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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 OR


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-41197

APOLLO GLOBAL MANAGEMENT, INC.

(Exact name of registrant as specified in its charter)


Delaware						86-3155788
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

9 West 57th Street, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

APO

New York Stock Exchange

6.75% Series A Mandatory Convertible Preferred Stock

APO.PRA

New York Stock Exchange

7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053

APOS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 5, 2026, there were 576,517,513 shares of the registrant’s common stock outstanding.

Table of Contents


	TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION

ITEM 1.	Financial Statements	11















ITEM 1A.	Unaudited Supplemental Presentation of Statements of Financial Condition	92

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	96

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	145

ITEM 4.	Controls and Procedures	147

PART II	OTHER INFORMATION

ITEM 1.	Legal Proceedings	148

ITEM 1A.	Risk Factors	148

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	148

ITEM 3.	Defaults upon Senior Securities	149

ITEM 4.	Mine Safety Disclosures	149

ITEM 5.	Other Information	150

ITEM 6.	Exhibits	151

Signatures

Table of Contents

Forward-Looking Statements

This report may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this report, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 25, 2026 (the “2025 Annual Report”), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Terms Used in This Report

In this report, references to “Apollo,” “we,” “us,” “our,” and the “Company” refer to Apollo Global Management, Inc. (“AGM”) and its subsidiaries unless the context requires otherwise. References to “AGM common stock” or “common stock” of the Company refer to shares of common stock, par value $0.00001 per share, of AGM and “Mandatory Convertible Preferred Stock” refers to the 6.75% Series A Mandatory Convertible Preferred Stock of AGM.

The use of any defined term in this report to mean more than one entity, person, security or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms “Apollo,” “we,” “us,” “our,” and the “Company” in this report to refer to AGM and its subsidiaries, each subsidiary of AGM is a standalone legal entity that is separate and distinct from AGM and any of its other subsidiaries. Any Apollo entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.


Term or Acronym			Definition
AAA			Apollo Aligned Alternatives Aggregator, L.P.
AAA Lux			Apollo Aligned Alternatives Lux Aggregator, L.P.
AAIA			Athene Annuity and Life Company
AAM			Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.)
AARe			Athene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABS			Asset-backed securities
Accord+			Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord+ II			Apollo Accord+ II Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord I			Apollo Accord Master Fund, L.P., together with its feeder funds
Accord II			Apollo Accord Master Fund II, L.P., together with its feeder funds
Accord III			Apollo Accord Master Fund III, L.P., together with its feeder funds
Accord III B			Apollo Accord Master Fund III B, L.P., together with its feeder funds
Accord IV			Apollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles

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Accord V			Apollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles
Accord VI			Apollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles
Accord VII			Apollo Accord Fund VII, L.P., together with its parallel funds and alternative investment vehicles
Accord Funds			Accord I, Accord II, Accord III, Accord III B, Accord IV, Accord V, Accord VI and Accord VII
Accord+ Funds			Accord+ and Accord+ II
ACRA			ACRA 1 and ACRA 2
ACRA 1			Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries

ACRA 2			Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries

ADCF			Apollo Diversified Credit Fund
ADIP			ADIP I and ADIP II
ADIP I			Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of funds managed by Apollo including third-party capital that, through ACRA 1, invests alongside Athene in certain investments
ADIP II			Apollo/Athene Dedicated Investment Program II, L.P., a fund managed by Apollo including third-party capital that, through ACRA 2, invests alongside Athene in certain investments
Adjusted Net Income Shares Outstanding, or ANI Shares Outstanding			Consists of total shares of common stock outstanding, RSUs that participate in dividends, and shares of common stock assumed to be issuable upon the conversion of the shares of Mandatory Convertible Preferred Stock
ADREF			Apollo Diversified Real Estate Fund
ADS			Apollo Debt Solutions BDC


AFS			Available-for-sale


AIOF I			Apollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles
AIOF II			Apollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles
AIOF III			Apollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles
ALRe			Athene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investments			Alternative investments, including investment funds and certain VIEs, adjusted for reinsurance impacts and to include Athene's proportionate share of ACRA alternative investments based on its economic ownership

AMH			Apollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM
ANRP I			Apollo Natural Resources Partners, L.P., together with its alternative investment vehicles
ANRP II			Apollo Natural Resources Partners II, L.P., together with its alternative investment vehicles
ANRP III			Apollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles
AOCI			Accumulated other comprehensive income (loss)
AOG Units			Units of the Apollo Operating Group

Apollo DAF			The donor-advised fund established by Apollo
Apollo funds, our funds and references to the funds we manage			The funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or “SIAs,” alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services.
Apollo Operating Group			(i) The entities through which we currently operate our asset management business and (ii) one or more entities formed for the purpose of, among other activities, holding certain of our gains or losses on our principal investments in the funds, which we refer to as our “principal investments.”
Apollo TRA			The tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto



ARI			Apollo Commercial Real Estate Finance, Inc.
ARIS			Apollo Realty Income Solutions, Inc.

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Assets Under Management, or AUM			The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit and certain equity funds, partnerships and accounts for which we provide investment management or advisory services, other than certain CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in credit, gross asset value plus available financing capacity; 2. the fair value of the investments of equity and certain credit funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; 3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and 4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. Apollo uses AUM, Gross capital deployment and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.
ASU			Accounting Standards Update
Athene			Athene Holding Ltd. (“Athene Holding” or “AHL”, together with its subsidiaries, “Athene”), a leading financial services company specializing in retirement services that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary ISG, provides asset management and advisory services.
Athora			Athora Holding Ltd. (“Athora Holding”, together with its subsidiaries, “Athora”), is a leading European savings and retirement services group focused on the traditional life and pensions market. Apollo, through ISGI, provides investment advisory services to Athora for certain of its assets.
Atlas			An equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP
AUM with Future Management Fee Potential			The committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
AUSA			Athene USA Corporation
Bermuda Capital			The capital of Athene's non-U.S. reinsurance subsidiaries as reported in the Bermuda statutory financial statements, adjusted to exclude deferred tax assets related to the enactment of the Government of Bermuda Corporate Income Tax Act 2023. Bermuda statutory financial statements apply U.S. statutory accounting principles for policyholder reserve liabilities, which Athene also subjects to U.S. cash flow testing requirements. There are certain differences between Bermuda statutory and U.S. statutory frameworks that result in Consolidated RBC being approximately 20 RBC points higher as of December 31, 2025. The primary driver of this difference is that Bermuda statutory financial statements require that assets assumed as part of a reinsurance transaction and any assets sold are recorded at their market value, without posting an interest maintenance reserve.
Bermuda RBC			The risk-based capital ratio of Athene’s non-U.S. reinsurance subsidiaries calculated using Bermuda Capital and applying NAIC risk-based capital factors on an aggregate basis, excluding U.S. subsidiaries which are included within Athene’s U.S. RBC Ratio.
BMA			Bermuda Monetary Authority
Bridge			Bridge Investment Group Holdings Inc.
Bridge funds			Funds, vehicles and accounts managed by subsidiaries of Bridge

