯方應繳款項			572						449
商譽			264						264
其他資產			2,512						2,331
			14,456						13,175
退休服務
現金及現金等價物			13,587						13,020
受限現金和現金等價物			964						1,761
投資			257,776						213,099
對關聯方的投資			27,991						25,842
合併可變利益實體的資產
現金及現金等價物			305						98
投資			21,792						20,232
其他資產			192						110
可追討的再保險			7,454						4,154
遞延收購成本、遞延銷售誘因和所收購業務價值			6,971						5,979
商譽			4,071						4,065
其他資產			13,130						11,953
			354,233						300,313
總資產			$	368,689					$	313,488
									(續)
見未經審計簡明綜合財務報表附註。

12

---

目錄表

阿波羅全球管理公司。

濃縮合並財務狀況報表（未經審計）

(單位：百萬，共享數據除外)			自.起 2024年9月30日						自.起 2023年12月31日
負債、可贖回非控股權益和股權
負債
資產管理
應付賬款、應計費用和其他負債			$	3,908					$	3,338
因關聯方的原因			709						870
債務			4,082						3,883
合併可變利益實體的負債
其他負債			1,021						1,145
			9,720						9,236
退休服務
利息敏感合同負債			245,436						204,670
未來的政策好處			52,962						53,287
市場風險收益			4,402						3,751
債務			5,725						4,209
回購衍生品和證券抵押品的發票			7,952						7,536
其他負債			9,597						4,456
合併可變利益實體的負債
其他負債			1,354						1,098
			327,428						279,007
總負債			337,148						288,243
承諾和或有事項（注16）
可贖回的非控股權益
可贖回的非控股權益			15						12
股權
強制可轉換優先股， 28,749,765 和 28,750,000 分別截至2024年9月30日和2023年12月31日已發行和發行股票			1,398						1,398
普通股，$0.00001面值，90,000,000,000 授權股份， 565,816,456 和 567,762,932 分別截至2024年9月30日和2023年12月31日已發行和發行股票			—						—
額外實收資本			15,073						15,249
留存收益(累計虧損)			4,865						2,972
累計其他綜合收益(虧損)			(3,473)						(5,575)
道達爾阿波羅全球管理公司股東權益			17,863						14,044
非控制性權益			13,663						11,189
總股本			31,526						25,233
負債總額、可贖回非控股權益和股權			$	368,689					$	313,488
									(結束語)
見未經審計簡明綜合財務報表附註。

13

---

目錄表

阿波羅全球管理公司。

簡明合併業務報表(未經審計)

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬，不包括每股數據)			2024						2023						2024						2023
收入
資產管理
管理費			$	476					$	462					$	1,376					$	1,328
諮詢和交易費，淨額			181						157						617						482
投資收益(虧損)			230						292						910						882
獎勵費			35						18						108						59
			922						929						3,011						2,751
退休服務
保費			389						26						1,163						9,163
產品費用			267						217						756						622
淨投資收益			4,101						3,166						11,481						8,726
投資相關收益（損失）			1,539						(2,624)						3,082						(1,193)
合併可變利益實體的收入			552						318						1,329						946
其他收入			3						563						9						583
			6,851						1,666						17,820						18,847
總收入			7,773						2,595						20,831						21,598
費用
資產管理
薪酬和福利			605						557						1,876						1,743
利息開支			55						36						159						98
一般、行政和其他			326						220						885						643
			986						813						2,920						2,484
退休服務
利息敏感合同福利			2,599						333						7,307						3,634
未來政策和其他政策福利			793						368						2,431						10,346
市場風險有利於重新衡量（收益）損失			524						(441)						354						(166)
遞延收購成本、遞延銷售誘因和所收購業務價值攤銷			244						211						678						502
政策和其他運營費用			670						467						1,601						1,356
			4,830						938						12,371						15,672
總費用			5,816						1,751						15,291						18,156
其他收入（損失）-資產管理
投資活動淨收益(虧損)			15						(32)						33						(14)
合併可變利益實體投資活動的淨收益（損失）			44						49						70						95
其他收入(虧損)，淨額			70						22						68						102
其他收入（損失）總額			129						39						171						183
所得稅前收入（損失）（撥備）福利			2,086						883						5,711						3,625
所得稅(撥備)優惠			(317)						(243)						(1,000)						(697)
淨收益(虧損)			1,769						640						4,711						2,928
歸屬於非控股權益的淨（收入）虧損			(958)						42						(1,620)						(637)
Apollo Global Management，Inc.應占淨利潤（虧損）			811						682						3,091						2,291
優先股股息			(24)						(22)						(73)						(22)
Apollo Global Management，Inc.應占淨利潤（虧損）普通股股東			$	787					$	660					$	3,018					$	2,269
每股收益(虧損)
歸屬於普通股股東的淨利潤（損失）-基本			$	1.30					$	1.10					$	4.96					$	3.77
歸屬於普通股股東的淨利潤（損失）-稀釋			$	1.29					$	1.10					$	4.94					$	3.75
加權平均流通股-基本			585.4						578.8						586.9						580.6
加權平均流通股-稀釋			588.5						578.8						589.9						581.6
見未經審計簡明綜合財務報表附註。

14

---

目錄表

阿波羅全球管理公司。

綜合收入（損失）的簡明綜合報表（未經審計）

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
淨收益(虧損)			$	1,769					$	640					$	4,711					$	2,928
稅前其他全面收益(虧損)
可供出售證券的未實現投資收益（損失）			5,477						(3,155)						3,760						(1,767)
對沖工具未實現收益（損失）			221						(213)						229						(280)
與貼現率相關的未來政策收益的重新測量收益（損失）			(2,263)						1,317						(832)						1,328
與信用風險相關的市場風險收益的重新測量收益（損失）			(93)						(254)						(87)						(220)
外幣兌換和其他調整			61						(34)						22						(1)
稅前其他綜合收益（虧損）			3,403						(2,339)						3,092						(940)
與其他全面收益（損失）相關的所得稅費用（收益）			682						(476)						634						(175)
其他全面收益(虧損)			2,721						(1,863)						2,458						(765)
綜合收益(虧損)			4,490						(1,223)						7,169						2,163
非控股權益應占全面（收益）虧損			(1,332)						199						(1,976)						(635)
Apollo Global Management，Inc.應占綜合收益（虧損）			$	3,158					$	(1,024)					$	5,193					$	1,528
見未經審計簡明綜合財務報表附註。

15

---

目錄表

阿波羅全球管理公司。

濃縮合並股票報表（未經審計）

			截至2023年9月30日的三個月和九個月
			阿波羅全球管理公司股東
(單位：百萬)			普通股						A系列強制可轉換優先股						其他內容 已繳入 資本						留存收益(累計虧損)						累計 其他 綜合收益(虧損)						阿波羅全數 全球 管理層， Inc. 股東的 權益(赤字)						非控制性 利益						總股本
2023年7月1日的餘額			567						$	—					$	14,468					$	153					$	(6,392)					$	8,229					$	8,813					$	17,042
非控股權益權益的其他變化			—						—						—						—						—						—						(95)						(95)
增加可贖回的非控股權益			—						—						(2)						—						—						(2)						—						(2)
與強制性可轉換優先股相關發行的股權 提供產品			—						1,397						—						—						—						1,397						—						1,397
與股權薪酬相關的增資			—						—						119						—						—						119						—						119
出資			—						—						—						—						—						—						1,037						1,037
股息/分配			—						(22)						—						(256)						—						(278)						(330)						(608)
與股票獎勵普通股發行相關的付款			1						—						9						(22)						—						(13)						—						(13)
股票期權行權			—						—						6						—						—						6						—						6
贖回子公司股權			—						—						(5)						—						—						(5)						(575)						(580)
子公司發行股權			—						—						10						—						3						13						585						598
淨收益(虧損)			—						22						—						660						—						682						(45)						637
其他全面收益(虧損)			—						—						—						—						(1,706)						(1,706)						(157)						(1,863)
2023年9月30日的餘額			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
2023年1月1日的餘額			570						$	—					$	14,982					$	(1,007)					$	(7,335)					$	6,640					$	7,726					$	14,366
非控股權益權益的其他變化			—						—						—						—						—						—						(250)						(250)
增加可贖回的非控股權益			—						—						(17)						(1)						—						(18)						—						(18)
與強制性可轉換優先股相關發行的股權 提供產品			—						1,397						—						—						—						1,397						—						1,397
與股權薪酬相關的增資			—						—						364						—						—						364						—						364
出資			—						—						—						—						—						—						1,766						1,766
股息/分配			—						(22)						(239)						(514)						—						(775)						(616)						(1,391)
與股票獎勵普通股發行相關的付款			6						—						32						(212)						—						(180)						—						(180)
普通股回購			(8)						—						(538)						—						—						(538)						—						(538)
股票期權行權			—						—						16						—						—						16						—						16
贖回子公司股權			—						—						(5)						—						—						(5)						(575)						(580)
子公司發行股權			—						—						10						—						3						13						585						598
淨收益(虧損)			—						22						—						2,269						—						2,291						599						2,890
其他全面收益(虧損)			—						—						—						—						(763)						(763)						(2)						(765)
2023年9月30日的餘額			568						$	1,397					$	14,605					$	535					$	(8,095)					$	8,442					$	9,233					$	17,675
(續)

16

---

目錄表

阿波羅全球管理公司。

濃縮合並股票報表（未經審計）

			截至2024年9月30日的三個月和九個月
			阿波羅全球管理公司股東
(單位：百萬)			普通股						A系列強制可轉換優先股						其他內容 已繳入 資本						留存收益(累計虧損)						累計 其他 綜合收益(虧損)						阿波羅全數 全球 管理層， Inc. 股東的 權益(赤字)						非控制性 利益						總 股權
2024年7月1日餘額			570						$	1,398					$	15,319					$	4,376					$	(5,820)					$	15,273					$	13,127					$	28,400
VIE的合併/解除合併			—						—						—						—						—						—						10						10
非控股權益權益的其他變化			—						—						—						—						—						—						2						2
增加可贖回的非控股權益			—						—						(1)						—						—						(1)						—						(1)
與股權薪酬相關的增資			—						—						126						—						—						126						—						126
出資			—						—						—						—						—						—						479						479
股息/分配			—						(24)						—						(277)						—						(301)						(1,293)						(1,594)
與股票獎勵普通股發行相關的付款			—						—						13						(21)						—						(8)						—						(8)
普通股回購			(4)						—						(457)						—						—						(457)						—						(457)
股票期權行權			—						—						1						—						—						1						—						1
子公司發行股權			—						—						72						—						—						72						6						78
淨收益(虧損)			—						24						—						787						—						811						958						1,769
其他全面收益(虧損)			—						—						—						—						2,347						2,347						374						2,721
2024年9月30日餘額			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
2024年1月1日餘額			568						$	1,398					$	15,249					$	2,972					$	(5,575)					$	14,044					$	11,189					$	25,233
VIE的合併/解除合併			—						—						—						—						—						—						(40)						(40)
非控股權益權益的其他變化			—						—						—						—						—						—						5						5
與股權交易相關的普通股發行			1						—						84						—						—						84						—						84
增加可贖回的非控股權益			—						—						(2)						—						—						(2)						—						(2)
與股權薪酬相關的增資			—						—						425						—						—						425						—						425
出資			—						—						—						—						—						—						2,481						2,481
股息/分配			—						(73)						—						(815)						—						(888)						(1,954)						(2,842)
與股票獎勵普通股發行相關的付款			4						—						24						(310)						—						(286)						—						(286)
普通股回購			(7)						—						(792)						—						—						(792)						—						(792)
股票期權行權			—						—						13						—						—						13						—						13
子公司發行股權			—						—						72						—						—						72						6						78
淨收益(虧損)			—						73						—						3,018						—						3,091						1,620						4,711
其他全面收益(虧損)			—						—						—						—						2,102						2,102						356						2,458
2024年9月30日餘額			566						$	1,398					$	15,073					$	4,865					$	(3,473)					$	17,863					$	13,663					$	31,526
(結束語)
見未經審計簡明綜合財務報表附註。

    

17

---

目錄表

阿波羅全球管理公司。

簡明合併現金流量表(未經審計)

			截至9月30日的九個月裏，
(單位：百萬)			2024						2023
經營活動的現金流
淨收益(虧損)			$	4,711					$	2,928
淨利潤（損失）與經營活動提供的淨現金的調整：
基於股權的薪酬			478						422
淨投資收益			(1,010)						(958)
投資和衍生品已確認淨（收益）損失			(3,607)						318
折舊及攤銷			779						586
淨投資溢價、折扣和其他的淨攤銷（增加）			(47)						70
遞延的保單獲取成本			(1,191)						(1,040)
計入淨收益（損失）的其他非現金金額，淨額			210						(349)
合併變化			248						(53)
經營資產和負債變化：
基金和VIE購買投資			(4,836)						(4,761)
基金和VIE出售投資的收益			4,738						3,781
利息敏感合同負債			4,948						1,485
未來保單收益、市場風險收益和可收回的再保險			(1,135)						2,917
其他資產和負債，淨額			(1,029)						(1,088)
經營活動提供的淨現金			$	3,257					$	4,258
投資活動產生的現金流
購買投資和對權益法投資的貢獻			$	(3,402)					$	(2,719)
購買可供出售的證券			(63,058)						(24,568)
購買抵押貸款			(19,319)						(14,398)
購買投資基金			(1,895)						(2,221)
購買美國國債			—						(490)
購買衍生工具和其他投資			(2,845)						(5,242)
投資的銷售、到期和償還以及權益法投資的分配			45,089						21,565
其他投資活動，淨額			(121)						354
投資活動所用現金淨額			$	(45,551)					$	(27,719)
融資活動產生的現金流
債務的發行			$	6,124					$	3,821
償還債務			(4,494)						(2,769)
贖回子公司股權			—						(575)
普通股回購			(788)						(535)
普通股分紅			(815)						(753)
優先股股息			(73)						—
支付給非控股權益的分配			(859)						(596)
非控股權益的貢獻			2,476						1,766
分配給可贖回的非控制權益			—						(798)
發行強制性可轉換優先股，扣除發行成本			—						1,397
投資型保單和合同的存款			57,013						35,168
投資型保單和合同的提款			(16,054)						(10,229)
子公司向非控股權益發行股權			—						632
衍生品交易和回購證券公佈的現金抵押品淨變化			416						945
其他籌資活動，淨額			(719)						(716)
融資活動提供的現金淨額			$	42,227					$	26,758
匯率變化對現金和現金等值物的影響			3						2
									(續)

18

---

目錄表

阿波羅全球管理公司。

簡明合併現金流量表(未經審計)

			截至9月30日的九個月裏，
(單位：百萬)			2024						2023
現金及現金等值物、限制性現金和合並可變利息實體持有的現金淨增加（減少）			(64)						3,299
期末合併可變利率實體持有的現金和現金等值物、限制性現金和現金等值物以及現金和現金等值物			17,691						11,128
期末在合併可變利率實體持有的現金和現金等值物、限制性現金和現金等值物以及現金和現金等值物			$	17,627					$	14,427
現金流量信息的補充披露
繳納稅款的現金			$	639					$	162
支付利息的現金			611						533
非現金交易
非現金投資活動
資產管理等
主要投資的分配			8						1
按公允價值購買其他投資			11						5
退休服務
從再保險協議結算中收到的投資			48						164
從養老金團體年金保費中收到的投資			521						4,776
減少與再保險協議重新收回相關的投資			—						482
非現金融資活動
資產管理等
與股權薪酬相關的增資			393						328
限制性股票的發行			24						32
子公司發行股權			72						—
與股權交易相關的普通股發行			12						—
退休服務
通過再保險協議在投資型保單和合同上的存款，淨假設（分出）			(3,152)						78
通過再保險協議對投資型保單和合同的應收賬款，淨假設（放棄）			6,092						10,212
將投資分配給合併可變利益實體的非控股權益			1,107						—
合併VIE現金流信息補充披露
經營活動的現金流
購買投資- 資產管理			(4,836)						(4,760)
出售投資收益- 資產管理			4,738						3,781
投資活動產生的現金流
購買投資- 退休服務			(2,346)						(2,023)
出售投資收益- 退休服務			334						352
融資活動產生的現金流
債務的發行			4,035						3,183
債務本金償還			(3,922)						(2,768)
支付給非控股權益的分配			(73)						(58)
非控股權益的貢獻			1,646						1,437
分配給可贖回的非控制權益			—						(798)
									(續)

