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Apollo Global Management
APO
#307
Rank
$83.12 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$140.76
Share price
-1.96%
Change (1 day)
0.98%
Change (1 year)
๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment Asset Management
Categories
  1. Apollo Global Management
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Apollo Global Management - 10-Q quarterly report FY2026 Q2


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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 JUNE 30, 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_logo_ctr_rgb_pos_s.jpg
APOLLO GLOBAL MANAGEMENT, INC.
(Exact name of registrant as specified in its charter) 
Delaware86-3155788
(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 classTrading Symbol(s)Name of each exchange on which registered
Common StockAPONew York Stock Exchange
6.75% Series A Mandatory Convertible Preferred StockAPO.PRANew York Stock Exchange
7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053APOSNew 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 August 5, 2026, there were 590,543,159 shares of the registrant’s common stock outstanding.



TABLE OF CONTENTS
PART I
ITEM 1.
11
ITEM 1A.
101
ITEM 2.
105
ITEM 3.
161
ITEM 4.
163
PART II
ITEM 1.
164
ITEM 1A.
164
ITEM 2.
164
ITEM 3.
165
ITEM 4.
165
ITEM 5.
165
ITEM 6.
166


2
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 AcronymDefinition
AAAApollo Aligned Alternatives Aggregator, L.P.
AAA LuxApollo Aligned Alternatives Lux Aggregator, L.P.
AAIAAthene Annuity and Life Company
AAMApollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc. prior to the Mergers.)
AAReAthene Annuity Re Ltd., a Bermuda reinsurance subsidiary
ABSAsset-backed securities
Accord+Apollo Accord+ Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord+ IIApollo Accord+ II Fund, L.P., together with its parallel funds and alternative investment vehicles
Accord IApollo Accord Master Fund, L.P., together with its feeder funds
Accord IIApollo Accord Master Fund II, L.P., together with its feeder funds
Accord IIIApollo Accord Master Fund III, L.P., together with its feeder funds
Accord III BApollo Accord Master Fund III B, L.P., together with its feeder funds
Accord IVApollo Accord Fund IV, L.P., together with its parallel funds and alternative investment vehicles
3
Table of Contents
Accord VApollo Accord Fund V, L.P., together with its parallel funds and alternative investment vehicles
Accord VIApollo Accord Fund VI, L.P., together with its parallel funds and alternative investment vehicles
Accord VIIApollo Accord Fund VII, L.P., together with its parallel funds and alternative investment vehicles
Accord FundsAccord I, Accord II, Accord III, Accord III B, Accord IV, Accord V, Accord VI and Accord VII
Accord+ FundsAccord+ and Accord+ II
ACRAACRA 1 and ACRA 2
ACRA 1Athene Co-Invest Reinsurance Affiliate Holding Ltd., together with its subsidiaries
ACRA 2Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., together with its subsidiaries
ADCFApollo Diversified Credit Fund
ADIPADIP I and ADIP II
ADIP IApollo/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 IIApollo/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 OutstandingConsists 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
ADREFApollo Diversified Real Estate Fund
ADSApollo Debt Solutions BDC
AFSAvailable-for-sale
AIOF IApollo Infra Equity US Fund, L.P. and Apollo Infra Equity International Fund, L.P., including their feeder funds and alternative investment vehicles
AIOF IIApollo Infrastructure Opportunities Fund II, L.P., together with its parallel funds and alternative investment vehicles
AIOF IIIApollo Infrastructure Opportunities Fund III, L.P., together with its parallel funds and alternative investment vehicles
ALReAthene Life Re Ltd., a Bermuda reinsurance subsidiary
Alternative investmentsAlternative 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
AMAPSApollo Multi-Asset Prime Securities
AMHApollo Management Holdings, L.P., a Delaware limited partnership, that is an indirect subsidiary of AGM
ANRP IApollo Natural Resources Partners, L.P., together with its alternative investment vehicles
ANRP IIApollo Natural Resources Partners II, L.P., together with its alternative investment vehicles
ANRP IIIApollo Natural Resources Partners III, L.P., together with its parallel funds and alternative investment vehicles
AOCIAccumulated other comprehensive income (loss)
AOG UnitsUnits of the Apollo Operating Group
Apollo DAFThe donor-advised fund established by Apollo
Apollo funds, our funds and references to the funds we manageThe 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 TRAThe tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto
ARIApollo Commercial Real Estate Finance, Inc.
ARISApollo Realty Income Solutions, Inc.
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Assets Under Management, or AUMThe 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.
ASUAccounting Standards Update
AtheneAthene 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.
AthoraAthora 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.
AtlasAn equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP
AUM with Future Management Fee PotentialThe committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
AUSAAthene USA Corporation
Bermuda CapitalThe 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 RBCThe 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.
BMABermuda Monetary Authority
BridgeBridge Investment Group Holdings Inc.
Bridge fundsFunds, vehicles and accounts managed by subsidiaries of Bridge
Bridge TRAThe 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.
CDOCollateralized debt obligation
Class A sharesClass A common stock, $0.00001 par value per share, of AAM prior to the Mergers.
CLOCollateralized loan obligation
CMBSCommercial mortgage-backed securities
CMLCommercial mortgage loan
Contributing PartnersPartners and their related parties (other than Messrs. Leon Black, Joshua Harris and Marc Rowan, our co-founders) who indirectly beneficially owned AOG units.
Consolidated RBCThe 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 fundsCost 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 StrategiesApollo Credit Strategies Master Fund Ltd., together with its feeder funds
CSCredit Suisse AG
DACDeferred acquisition costs
Deferred annuitiesFixed indexed annuities, annual reset annuities, multi-year guaranteed annuities and registered index-linked annuities
Dry PowderThe 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.
DSIDeferred sales inducement
EPF FundsApollo 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 IIIApollo European Principal Finance Fund III (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
EPF IVApollo European Principal Finance Fund IV (Dollar A), L.P., together with its parallel funds and alternative investment vehicles
Equity PlanRefers collectively to the Company’s 2019 Omnibus Equity Incentive Plan and the Company’s 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles.
FABNFunding agreement backed notes
FABRFunding agreement backed repurchase agreement
FASB
Financial Accounting Standards Board
FCI FundsFinancial 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 AUMFee-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.
FIAFixed 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 annuitiesFIAs together with fixed rate annuities
Former Managing PartnersMessrs. 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.
GDPGross 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.
GLWBGuaranteed lifetime withdrawal benefit
GMDBGuaranteed minimum death benefit
Gross IRR of accord series, ADIP funds and the European principal finance fundsThe 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 fundThe 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 June 30, 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 fundsThe 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 June 30, 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.
HoldCoApollo Global Management, Inc. (f/k/a Tango Holdings, Inc.)
HVF IApollo Hybrid Value Fund, L.P., together with its parallel funds and alternative investment vehicles
HVF IIApollo Hybrid Value Fund II, L.P., together with its parallel funds and alternative investment vehicles
HVF IIIApollo 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.
IPOInitial Public Offering
ISGApollo 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 OffsetUnder 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 benefitsGuaranteed lifetime withdrawal benefits and guaranteed minimum death benefits
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MergersCompletion of the previously announced merger transactions pursuant to the Merger Agreement
Merger AgreementThe 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.
MFICMidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation or “AINV”)
MidCap FinCoMidCap FinCo LLC, together with its subsidiaries
ModcoModified coinsurance
NAICNational Association of Insurance Commissioners
NAVNet Asset Value
Net invested assetsRepresent 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 rateComputed 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 spreadNet 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 fundsThe 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 fundsThe 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 fundsThe 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 liabilitiesRepresent 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 AUMAUM 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 UBTNew 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 segmentExpenses 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 segmentExpenses 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 annuitiesAnnuities with a current cash payment component, which consist primarily of single premium immediate annuities, supplemental contracts and structured settlements.
Performance Fee-Eligible AUMAUM 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 PIIComponent 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 compensationRealized performance compensation, distributions related to investment income and dividends, and includes allocations of certain compensation expenses related to managing the business.
Policy loanA loan to a policyholder under the terms of, and which is secured by, a policyholder’s policy.
Realized ValueAll 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 RidgeRedding 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 HoldingsRedding Ridge Holdings LP
Remaining CostTotal Invested Capital, reduced for any return of capital proceeds received to date.
RMBSResidential mortgage-backed securities
RMLResidential mortgage loan
RSUsRestricted share units
SIAStrategic investment account
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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 assetsAssets 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 SolutionsApollo S3 Equity and Hybrid Solutions Fund, L.P.
Total Invested CapitalThe 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 ValueThe 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. GAAPGenerally accepted accounting principles in the United States of America
U.S. RBCThe CAL RBC ratio for AAIA, Athene’s U.S. insurance company
U.S. TreasuryUnited States Department of the Treasury
Unrealized ValueThe 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.
VenerableVenerable Holdings, Inc., together with its subsidiaries
VIACVenerable Insurance and Annuity Company
VIEVariable interest entity
Vintage YearThe 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.
VOBAValue of business acquired
VOEVoting interest entity
WACCWeighted average cost of capital
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements (unaudited)
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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)


(In millions, except share data)June 30, 2026December 31, 2025
Assets
Asset Management
Cash and cash equivalents$3,415 $3,350 
Restricted cash and cash equivalents19 19 
Investments6,325 6,226 
Assets of consolidated variable interest entities
Cash and cash equivalents1,272 327 
Investments3,713 3,509 
Due from related parties23 16 
Other assets634 230 
Due from related parties940 647 
Goodwill1,833 1,848 
Other assets3,587 3,376 
21,761 19,548 
Retirement Services
Cash and cash equivalents21,957 14,994 
Restricted cash and cash equivalents1,583 1,332 
Investments333,842 321,081 
Investments in related parties43,300 34,979 
Assets of consolidated variable interest entities
Cash and cash equivalents171 569 
Investments31,884 29,992 
Other assets202 346 
Reinsurance recoverable10,929 10,282 
Deferred acquisition costs, deferred sales inducements and value of business acquired9,279 8,634 
Goodwill4,079 4,072 
Other assets15,061 15,120 
472,287 441,401 
Total Assets$494,048 $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)June 30, 2026December 31, 2025
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities$4,130 $3,861 
Due to related parties1,173 1,062 
Debt5,895 5,516 
Liabilities of consolidated variable interest entities
Accounts payable, accrued expenses, and other liabilities
3,847 1,949 
15,045 12,388 
Retirement Services
Interest sensitive contract liabilities344,593 315,889 
Future policy benefits48,241 50,264 
Market risk benefits5,283 4,930 
Debt7,832 7,848 
Payables for collateral on derivatives and securities to repurchase11,199 11,085 
Other liabilities18,981 14,329 
Liabilities of consolidated variable interest entities
Other liabilities1,392 1,701 
437,521 406,046 
Total Liabilities452,566 418,434 
Commitments and Contingencies (note 17)
Redeemable non-controlling interests
Redeemable non-controlling interests— — 
Equity
Mandatory Convertible Preferred Stock, 28,749,227 and 28,749,665 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,398 1,398 
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 575,971,752 and 578,981,398 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Additional paid in capital16,668 16,954 
Retained earnings6,149 7,634 
Accumulated other comprehensive income (loss)(3,209)(2,645)
Total Apollo Global Management, Inc. Stockholders’ Equity21,006 23,341 
Non-controlling interests20,476 19,174 
Total Equity41,482 42,515 
Total Liabilities, Redeemable non-controlling interests and Equity$494,048 $460,949 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended June 30,Six months ended June 30,
(In millions, except per share data)2026202520262025
Revenues
Asset Management
Management fees$749 $583 $1,445 $1,091 
Advisory and transaction fees, net418 277 724 472 
Investment income (loss)379 189 302 492 
Incentive fees59 58 123 98 
Property management, development and other fees22 — 44 — 
1,627 1,107 2,638 2,153 
Retirement Services
Premiums170 107 387 234 
Product charges299 274 580 539 
Net investment income5,350 4,776 10,489 9,117 
Investment related gains (losses)2,989 (5)911 (833)
Revenues of consolidated variable interest entities714 550 1,199 1,142 
Other revenues4 5 8 10 
9,526 5,707 13,574 10,209 
Total Revenues11,153 6,814 16,212 12,362 
Expenses
Asset Management
Compensation and benefits927 602 1,638 1,347 
Interest expense88 60 165 120 
General, administrative and other479 370 918 678 
1,494 1,032 2,721 2,145 
Retirement Services
Interest sensitive contract benefits5,714 3,428 7,305 4,922 
Future policy and other policy benefits594 527 1,233 1,068 
Market risk benefits remeasurement (gains) losses(24)(111)235 274 
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired350 292 687 559 
Policy and other operating expenses613 550 1,239 1,092 
7,247 4,686 10,699 7,915 
Total Expenses8,741 5,718 13,420 10,060 
Other income (loss) – Asset Management
Net gains (losses) from investment activities63 (268)(49)(286)
Net gains (losses) from investment activities of consolidated variable interest entities(7)4 (22)215 
Other income (loss), net17 13 47 (205)
Total Other income (loss)73 (251)(24)(276)
Income (loss) before income tax (provision) benefit2,485 845 2,768 2,026 
Income tax (provision) benefit(396)(3)(2,090)(246)
Net income (loss)2,089 842 678 1,780 
Net (income) loss attributable to non-controlling interests(728)(212)(1,223)(708)
Net income (loss) attributable to Apollo Global Management, Inc.1,361 630 (545)1,072 
Preferred stock dividends(25)(25)(49)(49)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders$1,336 $605 $(594)$1,023 
Earnings (loss) per share
Net income (loss) attributable to common stockholders – Basic
$2.18 $1.00 $(1.06)$1.68 
Net income (loss) attributable to common stockholders – Diluted
$2.15 $0.99 $(1.06)$1.67 
Weighted average shares outstanding – Basic591.8586.7593.3587.0
Weighted average shares outstanding – Diluted610.2590.4593.3591.7
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 June 30,Six months ended June 30,
(In millions)2026202520262025
Net income (loss)$2,089 $842 $678 $1,780 
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities343 1,404 (1,711)2,898 
Unrealized gains (losses) on hedging instruments(236)(8)(106)221 
Remeasurement gains (losses) on future policy benefits related to discount rate(199)(45)710 (573)
Remeasurement gains (losses) on market risk benefits related to credit risk(180)(135)36 (19)
Foreign currency translation and other adjustments(3)163 (33)224 
Other comprehensive income (loss), before tax(275)1,379 (1,104)2,751 
Income tax provision (benefit) related to other comprehensive income (loss)(68)266 (224)539 
Other comprehensive income (loss)(207)1,113 (880)2,212 
Comprehensive income (loss)1,882 1,955 (202)3,992 
Comprehensive (income) loss attributable to non-controlling interests(586)(435)(907)(1,119)
Comprehensive income (loss) attributable to Apollo Global Management, Inc.$1,296 $1,520 $(1,109)$2,873 
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 and six months ended June 30, 2025
Apollo Global Management, Inc. Stockholders
(In millions, except share data)Common StockSeries A Mandatory Convertible Preferred StockAdditional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive Income (Loss)		Total Apollo
Global
Management,
Inc.
Stockholders’
Equity		Non-Controlling
Interests		Total Equity
Balance at April 1, 2025
570,432,275 $1,398 $15,527 $5,634 $(4,583)$17,976 $14,368 $32,344 
Net income (loss)— 25 — 605 — 630 212 842 
Other comprehensive income (loss)— — — — 890 890 223 1,113 
Capital increase related to equity-based compensation— — 145 — — 145 — 145 
Capital contributions— — — — — — 579 579 
Dividends/distributions— (25)— (306)— (331)(833)(1,164)
Payments related to issuances of common stock for equity-based awards172,927 — 12 (14)— (2)— (2)
Stock option and warrant exercises1,418,836 — 13 — — 13 — 13 
Other changes in equity of non-controlling interests— — — — — — (9)(9)
Balance at June 30, 2025
572,024,038 $1,398 $15,697 $5,919 $(3,693)$19,321 $14,540 $33,861 
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)— 49 — 1,023 — 1,072 708 1,780 
Other comprehensive income (loss)— — — — 1,801 1,801 411 2,212 
Capital increase related to equity-based compensation— — 273 — — 273 — 273 
Capital contributions— — — — — — 1,215 1,215 
Dividends/distributions— (49)— (584)— (633)(1,049)(1,682)
Payments related to issuances of common stock for equity-based awards4,505,089 — 18 (542)— (524)— (524)
Repurchase of common stock(1,392,000)— (193)— — (193)— (193)
Stock option and warrant exercises1,418,836 — 13 — — 13 — 13 
Consolidation/deconsolidation of VIEs— — — — — — (442)(442)
Issuance of warrants— — 54 — — 54 — 54 
Issuance of common stock related to equity transactions540,177 — — — — — — — 
Accretion of redeemable non-controlling interests— — 5 — — 5 — 5 
Issuance of common stock to donor-advised fund1,213,003 — 200 — — 200 — 200 
Other changes in equity of non-controlling interests— — — — — — (14)(14)
Balance at June 30, 2025
572,024,038 $1,398 $15,697 $5,919 $(3,693)$19,321 $14,540 $33,861 
(Continued)


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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three and six months ended June 30, 2026
Apollo Global Management, Inc. Stockholders
(In millions, except share data)Common Stock
Series A Mandatory Convertible Preferred Stock
Additional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total Apollo
Global
Management,
Inc.
Stockholders’
Equity
Non-Controlling
Interests
Total Equity
Balance at April 1, 2026576,507,457 1,398 $16,540 $5,157 $(3,144)$19,951 $19,582 $39,533 
Net income (loss)— 25 — 1,336 — 1,361 728 2,089 
Other comprehensive income (loss)— — — — (65)(65)(142)(207)
Capital increase related to equity-based compensation— — 216 — — 216 — 216 
Capital contributions— — — — — — 1,138 1,138 
Dividends/distributions— (25)— (342)— (367)(555)(922)
Payments related to issuances of common stock for equity-based awards173,189 — 9 (5)— 4 — 4 
Repurchase of common stock(743,882)— (99)— — (99)— (99)
Stock option and warrant exercises34,988 — 2 — — 2 — 2 
Consolidation/deconsolidation of VIEs— — — — — — (288)(288)
Other changes in equity of non-controlling interests— — — 3 — 3 13 16 
Balance at June 30, 2026
575,971,752 1,398 $16,668 $6,149 $(3,209)$21,006 $20,476 $41,482 
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)— 49 — (594)— (545)1,223 678 
Other comprehensive income (loss)— — — — (564)(564)(316)(880)
Capital increase related to equity-based compensation— — 411 — — 411 — 411 
Capital contributions— — — — — — 2,085 2,085 
Dividends/distributions— (49)— (654)— (703)(1,423)(2,126)
Payments related to issuances of common stock for equity-based awards2,632,585 — 24 (240)— (216)— (216)
Repurchase of common stock(5,926,713)— (733)— — (733)— (733)
Stock option and warrant exercises284,482 — 10 — — 10 — 10 
Consolidation/deconsolidation of VIEs— — — — — — (288)(288)
Other changes in equity of non-controlling interests— — 2 3 — 5 21 26 
Balance at June 30, 2026
575,971,752 1,398 $16,668 $6,149 $(3,209)$21,006 $20,476 $41,482 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.


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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
(In millions)20262025
Cash Flows from Operating Activities
Net income (loss)$678 $1,780 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation478 315 
Net investment income(543)(776)
Net recognized (gains) losses on investments and derivatives(2,154)49 
Depreciation and amortization811 640 
Net amortization (accretion) of net investment premiums, discount and other(113)(90)
Policy acquisition costs deferred(939)(957)
Other non-cash amounts included in net income (loss), net75 228 
Changes in consolidation(63)(23)
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs (5,947)(1,719)
Proceeds from sale of investments by funds and VIEs 5,534 1,665 
Interest sensitive contract liabilities4,736 2,977 
Future policy benefits, market risk benefits and reinsurance recoverable(846)(1,073)
Other assets and liabilities, net2,794 (742)
Net cash provided by operating activities4,501 2,274 
Cash Flows from Investing Activities
Purchases of:
Available-for-sale securities(44,953)(47,445)
Mortgage loans(19,621)(17,779)
Investment funds and contributions to equity method investments(5,394)(1,593)
Trading securities, equity securities, derivatives and other investments(4,971)(7,294)
Sales, maturities and repayments of:
Available-for-sale securities32,948 26,495 
Mortgage loans10,014 5,694 
Investment funds and distributions from equity method investments2,040 1,456 
Trading securities, equity securities, derivatives and other investments4,881 4,215 
Other investing activities, net1,185 (266)
Net cash used in investing activities(23,871)(36,517)
Cash Flows from Financing Activities
Issuance of debt5,769 2,632 
Repayment of debt(4,804)(1,285)
Repurchase of common stock(729)(193)
Common stock dividends(654)(584)
Preferred stock dividends(49)(49)
Distributions paid to non-controlling interests(1,407)(1,030)
Contributions from non-controlling interests1,669 1,191 
Deposits on investment-type policies and contracts41,617 45,973 
Withdrawals on investment-type policies and contracts(14,741)(9,604)
Net change in cash collateral posted for derivative transactions and securities to repurchase92 (4,392)
Other financing activities, net435 (570)
Net cash provided by financing activities27,198 32,089 
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six months ended June 30,
(In millions)20262025
Effect of exchange rate changes on cash and cash equivalents(2)13 
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities7,826 (2,141)
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period20,591 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$28,417 $14,971 
Supplemental Disclosure of Cash Flow Information
Cash paid (refunded) for taxes$(23)$415 
Cash paid for interest542 585 
Non-cash transactions
Non-cash investing activities
Asset Management and Other
Purchase of investments53 9 
Sale of investments83 7 
Retirement Services
Exchange of interests in consolidated variable interest entities for related party investments450 — 
Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation 395 257 
Issuance of warrants— 54 
Issuance of restricted shares24 18 
Contributions from non-controlling interests416 — 
Issuance of common stock to donor-advised fund— 200 
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)(879)(851)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)2,251 3,123 
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$25,372 $12,711 
Restricted cash and cash equivalents1,602 1,723 
Cash and cash equivalents held at consolidated variable interest entities1,443 537 
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities$28,417 $14,971 
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.
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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 $85 million of revenue recognized during the six months ended June 30, 2026 that was previously deferred as of January 1, 2026.

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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, and interim 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.

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.

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.

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.

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.

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.

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.

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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.

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.