Bridge TRA			The tax receivable agreement with certain equity holders of Bridge

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Capital solutions fees and other, net			Primarily includes transaction fees earned by Apollo Capital Solutions (“ACS”) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations, directors' fees, as well as fees and earnings related to property management activities. These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized (“management fee offset”), and other additional revenue sharing arrangements, including with certain subsidiaries and other affiliates.
CDO			Collateralized debt obligation

Class A shares			Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers.
CLO			Collateralized loan obligation
CMBS			Commercial mortgage-backed securities
CML			Commercial mortgage loan

Contributing Partners			Partners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units.
Consolidated RBC			The consolidated risk-based capital ratio of Athene’s non-U.S. reinsurance and U.S. insurance subsidiaries calculated by aggregating U.S. RBC and Bermuda RBC, with immaterial adjustments for net assets at the holding company.
Cost of funds			Cost of funds includes liability costs related to cost of crediting on deferred annuities, including, with respect to Athene's indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, product charges, excluding market value adjustments, and certain other revenues. Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Credit Strategies			Apollo Credit Strategies Master Fund Ltd., together with its feeder funds
CS			Credit Suisse AG
DAC			Deferred acquisition costs
Deferred annuities			Fixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
Dry Powder			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. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.
DSI			Deferred sales inducement

EPF Funds			Apollo European Principal Finance Fund, L.P., Apollo European Principal Finance Fund II (Dollar A), L.P., EPF III, and EPF IV, together with their parallel funds and alternative investment vehicles


EPF III			Apollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
EPF IV			Apollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
Equity Plan			Refers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles.
FABN			Funding agreement backed notes
FABR			Funding agreement backed repurchase agreement
FASB			Financial Accounting Standards Board
FCI Funds			Financial Credit Investment I, L.P., Financial Credit Investment II, L.P., together with its feeder funds, Financial Credit Investment Fund III L.P., and Financial Credit Investment IV, L.P., together with its feeder funds




Fee-Generating AUM			Fee-Generating AUM consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.

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Fee Related Earnings, or FRE			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.

FIA			Fixed indexed annuity, which is an insurance contract that earns interest at a crediting rate based on a specified index on a tax-deferred basis
Fixed annuities			FIAs together with fixed rate annuities
Former Managing Partners			Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or AP Professional Holdings, L.P. includes certain related parties of such individuals
Freedom Parent Holdings			Freedom Parent Holdings, L.P.











GDP			Gross Domestic Product
Gross capital deployment			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 firm. 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.
GLWB			Guaranteed lifetime withdrawal benefit
GMDB			Guaranteed minimum death benefit
Gross IRR of accord series, ADIP funds and the European principal finance funds			The annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non-U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross IRR of a traditional private equity or hybrid value fund			The cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on March 31, 2026 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
Gross IRR of infrastructure funds			The cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on March 31, 2026 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.

HoldCo			Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.)
HVF I			Apollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles
HVF II			Apollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles
HVF III			Apollo Hybrid Value Fund III, L.P., together with its parallel funds and alternative investment vehicles
Inflows			(i) At the individual strategy level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-strategy transfers, and (ii) on an aggregate basis, the sum of inflows across the credit and equity investing strategies.
IPO			Initial Public Offering
ISG			Apollo Insurance Solutions Group LP
ISGI			Refers collectively to Apollo Asset Management Europe LLP, a subsidiary of AAM (“AAME”) and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME (“AAME PC”)

Management Fee Offset			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 of such advisory and transaction fees, net of applicable broken deal costs.
Market risk benefits			Guaranteed lifetime withdrawal benefits and guaranteed minimum death benefits

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Mergers			Completion of the previously announced merger transactions pursuant to the Merger Agreement
Merger Agreement			The Agreement and Plan of Merger dated as of March 8, 2021 by and among AAM, AGM, AHL, Blue Merger Sub, Ltd., a Bermuda exempted company, and Green Merger Sub, Inc., a Delaware corporation.
Merger Date			January 1, 2022
MFIC			MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or “AINV”)
MidCap FinCo			MidCap FinCo LLC, together with its subsidiaries

Modco			Modified coinsurance
NAIC			National Association of Insurance Commissioners
NAV			Net Asset Value
Net invested assets			Represent the investments that directly back Athene's net reserve liabilities as well as surplus assets. Net invested assets include Athene’s (a) total investments on the condensed consolidated statements of financial condition, with available-for-sale 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 and VOE 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 investments supporting assumed funds withheld and modco agreements and excludes the investments related to ceded reinsurance transactions in order to match the assets with the income received. Net invested assets include Athene’s economic ownership of ACRA investments but do not include the investments associated with the non-controlling interests.
Net investment earned rate			Computed as income from Athene’s net invested assets, excluding the proportionate share of the ACRA net investment income associated with the non-controlling interests, divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
Net investment spread			Net investment spread measures Athene’s investment performance plus its strategic capital management fees less its total cost of funds, presented on an annualized basis for interim periods.
Net IRR of accord series, ADIP funds and the European principal finance funds			The annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of a traditional private equity or the hybrid value funds			The gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net IRR of infrastructure funds			The cumulative cash flows in a fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of the reporting date or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
Net reserve liabilities			Represent Athene's policyholder and institutional liability obligations net of reinsurance and used to analyze the costs of its liabilities. Net reserve liabilities include Athene’s (a) interest sensitive contract liabilities, (b) future policy benefits, (c) net market risk benefits, (d) long-term repurchase obligations, (e) dividends payable to policyholders and (f) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include Athene’s economic ownership of ACRA reserve liabilities but do not include the reserve liabilities associated with the non-controlling interests. Net reserve liabilities are net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, Athene has no net economic exposure to such liabilities, assuming its reinsurance counterparties perform under the agreements. Net reserve liabilities include the underlying liabilities assumed through modco reinsurance agreements in order to match the liabilities with the expenses incurred.