19

---

目錄表

阿波羅全球管理公司。

簡明合併現金流量表(未經審計)

			截至9月30日的九個月裏，
(單位：百萬)			2024						2023
合併變化
按公允價值計算的投資			148						(1,136)
其他資產			19						(1)
債務，按公允價值計算			(223)						—
應付票據			20						1,068
其他負債			(169)						22
非控制性權益			41						5
股權			(84)						95
合併可變利益實體持有的現金和現金等值物、限制性現金和現金等值物以及現金和現金等值物與簡明合併財務狀況表的對賬：
現金及現金等價物			$	16,253					$	12,346
受限現金和現金等價物			967						1,492
合併可變利息實體持有的現金和現金等值物			407						589
合併可變利息實體持有的現金和現金等值物、限制性現金和現金等值物以及現金和現金等值物總額			$	17,627					$	14,427
									(結束語)
見未經審計簡明綜合財務報表附註。

20

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

1.組織結構

阿波羅全球管理公司連同其合併子公司（統稱「Apollo」或「公司」）是一家高增長的全球另類資產管理公司和退休服務提供商。其資產管理業務專注於 二 投資策略：信貸和股權。Apollo通過其資產管理業務，代表世界上一些最著名的養老金、捐贈和主權財富基金和保險公司以及其他機構和個人投資者籌集、投資和管理基金、帳戶和其他工具。Apollo的退休服務業務由Athene負責，Athene是一家領先的金融服務公司，專門爲越來越多的尋求滿足退休需求的個人和機構發行、再保險和收購退休儲蓄產品。

2.主要會計政策摘要

列報和合並的基礎

隨附的未經審計簡明合併財務報表是根據美國GAAP中期財務信息以及SEC關於表格10-Q和S-X第10條的規則和法規編制的。年度審計財務報表中包含的某些披露已被精簡或省略，因爲根據美國公認會計原則和美國證券交易委員會規則，中期財務報表不需要披露這些披露。中期期間呈列的經營業績不一定表明任何其他中期期間或全年可能預期的業績。這些簡明合併財務報表應與2023年年度報告中包含的年度經審計財務報表一併閱讀。

本公司及其附屬公司的業績按綜合基準呈列。除公司在其子公司的權益外，任何所有權權益均反映爲非控股權益。公司間帳戶和交易已被消除。管理層相信其已做出所有必要調整（僅包括正常經常性項目），以便簡明綜合財務報表公平地呈列，並且所做出的任何估計都是合理和審慎的。已對先前報告的金額進行了某些重新分類，以符合本期的列報方式。

公司的主要子公司AAm和AHL及其子公司分別經營資產管理業務和退休服務業務，具有鮮明的特色。因此，公司的財務報表列報被組織爲 二 層級：資產管理和退休服務。該公司相信，單獨的呈示比彙總呈示可以更詳細地了解公司的綜合財務狀況和經營業績。

遞延收入

當在提供管理服務之前收到對價時，Apollo記錄遞延收入，這是一種合同負債。遞延收入在履行商定服務期間被轉回並確認爲收入。其計入簡明綜合財務狀況表中的應付賬款、應計費用和其他負債。 有$154 截至2024年9月30日的九個月內確認了數百萬收入，此前已於2024年1月1日推遲。

近期發佈的會計公告

分部報告-分部披露報告的改進（ASO 2023-07）

2023年11月，FASB發佈了指導意見，逐步增加公共實體報告分部的披露，包括重大分部費用和其他分部項目。

該指南在公司2024年年度報告和2025年中期期間強制有效;但允許提前採用。公司將在截至2024年12月31日止年度的年度報告中採用新準則，預計對合並財務報表的影響並不重大。

21

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

所得稅-所得稅披露的改進（ASO 2023-09）

2023年12月，FASb做出了修訂，更新了所得稅的披露，包括稅率調節、繳納的所得稅以及聯邦、州和外國稅收分解的某些修訂（如相關）。

該指南自2025年開始的年度期間對公司強制有效;但是，允許提前採用。公司目前正在評估新準則對其合併財務報表的影響。

無形資產-善意和外部資產-加密資產會計和披露（ASO 2023-08）

2023年12月，FASb發佈了有關加密資產會計和披露的修訂案。該指南要求滿足某些條件的資產按公允價值覈算，公允價值變化在淨利潤中確認。亞利桑那州立大學還要求披露報告期內的重大持股、合同銷售限制和變化。

該指南於2025年1月1日對公司強制生效，並允許提前採用。公司目前正在評估新準則對其合併財務報表的影響。

業務合併-合資企業組建（ASO 2023-05）

此次更新中的修訂涉及合資企業如何初始確認和衡量其成立之日收到的捐款。該等修訂要求合資企業在成立時應用新的會計基礎，並初步按公允價值確認其資產和負債。

該指南對2025年1月1日或之後成立的所有合資企業前瞻性生效，而對生效日期之前成立的合資企業可以選擇追溯應用。允許提前收養。公司目前正在評估新準則對其合併財務報表的影響。

薪酬-股票薪酬（ASO 2024-01）

2024年3月，FASb在ASO 2024-01中發佈了指導意見，澄清了實體如何確定是否需要根據ASC 718或其他指導意見對利潤利息獎勵（和類似獎勵）進行覈算。ASO提供了具體示例，說明何時應將利潤利息獎勵作爲ASC 718下的股份支付安排或以類似於ASC 710或其他ASC主題下的現金獎金或利潤分享安排的方式。

該指南於2025年1月1日對公司強制生效，並允許提前採用。該公司目前正在評估新公告對其合併財務報表的影響。

最近採用的會計公告

投資-股權法和合資企業（ASO 2023-02）

2023年3月，FASb發佈了指導意見，引入了應用比例攤銷法（「AM」）的選項，以覈算主要爲了在滿足某些要求時獲得所得稅抵免或其他所得稅優惠而進行的投資。此前，PAm僅適用於低收入住房稅收抵免投資。

公司於2023年10月1日提前採納該指引，採納後對簡明合併財務報表沒有影響。

公允價值計量-受合同銷售限制約束的股本證券的公允價值計量（ASO 2022-03）

2022年6月，FASb發佈了明確指導，要求在公允價值計量中不應考慮控股實體特徵而非股權證券本身特徵的限制。因此，公司必須根據不受該等合同限制的同一股權證券的市場價格，計量受控股實體應占合同限制的股權證券的公允價值。公司不允許

22

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

將歸屬於控股實體的合同銷售限制確認爲單獨的記賬單位。該指南還要求披露這些股權證券。

公司於2023年7月1日提前採納了該指引。公司前瞻性地應用了該指引，採用後對簡明綜合財務報表沒有影響。

參考利率改革（主題848）-推遲主題848的日落日期（亞利桑那州立大學2022-06、亞利桑那州立大學2021-01、亞利桑那州立大學2020-04）

該公司採用了ASO 2020-04和ASO 2021-01，並選擇應用與合同修改、對沖會計關係以及與貼現、按金或合同價格一致相關的衍生品修改相關的某些實用權宜方法。實際權宜之計的主要目的是減輕受參考利率改革影響的合同會計的行政負擔，這些選擇沒有、也預計不會對簡明綜合財務報表產生重大影響。ASO 2022-06將主題848的截止日期從2022年12月31日修訂並推遲至2024年12月31日，此後公司將不再被允許應用主題848中提供的權宜措施。公司將繼續評估參考利率改革對合同修改和對沖關係的影響。

3.投資

下表概述了公司的投資：

(單位：百萬)			2024年9月30日						2023年12月31日
資產管理
按公允價值計算的投資			$	1,388					$	1,489
權益法投資			1,109						1,072
績效分配			3,005						2,941
其他投資			358						—
總投資-資產管理			5,860						5,502
退休服務
可供出售證券，按公允價值計算			$	182,247					$	148,347
按公允價值進行證券交易			2,303						2,544
股權證券			1,549						1,611
抵押貸款，按公允價值計算			59,932						45,396
投資基金			1,711						1,741
政策性貸款			320						334
按利息扣繳的資金			26,675						30,833
衍生資產			7,529						5,298
短期投資			1,426						1,288
其他投資			2,075						1,549
投資總額，包括關聯方-退休服務			285,767						238,941
總投資			$	291,627					$	244,443

資產管理

投資活動淨收益（損失）

以下概述了投資活動淨收益（損失）中報告的已實現收益（損失）和未實現收益（損失）的淨變化：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
投資銷售已實現收益（損失），淨額			$	1					$	(3)					$	1					$	(4)
公允價值變動導致的未實現收益（損失）淨變化			14						(29)						32						(10)
投資活動淨收益(虧損)			$	15					$	(32)					$	33					$	(14)

23

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

績效分配

應收績效分配記錄在簡明綜合財務狀況表的投資中。 下表提供了績效分配餘額的前滾：

(單位：百萬)			總
績效分配，2024年1月1日			$	2,941
基金公允價值變動			880
對公司的資金分配			(816)
績效分配，2024年9月30日			$	3,005

資金公允價值的變化不包括普通合夥人返還之前分配的績效分配的義務，該義務在簡明綜合財務狀況表中記錄在應付關聯方款項中。

向普通合夥人或投資經理支付業績分配的時間因適用基金協議的條款而異。一般來說，如果基金的累積回報超過優先回報，則私募股權基金以及某些信貸和實物資產基金的績效分配是應支付的，並在投資實現後分配給基金的普通合夥人。

退休服務

AFS證券

下表按資產類型列出Athene的可供出售投資的攤銷成本、信用損失撥備、未實現損益總額和公允價值：

			2024年9月30日
(In數百萬）			攤餘成本						信貸虧損撥備						未實現收益總額						未實現總損失						公平值
AFS證券
美國政府和機構			$	7,501					$	—					$	84					$	(824)					$	6,761
美國州、市和政治分區			1,175						—						2						(200)						977
外國政府			2,088						—						44						(374)						1,758
企業			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
美國可供出售證券總額			174,252						(677)						2,826						(11,716)						164,685
AIG證券-關聯方
企業			1,295						—						7						(23)						1,279
CLO			5,763						—						41						(24)						5,780
ABS			10,725						(1)						40						(261)						10,503
可供出售證券總額-關聯方			17,783						(1)						88						(308)						17,562
可供出售證券總額，包括關聯方			$	192,035					$	(678)					$	2,914					$	(12,024)					$	182,247

24

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

			2023年12月31日
(單位：百萬)			攤銷成本						信貸損失準備						未實現收益總額						未實現虧損總額						公允價值
AFS證券
美國政府和機構			$	6,161					$	—					$	67					$	(829)					$	5,399
美國州、市和政治分區			1,296						—						—						(250)						1,046
外國政府			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證券總額			147,561						(590)						1,653						(14,286)						134,338
AIG證券-關聯方
公司			1,423						—						1						(72)						1,352
CLO			4,367						—						21						(120)						4,268
ABS			8,665						(1)						34						(309)						8,389
可供出售證券總額-關聯方			14,455						(1)						56						(501)						14,009
可供出售證券總額，包括關聯方			$	162,016					$	(591)					$	1,709					$	(14,787)					$	148,347

可供出售證券（包括關聯方）的攤銷成本和公允價值按合同到期日如下所示：

			2024年9月30日
(單位：百萬)			攤銷成本						公允價值
AFS證券
在一年或更短的時間內到期			$	2,407					$	2,394
應在一年至五年後到期			19,358						19,138
在五年到十年後到期			27,393						26,016
十年後到期			57,038						49,558
CLO、ABS、CMBS和RMBS			68,056						67,579
AFS證券總額			174,252						164,685
AIG證券-關聯方
一年至五年後到期			1,028						1,024
五年至十年後到期			43						45
十年後到期			224						210
CLO和ABS			16,488						16,283
可供出售證券總額-關聯方			17,783						17,562
可供出售證券總額，包括關聯方			$	192,035					$	182,247

實際到期日可能與合同到期日不同，因爲借款人可能有權在有或不有通知或預付罰款的情況下收回或預付債務。

25

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

AWS證券的未實現損失

以下總結了尚未記錄信用損失撥備的可供出售證券（包括關聯方）的公允價值和未實現虧損總額，按資產類型和公允價值保持低於攤銷成本的時間長度進行彙總：

			2024年9月30日
			少於12個月												12個月或更長												總
(In數百萬）			公平值						未實現總損失						公平值						未實現總損失						公平值						未實現總損失
AFS證券
美國政府和機構			$	1,031					$	(6)					$	3,795					$	(818)					$	4,826					$	(824)
美國州、市和政治分區			22						(1)						893						(198)						915						(199)
外國政府			886						(134)						737						(239)						1,623						(373)
企業			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)
美國可供出售證券總額			15,114						(564)						61,251						(10,711)						76,365						(11,275)
AIG證券-關聯方
企業			109						—						368						(23)						477						(23)
CLO			680						(1)						690						(20)						1,370						(21)
ABS			2,403						(34)						3,398						(213)						5,801						(247)
可供出售證券總額-關聯方			3,192						(35)						4,456						(256)						7,648						(291)
可供出售證券總額，包括關聯方			$	18,306					$	(599)					$	65,707					$	(10,967)					$	84,013					$	(11,566)

			2023年12月31日
			少於12個月												12個月或更長												總
(In數百萬）			公平值						未實現總損失						公平值						未實現總損失						公平值						未實現總損失
AFS證券
美國政府和機構			$	2,013					$	(94)					$	2,389					$	(735)					$	4,402					$	(829)
美國州、市和政治分區			123						(5)						888						(245)						1,011						(250)
外國政府			690						(13)						760						(242)						1,450						(255)
企業			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)
美國可供出售證券總額			14,722						(684)						74,046						(13,203)						88,768						(13,887)
AIG證券-關聯方
企業			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)
可供出售證券總額-關聯方			2,953						(117)						5,767						(364)						8,720						(481)
可供出售證券總額，包括關聯方			$	17,675					$	(801)					$	79,813					$	(13,567)					$	97,488					$	(14,368)

26

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

以下總結了處於未實現虧損狀況的可供出售證券（包括關聯方）的數量，但尚未記錄信用損失撥備：

			2024年9月30日
			未實現虧損頭寸						未實現虧損頭寸12個月或以上
AFS證券			7,058						6,167
AIG證券-關聯方			139						62

可供出售證券的未實現損失主要歸因於收購以來市場利率的變化。雅典娜沒有確認未實現的收入損失，除非對沖會計有要求，因爲它打算持有這些證券，並且在收回其攤銷成本之前不太可能被要求出售證券。

信貸虧損撥備

下表按資產類型總結了可供出售證券信用損失撥備活動：

			截至2024年9月30日的三個月
									加法												減少
(In數百萬）			期初餘額						初始信用損失						PDC證券的初始信用損失						期內出售的證券									對先前受損證券的增加（減少）						期末餘額
AFS證券
企業			$	168					$	—					$	—					$	—								$	—					$	168
CLO			—						1						—						—									—						1
ABS			67						13						—						(14)									8						74
CMBS			57						1						—						—									(1)						57
RMBS			378						5						—						(4)									(2)						377
美國可供出售證券總額			670						20						—						(18)									5						677
AWS證券-關聯方、ABS			1						—						—						—									—						1
可供出售證券總額，包括關聯方			$	671					$	20					$	—					$	(18)								$	5					$	678

			截至2023年9月30日的三個月
									加法												減少
(In數百萬）			期初餘額						初始信用損失						PDC證券的初始信用損失						期內出售的證券									對先前受損證券的增加（減少）						期末餘額
AFS證券
外國政府			$	27					$	—					$	—					$	—								$	—					$	27
企業			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
美國可供出售證券總額			521						73						1						(11)									(6)						578
AWS證券-關聯方、ABS			1						—						—						—									—						1
可供出售證券總額，包括關聯方			$	522					$	73					$	1					$	(11)								$	(6)					$	579

27

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

			截至2024年9月30日的九個月
									加法												減少
(In數百萬）			期初餘額						初始信用損失						PDC證券的初始信用損失						期內出售的證券												對先前受損證券的增加（減少）						期末餘額
AFS證券
企業			$	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
美國可供出售證券總額			590						111						—						(37)												13						677
AWS證券-關聯方、ABS			1						—						—						—												—						1
可供出售證券總額，包括關聯方			$	591					$	111					$	—					$	(37)											$	13					$	678