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 purchased55.8 
Bridge Class B common stock purchased62.7 
Bridge LLC Class A common units purchased76.7 
Exchange ratio for Class A common stock and Class A common units0.07081 
Exchange ratio for Class B common stock 0.00006 
Shares of AGM common stock issued in exchange9.4 
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 interests50 
Total consideration1,357 
Non-controlling interest489 
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 equivalents83 
Restricted cash and cash equivalents16 
Investments519 
Due from related parties64 
Other assets718 
Estimated fair value of total assets acquired, excluding goodwill1,400 
Accounts payable, accrued expenses, and other liabilities280 
Due to related parties387 
Debt470 
Estimated fair value of total liabilities assumed1,137 
Estimated fair value of net assets acquired, excluding goodwill263 
Non-controlling interests489 
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 ContractsTrade 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 Name20 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 and six months ended June 30, 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 June 30,Six months ended June 30,
(In millions)20252025
Total Revenues$6,922 $12,558 
Net income attributable to Apollo Global Management, Inc.629 1,051 

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)June 30, 2026December 31, 2025
Asset Management
Investments, at fair value$2,173 $1,696 
Equity method investments1,143 1,278 
Performance allocations2,997 3,240 
Other investments12 12 
Total Investments – Asset Management
6,325 6,226 
Retirement Services
AFS securities, at fair value229,841 218,644 
Trading securities, at fair value7,608 6,863 
Equity securities, at fair value697 1,088 
Mortgage loans, at fair value101,523 93,404 
Investment funds3,506 2,257 
Policy loans293 301 
Funds withheld at interest17,589 19,628 
Derivative assets11,034 9,190 
Short-term investments248 193 
Other investments4,803 4,492 
Total Investments, including related parties – Retirement Services
377,142 356,060 
Total Investments$383,467 $362,286 

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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 June 30,Six months ended June 30,
(In millions)2026202520262025
Realized gains (losses) on sales of investments, net$16 $3 $(55)$(6)
Net change in unrealized gains (losses) due to changes in fair value47 (271)6 (280)
Net gains (losses) from investment activities$63 $(268)$(49)$(286)

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)June 30, 2026December 31, 2025
Performance allocations$2,997 $3,240 
Performance allocations – consolidated VIEs233 314 
Total performance allocations$3,230 $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 funds475 
Fund distributions to the Company(799)
Total performance allocations, June 30, 2026
$3,230 

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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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:

June 30, 2026
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. government and agencies$24,849 $— $27 $(1,460)$23,416 
U.S. state, municipal and political subdivisions690 — — (164)526 
Foreign governments2,384 — 29 (682)1,731 
Corporate101,635 (23)735 (9,422)92,925 
CLO21,061 — 362 (91)21,332 
ABS36,714 (185)484 (477)36,536 
CMBS12,620 (78)57 (315)12,284 
RMBS8,490 (417)217 (277)8,013 
Total AFS securities208,443 (703)1,911 (12,888)196,763 
AFS securities – related parties
Corporate3,354 — 23 (13)3,364 
CLO6,702 — 71 (27)6,746 
ABS23,040 (1)28 (210)22,857 
CMBS111 — — — 111 
Total AFS securities – related parties33,207 (1)122 (250)33,078 
Total AFS securities, including related parties$241,650 $(704)$2,033 $(13,138)$229,841 

December 31, 2025
(In millions)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
U.S. government and agencies$18,008 $— $116 $(1,226)$16,898 
U.S. state, municipal and political subdivisions954 — — (195)759 
Foreign governments2,225 — 32 (598)1,659 
Corporate97,166 (105)1,291 (8,921)89,431 
CLO25,730 — 648 (106)26,272 
ABS35,275 (171)823 (465)35,462 
CMBS13,351 (70)120 (317)13,084 
RMBS9,407 (411)300 (264)9,032 
Total AFS securities202,116 (757)3,330 (12,092)192,597 
AFS securities – related parties
Corporate2,287 — 43 (13)2,317 
CLO7,103 — 121 (21)7,203 
ABS16,500 (1)45 (178)16,366 
CMBS162 — — (1)161 
Total AFS securities – related parties26,052 (1)209 (213)26,047 
Total AFS securities, including related parties$228,168 $(758)$3,539 $(12,305)$218,644 

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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:

June 30, 2026
(In millions)Amortized CostFair Value
AFS securities
Due in one year or less$2,170 $2,163 
Due after one year through five years26,658 26,302 
Due after five years through ten years26,515 25,488 
Due after ten years74,215 64,645 
CLO, ABS, CMBS and RMBS78,885 78,165 
Total AFS securities208,443 196,763 
AFS securities – related parties
Due in one year or less7 8 
Due after one year through five years1,133 1,149 
Due after five years through ten years844 849 
Due after ten years1,370 1,358 
CLO, ABS and CMBS29,853 29,714 
Total AFS securities – related parties33,207 33,078 
Total AFS securities, including related parties$241,650 $229,841 

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:

June 30, 2026
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS securities
U.S. government and agencies$15,091 $(502)$3,440 $(957)$18,531 $(1,459)
U.S. state, municipal and political subdivisions23 (1)498 (163)521 (164)
Foreign governments237 (9)1,271 (673)1,508 (682)
Corporate26,017 (679)35,199 (8,693)61,216 (9,372)
CLO5,379 (39)1,395 (44)6,774 (83)
ABS11,443 (153)4,339 (246)15,782 (399)
CMBS3,383 (26)1,694 (238)5,077 (264)
RMBS838 (6)941 (114)1,779 (120)
Total AFS securities62,411 (1,415)48,777 (11,128)111,188 (12,543)
AFS securities – related parties
Corporate1,498 (11)86 (2)1,584 (13)
CLO1,590 (16)64 (3)1,654 (19)
ABS2,582 (14)1,931 (179)4,513 (193)
CMBS15 — 3 — 18 — 
Total AFS securities – related parties5,685 (41)2,084 (184)7,769 (225)
Total AFS securities, including related parties$68,096 $(1,456)$50,861 $(11,312)$118,957 $(12,768)

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December 31, 2025
Less than 12 months12 months or moreTotal
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 subdivisions37 (1)707 (194)744 (195)
Foreign governments84 (11)1,326 (587)1,410 (598)
Corporate13,107 (284)38,209 (8,602)51,316 (8,886)
CLO11,891 (59)1,017 (45)12,908 (104)
ABS6,355 (165)4,873 (263)11,228 (428)
CMBS1,663 (20)1,446 (190)3,109 (210)
RMBS217 (2)839 (90)1,056 (92)
Total AFS securities39,341 (638)52,485 (11,101)91,826 (11,739)
AFS securities – related parties
Corporate170 (1)377 (12)547 (13)
CLO4,215 (19)95 (2)4,310 (21)
ABS2,069 (6)3,076 (162)5,145 (168)
CMBS70 (1)5 — 75 (1)
Total AFS securities – related parties6,524 (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:

June 30, 2026
Unrealized Loss PositionUnrealized Loss Position 12 Months or More
AFS securities6,551 4,820 
AFS securities – related parties177 66 

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.

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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 June 30, 2026
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS Securities
Corporate$56 $— $— $(33)$23 
ABS179 — — 6 185 
CMBS91 — (24)11 78 
RMBS417 1 (4)3 417 
Total AFS securities743 1 (28)(13)703 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$744 $1 $(28)$(13)$704 

Three months ended June 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$174 $— $— $— $174 
ABS82 39 (2)11 130 
CMBS60 — — 2 62 
RMBS392 3 (3)2 394 
Total AFS securities708 42 (5)15 760 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$709 $42 $(5)$15 $761 

Six months ended June 30, 2026
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$105 $— $(49)$(33)$23 
ABS171 — — 14 185 
CMBS70 — (24)32 78 
RMBS411 2 (18)22 417 
Total AFS securities757 2 (91)35 703 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$758 $2 $(91)$35 $704 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2025
AdditionsReductions
(In millions)Beginning balanceInitial credit lossesSecurities sold during the periodAdditions (reductions) to previously impaired securitiesEnding balance
AFS securities
Corporate$175 $— $— $(1)$174 
ABS76 40 (3)17 130 
CMBS60 — — 2 62 
RMBS397 5 (10)2 394 
Total AFS securities708 45 (13)20 760 
AFS securities – related parties, ABS1 — — — 1 
Total AFS securities, including related parties$709 $45 $(13)$20 $761 

Net Investment Income

Net investment income by asset class consists of the following:
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
AFS securities$3,114 $2,877 $6,152 $5,541 
Trading securities142 66 264 108 
Equity securities12 29 28 44 
Mortgage loans1,588 1,262 3,132 2,385 
Investment funds18 127 12 165 
Funds withheld at interest222 244 437 509 
Other311 227 559 457 
Investment revenue5,407 4,832 10,584 9,209 
Investment expenses(57)(56)(95)(92)
Net investment income$5,350 $4,776 $10,489 $9,117 

Investment Related Gains (Losses)

Investment related gains (losses) by asset class consists of the following:
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
AFS securities1
Gross realized gains on investment activity$745 $1,521 $867 $2,232 
Gross realized losses on investment activity(422)(142)(1,060)(377)
Net realized investment gains (losses) on AFS securities323 1,379 (193)1,855 
Net recognized investment gains (losses) on trading securities64 261 (181)341 
Net recognized investment gains (losses) on equity securities1 36 (30)51 
Net recognized investment gains (losses) on mortgage loans(588)785 (1,344)1,799 
Net derivative gains (losses)2,633 (1,075)1,692 (2,587)
Provision for credit losses(15)(56)(13)(64)
Other gains (losses), net571 (1,335)980 (2,228)
Investment related gains (losses)$2,989 $(5)$911 $(833)
1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

Proceeds from sales of AFS securities were $10,694 million and $5,865 million for the three months ended June 30, 2026 and 2025, respectively, and $18,462 million and $14,810 million for the six months ended June 30, 2026 and 2025, respectively.

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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 June 30,Six months ended June 30,
(In millions)2026202520262025
Trading securities$87 $118 $(127)$140 
Equity securities1 27 (6)39 

Repurchase Agreements

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

(In millions)June 30, 2026December 31, 2025
Less than 30 days$— $2,796 
91 days to 1 year1,269 — 
Greater than 1 year1,975 3,247 
Payables for repurchase agreements
$3,244 $6,043 

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

June 30, 2026December 31, 2025
(In millions)Amortized CostFair ValueAmortized CostFair Value
AFS securities
U.S. government and agencies$— $— $2,780 $2,787 
Foreign governments259 190 241 185 
Corporate2,102 1,813 2,022 1,785 
CLO594 590 611 608 
ABS524 505 584 568 
CMBS231 231 197 198 
RMBS87 88 93 94 
Total securities pledged under repurchase agreements$3,797 $3,417 $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 first quarter of 2026.

Reverse Repurchase Agreements

As of June 30, 2026 and December 31, 2025, amounts loaned under reverse repurchase agreements were $142 million and $1,067 million, respectively, and the fair value of the collateral was $787 million of asset-backed securities and $1,822 million of asset-backed securities and short-term investments, respectively.

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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)June 30, 2026December 31, 2025
Commercial mortgage loans$48,372 $38,869 
Commercial mortgage loans under development1,802 1,787 
Total commercial mortgage loans50,174 40,656 
Mark to fair value(1,883)(1,585)
Commercial mortgage loans48,291 39,071 
Residential mortgage loans55,030 55,613 
Mark to fair value260 860 
Residential mortgage loans55,290 56,473 
Mortgage loans$103,581 $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:

June 30, 2026December 31, 2025
(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of Total
Property type
Apartment$15,640 32.4 %$15,458 39.5 %
Industrial10,467 21.6 %8,778 22.5 %
Office building6,367 13.2 %4,530 11.6 %
Hotels5,072 10.5 %2,773 7.1 %
Retail2,591 5.4 %2,061 5.3 %
Other commercial8,154 16.9 %5,471 14.0 %
Total commercial mortgage loans$48,291 100.0 %$39,071 100.0 %
U.S. region
East North Central$2,451 5.1 %$1,883 4.8 %
East South Central381 0.8 %447 1.1 %
Middle Atlantic10,747 22.3 %9,323 23.9 %
Mountain1,877 3.9 %1,605 4.1 %
New England1,184 2.5 %1,088 2.8 %
Pacific6,143 12.7 %6,021 15.4 %
South Atlantic8,404 17.4 %6,919 17.7 %
West North Central787 1.6 %842 2.2 %
West South Central4,128 8.5 %3,175 8.1 %
Total U.S. region36,102 74.8 %31,303 80.1 %
International region
United Kingdom5,336 11.0 %3,085 7.9 %
Other international1
6,853 14.2 %4,683 12.0 %
Total international region12,189 25.2 %7,768 19.9 %
Total commercial mortgage loans$48,291 100.0 %$39,071 100.0 %
1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.
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Athene’s residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:

June 30, 2026December 31, 2025
U.S. States
California22.8 %23.0 %
Texas15.6 %15.2 %
Florida10.5 %10.6 %
Other1
42.5 %42.5 %
Total U.S. residential mortgage loan percentage91.4 %91.3 %
International1
8.6 %8.7 %
Total residential mortgage loan percentage100.0 %100.0 %
1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.

Investment Funds

Athene’s investment fund portfolio strategy primarily focuses on core holdings of origination and retirement services platforms, equity and credit, and other funds. Origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy comprises direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. The equity strategy comprises private equity, hybrid value, secondaries equity, real estate equity, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.

The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:

June 30, 2026December 31, 2025
(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of Total
Investment funds
Equity$276 0.9 %$108 0.4 %
Investment funds – related parties
Origination platforms37 0.1 %33 0.1 %
Retirement services platforms2,533 8.4 %1,538 5.9 %
Equity225 0.7 %260 1.0 %
Credit346 1.1 %313 1.2 %
Other89 0.3 %5 — %
Total investment funds – related parties3,230 10.6 %2,149 8.2 %
Investment funds – consolidated VIEs
Origination platforms9,868 32.6 %9,067 34.7 %
Equity11,164 36.9 %9,553 36.5 %
Credit3,526 11.6 %3,682 14.1 %
Other2,240 7.4 %1,586 6.1 %
Total investment funds – consolidated VIEs26,798 88.5 %23,888 91.4 %
Total investment funds, including related parties and consolidated VIEs$30,304 100.0 %$26,145 100.0 %

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:

(In millions)June 30, 2026
Investments in Athora1
$3,191 
Investment-grade ABS debt issued by Fox Hedge L.P.3,150 
Investment-grade ABS debt issued by AMAPS 2, LLC1
3,000 
Investment-grade ABS debt issued by AMAPS 3, LLC1
2,995 
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.2,775 
Investment-grade ABS debt issued by AMAPS 4, LLC1
2,571 
Investment-grade ABS debt issued by AMAPS 1, LLC1
2,544 
Investment-grade ABS debt issued by AMAPS 5, LLC1
2,405 
December 31, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC (“AP Grange”)2
$5,080 
Investments in Atlas Securitized Products Holdings L.P. (“Atlas”)1
3,304 
Investment-grade ABS debt issued by Fox Hedge L.P.3,171 
Investment-grade ABS debt issued by AMAPS 2, LLC1
3,000 
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.2,791 
Investment-grade ABS debt issued by AMAPS 1, LLC1
2,550 
1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. For Atlas and Athora, see note 16 for additional information.
2 During the second quarter of 2026, AP Grange called the ABS debt outstanding and, as a result, Athene recognized a gain of $673 million.

5. Derivatives

Athene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 7 for information about the fair value hierarchy for derivatives.

The following table presents the notional amount and fair value of derivative instruments:

June 30, 2026December 31, 2025
Notional AmountFair ValueNotional AmountFair Value
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedges
Foreign currency hedges
Swaps27,919 $658 $565 26,437 $560 $868 
Forwards1,670 98 17 2,302 81 34 
Interest rate swaps4,198 51 283 4,347 86 242 
Forwards on net investments220 2 — 234 — — 
Interest rate swaps51,484 36 99 31,252 129 30 
Total derivatives designated as hedges845 964 856 1,174 
Derivatives not designated as hedges
Equity options107,469 8,277 485 97,259 6,905 170 
Futures54 106 — 890 192 1 
Foreign currency swaps29,675 491 543 19,248 230 744 
Interest rate swaps and forwards27,800 122 549 14,606 72 295 
Other swaps2,288 151 — 2,845 78 2 
Foreign currency forwards40,878 1,042 3,700 47,486 857 3,356 
Embedded derivatives
Funds withheld, including related parties(2,751)97 (2,765)150 
Interest sensitive contract liabilities— 16,384 — 14,749 
Total derivatives not designated as hedges7,438 21,758 5,569 19,467 
Total derivatives$8,283 $22,722 $6,425 $20,641 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Derivatives Designated as Hedges

Cash Flow Hedges

Athene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by January 2036. During the three months ended June 30, 2026 and 2025, Athene recognized losses of $84 million and gains of $76 million, respectively, in other comprehensive income (“OCI”) associated with these hedges. During the six months ended June 30, 2026 and 2025, Athene recognized losses of $148 million and gains of $172 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, Athene expected an estimated $20 million of losses to be reclassified to income within the next 12 months based on current market economics; however, actual amounts recognized may vary as a result of changes in relevant market conditions.

Fair Value Hedges

Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The amortized cost of AFS debt securities in qualifying fair value hedges of foreign currency risk was $21.2 billion and $21.3 billion as of June 30, 2026 and December 31, 2025, respectively. The carrying value of interest sensitive contract liabilities in qualifying fair value hedges of foreign currency swaps was $8.5 billion and $8.4 billion as of June 30, 2026 and December 31, 2025, respectively.

The following represents the carrying amount and the cumulative amount of fair value hedging adjustments of hedged liabilities, excluding liabilities solely hedging foreign currency risk and cumulative amounts related to foreign currency gains (losses):

June 30, 2026December 31, 2025
(In millions)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)Carrying amount of the hedged liabilitiesCumulative amount of fair value hedging gains (losses)
Interest sensitive contract liabilities
Foreign currency interest rate swaps$4,017 $67 $4,271 $77 
Interest rate swaps33,676 277 19,175 (20)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships:

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Three months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards$5 $(6)$(1)$9 $— 
Foreign currency swaps68 (80)(12)— — 
Foreign currency interest rate swaps(9)21 12 — — 
Interest rate swaps(192)194 2 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps21 (21)— — — 
Three months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards(235)228 (7)9 — 
Foreign currency swaps(681)699 18 — — 
Foreign currency interest rate swaps344 (330)14 — — 
Interest rate swaps65 (49)16 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps25 (24)1 — — 

Amounts excluded
(In millions)DerivativesHedged itemsNetRecognized in income through amortization approachRecognized in income through changes in fair value
Six months ended June 30, 2026
Investment related gains (losses)
Foreign currency forwards$45 $(42)$3 $16 $— 
Foreign currency swaps241 (254)(13)— — 
Foreign currency interest rate swaps(68)79 11 — — 
Interest rate swaps(299)300 1 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps45 (44)1 — — 
Six months ended June 30, 2025
Investment related gains (losses)
Foreign currency forwards(350)332 (18)19 — 
Foreign currency swaps(1,013)1,058 45 — — 
Foreign currency interest rate swaps481 (464)17 — — 
Interest rate swaps194 (174)20 — — 
Interest sensitive contract benefits
Foreign currency interest rate swaps48 (47)1 — — 

The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Foreign currency forwards$(3)$3 $(2)$29 
Foreign currency swaps(149)(87)44 20 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Net Investment Hedges

Athene uses foreign currency forwards to hedge the foreign currency exchange rate risk of its investments in subsidiaries that have a reporting currency other than the U.S. dollar. Hedge effectiveness is assessed based on the changes in forward rates. During the three months ended June 30, 2026 and 2025, these derivatives had losses of $1 million and $14 million, respectively. During the six months ended June 30, 2026 and 2025, these derivatives had gains of $3 million and losses of $22 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income (loss). As of June 30, 2026 and December 31, 2025, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $17 million and $14 million, respectively. During the three and six months ended June 30, 2026 and 2025, there were no amounts deemed ineffective.

Derivatives Not Designated as Hedges

Equity options

Athene uses equity indexed options to economically hedge indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, including the S&P 500 and other bespoke indices. To hedge against adverse changes in equity indices, Athene enters into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price.

Futures

Athene purchases futures contracts to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. Athene enters into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, Athene agrees to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts.

Interest rate swaps and forwards

Athene uses interest rate swaps and forwards to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, Athene agrees with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. With an interest rate forward, including a bond forward, Athene agrees with a counterparty to lock in the terms of an investment purchase that will occur on a specified future date.

Other swaps

Other swaps include total return swaps, credit default swaps and swaptions. Athene purchases total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow Athene to gain credit exposure to an issuer or traded index. Athene uses credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions provide an option to enter into an interest rate swap and are used by Athene to hedge against interest rate exposure.

Embedded derivatives

Athene has embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following is a summary of the gains (losses) related to derivatives not designated as hedges:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Equity options$2,847 $871 $1,692 $(65)
Futures113 (9)66 (16)
Foreign currency swaps117 (1,009)553 (1,288)
Interest rate swaps and forwards and other swaps(35)(70)(149)(137)
Foreign currency forwards(258)(401)(212)(611)
Embedded derivatives on funds withheld(32)41 (193)199 
Amounts recognized in investment related gains (losses)2,752 (577)1,757 (1,918)
Embedded derivatives in indexed annuity products1
(2,135)(887)(604)116 
Total gains (losses) on derivatives not designated as hedges$617 $(1,464)$1,153 $(1,802)
1 Included in interest sensitive contract benefits on the condensed consolidated statements of operations.

Credit Risk

Athene may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of Athene’s derivative contracts is the fair value at the reporting date less any collateral received from the counterparty.

Athene manages credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, Athene maintains collateral arrangements and uses master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. Athene has also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure.

Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in Athene’s financial strength rating to a specified level can result in settlement of the derivative position.

The estimated fair value of Athene’s net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows:

Gross amounts not offset on the condensed consolidated statements of financial condition
(In millions)
Gross amount recognized1
Financial instruments2
Collateral (received)/pledgedNet amount
Off-balance sheet securities collateral3
Net amount after securities collateral
June 30, 2026
Derivative assets$11,034 $(3,055)$(7,934)$45 $(170)$(125)
Derivative liabilities(6,241)3,055 2,945 (241)631 390 
December 31, 2025
Derivative assets$9,190 $(2,602)$(5,908)$680 $(889)$(209)
Derivative liabilities(5,742)2,602 2,491 (649)561 (88)
1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated statements of financial condition. As of June 30, 2026 and December 31, 2025, amounts not subject to master netting or similar agreements were immaterial.
2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated statements of financial condition.
3 For non-cash collateral received, Athene does not recognize the collateral on the condensed consolidated statements of financial condition unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Certain derivative instruments contain provisions for credit-related events, such as a negative credit event of a credit default swap’s reference entity. If a credit event were to occur, Athene may be required to settle an outstanding liability. Athene has written credit default swaps primarily on high-yield indices. As of June 30, 2026 and December 31, 2025, the carrying value of these derivatives was $144 million and $76 million in assets, respectively, and less than $1 million of liabilities as of each respective period. As of June 30, 2026 and December 31, 2025, the maximum amount of potential future payments on the credit default swaps was $1,010 million and $510 million, respectively.

6. Variable Interest Entities

A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below.

Consolidated VIEs

Consolidated VIEs include certain CLOs and funds managed by the Company and other entities where the Company is deemed the primary beneficiary. Consolidated VIEs also include certain investment managers and general partners of the funds managed by the Company. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations.

The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities.

As of June 30, 2026, cash and cash equivalents of consolidated VIEs includes $68 million of restricted cash held in escrow related to the sale of an investment, which is expected to be released over the next 12 months.

Other assets of the consolidated VIEs include short-term receivables due from investments sold and interest receivables. Accounts payable, accrued expenses, and other liabilities of consolidated VIEs include debt, profit sharing payable and other short-term payables.

Results from certain consolidated VIEs are reported on up to a three-month lag based upon the availability of financial information.