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Non-Fee-Generating AUM			AUM that does not produce management fees or monitoring fees. This measure generally includes the following: (i) fair value above invested capital for those funds that earn management fees based on invested capital; (ii) net asset values related to general partner and co-investment interests; (iii) unused credit facilities; (iv) available commitments on those funds that generate management fees on invested capital; (v) structured portfolio company investments that do not generate monitoring fees; and (vi) the difference between gross asset and net asset value for those funds that earn management fees based on net asset value.
NYC UBT			New York City Unincorporated Business Tax


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.
Other operating expenses within the Principal Investing segment			Expenses incurred in the normal course of business and includes allocations of non-compensation expenses related to managing the business.
Other operating expenses within the Retirement Services segment			Expenses incurred in the normal course of business inclusive of compensation and non-compensation expenses, excluding the proportionate share of the ACRA operating expenses associated with the non-controlling interests.
Payout annuities			Annuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements.


Performance Fee-Eligible AUM			AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: (i) “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; (ii) “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently below its hurdle rate or preferred return; and (iii) “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.
Perpetual capital			Assets under management of certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period. The investment management, advisory or other service agreements with our perpetual capital vehicles may be terminated under certain circumstances.
Principal Investing Income, or PII			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.
Principal investing compensation			Realized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business.
Policy loan			A loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy.


Realized Value			All cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund.
Redding Ridge			Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests.
Redding Ridge Holdings			Redding Ridge Holdings LP
Remaining Cost			Total Invested Capital, reduced for any return of capital proceeds received to date.
RMBS			Residential mortgage-backed securities
RML			Residential mortgage loan
RSUs			Restricted share units




SIA			Strategic investment account

Table of Contents


Spread Related Earnings, or SRE			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, and equity-based compensation, as well as other items. 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.
Surplus assets			Assets in excess of Athene’s policyholder and institutional obligations, determined in accordance with the applicable domiciliary jurisdiction’s statutory accounting principles.


S3 Equity and Hybrid Solutions			Apollo S3 Equity and Hybrid Solutions Fund, L.P.
Total Invested Capital			The aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities
Total Value			The sum of the total Realized Value and Unrealized Value of investments
Traditional private equity funds			Apollo Investment Fund I, L.P. (“Fund I”), AIF II, L.P. (“Fund II”), a mirrored investment account established to mirror Fund I and Fund II for investments in debt securities (“MIA”), Apollo Investment Fund III, L.P. (together with its parallel funds, “Fund III”), Apollo Investment Fund IV, L.P. (together with its parallel fund, “Fund IV”), Apollo Investment Fund V, L.P. (together with its parallel funds and alternative investment vehicles, “Fund V”), Apollo Investment Fund VI, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VI”), Apollo Investment Fund VII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VII”), Apollo Investment Fund VIII, L.P. (together with its parallel funds and alternative investment vehicles, “Fund VIII”), Apollo Investment Fund IX, L.P. (together with its parallel funds and alternative investment vehicles, “Fund IX”) and Apollo Investment Fund X, L.P. (together with its parallel funds and alternative investment vehicles, “Fund X”).
U.S. GAAP			Generally accepted accounting principles in the United States of America
U.S. RBC			The CAL RBC ratio for AAIA, Athene's U.S. insurance company



U.S. Treasury			United States Department of the Treasury

Unrealized Value			The fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments.
Venerable			Venerable Holdings, Inc., together with its subsidiaries
VIAC			Venerable Insurance and Annuity Company
VIE			Variable interest entity
Vintage Year			The year in which a fund’s final capital raise occurred, or, for certain funds, the year of a fund’s effective date or the year in which a fund’s investment period commences pursuant to its governing agreements.

VOBA			Value of business acquired
VOE			Voting interest entity
WACC			Weighted average cost of capital

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)



Condensed Consolidated Statements of Financial Condition (unaudited)		12

Condensed Consolidated Statements of Operations (unaudited)		14

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)		15

Condensed Consolidated Statements of Equity (unaudited)		16

Condensed Consolidated Statements of Cash Flows (unaudited)		17

Notes to Condensed Consolidated Financial Statements (unaudited)		19

	Note 1. Organization	19

	Note 2. Summary of Significant Accounting Policies	19



	Note 3. Business Combination	22

	Note 4. Investments	24

	Note 5. Derivatives	33

	Note 6. Variable Interest Entities	37

	Note 7. Fair Value	41

	Note 8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	60

	Note 9. Long-duration Contracts	61



	Note 10. Profit Sharing Payable	69

	Note 11. Income Taxes	70

	Note 12. Debt	71

	Note 13. Equity-Based Compensation	74

	Note 14. Equity	75

	Note 15. Earnings per Share	78

	Note 16. Related Parties	79

	Note 17. Commitments and Contingencies	83

	Note 18. Segments	87

	Note 19. Subsequent Events	91

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)



(In millions, except share data)	March 31, 2026		December 31, 2025
Assets
Asset Management
Cash and cash equivalents	$	3,569	$	3,350
Restricted cash and cash equivalents	19		19
Investments	6,294		6,226
Assets of consolidated variable interest entities
Cash and cash equivalents	851		327
Investments	3,301		3,509
Due from related parties	23		16
Other assets	148		230
Due from related parties	838		647
Goodwill	1,833		1,848
Other assets	3,588		3,376
	20,464		19,548
Retirement Services
Cash and cash equivalents	17,852		14,994
Restricted cash and cash equivalents	1,159		1,332
Investments	318,325		321,081
Investments in related parties	39,485		34,979
Assets of consolidated variable interest entities
Cash and cash equivalents	298		569
Investments	31,922		29,992
Other assets	299		346
Reinsurance recoverable	10,304		10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired	8,812		8,634
Goodwill	4,079		4,072
Other assets	14,531		15,120
	447,066		441,401
Total Assets	$	467,530	$	460,949