			截至2023年9月30日的九個月
									加法												減少
(In數百萬）			期初餘額						初始信用損失						PDC證券的初始信用損失						期內出售的證券												對先前受損證券的增加（減少）						期末餘額
AFS證券
外國政府			$	27					$	—					$	—					$	—											$	—					$	27
企業			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
美國可供出售證券總額			458						110						40						(25)												(5)						578
AIG證券-關聯方
CLO			1						—						—						—												(1)						—
ABS			—						1						—						—												—						1
可供出售證券總額-關聯方			1						1						—						—												(1)						1
可供出售證券總額，包括關聯方			$	459					$	111					$	40					$	(25)											$	(6)					$	579

28

---

Table of Contents

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日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
AFS證券1
投資活動已實現總收益			$	744					$	55					$	936					$	379
投資活動已實現總損失			(237)						(431)						(802)						(647)
可供出售證券的已實現淨投資收益（損失）			507						(376)						134						(268)
交易證券的已確認淨投資收益（損失）			119						(137)						21						(105)
股本證券已確認淨投資收益（損失）			38						(3)						65						(34)
抵押貸款已確認淨投資收益（損失）			1,139						(911)						874						(838)
衍生收益(虧損)			1,608						(1,480)						2,486						(66)
信貸損失準備金			(14)						(60)						(114)						(237)
其他收益(虧損)			(1,858)						343						(384)						355
投資相關收益（損失）			$	1,539					$	(2,624)					$	3,082					$	(1,193)
1 包括與指定對沖相關的可供出售證券的已確認損益的影響。

出售可供出售證券的收益爲美元8,539 億和$724 截至2024年9月30日和2023年9月30日的三個月分別爲百萬美元和美元19,305 億和$3,918 截至2024年9月30日和2023年9月30日的九個月分別爲百萬美元。

下表總結了截至各期末持有的交易證券和股本證券未實現收益（損失）的變化：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
證券交易			$	83					$	(75)					$	42					$	(35)
交易證券-關聯方			(1)						3						(2)						3
股權證券			28						6						56						9
股票證券-關聯方			10						(9)						2						(16)

29

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

回購協議

下表概述了回購協議的剩餘合同到期日，這些協議包括在簡明綜合財務狀況表中回購衍生品和證券抵押品的應付賬款中：

(單位：百萬)			2024年9月30日						2023年12月31日
少於30天			$	—					$	686
91天至1年			1,097						—
超過1年			1,569						3,167
回購協議申請			$	2,666					$	3,853

下表概述了作爲回購協議抵押品的證券：

			2024年9月30日												2023年12月31日
(單位：百萬)			攤銷成本						公允價值						攤銷成本						公允價值
AFS證券
外國政府			$	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
回購協議下質押的證券總額			$	3,109					$	2,810					$	4,659					$	4,071

反向回購協議

截至2024年9月30日和2023年12月31日，逆回購協議貸款金額爲美元1,017 億和$947 抵押品（主要由資產支持證券和商業抵押貸款組成）的公允價值爲美元2,347 億和$1,504 分別爲百萬。

抵押貸款，包括關聯方和合並VIE

抵押貸款包括商業貸款和住宅貸款。Athene選擇了其抵押貸款組合的公允價值選擇權。有關更多公允價值期權信息，請參閱附註6。 以下代表抵押貸款組合，公允價值選擇權貸款按未付本金餘額呈列：

(In數百萬）			2024年9月30日						2023年12月31日
商業按揭貸款			$	32,066					$	27,630
正在開發的商業抵押貸款			1,722						1,228
商業抵押貸款總額			33,788						28,858
按公允價值計價			(1,926)						(2,246)
商業按揭貸款			31,862						26,612
住宅按揭貸款			30,616						21,894
按公允價值計價			(320)						(937)
住宅按揭貸款			30,296						20,957
按揭貸款			$	62,158					$	47,569

Athene主要投資於創收房地產的商業抵押貸款，包括辦公室和零售樓、公寓、酒店和工業房地產。Athene根據地理區域和房地產類型多元化商業抵押貸款組合，以降低集中風險。Athene根據相關當前信息評估抵押貸款，以確認房產的表現是否處於一致且可接受的水平，以確保相關債務。

30

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

商業抵押貸款（包括開發中的貸款）按物業類型和地理區域劃分的分佈如下：

			2024年9月30日												2023年12月31日
(In百萬，百分比除外）			公平值						總額的百分比						公平值						總額的百分比
屬性類型
公寓			$	11,556					36.3		%				$	9,591					36.0		%
辦公樓			4,140						13.0		%				4,455						16.7		%
工業			6,144						19.3		%				4,143						15.6		%
酒店			2,941						9.2		%				2,913						11.0		%
零售			2,447						7.7		%				2,158						8.1		%
其他商業			4,634						14.5		%				3,352						12.6		%
商業抵押貸款總額			$	31,862					100.0		%				$	26,612					100.0		%
美國地區
東、北中部			$	1,494					4.7		%				$	1,517					5.7		%
東南中部			443						1.3		%				523						2.0		%
大西洋中部			8,497						26.7		%				7,147						26.9		%
山			1,335						4.2		%				1,196						4.5		%
新英格蘭			1,126						3.5		%				1,295						4.9		%
太平洋			5,788						18.2		%				4,860						18.3		%
南大西洋			5,504						17.3		%				4,583						17.2		%
西北中部			228						0.7		%				249						0.9		%
西南中部			1,965						6.2		%				1,228						4.6		%
美國地區總數			26,380						82.8		%				22,598						85.0		%
國際地區
英國			2,638						8.3		%				2,343						8.7		%
其他國際1			2,844						8.9		%				1,671						6.3		%
國際地區總數			5,482						17.2		%				4,014						15.0		%
商業抵押貸款總額			$	31,862					100.0		%				$	26,612					100.0		%
1 代表所有其他國家/地區，每個國家/地區佔投資組合的不到5%。

Athene的住宅抵押貸款組合主要由以不同地理位置的房產爲抵押的第一優先權住宅抵押貸款組成，並按投資組合比例總結於下表：

			2024年9月30日						2023年12月31日
美國各州
加州			26.2		%				27.6		%
佛羅里達			12.6		%				12.0		%
Texas			7.0		%				6.1		%
紐約			5.1		%				5.9		%
其他1			40.2		%				39.4		%
美國住宅抵押貸款總額百分比			91.1		%				91.0		%
國際
英國			5.1		%				4.0		%
其他1			3.8		%				5.0		%
國際住宅抵押貸款總額百分比			8.9		%				9.0		%
住宅抵押貸款總額百分比			100.0		%				100.0		%
1 代表所有其他州或國家，每個州或國家佔投資組合的不到5%。

31

---

Table of Contents

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.

32

---

Table of Contents

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

現金流對沖

Athene使用利率掉期將浮動利率利息支付轉換爲固定利率利息支付，以減少利率變化的風險。利率互換將於2031年7月到期。截至2024年9月30日和2023年9月30日的三個月內，Athene確認收益爲美元152 億和$91 與這些對沖相關的其他全面收益（「OCI」）中分別爲百萬美元。截至2024年9月30日和2023年9月30日的九個月內，Athene確認收益爲美元149 百萬美元和損失美元35 與這些對沖相關的OCI中分別爲百萬美元。截至2024年和2023年9月30日的三個月和九個月內，沒有被視爲無效的金額。截至2024年9月30日， 不是 預計該金額將在未來12個月內重新分類爲收入。

公允價值對沖

Athene使用指定並覈算爲公允價值對沖的外幣遠期合同、外幣掉期、外幣利率掉期和利率掉期來對沖某些外幣風險和利率風險。外幣遠期價格在合同簽訂時商定，並在指定的未來日期付款。

33

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

以下代表包含在對沖資產或負債中的公允價值對沖調整：

			2024年9月30日												2023年12月31日
(單位：百萬)			被對沖資產或負債的公允價值1						公允價值對沖收益（損失）累計金額						被對沖資產或負債的公允價值1						公允價值對沖收益（損失）累計金額
AFS證券
外幣遠期			$	3,851					$	(13)					$	4,883					$	(15)
外幣掉期			11,588						71						6,820						(141)
利息敏感合同負債
外幣掉期			2,507						(44)						1,438						19
外幣利率互換			4,220						205						4,010						363
利率互換			17,483						(121)						6,910						189
1 可供出售證券披露的公允價值爲攤銷成本。

以下是公允價值對沖關係中與衍生品和相關對沖項目相關的收益（損失）摘要：

																					有關款項不包括
(單位：百萬)			衍生品						套期保值項目						網絡						通過攤銷法確認爲收入						通過公允價值變動在收入中確認
截至2024年9月30日的三個月
投資相關收益（損失）
外幣遠期			$	(180)					$	184					$	4					$	4					$	8
外幣掉期			(313)						282						(31)						—						—
外幣利率互換			255						(258)						(3)						—						—
利率互換			382						(386)						(4)						—						—
利息敏感合同福利
外幣利率互換			26						(25)						1						—						—
截至2023年9月30日的三個月
投資相關收益（損失）
外幣遠期			$	179					$	(187)					$	(8)					$	21					$	5
外幣掉期			161						(166)						(5)						—						—
外幣利率互換			(90)						95						5						—						—
利率互換			(74)						63						(11)						—						—
利息敏感合同福利
外幣利率互換			16						(14)						2						—						—

34

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

																					有關款項不包括
(單位：百萬)			衍生物						套期保值項目						淨						通過攤銷法確認爲收入						通過公允價值變動在收入中確認
截至2024年9月30日的九個月
投資相關收益（損失）
外幣遠期			$	(1)					$	1					$	—					$	35					$	14
外幣掉期			(158)						144						(14)						—						—
外幣利率互換			132						(135)						(3)						—						—
利率掉期			267						(310)						(43)						—						—
利息敏感合同福利
外幣利率互換			66						(64)						2						—						—
截至2023年9月30日的九個月
投資相關收益（損失）
外幣遠期			$	74					$	(77)					$	(3)					$	66					$	12
外幣掉期			59						(57)						2						—						—
外幣利率互換			(5)						15						10						—						—
利率掉期			(92)						79						(13)						—						—
利息敏感合同福利
外幣利率互換			44						(44)						—						—						—

以下是排除的收益（損失）摘要 來自OCI認可的對沖有效性評估:

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
外幣遠期			$	13					$	(65)					$	(2)					$	(63)
外幣掉期			56						(239)						82						(182)

淨投資對沖

Athene使用外幣遠期對沖其對報告貨幣爲美元以外的子公司的投資的外幣匯率風險。對沖有效性根據遠期利率的變化進行評估。截至2024年9月30日和2023年9月30日的三個月內，這些衍生品的損失爲美元14 百萬美元和收益美元13 分別爲百萬。截至2024年9月30日的九個月內 和 2023年，這些衍生品損失達美元11 百萬美元和收益美元5 分別爲百萬。該等衍生工具計入簡明綜合全面收益（虧損）表的外幣兌換和其他調整中。截至2024年9月30日和2023年12月31日，AOCI中記錄的與這些淨投資對沖相關的累計外幣兌換爲收益美元15百萬美元和美元26 分別爲百萬。截至2024年9月30日的三個月和九個月內 和 2023年，沒有任何金額被視爲無效。

未被指定爲對沖的衍生品

股權期權

Athene使用股票指數期權對固定指數年金產品進行經濟對沖，這些產品保證將本金返還給保單持有人，並根據特定市場指數（主要是標準普爾500指數）收益的一定百分比返還信用利息。爲了對沖股票指數的不利變化，Athene簽訂了購買股票指數期權的合同。該合約根據行使時指數的差異和執行價格以現金淨結算。

35

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

期貨

Athene購買期貨合約，以對沖相關指數上漲直接導致的客戶利息增長。Athene與屬於交易所成員的受監管期貨委員會清算經紀人簽訂交易所交易的期貨。根據交易所交易的期貨合約，Athene同意與其他方購買指定數量的合約，並每天支付相當於這些合約每日公允價值差額的變動按金。

利率掉期

雅典娜使用 利率互換以降低利率變化的市場風險，並改變資產與負債之間期限錯配產生的利率風險。通過利率互換， 雅典娜同意 與另一方以指定時間間隔交換與商定的名義本金金額相關的固定利率和浮動利率利息金額之間的差額。

其他互換

其他掉期包括總回報掉期、信用違約掉期和掉期。Athene購買總回報率掉期以獲得風險敞口並從沒有所有權的參考資產或指數中受益。信用違約掉期提供了針對發行人違約的措施，或允許Athene獲得發行人或交易指數的信用風險敞口。Athene使用信用違約掉期與債券結合來綜合創建參考債券的特徵。掉期提供了進行利率掉期的選項，雅典娜使用掉期來對沖利率風險。

嵌入導數

Athene擁有嵌入式衍生品，這些衍生品需要與其主合同分開並報告爲衍生品。主合同包括基於modco或預扣資金基礎結構的再保險協議以及指數化年金產品。

以下是與未指定爲對沖的衍生品相關的收益（損失）摘要：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
股權期權			$	596					$	(951)					$	2,298					$	390
期貨			26						(73)						152						22
掉期			(126)						(24)						(156)						38
外幣遠期			209						146						(657)						(191)
預扣資金的嵌入衍生品			747						(780)						560						(439)
在投資相關收益（損失）中確認的金額			1,452						(1,682)						2,197						(180)
指數化年金產品中的嵌入衍生品1			(275)						1,251						(1,270)						(277)
未指定爲對沖的衍生品的總收益（損失）			$	1,177					$	(431)					$	927					$	(457)
1 包括在簡明綜合經營報表中的利息敏感合同福利中。

信用風險

公司 如果交易對手方對衍生金融工具不履行義務，則可能面臨信貸相關損失。一般來說，當前的信用風險 雅典娜的 衍生品合同是報告日的公允價值減去從交易對手收到的任何抵押品。

雅典娜管理 與信譽良好的交易對手進行交易而產生與場外衍生品相關的信用風險。如果可能的話， 雅典娜堅持認爲 抵押品安排並使用主淨結算協議，該協議規定一個交易對手在每個到期日和終止時向另一個交易對手進行單一淨付款。 Athene還在可能的情況下制定了交易對手風險敞口限額，以評估是否有足夠的抵押品來支持淨風險敞口。

36

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

抵押品安排通常需要發佈與其衍生工具相關的抵押品。抵押協議通常包含發佈門檻，其中一些門檻可能會根據發佈方的財務實力評級而有所不同。此外，減少 雅典娜的 財務實力評級達到指定水平可以導致衍生品頭寸的結算。

之估計公平值 雅典娜的 應用主淨額結算協議和抵押品後的衍生品和其他金融資產和負債淨值如下：

									簡明綜合財務狀況表未抵銷的總額
(In數百萬）			確認的總金額1						金融工具2						抵押品(已收)/質押						淨額						表外證券抵押品3						證券抵押品後淨額
2024年9月30日
衍生資產			$	7,529					$	(1,739)					$	(5,272)					$	518					$	—					$	518
衍生工具負債			(2,758)						1,739						1,091						72						1						73
2023年12月31日
衍生資產			$	5,298					$	(1,497)					$	(3,676)					$	125					$	—					$	125
衍生工具負債			(1,995)						1,497						848						350						—						350
1已確認衍生資產及衍生負債總額於簡明綜合財務狀況表中列報。截至2024年9月30日和2023年12月31日，不受主淨額結算或類似協議約束的金額無關緊要。
2指受可強制執行的總淨額結算協議或類似協議所規限的衍生資產及衍生負債的抵銷金額，該等衍生資產及負債並未抵銷衍生資產或衍生負債總額以在簡明綜合財務狀況報表中呈列。
3對於收到的非現金抵押品，本公司不確認簡明綜合財務狀況報表上的抵押品，除非債務人(轉讓人)已根據有擔保合同的條款違約，不再有權贖回質押資產。數額不包括質押或收到的任何超額抵押品。

5.可變利益實體

VIE中的可變權益是將吸收VIE部分預期損失和/或獲得預期剩餘回報的投資或其他權益。合併VIE和未合併VIE中的可變權益將在下文分別討論。

合併後的VIE

合併VIE包括由公司和公司被視爲主要受益人的其他實體管理的某些CLO和基金。此外，2023年期間，合併VIE還包括在2023年第四季度清算的SPAC。有關Apollo之前合併的SPAC的更多詳細信息，請參閱註釋15。