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Consolidated Variable Interest Entities—Asset Management

The following table presents the investments of the consolidated VIEs:

(In millions)June 30, 2026December 31, 2025
Asset Management
Investments, at fair value$3,359 $3,078 
Equity method investments116 112 
Performance allocations233 314 
Other investments5 5 
Total Investments – Asset Management$3,713 $3,509 

The following table presents net gains (losses) from investment activities of the consolidated VIEs:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Net gains (losses) from investment activities$28 $18 $(22)$216 
Net gains (losses) from debt(3)— 35 — 
Interest and other income34 5 89 39 
Interest and other expenses(66)(19)(124)(40)
Net gains (losses) from investment activities of consolidated variable interest entities$(7)$4 $(22)$215 

In addition, we recognize revenues and expenses of certain consolidated VIEs within management fees, investment income (loss), compensation and benefits and general, administrative and other. The following table presents revenues, expenses and other gains (losses) related to the activities of these VIEs.

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Revenues$(12)$53 $(15)$85 
Expenses24 7 61 11 
Other gains (losses) (3)(4)(6)(18)

Included within other liabilities are amounts due to third-party institutions and other debt obligations by the consolidated VIEs. The following table summarizes the principal provisions of those amounts:

June 30, 2026December 31, 2025
(In millions, except percentages)Principal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in YearsPrincipal OutstandingWeighted Average Interest RateWeighted Average Remaining Maturity in Years
Asset Management
Subscription lines1
$1,381 6.25 %0.08$1,443 5.66 %0.24
Other debt obligations501 11.00 %0.38— N/AN/A
Total – Asset Management
$1,882 $1,443 
1 The subscription lines of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle.

The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2026, the Company was not aware of any instances of non-compliance with any of these covenants.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Variable Interest Entities—Retirement Services

The following summarizes the statements of operations activity of the consolidated VIEs:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Trading securities$26 $54 $80 $101 
Mortgage loans25 38 57 81 
Investment funds2 20 6 21 
Investment expenses and other2 (24)(9)(31)
Net investment income55 88 134 172 
Net recognized investment gains (losses) on trading securities
4 4 (41)6 
Net recognized investment gains (losses) on mortgage loans
4 (13)6 7 
Net recognized investment gains on investment funds
656 455 1,098 940 
Net other gains (losses)
(5)16 2 17 
Investment related gains (losses)659 462 1,065 970 
Revenues of consolidated variable interest entities$714 $550 $1,199 $1,142 

Unconsolidated Variable Interest Entities—Asset Management

The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary.

(In millions)June 30, 2026December 31, 2025
Maximum Loss Exposure1,2
$409 $453 
1 Represents Apollo’s direct investment in those entities in which it holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses.
2 Some amounts included are a quarter in arrears.

Unconsolidated Variable Interest Entities—Retirement Services

Athene has variable interests in certain unconsolidated VIEs in the form of securities and ownership stakes in investment funds.

Fixed maturity securities

Athene invests in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, Athene is a debt investor within these entities and, as such, holds a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the structure that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which Athene holds the residual tranche are not consolidated because Athene does not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, Athene is not under common control, as defined by U.S. GAAP, with the related parties, nor are substantially all of the activities conducted on Athene’s behalf; therefore, Athene is not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments, and are held at fair value.

Investment funds

Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Equity securities

Athene invests in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure.

Athene’s risk of loss associated with its non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments.

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:

June 30, 2026December 31, 2025
(In millions)Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment funds$276 $596 $108 $458 
Investment in related parties – investment funds3,230 4,398 2,149 5,859 
Assets of consolidated VIEs – investment funds26,798 31,300 23,888 29,804 
Investment in fixed maturity securities78,757 80,860 84,397 87,995 
Investment in related parties – fixed maturity securities30,047 30,914 24,184 26,717 
Investment in related parties – equity securities— — 266 266 
Total non-consolidated investments$139,108 $148,068 $134,992 $151,099 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
7. Fair Value

Fair Value Measurements of Financial Instruments

The following summarizes the Company’s financial assets and liabilities recorded at fair value hierarchy level:

June 30, 2026
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$3,415 $— $— $— $3,415 
Restricted cash and cash equivalents19 — — — 19 
Cash and cash equivalents of consolidated VIEs1,272 — — — 1,272 
Investments219 199 1,538 
1
217 2,173 
Investments of consolidated VIEs21 — 2,766 572 3,359 
Derivative assets3
— 55 1 — 56 
Total Assets – Asset Management
4,946 254 4,305 789 10,294 
Retirement Services
AFS Securities
U.S. government and agencies23,416 — — — 23,416 
U.S. state, municipal and political subdivisions— 526 — — 526 
Foreign governments— 1,731 — — 1,731 
Corporate35 88,237 4,653 — 92,925 
CLO— 21,332 — — 21,332 
ABS— 12,604 23,932 — 36,536 
CMBS— 12,254 30 — 12,284 
RMBS— 7,632 381 — 8,013 
Total AFS securities23,451 144,316 28,996 — 196,763 
Trading securities24 6,134 160 — 6,318 
Equity securities175 515 7 — 697 
Mortgage loans— — 99,974 — 99,974 
Funds withheld at interest – embedded derivative— — (2,404)— (2,404)
Derivative assets116 10,915 3 — 11,034 
Short-term investments100 4 1 — 105 
Other investments— 1,256 655 — 1,911 
Cash and cash equivalents21,957 — — — 21,957 
Restricted cash and cash equivalents1,583 — — — 1,583 
Investments in related parties
AFS securities
Corporate— 2,382 982 — 3,364 
CLO— 5,412 1,334 — 6,746 
ABS— 1,091 21,766 — 22,857 
CMBS— 111 — — 111 
Total AFS securities – related parties— 8,996 24,082 — 33,078 
Trading securities— — 1,290 — 1,290 
Mortgage loans— — 1,549 — 1,549 
Investment funds— — 2,311 — 2,311 
Funds withheld at interest – embedded derivative— — (347)— (347)
Other investments— — 333 — 333 
Reinsurance recoverable— — 1,920 — 1,920 
Other assets5
— — 169 — 169 
(Continued)
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities— 594 1,509 — 2,103 
Mortgage loans— — 2,058 — 2,058 
Investment funds22 — 290 26,486 26,798 
Cash and cash equivalents171 — — — 171 
Total Assets – Retirement Services
47,599 172,730 162,556 26,486 409,371 
Total Assets$52,545 $172,984 $166,861 $27,275 $419,665 
Liabilities
Asset Management
Due to related parties2
$— $— $54 $— $54 
Contingent consideration obligations4
— — 56 — 56 
Other liabilities of consolidated VIEs, at fair value— — 7 — 7 
Total Liabilities – Asset Management
— — 117 — 117 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 16,384 — 16,384 
Universal life benefits— — 742 — 742 
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,054 — 1,054 
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 510 — 510 
Market risk benefits5
— — 5,283 — 5,283 
Derivative liabilities11 6,222 8 — 6,241 
Other liabilities— — 174 — 174 
Total Liabilities – Retirement Services
11 6,222 24,155 — 30,388 
Total Liabilities$11 $6,222 $24,272 $— $30,505 
(Continued)
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$3,350 $— $— $— $3,350 
Restricted cash and cash equivalents19 — — — 19 
Cash and cash equivalents of consolidated VIEs327 — — — 327 
Investments232 82 1,197 
1
185 1,696 
Investments of consolidated VIEs1 5 2,939 133 3,078 
Due from related parties2
— — 15 — 15 
Derivative assets3
— — 7 — 7 
Total Assets – Asset Management
3,929 87 4,158 318 8,492 
Retirement Services
AFS Securities
U.S. government and agencies16,898 — — — 16,898 
U.S. state, municipal and political subdivisions— 759 — — 759 
Foreign governments516 1,131 12 — 1,659 
Corporate10 82,771 6,650 — 89,431 
CLO— 26,272 — — 26,272 
ABS— 13,255 22,207 — 35,462 
CMBS— 13,043 41 — 13,084 
RMBS— 8,593 439 — 9,032 
Total AFS securities17,424 145,824 29,349 — 192,597 
Trading securities24 6,367 18 — 6,409 
Equity securities185 629 8 — 822 
Mortgage loans— — 91,918 — 91,918 
Funds withheld at interest – embedded derivative— — (2,409)— (2,409)
Derivative assets206 8,982 2 — 9,190 
Short-term investments— 33 — — 33 
Other investments— 1,057 761 — 1,818 
Cash and cash equivalents14,994 — — — 14,994 
Restricted cash and cash equivalents1,332 — — — 1,332 
Investments in related parties
AFS securities
Corporate— 1,117 1,200 — 2,317 
CLO— 5,870 1,333 — 7,203 
ABS— 1,089 15,277 — 16,366 
CMBS— 161 — — 161 
Total AFS securities – related parties— 8,237 17,810 — 26,047 
Trading securities— — 454 — 454 
Equity securities— — 266 — 266 
Mortgage loans— — 1,486 — 1,486 
Investment funds— — 1,318 — 1,318 
Funds withheld at interest – embedded derivative— — (356)— (356)
Other investments— — 344 — 344 
Reinsurance recoverable— — 1,911 — 1,911 
Other assets5
— — 214 — 214 
(Continued)
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December 31, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities— 683 2,437 — 3,120 
Mortgage loans— — 2,140 — 2,140 
Investment funds— — 286 23,602 23,888 
Cash and cash equivalents569 — — — 569 
Total Assets – Retirement Services
34,734 171,812 147,957 23,602 378,105 
Total Assets$38,663 $171,899 $152,115 $23,920 $386,597 
Liabilities
Asset Management
Contingent consideration obligations4
$— $— $72 $— $72 
Derivative liabilities3
— 7 — — 7 
Total Liabilities – Asset Management
— 7 72 — 79 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 14,749 — 14,749 
Universal life benefits— — 766 — 766 
Future policy benefits
AmerUs Closed Block— — 1,085 — 1,085 
ILICO Closed Block and life benefits— — 530 — 530 
Market risk benefits5
— — 4,930 — 4,930 
Derivative liabilities9 5,733 — — 5,742 
Other liabilities— — 254 — 254 
Total Liabilities – Retirement Services
9 5,733 22,314 — 28,056 
Total Liabilities$9 $5,740 $22,386 $— $28,135 
(Concluded)
1 Investments as of June 30, 2026 and December 31, 2025 excludes $231 million and $235 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option.
2 Due from/to related parties represents receivables and payables associated with funds. See note 16 for additional information on due from/ to related parties.
3 Derivative assets and derivative liabilities are presented as a component of other assets and other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 Other liabilities include profit sharing payable related to contingent obligations classified as Level 3.
5 Other assets consist of market risk benefits assets. See note 9 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.


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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Level 3 Financial Instruments

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

June 30, 2026
Fair Value
(In millions)
Valuation TechniqueUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$1,203 Discounted cash flowDiscount rate
6.0% – 52.8%
16.6%
1
50 Option modelVolatility rate60.0%60.0%
285 Adjusted transaction valueN/AN/AN/A
Derivative assets1 Option modelVolatility rate40.0%40.0%
Investments of consolidated VIEs
Bank loans312 Discounted cash flowDiscount rate
7.4% – 13.3%
9.3%
1
175 Adjusted transaction valueN/AN/AN/A
Equity securities343 Discounted cash flowDiscount rate14.2%14.2%
147 Direct capitalizationCapitalization rate7.2%7.2%
71 Adjusted transaction valueN/AN/AN/A
1 Option modelVolatility rate
75.0% – 200.0%
131.2%
1
Bonds37 Discounted cash flowDiscount rate
6.6% – 8.0%
6.6%
1
1,680 Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities37,037 Discounted cash flowDiscount rate
3.2% – 23.5%
6.7%
1
Mortgage loans2
103,581 Discounted cash flowDiscount rate
1.4% – 35.0%
6.8%
1
Investment funds2
2,311 Discounted cash flowDiscount rate
14.0% – 14.0%
14.0%
1
290 RecoverabilityEstimated proceedsN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligations56 Discounted cash flowDiscount rate
21.0% – 25.0%
24.0%
1
Due to related parties54 Adjusted transaction valueN/AN/AN/A
Liabilities of Consolidated VIEs
Bank Loans2 Adjusted transaction valueN/AN/AN/A
5 Discounted cash flowDiscount rate
8.6% – 13.0%
10.6%
1
Retirement Services
Interest sensitive contract liabilities – indexed annuities embedded derivatives16,384 Discounted cash flowNonperformance risk
0.3% – 1.1%
0.7%
3
Option budget
0.5% – 5.9%
3.3%
4
Surrender rate
6.3% – 13.4%
9.8%
4
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
Fair Value
(In millions)
Valuation TechniquesUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$850 Discounted cash flowDiscount rate
5.7% – 52.8%
17.3%
1
154 Direct capitalizationCapitalization rate7.0%7.0%

193 Adjusted transaction valueN/AN/AN/A
Due from related parties15 Discounted cash flowDiscount rate14.8%14.8%
Derivative assets7 Option modelVolatility rate40.0%40.0%
Investments of consolidated VIEs
Bank loans357 Discounted cash flowDiscount rate
6.7% – 13.9%
8.9%
1
740 Adjusted transaction valueN/AN/AN/A
Equity securities392 Discounted cash flowDiscount rate
10.0% – 13.5%
12.8%
1
1,014 Adjusted transaction valueN/AN/AN/A
6 Option modelVolatility rate
100.0% – 105.0%
102.9%
1
Bonds430 Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities31,915 Discounted cash flowDiscount rate
2.8% – 22.9%
6.4%
1
Mortgage loans2
95,524 Discounted cash flowDiscount rate
1.0% – 31.5%
6.5%
1
20 RecoverabilityEstimated proceedsN/AN/A
Investment funds2
1,313 Discounted cash flowDiscount rate
13.0% – 14.0%
13.1%
1
286 RecoverabilityEstimated proceedsN/AN/A
5 Reported net asset valueReported net asset valueN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligations72 Discounted cash flowDiscount rate
20.0% – 24.0%
22.9%
1
Retirement Services
Interest sensitive contract liabilities – indexed annuities embedded derivatives14,749 Discounted cash flowNonperformance risk
0.4% – 1.0%
0.6%
3
Option budget
0.5% – 5.9%
3.1%
4
Surrender rate
6.0% – 14.2%
9.6%
4
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.
4 The option budget and surrender rate weighted averages are calculated based on projected account values.


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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:

Three months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$1,588 $2 $— $(33)$(18)$1,539 $42 $— 
Investments of Consolidated VIEs1,938 (14)— 1,248 (406)2,766 (20)— 
Total Level 3 assets – Asset Management
$3,526 $(12)$— $1,215 $(424)$4,305 $22 $— 
Assets – Retirement Services
AFS securities
Foreign governments$17 $— $— $(6)$(11)$— $— $— 
Corporate6,428 2 47 290 (2,114)4,653 (1)2 
ABS24,784 (19)26 1,686 (2,545)23,932 (30)1 
CMBS19 — — 11 — 30 — — 
RMBS411 4 — (34)— 381 — 1 
Trading securities143 1 — 14 2 160 — — 
Equity securities8 (1)— — — 7 — — 
Mortgage loans93,077 (638)— 7,519 16 99,974 (794)— 
Funds withheld at interest – embedded derivative(2,540)136 — — — (2,404)— — 
Derivative assets2 1 — — — 3 — — 
Short-term investments1 — — — — 1 — — 
Other investments709 — — (54)— 655 — — 
Investments in related parties
AFS securities
Corporate982 — 1 (1)— 982 — 1 
CLO1,333 — 1 — — 1,334 — 1 
ABS17,603 (8)14 4,081 76 21,766 — 7 
Trading securities1,376 (17)— (69)— 1,290 2 — 
Mortgage loans1,557 — — (8)— 1,549 (2)— 
Investment funds2,310 1 — — — 2,311 1 — 
Funds withheld at interest – embedded derivative(381)34 — — — (347)— — 
Other investments341 (8)— — — 333 (8)— 
Reinsurance recoverable1,851 29 — 40 — 1,920 — — 
Assets of consolidated VIEs
Trading securities2,411 (21)— 21 (902)1,509 (25)— 
Mortgage loans2,031 14 — 131 (118)2,058 10 — 
Investment funds288 2 — — — 290 2 — 
Total Level 3 assets – Retirement Services
$154,761 $(488)$89 $13,621 $(5,596)$162,387 $(845)$13 
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Liabilities – Asset Management
Due to related parties$84 $(1)$— $(29)$— $54 $— $— 
Contingent consideration obligations56 1 — (1)— 56 — — 
Other liabilities of consolidated VIEs17 (11)— 1 — 7 — — 
Total Level 3 liabilities – Asset Management
$157 $(11)$— $(29)$— $117 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(13,549)$(2,135)$— $(700)$— $(16,384)$— $— 
Universal life benefits(744)2 — — — (742)— — 
Future policy benefits
AmerUs Closed Block(1,061)7 — — — (1,054)— — 
ILICO Closed Block and life benefits(526)16 — — — (510)— — 
Derivative liabilities— (8)— — — (8)— — 
Other liabilities(143)(53)— 22 — (174)— — 
Total Level 3 liabilities – Retirement Services
$(16,023)$(2,171)$— $(678)$— $(18,872)$— $— 
1 Related to instruments held at end of period.
(Concluded)
Three months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$1,107 $37 $— $5 $— $1,149 $(5)$— 
Investments of consolidated VIEs1,518 84 — 345 (60)1,887 (19)— 
Total Level 3 assets – Asset Management
$2,625 $121 $— $350 $(60)$3,036 $(24)$— 
Assets – Retirement Services
AFS securities
Foreign governments$28 $— $— $(5)$— $23 $— $— 
Corporate5,605 56 51 1,650 30 7,392 51 59 
ABS12,572 (17)306 1,926 (643)14,144 3 321 
CMBS— 1 (1)— — — — — 
RMBS306 5 2 234 (49)498 — 1 
Trading securities7 — — 11 — 18 (6)— 
Equity securities26 — — (18)— 8 — — 
Mortgage loans70,916 772 — 5,601 — 77,289 821 — 
Funds withheld at interest – embedded derivative(2,847)104 — — — (2,743)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments48 — — (36)— 12 — — 
Other investments896 1 — (156)— 741 (1)— 
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Investments in related parties
AFS securities
Corporate1,108 — (6)(3)— 1,099 — (7)
CLO1,070 — — — — 1,070 — — 
ABS10,385 2 31 393 (1)10,810 — 26 
Trading securities437 — — (40)2 399 1 — 
Equity securities244 22 — — — 266 22 — 
Mortgage loans1,296 10 — (31)— 1,275 8 — 
Investment funds1,180 114 — 3 — 1,297 115 — 
Funds withheld at interest – embedded derivative(540)62 — — — (478)— — 
Other investments340 (1)— — — 339 (1)— 
Reinsurance recoverable1,729 5 — 46 — 1,780 — — 
Assets of consolidated VIEs
Trading securities2,170 150 — 29 (11)2,338 148 — 
Mortgage loans2,519 110 — (85)— 2,544 111 — 
Investment funds289 (18)— (1)— 270 (18)— 
Other investments91 (4)— 279 — 366 5 — 
Total Level 3 assets – Retirement Services
$109,876 $1,374 $383 $9,797 $(672)$120,758 $1,259 $400 
Liabilities – Asset Management
Contingent consideration obligations$55 $7 $— $(1)$— $61 $— $— 
Total Level 3 liabilities – Asset Management
$55 $7 $— $(1)$— $61 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(10,747)$(887)$— $(642)$— $(12,276)$— $— 
Universal life benefits(769)14 — — — (755)— — 
Future policy benefits
AmerUs Closed Block(1,107)10 — — — (1,097)— — 
ILICO Closed Block and life benefits(556)— — — — (556)— — 
Other liabilities(230)(65)— — — (295)— — 
Total Level 3 liabilities – Retirement Services
$(13,409)$(928)$— $(642)$— $(14,979)$— $— 
1 Related to instruments held at end of period.
(Concluded)

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,204 $(10)$— $363 $(18)$1,539 $47 $— 
Investments of consolidated VIEs2,939 (41)— 759 (891)2,766 (43)— 
Total Level 3 assets – Asset Management
$4,143 $(51)$— $1,122 $(909)$4,305 $4 $— 
Assets – Retirement Services
AFS securities
Foreign governments$12 $— $— $(1)$(11)$— $— $— 
Corporate6,650 1 (106)938 (2,830)4,653 (8)(52)
ABS22,207 (76)(137)4,649 (2,711)23,932 (96)(160)
CMBS41 — — (11)— 30 — — 
RMBS439 8 — (66)— 381 — 2 
Trading securities18 — — 142 — 160 — — 
Equity securities8 (1)— — — 7 — — 
Mortgage loans91,918 (1,384)— 9,424 16 99,974 (1,543)— 
Funds withheld at interest – embedded derivative(2,409)5 — — — (2,404)— — 
Derivative assets2 1 — — — 3 — — 
Short-term investments— — — 1 — 1 — — 
Other investments761 — — (106)— 655 — — 
Investments in related parties
AFS securities
Corporate1,200 — 9 (227)— 982 — (2)
CLO1,333 — 1 — — 1,334 — — 
ABS15,277 (6)(35)6,358 172 21,766 — (43)
Trading securities454 (39)— 856 19 1,290 (10)— 
Equity securities266 (4)— (262)— — — — 
Mortgage loans1,486 (7)— 70 — 1,549 (9)— 
Investment funds1,318 (8)— 1,001 — 2,311 (9)— 
Funds withheld at interest – embedded derivative(356)9 — — — (347)— — 
Other investments344 (11)— — — 333 (12)— 
Reinsurance recoverable1,911 (55)— 64 — 1,920 — — 
Assets of consolidated VIEs
Trading securities2,437 (67)— 91 (952)1,509 (63)— 
Mortgage loans2,140 16 — 20 (118)2,058 16 — 
Investment funds286 4 — — — 290 4 — 
Total Level 3 assets – Retirement Services
$147,743 $(1,614)$(268)$22,941 $(6,415)$162,387 $(1,730)$(255)
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2026
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Due to related parties$— $(4)$— $58 $— $54 $— $— 
Contingent consideration obligations72 1 — (17)— 56 — — 
Other liabilities of consolidated VIEs— 5 — 2 — 7 — — 
Total Level 3 liabilities – Asset Management
$72 $2 $— $43 $— $117 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(14,749)$(604)$— $(1,031)$— $(16,384)$— $— 
Universal life benefits(766)24 — — — (742)— — 
Future policy benefits
AmerUs Closed Block(1,085)31 — — — (1,054)— — 
ILICO Closed Block and life benefits(530)20 — — — (510)— — 
Derivative liabilities— (8)— — — (8)— — 
Other liabilities(254)58 — 22 — (174)— — 
Total Level 3 liabilities – Retirement Services
$(17,384)$(479)$— $(1,009)$— $(18,872)$— $— 
1 Related to instruments held at end of period.
(Concluded)