			(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)



(In millions, except share data)	March 31, 2026		December 31, 2025
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities	$	3,857	$	3,861
Due to related parties	1,296		1,062
Debt	6,380		5,516
Liabilities of consolidated variable interest entities


Accounts payable, accrued expenses, and other liabilities	2,930		1,949
	14,463		12,388
Retirement Services
Interest sensitive contract liabilities	326,502		315,889
Future policy benefits	48,657		50,264
Market risk benefits	5,010		4,930
Debt	7,840		7,848
Payables for collateral on derivatives and securities to repurchase	8,529		11,085
Other liabilities	14,876		14,329
Liabilities of consolidated variable interest entities


Other liabilities	2,120		1,701
	413,534		406,046
Total Liabilities	427,997		418,434
Commitments and Contingencies (note 17)
Redeemable non-controlling interests
Redeemable non-controlling interests	—		—
Equity
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,665 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1,398		1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 576,507,457 and 578,981,398 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—
Additional paid in capital	16,540		16,954
Retained earnings	5,157		7,634
Accumulated other comprehensive income (loss)	(3,144)		(2,645)
Total Apollo Global Management, Inc. Stockholders’ Equity	19,951		23,341
Non-controlling interests	19,582		19,174
Total Equity	39,533		42,515
Total Liabilities, Redeemable non-controlling interests and Equity	$	467,530	$	460,949

			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three months ended March 31,
(In millions, except per share data)	2026		2025
Revenues
Asset Management
Management fees	$	696	$	508
Advisory and transaction fees, net	306		195
Investment income (loss)	(77)		303
Incentive fees	64		40
Property management, development and other fees	22		—
	1,011		1,046
Retirement Services
Premiums	217		127
Product charges	281		265
Net investment income	5,139		4,341
Investment related gains (losses)	(2,078)		(828)
Revenues of consolidated variable interest entities	485		592
Other revenues	4		5
	4,048		4,502
Total Revenues	5,059		5,548
Expenses
Asset Management
Compensation and benefits	711		745
Interest expense	77		60
General, administrative and other	439		308
	1,227		1,113
Retirement Services
Interest sensitive contract benefits	1,591		1,494
Future policy and other policy benefits	639		541
Market risk benefits remeasurement (gains) losses	259		385
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	337		267
Policy and other operating expenses	626		542
	3,452		3,229
Total Expenses	4,679		4,342
Other income (loss) – Asset Management
Net gains (losses) from investment activities	(112)		(18)
Net gains (losses) from investment activities of consolidated variable interest entities	(15)		211
Other income (loss), net	30		(218)
Total Other income (loss)	(97)		(25)
Income (loss) before income tax (provision) benefit	283		1,181
Income tax (provision) benefit	(1,694)		(243)
Net income (loss)	(1,411)		938
Net (income) loss attributable to non-controlling interests	(495)		(496)
Net income (loss) attributable to Apollo Global Management, Inc.	(1,906)		442
Preferred stock dividends	(24)		(24)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	(1,930)	$	418

Earnings (loss) per share
Net income (loss) attributable to common stockholders – Basic	$	(3.27)	$	0.68
Net income (loss) attributable to common stockholders – Diluted	$	(3.27)	$	0.68
Weighted average shares outstanding – Basic	594.9		587.3
Weighted average shares outstanding – Diluted	594.9		593.0

See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three months ended March 31,
(In millions)	2026		2025
Net income (loss)	$	(1,411)	$	938
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(2,054)		1,492
Unrealized gains (losses) on hedging instruments	130		229
Remeasurement gains (losses) on future policy benefits related to discount rate	909		(528)
Remeasurement gains (losses) on market risk benefits related to credit risk	216		116
Foreign currency translation and other adjustments	(30)		63
Other comprehensive income (loss), before tax	(829)		1,372
Income tax provision (benefit) related to other comprehensive income (loss)	(156)		273
Other comprehensive income (loss)	(673)		1,099
Comprehensive income (loss)	(2,084)		2,037
Comprehensive (income) loss attributable to non-controlling interests	(321)		(684)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.	$	(2,405)	$	1,353

See accompanying notes to the unaudited condensed consolidated financial statements.

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APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)


	For the Three Months Ended March 31, 2025
	Apollo Global Management, Inc. Stockholders
(In millions, except share data)	Common Stock	Series A Mandatory Convertible Preferred Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Apollo Global Management, Inc. Stockholders’ Equity		Non-Controlling Interests		Total Equity




















Balance at January 1, 2025	565,738,933	$	1,398	$	15,327	$	6,022	$	(5,494)	$	17,253	$	13,711	$	30,964
Net income (loss)	—	24		—		418		—		442		496		938
Other comprehensive income (loss)	—	—		—		—		911		911		188		1,099
Capital increase related to equity-based compensation	—	—		128		—		—		128		—		128
Capital contributions	—	—		—		—		—		—		636		636
Dividends/distributions	—	(24)		—		(278)		—		(302)		(216)		(518)
Payments related to issuances of common stock for equity-based awards	4,332,162	—		6		(528)		—		(522)		—		(522)
Repurchase of common stock	(1,392,000)	—		(193)		—		—		(193)		—		(193)
Consolidation/deconsolidation of VIEs	—	—		—		—		—		—		(442)		(442)
Issuance of warrants	—	—		54		—		—		54		—		54
Issuance of common stock related to equity transactions	540,177	—		—		—		—		—		—		—
Accretion of redeemable non-controlling interests	—	—		5		—		—		5		—		5
Issuance of common stock to donor-advised fund	1,213,003	—		200		—		—		200		—		200
Other changes in equity of non-controlling interests	—	—		—		—		—		—		(5)		(5)


Balance at March 31, 2025	570,432,275	$	1,398	$	15,527	$	5,634	$	(4,583)	$	17,976	$	14,368	$	32,344


	For the three months ended March 31, 2026
	Apollo Global Management, Inc. Stockholders
(In millions, except share data)	Common Stock	Series A Mandatory Convertible Preferred Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Apollo Global Management, Inc. Stockholders’ Equity		Non-Controlling Interests		Total Equity




