合併VIE的資產不可供公司債權人使用，且這些合併VIE的投資者對公司的資產沒有追索權。同樣，公司對合並VIE的負債也沒有追索權。

合併VIE的其他資產包括應收利息、應收關聯公司款項和逆回購協議。其他負債包括債務和短期應付款項。

相應合併VIE中的每個系列票據都參與VIE的分配，包括基礎投資的本金和利息。分配給票據持有人的金額反映瞭如果VIE的事務被清盤且其資產出售以換取相當於其各自公允價值的現金、根據其條款償還的負債以及分配給票據持有人的所有剩餘金額將分配的金額。發行應付票據的各個VIE以其當前淨資產價值（接近公允價值）標記。

根據財務信息的可用性，Apollo管理的某些基金的業績會延遲三個月。

37

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

合併可變利率債券投資活動淨損益-資產管理

下表列出了合併VIE投資活動的淨收益（損失）：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			20241						20231						20241						20231
投資活動淨收益(虧損)			$	32					$	18					$	25					$	42
其他負債淨收益（損失）			(7)						—						(7)						—
利息和其他收入			46						59						140						133
利息和其他費用			(27)						(28)						(88)						(80)
合併可變利益實體投資活動的淨收益（損失）			$	44					$	49					$	70					$	95
1 金額反映合併抵銷。

此外，我們還在管理費、投資收入（損失）、薪酬和福利以及一般、行政和其他中確認某些合併VIE的收入和費用。截至2024年9月30日的三個月和九個月，公司錄得美元91000萬美元和300萬美元27 收入分別爲百萬美元和美元741000萬美元和300萬美元75 與這些VIE活動相關的費用分別爲百萬美元。截至2023年9月30日的三個月和九個月，公司錄得美元91000萬美元和300萬美元12 與這些VIE活動相關的收入分別爲百萬美元。

訂閱行

其他負債包括合併VIE欠第三方機構的款項。 下表概述了這些金額的主要撥備：

			2024年9月30日																		2023年12月31日
(單位：百萬，百分比除外)			未償還本金						加權平均利率						加權平均剩餘到期日(年)						未償還本金						加權平均利率						加權平均剩餘成熟度（年數）
資產管理
訂閱行1			$	942					7.07		%				0.07						$	1,072					7.16		%				0.09
總計-資產管理			$	942																	$	1,072
1 合併VIE的認購額度由各相應工具持有的資產作抵押，一個工具的資產不得用於償還另一個工具的負債。

合併VIE的債務義務包含各種習慣貸款契約。截至2024年9月30日，公司不知道有任何不遵守這些契約的情況。

反向回購協議

截至2023年12月31日，根據逆回購協議收到的抵押品公允價值爲美元453 萬截至2023年12月31日，逆回購協議下收到的抵押品沒有再抵押。

38

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

合併可變利率債券的收入-退休服務

以下總結了合併VIE的運營活動報表：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
證券交易			$	39					$	17					$	104					$	65
按揭貸款			30						29						91						83
投資基金			22						20						43						55
其他			(9)						2						(13)						1
淨投資收益			82						68						225						204
交易證券的已確認淨投資收益（損失）			29						(16)						21						(15)
抵押貸款已確認淨投資收益（損失）			24						(25)						(4)						(45)
投資基金已確認淨投資收益			415						292						1,094						831
其他收益(虧損)			2						(1)						(7)						(29)
投資相關收益（損失）			470						250						1,104						742
合併可變利益實體的收入			$	552					$	318					$	1,329					$	946

未合併可變利率債券-資產管理

下表列出了與這些VIE相關的最大損失風險敞口，Apollo得出的結論是，其持有大量可變權益，但其不是主要受益人。

(單位：百萬)			2024年9月30日						2023年12月31日
最大損失暴露1,2			$	795					$	325
1 代表Apollo對其持有重大可變權益的實體的直接投資以及某些其他投資。此外，如果未來出現虧損，累積績效分配可能會被逆轉。
2 包括的一些金額是四分之一的欠款。

未合併可變利率債券-退休服務

該公司以證券和投資基金所有權股份的形式在某些未合併VIE中擁有可變權益。

固定期限證券

Athene作爲債券持有人或證券化工具剩餘權益的投資者投資於證券化實體。這些實體被視爲VIE，原因是結構內的股本不足，以及股權投資者對對實體經濟產生重大影響的活動缺乏控制。一般而言，Athene是這些實體內的債務投資者，因此持有可變權益；然而，由於債務持有人缺乏控制信託內對實體產生重大影響的決定的能力，以及債務持有人因股權部分的從屬關係而受到保護而免受損失的事實，債務持有人不被視爲主要受益人。雅典娜持有剩餘股份的證券化工具並不合併，因爲雅典娜沒有單方面解除普通合夥人的實質性權利，或在評估關聯方利益時，雅典娜不在美國公認會計准則定義的與關聯方的共同控制之下，也不是代表雅典娜進行的基本上所有活動；因此，雅典娜不被視爲主要受益人。債務投資和對證券化實體剩餘部分的投資被視爲債務工具，按公允價值持有，並在簡明綜合財務狀況報表上歸類爲AFS或交易證券。

投資基金

投資基金包括非固定收益、有限合夥或類似法律結構形式的另類投資。

39

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

股權證券

Athene投資於因結構內股權不足而被視爲VIE的實體發行的優先股權證券。

Athene與其非合併投資相關的損失風險取決於投資。投資基金、股權證券和交易證券僅限於其公允價值加上無資金承諾。可供出售證券僅限於攤銷成本加上無資金承諾。

以下概述了這些非合併投資的公允價值和最大損失風險：

			2024年9月30日												2023年12月31日
(單位：百萬)			賬面價值						最大損失暴露						賬面價值						最大損失暴露
投資基金			$	107					$	862					$	109					$	876
對關聯方的投資-投資基金			1,604						2,659						1,632						2,377
合併VIE的資產-投資基金			17,028						23,587						15,820						22,129
固定期限證券投資			67,990						69,290						48,155						50,623
關聯方投資-固定期限證券			16,902						20,764						13,495						15,608
關聯方投資-股權證券			257						257						318						318
非合併投資總額			$	103,888					$	117,419					$	79,529					$	91,931

6.公允價值

金融工具公平值計量

以下總結了公司按公允價值層級記錄的金融資產和負債：

			2024年9月30日
(單位：百萬)			1級						2級						3級						NAV						總
資產
資產管理
現金及現金等價物			$	2,666					$	—					$	—					$	—					$	2,666
受限現金和現金等價物			3						—						—						—						3
VIE的現金和現金等值物			102						—						—						—						102
按公允價值計算的投資			226						2						1,089			1			71						1,388
合併VIE投資			222						29						1,908						184						2,343
關聯方應繳款項2			—						—						26						—						26
衍生資產3			—						—						16						—						16
總資產-資產管理			3,219						31						3,039						255						6,544
退休服務
AFS證券
美國政府和機構			6,759						2						—						—						6,761
美國州、市和政治分區			—						977						—						—						977
外國政府			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證券總額			7,527						136,973						20,185						—						164,685
證券交易			24						1,623						37						—						1,684
股權證券			207						1,059						26						—						1,292
按揭貸款			—						—						58,587						—						58,587
(續)

40

---

目錄表

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

			2024年9月30日
(單位：百萬)			1級						2級						3級						NAV						總
按利息預扣資金-嵌入式衍生品			—						—						(2,581)						—						(2,581)
衍生資產			143						7,385						1						—						7,529
短期投資			202						39						168						—						409
其他投資			—						603						904						—						1,507
現金及現金等價物			13,587						—						—						—						13,587
受限現金和現金等價物			964						—						—						—						964
對關聯方的投資
AFS證券
公司			—						233						1,046						—						1,279
CLO			—						5,215						565						—						5,780
ABS			—						694						9,809						—						10,503
可供出售證券總額-關聯方			—						6,142						11,420						—						17,562
證券交易			—						—						619						—						619
股權證券			—						—						257						—						257
按揭貸款			—						—						1,345						—						1,345
投資基金			—						—						1,106						—						1,106
按利息預扣資金-嵌入式衍生品			—						—						(530)						—						(530)
其他投資			—						—						348						—						348
可追討的再保險			—						—						1,710						—						1,710
其他資產5			—						—						313						—						313
合併VIE資產
證券交易			—						441						1,938						—						2,379
按揭貸款			—						—						2,226						—						2,226
投資基金			—						—						818						16,210						17,028
其他投資			5						—						154						—						159
現金及現金等價物			305						—						—						—						305
總資產-退休服務			22,964						154,265						99,051						16,210						292,490
總資產			$	26,183					$	154,296					$	102,090					$	16,465					$	299,034
負債
資產管理
或有對價債務4			$	—					$	—					$	56					$	—					$	56
衍生負債3			—						33						—						—						33
總負債-資產管理			—						33						56						—						89
退休服務
利息敏感合同負債
嵌入導數			—						—						11,996						—						11,996
全民生活福利			—						—						820						—						820
未來的政策好處
AmerUs封閉區塊			—						—						1,166						—						1,166
ILICO封閉區塊和終身福利			—						—						545						—						545
市場風險收益5			—						—						4,402						—						4,402
衍生負債			1						2,756						1						—						2,758
其他負債			—						—						337						—						337
總負債-退休服務			1						2,756						19,267						—						22,024
總負債			$	1					$	2,789					$	19,323					$	—					$	22,113
(結束語)

41

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

			2023年12月31日
(In數百萬）			1級						2級						3級						NAV						總
資產
資產管理
現金和現金等價物			$	2,748					$	—					$	—					$	—					$	2,748
受限現金和現金等價物			2						—						—						—						2
VIE的現金和現金等值物			62						—						—						—						62
按公允價值計算的投資			202						38						1,188			1			61						1,489
合併VIE投資			—						16						1,492						127						1,635
應收關聯方2			—						—						37						—						37
衍生資產3			—						—						13						—						13
總資產-資產管理			3,014						54						2,730						188						5,986
退休服務
AFS證券
美國政府和機構			5,392						7						—						—						5,399
美國州、市和政治分區			—						1,046						—						—						1,046
外國政府			895						964						40						—						1,899
企業			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
美國可供出售證券總額			6,297						118,247						9,794						—						134,338
交易證券			24						1,654						28						—						1,706
股本證券			210						699						26						—						935
按揭貸款			—						—						44,115						—						44,115
按利息預扣資金-嵌入式衍生品			—						—						(3,379)						—						(3,379)
衍生資產			108						5,190						—						—						5,298
短期投資			—						236						105						—						341
其他投資			—						313						630						—						943
現金和現金等價物			13,020						—						—						—						13,020
受限現金和現金等價物			1,761						—						—						—						1,761
關聯方投資
AFS證券
企業			—						181						1,171						—						1,352
CLO			—						3,762						506						—						4,268
ABS			—						563						7,826						—						8,389
可供出售證券總額-關聯方			—						4,506						9,503						—						14,009
交易證券			—						—						838						—						838
股本證券			63						—						255						—						318
按揭貸款			—						—						1,281						—						1,281
投資基金			—						—						1,082						—						1,082
按利息預扣資金-嵌入式衍生品			—						—						(721)						—						(721)
其他投資			—						—						343						—						343
可收回的再保險			—						—						1,367						—						1,367
其他資產5			—						—						378						—						378
合併VIE資產
交易證券			—						284						1,852						—						2,136
按揭貸款			—						—						2,173						—						2,173
投資基金			—						—						977						14,843						15,820
(續)

42

---

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
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.

43

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

第3級金融工具

下表總結了用於分類爲3級的金融資產和負債的估值技術以及量化輸入和假設：

2024年9月30日

公允價值 (In數百萬）

估值技術

不可觀察輸入數據

範圍

加權平均

金融資產

資產管理

投資

$

803

貼現現金流量

貼現率

13.5% – 52.8%

17.6%

1

126

直接資本化

資本化率

6.7%

6.7%

160

調整後的交易價值

N/A

N/A

N/A

應收關聯方

26

貼現現金流量

貼現率

14.0%

14.0%

衍生資產

16

期權模型

波動率

47.5%

47.5%

合併VIE投資

銀行貸款

80

貼現現金流量

貼現率

6.6% – 35.5%

8.9%

1

256

調整後的交易價值

N/A

N/A

N/A

股本證券

504

股息貼現模型

貼現率

14.1%

14.1%

432

貼現現金流量

貼現率

12.7%

12.7%

39

調整後的交易價值

N/A

N/A

N/A

18

期權模型

波動率

85.0% – 105.0%

95.3%

1

債券

579

貼現現金流量

貼現率

6.0% – 10.4%

6.4%

1

退休服務

可供出售、交易和股票證券

27,208

貼現現金流量

貼現率

4.3% – 17.7%

6.9%

1

按揭貸款2

62,158

貼現現金流量

貼現率

1.0% – 36.5%

7.4%

1

投資基金2

1,623

貼現現金流量

貼現率

6.3% – 13.5%

11.3%

1

金融負債

資產管理

或有對價義務

56

貼現現金流量

貼現率

20.0% – 25.0%

23.7%

1

退休服務

利息敏感合同負債-固定指數年金嵌入衍生品

11,996

貼現現金流量

不績效風險

0.5% – 1.2%

0.8%

3

期權預算

0.5% – 6.0%

2.7%

4

退保率

6.2% – 14.0%

8.7%

4

1 不可觀察輸入根據該範圍中投資的公允價值加權。

2 包括合併VIE的那些。

3 不履行風險加權平均值基於嵌入式衍生品應占的預計現金流量。

4 期權預算和自首率加權平均值是根據預計賬戶價值計算的。

44

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

2023年12月31日

公允價值 (In數百萬）

估值技術

不可觀察輸入數據

範圍

加權平均

金融資產

資產管理

投資

$

857

貼現現金流量

貼現率

10.5% – 52.8%

17.2%

1

112

直接資本化

資本化率

6.9%

6.9%

219

調整後的交易價值

N/A

N/A

N/A

應收關聯方

37

貼現現金流量

貼現率

14.0%

14.0%

衍生資產

13

期權模型

波動率

62.5%

62.5%

合併VIE投資

銀行貸款

605

貼現現金流量

貼現率

7.7% – 11.0%

9.4%

1

64

調整後的交易價值

N/A

N/A

N/A

股本證券

494

股息貼現模型

貼現率

13.5%

13.5%

131

調整後的交易價值

N/A

N/A

N/A

債券

35

貼現現金流量

貼現率

6.1% – 13.0%

10.7%

1

163

調整後的交易價值

N/A

N/A

N/A

退休服務

可供出售、交易和股票證券

14,247

貼現現金流量

貼現率

2.3% – 18.1%

7.0%

1

按揭貸款2

47,569

貼現現金流量

貼現率

2.5% – 20.6%

6.8%

1

投資基金2

1,574

貼現現金流量

貼現率

6.3% – 13.5%

11.2%

1

483

有形資產淨值

隱含倍數

1.14x

1.14x

金融負債

資產管理

或有對價義務

93

貼現現金流量

貼現率

20.0% – 25.0%

23.3%

1

期權模型

波動率

31.4% – 33.4%

32.4%

1

退休服務

利息敏感合同負債-固定指數年金嵌入衍生品

9,059

貼現現金流量

不績效風險

0.4% – 1.4%

0.9%

3

期權預算

0.5% – 6.0%

2.3%

4

退保率

6.0% – 13.4%

8.7%

4

1 不可觀察輸入根據該範圍中投資的公允價值加權。

2 包括合併VIE的那些。

3 不履行風險加權平均值基於嵌入式衍生品應占的預計現金流量。

4 期權預算和自首率加權平均值是根據預計賬戶價值計算的。

45

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

以下是按經常性公平價值計量的第三級資產和負債的對賬：

			截至2024年9月30日的三個月
									已實現和未實現收益（損失）總額
(In數百萬）			期初餘額						列入收入						包含在OCI中						淨購買、發行、銷售和結算						淨轉入（轉出）						期末餘額						收益中包含的總收益（損失）1						計入OCI的總收益（損失）1
資產-資產管理
投資和衍生資產			$	1,170					$	42					$	—					$	(39)					$	(68)					$	1,105					$	7					$	—
合併VIE投資			1,507						48						—						(99)						452						1,908						8						—
3級資產總計-資產管理			$	2,677					$	90					$	—					$	(138)					$	384					$	3,013					$	15					$	—
資產-退休服務
AFS證券
外國政府			$	34					$	—					$	1					$	—					$	—					$	35					$	—					$	—
企業			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
交易證券			37						1						—						(1)						—						37						1						—
股本證券			36						(1)						—						—						(9)						26						—						—
按揭貸款			52,645						1,096						—						4,846						—						58,587						1,236						—
按利息預扣資金-嵌入式衍生品			(3,283)						702						—						—						—						(2,581)						—						—
衍生資產			1						—						—						—						—						1						—						—
短期投資			80						—						—						166						(78)						168						—						—
其他投資			904						—						—						—						—						904						(1)						—
關聯方投資
AFS證券
企業			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
交易證券			719						—						—						(100)						—						619						(1)						—
股本證券			247						10						—						—						—						257						10						—
按揭貸款			1,320						39						—						(14)						—						1,345						(43)						—
投資基金			1,066						40						—						—						—						1,106						40						—
按利息預扣資金-嵌入式衍生品			(717)						187						—						—						—						(530)						—						—
其他投資			335						13						—						—						—						348						13						—
可收回的再保險			1,518						99						—						93						—						1,710						—						—
合併VIE資產
交易證券			1,876						82						—						34						(54)						1,938						82						—
按揭貸款			2,120						51						—						55						—						2,226						51						—
投資基金			913						(1)						—						338						(432)						818						(1)						—
其他投資			113						4						—						37						—						154						4						—
3級資產總額-退休服務			$	89,074					$	2,358					$	480					$	7,674					$	(848)					$	98,738					$	1,400					$	469
(續)

46

---

Table of Contents

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.