Six months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,081 $49 $— $19 $— $1,149 $(11)$— 
Investments of consolidated VIEs2,258 303 — (7)(667)1,887 (29)— 
Total Level 3 assets – Asset Management
$3,339 $352 $— $12 $(667)$3,036 $(40)$— 
Assets – Retirement Services
AFS securities
Foreign governments$29 $(1)$— $(5)$— $23 $— $— 
Corporate4,321 70 78 3,071 (148)7,392 63 72 
ABS16,529 5 473 1,845 (4,708)14,144 4 494 
CMBS— (23)(4)28 (1)— — — 
RMBS256 9 1 281 (49)498 — 1 
Trading securities22 — — 10 (14)18 (6)— 
Equity securities27 (1)— (18)— 8 (1)— 
Mortgage loans63,239 1,772 — 12,278 — 77,289 1,750 — 
Funds withheld at interest – embedded derivative(3,035)292 — — — (2,743)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments169 — — (156)(1)12 — — 
Other investments895 2 — (156)— 741 (1)— 
(Continued)
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate1,108 — (8)(1)— 1,099 — (9)
CLO696 — (2)376 — 1,070 — (2)
ABS9,741 3 50 1,017 (1)10,810 — 41 
Trading securities573 — — (176)2 399 1 — 
Equity securities234 32 — — — 266 32 — 
Mortgage loans1,297 24 — (46)— 1,275 25 — 
Investment funds1,139 155 — 3 — 1,297 155 — 
Funds withheld at interest – embedded derivative(615)137 — — — (478)— — 
Other investments331 8 — — — 339 8 — 
Reinsurance recoverable1,661 35 — 84 — 1,780 — — 
Assets of consolidated VIEs
Trading securities1,954 217 — 100 67 2,338 214 — 
Mortgage loans2,579 137 — (172)— 2,544 141 — 
Investment funds770 (3)— (497)— 270 (15)— 
Other investments 103 — — 263 — 366 7 — 
Total Level 3 assets – Retirement Services
$104,024 $2,870 $588 $18,129 $(4,853)$120,758 $2,377 $597 
Liabilities – Asset Management
Contingent consideration obligations$67 $8 $— $(14)$— $61 $— $— 
Total Level 3 liabilities – Asset Management
$67 $8 $— $(14)$— $61 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(11,242)$116 $— $(1,150)$— $(12,276)$— $— 
Universal life benefits(742)(13)— — — (755)— — 
Future policy benefits
AmerUs Closed Block(1,102)5 — — — (1,097)— — 
ILICO Closed Block and life benefits(538)(18)— — — (556)— — 
Derivative liabilities(1)1 — — — — — — 
Other liabilities(225)(71)— 1 — (295)— — 
Total Level 3 liabilities – Retirement Services
$(13,850)$20 $— $(1,149)$— $(14,979)$— $— 
1 Related to instruments held at end of period.
(Concluded)

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Three months ended June 30, 2026
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$1,250 $— $(1,283)$— $(33)$6 $(24)$(18)
Investments of consolidated VIEs2,852 — (1,604)— 1,248 — (406)(406)
Total Level 3 assets – Asset Management$4,102 $— $(2,887)$— $1,215 $6 $(430)$(424)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(6)(6)$— $(11)$(11)
Corporate482 — (96)(96)290 — (2,114)(2,114)
ABS2,247 — (46)(515)1,686 52 (2,597)(2,545)
CMBS11 — — — 11 — — — 
RMBS— — — (34)(34)— — — 
Trading securities17 — (2)(1)14 2 — 2 
Mortgage loans12,628 — (287)(4,822)7,519 16 — 16 
Other investments— — — (54)(54)— — — 
Investments in related parties
AFS securities
Corporate1 — — (2)(1)— — — 
ABS6,864 — (869)(1,914)4,081 76 — 76 
Trading securities— — — (69)(69)— — — 
Mortgage loans102 — — (110)(8)— — — 
Reinsurance recoverable— 47 — (7)40 — — — 
Assets of consolidated VIEs
Trading securities49 — (28)— 21 — (902)(902)
Mortgage loans282 — (22)(129)131 — (118)(118)
Total Level 3 assets – Retirement Services$22,683 $47 $(1,350)$(7,759)$13,621 $146 $(5,742)$(5,596)
Liabilities – Asset Management
Due to related parties$— $— $— $(29)$(29)$— $— $— 
Contingent consideration obligations— — — (1)(1)— — — 
Debt and other liabilities of consolidated VIEs— 3 — (2)1 — — — 
Total Level 3 liabilities – Asset Management
$— $3 $— $(32)$(29)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,001)$— $301 $(700)$— $— $— 
Other liabilities— — — 22 22 — — — 
Total Level 3 liabilities – Retirement Services$— $(1,001)$— $323 $(678)$— $— $— 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$15 $— $(10)$— $5 $— $— $— 
Investments of consolidated VIEs664 — (319)— 345 — (60)(60)
Total Level 3 assets – Asset Management$679 $— $(329)$— $350 $— $(60)$(60)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(5)$(5)$— $— $— 
Corporate1,872 — — (222)1,650 30 — 30 
ABS2,563 — (11)(626)1,926 — (643)(643)
RMBS248 — — (14)234 — (49)(49)
Trading securities11 — — — 11 — — — 
Equity securities— — — (18)(18)— — — 
Mortgage loans8,750 — (40)(3,109)5,601 — — — 
Short-term investments— — — (36)(36)— — — 
Other investments— — — (156)(156)— — — 
Investments in related parties
AFS securities
Corporate— — — (3)(3)— — — 
ABS1,055 — — (662)393 14 (15)(1)
Trading securities48 — — (88)(40)2 — 2 
Mortgage loans— — — (31)(31)— — — 
Investment funds3 — — — 3 — — — 
Reinsurance recoverable— 49 — (3)46 — — — 
Assets of consolidated VIEs
Trading securities291 — (262)— 29 — (11)(11)
Mortgage loans19 — (3)(101)(85)— — — 
Investment funds— — (1)— (1)— — — 
Other investments279 — — — 279 — — — 
Total Level 3 assets – Retirement Services$15,139 $49 $(317)$(5,074)$9,797 $46 $(718)$(672)
Liabilities - Asset Management
Contingent consideration obligations$— $— $— $(1)$(1)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(1)$(1)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - embedded derivative$— $(861)$— $219 $(642)$— $— $— 
Total Level 3 liabilities – Retirement Services
$— $(861)$— $219 $(642)$— $— $— 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2026
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$2,007 $— $(1,644)$— $363 $6 $(24)$(18)
Investments of consolidated VIEs4,885 — (4,126)— 759 1 (892)(891)
Total Level 3 assets – Asset Management
$6,892 $— $(5,770)$— $1,122 $7 $(916)$(909)
Assets – Retirement Services
AFS securities
Foreign governments$5 $— $— $(6)$(1)$— $(11)$(11)
Corporate1,379 — (237)(204)938 — (2,830)(2,830)
ABS5,688 — (77)(962)4,649 52 (2,763)(2,711)
CMBS11 — (22)— (11)— — — 
RMBS— — — (66)(66)— — — 
Trading securities146 — (2)(2)142 2 (2)— 
Mortgage loans19,142 — (317)(9,401)9,424 16 — 16 
Short-term investments2 — — (1)1 — — — 
Other investments— — — (106)(106)— — — 
Investments in related parties
AFS securities
Corporate1 — — (228)(227)— — — 
ABS11,539 — (951)(4,230)6,358 172 — 172 
Trading securities928 — — (72)856 19 — 19 
Equity securities— — — (262)(262)— — — 
Mortgage loans223 — — (153)70 — — — 
Investment funds1,006 — (5)— 1,001 — — — 
Reinsurance recoverable— 77 — (13)64 — — — 
Assets of consolidated VIEs
Trading securities195 — (104)— 91 — (952)(952)
Mortgage loans347 — (64)(263)20 — (118)(118)
Total Level 3 assets – Retirement Services
$40,612 $77 $(1,779)$(15,969)$22,941 $261 $(6,676)$(6,415)
Liabilities – Asset Management
Due to related parties$— $87 $— $(29)$58 $— $— $— 
Contingent consideration obligations— — — (17)(17)— — — 
Other liabilities of consolidated VIEs— 5 — (3)2 — — — 
Total Level 3 liabilities – Asset Management
$— $92 $— $(49)$43 $— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,618)$— $587 $(1,031)$— $— $— 
Other liabilities— — — 22 22 — — — 
Total Level 3 liabilities – Retirement Services
$— $(1,618)$— $609 $(1,009)$— $— $— 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$29 $— $(10)$— $19 $— $— $— 
Investments of consolidated VIEs1,289 — (1,296)— (7)— (667)(667)
Total Level 3 assets – Asset Management
$1,318 $— $(1,306)$— $12 $— $(667)$(667)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(5)$(5)$— $— $— 
Corporate3,427 — (6)(350)3,071 126 (274)(148)
ABS2,792 — (23)(924)1,845 479 (5,187)(4,708)
CMBS28 — — — 28 13 (14)(1)
RMBS297 — — (16)281 — (49)(49)
Trading securities11 — — (1)10 — (14)(14)
Equity securities— — — (18)(18)— — — 
Mortgage loans17,760 — (172)(5,310)12,278 — — — 
Short-term investments12 — — (168)(156)— (1)(1)
Other investments— — — (156)(156)— — — 
Investments in related parties
AFS securities
Corporate5 — — (6)(1)— — — 
CLO376 — — — 376 — — — 
ABS2,259 — — (1,242)1,017 14 (15)(1)
Trading securities70 — (91)(155)(176)2 — 2 
Mortgage loans— — (15)(31)(46)— — — 
Investment funds3 — — — 3 — — — 
Reinsurance recoverable— 90 — (6)84 — — — 
Assets of consolidated VIEs
Trading securities435 — (335)— 100 90 (23)67 
Mortgage loans34 — (10)(196)(172)— — — 
Investment funds— — (497)— (497)— — — 
Other investments279 — (16)— 263 — — — 
Total Level 3 assets – Retirement Services
$27,788 $90 $(1,165)$(8,584)$18,129 $724 $(5,577)$(4,853)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(14)$(14)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(14)$(14)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,613)$— $463 $(1,150)$— $— $— 
Other liabilities— — — 1 1 — — — 
Total Level 3 liabilities – Retirement Services
$— $(1,613)$— $464 $(1,149)$— $— $— 

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Financial Instruments Without Readily Determinable Fair Values

The Company elected the measurement alternative to account for an equity security that did not have a readily determinable fair value. The equity security was held at cost less any impairment. In connection with the initial public offering of the issuer of the equity security during the second quarter of 2025, the Company transitioned to measuring the investment at fair value using Level 1 inputs. This resulted in an observable transaction price below the Company’s carrying amount. Consequently, the Company recognized an impairment loss of $257 million during the second quarter of 2025 and the carrying value of the investment was written down to its fair value of $101 million as of June 30, 2025.

Fair Value Option – Retirement Services

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Trading securities$62 $261 $(190)$336 
Mortgage loans(624)892 (1,375)1,933 
Investment funds6 114 (4)155 
Future policy benefits7 10 31 5 
Other(2)(29)4 (17)
Total gains (losses)$(551)$1,248 $(1,534)$2,412 

Gains and losses on trading securities, mortgage loans, and other are recorded in investment related gains (losses) on the condensed consolidated statements of operations. Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of operations. Gains and losses related to investments of consolidated VIEs are recorded in revenues of consolidated VIEs on the condensed consolidated statements of operations. The change in fair value of future policy benefits is recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:

(In millions)June 30, 2026December 31, 2025
Unpaid principal balance$105,204 $96,269 
Mark to fair value(1,623)(725)
Fair value$103,581 $95,544 

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)June 30, 2026December 31, 2025
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status$1,027 $992 
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status(332)(337)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status$695 $655 
Fair value of commercial mortgage loans 90 days or more past due$298 $274 
Fair value of commercial mortgage loans in non-accrual status695 655 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)June 30, 2026December 31, 2025
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status$1,912 $826 
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status(184)(85)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$1,728 $741 
Fair value of residential mortgage loans 90 days or more past due1
$829 $741 
Fair value of residential mortgage loans in non-accrual status1,655 678 
1 As of June 30, 2026 and December 31, 2025, includes $73 million and $63 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Mortgage loans$(20)$(20)$(44)$(23)

The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying commercial mortgage loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria.

Fair Value of Financial Instruments Not Carried at Fair Value – Retirement Services

The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:
June 30, 2026
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$276 $276 $276 $— $— $— 
Policy loans293 293 — — 293 — 
Funds withheld at interest16,191 16,191 — — — 16,191 
Short-term investments125 125 — — — 125 
Other investments57 47 — — — 47 
Investments in related parties
Investment funds919 919 919 — — — 
Funds withheld at interest4,149 4,149 — — — 4,149 
Short-term investments18 18 — — 18 — 
Total financial assets not carried at fair value$22,028 $22,018 $1,195 $— $311 $20,512 
Financial liabilities
Interest sensitive contract liabilities$283,553 $276,856 $— $— $— $276,856 
Debt7,832 7,273 — 564 6,709 — 
Securities to repurchase3,244 3,244 — — 3,244 — 
Funds withheld liability6,814 6,814 — — — 6,814 
Total financial liabilities not carried at fair value$301,443 $294,187 $— $564 $9,953 $283,670 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
December 31, 2025
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$108 $108 $108 $— $— $— 
Policy loans301 301 — — 301 — 
Funds withheld at interest17,822 17,822 — — — 17,822 
Short-term investments1,049 1,049 — — 907 142 
Other investments57 67 — — — 67 
Investments in related parties
Investment funds831 831 831 — — — 
Funds withheld at interest4,571 4,571 — — — 4,571 
Short-term investments18 18 — — 18 — 
Total financial assets not carried at fair value$24,757 $24,767 $939 $— $1,226 $22,602 
Financial liabilities
Interest sensitive contract liabilities$257,022 $254,089 $— $— $— $254,089 
Debt7,848 7,498 — 576 6,922 — 
Securities to repurchase6,043 6,043 — — 6,043 — 
Funds withheld liability5,946 5,946 — — — 5,946 
Total financial liabilities not carried at fair value$276,859 $273,576 $— $576 $12,965 $260,035 

The fair value for financial instruments not carried at fair value are estimated using the same methods and assumptions as those carried at fair value. The financial instruments presented above are reported at carrying value on the condensed consolidated statements of financial condition; however, in the case of policy loans, funds withheld at interest and liability, short-term investments, and securities to repurchase, the carrying amount approximates fair value.

Other investments – Other investments include investments in low-income housing and transferable energy tax credit structures. For those held using the proportional amortization method, the carrying value may include tax credits which have been received but not yet used, which are excluded from the measurement of the fair value estimate of the investment structures. Tax and other future benefits expected to be generated by these structures are valued using a discounted cash flow model.

Interest sensitive contract liabilities – The carrying and fair value of interest sensitive contract liabilities above includes indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements, guaranteed investment contracts and payout annuities without life contingencies. The embedded derivatives within indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates, adding a spread to reflect nonperformance risk and subtracting a risk margin to reflect uncertainty inherent in the projected cash flows.

Debt – The fair value of debt is obtained from commercial pricing services. See note 12 for further information on debt.

Significant Unobservable Inputs

Asset Management

Discounted Cash Flow and Direct Capitalization Model

When a discounted cash flow or direct capitalization model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows or the capitalization rate, respectively. Increases in the discount or capitalization rate can significantly lower the fair value of an investment and the contingent consideration obligations; conversely decreases in the discount or capitalization rate can significantly increase the fair value of an investment and the contingent consideration obligations. See note 17 for further discussion of the contingent consideration obligations.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Option Model

When an option model is used to determine fair value, the significant input used in the valuation model is the volatility rate applied to present value the projected cash flows. Increases in the volatility rate can significantly lower the fair value of an investment; conversely decreases in the volatility rate can significantly increase the fair value of an investment.

Consolidated VIEs’ Investments

The significant unobservable inputs used in the fair value measurement of the equity securities, bank loans and bonds are the discount rate and volatility rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount and volatility rates are determined based on the market rates an investor would expect for a similar investment with similar risks.

NAV

Certain investments and investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine an independent fair value.

Retirement Services

AFS, trading and equity securities

Athene uses discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes.

Mortgage loans

Athene uses discounted cash flow models from independent commercial pricing services to calculate the fair value of its mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. For mortgage loans that Athene has entered into an agreement to sell at a specified price, the fair value is based on the estimated proceeds of the sale.

Interest sensitive contract liabilities – embedded derivative

Significant unobservable inputs used in the indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include:

1.Nonperformance risk – For contracts Athene issues, it uses the credit spread, relative to the U.S. Treasury curve based on Athene’s public credit rating as of the valuation date. This represents Athene’s credit risk used in the fair value estimate of embedded derivatives.
2.Option budget – Athene assumes future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.
3.Policyholder behavior – Athene regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Valuation of Underlying Investments

Asset Management

The underlying entities that Apollo manages and invests in are primarily investment companies that account for their investments at estimated fair value.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
On a quarterly basis, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds Apollo manages. Apollo also retains external valuation firms for third-party valuation consulting services, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the external valuation firms assist management with validating their valuation results or determining fair value. Apollo performs various back-testing procedures to validate its valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

Credit Investments

Credit investments are generally valued based on third-party vendor prices and/or quoted market prices and valuation models. Valuations using quoted market prices are based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In determining the designated brokers, Apollo considers the following: (1) brokers with which Apollo has previously transacted, (2) the underwriter of the security and (3) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When relying on a third-party vendor as a primary source, Apollo (1) analyzes how the price has moved over the measurement period, (2) reviews the number of brokers included in the pricing service’s population, if available, and (3) validates the valuation levels with Apollo’s pricing team and traders.

Debt securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model-based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the income approach, as described below. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks.

Equity Investments

The majority of illiquid equity investments are valued using the market approach and/or the income approach, as described below.

Market Approach

The market approach is driven by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to any of the following factors: (1) the subject company’s historical and projected financial data; (2) valuations given to comparable companies; (3) the size and scope of the subject company’s operations; (4) the subject company’s individual strengths and weaknesses; (5) expectations relating to the market’s receptivity to an offering of the subject company’s securities; (6) applicable restrictions on transfer; (7) industry and market information; (8) general economic and market conditions; and (9) other factors deemed relevant. Market approach valuation models typically employ a multiple that is based on one or more of the factors described above.

Enterprise value as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”) is common and relevant for most companies and industries; however, other industry specific multiples are employed where available and appropriate. Sources for gaining additional knowledge related to comparable companies include public filings, annual reports, analyst research reports and press releases. Once a comparable company set is determined, Apollo reviews certain aspects of the subject company’s performance and determines how its performance compares to the group and to certain individuals in the group. Apollo compares certain measurements such as EBITDA margins, revenue growth over certain time periods, leverage ratios and growth opportunities. In addition, Apollo compares the entry multiple and its relation to the comparable set at the time of acquisition to understand its relation to the comparable set on each measurement date.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Income Approach

The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology for the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are significant assumptions related to the subject company’s expected results, the determination of a terminal value and a calculated discount rate, which is normally based on the subject company’s WACC. The WACC represents the required rate of return on total capitalization, which comprises a required rate of return on equity, plus the current tax-effected rate of return on debt, weighted by the relative percentages of equity and debt that are typical in the industry. The most critical step in determining the appropriate WACC for each subject company is to select companies that are comparable in nature to the subject company and the credit quality of the subject company. Sources for gaining additional knowledge about the comparable companies include public filings, annual reports, analyst research reports and press releases. The general formula then used for calculating the WACC considers the after-tax rate of return on debt capital and the rate of return on common equity capital, which further considers the risk-free rate of return, market beta, market risk premium and small stock premium, if applicable. The variables used in the WACC formula are inferred from the comparable market data obtained. The Company evaluates the comparable companies selected and concludes on WACC inputs based on the most comparable company or analyzes the range of data for the investment.

The value of liquid investments, where the primary market is an exchange (whether foreign or domestic), is determined using period end market prices. Such prices are generally based on the close price on the date of determination.

Certain of the funds Apollo manages may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of the period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.

Retirement Services

AFS and trading securities

The fair values for most marketable securities without an active market are obtained from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes U.S. and non-U.S. corporate bonds, U.S. agency and government guaranteed securities, CLO, ABS, CMBS and RMBS.

Athene also has fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these are included in Level 3 in the fair value hierarchy. Significant unobservable inputs used include discount rates, issue-specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers.

Privately placed fixed maturity securities are valued based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, a matrix-based pricing model is used. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. Additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and Athene’s evaluation of the borrower’s ability to compete in its relevant market are also considered. Privately placed fixed maturity securities are classified as Level 2 or 3.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Equity securities

Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3.

Mortgage loans

Athene estimates fair value monthly using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. For mortgage loans that Athene has entered into an agreement to sell at a specified price, the fair value is based on the agreed upon price. Mortgage loans are classified as Level 3.

Investment funds

Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects a pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and WACC rates applied in valuation models or a discounted cash flow model.

Certain investment funds for which Athene has elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions.

Other investments

The fair values of other investments are determined using a discounted cash flow model using discount rates for similar investments.

Funds withheld at interest embedded derivatives

Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

Derivatives

Derivative contracts can be exchange traded or over the counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. Athene considers and incorporates counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. Athene also evaluates and includes its own nonperformance risk in valuing derivatives. The majority of Athene’s derivatives trade in liquid markets; therefore, it can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy.

Interest sensitive contract liabilities embedded derivatives

Embedded derivatives related to interest sensitive contract liabilities with indexed annuity products and any corresponding reinsurance recoverable are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
AmerUs Closed Block

Athene elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3.

ILICO Closed Block

Athene elected the fair value option for the ILICO Closed Block. The valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Universal life liabilities and other life benefits

Athene elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. Athene uses a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. The universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3.

Other liabilities

Other liabilities include funds withheld liability embedded derivatives, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which Athene elected the fair value option. Athene estimates the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See note 9 for more information on Athene’s products.

Six months ended June 30, 2026
DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-type and OtherIndexed Annuities
Balance at December 31, 2025
$1,471 $3,135 $66 $25 $2,111 $1,826 $8,634 
Additions366 511 14 48 394 — 1,333 
Amortization(219)(174)(15)(3)(124)(152)(687)
Other(1)— — — — — (1)
Balance at June 30, 2026
$1,617 $3,472 $65 $70 $2,381 $1,674 $9,279 

Six months ended June 30, 2025
DACDSIVOBATotal DAC, DSI and VOBA
(In millions)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-type and OtherIndexed Annuities
Balance at December 31, 2024
$1,158 $2,278 $40 $11 $1,476 $2,210 $7,173 
Additions366 560 26 5 408 — 1,365 
Amortization(169)(122)(11)(1)(84)(172)(559)
Other2 — — — — — 2 
Balance at June 30, 2025
$1,357 $2,716 $55 $15 $1,800 $2,038 $7,981 
Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance.

Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

9. Long-duration Contracts

Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include:
▪traditional deferred annuities (which include individual and group deferred annuities);
▪indexed annuities consisting of fixed indexed, index-linked variable annuities, and assumed indexed universal life without significant mortality risk;
▪funding agreements; and
▪other investment-type contracts comprising immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies), guaranteed investment contracts, and assumed endowments without significant mortality risks.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

Six months ended June 30, 2026
(In millions, except percentages)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-typeTotal
Balance at December 31, 2025
$109,201 $105,317 $85,555 $8,821 $308,894 
Deposits17,694 8,656 14,249 1,433 42,032 
Policy charges(1)(426)— — (427)
Surrenders and withdrawals(4,402)(5,830)(47)(52)(10,331)
Benefit payments(747)(811)(7,020)(133)(8,711)
Interest credited2,644 2,329 1,900 133 7,006 
Foreign exchange(156)— (312)(177)(645)
Other— — (318)(64)(382)
Balance at June 30, 2026$124,233 $109,235 $94,007 $9,961 $337,436 
Weighted average crediting rate4.7 %2.8 %4.5 %3.1 %
Net amount at risk$423 $18,262 $— $15 
Cash surrender value116,670 101,270 — 6,777 

Six months ended June 30, 2025
(In millions, except percentages)Traditional Deferred AnnuitiesIndexed AnnuitiesFunding AgreementsOther Investment-typeTotal
Balance at December 31, 2024
$86,661 $97,861 $54,768 $8,030 $247,320 
Deposits15,357 8,868 21,676 502 46,403 
Policy charges(1)(382)— — (383)
Surrenders and withdrawals(2,913)(5,601)— (36)(8,550)
Benefit payments(703)(807)(3,906)(153)(5,569)
Interest credited2,098 1,376 1,456 110 5,040 
Foreign exchange337 7 1,021 437 1,802 
Other— — 213 (34)179 
Balance at June 30, 2025$100,836 $101,322 $75,228 $8,856 $286,242 
Weighted average crediting rate4.6 %2.7 %4.6 %2.7 %
Net amount at risk$420 $15,997 $— $39 
Cash surrender value94,874 93,191 — 7,191 

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:

June 30,
(In millions)20262025
Traditional deferred annuities$124,233 $100,836 
Indexed annuities109,235 101,322 
Funding agreements94,007 75,228 
Other investment-type9,961 8,856 
Reconciling items1
7,157 5,996 
Interest sensitive contract liabilities$344,593 $292,238 
1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene with little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution and, as a result, those policyholder account balances are excluded from the following tables.

June 30, 2026
(In millions)At Guaranteed Minimum
1 Basis Point – 100 Basis Points Above Guaranteed Minimum
Greater than 100 Basis Points Above Guaranteed Minimum
Total
Traditional deferred annuities
< 2.0%
$4,884 $1,582 $101,354 $107,820 
2.0% – < 4.0%
5,317 467 6,080 11,864 
4.0% – < 6.0%
4,544 1 1 4,546 
6.0% and greater
3 — — 3 
Total traditional deferred annuities$14,748 $2,050 $107,435 $124,233 
Indexed annuities
< 2.0%
$1,383 $974 $3,610 $5,967 
2.0% – < 4.0%
3,395 194 — 3,589 
Total indexed annuities with GMCR4,778 1,168 3,610 9,556 
Other1
99,679 
Total indexed annuities$109,235 
1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

June 30, 2025
(In millions)At Guaranteed Minimum
1 Basis Point – 100 Basis Points Above Guaranteed Minimum
Greater than 100 Basis Points Above Guaranteed Minimum
Total
Traditional deferred annuities
< 2.0%
$5,071 $1,857 $80,432 $87,360 
2.0% – < 4.0%
5,962 610 2,598 9,170 
4.0% – < 6.0%
4,300 2 1 4,303 
6.0% and greater
3 — — 3 
Total traditional deferred annuities$15,336 $2,469 $83,031 $100,836 
Indexed annuities
< 2.0%
$1,544 $1,182 $3,280 $6,006 
2.0% – < 4.0%
4,070 37 — 4,107 
Total indexed annuities with GMCR5,614 1,219 3,280 10,113 
Other1
91,209 
Total indexed annuities$101,322 
1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities and structured settlements with life contingencies), and whole life insurance contracts.

The following is a rollforward by product within future policy benefits:
Six months ended June 30, 2026
(In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotal
Present value of expected net premiums
Beginning balance, present value of expected net premiums$— $1,402 $1,402 
Effect of changes in discount rate assumptions— (25)(25)
Effect of foreign exchange on the change in discount rate assumptions— 1 1 
Beginning balance at original discount rate— 1,378 1,378 
Effect of actual to expected experience— (8)(8)
Adjusted balance— 1,370 1,370 
Issuances— 7 7 
Interest accrual— 25 25 
Net premium collected— (161)(161)
Foreign exchange— (25)(25)
Ending balance at original discount rate— 1,216 1,216 
Effect of foreign exchange on the change in discount rate assumptions— (1)(1)
Ending balance, present value of expected net premiums$— $1,215 $1,215 
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits$42,058 $3,795 $45,853 
Effect of changes in discount rate assumptions5,941 1,036 6,977 
Effect of foreign exchange on the change in discount rate assumptions21 (47)(26)
Beginning balance at original discount rate48,020 4,784 52,804 
Effect of actual to expected experience(49)34 (15)
Adjusted balance47,971 4,818 52,789 
Issuances273 7 280 
Interest accrual861 84 945 
Benefit payments(2,158)(202)(2,360)
Foreign exchange(13)(110)(123)
Ending balance at original discount rate46,934 4,597 51,531 
Effect of changes in discount rate assumptions(6,531)(1,181)(7,712)
Effect of foreign exchange on the change in discount rate assumptions(15)87 72 
Ending balance, present value of expected future policy benefits40,388 3,503 43,891 
Less: Present value of expected net premiums— 1,215 1,215 
Net future policy benefits40,388 2,288 42,676 
Less: Reinsurance recoverable— 5 5 
Net future policy benefits, net of reinsurance$40,388 $2,283 $42,671 
Weighted-average liability duration (in years)
9.219.5
Weighted-average interest accretion rate3.7 %5.2 %
Weighted-average current discount rate5.5 %6.5 %
Expected future gross premiums, undiscounted$— $1,715 
Expected future gross premiums, discounted1
— 1,380 
Expected future benefit payments, undiscounted69,045 10,554 
1 Discounted at the original discount rate.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Six months ended June 30, 2025
(In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotal
Present value of expected net premiums
Beginning balance, present value of expected net premiums$— $880 $880 
Effect of changes in discount rate assumptions— (30)(30)
Effect of foreign exchange on the change in discount rate assumptions— 2 2 
Beginning balance at original discount rate— 852 852 
Effect of actual to expected experience— (1)(1)
Adjusted balance— 851 851 
Interest accrual— 10 10 
Net premium collected— (92)(92)
Foreign exchange— 76 76 
Ending balance at original discount rate— 845 845 
Effect of changes in discount rate assumptions— 23 23 
Ending balance, present value of expected net premiums$— $868 $868 
Present value of expected future policy benefits
Beginning balance, present value of expected future policy benefits$42,261 $2,711 $44,972 
Effect of changes in discount rate assumptions7,378 206 7,584 
Effect of foreign exchange on the change in discount rate assumptions(5)(1)(6)
Beginning balance at original discount rate49,634 2,916 52,550 
Effect of actual to expected experience(64)2 (62)
Adjusted balance49,570 2,918 52,488 
Issuances133 — 133 
Interest accrual879 35 914 
Benefit payments(2,238)(49)(2,287)
Foreign exchange75 270 345 
Ending balance at original discount rate48,419 3,174 51,593 
Effect of changes in discount rate assumptions(6,465)(553)(7,018)
Effect of foreign exchange on the change in discount rate assumptions(28)(24)(52)
Ending balance, present value of expected future policy benefits41,926 2,597 44,523 
Less: Present value of expected net premiums— 868 868 
Net future policy benefits$41,926 $1,729 $43,655 
Weighted-average liability duration (in years)
9.429.4
Weighted-average interest accretion rate3.7 %4.8 %
Weighted-average current discount rate5.3 %5.1 %
Expected future gross premiums, undiscounted$— $1,064 
Expected future gross premiums, discounted1
— 919 
Expected future benefit payments, undiscounted70,754 10,085 
1 Discounted at the original discount rate.

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:

June 30,
(In millions)20262025
Payout annuities with life contingencies$40,388 $41,926 
Whole life2,288 1,729 
Reconciling items1
5,565 5,745 
Future policy benefits$48,241 $49,400 
1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:

Premiums
Six months ended June 30,
(In millions)20262025
Payout annuities with life contingencies$199 $122 
Whole life177 101 
Reconciling items1
11 11 
Total premiums$387 $234 
Interest Expense
Six months ended June 30,
(In millions)20262025
Payout annuities with life contingencies$861 $879 
Whole life59 25 
Total interest expense
$920 $904 
1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates.

Athene bases certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, Athene reviews all significant cash flow assumptions and updates as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of Athene’s liabilities.

During the six months ended June 30, 2026, the present value of expected future policy benefits decreased by $1,962 million, which was driven by $2,360 million of benefit payments and a $710 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $945 million of interest accruals and $280 million of issuances.

During the six months ended June 30, 2025, the present value of expected future policy benefits decreased by $449 million, which was driven by $2,287 million of benefit payments, offset by $914 million of interest accruals, a $573 million change in discount rate assumptions related to a decrease in market observable rates, a $345 million change in foreign exchange and $133 million of issuances, primarily pension group annuities

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:

Six months ended June 30,
(In millions)20262025
Reserves$7 $61 
Deferred profit liability31 2 
Negative VOBA(6)(3)
Total remeasurement gains (losses)$32 $60 

During the six months ended June 30, 2026 and 2025, Athene recorded reserve increases of $12 million and $8 million, respectively, on the condensed consolidated statements of operations as a result of the present value of benefits and expenses exceeding the present value of gross premiums.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Market risk benefits – Athene issues and reinsures traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.

The following is a rollforward of net market risk benefit liabilities by product:

Six months ended June 30, 2026
(In millions, except years)Traditional Deferred AnnuitiesIndexed AnnuitiesTotal
Balance at December 31, 2025
$205 $4,511 $4,716 
Effect of changes in instrument-specific credit risk(5)(255)(260)
Balance, beginning of period, before changes in instrument-specific credit risk200 4,256 4,456 
Issuances— 193 193 
Interest accrual4 95 99 
Attributed fees collected1 212 213 
Benefit payments(2)(47)(49)
Effect of changes in interest rates(2)(24)(26)
Effect of changes in equity— (62)(62)
Effect of actual policyholder behavior compared to expected behavior2 64 66 
Balance, end of period, before changes in instrument-specific credit risk203 4,687 4,890 
Effect of changes in instrument-specific credit risk4 220 224 
Balance at June 30, 2026
207 4,907 5,114 
Less: Reinsurance recoverable— 88 88 
Balance at June 30, 2026, net of reinsurance
$207 $4,819 $5,026 
Net amount at risk$423 $18,262 
Weighted-average attained age of contract holders (in years)
7769

Six months ended June 30, 2025
(In millions, except years)Traditional Deferred AnnuitiesIndexed AnnuitiesTotal
Balance at December 31, 2024
$190 $3,525 $3,715 
Effect of changes in instrument-specific credit risk(3)(154)(157)
Balance, beginning of period, before changes in instrument-specific credit risk187 3,371 3,558 
Issuances— 201 201 
Interest accrual4 89 93 
Attributed fees collected1 189 190 
Benefit payments(3)(30)(33)
Effect of changes in interest rates3 (29)(26)
Effect of actual policyholder behavior compared to expected behavior— 53 53 
Balance, end of period, before changes in instrument-specific credit risk192 3,844 4,036 
Effect of changes in instrument-specific credit risk3 173 176 
Balance at June 30, 2025
195 4,017 4,212 
Less: Reinsurance recoverable— 50 50 
Balance at June 30, 2025, net of reinsurance
$195 $3,967 $4,162 
Net amount at risk$420 $15,997 
Weighted-average attained age of contract holders (in years)
7669

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.

June 30, 2026
(In millions)AssetLiabilityNet Liability
Traditional deferred annuities$— $207 $207 
Indexed annuities169 5,076 4,907 
Total$169 $5,283 $5,114 
June 30, 2025
(In millions)AssetLiabilityNet Liability
Traditional deferred annuities$— $195 $195 
Indexed annuities277 4,294 4,017 
Total$277 $4,489 $4,212 

During the six months ended June 30, 2026, net market risk benefit liabilities increased by $398 million, which was primarily driven by $213 million in fees collected from policyholders, $193 million of issuances and $99 million of interest accruals, partially offset by $62 million of changes in equity and $49 million of benefit payments.

During the six months ended June 30, 2025, net market risk benefit liabilities increased by $497 million, which was primarily driven by $201 million of issuances, $190 million in fees collected from policyholders and $93 million of interest accruals.

The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs.

Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products.

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect nonperformance risk, which is considered an unobservable input. Athene uses its public credit rating relative to the U.S. Treasury curve as of the valuation date to reflect its nonperformance risk in the fair value estimate of market risk benefits.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following summarizes the unobservable inputs for market risk benefits:

June 30, 2026
(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair Value
Market risk benefits, net$5,114 Discounted cash flowNonperformance risk0.3 %1.1 %0.9 %
1
Decrease
Option budget0.5 %5.9 %2.7 %
2
Decrease
Surrender rate4.0 %7.5 %5.1 %
2
Decrease
Utilization rate28.6 %95.0 %86.7 %
3
Increase
June 30, 2025
(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair Value
Market risk benefits, net$4,212 Discounted cash flowNonperformance risk0.3 %1.1 %1.0 %
1
Decrease
Option budget0.5 %6.0 %2.5 %
2
Decrease
Surrender rate3.1 %6.7 %4.4 %
2
Decrease
Utilization rate28.6 %95.0 %85.4 %
3
Increase
1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

10. Profit Sharing Payable

Profit sharing payable, and those of consolidated VIEs, are recorded within accounts payable, accrued expenses, and other liabilities, and accounts payable, accrued expenses, and other liabilities of consolidated VIEs, respectively, in the condensed consolidated statements of financial condition. The below is a roll-forward of the profit-sharing payable balance:

(In millions)Total
Profit sharing payable, January 1, 2026
$2,035 
Profit sharing expense308 
Payments/other(496)
Profit sharing payable, June 30, 2026
$1,847 

Profit sharing expense includes (1) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (2) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition.

The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

11. Income Taxes

The Company’s income tax provision totaled $396 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and totaled $2,090 million and $246 million for the six months ended June 30, 2026 and 2025, respectively. The Company’s effective income tax rate was approximately 15.9% and 0.4% for the three months ended June 30, 2026 and 2025, respectively, and 75.5% and 12.1% for the six months ended June 30, 2026 and 2025, respectively.

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On January 5, 2026, the OECD issued guidance exempting U.S.-parented groups from the IIR or UTPR taxes under the Pillar Two regime. The U.K. government has publicly announced its intention to enact this guidance into law. While the precise timing of such enactment is subject to the U.K. government’s legislative process, once enacted, the Company expects that Athene and ACRA Bermuda entities would be exempt from the IIR and UTPR taxes in the U.K. In light of these developments, and the Company’s expectation that maintaining alignment between the Bermuda CIT and Pillar Two tax groups would no longer be beneficial, in January 2026, the Company revoked ACRA’s election to be subject to the Bermuda CIT.

Although the Company believes such an outcome would be unlikely, if the U.K. government does not enact the announced legislation, or subsequently amends its legislation in a manner that does not conform to the OECD guidance, the Company expects to re-elect ACRA into the Bermuda CIT regime at that time and utilize the Bermuda deferred tax assets to offset any resulting Bermuda CIT or Pillar Two cash tax obligations.

As a result of the foregoing, in the first quarter of 2026, the Company recorded a full valuation allowance against its Bermuda deferred tax assets, as the Company no longer expects Athene or ACRA to incur Bermuda CIT or Pillar Two tax expense against which such deferred tax assets could be utilized. This resulted in a reduction to other assets and a corresponding increase to the income tax provision equal to the net amount of the Bermuda deferred tax assets of $1.7 billion.

Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of June 30, 2026, the Company recorded $3 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would impact the effective tax rate.

The primary jurisdictions in which the Company operates and incurs income taxes are the U.S., the U.K. and Bermuda. There are no material unremitted earnings with respect to the U.K. or other foreign jurisdictions.

In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of June 30, 2026, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2022 through 2024 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service (“IRS”) is examining the tax returns of the Company and certain subsidiaries for tax years 2019 to 2023. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2014 to 2023. The U.K. tax authorities are currently examining certain subsidiaries’ tax returns for certain tax years within the period from 2015 to 2023.

The Company received a draft Notice of Proposed Adjustment (“NOPA”) from the IRS on April 13, 2026 proposing a significant increase to taxable income for tax years 2019 through 2021. The proposed adjustment primarily relates to the inclusion of additional income from some of the Company’s minority interest investments in foreign entities. While the 2022 and 2023 tax years are also under examination by the IRS on the same issue, the IRS has not yet proposed any adjustments to the Company’s historical position. The Company disagrees with the IRS’ position and intends to pursue all available administrative and judicial remedies. There can be no assurance as to the outcome of these IRS examinations, any subsequent challenge, or the impact of adverse judicial rulings in other cases. At this time, the Company cannot reasonably estimate the actual potential loss. If the Company is required to pay additional federal and state tax, interest, and, potentially, penalties, then such amounts could be material.

There are other routine examinations ongoing in other state, local, and foreign jurisdictions in which the Company operates. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. The Company continues to monitor the progress of ongoing discussions with tax authorities. No provisions with respect to these examinations have been recorded.

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12. Debt

The Company’s debt consisted of the following:
June 30, 2026December 31, 2025
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
Debt – Recourse
4.40% 2026 Senior Notes1
May 27, 2026$— $— $500 $500 
2
4.87% 2029 Senior Notes1
February 15, 2029675 676 
2
675 686 
2
2.65% 2030 Senior Notes1
June 5, 2030498 461 
2
497 464 
2
4.60% 2031 Senior Notes1
January 15, 2031396 395 
2
396 402 
2
6.38% 2033 Senior Notes1
November 15, 2033494 532 
2
493 550 
2
5.15% 2035 Senior Notes1
August 12, 2035839 826 
2
839 853 
2
5.70% 2036 Senior Notes1
March 30, 2036744 753 
2
— — 
2
5.00% 2048 Senior Notes1
March 15, 2048297 261 
2
297 273 
2
5.80% 2054 Senior Notes1
May 21, 2054741 712 
2
741 738 
2
7.63% 2053 Subordinated Notes1
September 15, 2053585 612 
3
585 628 
3
6.00% 2054 Subordinated Notes1
December 15, 2054
493 485 
2
493 496 
2
5,762 5,713 5,516 5,590 
Debt – NonrecourseJanuary 21, 2027133 133 
4
— — 
4
5,895 5,846 5,516 5,590 
Retirement Services
4.13% 2028 AHL Senior Notes1
January 12, 20281,026 991 
2
1,034 999 
2
6.15% 2030 AHL Senior Notes1
April 3, 2030558 518 
2
565 531 
2
3.50% 2031 AHL Senior Notes1
January 15, 2031515 469 
2
517 473 
2
6.65% 2033 AHL Senior Notes1
February 1, 2033396 423 
2
396 434 
2
5.88% 2034 AHL Senior Notes1
January 15, 2034586 607 
2
585 623 
2
3.95% 2051 AHL Senior Notes1
May 25, 2051543 343 
2
543 351 
2
3.45% 2052 AHL Senior Notes1
May 15, 2052504 313 
2
504 317 
2
6.25% 2054 AHL Senior Notes1
April 1, 2054983 921 
2
983 975 
2
6.63% 2055 AHL Senior Notes1
May 19, 2055979 972 
2
979 1,019 
2
6.63% 2054 AHL Subordinated Notes1
October 15, 2054592 576 
2
592 600 
2
6.88% 2055 AHL Subordinated Notes1
June 28, 2055592 576 
2
592 600 
2
7.25% 2064 AHL Subordinated Notes1
March 30, 2064558 564 
3
558 576 
3
7,832 7,273 7,848 7,498 
Total Debt$13,727 $13,119 $13,364 $13,088 
1 Interest rate is calculated as weighted average annualized.
2 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
3 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
4 Represents the nonrecourse warehouse facility of a consolidated entity. The facility is secured by the assets of the entity and creditors do not have recourse to the general credit of AAM or any of its subsidiaries. The carrying amount of the facility approximates fair value due to the short-term nature and variable rate structure of the facility and is classified as a Level 3 liability within the fair value hierarchy.

Asset Management – Notes Issued and Repayments

On March 30, 2026, AGM issued $750 million aggregate principal amount of its 5.700% Senior Notes due 2036 (the “2036 Senior Notes”). The 2036 Senior Notes bear interest at a rate of 5.700% per annum and interest is payable semi-annually in arrears on March 30 and September 30 of each year, commencing on September 30, 2026. The 2036 Senior Notes will mature on March 30, 2036.

On May 27, 2026, AMH repaid in full the principal and accrued interest of the $500 million aggregate principal amount of its 4.40% 2026 Senior Notes.

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The indentures governing the Asset Management notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.

Retirement Services – Notes Issued

AHL Senior Notes – AHL’s senior unsecured notes are callable by AHL at any time. If called prior to a defined period before the scheduled maturity date, typically three or six months, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread (as defined in the applicable prospectus supplement) and any accrued and unpaid interest.

On August 7, 2026 AHL issued $1.0 billion of 6.150% Senior Notes due August 15, 2036 (the “2036 AHL Senior Notes”). AHL will accrue interest quarterly and pay interest on the 2036 AHL Senior Notes semi-annually, commencing on February 15, 2027.

AHL Subordinated Notes – AHL has fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year U.S. Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. AHL may defer interest payments on the subordinated notes for up to five consecutive years.

Credit and Liquidity Facilities

The following table represents the Company’s credit and liquidity facilities as of June 30, 2026:

Instrument/FacilityMaturity DateAdministrative AgentKey terms
Asset Management –
AGM credit facility
November 21, 2029Citibank
The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Retirement Services –
Athene credit facility
June 26, 2031Citibank
The borrowing capacity under the Athene credit facility is $1.75 billion, subject to being increased up to $2.5 billion in total.
Retirement Services –
Athene liquidity facility
June 25, 2027Wells Fargo Bank
The borrowing capacity under the Athene liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.

Asset Management – Credit Facility

On November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). As of June 30, 2026, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00.

As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facility.

Retirement Services – Credit and Liquidity Facilities

Athene Credit Facility—On June 26, 2026, AHL, AARe, ALRe and AUSA entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“Athene credit facility”), which replaced the previous credit agreement dated June 30, 2023. The Athene credit facility is unsecured and has a commitment termination date of June 26, 2031, subject to up to two one-year extensions, in accordance with the terms of the Athene credit facility. In connection with the Athene credit facility, AHL and AUSA guaranteed all of the obligations of the other borrowers under the Athene credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of the other borrowers under the Athene credit facility and the related loan documents. The borrowing capacity under the Athene credit facility is $1.75 billion, subject to being increased up to $2.5 billion in total on the terms described in the Athene credit facility.

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The Athene credit facility contains various standard covenants with which Athene must comply, including the following:

1.Consolidated debt-to-capitalization ratio not to exceed 40%;
2.Minimum consolidated net worth of no less than $22.1 billion; and
3.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the Athene credit facility. As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the current or previous Athene credit facilities and Athene was in compliance with all financial covenants under the facilities.

Athene Liquidity Facility—On June 26, 2026, AARe, ALRe and AAIA entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“Athene liquidity facility”), which replaced the previous credit agreement dated as of June 27, 2025 and the commitments under it, which expired on June 26, 2026. The Athene liquidity facility is unsecured and has a commitment termination date of June 25, 2027, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Athene liquidity facility. In connection with the Athene liquidity facility, AARe guaranteed all of the obligations of each other borrower under the Athene liquidity facility and the related loan documents. The borrowing capacity under the Athene liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Athene liquidity facility. The Athene liquidity facility contains various standard covenants with which Athene must comply, including the following:

1.AARe minimum consolidated net worth of no less than $26.2 billion; and
2.Restrictions on Athene’s ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at the term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the Athene liquidity facility. As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the current or previous Athene liquidity facilities and Athene was in compliance with all financial covenants under the facilities.

Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Asset Management$88 $60 $165 $120 
Retirement Services1
102 83 204 158 
Total Interest Expense$190 $143 $369 $278 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

13. Equity-Based Compensation

Under the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable.

The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Performance-based awards are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance metrics are met or deemed probable. Equity-based awards that do not require future service are expensed immediately.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense of $246 million and $166 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense of $478 million and $315 million, respectively. As of June 30, 2026, there was $1.1 billion of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.2 years.

Service-Based Awards

During the six months ended June 30, 2026 and 2025, the Company awarded 6.9 million and 3.4 million of service-based RSUs, with a grant date fair value of $883 million and $527 million, respectively.

During the three months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense on service-based RSUs of $174 million and $126 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded compensation expense on service-based RSUs of $344 million and $243 million, respectively.

Performance-Based Awards

During the six months ended June 30, 2026, the Company awarded 0.3 million of performance-based RSUs with a grant date fair value of $30 million. During the six months ended June 30, 2025, there were no performance-based RSUs awarded.

During the three months ended June 30, 2026 and 2025, the Company recorded compensation expense on performance-based awards of $39 million and $21 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded compensation expense on performance-based awards of $57 million and $37 million, respectively. These awards primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.

In December 2021, the Company awarded one-time grants to the then Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. The Company records approximately $14 million and $6 million of compensation expense each quarter for these service-based awards and performance-based awards, respectively.

The following table summarizes RSU activity:

UnvestedWeighted Average Grant Date Fair ValueVestedTotal Number of RSUs Outstanding
Balance at January 1, 202613,047,189$81.72 19,437,94232,485,131
Granted7,075,733126.52 136,6057,212,338
Forfeited(131,872)135.27 (643)(132,515)
Vested(1,771,769)100.91 1,771,769—
Issued—— (4,272,642)(4,272,642)
Balance at June 30, 202618,219,281$88.25 17,073,031 35,292,312

Restricted Stock Awards

The Company also grants certain restricted stock awards tied to profit sharing arrangements. During the six months ended June 30, 2026 and 2025, the Company awarded 0.2 million and 0.1 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $24 million and $18 million, respectively.

During the three months ended June 30, 2026 and 2025, the Company recorded compensation expense related to restricted stock awards from profit sharing arrangements of $18 million and $10 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded compensation expense related to restricted stock awards from profit sharing arrangements of $45 million and $18 million, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
14. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

The Company issues shares of common stock in settlement of vested RSUs, and generally allows holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings.

On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans.

Effective February 9, 2026, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity:

Six months ended June 30,
20262025
Shares of common stock issued in settlement of vested RSUs and options exercised1
4,557,767 8,017,170 
Reduction of shares of common stock issued2
(1,735,561)(3,298,981)
Issuance of shares of common stock for equity-based awards2,822,206 4,718,189 
1 The gross value of shares issued was $591 million and $1.3 billion for the six months ended June 30, 2026 and 2025, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $229 million and $542 million for the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026 and 2025, 5,926,713 and 1,392,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $729 million and $193 million for these open market share repurchases during the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2025, the Company issued 540,177 shares of common stock in settlement of a deferred consideration obligation.

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Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

As of December 31, 2025, there were 28,749,665 shares of Mandatory Convertible Preferred Stock issued and outstanding. Holders of Mandatory Convertible Preferred Stock shares had the option to convert all or any portion of their shares at any time. During the six months ended June 30, 2026, 438 shares of Mandatory Convertible Preferred Stock were converted at the option of the respective holders. As of June 30, 2026, there were 28,749,227 shares of Mandatory Convertible Preferred Stock issued and outstanding.

On July 31, 2026, each outstanding share of Mandatory Convertible Preferred Stock automatically converted (the “Conversion”) into shares of common stock pursuant to the certificate of designations related to the Mandatory Convertible Preferred Stock, at a conversion rate of 0.5074 shares of common stock per share of Mandatory Convertible Preferred Stock (the “Mandatory Conversion Rate”). The Mandatory Conversion Rate was determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day settlement period ended July 29, 2026. Cash was paid in lieu of fractional shares of common stock. An aggregate of 14,587,300 shares of common stock were issued following June 30, 2026, including early conversions and shares issued as part of the Conversion. Following the Conversion, there were no shares of Mandatory Convertible Preferred Stock outstanding.

Dividends on the Mandatory Convertible Preferred Stock were paid on a cumulative basis when and as declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and were paid in cash. Dividends on the Mandatory Convertible Preferred Stock were paid quarterly on January 31, April 30, July 31 and October 31 of each year, with the final dividend paid on July 31, 2026. For the quarters ended June 30, 2026 and 2025, the Company paid quarterly cash dividends of $0.8438 per share of Mandatory Convertible Preferred Stock.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. In April 2025, the Company issued 1,080,041 shares of common stock in relation to a cashless exercise of 2.6 million vested warrants issued in 2022. As of June 30, 2026, pursuant to certain anti-dilution provisions, the exercise price for the warrants was adjusted to $82.56. As of June 30, 2026, warrants exercisable for 9.9 million shares of common stock were vested and exercisable.

In November 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. As of June 30, 2026, warrants exercisable for 0.8 million shares of common stock were vested and exercisable. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

Donor-Advised Fund

In February 2025, the Company established a donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF.

Purchase of Interests

In June 2026, the Company entered into an agreement to purchase interests in a consolidated partnership previously issued to employees, which resulted in a modification of the original agreement and incremental compensation expense of $177 million, of which $46 million was recognized during the three months ended June 30, 2026, and the remaining expense will be recognized over the next three years. As part of the purchase, the Company will issue $128 million of equity, with the number of shares determined in August 2026.

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Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data).

Dividend Declaration DateDividend per Share of Common StockPayment DateDividend to Common StockholdersDistribution Equivalents on Participating Securities
February 4, 2025$0.4600 February 28, 2025$264 $14 
May 2, 20250.5100 May 30, 2025292 14 
August 5, 20250.5100 August 29, 2025291 15 
November 4, 20250.5100 November 28, 2025296 15 
Year ended December 31, 2025$1.9900 $1,143 $58 
February 9, 2026$0.5100 February 27, 2026$295 $17 
May 6, 20260.5625 May 29, 2026324 18 
Six months ended June 30, 2026$1.0725 $619 $35 

Accumulated Other Comprehensive Income (Loss)

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at March 31, 2026$(7,600)$(249)$81 $4,631 $(28)$21 $(3,144)
Other comprehensive income (loss) before reclassifications784 76 (228)(199)(180)(3)250 
Less: Reclassification adjustments for gains (losses) realized1
521 (4)8 — — — 525 
Less: Income tax expense (benefit)46 13 (50)(38)(37)(2)(68)
Less: Other comprehensive loss attributable to non-controlling interests, net of tax7 15 (76)(63)(26)1 (142)
Balance at June 30, 2026$(7,390)$(197)$(29)$4,533 $(145)$19 $(3,209)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

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(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at March 31, 2025$(8,217)$(313)$— $3,986 $(23)$(16)$(4,583)
Other comprehensive income (loss) before reclassifications1,258 66 1 (45)(135)163 1,308 
Less: Reclassification adjustments for gains (losses) realized1
(77)(3)9 — — — (71)
Less: Income tax expense (benefit)268 13 (2)(6)(28)21 266 
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax234 13 20 (96)(15)67 223 
Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2025$(6,372)$(252)$(17)$4,137 $(169)$28 $(2,645)
Other comprehensive income (loss) before reclassifications(1,326)62 (91)710 36 (33)(642)
Less: Reclassification adjustments for gains (losses) realized1
460 (13)15 — — — 462 
Less: Income tax expense (benefit)(360)12 (22)148 8 (10)(224)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax(408)8 (72)166 4 (14)(316)
Balance at June 30, 2026$(7,390)$(197)$(29)$4,533 $(145)$19 $(3,209)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.
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(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2024$(9,174)$(284)$(119)$4,235 $(103)$(49)$(5,494)
Other comprehensive income (loss) before reclassifications2,596 31 240 (573)(19)224 2,499 
Less: Reclassification adjustments for gains (losses) realized1
(268)(3)19 — — — (252)
Less: Income tax expense (benefit)580 5 46 (116)(4)28 539 
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax494 15 82 (265)(3)88 411 
Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.


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15. Earnings per Share

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

Basic and Diluted
Three months ended June 30,Six months ended June 30,
(In millions, except share and per share amounts)2026202520262025
Numerator:
Net income (loss) attributable to common stockholders$1,336 $605 $(594)$1,023 
Dividends declared on common stock1
(324)(292)(619)(556)
Dividends on participating securities2
(18)(14)(35)(28)
Earnings allocable to participating securities(29)(7)— (9)
Undistributed income (loss) attributable to common stockholders: Basic965 292 (1,248)430 
Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock24 — — — 
Undistributed income (loss) attributable to common stockholders: Diluted$989 $292 $(1,248)$430 
Denominator:
Weighted average number of shares of common stock outstanding: Basic 591,759,612 586,672,682 593,298,193 586,964,167 
Dilution effect of Mandatory Convertible Preferred Stock14,587,841 — — — 
Dilution effect of options486,457 916,073 — 1,012,134 
Dilution effect of warrants3,387,868 2,782,612 — 3,700,748 
Weighted average number of shares of common stock outstanding: Diluted610,221,778 590,371,367 593,298,193 591,677,049 
Net income (loss) per share of common stock: Basic
Distributed income$0.56 $0.51 $1.07 $0.97 
Undistributed income (loss)1.62 0.49 (2.13)0.71 
Net income (loss) per share of common stock: Basic$2.18 $1.00 $(1.06)$1.68 
Net income (loss) per share of common stock: Diluted3
Distributed income$0.56 $0.51 $1.07 $0.97 
Undistributed income (loss)1.59 0.48 (2.13)0.70 
Net income (loss) per share of common stock: Diluted$2.15 $0.99 $(1.06)$1.67 
1 See note 14 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.
3 For the six months ended June 30, 2026, all of the classes of securities were determined to be anti-dilutive.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan.

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.

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The following table summarizes the anti-dilutive securities:

Three months ended June 30,Six months ended June 30,
2026202520262025
Weighted average unvested RSUs15,927,784 12,783,503 14,444,999 12,240,609 
Weighted average unexercised options— — 547,035 — 
Weighted average unexercised warrants828,572 414,286 10,079,245 414,286 
Weighted average Mandatory Convertible Preferred Stock— 14,547,261 14,580,901 14,543,032 
Weighted average unvested restricted shares1,506,936 1,146,363 1,545,204 1,157,027 

16. Related Parties

Asset Management

Due from/to related parties

Due from/to related parties includes:
•unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies;
•reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and
•other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo.

Due from/to related parties consisted of the following:

(In millions)June 30, 2026December 31, 2025
Due from Related Parties
Due from funds$817 $496 
Due from portfolio companies57 57 
Due from employees and former employees89 110 
Total Due from Related Parties1
$963 $663 
Due to Related Parties
Due to TRA holders$768 $781 
Due to funds318 241 
Due to portfolio companies87 40 
Total Due to Related Parties$1,173 $1,062 
1 Includes due from related parties of certain consolidated VIEs.

Tax Receivable Agreements

All Apollo Operating Group entities have made an election under Section 754 of the U.S. Internal Revenue Code (“IRC”). The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future.

The Apollo TRA provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a result of the increases in tax basis of assets resulting from exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit of the remaining 15% of actual cash tax savings. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date.

In connection with its IPO, Bridge entered into a tax receivable agreement with certain equity holders in its business which was amended and restated in connection with the Bridge acquisition. Under the Bridge TRA, the Company is obligated to make payments to Bridge TRA holders based on 85% of the tax benefits realized from the acquisition. As part of the Bridge
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acquisition, the Company recorded a $383 million TRA liability due under the Bridge TRA, which is measured in accordance with ASC 450-20, Loss Contingencies.

Apollo and Bridge TRA holders no longer own any operating units that could be exchanged pursuant to the Apollo TRA and Bridge TRA, respectively.

Due from Employees and Former Employees

As of June 30, 2026 and December 31, 2025, due from related parties includes various amounts due to Apollo, including employee loans and return of profit-sharing distributions. As of June 30, 2026 and December 31, 2025, the balance includes interest-bearing employee loans receivable of $13 million and $12 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid on a specified date, either during the relevant employee’s tenure or at the date of the relevant employee’s resignation, in accordance with the contractual terms of each respective loan arrangement.

The receivable from certain employees and former employees includes an amount for the potential return of profit-sharing distributions that would be due if certain funds were liquidated of $69 million and $91 million at June 30, 2026 and December 31, 2025, respectively.

Indemnity

Certain of the performance revenues Apollo earns from funds may be subject to repayment by its subsidiaries that are general partners of the funds in the event that certain specified return thresholds are not ultimately achieved. The Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions. Apollo has agreed to indemnify each of the Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that it manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Former Managing Partners and Contributing Partners contributed or sold to the Apollo Operating Group.

Apollo recorded an indemnification liability of $0.4 million as of each of June 30, 2026 and December 31, 2025.

Due to Related Parties

Based upon an assumed liquidation of certain of the funds Apollo manages, it has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to certain funds. The obligation is recognized based upon an assumed liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund.

Apollo recorded general partner obligations to return previously distributed performance allocations related to certain funds of $163 million and $212 million as of June 30, 2026 and December 31, 2025, respectively.

AAA

From time to time, Apollo engages in certain transactions with AAA and its subsidiaries and affiliates, including purchases and sales of investments in connection with AAA’s investment activities. All such transactions are executed in accordance with Apollo's policies and procedures. See “—AAA” in the Retirement Services section below for details on Athene’s relationship with AAA.

Athora

Apollo, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a leading European savings and retirement services group focused on the traditional life and pensions market. AAM and its subsidiaries had equity commitments outstanding to Athora of up to $57 million as of June 30, 2026. During the first
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quarter of 2026, Athora completed the acquisition of Pension Insurance Corporation (“PIC”). See “—Athora” in the Retirement Services section below for details on Athene’s transactions and commitments to Athora.

Athora Sub-Advised

Apollo provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of funds managed by Apollo and the Athora Accounts. Apollo broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which Apollo explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.

Apollo earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class.

See “—Athora” in the Retirement Services section below for further details on Athene’s relationship with Athora.

Regulated Entities and Affiliated Service Providers

Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements as of June 30, 2026. From time to time AGS, as well as other Apollo affiliates, provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services.

Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. GCS was in compliance with these requirements as of June 30, 2026.

Retirement Services

AAA

Athene consolidates AAA as a VIE and AAA holds the majority of Athene’s alternative investment portfolio. Apollo established AAA to provide a single vehicle through which investors may participate in a portfolio of alternative investments, including those managed by Apollo. Additionally, the Company believes AAA enhances its ability to increase alternative assets under management by raising capital from third parties, which allows it to achieve greater scale and diversification for alternatives.

Athene also consolidates AAA Lux as a VIE. AAA Lux provides a single vehicle designed primarily for foreign investors to participate in a portfolio of alternative investments, including alternative investments in which AAA participates.

Athora

Athene has investments in Athora’s equity and other securities, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene’s investments in Athora are summarized below.

(In millions)June 30, 2026December 31, 2025
Investment fund$2,167 $1,171 
Fixed maturity securities1,024 50 
Non-redeemable preferred equity— 266 
Total investment in Athora$3,191 $1,487 

During the first quarter of 2026, Athene funded a series of investments to provide Athora financing for its acquisition of PIC. These transactions included the conversion of Athene’s previously held non-redeemable preferred equity interests in Athora into common equity and additional purchases of Athora common equity, as well as purchases of fixed maturity securities.

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Additionally, as of June 30, 2026 and December 31, 2025, Athene had $29 million of funding agreements outstanding to Athora as of each respective period. As of June 30, 2026, Athene had commitments to make additional investments in Athora of $134 million.

Atlas

Athene has an equity investment in Atlas, an asset-backed specialty lender, indirectly through its investments in AAA and AAA Lux and, as of June 30, 2026 and December 31, 2025, Athene held $4.8 billion and $5.7 billion, respectively, of AFS securities issued by Atlas or its affiliates. See note 17 for further information on assurance letters issued in support of Atlas.

Catalina

Athene has a strategic modco reinsurance agreement with certain affiliates of Catalina to cede certain in force funding agreements. Athene elected the fair value option on this agreement and had a liability of $77 million and $103 million as of June 30, 2026 and December 31, 2025, respectively, which is included in other liabilities on the condensed consolidated statements of financial condition. Athene also has a modco reinsurance agreement with Catalina to cede a quota share of certain of Athene’s retail deferred annuity products. As of June 30, 2026 and December 31, 2025, Athene had a reinsurance recoverable balance of $7.3 billion and $6.3 billion, respectively, related to this agreement.

Skylign

Athene has investments in Skylign Aviation Holdings, LP (“Skylign”), a leading aviation finance group focused on aviation lending and leasing, both directly through notes issued by PK AirFinance, a subsidiary of Skylign, and indirectly through its investments in AAA and AAA Lux. As of June 30, 2026 and December 31, 2025, Athene directly held $504 million and $566 million, respectively, of Skylign notes, which are included in investments in related parties on the condensed consolidated statements of financial condition.

Venerable

VA Capital Company LLC (“VA Capital”) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable. Athene also has coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to Athene’s minority equity investment in VA Capital, which is included in investments in related parties on the condensed consolidated statements of financial condition. Athene also has AFS securities and term loans receivable issued by Venerable. Athene’s investments in VA Capital and Venerable are summarized below.

(In millions)June 30, 2026December 31, 2025
AFS securities$102 $105 
Investment fund223 226 
Term loans receivable333 344 
Total investments in VA Capital and Venerable$658 $675 

Additionally, Athene consolidates AP Violet ATH Holdings, L.P (“AP Violet”). AP Violet’s investment fund primarily represents an interest in VA Capital and was $143 million and $142 million as of June 30, 2026 and December 31, 2025, respectively.

Wheels

Athene invests in Wheels Inc. (“Wheels”) indirectly through its investments in AAA and AAA Lux. As of June 30, 2026 and December 31, 2025, Athene also directly held $946 million and $949 million, respectively, of AFS securities issued by Wheels, which are included in investments in related parties on the condensed consolidated statements of financial condition. Athene also had commitments to make additional investments in Wheels of $56 million as of June 30, 2026.

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Apollo/Athene Dedicated Investment Programs

Athene’s subsidiary, ACRA 1, is partially owned by ADIP I, a series of funds managed by Apollo. Athene’s subsidiary, ALRe, directly holds 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63% of the economic interests. Athene’s subsidiary, ACRA 2, is partially owned by ADIP II, a fund managed by Apollo. ADIP II owns 63% of the economic interests in ACRA 2, with ALRe directly owning the remaining 37% of the economic interests. ALRe holds all of ACRA 2’s voting interests.

Athene received capital contributions and paid distributions relating to ACRA of the following:

Three months ended June 30,Six Months Ended June 30,
(In millions)2026202520262025
Contributions from ADIP$145 $126 $271 $126 
Distributions to ADIP(47)(95)(301)(190)

In addition, Athene holds investments in ADIP directly and through ADIP Advisors (PA), LP, a consolidated VIE. The investments are accounted for as equity method investments and included in investments in related parties or investments of consolidated VIEs on the condensed consolidated statements of financial condition. As of June 30, 2026 and December 31, 2025, these investments were $253 million and $231 million, respectively. Athene also had commitments to make additional investments in ADIP of $357 million as of June 30, 2026.

ARI

On April 24, 2026, Athene completed the purchase of a commercial mortgage loan portfolio, including accrued interest, for $8.7 billion from ARI.

17. Commitments and Contingencies

Investment Commitments

The Company has unfunded capital commitments of $806 million as of June 30, 2026 related to the funds it manages. Separately, Athene had commitments to make investments, inclusive of related party commitments discussed previously and those of its consolidated VIEs, of $37.0 billion as of June 30, 2026. Athene’s commitments primarily include capital contributions to investment funds and mortgage loan commitments. The Company expects most of the current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request.

Contingent Obligations

Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through June 30, 2026 and that could be reversed approximates $5.6 billion. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Management views the possibility of all of the investments becoming worthless as remote.

Additionally, at the end of the life of certain funds, Apollo may be obligated as general partner, to repay the funds’ performance allocations received in excess of what was ultimately earned. This obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the partnership agreement of the fund.

Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting periods. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements.

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One of Apollo’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of June 30, 2026, there were no open underwriting commitments.

AGS has entered into an arrangement with certain funds managed by State Street Global Advisors (“SSG”) to provide firm bids for certain securities sold to SSG managed funds. These firm bids are at market prices determined by AGS on an intra-daily basis, which if accepted by SSG, would obligate AGS to purchase the securities at such prices. The total obligation of AGS to provide these firm bids is limited to 25% of the prior day’s end-of-day net asset value of the securities held by SSG that were originated from AGS, with an additional weekly cap set at 50% of the net asset value from five trading days prior.

The Company, along with a third-party institutional investor, has committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company has committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.5 billion. The revolving credit facility, which has a final maturity date of October 15, 2027, is non-recourse to the Company, except that the Company provided customary comfort letters with respect to its capital contributions to the Apollo Capital Markets Partnership. As of June 30, 2026, the Apollo Capital Markets Partnership had funded commitments of $2.0 billion, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company to the Apollo Capital Markets Partnership pursuant to its commitment.

Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk.

In connection with the acquisition of Stone Tower in 2012, Apollo agreed to pay its former owners a specified percentage of future performance revenues earned from certain of its funds, CLOs, and strategic investment accounts. This obligation was determined based on the present value of estimated future performance revenue payments and is recorded in other liabilities. The fair value of the remaining contingent obligation was $56 million and $72 million as of June 30, 2026 and December 31, 2025, respectively. This contingent consideration obligation is remeasured to fair value at each reporting period until the obligations are satisfied. The changes in the fair value of the Stone Tower contingent consideration obligation is reflected in profit sharing expense within compensation and benefits in the condensed consolidated statements of operations.

Indemnifications and Contingent Performance Guarantees

In connection with the Bridge acquisition and consistent with standard business practices, Bridge provides property management and various other services to Bridge funds and third parties, and has agreed, in certain cases, to reimburse such service recipients (or their affiliates) for losses arising from, among other things, fraud, misconduct, gross negligence, or misappropriation of funds in each case attributable to Bridge or its affiliates. Bridge’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against Bridge or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated statements of financial condition as of June 30, 2026. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

The Company may incur contingent liabilities for claims that may be made against it in the future. For example, Bridge and certain Bridge funds have provided non-recourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, environmental indemnities, mechanics liens, and other performance guarantees. As of June 30, 2026, the aggregate notional amount of loans that Bridge provided contingent performance guarantees for under these arrangements is $622 million, and the Company’s liabilities for these matters would require a claim to be made against the Company in the future.