Balance at January 1, 2026	578,981,398	$	1,398	$	16,954	$	7,634	$	(2,645)	$	23,341	$	19,174	$	42,515
Net income (loss)	—	24		—		(1,930)		—		(1,906)		495		(1,411)
Other comprehensive income (loss)	—	—		—		—		(499)		(499)		(174)		(673)
Capital increase related to equity-based compensation	—	—		195		—		—		195		—		195
Capital contributions	—	—		—		—		—		—		947		947
Dividends/distributions	—	(24)		—		(312)		—		(336)		(868)		(1,204)
Payments related to issuances of common stock for equity-based awards	2,459,396	—		15		(235)		—		(220)		—		(220)
Repurchase of common stock	(5,182,831)	—		(634)		—		—		(634)		—		(634)
Stock option and warrant exercises	249,494	—		8		—		—		8		—		8
Other changes in equity of non-controlling interests	—	—		2		—		—		2		8		10










Balance at March 31, 2026	576,507,457	$	1,398	$	16,540	$	5,157	$	(3,144)	$	19,951	$	19,582	$	39,533


See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three months ended March 31,
(In millions)	2026		2025
Cash Flows from Operating Activities
Net income (loss)	$	(1,411)	$	938
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation	232		149
Net investment income	(85)		(370)
Net recognized (gains) losses on investments and derivatives	1,548		306
Depreciation and amortization	397		308
Net amortization (accretion) of net investment premiums, discount and other	(65)		(42)

Policy acquisition costs deferred	(364)		(515)
Other non-cash amounts included in net income (loss), net	(163)		300
Changes in consolidation	—		(23)
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs	(3,030)		(871)
Proceeds from sale of investments by funds and VIEs	2,981		1,191
Interest sensitive contract liabilities	247		519
Future policy benefits, market risk benefits and reinsurance recoverable	(259)		(289)
Other assets and liabilities, net	1,592		(589)
Net cash provided by operating activities	1,620		1,012
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	(2,497)		(1,336)
Purchases of available-for-sale securities	(18,114)		(24,317)
Purchases of mortgage loans	(6,634)		(9,013)
Purchases of investment funds	(2,789)		(714)
Purchases of U.S. Treasury securities	(1)		(444)
Purchases of derivatives instruments and other investments	(1,160)		(942)
Sales, maturities and repayments of investments and distributions from equity method investments	22,587		18,976


Other investing activities, net	274		902
Net cash used in investing activities	(8,334)		(16,888)
Cash Flows from Financing Activities
Issuance of debt	3,146		294

Repayment of debt	(1,419)		(818)

Repurchase of common stock	(632)		(193)

Common stock dividends	(312)		(278)
Preferred stock dividends	(24)		(24)
Distributions paid to non-controlling interests	(891)		(210)
Contributions from non-controlling interests	947		607




Deposits on investment-type policies and contracts	19,652		25,306
Withdrawals on investment-type policies and contracts	(7,831)		(5,248)

Net change in cash collateral posted for derivative transactions and securities to repurchase	(2,556)		(4,399)

Other financing activities, net	(208)		(763)
Net cash provided by financing activities	9,872		14,274
			(Continued)

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three months ended March 31,
(In millions)	2026		2025
Effect of exchange rate changes on cash and cash equivalents	(1)		3
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities	3,157		(1,599)
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period	20,591		17,112
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period	$	23,748	$	15,513


Supplemental Disclosure of Cash Flow Information
Cash paid (refunded) for taxes	$	(157)	$	310
Cash paid for interest	220		321
Non-cash transactions


















Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation	187		121


Issuance of warrants	—		54
Issuance of restricted shares	15		6


Issuance of common stock to donor-advise fund	—		200

Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(323)		(483)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	1,138		1,761














































Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:
Cash and cash equivalents	$	21,421	$	12,894
Restricted cash and cash equivalents	1,178		2,213
Cash and cash equivalents held at consolidated variable interest entities	1,149		406
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities	$	23,748	$	15,513

			(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization

Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, “Apollo” or the “Company”) is a high-growth, global alternative asset manager and a retirement services provider. Apollo’s asset management business focuses on two investing strategies: credit and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo’s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs.

Acquisition of Bridge

On September 2, 2025 (the “Acquisition Date”), Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM. Bridge’s results are included in the condensed consolidated financial statements commencing from the Acquisition Date.

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in our 2025 Annual Report.

The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.

The Company’s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company’s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company’s consolidated financial condition and results of operations than an aggregated presentation.

Deferred Revenue

Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. There was $79 million of revenue recognized during the three months ended March 31, 2026 that was previously deferred as of January 1, 2026.

Table of Contents

APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Recently Issued Accounting Pronouncements

Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (ASU 2024-03)

In November 2024, the FASB issued guidance that requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable.

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2026, including interim periods therein; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Business Combinations and Consolidation (ASU 2025-03)

In May 2025, the FASB issued guidance clarifying how to identify the accounting acquirer in business combinations involving variable interest entities. The ASU requires an assessment of control and economic interests to determine the acquirer for consolidation purposes.

Compensation – Stock Compensation and Revenue from Contracts with Customers (ASU 2025-04)

In June 2025, the FASB issued guidance clarifying the accounting for share-based consideration payable to customers, specifically addressing when such payments should be classified as stock compensation expense versus a reduction of revenue.

Intangibles – Goodwill and Other – Internal-Use Software (ASU 2025-06)

In September 2025, the FASB issued guidance providing targeted improvements to the accounting for internal-use software. The ASU simplifies accounting for internal-use software by eliminating references to specific development project stages and clarifies the threshold entities should apply to begin capitalizing costs.

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2027, including interim periods therein; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Derivatives and Hedging and Revenue from Contracts with Customers (ASU 2025-07)

In September 2025, the FASB issued amendments to refine the scope of derivatives within the derivatives guidance by excluding certain non-exchange-traded contracts for which settlement is based on operations or activities specific to a party, unless settlement involves a market-based variable or a financial instrument. The updates also clarify that share-based non-cash consideration from a customer in a revenue contract should be accounted for under revenue recognition guidance until the entity’s right to receive or retain the consideration becomes unconditional.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Derivatives and Hedging – Hedge Accounting Improvements (ASU 2025-09)

In November 2025, the FASB issued guidance amending certain aspects of the hedge accounting guidance and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The objective of this ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities.