			截至2023年9月30日的三個月
									已實現和未實現收益（損失）總額
(In數百萬）			期初餘額						列入收入						包含在OCI中						淨購買、發行、銷售和結算						淨轉入（轉出）						期末餘額						收益中包含的總收益（損失）1						計入OCI的總收益（損失）1
資產-資產管理
投資和衍生資產			$	1,165					$	(25)					$	—					$	6					$	—					$	1,146					$	(1)					$	—
合併VIE投資			2,608						(9)						—						(619)						—						1,980						4						—
3級資產總計-資產管理			$	3,773					$	(34)					$	—					$	(613)					$	—					$	3,126					$	3					$	—
資產-退休服務
AFS證券
外國政府			$	48					$	—					$	(2)					$	—					$	—					$	46					$	—					$	(2)
企業			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						—						—
交易證券			38						(1)						—						(5)						—						32						(1)						—
股本證券			67						7						—						—						—						74						7						—
按揭貸款			34,668						(850)						—						4,160						—						37,978						(850)						—
按利息預扣資金-嵌入式衍生品			(4,356)						(625)						—						—						—						(4,981)						—						—
短期投資			30						—						(1)						100						—						129						—						(1)
其他投資			337						(5)						—						145						—						477						(5)						—
關聯方投資
AFS證券
企業			1,171						1						(10)						24						—						1,186						—						(10)
CLO			495						—						8						—						—						503						—						8
ABS			7,742						(2)						(11)						110						—						7,839						(6)						(14)
交易證券			867						4						—						—						—						871						3						—
股本證券			252						(7)						—						—						—						245						(7)						—
按揭貸款			1,296						(61)						—						(1)						—						1,234						(61)						—
投資基金			1,061						(18)						—						—						—						1,043						(18)						—
(續)

47

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

按利息預扣資金-嵌入式衍生品			(1,297)						325						—						—						—						(972)						—						—
其他投資			343						(16)						—						—						—						327						(16)						—
可收回的再保險			1,436						(135)						—						—						—						1,301						—						—
合併VIE資產
交易證券			717						(26)						—						(13)						1,180						1,858						(48)						—
按揭貸款			2,113						(73)						—						2						—						2,042						(73)						—
投資基金			1,351						(30)						—						81						—						1,402						(30)						—
其他投資			99						5						—						(12)						—						92						5						—
3級資產總額-退休服務			$	56,261					$	(1,515)					$	(27)					$	4,571					$	718					$	60,008					$	(1,100)					$	(42)
負債-資產管理
或有對價義務			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
3級負債總額-資產管理			$	69					$	20					$	—					$	(4)					$	—					$	85					$	—					$	—
負債-退休服務
利息敏感合同負債
嵌入式衍生工具			$	(8,198)					$	1,251					$	—					$	(398)					$	—					$	(7,345)					$	—					$	—
全民生活福利			(854)						115						—						—						—						(739)						—						—
未來的政策效益
AmerUs封閉區塊			(1,159)						59						—						—						—						(1,100)						—						—
ILICO封閉區塊和終身福利			(571)						20						—						—						—						(551)						—						—
衍生工具負債			(1)						—						—						—						—						(1)						—						—
其他負債			(209)						(4)						—						—						—						(213)						—						—
3級負債總額-退休服務			$	(10,992)					$	1,441					$	—					$	(398)					$	—					$	(9,949)					$	—					$	—
（結束）
1 與期末持有的工具相關。

48

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

			截至2024年9月30日的九個月
									已實現和未實現收益（損失）總額
(In數百萬）			期初餘額						列入收入						包含在OCI中						淨購買、發行、銷售和結算						淨轉入（轉出）						期末餘額						收入中包含的總收益（損失）1						OCI包含的總收益（損失）1
資產-資產管理
投資和衍生資產			$	1,201					$	6					$	—					$	(34)					$	(68)					$	1,105					$	7					$	—
合併VIE投資			1,492						19						—						15						382						1,908						5						—
3級資產總計-資產管理			$	2,693					$	25					$	—					$	(19)					$	314					$	3,013					$	12					$	—
資產-退休服務
AFS證券
外國政府			$	40					$	—					$	1					$	(6)					$	—					$	35					$	—					$	1
企業			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
交易證券			28						1						—						(6)						14						37						—						—
股本證券			26						(1)						—						1						—						26						—						—
按揭貸款			44,115						825						—						13,647						—						58,587						965						—
按利息預扣資金-嵌入式衍生品			(3,379)						798						—						—						—						(2,581)						—						—
衍生資產			—						—						—						—						1						1						—						—
短期投資			105						—						—						142						(79)						168						—						—
其他投資			630						(6)						—						280						—						904						(7)						—
關聯方投資
AFS證券
企業			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
交易證券			838						(1)						—						(218)						—						619						(2)						—
股本證券			255						2						—						—						—						257						2						—
按揭貸款			1,281						41						—						23						—						1,345						(41)						—
投資基金			1,082						24						—						—						—						1,106						24						—
按利息預扣資金-嵌入式衍生品			(721)						191						—						—						—						(530)						—						—
其他投資			343						5						—						—						—						348						5						—
可收回的再保險			1,367						51						—						292						—						1,710						—						—
合併VIE資產
交易證券			1,852						31						—						103						(48)						1,938						30						—
按揭貸款			2,173						2						—						51						—						2,226						2						—
投資基金			977						(66)						—						339						(432)						818						(66)						—
其他投資			101						—						—						53						—						154						1						—
3級資產總額-退休服務			$	70,370					$	1,936					$	472					$	27,486					$	(1,526)					$	98,738					$	915					$	464
(續)

49

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

			截至2024年9月30日的九個月
									已實現和未實現收益（損失）總額
(In數百萬）			期初餘額						列入收入						包含在OCI中						淨購買、發行、銷售和結算						淨轉入（轉出）						期末餘額						收入中包含的總收益（損失）1						OCI包含的總收益（損失）1
負債-資產管理
或有對價義務			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
3級負債總額-資產管理			$	93					$	68					$	—					$	(105)					$	—					$	56					$	—					$	—
負債-退休服務
利息敏感合同負債
嵌入式衍生工具			$	(9,059)					$	(1,270)					$	—					$	(1,667)					$	—					$	(11,996)					$	—					$	—
全民生活福利			(834)						14						—						—						—						(820)						—						—
未來的政策效益
AmerUs封閉區塊			(1,178)						12						—						—						—						(1,166)						—						—
ILICO封閉區塊和終身福利			(522)						(23)						—						—						—						(545)						—						—
衍生工具負債			(1)						—						—						—						—						(1)						—						—
其他負債			(330)						(123)						—						52						64						(337)						—						—
3級負債總額-退休服務			$	(11,924)					$	(1,390)					$	—					$	(1,615)					$	64					$	(14,865)					$	—					$	—
（結束）
1 與期末持有的工具相關。

50

---

Table of Contents

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)

51

---

Table of Contents

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.

52

---

Table of Contents

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)					$	—					$	—					$	—

53

---

Table of Contents

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)					$	—					$	—					$	—

54

---

Table of Contents

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

55

---

Table of Contents

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)					$	—					$	—					$	—

56

---

Table of Contents

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)

交易證券、抵押貸款和其他的損益在簡明綜合經營報表中計入投資相關收益（虧損）。與投資基金相關的損益在簡明綜合經營報表中計入淨投資收益。與合併VIE投資相關的損益在簡明合併經營報表中計入合併VIE的收入。未來保單福利的公允價值變化在簡明綜合經營報表中記錄爲未來保單和其他保單福利。

以下總結了公允價值期權抵押貸款（包括關聯方和VIE）的信息：

(單位：百萬)			2024年9月30日						2023年12月31日
未付本金餘額			$	64,404					$	50,752
按公允價值計價			(2,246)						(3,183)
公平值			$	62,158					$	47,569

以下代表逾期90天或以上和/或處於非應計狀態的商業抵押貸款組合：

(單位：百萬)			2024年9月30日						2023年12月31日
商業抵押貸款未付本金餘額逾期90天或以上和/或處於非應計狀態			$	507					$	221
將商業抵押貸款的公允價值標記爲逾期90天或以上和/或處於非應計狀態			(191)						(74)
逾期90天或以上和/或處於非應計狀態的商業抵押貸款的公允價值			$	316					$	147
逾期90天或以上商業抵押貸款的公允價值			$	254					$	64
非應計狀態下的商業抵押貸款公允價值			316						147

57

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

以下代表逾期90天或以上和/或處於非應計狀態的住宅抵押貸款組合：

(單位：百萬)			2024年9月30日						2023年12月31日
逾期90天或以上和/或處於非應計狀態的住宅抵押貸款未付本金餘額			$	850					$	528
按逾期90天或以上和/或處於非應計狀態的住宅抵押貸款的公允價值標記			(74)						(49)
逾期90天或以上和/或處於非應計狀態的住宅抵押貸款的公允價值			$	776					$	479
逾期90天或以上的住宅抵押貸款公允價值1			$	776					$	479
非應計狀態下的住宅抵押貸款公允價值			679						355
1 截至2024年9月30日和2023年12月31日，包括美元97百萬美元和美元124 分別有100萬美元由美國政府贊助機構擔保的住宅抵押貸款。

以下是期內因我們抵押貸款組合的特定工具信用風險變化而計入盈利的收益（損失）估計金額：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
按揭貸款			$	(19)					$	(20)					$	(49)					$	(31)

歸因於特定工具信用風險變化的損益部分是通過識別貸款價值比符合信用質量標準的商業抵押貸款和拖欠狀態符合信用質量標準的住宅抵押貸款來估計的。

未以公允價值計價的金融工具的公允價值-退休服務

以下代表Athene在簡明綜合財務狀況表中未按公允價值列賬的金融工具：

			2024年9月30日
(單位：百萬)			賬面值						公平值						NAV						1級						2級						3級
金融資產
投資基金			$	107					$	107					$	107					$	—					$	—					$	—
政策性貸款			320						320						—						—						320						—
按利息扣繳的資金			23,812						23,812						—						—						—						23,812
短期投資			205						205						—						—						—						205
其他投資			17						28						—						—						—						28
對關聯方的投資
投資基金			498						498						498						—						—						—
按利息扣繳的資金			5,974						5,974						—						—						—						5,974
短期投資			812						812						—						—						812						—
未按公允價值列賬的金融資產總額			$	31,745					$	31,756					$	605					$	—					$	1,132					$	30,019
金融負債
利息敏感合同負債			$	191,137					$	187,554					$	—					$	—					$	—					$	187,554
債務			5,725						5,448						—						591						4,857						—
回購證券			2,666						2,666						—						—						2,666						—
資金預扣責任			3,416						3,416						—						—						—						3,416
未按公允價值列賬的財務負債總額			$	202,944					$	199,084					$	—					$	591					$	7,523					$	190,970

58

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

			2023年12月31日
(In數百萬）			賬面值						公平值						NAV						1級						2級						3級
金融資產
投資基金			$	109					$	109					$	109					$	—					$	—					$	—
政策性貸款			334						334						—						—						334						—
按利息預扣的資金			27,738						27,738						—						—						—						27,738
其他投資			46						52						—						—						—						52
關聯方投資
投資基金			550						550						550						—						—						—
按利息預扣的資金			7,195						7,195						—						—						—						7,195
短期投資			947						947						—						—						947						—
未按公允價值列賬的金融資產總額			$	36,919					$	36,925					$	659					$	—					$	1,281					$	34,985
金融負債
利息敏感合同負債			$	154,095					$	146,038					$	—					$	—					$	—					$	146,038
債務			4,209						3,660						—						—						3,660						—
回購證券			3,853						3,853						—						—						3,853						—
資金預扣責任			350						350						—						—						350						—
未按公允價值列賬的金融負債總額			$	162,507					$	153,901					$	—					$	—					$	7,863					$	146,038

不按公允價值列賬的金融工具的公允價值使用與按公允價值列賬的金融工具相同的方法和假設估計。上述金融工具在簡明綜合財務狀況報表中按其公允價值報告;然而，就保單貸款、按利息和負債預扣資金、短期投資和回購證券而言，其公允價值接近公允價值。

利息敏感合同負債 – 上述利息敏感合同負債的公允價值包括不含死亡率或發病率風險的固定指數和傳統固定年金、不含終身或有事項的融資協議和支付年金。不包括固定指數年金中不具有死亡率或發病率風險的嵌入衍生品，因爲它們按公允價值列賬。該等投資合同的估值基於使用重大不可觀察輸入數據的貼現現金流量法。估計公允價值是使用當前市場無風險利率確定的，添加利差以反映不業績風險，並減去風險邊際以反映預測現金流固有的不確定性。

債務 – 債務的公允價值來自商業定價服務。有關債務的更多信息，請參閱註釋11。

重大不可觀察輸入數據

資產管理

現金流貼現和直接資本化模型

當使用貼現現金流量或直接資本化模型來確定公允價值時，估值模型中使用的重要輸入數據分別是應用於現值、預計現金流量或資本化率的貼現率。貼現率或資本化率的提高可以顯着降低投資和或有對價義務的公允價值;相反，貼現率或資本化率的降低可以顯着提高投資和或有對價義務的公允價值。有關或有對價義務的進一步討論，請參閱注16。

期權模型

當使用期權模型確定公允價值時，估值模型中使用的重要輸入數據是應用於預測現金流量現值的波動率。波動率的增加可以顯着降低投資和或有對價義務的公允價值;相反，折扣率或資本化率的降低可以顯着提高投資和或有對價義務的公允價值。

59

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

合併VIE投資

股本證券、銀行貸款和債券公允價值計量中使用的重大不可觀察輸入數據是估值模型中應用的貼現率。這種單獨的輸入可能會導致公允價值顯着增加或減少，從而導致公允價值計量顯着降低或提高。貼現率是根據投資者對具有類似風險的類似投資預期的市場利率確定的。

NAV

某些投資和VIE的投資使用投資經理計算的每股淨資產淨值等值進行估值，作爲確定獨立公允價值的實際權宜方法。

退休服務

可供出售、交易和股票證券

雅典娜使用 貼現現金流模型來計算某些固定期限和股權證券的公允價值。貼現率是一個重要的不可觀察輸入，因爲信用利差包括對基本利率的調整。基本利率代表具有類似特徵的證券的市場可比利率。這不包括由獨立經紀人報價提供公允價值的資產。

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.