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Funding Agreements

Athene is a member of the Federal Home Loan Bank of Des Moines (“FHLB”) and, through its membership, has issued funding agreements to the FHLB in exchange for cash advances. As of June 30, 2026 and December 31, 2025, Athene had $27.7 billion and $23.3 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

Athene has a FABN program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of June 30, 2026 and December 31, 2025, Athene had $33.9 billion and $34.6 billion, respectively, of FABN funding agreements outstanding. Athene had $11.1 billion of board-authorized FABN capacity remaining as of June 30, 2026.

Athene also issues secured and other funding agreements. Secured funding agreements issued under Athene’s FABR programs involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of June 30, 2026 and December 31, 2025, Athene had $32.1 billion and $27.1 billion, respectively, of secured and other funding agreements outstanding, of which $26.0 billion and $21.0 billion were issued under the FABR program, respectively, and $6.1 billion and $6.1 billion were direct funding agreements, respectively.

Pledged Assets and Funds in Trust (Restricted Assets)

Athene’s restricted investments and cash balances included on the condensed consolidated statements of financial condition are as follows:

(In millions)June 30, 2026December 31, 2025
AFS securities$64,567 $59,336 
Trading securities3,788 3,350 
Equity securities200 156 
Mortgage loans48,172 44,204 
Investment funds296 293 
Derivative assets207 160 
Other investments2,154 1,880 
Restricted cash and cash equivalents1,601 1,349 
Total restricted assets$120,985 $110,728 

The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above.

Letters of Credit

Athene has undrawn letters of credit totaling $1.0 billion as of June 30, 2026. These letters of credit were issued for Athene’s reinsurance program and have expirations through June 19, 2028.

Atlas

In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas, which obligate these investors for a portion of the deferred purchase obligation. The Company’s guarantee is not probable of payment, therefore, there is no liability on the Company’s condensed consolidated financial statements.

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Purchase Obligation Guarantee

In the second quarter of 2026, Apollo-managed funds and affiliates, including Athene, in partnership with certain third parties, entered into a $35 billion capital solution agreement with Broadcom Inc., which facilitates Anthropic, PBC’s compute infrastructure expansion beginning in mid-2026.

As part of the agreement, an Apollo-managed fund, WarehouseCo Intermediate Holdings LP (“WHCO”), has a purchase obligation for the compute infrastructure produced under the agreement. WHCO is expected to satisfy its obligation through the committed financing arrangements established as part of the transaction structure. In connection with this purchase obligation, AHL provided a limited guarantee to satisfy WHCO’s purchase obligation should WHCO default under its purchase obligation. AHL’s guarantee represents 15% of the outstanding purchase obligation, which is expected to be satisfied as fundings occur and no later than 2028. AHL’s guarantee is not probable of payment as the funding obligations are expected to be satisfied by the committed financing arrangements established as part of the transaction structure; therefore, there is no liability on the Company’s condensed consolidated financial statements. Separately, AHL has an agreement with a third party under which AHL would be reimbursed for 35% of any amounts paid by AHL under its guarantee.

Guaranty Association Assessments

Guaranty associations may subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies that become impaired or insolvent. The assessments are based on an insurer’s proportionate share of premiums written in that state during a specified one-year or three-year period for lines of business in which the impaired or insolvent insurer engaged, subject to prescribed limits.

Litigation and Regulatory Matters

The Company is party to various legal actions arising from time to time in the ordinary course of business, including claims and lawsuits, arbitrations, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding the Company’s business.

On August 17, 2023, a purported stockholder of AGM filed a shareholder derivative complaint (the “Original Complaint”) in the Court of Chancery of the State of Delaware against current AGM directors Marc Rowan, Scott Kleinman, and James Zelter, former AGM directors Alvin Krongard, Michael Ducey, and Pauline Richards, Apollo Former Managing Partners Leon Black and Joshua Harris, and, as a nominal defendant, AGM. The action is captioned Anguilla Social Security Board vs. Black et al., C.A. No. 2023-0846-JTL and challenges the $570 million in payments made to the Former Managing Partners and Contributing Partners in connection with the elimination of the Up-C structure that was in place prior to Apollo’s merger with Athene. As previously disclosed in Apollo’s SEC filings, this purported stockholder previously had sought and received documents relating to the transaction pursuant to Section 220 of the Delaware General Corporation Law. The Original Complaint alleged that the challenged payments amount to corporate waste, that the challenged payments exceed fair value and therefore the Former Managing Partners and Contributing Partners that received those payments breached their fiduciary duties, and that the independent conflicts committee of the AAM board of directors (which then consisted of Mr. Krongard, Mr. Ducey, and Ms. Richards) that negotiated the challenged payments breached their fiduciary duties. The Original Complaint alleged that pre-suit demand was futile because a majority of AGM’s board is either not independent from the Former Managing Partners or face a substantial likelihood of liability in light of the challenges to the transaction. The Original Complaint sought, among other things, declaratory relief, unspecified monetary damages, interest, restitution, disgorgement, injunctive relief, costs, and attorneys’ fees. On November 16, 2023, the defendants moved to dismiss the Original Complaint on the basis that, among other things, the plaintiff failed to make a pre-suit demand on the Apollo board of directors. On February 9, 2024, the plaintiff filed an amended complaint (the “Amended Complaint”) that adds new factual allegations but names the same defendants, asserts the same causes of action, and seeks the same relief as the Original Complaint. The Amended Complaint alleges that pre-suit demand was futile for the same reasons alleged in the Original Complaint. On April 25, 2024, the defendants moved to dismiss the Amended Complaint. On September 20, 2024, the Court of Chancery denied the defendants’ motion to dismiss. AGM and the defendants filed answers to the Amended Complaint on November 25, 2024. On October 28, 2024, the AGM board of directors adopted resolutions forming a Special Litigation Committee (the “SLC”) comprising directors whom the board determined to be independent and disinterested. The AGM board of directors delegated to the SLC, among other things, the full and exclusive power and authority of the board to investigate, review and evaluate the facts and circumstances asserted in the litigation and determine whether pursuing the litigation is in the best interests of AGM and its stockholders. Pursuant to an order of the court, all proceedings in the litigation are stayed while parties discuss a potential negotiated resolution of derivative claims through mediation. No reasonable estimate of possible loss, if any, can be made at this time.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

On March 14, 2024, a purported stockholder of AGM filed a class action complaint in the Court of Chancery of the State of Delaware against AGM. The complaint alleges, among other things, that certain provisions of the stockholders agreement, entered into on January 1, 2022 between AGM and the Former Managing Partners, violate Delaware law. On July 11, 2024, AGM moved to dismiss. Following the expiration of a court-approved stay, briefing on AGM’s motion to dismiss resumed and was completed as of March 14, 2026. That motion is currently pending before the court. AGM believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time.

Two purported stockholders of AGM have filed separate class action complaints in the United States District Court for the Southern District of New York, asserting claims against AGM, Marc Rowan, and Leon Black, and alleging violations of the federal securities laws. The actions are captioned Solomon Feldman v. Apollo Global Management, Inc., No. 1:26-cv-1692 (filed March 2, 2026), and Richard Perez v. Apollo Global Management, Inc., No. 1:26-cv-3550 (filed April 29, 2026), which were subsequently consolidated by order of the Court. Both complaints challenge, among other things, certain of the defendants’ public statements in 2021 and 2022 that AGM never did any business with Jeffrey Epstein. The class period alleged in both complaints is May 10, 2021 through February 21, 2026, inclusive. Motions for appointment of a lead plaintiff and lead counsel to represent the putative class are pending. AGM intends to vigorously defend against the claims brought by plaintiffs in this matter. No reasonable estimate of possible loss, if any, can be made at this time.

Following assertions made by German tax authorities regarding historical transactions in one of the Company’s funds, the Company voluntarily disclosed certain internal reorganization transactions of fund entities to these authorities. Consequently, the Company has received certain assessments with respect to such reorganizations, and the Company believes the German tax authorities may seek further assessments; any final assessment could be material. The Company believes no such tax is due and intends to contest any assessment vigorously. At this time, the Company cannot reasonably estimate any potential loss.

18. Segments

The Company conducts its business through three reportable segments: (i) Asset Management, (ii) Retirement Services and (iii) Principal Investing. Segment information is utilized by the Company’s chief operating decision maker (“CODM”) to assess performance and to allocate resources. AGM’s CEO is the CODM, who is also solely responsible for decisions related to the allocation of resources on a company-wide basis.

For each segment, the CODM uses the key measure of Segment Income to allocate resources (including employees, financial or capital resources) to that segment in the annual budget and forecasting process. The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because the chief operating decision maker makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds.

Segment Income

Segment Income is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following:

•decisions related to the allocation of resources such as staffing decisions, including hiring and locations for deployment of the new hires;
•decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;
•decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and
•decisions related to the amount of earnings available for dividends to common stockholders and holders of equity-based awards that participate in dividends.
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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings and (iii) Principal Investing Income. Segment Income excludes the effects of the consolidation of any of the related funds, interest and other financing costs related to AGM not attributable to any specific segment, taxes and related payables, and transaction-related charges, restructuring and other non-operating expenses. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions. Non-operating expenses include certain charitable contributions and other non-operating expenses. In addition, Segment Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and certain VIEs that are included in the condensed consolidated financial statements.

Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment Income as a measure of operating performance, not as a measure of liquidity. Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this note.

Fee Related Earnings

Fee Related Earnings (“FRE”) is a component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages.

Spread Related Earnings

Spread Related Earnings (“SRE”) is a component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, 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.

Principal Investing Income

Principal Investing Income (“PII”) is a component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, and (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following presents financial data for the Company’s reportable segments.

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Asset Management
Management fees$1,001 $816 $1,953 $1,586 
Capital solutions fees and other, net277 216 523 370 
Fee-related performance fee65 63 129 117 
Fee-related compensation (343)(279)(676)(538)
Other operating expenses(215)(189)(416)(349)
Fee Related Earnings785 627 1,513 1,186 
Retirement Services
Fixed income and other net investment income3,686 3,179 7,237 6,093 
Alternative net investment income348 319 558 634 
Strategic capital management fees37 32 73 61 
Cost of funds(2,942)(2,470)(5,749)(4,680)
Other operating expenses(111)(107)(229)(221)
Interest and other financing costs(141)(132)(294)(262)
Spread Related Earnings 877 821 1,596 1,625 
Principal Investing
Realized performance fees130 219 487 409 
Realized investment income27 13 73 41 
Principal investing compensation(123)(168)(436)(356)
Other operating expenses(18)(17)(33)(33)
Principal Investing Income 16 47 91 61 
Segment Income$1,678 $1,495 $3,200 $2,872 

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Revenue
Asset Management1
$1,343 $1,095 $2,605 $2,073 
Retirement Services4,071 3,530 7,868 6,788 
Principal Investing157 232 560 450 
Total Segment Revenue$5,571 $4,857 $11,033 $9,311 

(In millions)June 30, 2026December 31, 2025
Segment Assets
Asset Management$5,223 $5,026 
Retirement Services460,225 430,122 
Principal Investing11,837 11,527 
Total Assets$477,285 $446,675 
1 Includes intersegment management fees from Retirement Services of $386 million and $358 million for the three months ended June 30, 2026 and 2025 respectively, and $785 million and $719 million for the six months ended June 30, 2026 and 2025 respectively.

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APOLLO GLOBAL MANAGEMENT, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Income$1,678 $1,495 $3,200 $2,872 
Asset Management Adjustments:
Equity-based profit sharing expense1,5
(71)(38)(123)(68)
Equity-based compensation(129)(102)(285)(201)
Net income (loss) attributable to non-controlling interests in consolidated entities698 266 953 815 
Unrealized performance fees5
320 (28)(101)91
Unrealized profit sharing expense5
(152)43 55 (62)
HoldCo interest and other financing costs2
(53)(36)(98)(70)
Unrealized principal investment (income) loss5
(45)11 (165)9 
Unrealized net gains (losses) from investment activities5
28 (293)(29)(354)
Transaction-related costs, restructuring and other non-operating expenses3
(117)(70)(186)(346)
Retirement Services Adjustments:
Investment gains (losses), net of offsets23 (509)(673)(358)
Non-operating change in insurance liabilities and related derivatives4
358 149 316 (218)
Integration, restructuring and other non-operating items(41)(32)(74)(62)
Equity-based compensation(12)(11)(22)(22)
Income (loss) before income tax (provision) benefit$2,485 $845 $2,768 $2,026 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the six months ended June 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
5 Represents adjustments that primarily impact the Principal Investing segment.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Revenues$5,571 $4,857 $11,033 $9,311 
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1
279 157 484 252 
Performance fees2
323 (26)(96)96 
Principal investment income (loss)2
(73)3 (215)2 
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
238 162 510 306 
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3
3,462 381 1,886 (50)
Change in fair value of reinsurance assets106 65 200 128 
Forward points adjustment on foreign exchange derivative hedges(19)(26)(47)(50)
Held-for-trading amortization46 40 103 69 
Reinsurance impacts30 39 57 79 
ACRA non-controlling interests on net investment earnings1,311 1,159 2,560 2,233 
Other retirement services adjustments(121)3 (263)(14)
Total Revenues$11,153 $6,814 $16,212 $12,362 
1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash
revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the condensed consolidated statements of operations for a breakout of individual items.

The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)June 30, 2026December 31, 2025
Total reportable segment assets$477,285 $446,675 
Adjustments1
16,763 14,274 
Total Assets$494,048 $460,949 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

19. Subsequent Events

Dividends

On August 4, 2026, the Company declared a cash dividend of $0.5625 per share of common stock, which will be paid on August 31, 2026 to holders of record at the close of business on August 19, 2026.

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ITEM 1A. UNAUDITED SUPPLEMENTAL PRESENTATION OF STATEMENTS OF FINANCIAL CONDITION
June 30, 2026
(In millions)
Apollo Global Management, Inc. and Consolidated Subsidiaries1
Consolidated Funds and VIEsEliminationsConsolidated
Assets
Asset Management
Cash and cash equivalents$3,415 $— $— $3,415 
Restricted cash and cash equivalents19 — — 19 
Investments6,732 — (407)6,325 
Assets of consolidated variable interest entities
Cash and cash equivalents19 1,253 — 1,272 
Investments356 4,232 (875)3,713 
Due from related parties23 — — 23 
Other assets31 803 (200)634 
Due from related parties1,045 — (105)940 
Goodwill1,833 — — 1,833 
Other assets3,587 — — 3,587 
17,060 6,288 (1,587)21,761 
Retirement Services
Cash and cash equivalents21,951 6 — 21,957 
Restricted cash and cash equivalents1,583 — — 1,583 
Investments334,454 — (612)333,842 
Investments in related parties61,444 — (18,144)43,300 
Assets of consolidated variable interest entities
Cash and cash equivalents15 156 — 171 
Investments1,348 30,536 — 31,884 
Other assets5 197 — 202 
Reinsurance recoverable10,929 — — 10,929 
Deferred acquisition costs, deferred sales inducements and value of business acquired9,279 — — 9,279 
Goodwill4,079 — — 4,079 
Other assets15,138 — (77)15,061 
460,225 30,895 (18,833)472,287 
Total Assets$477,285 $37,183 $(20,420)$494,048 
(Continued)
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June 30, 2026
(In millions)
Apollo Global Management, Inc. and Consolidated Subsidiaries1
Consolidated Funds and VIEsEliminationsConsolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities$4,130 $— $— $4,130 
Due to related parties1,320 — (147)1,173 
Debt5,895 — — 5,895 
Liabilities of consolidated variable interest entities
Accounts payable, accrued expenses, and other liabilities138 4,360 (651)3,847 
11,483 4,360 (798)15,045 
Retirement Services
Interest sensitive contract liabilities344,593 — — 344,593 
Future policy benefits48,241 — — 48,241 
Market risk benefits5,283 — — 5,283 
Debt7,832 — — 7,832 
Payables for collateral on derivatives and securities to repurchase11,199 — — 11,199 
Other liabilities18,981 — — 18,981 
Liabilities of consolidated variable interest entities
Other liabilities29 1,372 (9)1,392 
436,158 1,372 (9)437,521 
Total Liabilities447,641 5,732 (807)452,566 
Commitments and Contingencies (note 17)
Equity
Mandatory Convertible Preferred Stock
1,398 — — 1,398 
Additional paid in capital16,628 40 — 16,668 
Retained earnings6,269 19,880 (20,000)6,149 
Accumulated other comprehensive income (loss)(3,206)20 (23)(3,209)
Total AGM Stockholders’ Equity21,089 19,940 (20,023)21,006 
Non-controlling interests8,555 11,511 410 20,476 
Total Equity29,644 31,451 (19,613)41,482 
Total Liabilities and Equity$477,285 $37,183 $(20,420)$494,048 
1 Certain investment managers and general partners of the funds managed by the Company are VIEs. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets and liabilities of such VIEs are presented within Apollo Global Management, Inc. and Consolidated Subsidiaries.
(Concluded)

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December 31, 2025
(In millions)
Apollo Global Management, Inc. and Consolidated Subsidiaries1
Consolidated Funds and VIEsEliminationsConsolidated
Assets
Asset Management
Cash and cash equivalents$3,350 $— $— $3,350 
Restricted cash and cash equivalents19 — — 19 
Investments6,750 — (524)6,226 
Assets of consolidated variable interest entities
Cash and cash equivalents5 322 — 327 
Investments431 3,211 (133)3,509 
Due from related parties16 — — 16 
Other assets30 325 (125)230 
Due from related parties728 — (81)647 
Goodwill1,848 — — 1,848 
Other assets3,376 — — 3,376 
16,553 3,858 (863)19,548 
Retirement Services
Cash and cash equivalents14,994 — — 14,994 
Restricted cash and cash equivalents1,332 — — 1,332 
Investments321,757 — (676)321,081 
Investments in related parties52,251 — (17,272)34,979 
Assets of consolidated variable interest entities
Cash and cash equivalents23 546 — 569 
Investments1,596 28,578 (182)29,992 
Other assets4 342 — 346 
Reinsurance recoverable10,282 — — 10,282 
Deferred acquisition costs, deferred sales inducements and value of business acquired8,634 — — 8,634 
Goodwill4,072 — — 4,072 
Other assets15,177 — (57)15,120 
430,122 29,466 (18,187)441,401 
Total Assets$446,675 $33,324 $(19,050)$460,949 
(Continued)
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December 31, 2025
(In millions)
Apollo Global Management, Inc. and Consolidated Subsidiaries1
Consolidated Funds and VIEsEliminationsConsolidated
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
Accounts payable, accrued expenses, and other liabilities$3,861 $— $— $3,861 
Due to related parties1,165 — (103)1,062 
Debt5,516 — — 5,516 
Liabilities of consolidated variable interest entities
Debt, at fair value— 177 (177)— 
Accounts payable, accrued expenses, and other liabilities141 1,859 (51)1,949 
10,683 2,036 (331)12,388 
Retirement Services
Interest sensitive contract liabilities315,889 — — 315,889 
Future policy benefits50,264 — — 50,264 
Market risk benefits4,930 — — 4,930 
Debt7,848 — — 7,848 
Payables for collateral on derivatives and securities to repurchase11,085 — — 11,085 
Other liabilities14,329 — — 14,329 
Liabilities of consolidated variable interest entities
Other liabilities32 1,681 (12)1,701 
404,377 1,681 (12)406,046 
Total Liabilities415,060 3,717 (343)418,434 
Commitments and Contingencies (note 17)
Equity
Mandatory Convertible Preferred Stock
1,398 — — 1,398 
Additional paid in capital16,914 40 — 16,954 
Retained earnings7,731 18,784 (18,881)7,634 
Accumulated other comprehensive income (loss)(2,636)31 (40)(2,645)
Total AGM Stockholders’ Equity23,407 18,855 (18,921)23,341 
Non-controlling interests8,208 10,752 214 19,174 
Total Equity31,615 29,607 (18,707)42,515 
Total Liabilities and Equity$446,675 $33,324 $(19,050)$460,949 
1 Certain investment managers and general partners of the funds managed by the Company are VIEs. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets and liabilities of such VIEs are presented within Apollo Global Management, Inc. and Consolidated Subsidiaries.
(Concluded)

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with Apollo Global Management, Inc.’s condensed consolidated financial statements and the related notes within this quarterly report. This discussion contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those included in the section entitled “Item 1A. Risk Factors” in our 2025 Annual Report. The highlights listed below have had significant effects on many items within our condensed consolidated financial statements and affect the comparison of the current period’s activity with those of prior periods.

General

Our Businesses

Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies.

Asset Management

Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage which enables the funds to invest opportunistically across a company’s capital structure. We raise, invest and manage 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. As of June 30, 2026, we had total AUM of $1.05 trillion.

The credit and equity investing strategies of our Asset Management segment reflect the range of investment capabilities across our platform, from investment grade to private equity. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients. We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our private equity franchise. After expenses, we call the resulting earnings stream “Fee Related Earnings” or “FRE”, which represents the primary performance measure for the Asset Management segment.

Credit

Credit is our largest asset management strategy with $849 billion of AUM as of June 30, 2026. Our credit strategy spans third-party strategies and Apollo’s retirement services business across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit. Our credit strategy provides flexible, scaled and diverse capital solutions across the entire credit risk-return spectrum, with a focus on generating excess returns through high-quality credit underwriting and origination. Beyond participation in the traditional issuance and secondary credit markets, through our origination platforms and corporate solutions capabilities we seek to originate attractive and safe-yielding assets for the investors in the funds we manage.

Equity

Our equity strategy managed $198 billion of AUM as of June 30, 2026. Across our equity strategy, we maintain our focus on creative structuring and sourcing while working with the management teams of the portfolio companies of the Apollo-managed funds to help transform and grow their businesses. Our flexible mandate and purchase price discipline allow us to embrace complexity and seek attractive outcomes for our stakeholders. Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, infrastructure and clean transition equity strategies. We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through June 30, 2026.

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Acquisition of Bridge

On September 2, 2025, we completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM, and its results are included in the condensed consolidated financial statements commencing from the Acquisition Date.

Retirement Services

Our retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene’s primary product line is annuities, which include fixed rate, indexed, payout and group annuities issued in connection with pension group annuity transactions and benefit plans. Athene also offers funding agreements and guaranteed investment contracts issued in connection with defined contribution plans. Funding agreements are composed of funding agreements issued under its FABN program, secured and other funding agreements, which include Athene’s FABR program and direct funding agreements, funding agreements issued to the FHLB and repurchase agreements with an original maturity exceeding one year. Guaranteed investment contracts support stable value investment options within defined contribution plans and allow the contract holder to earn a guaranteed return of principal plus interest. Our asset management business provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services including investment compliance, tax, legal and risk management support.

Our retirement services business focuses on generating spread income by combining the two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of our asset management business to actively source or originate assets with Athene’s preferred risk and return characteristics. Athene’s investment philosophy is to invest a portion of its assets in securities that earn an incremental yield by taking measured liquidity and complexity risk and capitalize on its long-dated, persistent liability profile to prudently achieve higher net investment earned rates, rather than assuming incremental credit risk. A cornerstone of Athene’s investment philosophy is that given the operating leverage inherent in its business, modest investment outperformance can translate to outsized return performance. Because Athene maintains discipline in underwriting attractively priced liabilities, it has the ability to invest in a broad range of high-quality assets to generate attractive earnings.

