

(In millions, except share data)	As of December 31, 2025		As of December 31, 2024
Assets
Cash	$	1,201	$	657
Investments	26,858		19,124
Due from subsidiaries	29		148
Goodwill	1		1
Other assets	282		355
Total Assets	$	28,371	$	20,285
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities	$	124	$	234
Due to subsidiaries	1,359		487
Debt	3,547		2,311
Total Liabilities	5,030		3,032
Equity
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,398		1,398





Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 578,981,398 and 565,738,933 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	—		—
Additional paid in capital	16,954		15,327
Retained earnings (accumulated deficit)	7,634		6,022
Accumulated other comprehensive income (loss)	(2,645)		(5,494)
Total Equity	23,341		17,253
Total Liabilities and Equity	$	28,371	$	20,285

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


	Years ended December 31,
(In millions)	2025		2024		2023
Revenues
Investment income (loss)	$	4,119	$	4,932	$	4,646
Total Revenues	4,119		4,932		4,646
Expenses
Interest expense	209		128		27
General, administrative and other	79		32		26
Total Expenses	288		160		53
Other income (loss)
Other income (loss), net	(146)		13		41
Total Other income (loss)	(146)		13		41
Income (loss) before income tax (provision) benefit	3,685		4,785		4,634
Income tax (provision) benefit	(193)		(208)		413
Net income (loss) attributable to Apollo Global Management, Inc.	3,492		4,577		5,047
Preferred stock dividends	(97)		(97)		(46)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	3,395	$	4,480	$	5,001

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


	Years ended December 31,
(In millions)	2025		2024		2023
Cash Flows from Operating Activities
Net cash used in operating activities	$	(228)	$	(23)	$	(63)
Cash Flows from Investing Activities
Contributions to subsidiaries	—		(71)		(1,250)
Distributions from subsidiaries	750		453		1,166
Purchase of investments	(444)		—		—
Sale of investments	444		—		—
Due from subsidiaries, net	148		209		147
Net cash provided by investing activities	898		591		63
Cash Flows from Financing Activities
Preferred stock dividends	(97)		(97)		(22)
Common stock dividends	(1,201)		(1,092)		(1,012)
Issuance of debt	1,250		1,250		1,100
Payment of debt issuance cost	(16)		(17)		(25)
Issuance of Mandatory Convertible Preferred stock, net of issuance costs	—		—		1,398
Repurchase of common stock	(773)		(890)		(561)

Due to subsidiaries, net	711		(52)		109
Net cash provided by (used in) financing activities	(126)		(898)		987
Net Increase (Decrease) in Cash and Cash Equivalents	544		(330)		987
Cash and Cash Equivalents, Beginning of Period	657		987		—
Cash and Cash Equivalents, End of Period	$	1,201	$	657	$	987

Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$	87	$	37	$	37
Cash paid for interest	157		100		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 statements of financial condition. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of operations.

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 rate per annum equal to the U.S. short-term federal rate applicable at the time the proceeds are loaned and the balance is due at AGM’s request. The note from AAM had an outstanding net receivable balance of $0 million and $121 million as of December 31, 2025 and 2024, 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, 2028, or earlier at AGM’s request. There was no outstanding balance on the note from AHL as of December 31, 2025 and 2024.

Unsecured Revolving Note Payable – In addition to the unsecured revolving notes receivable described above, AGM has unsecured revolving notes payable to its subsidiaries AAM and AHL. The note to AAM accrues interest at a rate per annum equal to the U.S. short-term federal rate applicable at the time the proceeds are loaned and the balance is due at AAM’s request. The note to AAM had an outstanding net payable balance of $685 million and $0 million as of December 31, 2025 and 2024, respectively. The note payable 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, 2028, or earlier at AHL’s request. The note had an outstanding balance of $227 million and $142 million as of December 31, 2025 and 2024, respectively.

During the years ended December 31, 2025, 2024 and 2023, AGM received $750 million, $452 million and $1,082 million, respectively, of cash dividends from its subsidiaries. See note 20 – “Statutory Requirements” to the consolidated financial statements for additional information on subsidiary dividend restrictions.