v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Deferred acquisition costs, deferred sales inducements and value of business acquired $ 8,370 $ 7,173
Total Assets 449,543 377,895
Liabilities    
Debt 12,631 10,588
Interest sensitive contract liabilities 309,737  
Future policy benefits 49,006  
Market risk benefits 4,835  
Total Liabilities 409,746 346,915
Commitments and Contingencies (note 17)
Redeemable non-controlling interests    
Redeemable non-controlling interests 0 16
Equity    
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 1,398 1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 580,389,090 and 565,738,933 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 0 0
Additional paid in capital 16,925 15,327
Retained earnings (accumulated deficit) 7,306 6,022
Accumulated other comprehensive income (loss) (2,492) (5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity 23,137 17,253
Non-controlling interests 16,660 13,711
Total Equity 39,797 30,964
Total Liabilities, Redeemable non-controlling interests and Equity 449,543 377,895
VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 1,464  
Asset Management    
Assets    
Restricted cash and cash equivalents 19 3
Due from related parties 892 584
Goodwill 1,828 264
Total Assets 20,469 15,256
Liabilities    
Accounts payable, accrued expenses, and other liabilities 4,326 3,616
Due to related parties 1,169 710
Debt 4,775 4,279
Total Liabilities 13,374 9,968
Asset Management | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents 2,768 2,692
Due from related parties 871 584
Other assets 3,466 2,579
Liabilities    
Accounts payable, accrued expenses, and other liabilities 3,104 1,363
Asset Management | VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 448 158
Investments 4,646 2,806
Due from related parties 21 0
Other assets 114 84
Asset Management | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments 6,288 6,086
Asset Management | Nonrelated Party | VIE, Primary Beneficiary    
Assets    
Investments 4,646 2,806
Retirement Services    
Assets    
Restricted cash and cash equivalents 2,767 943
Goodwill 4,072 4,063
Reinsurance recoverable 9,948 8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired 8,370 7,173
Total Assets 429,074 362,639
Liabilities    
Debt 7,856 6,309
Interest sensitive contract liabilities 309,737 253,637
Future policy benefits 49,006 49,902
Market risk benefits 4,835 4,028
Payables for collateral on derivatives and securities to repurchase 9,066 11,652
Total Liabilities 396,372 336,947
Retirement Services | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents 14,183 12,733
Other assets 15,541 13,794
Liabilities    
Other liabilities 14,180 9,784
Retirement Services | VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 1,016 583
Other assets 293 565
Liabilities    
Other liabilities 1,692 1,635
Retirement Services | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments 312,358 262,283
Retirement Services | Nonrelated Party | VIE, Primary Beneficiary    
Assets    
Investments 26,886 23,424
Retirement Services | Related Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments $ 33,640 $ 28,884