Interim Reporting (ASU 2025-11)

In December 2025, the FASB issued amendments to improve the guidance in Accounting Standards Codification (“ASC”) 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements.

The guidance is mandatorily effective for the Company for interim reporting periods within annual reporting periods beginning after December 15, 2027; early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

Income Taxes – Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB made amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant.

The Company adopted the guidance for the annual reporting period ended December 31, 2025, and there was no impact on the condensed consolidated financial statements in interim periods upon adoption.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. Business Combination

On September 2, 2025, Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM.

Under the terms of the agreement governing the Bridge acquisition, each share of Bridge Class A common stock and each Bridge Investment Group Holdings LLC (“Bridge LLC”) Class A common unit was converted into 0.07081 shares of common stock of AGM and cash paid in lieu of fractional shares. Additionally, each share of Bridge Class B common stock was converted into 0.00006 shares of common stock of AGM and cash paid in lieu of fractional shares. The purchase price was as follows:


(In millions, except share price data and exchange ratio)
Bridge Class A common stock purchased	55.8
Bridge Class B common stock purchased	62.7
Bridge LLC Class A common units purchased	76.7
Exchange ratio for Class A common stock and Class A common units	0.07081
Exchange ratio for Class B common stock	0.00006
Shares of AGM common stock issued in exchange	9.4
AGM common stock closing price	$	136.23
Value of AGM common stock issued in exchange	$	1,279
Fair value of estimated equity instruments assumed1	28

Purchase of certain non-controlling interests	50
Total consideration	1,357
Non-controlling interest	489
Total Bridge equity value	$	1,846

1 All outstanding Bridge equity awards were converted into AGM equity awards, of which $28 million was included as part of the consideration for the portion that was attributable to pre-combination services and $81 million will be treated as post-combination compensation expense over the applicable service period.

The consideration transferred is subject to customary post-closing adjustments, which could affect the preliminary goodwill recognized. The Bridge acquisition was accounted for as a business combination. The consideration was allocated to Bridge’s assets acquired and liabilities assumed based on estimates of their fair values as of the Acquisition Date.

Adjustments to provisional amounts, if any, will be recognized in the period in which they are identified and reflected as if the accounting had been completed at the Acquisition Date. The effect on earnings of changes in amortization or other income effects, if any, as a result of any change to the provisional amounts, will be recorded in the financial statements for the period in which such change occurs, calculated as if the accounting had been completed at the Acquisition Date. The purchase price allocation is expected to be finalized as soon as practicable, but no later than one year from the Acquisition Date.

Goodwill of $1.6 billion was recognized within the Asset Management segment and is primarily attributable to the assembled workforce, enhanced origination capabilities and the scale and synergies that can be achieved subsequent to the Bridge acquisition. A majority of the goodwill recognized is expected to be deductible for tax purposes.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Acquisition Date:


(In millions)	Fair Value and Goodwill Calculation
Total consideration	$	1,357

Total Value to Allocate
Cash and cash equivalents	83
Restricted cash and cash equivalents	16
Investments	519
Due from related parties	64

Other assets	718
Estimated fair value of total assets acquired, excluding goodwill	1,400
Accounts payable, accrued expenses, and other liabilities	280
Due to related parties	387
Debt	470

Estimated fair value of total liabilities assumed	1,137
Estimated fair value of net assets acquired, excluding goodwill	263
Non-controlling interests	489
Estimated fair value of net assets acquired less non-controlling interests, excluding goodwill	(226)
Goodwill attributable to the Bridge acquisition	$	1,583

Included within the above are provisional amounts based on the availability of data as of the date these condensed consolidated financial statements were issued for certain investments, deferred tax liabilities included within accounts payable, accrued expenses, and other liabilities and the Bridge TRA within due to related parties. Adjustments to provisional amounts will be made as described above.

The Company performed a valuation of the acquired investments and identifiable intangibles using methodologies consistent with those described in note 2 of the consolidated financial statements included in our 2025 Annual Report and note 7 herein.

Identifiable intangible assets

The identifiable intangible assets are included in other assets on the condensed consolidated statements of financial condition and summarized as follows:


Management Contracts						Trade Name
These assets are valued using the multi-period excess earnings method, which derives value based on the present value of the cash flow attributable to the management contracts, less returns for contributory assets. Amortization of these assets is on a straight-line basis.						This represents the Bridge trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis.

The fair value and weighted average estimated useful lives of the identifiable intangible assets acquired in the Bridge acquisition consist of the following:


	Fair value (in millions)		Average useful life (in years)
Management Contracts	$	605	11

Trade Name	20		8
Total	$	625

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Pro Forma Financial Information

Unaudited pro forma financial information for the three months ended March 31, 2025 are presented below. Pro forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the Bridge acquisition and assumes it occurred as of January 1, 2024. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the acquisition been completed as of January 1, 2024.


	Three months ended March 31,
(In millions)	2025
Total Revenues	$	5,636
Net income attributable to Apollo Global Management, Inc.	422

Amounts above reflect certain pro forma adjustments that were directly attributable to the Bridge acquisition. These adjustments include the following:

•the elimination of historical amortization of Bridge’s intangibles and the additional amortization of intangibles measured at fair value as of the Acquisition Date;

•adjustments reflecting the purchase of all Bridge LLC Class A common units and certain other non-controlling interests in subsidiaries; and

•adjustments reflecting the transaction costs.