60

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

61

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

投資基金通常使用資產淨值作爲確定公允價值的實際權宜方法進行計量，並且不分類在公允價值等級中。公允價值反映了投資基金財務報表中資產淨值所示的按比例所有權百分比，如果確定資產淨值的計算不符合投資公司公允價值原則，則可能會進行調整。投資基金的基礎投資可能具有重大不可觀察輸入，其中可能包括但不限於估值模型或貼現現金流模型中應用的可比倍數和WACC利率。

ATF和交易證券

大多數沒有活躍市場的有價證券的公允價值是從多種商業定價服務中獲得的。這些被歸類爲2級資產。定價服務在其估值技術中納入了各種市場可觀察信息，包括基準收益率、交易活動、信用質量、發行人利差、出價、報價和其他參考數據。該類別通常包括美國和非美國公司債券、美國機構和政府擔保證券、CLO、ABS、CMBS和RMBS。

Athene還擁有根據指示性經紀人報價或採用市場接受的估值模型定價的固定期限證券。對於某些固定期限證券，估值模型使用重大不可觀察輸入數據，這些輸入數據包括在公允價值層級的第3級中。使用的重大不可觀察輸入數據包括貼現率、特定發行的信貸調整、重大非公開財務信息、未來盈利和現金流量的估計、違約率假設、流動性假設和做市商的指示性報價。這些輸入通常被認爲是不可觀察的，因爲並非所有市場參與者都可以訪問這些數據。

私募固定期限證券的估值基於可比有價證券（可能是具有類似特徵的另一家發行人的證券）的信用質量和期限。在某些情況下，使用基於矩陣的定價模型。這些模型考慮了當前的無風險利率水平、公司利差、發行人的信用質量和證券的現金流特徵。還考慮其他因素，例如借款人的淨資產、抵押品的價值、借款人的資本結構、擔保的存在以及Athene對借款人在相關市場中競爭能力的評估。私募固定期限證券被歸類爲2級或3級。

股本證券

公開交易的股本證券的公允價值基於市場報價，並分類爲第一級。其他股權證券，通常是私募股權或未在交易所交易的股權證券，根據其他來源（例如商業定價服務或經紀人）進行估值，並被歸類爲2級或3級。

62

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

按揭貸款

Athene使用貼現現金流分析和向具有相似信用評級的借款人提供的類似貸款的利率每月估計公允價值。出於計算目的，將具有類似特徵的貸款進行彙總。貼現現金流模型使用不可觀察的輸入數據，包括貼現率和貸款預付款的估計。抵押貸款被歸類爲3級。

投資基金

Athene選擇公允價值期權的某些投資基金被納入第3級，並根據市場接受的估值模型定價。估值模型使用重大不可觀察輸入數據，包括重大非公開財務信息、未來可分配盈利的估計和人口假設。這些輸入通常被認爲是不可觀察的，因爲並非所有市場參與者都可以訪問這些數據。

其他投資

其他投資的公允價值使用類似投資的貼現率的貼現現金流模型確定。

預扣利息嵌入衍生品的資金

按利息預扣稅的嵌入式衍生品分別代表收取或支付支持按利息預扣稅的資金或預扣稅的資金的資產的總回報的權利或義務，類似於具有浮動利率部分的總回報掉期。預扣稅資金和modco協議的嵌入式衍生品的公允價值計量爲基礎資產的未實現收益（損失），並分類爲第3級。

衍生物

衍生品合同可以在交易所交易或場外交易。根據交易活動，交易所交易的衍生品通常屬於公允價值等級的第1級。場外衍生品使用估值模型或使用第三方經紀人估值的收入法進行估值。估值模型需要各種輸入，包括合同條款、市場價格、收益率曲線、信用曲線、波動性指標、預付利率和輸入的相關性。Athene通過交易對手信用評級要求和總體風險監控在估值過程中考慮並納入交易對手信用風險。Athene還在評估衍生品時評估並納入其自身的不績效風險。Athene的大部分衍生品在流動性市場中交易;因此，它可以驗證模型輸入，並且模型選擇不涉及重大的管理判斷。這些通常被歸類爲公允價值層次結構的第2級。

利息敏感合同負債嵌入式衍生品

與固定指數年金產品的利息敏感合同負債相關的嵌入式衍生品被歸類爲第3級。估值包括與經濟假設和保單持有人行爲的精算假設相關的重大不可觀察輸入。

AmerUs封閉區塊

Athene選擇了AmerUs封閉區塊未來保單福利負債的公允價值期權。估值技術是將保單持有人負債的公允價值設定爲等於資產的公允價值。還有一個額外的組成部分，它捕捉了開放區塊對封閉區塊業務的義務的公允價值。該部分是支持AmerUs封閉區塊所需資本的預計釋放所需資本和未來所得稅前收益的現值，按代表市場參與者所需回報率的利率貼現，減去初始所需資本。不可觀察的輸入包括這些項目的估計。AmerUs封閉區塊保單持有人負債和任何相應的可收回再保險被歸類爲3級。

ILICO封閉區塊

Athene選擇了ILICO封閉區塊的公允價值期權。估值技術是將保單持有人負債的公允價值設定爲等於資產的公允價值。還有一個額外的組成部分，可以捕捉開放區塊的公允價值

63

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

對已關閉區塊業務的義務。該部分使用未來現金流的現值，其中包括佣金、管理費用、再保險保費和福利以及明確的資本成本。貼現率包括反映業務和不績效風險的按金。不可觀察的輸入包括這些項目的估計。ILICO封閉式保單持有人負債和相應的可收回再保險被歸類爲第3級。

萬能人壽負債和其他人壽福利

Athene選擇了某些割讓給Global Atlantic的萬能和其他人壽業務的公允價值期權。Athene使用負債現金流的現值。不可觀察的輸入包括對死亡率、持續性、費用、保費支付以及反映業務風險的貼現率中使用的風險邊際的估計。萬能人壽保單持有人負債和相應的可收回再保險被歸類爲第三級。

其他負債

其他負債包括預扣稅的資金嵌入式衍生品（如上所述預扣稅的資金嵌入式衍生品），以及Athene選擇公允價值選擇權的某些有效融資協議合同的放棄modco協議。Athene通過貼現淨結算和某些定期和非定期付款的預計現金流來估計放棄的modco協議的公允價值。不可觀察的輸入數據包括對資產組合回報的估計和貼現率中使用的經濟輸入，包括風險邊際。根據預計現金流量和其他假設，合同可能會記錄爲資產或負債。該估計被歸類爲3級。

7.遞延收購成本、遞延銷售誘因和所收購業務價值

以下代表按產品分類的ADC和DSI以及VOBA的前滾。有關Athene產品的更多信息，請參閱註釋8。

			截至2024年9月30日的九個月
			DAC																								DSI						業務價值						總數字助理（DSI）和數字助理（VOBA）
(In數百萬）			傳統遞延年金						指數年金						供資協定						其他投資型						指數年金
2023年12月31日的餘額			$	890					$	1,517					$	10					$	11					$	970					$	2,581					$	5,979
加法			404						751						36						—						479						—						1,670
攤銷			(176)						(131)						(8)						(1)						(88)						(274)						(678)
2024年9月30日的餘額			$	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

64

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

65

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

66

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

			截至2024年9月30日的九個月
(In百萬，百分比和年份除外）			含生活意外情況的支付年金						終生						總
預期淨保費現值
期初餘額			$	—					$	1,182					$	1,182
更改貼現率假設的影響			—						(45)						(45)
外匯對貼現率假設變化的影響			—						(2)						(2)
按原貼現率計算的期初餘額			—						1,135						1,135
實際體驗對預期體驗的影響			—						(4)						(4)
調整後餘額			—						1,131						1,131
應計利息			—						17						17
收取的淨保費			—						(144)						(144)
外匯			—						(28)						(28)
按原貼現率計算的期末餘額			—						976						976
更改貼現率假設的影響			—						41						41
外匯對貼現率假設變化的影響			—						1						1
期末餘額			$	—					$	1,018					$	1,018
預期未來政策收益的現值
期初餘額			$	45,001					$	3,371					$	48,372
更改貼現率假設的影響			6,233						(89)						6,144
外匯對貼現率假設變化的影響			1						(6)						(5)
按原貼現率計算的期初餘額			51,235						3,276						54,511
現金流假設變化的影響			(104)						—						(104)
實際體驗對預期體驗的影響			(89)						(4)						(93)
調整後餘額			51,042						3,272						54,314
發行			1,010						—						1,010
應計利息			1,353						52						1,405
福利支付			(3,355)						(66)						(3,421)
外匯			33						(64)						(31)
按原貼現率計算的期末餘額			50,083						3,194						53,277
更改貼現率假設的影響			(5,362)						46						(5,316)
外匯對貼現率假設變化的影響			(16)						(3)						(19)
期末餘額			$	44,705					$	3,237					$	47,942
未來淨政策收益			$	44,705					$	2,219					$	46,924
加權平均負債期限 (單位：年)			9.4						31.3
加權平均利息增長率			3.7		%				4.8		%
加權平均當前貼現率			5.0		%				4.0		%
預期未來毛保費，未貼現			$	—					$	1,255
預計未來毛保費，折扣1			—						1,064
預期未來福利付款，未貼現			73,523						10,235
1 按原折扣率打折。

67

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

			截至2023年9月30日的九個月
(In百萬，百分比和年份除外）			含生活意外情況的支付年金						終生						總
預期未來政策收益的現值
期初餘額			$	36,422					$	—					$	36,422
更改貼現率假設的影響			8,425						—						8,425
外匯對貼現率假設變化的影響			(13)						—						(13)
按原貼現率計算的期初餘額			44,834						—						44,834
現金流假設變化的影響			(297)						—						(297)
實際體驗對預期體驗的影響			(36)						—						(36)
調整後餘額			44,501						—						44,501
發行			9,120						—						9,120
應計利息			1,194						—						1,194
福利支付			(2,731)						—						(2,731)
外匯			6						—						6
其他1			(1,509)						—						(1,509)
按原貼現率計算的期末餘額			50,581						—						50,581
更改貼現率假設的影響			(9,753)						—						(9,753)
外匯對貼現率假設變化的影響			12						—						12
期末餘額			$	40,840					$	—					$	40,840
未來淨政策收益			$	40,840					$	—					$	40,840
加權平均負債期限 (單位：年)			9.6						0.0
加權平均利息增長率			3.6		%				—		%
加權平均當前貼現率			6.1		%				—		%
預期未來福利付款，未貼現			$	73,933					$	—
1 其他包括美元1,509 與VIAC重新奪回協議相關的儲備減少00萬美元。更多信息請參閱註釋15。

以下是未來政策利益與簡明綜合財務狀況表的對賬：

			9月30日，
(單位：百萬)			2024						2023
有生命意外情況的支付年金			$	44,705					$	40,840
一生			2,219						—
對賬項目1			6,038						5,832
未來的政策好處			$	52,962					$	46,672
1 清算項目主要包括與未來保單福利負債相關的遞延利潤負債和負VOBA。此外，它還包括定期人壽準備金、完全放棄的終身準備金、事故、健康和殘疾等非重大業務的準備金，以及通用人壽合同的無失效擔保的其他保險福利準備金，所有這些都是完全放棄的。

以下是與未來保單福利相關的保費和利息支出與簡明綜合經營報表的對賬：

			保費												利息開支
			截至9月30日的九個月裏，												截至9月30日的九個月裏，
(單位：百萬)			2024						2023						2024						2023
有生命意外情況的支付年金			$	985					$	9,142					$	1,353					$	1,194
一生			154						—						35						—
對賬項目1			24						21						—						—
總			$	1,163					$	9,163					$	1,388					$	1,194
1 登記項目主要與非物質業務有關，包括終身、完全放棄的終生以及事故、健康和殘疾。

68

---

Table of Contents

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.

69

---

Table of Contents

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

			截至2023年9月30日的九個月
(In數百萬，年除外）			傳統延期年金						指數年金												總
2022年12月31日餘額			$	170					$	2,319											$	2,489
特定工具信用風險變化的影響			13						353												366
工具特定信用風險變化之前的期末餘額			183						2,672												2,855
發行			—						47												47
計息			7						108												115
收取的歸因費用			2						250												252
養卹金給付			(1)						(24)												(25)
利率變化的影響			(18)						(591)												(609)
股權變動的影響			—						(26)												(26)
實際保單持有人行爲與預期行爲相比的影響			4						42												46
未來預期保單持有人行爲變化的影響			(3)						78												75
其他未來預期假設變化的影響			—						6												6
工具特定信用風險變化前期末餘額			174						2,562												2,736
特定工具信用風險變化的影響			(7)						(139)												(146)
2023年9月30日餘額			$	167					$	2,423											$	2,590
淨風險金額			$	425					$	14,438
合同持有人的加權平均達到年齡 (in年）			75						69

70

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

以下是市場風險收益與簡明綜合財務狀況表的對賬。市場風險福利資產計入簡明綜合財務狀況表的其他資產中。

			2024年9月30日																		2023年9月30日
(單位：百萬)			資產						責任						淨負債						資產						責任						淨負債
傳統遞延年金			$	—					$	201					$	201					$	—					$	167					$	167
指數年金			313						4,201						3,888						431						2,854						2,423
總			$	313					$	4,402					$	4,089					$	431					$	3,021					$	2,590

截至2024年9月30日的九個月內，淨市場風險福利負債增加了美元716 百萬，主要由美元推動270 百萬發行量，美元266 從保單持有人收取的費用百萬美元，以及美元151 百萬的應計利息。

截至2023年9月30日的九個月內，淨市場風險福利負債增加了美元101 百萬，主要由美元推動252 從保單持有人收取的費用百萬美元，一美元220 與信貸利差和美元收緊相關的特定工具信用風險發生百萬變化115 應計利息百萬，部分被減少美元抵消609 萬 與曲線上無風險貼現率的變化有關。

確定市場風險收益的公允價值需要使用與費用、評估和假設相關的輸入數據來確定超過預計帳戶餘額的預計收益。需要對影響未來保單持有人帳戶增長的經濟假設和精算假設進行判斷，這些假設可以是可觀察的，也可以是不可觀察的。

經濟假設包括整個負債期限內的利率和引伸波幅。對於指數化年金，假設還包括影響歸因於指數化策略的現金流的預計股權回報、隱含股權波動率、下一個保單週年日的預期指數信用以及未來股權期權成本。與用於確定未來股權期權成本的期權預算水平相關的假設以及對未來保單持有人帳戶價值增長的影響被視爲不可觀察輸入。

保單持有人行爲假設是不可觀察的輸入，是使用公認的精算估值方法來估計提款（自首率）和收入附加費利用率而建立的。假設通常基於行業數據和定價假設，必要時根據實際經驗進行更新。對於最近發佈的產品，實際體驗可能有限。

所有輸入都用於預測一系列風險中性、隨機利率情景下的超額收益和費用。對於指數年金，隨機股票回報情景也包括在該範圍內。風險邊際被納入貼現率中，以反映預計現金流的不確定性，例如保單持有人行爲的變化，以及信用利差以反映不績效風險（被認爲是不可觀察的輸入）。Athene使用其截至估值日相對於美國國債曲線的公共信用評級，以反映其在市場風險收益的公允價值估計中的不良風險。

71

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

以下總結了市場風險收益的不可觀察輸入：

						2024年9月30日
(單位：百萬，百分比除外)						公平值						估價技術						不可觀測的輸入						最低要求						最大						加權平均									投入增加對公允價值的影響
市場風險收益，淨						$	4,089					貼現現金流						不績效風險						0.5		%				1.2		%				1.1		%	1						減少
																		選項預算						0.5		%				6.0		%				2.2		%	2						減少
																		退保率						3.3		%				7.0		%				4.5		%	2						減少
																		利用率						28.6		%				95.0		%				84.7		%	3						增加
						2023年9月30日
(單位：百萬，百分比除外)						公平值						估價技術						不可觀測的輸入						最低要求						最大						加權平均									投入增加對公允價值的影響
市場風險收益，淨						$	2,590					貼現現金流						不績效風險						0.6		%				1.6		%				1.4		%	1						減少
																		選項預算						0.5		%				5.9		%				1.9		%	2						減少
																		退保率						3.4		%				6.5		%				4.6		%	2						減少
																		利用率						28.6		%				95.0		%				83.2		%	3						增加
1 不績效風險加權平均值基於市場風險福利準備金的現金流量。
2 期權預算和自首率加權平均值是根據預計帳戶價值計算的。
3 GLWb提款的利用率代表預計在合同期限內使用收入附加條款的保單持有人的估計百分比，加權平均值基於經常帳戶價值。

9.應付利潤分成

應付利潤分成爲美元1.93億美元和3,000美元1.7 截至2024年9月30日和2023年12月31日，分別爲10億美元。 以下是利潤分享應付餘額的結轉：

(單位：百萬)			總
應付利潤分成，2024年1月1日			$	1,669
利潤分成費用			570
付款/其他			(373)
應付利潤分成，2024年9月30日			$	1,866

利潤分享費用包括（i）應向有權分享Apollo管理的基金績效收入的現任和前任員工支付的金額變化，以及（ii）與公司的某些收購相關確認的或有對價義務的公允價值變化。應付利潤分成不包括如果某些基金被清算而到期的利潤分成分配的潛在回報，該利潤分成分配在簡明綜合財務狀況表中記錄爲應收關聯方款項。

公司要求將分配給公司員工的某些績效收入的一部分用於購買根據其股權計劃發行的普通股的限制性股票。在分配業績收入之前，公司將預計授予的股權獎勵的價值記錄在其他資產和應付賬款、應計費用和其他負債中。

10.所得稅

公司所得稅撥備總計美元317 億和$243 截至2024年9月30日和2023年9月30日的三個月分別爲百萬美元，總計美元1,000 億和$697 截至2024年9月30日和2023年9月30日的九個月分別爲百萬美元。該公司的實際所得稅率約爲 15.2%和27.5截至2024年9月30日和2023年9月30日的三個月分別爲%，和 17.5%和19.2截至2024年9月30日和2023年9月30日的九個月分別爲%。

72

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

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.

