

(In millions, except share data)	As of December 31, 2023		As of December 31, 2022
Assets
Cash	$	987	$	—
Investments	13,736		6,420
Due from subsidiaries	431		585
Goodwill	1		1
Other assets	398		—
Total Assets	$	15,553	$	7,006
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities	$	84	$	100
Due to subsidiaries	350		266
Debt	1,075		—
Total Liabilities	$	1,509	$	366
Equity
Mandatory Convertible Preferred Stock, 28,750,000 and 0 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	1,398		—





Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 567,762,932 and 570,276,188 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	—		—
Additional paid in capital	15,249		14,982
Retained earnings (accumulated deficit)	2,972		(1,007)
Accumulated other comprehensive income (loss)	(5,575)		(7,335)
Total Equity	14,044		6,640
Total Liabilities and Equity	$	15,553	$	7,006

See accompanying notes to condensed financial information of registrant (parent company only)


	Years ended December 31,
(In millions)	2023		2022		2021
Revenues
Investment income (loss)	$	4,646	$	(2,250)	$	1,918
Total Revenues	4,646		(2,250)		1,918
Expenses
Interest expense	27		2		—
General, administrative and other	26		33		—
Total Expenses	53		35		—
Other income (loss)
Other income (loss), net	41		11		—
Total Other income (loss)	41		11		—
Income (loss) before income tax (provision) benefit	4,634		(2,274)		1,918
Income tax (provision) benefit	413		313		(79)
Net income (loss) attributable to Apollo Global Management, Inc.	5,047		(1,961)		1,839
Preferred stock dividends	(46)		—		(37)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	5,001	$	(1,961)	$	1,802

See accompanying notes to condensed financial information of registrant (parent company only)


	Years ended December 31,
(In millions)	2023		2022		2021
Cash Flows from Operating Activities
Net cash provided by (used in) operating activities	$	(63)	$	36	$	(95)
Cash Flows from Investing Activities
Contributions to subsidiaries	$	(1,250)	$	—	$	—
Distributions from subsidiaries	1,166		2,016		923
Due from subsidiaries, net	147		(579)		—
Net cash provided by investing activities	$	63	$	1,437	$	923
Cash Flows from Financing Activities
Preferred stock dividends	$	(22)	$	—	$	(37)
Common stock dividends	(1,012)		(916)		(501)
Issuance of debt	1,100		—		—
Payment of debt issuance cost	(25)		—		—
Issuance of Mandatory Convertible Preferred stock, net of issuance costs	1,398		—		—
Repurchase of common stock	(561)		(635)		(299)
Due to subsidiaries, net	109		78		9
Net cash provided by (used in) financing activities	$	987	$	(1,473)	$	(828)
Net Increase (Decrease) in Cash and Cash Equivalents	987		—		—
Cash and Cash Equivalents, Beginning of Period	—		—		—
Cash and Cash Equivalents, End of Period	$	987	$	—	$	—

Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$	37	$	55	$	118
Cash paid for interest	14		—		—

See accompanying notes to condensed financial information of registrant (parent company only)

For purposes of these condensed financial statements, AGM’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed balance sheets. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of income.

In this report, references to “AGM” and the “Company” for periods (i) on or before December 31, 2021 refer to Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc.) (“AAM”) and (ii) subsequent to December 31, 2021, refer to Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.). Subsequent to December 31, 2021, AAM is a consolidated subsidiary of AGM.

Unsecured Revolving Notes Receivable – AGM has unsecured revolving notes receivable from its subsidiaries Apollo Asset Management (“AAM”) and Athene Holding Ltd. (“AHL”). The note from AAM accrues interest at a fixed rate of 0.33% per annum, and the balance is due at AGM’s request. The note from AAM had an outstanding net receivable balance of $431 million and $579 million as of December 31, 2023 and 2022, respectively. The note from AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note from AHL as of December 31, 2023 and 2022.

Unsecured Revolving Note Payable – In addition to the unsecured revolving notes receivable described above, AGM has an unsecured revolving note payable to its subsidiary AHL. The note to AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2025, or earlier at AHL’s request. The note had an outstanding balance of $109 million and $78 million as of December 31, 2023 and 2022, respectively.

During the years ended December 31, 2023, 2022 and 2021, AGM received $1,082 million, $1,897 million and $500 million, respectively, of dividends from its subsidiaries. See note 21 – “Statutory Requirements” to the consolidated financial statements for additional information on subsidiary dividend restrictions.