4. Investments

The following table outlines the Company’s investments:


(In millions)	March 31, 2026		December 31, 2025
Asset Management
Investments, at fair value	$	2,161	$	1,696
Equity method investments	1,329		1,278
Performance allocations	2,792		3,240

Other investments	12		12
Total Investments – Asset Management	6,294		6,226
Retirement Services
AFS securities, at fair value	219,474		218,644
Trading securities, at fair value	7,608		6,863
Equity securities, at fair value	763		1,088
Mortgage loans, at fair value	94,634		93,404
Investment funds	3,320		2,257
Policy loans	296		301
Funds withheld at interest	18,473		19,628
Derivative assets	8,352		9,190
Short-term investments	158		193
Other investments	4,732		4,492
Total Investments, including related parties – Retirement Services	357,810		356,060
Total Investments	$	364,104	$	362,286

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Asset Management

Net Gains (Losses) from Investment Activities

The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:


	Three months ended March 31,
(In millions)		2026		2025
Realized gains (losses) on sales of investments, net		$	(70)	$	(9)
Net change in unrealized gains (losses) due to changes in fair value		(42)		(9)
Net gains (losses) from investment activities		$	(112)	$	(18)

Performance Allocations

Performance allocations receivable and those of consolidated VIEs are recorded within investments and investments of consolidated VIEs, respectively, in the condensed consolidated statements of financial condition. The following table presents the performance allocations:


(In millions)	March 31, 2026		December 31, 2025
Performance allocations	$	2,792	$	3,240
Performance allocations – consolidated VIEs	281		314
Total performance allocations	$	3,073	$	3,554

The table below provides a roll forward of the performance allocations balance:


(In millions)	Total



Total performance allocations, January 1, 2026	$	3,554
Change in fair value of funds	186
Fund distributions to the Company	(667)
Total performance allocations, March 31, 2026	$	3,073

The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition.

The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Retirement Services

AFS Securities

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:


	March 31, 2026
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	20,138	$	—	$	50	$	(1,389)	$	18,799
U.S. state, municipal and political subdivisions	942		—		—		(195)		747
Foreign governments	2,316		—		24		(668)		1,672
Corporate	95,501		(56)		649		(10,041)		86,053
CLO	23,415		—		436		(157)		23,694
ABS	38,062		(179)		1,101		(494)		38,490
CMBS	12,996		(91)		66		(328)		12,643
RMBS	8,738		(417)		235		(278)		8,278
Total AFS securities	202,108		(743)		2,561		(13,550)		190,376
AFS securities – related parties
Corporate	3,491		—		21		(98)		3,414
CLO	6,766		—		78		(46)		6,798
ABS	18,922		(1)		30		(218)		18,733
CMBS	153		—		—		—		153
Total AFS securities – related parties	29,332		(1)		129		(362)		29,098
Total AFS securities, including related parties	$	231,440	$	(744)	$	2,690	$	(13,912)	$	219,474


	December 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
U.S. government and agencies	$	18,008	$	—	$	116	$	(1,226)	$	16,898
U.S. state, municipal and political subdivisions	954		—		—		(195)		759
Foreign governments	2,225		—		32		(598)		1,659
Corporate	97,166		(105)		1,291		(8,921)		89,431
CLO	25,730		—		648		(106)		26,272
ABS	35,275		(171)		823		(465)		35,462
CMBS	13,351		(70)		120		(317)		13,084
RMBS	9,407		(411)		300		(264)		9,032
Total AFS securities	202,116		(757)		3,330		(12,092)		192,597
AFS securities – related parties
Corporate	2,287		—		43		(13)		2,317
CLO	7,103		—		121		(21)		7,203
ABS	16,500		(1)		45		(178)		16,366
CMBS	162		—		—		(1)		161
Total AFS securities – related parties	26,052		(1)		209		(213)		26,047
Total AFS securities, including related parties	$	228,168	$	(758)	$	3,539	$	(12,305)	$	218,644

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:


	March 31, 2026
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,297	$	2,268
Due after one year through five years	22,166		21,849
Due after five years through ten years	22,404		21,387
Due after ten years	72,030		61,767
CLO, ABS, CMBS and RMBS	83,211		83,105
Total AFS securities	202,108		190,376
AFS securities – related parties
Due in one year or less	7		7
Due after one year through five years	1,134		1,145
Due after five years through ten years	845		849
Due after ten years	1,505		1,413
CLO, ABS and CMBS	25,841		25,684
Total AFS securities – related parties	29,332		29,098
Total AFS securities, including related parties	$	231,440	$	219,474

Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Unrealized Losses on AFS Securities

The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:


	March 31, 2026
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	10,160	$	(387)	$	3,560	$	(1,002)	$	13,720	$	(1,389)
U.S. state, municipal and political subdivisions	34		(1)		694		(194)		728		(195)
Foreign governments	211		(17)		1,243		(651)		1,454		(668)
Corporate	27,209		(933)		35,853		(9,098)		63,062		(10,031)
CLO	13,048		(110)		967		(43)		14,015		(153)
ABS	11,219		(174)		4,495		(260)		15,714		(434)
CMBS	4,493		(28)		1,776		(244)		6,269		(272)
RMBS	761		(6)		694		(76)		1,455		(82)
Total AFS securities	67,135		(1,656)		49,282		(11,568)		116,417		(13,224)
AFS securities – related parties
Corporate	1,695		(97)		75		(1)		1,770		(98)
CLO	4,024		(41)		39		(3)		4,063		(44)
ABS	4,722		(21)		2,320		(179)		7,042		(200)
CMBS	76		—		19		—		95		—
Total AFS securities – related parties	10,517		(159)		2,453		(183)		12,970		(342)
Total AFS securities, including related parties	$	77,652	$	(1,815)	$	51,735	$	(11,751)	$	129,387	$	(13,566)

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	December 31, 2025
	Less than 12 months				12 months or more				Total
(In millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS securities
U.S. government and agencies	$	5,987	$	(96)	$	4,068	$	(1,130)	$	10,055	$	(1,226)
U.S. state, municipal and political subdivisions	37		(1)		707		(194)		744		(195)
Foreign governments	84		(11)		1,326		(587)		1,410		(598)
Corporate	13,107		(284)		38,209		(8,602)		51,316		(8,886)
CLO	11,891		(59)		1,017		(45)		12,908		(104)
ABS	6,355		(165)		4,873		(263)		11,228		(428)
CMBS	1,663		(20)		1,446		(190)		3,109		(210)
RMBS	217		(2)		839		(90)		1,056		(92)
Total AFS securities	39,341		(638)		52,485		(11,101)		91,826		(11,739)
AFS securities – related parties
Corporate	170		(1)		377		(12)		547		(13)
CLO	4,215		(19)		95		(2)		4,310		(21)
ABS	2,069		(6)		3,076		(162)		5,145		(168)
CMBS	70		(1)		5		—		75		(1)
Total AFS securities – related parties	6,524		(27)		3,553		(176)		10,077		(203)
Total AFS securities, including related parties	$	45,865	$	(665)	$	56,038	$	(11,277)	$	101,903	$	(11,942)