73

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

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

74

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

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

75

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

76

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

77

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

78

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

$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.

79

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

80

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

81

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(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.

82

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(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.

83

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14. Earnings per Share

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

			基本及攤薄
			截至9月30日的三個月裏，												截至9月30日的九個月裏，
(In百萬，份額和每股金額除外）			2024						2023						2024						2023
分子：
普通股股東應占淨收益(虧損)			$	787					$	660					$	3,018					$	2,269
普通股的股息宣佈1			(262)						(244)						(770)						(717)
參與證券的股息2			(15)						(12)						(45)						(36)
可分配給參與證券的收益			(14)						(12)						(59)						(44)
歸屬於普通股股東的未分配收入（損失）：基本			496						392						2,144						1,472
或有股份對可分配收入的稀釋效應			—						—						—						(5)
歸屬於普通股股東的未分配收益（損失）：稀釋			$	496					$	392					$	2,144					$	1,467
分母：
已發行普通股加權平均股數：基本			585,382,685						578,797,225						586,921,189						580,610,127
期權的稀釋效應			1,029,658						—						1,057,400						960,937
憑證的稀釋效應			2,129,471						—						1,929,163						—
或有股份的稀釋效應			—						—						—						42,215
已發行普通股加權平均股數：稀釋			588,541,814						578,797,225						589,907,752						581,613,279
每股普通股凈利潤（虧損）：基本
分配收益			$	0.46					$	0.43					$	1.35					$	1.26
未分配收益（損失）			0.84						0.67						3.61						2.51
每股普通股凈利潤（虧損）：基本			$	1.30					$	1.10					$	4.96					$	3.77
每股普通股凈利潤（虧損）：稀釋
分配收益			$	0.46					$	0.43					$	1.35					$	1.26
未分配收益（損失）			0.83						0.67						3.59						2.49
每股普通股凈利潤（虧損）：稀釋			$	1.29					$	1.10					$	4.94					$	3.75
1 有關季度股息的信息，請參閱附註13。
2 參與證券由有權獲得股息和未歸屬限制性股票的已歸屬和未歸屬限制性股票組成。

公司已授予RSU，該RSU提供根據股權計劃接收普通股股份的權利，但須在繼續僱用期間歸屬。

在員工沒收獎勵後，向受限制單位員工支付的任何相當於股息將不會退還給公司。有權獲得不可沒收股息等值的既得和未既得RSU有資格作爲參與證券，並使用兩級法計入公司的基本和稀釋每股收益計算中。如果持有人有義務爲發行實體的損失提供資金，或者如果參與證券的合同本金或強制贖回金額因發行實體發生的損失而減少，則RSU參與證券的持有人將有分擔實體損失的合同義務。RSU參與證券沒有強制贖回金額，參與證券的持有人也沒有義務爲損失提供資金;因此，已歸屬的RSU和未歸屬的RSU都不承擔分擔公司損失的任何合同義務。

84

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

下表總結了反稀釋證券：

			截至9月30日的三個月裏，												截至9月30日的九個月裏，
			2024						2023						2024						2023
加權平均未歸屬受限制股票單位			14,405,628						15,755,026						14,282,686						15,238,581
加權平均未行使期權			—						2,096,655						—						—
加權平均未行使的期權			—						5,065,938						—						4,659,465
加權平均強制性可轉換優先股			14,531,793						9,480,194						14,528,276						3,194,791
加權平均未歸屬限制性股票			1,249,388						1,706,003						1,371,113						1,730,341

15.關聯方

資產管理

應收/應付關聯方款項

應收/應付關聯方款項包括：

•Apollo管理的基金及其投資組合公司的未付管理費、交易和諮詢費以及可報銷費用;

•這些基金及其關聯方產生的某些運營成本的可報銷付款;和

•交易產生的其他關聯方金額，包括向員工提供的貸款和Apollo管理的基金所有權權益的定期出售。

截至2024年9月30日和2023年12月31日，應收關聯方款項和應付關聯方款項包括以下內容：

(單位：百萬)			2024年9月30日						2023年12月31日
關聯方到期的：
應收資金1			$	416					$	299
應由投資組合公司支付			50						40
應收員工和前員工款項			106						110
關聯方應繳款項總額			$	572					$	449
致關聯方：
應付前管理合夥人和貢獻合夥人款項2			$	458					$	661
由於資金問題			219						194
由於投資組合公司			32						15
應付關聯方的合計			$	709					$	870
1 包括$26百萬美元和美元37 截至2024年9月30日和2023年12月31日，分別爲百萬美元，與公司向該基金出售平台投資有關的基金應收賬款有關。該金額應支付給該公司 五年 並以公允價值持有。
2 包括$44 億和$175 截至2024年9月30日和2023年12月31日，與AOG單位付款有關的金額分別爲百萬，並在2024年12月31日之前分季度分期付款。

應收稅金協議

在合併完成之前，每位前管理合夥人和出資合夥人都有權將既得AOG單位交換爲A類股份，但須遵守某些限制。所有Apollo運營集團實體都已或將根據美國國稅法（「IRC」）第754條做出選擇，這將導致Apollo運營集團實體擁有的資產的稅基進行調整。該選擇導致相關資產的稅基增加，這將減少股東大會及其子公司未來需要支付的收益和相關稅款。

應收稅款協議（「TRA」）規定向前管理合夥人和出資合夥人支付 85公司因將AOG單位兌換爲A類股票而實現的資產稅基增加而實現的美國聯邦、州、地方和外國所得稅現金稅收節省金額（如果有）的百分比

85

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

前幾年。年度股東大會及其子公司保留剩餘股東的利益 15實際現金稅收節省的%。如果公司沒有按照應收稅款協議的規定及時支付所需的年度付款，則在付款日期之前對餘額應計利息。

合併結束後，由於前管理合夥人和出資合夥人不再擁有AOG部門，因此沒有新的交易所受TRA約束。

AOG單價支付

2021年12月31日，AOG單位持有人（Athene和公司除外）將部分AOG單位出售並轉讓給公司的一家全資合併子公司，以換取相當於美元的金額3.66 乘以該持有人在該交易前持有的AOG單位總數。這些持有人持有的其餘AOG單位在2022年1月1日合併完成的同時交換爲年度股東大會普通股股份。

截至2024年9月30日，欠前管理合夥人和出資合夥人的未付應付款項爲美元44 百萬美元，每季度分期付款至2024年12月31日。

應收僱員和前僱員款項

截至2024年9月30日和2023年12月31日，應收關聯方款項包括應付Apollo的各種款項，包括員工貸款和利潤分成分配返還。截至2024年9月30日和2023年12月31日，餘額包括應收生息員工貸款美元5百萬美元和美元3 分別爲百萬。貸款的未償還本金以及所有應計和未付利息必須在相關貸款日期的八週年或相關員工辭職之日（以較早者爲準）償還。

來自某些員工和前員工的應收款項包括如果某些基金清算爲美元，則將到期的利潤分成分配的潛在回報金額95百萬美元和美元99 2024年9月30日和2023年12月31日分別爲百萬。

賠款

如果某些指定的回報門檻最終無法實現，阿波羅從基金中賺取的某些業績收入可能需要由其子公司償還，這些子公司是基金的普通合夥人。前管理合夥人、貢獻合夥人和某些其他投資專業人士在某些限制的情況下，親自擔保這些子公司在履行這一義務方面的義務。這種擔保是多個的，而不是連帶的，僅限於特定個人的分配。阿波羅已同意賠償每一位前管理合夥人和某些貢獻合夥人根據這些個人擔保向其管理的某些基金支付的所有款項(包括與調查擔保依據或反對任何有關擔保的索賠有關的成本和開支)，以補償前管理合夥人和貢獻合夥人向阿波羅運營集團貢獻或出售的所有權益。

Apollo記錄的賠償責任爲美元0.4百萬美元和美元0.3 截至2024年9月30日和2023年12月31日，分別爲百萬。

因關聯方的原因

根據Apollo管理的某些基金的假設清算，它記錄了普通合夥人返還之前分配的績效分配的義務，該分配代表了應支付某些基金的金額。該義務根據截至報告日基金淨資產的假設清算來確認。實際確定和任何所需付款將在根據基金合同終止或基金各自管理文件中另有規定對基金投資進行最終處置之前進行。

Apollo記錄了普通合夥人返還之前分配的與某些美元資金相關的績效分配的義務202百萬美元和美元174 截至2024年9月30日和2023年12月31日，分別爲百萬。

86

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

87

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

88

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

89

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

$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.

90

---

目錄表

阿波羅全球公司

簡明合併財務報表附註(未經審計)

供資協定

雅典娜是 得梅因聯邦住房貸款銀行（“FHLB”），並通過其成員向FHLB發佈了融資協議，以換取現金預付款。截至2024年9月30日和2023年12月31日，雅典娜擁有美元13.010億美元6.5 分別有10億美元的FHLB融資協議未完成。Athene必須提供超過未償融資協議金額的抵押品，並考慮所公佈的證券的任何折扣和預付款罰款。

Athene有一項融資協議支持票據（「FABN」）計劃，該計劃允許Athene Global Funding（一家特殊目的、無附屬法定信託）提供其高級有擔保中期票據。Athene Global Funding使用每次銷售的淨收益從Athene購買一項或多項融資協議。截至2024年9月30日和2023年12月31日，雅典娜擁有美元23.010億美元19.9 FABN融資協議分別有10億美元未完成。雅典娜有美元11.9 截至2024年9月30日，董事會授權的FABN產能仍有10億美元。

雅典娜還簽署了擔保和其他資助協議。有擔保融資協議涉及特殊目的、無關聯實體與第三方簽訂回購協議，特殊目的實體將其收益用於從Athene購買融資協議。截至2024年9月30日和2023年12月31日，雅典娜擁有美元14.110億美元6.0 分別有0億美元的擔保和其他融資協議未完成。

質押資產和信託資金（限制資產）

Athene包含在簡明綜合財務狀況表中的受限制資產總額如下：

(單位：百萬)			2024年9月30日						2023年12月31日
AFS證券			$	42,446					$	32,458
證券交易			1,777						139
股權證券			304						80
按揭貸款			23,171						14,257
投資基金			777						409
衍生資產			68						73
短期投資			14						153
其他投資			623						313
受限現金和現金等價物			974						1,761
受限制資產總額			$	70,154					$	49,643

受限制資產主要與根據共同保險協議以及上述FHLb和擔保融資協議建立的再保險信託有關。

信用證

Athene擁有總額爲美元的未開立信用證1.3 截至2024年9月30日，已達10億美元。這些信用證是爲Athene的再保險計劃簽發的，有效期至2028年5月22日。

Atlas

關於公司與CS之前宣佈的交易，阿特拉斯收購了CS證券化產品集團的某些資產， 二 該公司的子公司均向CS發出了一封保證函，爲Atlas的全部五年延期購買義務提供擔保，金額爲美元3.3 億2024年3月，隨着Atlas與CS簽訂投資管理協議，延期購買義務金額減少至美元2.5 億此外，某些戰略投資者已向Atlas做出股權承諾，因此這些投資者有義務承擔部分延期購買義務。該公司的擔保不可能支付，因此該公司的簡明綜合財務報表不承擔任何責任。

91

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

訴訟和監管事項

公司是日常業務過程中不時發生的各種法律訴訟的一方，包括政府和自律機構就公司業務提出的索賠和訴訟、仲裁、審查、調查或訴訟。

2017年12月21日，幾個統稱爲「港灣」的實體在紐約最高法院提起訴訟，標題爲先鋒資本合夥人II LP等人。V.Apollo Global Management LLC等人。(657515/2017年)起訴書將被告列爲AAM，以及由阿波羅管理的投資於SkyTerra Communications，Inc.的基金等。起訴書稱，在2004年至2010年Harbinger對SkyTerra進行各種股權和債務投資期間，被告向Harbinger隱瞞了SkyTerra技術的重大缺陷。起訴書進一步聲稱，Harbinger不會對SkyTerra進行總計約美元的投資1.91000億美元的公司知道這些缺陷，這些缺陷的公開披露最終導致SkyTerra在2012年申請破產(在更名爲LightSquared之後)。起訴書要求賠償美元。1.9200億美元的損害賠償，以及懲罰性損害賠償、利息、成本和費用。2019年6月12日，哈博格在沒有偏見的情況下自願停止了國家行動。2020年6月8日，Harbinger向紐約最高法院重新提起訴訟，標題爲先鋒資本合夥人II，LP等人。V.Apollo Global Management，LLC等人。(652342/2020年)起訴書補充道八新的被告和三與Harbinger的論點有關的新索賠，即新被告誘使Harbinger收購CCTV One Four Holdings，LLC(CCTV)以支持SkyTerra的網絡，儘管他們據稱知道該網絡存在重大缺陷。2020年11月23日，被告重新提出破產動議，並於2020年11月24日向州法院提出動議，要求暫停州法院的訴訟程序，等待破產法院對破產動議做出裁決。2021年2月1日，破產法院駁回了破產動議。被告於2021年3月31日提出動議，要求駁回紐約最高法院的訴訟，該訴訟於2023年5月23日部分獲得批准，部分被駁回。法院完全批准了被告駁回哈賓格的申訴的動議，理由是時間有限，並駁回了被告因未能提出索賠而駁回申訴的動議，理由是毫無意義。原告已對法院的裁決提出上訴。阿波羅認爲，這起訴訟中的索賠是沒有根據的。目前還無法對可能的損失做出合理的估計。

在 2020年3月，聲稱是MPM控股公司(MPM)前股東的Frank Funds在特拉華州衡平法院提起訴訟，標題爲Frank Funds訴阿波羅全球管理公司等人案。，C.A.No.2020-0130，針對AAM，某些前MPM董事(包括三阿波羅官員和員工)，以及在2019年5月合併中收購MPM的財團成員。起訴書代表一類假定的前MPM股東，聲稱阿波羅違反了其作爲MPM所謂控股股東的受託責任，與2019年5月的合併有關。Frank Funds尋求未指明的補償性損害賠償。2019年7月23日，一群前MPM股東向特拉華州衡平法院提交了一份評估請願書，要求對通過2019年5月15日MPM合併購買的MPM股票進行公允價值評估，行動說明如下對MPM控股公司的重新評估。，C.A.No.2019-0519(Del.Ch.)。2020年6月3日，請願人申請許可提交經核實的修訂評估請願書和集體訴訟訴狀，其中包括違反受託責任和/或協助和教唆違反對AAM的受託責任的索賠，AAM是阿波羅附屬基金，在合併前擁有MPM的股票，某些前MPM董事(包括三阿波羅員工)，以及收購MPM的財團成員，基於與2019年5月合併相關的指控行爲。請願人還試圖通過Frank Funds行動鞏固他們的評估程序。2020年11月13日，大法官法院批准了當事人關於合併這兩個事項的規定命令，2020年12月21日，大法官法院批准了請願人提出的許可提起擬議修正申訴的動議。此新合併操作的標題爲在Re MPM中控股公司評估和股東訴訟，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規定。2024年2月23日，衡平法院就擬議的和解方案舉行了聽證會，目前正在等待法院的批准。