The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:


	March 31, 2026
	Unrealized Loss Position	Unrealized Loss Position 12 Months or More
AFS securities	7,170	4,965
AFS securities – related parties	278	69

The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition of the securities. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:


	Three months ended March 31, 2026
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	105	$	—	$	(49)	$	—	$	56

ABS	171		—		—		8		179
CMBS	70		—		—		21		91
RMBS	411		1		(14)		19		417
Total AFS securities	757		1		(63)		48		743



AFS securities – related parties, ABS	1		—		—		—		1


Total AFS securities, including related parties	$	758	$	1	$	(63)	$	48	$	744

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


	Three months ended March 31, 2025
			Additions		Reductions
(In millions)	Beginning balance		Initial credit losses		Securities sold during the period		Additions (reductions) to previously impaired securities		Ending balance
AFS securities



Corporate	$	175	$	—	$	—	$	(1)	$	174

ABS	76		1		(1)		6		82
CMBS	60		—		—		—		60
RMBS	397		2		(7)		—		392
Total AFS securities	708		3		(8)		5		708



AFS securities – related parties, ABS	1		—		—		—		1

Total AFS securities, including related parties	$	709	$	3	$	(8)	$	5	$	709

Net Investment Income

Net investment income by asset class consists of the following:


	Three months ended March 31,
(In millions)		2026		2025
AFS securities		$	3,038	$	2,664
Trading securities		122		42
Equity securities		16		15
Mortgage loans		1,544		1,123
Investment funds		(6)		38
Funds withheld at interest		215		265
Other		248		230
Investment revenue		5,177		4,377
Investment expenses		(38)		(36)
Net investment income		$	5,139	$	4,341

Investment Related Gains (Losses)

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


	Three months ended March 31,
(In millions)		2026		2025
AFS securities1
Gross realized gains on investment activity		$	122	$	711
Gross realized losses on investment activity		(638)		(235)
Net realized investment gains (losses) on AFS securities		(516)		476
Net recognized investment gains (losses) on trading securities		(245)		80
Net recognized investment gains (losses) on equity securities		(31)		15
Net recognized investment gains (losses) on mortgage loans		(756)		1,014
Derivative losses		(941)		(1,512)
Provision for credit losses		2		(8)
Other gains (losses)		409		(893)
Investment related gains (losses)		$	(2,078)	$	(828)

1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $7,768 million and $8,945 million for the three months ended March 31, 2026 and 2025, respectively.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:


	Three months ended March 31,
(In millions)		2026		2025
Trading securities		$	(231)	$	21
Equity securities		(7)		12

Repurchase Agreements

The following table summarizes the remaining contractual maturities of repurchase agreements:


(In millions)	March 31, 2026		December 31, 2025

Less than 30 days	$	—	$	2,796

91 days to 1 year	750		—
Greater than 1 year	2,494		3,247
Payables for repurchase agreements	$	3,244	$	6,043

The following table summarizes the securities pledged as collateral for repurchase agreements:


	March 31, 2026				December 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
U.S. government and agencies	$	—	$	—	$	2,780	$	2,787

Foreign governments	259		185		241		185
Corporate	2,082		1,787		2,022		1,785
CLO	609		605		611		608
ABS	526		508		584		568
CMBS	231		231		197		198
RMBS	93		94		93		94

Total securities pledged under repurchase agreements	$	3,800	$	3,410	$	6,528	$	6,225

As of December 31, 2025, $907 million of repurchase agreements were presented net of reverse repurchase agreements on the condensed consolidated statements of financial condition, and the agreements were net settled during the three months ended March 31, 2026.

Reverse Repurchase Agreements

As of March 31, 2026 and December 31, 2025, amounts loaned under reverse repurchase agreements were $150 million and $1,067 million, respectively, and the fair value of the collateral was $858 million, comprised primarily of asset-backed securities, and $1,822 million, comprised primarily of asset-backed securities and short-term investments, respectively.

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APOLLO GLOBAL MANAGEMENT, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Mortgage Loans, including related parties and consolidated VIEs

Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	March 31, 2026		December 31, 2025
Commercial mortgage loans	$	39,974	$	38,869
Commercial mortgage loans under development	1,745		1,787
Total commercial mortgage loans	41,719		40,656
Mark to fair value	(1,705)		(1,585)
Commercial mortgage loans	40,014		39,071
Residential mortgage loans	56,125		55,613
Mark to fair value	526		860
Residential mortgage loans	56,651		56,473
Mortgage loans	$	96,665	$	95,544

Athene invests in commercial mortgage loans, primarily on income-producing properties including apartments, industrial properties, office buildings, hotels, and retail buildings. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:


	March 31, 2026				December 31, 2025
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	14,539	36.3	%	$	15,458	39.5	%
Industrial	9,491		23.7	%	8,778		22.5	%
Office building	4,558		11.4	%	4,530		11.6	%
Hotels	3,103		7.8	%	2,773		7.1	%
Retail	2,277		5.7	%	2,061		5.3	%
Other commercial	6,046		15.1	%	5,471		14.0	%
Total commercial mortgage loans	$	40,014	100.0	%	$	39,071	100.0	%

U.S. region
East North Central	$	1,949	4.9	%	$	1,883	4.8	%
East South Central	411		1.0	%	447		1.1	%
Middle Atlantic	9,185		23.0	%	9,323		23.9	%
Mountain	1,626		4.1	%	1,605		4.1	%
New England	1,089		2.7	%	1,088		2.8	%
Pacific	5,666		14.2	%	6,021		15.4	%
South Atlantic	7,491		18.7	%	6,919		17.7	%
West North Central	789		2.0	%	842		2.2	%
West South Central	3,397		8.5	%	3,175		8.1	%
Total U.S. region	31,603		79.1	%	31,303		80.1	%
International region
U.K.	3,169		7.9	%	3,085		7.9	%
Other international1	5,242		13.0	%	4,683		12.0	%
Total international region	8,411		20.9	%	7,768		19.9	%
Total commercial mortgage loans	$	40,014	100.0	%	$	39,071	100.0	%

1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

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Apollo Global Management, Inc. 10-Q