2020年8月4日，美國內華達州地區法院對PlayAGS Inc.(以下簡稱PlayAGS)提起了一項可能的集體訴訟，PlayAGS董事會的所有成員(包括三與Apollo有關聯的董事)、PlayAGS的某些承銷商(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(這些是最後一家四各方合稱爲「阿波羅被告」)。起訴書聲稱，根據1933年證券法，所有被告都提出了與2018年8月和2019年3月進行的某些PlayAGS股票二次發行有關的索賠，聲稱與這些發行相關的註冊聲明沒有完全披露PlayAGS面臨的某些商業挑戰。起訴書進一步聲稱，根據《交易法》第20(A)條，控制人對阿波羅被告和董事被告(包括與阿波羅有關聯的董事)提出指控，稱這些被告對PlayAGS在其業務上的某些失實陳述和遺漏負有責任。2022年12月2日，法院駁回了針對承銷商(包括阿波羅全球證券有限責任公司)和阿波羅被告的所有索賠，但批准了一項索賠

92

---

目錄

阿波羅全球管理公司。

簡明合併財務報表附註(未經審計)

對陣PlayAGS和 二 PlayAGS的高管繼續進行。2024年2月13日，法院以偏見駁回了針對所有被告的整個案件，並指示法院書記員結案。2024年3月14日，原告提交了上訴通知書，目前已全面通報。阿波羅認爲這一行動中的說法毫無根據。 沒有 此時可以對可能的損失（如果有的話）做出合理估計。

2023年8月17日，一名據稱是年度股東大會的股東向特拉華州衡平法院提交了一份股東派生訴訟(「原始申訴」)，指控現任年度股東大會董事馬克·羅文、斯科特·克萊因曼、詹姆斯·澤爾特、阿爾文·克朗加德、邁克爾·杜西和波林·理查茲、阿波羅前管理合夥人利昂·布萊克和約書亞·賀錦麗，以及名義上的被告年度股東大會。這一行動的標題是安圭拉社會保障委員會訴布萊克等人案，C.A.編號2023-0846-JTL，並挑戰美元570向前管理合夥人和貢獻合夥人支付了2000萬美元，用於取消在阿波羅與雅典娜合併之前已經存在的UP-C結構。正如此前在阿波羅提交給美國證券交易委員會的文件中披露的那樣，這位所謂的股東此前曾根據特拉華州公司法第220條尋求並收到與交易有關的文件。最初的起訴書稱，被質疑的付款相當於企業浪費，前管理合夥人和貢獻合夥人收到的與公司資本重組有關的付款超過公允價值，因此違反了他們的受託責任，以及談判取消TRA的AAM董事會獨立衝突委員會(當時由Krongard先生、Ducey先生和Richards女士組成)違反了他們的受託責任。最初的起訴書聲稱，訴訟前的要求是徒勞的，因爲年度股東大會的大多數董事會成員要麼不是獨立於前管理合夥人，要麼鑑於交易面臨的挑戰，面臨很大的責任可能性。最初的訴狀要求，除其他事項外，聲明性救濟、未指明的金錢損害賠償、利息、恢復原狀、歸還、禁令救濟、費用和律師費。2023年11月16日，被告採取行動駁回最初的申訴，理由之一是原告未能向阿波羅董事會提出訴訟前要求。2024年2月9日，原告提交了修改後的起訴書(「修改後的起訴書」)，增加了新的事實指控，但點名相同的被告，主張相同的訴訟理由，並尋求與原始起訴書相同的救濟。修改後的起訴書聲稱，由於與原始起訴書中所稱的相同的原因，訴訟前的要求是徒勞的。2024年4月25日，被告提出駁回修改後的起訴書。2024年9月20日，衡平法院駁回了被告的駁回動議。被告答覆修改後的起訴書的最後期限是2024年11月25日。沒有目前可以對可能的損失做出合理的估計。

2024年3月14日，一名自稱年度股東的股東向特拉華州司法法院提起針對年度股東的集體訴訟。訴狀稱，股東大會與前管理合夥人於2022年1月1日達成的股東協議的某些條款違反了特拉華州法律。阿波羅認爲這一行動中的說法毫無根據。2024年7月11日，被告提出駁回訴訟。2024年8月7日，法院下達命令，暫緩駁回動議，等待對判決的上訴解決 西棕櫚灘消防員養老基金訴莫里斯公司，311 A.3d 809（Del.第2024章）。 沒有 此時可以對可能的損失（如果有的話）做出合理估計。

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

93

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

94

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

95

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

96

---

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

97

---

Table of Contents

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.

98

---

Table of Contents

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

			2024年9月30日
(單位：百萬)			阿波羅全球管理公司和合並子公司						合併基金和可變利益實體						淘汰						已整合
資產
資產管理
現金及現金等價物			$	2,666					$	—					$	—					$	2,666
受限現金和現金等價物			3						—						—						3
投資			6,338						—						(478)						5,860
合併可變利益實體的資產
現金及現金等價物			—						102						—						102
投資			—						2,455						(102)						2,353
其他資產			—						255						(131)						124
關聯方應繳款項			677						—						(105)						572
商譽			264						—						—						264
其他資產			2,512						—						—						2,512
			12,460						2,812						(816)						14,456
退休服務
現金及現金等價物			13,587						—						—						13,587
受限現金和現金等價物			964						—						—						964
投資			258,061						—						(285)						257,776
對關聯方的投資			42,922						—						(14,931)						27,991
合併可變利益實體的資產
現金及現金等價物			—						305						—						305
投資			1,377						20,523						(108)						21,792
其他資產			8						184						—						192
可追討的再保險			7,454						—						—						7,454
遞延收購成本、遞延銷售誘因和所收購業務價值			6,971						—						—						6,971
商譽			4,071						—						—						4,071
其他資產			13,188						—						(58)						13,130
			348,603						21,012						(15,382)						354,233
總資產			$	361,063					$	23,824					$	(16,198)					$	368,689
																					(續)

99

---

目錄

			2024年9月30日
(單位：百萬)			阿波羅全球管理公司和合並子公司						合併基金和可變利益實體						淘汰						已整合
負債、可贖回非控股權益和股權
負債
資產管理
應付賬款、應計費用和其他負債			$	3,908					$	—					$	—					$	3,908
因關聯方的原因			839						—						(130)						709
債務			4,082						—						—						4,082
合併可變利益實體的負債
債務，按公允價值計算			—						136						(136)						—
其他負債			—						1,073						(52)						1,021
			8,829						1,209						(318)						9,720
退休服務
利息敏感合同負債			245,436						—						—						245,436
未來的政策好處			52,962						—						—						52,962
市場風險收益			4,402						—						—						4,402
債務			5,725						—						—						5,725
回購衍生品和證券抵押品的發票			7,952						—						—						7,952
其他負債			10,097						(500)						—						9,597
合併可變利益實體的負債
其他負債			33						1,330						(9)						1,354
			326,607						830						(9)						327,428
總負債			335,436						2,039						(327)						337,148
承諾和或有事項（注16）
可贖回的非控股權益：
可贖回的非控股權益			—						15						—						15
股權
強制可轉換優先股			1,398						—						—						1,398
額外實收資本			15,032						36						5						15,073
留存收益(累計虧損)			4,901						15,937						(15,973)						4,865
累計其他綜合收益(虧損)			(3,472)						(16)						15						(3,473)
年度股東權益總額			17,859						15,957						(15,953)						17,863
非控制性權益			7,768						5,813						82						13,663
總股本			25,627						21,770						(15,871)						31,526
負債總額、可贖回非控股權益和股權			$	361,063					$	23,824					$	(16,198)					$	368,689
																					(結束語)

100

---

目錄

			2023年12月31日
(In數百萬）			阿波羅全球管理公司和合並子公司						合併基金和VIE						淘汰						已整合
資產
資產管理
現金和現金等價物			$	2,748					$	—					$	—					$	2,748
受限現金和現金等價物			2						—						—						2
投資			5,673						—						(171)						5,502
合併可變利益實體的資產
現金和現金等價物			—						62						—						62
投資			—						1,690						(50)						1,640
其他資產			—						204						(27)						177
應收關聯方			464						—						(15)						449
商譽			264						—						—						264
其他資產			2,331						—						—						2,331
			11,482						1,956						(263)						13,175
退休服務
現金和現金等價物			13,020						—						—						13,020
受限現金和現金等價物			1,761						—						—						1,761
投資			213,099						—						—						213,099
關聯方投資			39,194						—						(13,352)						25,842
合併可變利益實體的資產
現金和現金等價物			—						98						—						98
投資			1,453						18,886						(107)						20,232
其他資產			9						101						—						110
可收回的再保險			4,154						—						—						4,154
遞延收購成本、遞延銷售誘因和所收購業務價值			5,979						—						—						5,979
商譽			4,065						—						—						4,065
其他資產			11,996						—						(43)						11,953
			294,730						19,085						(13,502)						300,313
總資產			$	306,212					$	21,041					$	(13,765)					$	313,488
																					(續)

101

---

目錄表

			2023年12月31日
(In數百萬）			阿波羅全球管理公司和合並子公司						合併基金和VIE						淘汰						已整合
負債、可贖回非控股權益和股權
負債
資產管理
應付賬款、應計費用和其他負債			$	3,333					$	5					$	—					$	3,338
應付關聯方			897						—						(27)						870
債務			3,883						—						—						3,883
合併可變利益實體的負債
其他負債			—						1,145						—						1,145
			8,113						1,150						(27)						9,236
退休服務
利息敏感合同負債			204,670						—						—						204,670
未來的政策效益			53,287						—						—						53,287
市場風險收益			3,751						—						—						3,751
債務			4,209						—						—						4,209
回購衍生品和證券抵押品的發票			7,536						—						—						7,536
其他負債			4,456						—						—						4,456
合併可變利益實體的負債
其他負債			38						1,076						(16)						1,098
			277,947						1,076						(16)						279,007
總負債			286,060						2,226						(43)						288,243
承諾和或有事項（注16）
可贖回的非控股權益
可贖回的非控股權益			—						12						—						12
股權
強制性可轉換優先股			1,398						—						—						1,398
資本公積			15,282						(34)						1						15,249
留存收益（累計赤字）			2,948						13,693						(13,669)						2,972
累計其他綜合收益（損失）			(5,575)						(19)						19						(5,575)
年度股東權益總額			14,053						13,640						(13,649)						14,044
非控股權益			6,099						5,163						(73)						11,189
權益總額			20,152						18,803						(13,722)						25,233
負債總額、可贖回非控股權益和股權			$	306,212					$	21,041					$	(13,765)					$	313,488
																					（結束）

102

---

目錄表

項目2. 管理層對財務狀況和運營結果的討論和分析

以下討論應與Apollo Global Management，Inc.一起閱讀。本季度報告中的簡明合併財務報表和相關附註。本討論包含前瞻性陳述，這些陳述受到已知和未知風險和不確定性的影響。由於多種因素，包括標題爲「第1A項」的部分中包含的因素，實際結果和事件發生的時間可能與此類前瞻性陳述中表達或暗示的結果存在顯着差異。2023年年度報告中的風險因素”和「1A.本季度報告中的風險因素」。以下列出的亮點對我們簡明綜合財務報表中的許多項目產生了重大影響，並影響了本期活動與前期活動的比較。

一般信息

我們的企業

Apollo成立於1990年，是一家高增長的全球另類資產管理公司和退休服務提供商。Apollo主要通過以下三個可報告部門在美國開展業務：資產管理、退休服務和本金投資。這些業務部門根據其提供的投資服務以及不同的投資策略而有所差異。截至2024年9月30日，Apollo擁有5，053名員工的團隊，其中Athene員工1，978名。

資產管理

我們的資產管理部門專注於兩種投資策略：信貸和股權。我們管理的許多基金都有靈活的授權，這使基金能夠在公司的資本結構中進行機會性投資。我們代表世界上一些最著名的養老金、捐贈和主權財富基金和保險公司以及其他機構和個人投資者籌集、投資和管理基金、賬戶和其他工具。截至2024年9月30日，我們的總資產管理規模爲7，330億美元。

在截至2024年9月30日的第三季度，我們將我們的資產管理策略從之前報告的收益率、混合和股權更新爲信貸和股權，我們認爲這更好地反映了我們的資產管理投資策略。我們資產管理部門的信貸和股權投資策略反映了我們整個平台的投資能力範圍，從投資級到私募股權。作爲一家資產管理公司，我們通過向客戶群提供投資管理服務和專業知識賺取費用。管理這些資產所收取的費用取決於基本的投資策略、流動性狀況，以及最終我們爲客戶創造回報的能力。我們還賺取資本解決方案費用，這是我們不斷增長的資本解決方案業務的一部分，也是我們規模可觀的私募股權特許經營權監控和部署活動的一部分。扣除費用後，我們將由此產生的收益流稱爲「費用相關收益」或「FRE」，這代表了資產管理部門的主要業績衡量標準。

信用

信貸是我們最大的資產管理策略，截至2024年9月30日，AUM爲5，980億美元。我們的信貸策略涵蓋第三方戰略和Apollo的退休服務業務，涵蓋四個主要投資支柱：直接發起、資產支持、多元信貸和機會主義信貸。我們的信貸策略在整個信貸風險回報範圍內提供靈活、規模化和多樣化的資本解決方案，重點是通過高質量的信貸承保和發放產生超額回報。除了參與傳統發行和二級信貸市場之外，我們還通過我們的發起平台和企業解決方案能力尋求爲我們管理的基金的投資者發起有吸引力且安全收益的資產。

股權

截至2024年9月30日，我們的股票策略管理着1，350億美元的AUM。在我們的股權戰略中，我們繼續關注創意結構和採購，同時與Apollo管理的基金投資組合公司的管理團隊合作，幫助他們的業務轉型和發展。我們靈活的授權和採購價格紀律使我們能夠接受複雜性併爲利益相關者尋求有吸引力的結果。Apollo的股權團隊擁有跨行業、行業和地域的經驗，涵蓋私募股權、混合價值、二級股權、AAA、房地產股權、影響力投資平台、基礎設施和清潔轉型股權策略。我們一直提供有吸引力的長期投資

103

---

Table of Contents

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.

104

---

Table of Contents

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.

105

---

Table of Contents

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

106

---

Table of Contents

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

107

---

Table of Contents

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

108

---

Table of Contents

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.

109

---

Table of Contents

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.

110

---

Table of Contents

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

111

---

Table of Contents

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

112

---

Table of Contents

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.

113

---

Table of Contents

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.

114

---

Table of Contents

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

115

---

Table of Contents

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.

116

---

Table of Contents

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.

117

---

Table of Contents

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.

118

---

Table of Contents

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

119

---

Table of Contents

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

120

---

Table of Contents

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

121

---

Table of Contents

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.

122

---

Table of Contents

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.

123

---

Table of Contents

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.

124

---

Table of Contents

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.

125

---

Table of Contents

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.

126

---

Table of Contents

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.

127

---

Table of Contents

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.

128

---

Table of Contents

•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.

129

---

Table of Contents

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.

130

---

Table of Contents

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.

131

---

Table of Contents

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

132

---

Table of Contents

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%

133

---

Table of Contents

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

134

---

Table of Contents

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

135

---

Table of Contents

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.

136

---

Table of Contents

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.

137

---

Table of Contents

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

138

---

Table of Contents

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.

139

---

Table of Contents

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.

140

---

Table of Contents

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.

141

---

Table of Contents

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.

142

---

Table of Contents

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.

143

---

Table of Contents

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.

144

---

Table of Contents

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.

145

---

Table of Contents

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.

146

---

Table of Contents

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.

147

---

Table of Contents

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

148

---

Table of Contents

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.

149

---

Table of Contents

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

150

---

Table of Contents

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.

151

---

Table of Contents

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.

152

---

Table of Contents

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

153

---

Table of Contents

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.

154

---

Table of Contents

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.

155

---

Table of Contents

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.

156

---

Table of Contents

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.

157

---

Table of Contents

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.

158

---

Table of Contents

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

159

---

Table of Contents

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

160

---

Table of Contents

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.

161

---

Table of Contents

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.

162

---

Table of Contents

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

163

---

Table of Contents

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

164

---

Table of Contents

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.

165

---

Table of Contents

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.

166

---

Table of Contents

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).

167

---

Table of Contents

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.

168

---

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)

169