Principal Investing

Our Principal Investing segment is composed of our realized performance fee income, realized investment income earned from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company. The Principal Investing segment also includes our growth capital and liquidity resources at AGM. Over time, we may deploy capital into strategic investments that will help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the scalability and/or efficiency of our existing operations. We believe these investments may translate into greater compounded annual growth of Fee Related Earnings.

Given the cyclical nature of realized performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments. We earn fees based on the investment performance of the funds, partnerships and accounts we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with investors whose capital we manage and incentivize them to deliver strong investment performance over time. To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over time.

Business Environment

Economic and Market Conditions

Our asset management and retirement services businesses are affected by the condition of global financial markets and the economy. Price fluctuations within equity, credit, commodity and foreign exchange markets, as well as interest rates and global inflation, which may be volatile and mixed across geographies, can significantly impact the performance of our business, including, but not limited to, the valuation of investments, including those of the funds we manage, and related income we may recognize.

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Adverse economic conditions may result from domestic and global economic and political developments, including slower economic growth and business activity, changes in U.S. and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East, including with Iran, and between Ukraine and Russia, and related sanctions. Additional risks include new or evolving legal and regulatory requirements affecting business investment, hiring, migration, labor supply and global supply chains, as well as disruptions to energy markets and critical shipping routes.

Uncertainty surrounding U.S. trade policy, the conflict with Iran and persistent inflation remain downside risks. However, U.S. economic activity remains resilient, supported by consumer spending, investment in artificial intelligence infrastructure, increased domestic manufacturing and fiscal stimulus. These drivers continue to support solid growth and a modest risk of recession. Tariffs remain inflationary and may weigh on growth and corporate earnings, with the ultimate impact dependent on their scope, duration and the outcome of trade negotiations.

Inflation remains elevated, limiting the scope of monetary easing and placing upward pressure on shorter term rates. Simultaneously, fiscal deficits and increased U.S. Treasury issuances may place upward pressure on longer term rates, increasing the likelihood that interest rates and credit yields remain elevated.

We carefully monitor economic and market conditions, including global inflation, that could potentially give rise to global market volatility and affect our business operations, investment portfolios and derivatives. U.S. inflation remains elevated, with the U.S. Bureau of Labor Statistics reporting the annual U.S. inflation rate increased to 3.5% as of June 30, 2026, compared to 3.3% as of March 31, 2026. The U.S. Federal Reserve has a current benchmark interest rate target range of 3.50% to 3.75%, unchanged from its December 2025 meeting.

Equity market performance was strong during the second quarter of 2026. In the U.S., the S&P 500 Index increased by 14.9% during the second quarter of 2026, following a decrease of 4.6% in the first quarter of 2026. Global equity markets increased during the quarter, with the MSCI All Country World ex USA Index increasing by 10.5%, following a decrease of 0.8% in the first quarter of 2026.

Conditions in the credit markets may have a significant impact on our business. Credit fundamentals remain generally constructive, with default rates in high yield bonds and leveraged loans declining and distressed exchanges moderating. Current stresses in software and artificial intelligence related credit appear concentrated rather than indicative of a broader macroeconomic downturn. Credit markets experienced increases in the second quarter of 2026, with the BofAML HY Master II Index increasing by 2.5% and the Morningstar/LSTA Leveraged Loan Index increasing by 1.2%.

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 1.5% in the second quarter of 2026, following an increase of 2.1% in the first quarter of 2026. As of July 2026, the International Monetary Fund estimated the U.S. economy will expand by 2.3% in 2026 and 2.2% in 2027. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate decreased to 4.2% as of June 30, 2026.

Foreign exchange rates can materially impact the valuations of our investments and those of the funds we manage that are denominated in currencies other than the U.S. dollar. Strong foreign demand for U.S. assets remains an important support for the U.S. dollar. The U.S. dollar strengthened in the second quarter of 2026 compared to the euro and Japanese yen, however, the U.S. dollar weakened compared to the British pound. Relative to the U.S. dollar, the euro depreciated 1.1% during the second quarter of 2026, after depreciating 1.6% in the first quarter of 2026 and the Japanese yen depreciated 2.4% in the second quarter of 2026, after depreciating 1.3% in the first quarter of 2026, while the British pound appreciated 0.3% during the second quarter of 2026, after depreciating 1.8% in the first quarter of 2026. We generally undertake hedging activities to eliminate or mitigate foreign exchange currency risk. Oil prices ended the second quarter of 2026 down 31.4% from the first quarter of 2026, primarily related to the temporary easing of tensions in the ongoing conflict in the Middle East.

We are actively monitoring the developments in Ukraine resulting from the Russia/Ukraine conflict and the economic sanctions and restrictions imposed against Russia, Belarus, and certain Russian and Belarusian entities and individuals. The Company continues to (i) identify and assess any exposure to designated persons or entities across the Company’s business; (ii) ensure existing surveillance and controls are calibrated to the evolving sanctions; and (iii) ensure appropriate levels of communication across the Company, and with other relevant market participants, as appropriate.

As of June 30, 2026, the funds we manage have no investments that would cause Apollo or any Apollo managed fund to be in violation of current international sanctions, and we believe the direct exposure of investment portfolios of the funds we manage
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to Russia and Ukraine is insignificant. The Company and the funds we manage do not intend to make any new material investments in Russia, and have appropriate controls in place to ensure review of any new exposure.

Institutional investors continue to allocate capital towards alternative investment managers in search of more attractive returns, and we believe the business environment remains generally accommodative to raise larger successor funds, launch new products, and pursue attractive strategic growth opportunities and addressable markets.

Private credit, which represents an estimated $40 trillion primarily investment-grade market, has experienced heightened focus, generating industry inquiries around liquidity, valuation methodologies, global wealth access and technology-related portfolio allocations. We believe such inquiries are natural to an evolving asset class that is experiencing strong overall growth. However, the magnified focus has corresponded to increased redemption requests within perpetual non-traded business development company structures across the industry, resulting in lower growth for these products.

While investor demand for perpetual non-traded business development company structures may experience variability, we believe that the long-term opportunity to provide investors with access to private credit, both investment-grade and sub investment-grade, will remain compelling across cycles.

Interest Rate Environment

Medium and long-term rates increased during the second quarter of 2026, with the U.S. 10-year Treasury yield at 4.44% as of June 30, 2026, compared to 4.30% as of March 31, 2026. Short-term rates increased during the second quarter of 2026, with the 3-month secured overnight financing rate at 3.73% as of June 30, 2026, compared to 3.68% as of March 31, 2026.

With respect to Retirement Services, Athene’s investment portfolio predominantly consists of fixed maturity investments. If prevailing interest rates were to rise, we believe the yield on Athene’s new investment purchases may also rise and its investment income from floating rate investments would increase, while the value of its existing investments may decline. If prevailing interest rates were to decline significantly, the yield on Athene’s new investment purchases may decline and its investment income from floating rate investments would decrease, while the value of its existing investments may increase.

Athene addresses interest rate risk through managing the duration of the liabilities it sources with assets it acquires through asset liability management (“ALM”) modeling. As part of its investment strategy, Athene purchases floating rate investments, which are expected to perform well in a rising interest rate environment and are expected to underperform in a declining rate environment. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position. As of June 30, 2026, Athene’s net invested asset portfolio included $71.2 billion of floating rate assets, or 23% of its net invested assets, and its net reserve liabilities included $68.9 billion of floating rate liabilities at notional, or 22% of its net invested assets, resulting in $2.3 billion of net floating rate assets, or 1% of its net invested assets. Athene’s floating rate asset position includes floating rate investments and cash and cash equivalents on a net invested asset basis, adjusted for net investment payables/receivables and cash posted as collateral for derivative transactions.

If prevailing interest rates were to rise, we believe Athene’s products would be more attractive to consumers and its sales would likely increase. If prevailing interest rates were to decline, it is likely that Athene’s products would be less attractive to consumers and its sales would likely decrease. In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent Athene is unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions. A significant majority of Athene’s deferred annuity products have crediting rates that it may reset annually upon renewal, following the expiration of the current guaranteed period. While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum levels at renewal, its willingness to do so may be limited by competitive pressures. Athene’s funding agreements and other investment-type contracts provide little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution. Other investment-type contracts include immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies), guaranteed investment contracts, and assumed endowments without significant mortality risks.

See “Part I—Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this report and “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Annual Report, which include a discussion regarding interest rate and other significant risks and our strategies for managing these risks.

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Overview of Results of Operations

Financial Measures under U.S. GAAP – Asset Management

The following discussion of financial measures under U.S. GAAP is based on Apollo’s asset management business as of June 30, 2026.

Revenues

Management Fees

The significant growth of the assets we manage has had a positive effect on our revenues. Management fees are typically calculated based upon any of “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted costs of all unrealized portfolio investments,” “capital commitments,” “invested capital,” “adjusted assets,” “capital contributions,” or “stockholders’ equity,” each as defined in the applicable limited partnership agreement and/or management agreement of the unconsolidated funds or accounts.

Advisory and Transaction Fees, Net

As a result of providing advisory services with respect to actual and potential investments, we are entitled to receive fees for transactions related to the acquisition and, in certain instances, disposition and financing of companies, some of which are portfolio companies of the funds we manage, as well as fees for ongoing monitoring of portfolio company operations and directors’ fees. We also receive advisory fees for advisory services provided to certain funds. In addition, monitoring fees are generated on certain structured portfolio company investments. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage (up to 100%) of such advisory and transaction fees, net of applicable broken deal costs (“Management Fee Offset”). Such amounts are presented as a reduction to advisory and transaction fees, net, in the condensed consolidated statements of operations.

Performance Fees

The general partners of the funds we manage are entitled to an incentive return of normally up to 20% of the total returns of a fund’s capital, depending upon performance of the underlying funds and subject to preferred returns and high water marks, as applicable. Performance fees, categorized as performance allocations, are accounted for as an equity method investment, and effectively, the performance fees for any period are based upon an assumed liquidation of the funds’ assets at the reporting date, and distribution of the net proceeds in accordance with the funds’ allocation provisions. Performance fees categorized as incentive fees, which are not accounted for as an equity method investment, are deferred until fees are probable to not be significantly reversed. The majority of performance fees consist of performance allocations.

As of June 30, 2026, approximately 31% of the value of the investments of the funds we manage, on a gross basis, was determined using market-based valuation methods (i.e., reliance on broker or listed exchange quotes) and the remaining 69% was determined primarily by comparable company and industry multiples or discounted cash flow models. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest” in our 2025 Annual Report for discussion regarding certain industry-specific risks that could affect the fair value of certain of the portfolio company investments of the funds we manage.

In certain funds we manage, generally in our equity strategy, the Company does not earn performance fees until the investors have achieved cumulative investment returns on invested capital (including management fees and expenses) in excess of an 8% hurdle rate. Additionally, certain of the credit funds we manage have various performance fee rates and hurdle rates. Certain of the credit funds we manage allocate performance fees to the general partner in a similar manner as the equity funds. In certain funds we manage, as long as the investors achieve their priority returns, there is a catch-up formula whereby the Company earns a priority return for a portion of the return until the Company’s performance fees equate to its performance fee rate for that fund; thereafter, the Company participates in returns from the fund at the performance fee rate. Performance fees, categorized as performance allocations, are subject to reversal to the extent that the performance fees distributed exceed the amount due to the general partner based on a fund’s cumulative investment returns. The Company recognizes potential repayment of previously received performance fees as a general partner obligation representing all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the
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underlying fund’s investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life or as otherwise set forth in the respective limited partnership agreement of the fund.

The table below presents an analysis of Apollo’s (i) performance fees receivable on an unconsolidated basis, (ii) unrealized performance fees and (iii) realized performance fees, inclusive of realized incentive fees:

June 30, 2026
Performance Fees for the Three Months Ended June 30, 2026
Performance Fees for the Six Months Ended June 30, 2026
(In millions)Performance Fees Receivable on an Unconsolidated BasisUnrealizedRealizedTotalUnrealizedRealizedTotal
Accord and Accord+ Funds$76 $8 $2 $10 $11 $9 $20 
AIOF I, II and III22 (2)— (2)(28)— (28)
ANRP I, II and III1
47 (21)19 (2)(24)19 (5)
Athora— (5)— (5)(22)— (22)
Champ L.P.16 — — — (148)141 (7)
Credit Strategies56 12 1 13 49 5 54 
EPF Funds1
52 9 — 9 20 — 20 
FCI Funds89 1 — 1 (1)— (1)
Freedom Parent Holdings15 5 — 5 15 — 15 
Fund X542 93 7 100 61 68 129 
Fund IX918 (91)— (91)(217)65 (152)
Fund VIII2
132 308 1 309 199 2 201 
Fund VI43 — 2 2 — 4 4 
HVF I70 (3)4 1 (11)14 3 
HVF II220 (3)30 27 30 30 60 
HVF III36 29 — 29 36 — 36 
MidCap FinCo38 — 5 5 — 10 10 
Redding Ridge Holdings
231 22 8 30 36 16 52 
Bridge Funds95 (28)2 (26)(51)12 (39)
Other1,3
574 (14)115 101 (56)221 165 
Total$3,272 $320 $196 $516 $(101)$616 $515 
Total, net of profit sharing payable4/expense
$1,511 $167 $86 $253 $(46)$209 $163 
1 As of June 30, 2026, certain funds had $163 million in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations was $2.4 billion as of June 30, 2026.
2 As of June 30, 2026, the remaining investments and escrow cash of Fund VIII was valued at 102% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of June 30, 2026, Fund VIII had $164 million of gross performance fees, or $92 million net of profit sharing in escrow. With respect to Fund VIII, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement. Performance fees receivable as of June 30, 2026 and realized performance fees for the three and six months ended June 30, 2026 include interest earned on escrow balances that is not subject to contingent repayment.
3 Other includes certain SIAs.
4 There was a corresponding profit sharing payable of $1.8 billion as of June 30, 2026, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $56 million.

The general partners of certain of the funds we manage accrue performance fees, categorized as performance allocations, when the fair value of investments exceeds the cost basis of the individual investors’ investments in the fund, including any allocable share of expenses incurred in connection with such investments, which we refer to as “high water marks.” These high water marks are applied on an individual investor basis. Certain of the funds we manage have investors with various high water marks, the achievement of which is subject to market conditions and investment performance.

Performance fees from certain funds we manage are subject to contingent repayment by the general partner in the event of future losses to the extent that the cumulative performance fees distributed from inception to date exceeds the amount computed
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as due to the general partner at the final distribution. These general partner obligations, if applicable, are included in due to related parties on the condensed consolidated statements of financial condition.

The following table summarizes our performance fees since inception through June 30, 2026:

Performance Fees Since Inception1
(In millions)Undistributed by Fund and Recognized
Distributed by Fund and Recognized2
Total Undistributed and Distributed by Fund and Recognized3
General Partner Obligation3
Maximum Performance Fees Subject to Potential Reversal4
Accord and Accord+ Funds$76 $157 $233 $— $130 
AIOF I, II and III22 86 108 — 39 
ANRP I, II and III47 225 272 28 100 
Champ L.P.16 134 150 — 13 
Credit Strategies56 611 667 — 55 
EPF Funds52 567 619 109 65 
FCI Funds89 24 113 — 89 
Freedom Parent Holdings15 194 209 — 15 
Fund X542 211 753 — 637 
Fund IX918 1,744 2,662 — 1,814 
Fund VIII132 1,792 1,924 — 1,104 
Fund VII— 3,271 3,271 — — 
Fund VI43 1,664 1,707 — — 
Fund IV and Fund V— 2,023 2,023 1 — 
HVF I70 270 340 — 210 
HVF II220 141 361 — 283 
HVF III36 — 36 — 36 
MidCap FinCo38 166 204 — 38 
Redding Ridge Holdings231 — 231 — 215 
Bridge Funds95 21 116 — 59 
Other5
574 2,978 3,552 25 695 
Total$3,272 $16,279 $19,551 $163 $5,597 
1 Certain funds are denominated in euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2026. Certain funds are denominated in pounds sterling and historical figures are translated into U.S. dollars at an exchange rate of £1.00 to $1.33 as of June 30, 2026.
2 Amounts exclude certain performance fees from business development companies and Redding Ridge Holdings, an affiliate of Redding Ridge.
3 Amounts were computed based on the fair value of fund investments on June 30, 2026. Performance fees have been allocated to and recognized by the general partner. Based on the amount allocated, a portion is subject to potential reversal or, to the extent applicable, has been reduced by the general partner obligation to return previously distributed performance fees as of June 30, 2026. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund.
4 Represents the amount of performance fees that would be reversed if remaining fund investments became worthless on June 30, 2026. Amounts subject to potential reversal of performance fees include amounts undistributed by a fund (i.e., the performance fees receivable), as well as a portion of the amounts that have been distributed by a fund, net of taxes and not subject to a general partner obligation to return previously distributed performance fees, except for those funds that are gross of taxes as defined in the respective funds’ governing documents.
5 Other includes certain SIAs.

Property Management, Development and Other Fees

Apollo provides property management services through Bridge. Apollo earns property management fees over time as the related services are provided under the terms of the respective property management agreements. Apollo also earns leasing commission revenue associated with the leasing of commercial assets, which is recognized upon the execution of the applicable lease agreements, and records development fees as the services are provided under the terms of the applicable development agreements. Other fees are primarily composed of interest on catch-up management fees, fees related to accounting, in-house legal and tax professional services.

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Expenses

Compensation and Benefits

The most significant expense in our asset management business is compensation and benefits expense. This consists of fixed salary, discretionary and non-discretionary bonuses, profit sharing expense associated with the performance fees earned and compensation expense associated with the vesting of non-cash equity-based awards.

Our compensation arrangements with certain employees contain a significant performance-based incentive component. Therefore, as our net revenues increase, our compensation costs rise. Our compensation costs also reflect the increased investment in people as we expand geographically and create new funds.

In addition, certain professionals and selected other individuals have a profit sharing interest in the performance fees earned in order to better align their interests with our own and with those of the investors in the funds we manage. Profit sharing expense is part of our compensation and benefits expense and is generally based upon a fixed percentage of performance fees. Certain of our performance-based incentive arrangements provide for compensation based on realized performance fees which includes fees earned by the general partners of the funds we manage under the applicable fund limited partnership agreements based upon transactions that have closed or other rights to incentive income cash that have become fixed in the applicable calendar year period. Profit sharing expense can reverse during periods when there is a decline in performance fees that were previously recognized. Profit sharing amounts are normally distributed to employees after the corresponding investment gains have been realized. Therefore, changes in our unrealized performance fees have the same effect on our profit sharing expense. Profit sharing expense increases when unrealized performance fees increase. Realizations only impact profit sharing expense to the extent that the effects on investments have not been recognized previously. If losses on other investments within a fund are subsequently realized, the profit sharing amounts previously distributed are normally subject to a general partner obligation to return performance fees previously distributed back to the funds. This general partner obligation due to the funds would generally be realized only when the fund is liquidated, which generally occurs at the end of the fund’s term. However, indemnification obligations also exist for realized gains with respect to certain funds, which, although our Former Managing Partners and Contributing Partners would remain personally liable, may indemnify our Former Managing Partners and Contributing Partners for 17.5% to 100% of the previously distributed profits regardless of the fund’s future performance. See note 16 to our condensed consolidated financial statements for further information regarding the Company’s indemnification liability.

The Company grants equity awards to certain employees, including RSUs and restricted shares of common stock, that generally vest and become exercisable in quarterly installments or annual installments depending on the award terms. In some instances, vesting of an RSU is also subject to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. See note 13 to our condensed consolidated financial statements for further discussion of equity-based compensation.

Other expenses

The balance of our other expenses includes interest, placement fees, and general, administrative and other operating expenses. Interest expense consists primarily of interest related to the senior and subordinated notes as discussed in note 12 to our condensed consolidated financial statements. Placement fees are incurred in connection with our capital raising activities. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. General, administrative and other expenses includes occupancy expense, depreciation and amortization, professional fees and costs related to travel, information technology and administration. Occupancy expense represents charges related to office leases and associated expenses, such as utilities and maintenance fees. Depreciation and amortization of fixed assets is normally calculated using the straight-line method over their estimated useful lives, ranging from two to sixteen years, taking into consideration any residual value. Leasehold improvements are amortized over the shorter of the useful life of the asset or the expected term of the lease. Intangible assets are amortized based on the future cash flows over the expected useful lives of the assets.

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Other Income (Loss)

Net Gains (Losses) from Investment Activities

Net gains (losses) from investment activities include both realized gains and losses and the change in unrealized gains and losses in our investment portfolio between the opening reporting date and the closing reporting date. Net unrealized gains (losses) are a result of changes in the fair value of unrealized investments and reversal of unrealized gains (losses) due to dispositions of investments during the reporting period. Significant judgment and estimation goes into the assumptions that drive these models and the actual values realized with respect to investments could be materially different from values obtained based on the use of those models. The valuation methodologies applied impact the reported value of investment company holdings and their underlying portfolios in our condensed consolidated financial statements.

Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities (“VIEs”)

Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses subsequent to consolidation are presented within net gains (losses) from investment activities of consolidated variable interest entities and are attributable to non-controlling interests in the condensed consolidated statements of operations.

Other Income (Losses), Net

Other income (losses), net includes interest income, gains (losses) arising from the remeasurement of foreign currency denominated assets and liabilities, remeasurement of the tax receivable agreement liability and other miscellaneous non-operating income and expenses.

Financial Measures under U.S. GAAP – Retirement Services

The following discussion of financial measures under U.S. GAAP is based on the Company’s retirement services business, which is operated by Athene, as of June 30, 2026.

Revenues

Premiums

Premiums for long-duration contracts, including products with fixed and guaranteed premiums and benefits, are recognized as revenue when due from policyholders. Insurance revenues are reported net of reinsurance ceded.

Product charges

Revenues for universal life-type policies and investment contracts, including surrender and market value adjustments, costs of insurance, policy administration, GMDB, GLWB and no-lapse guarantee charges, are earned when assessed against policyholder account balances during the period.

Net investment income

Net investment income is a significant component of Athene’s total revenues. Athene recognizes investment income as it accrues or is legally due, net of investment management and custody fees. Investment income on fixed maturity securities includes coupon interest, as well as the amortization of any premium and the accretion of any discount. Investment income on equity securities represents dividend income and preferred coupon interest.

Investment related gains (losses)

Investment related gains (losses) primarily consist of (i) realized gains and losses on sales of investments, (ii) unrealized gains or losses relating to identified risks within AFS securities in fair value hedging relationships, (iii) gains and losses on trading securities, (iv) gains and losses on equity securities, (v) changes in the fair value of the embedded derivatives and derivatives not designated as a hedge, (vi) changes in the fair value of mortgage loan assets, (vii) foreign exchange gains and losses and (viii) changes in the provision for credit losses.

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Expenses

Interest sensitive contract benefits

Interest sensitive contract liabilities are typically associated with universal life-type policies and investment contracts. Universal life-type policies and investment contracts include traditional deferred annuities (which include individual and group deferred annuities); indexed annuities consisting of fixed indexed, index-linked variable annuities in the accumulation phase, and assumed indexed universal life without significant mortality risk; funding agreements; immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies); universal life insurance; and other investment contracts inclusive of guaranteed investment contracts and assumed endowments without significant mortality risk. Liabilities for traditional deferred annuities, indexed annuities and universal life insurance are carried at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”), which is carried at fair value. Fixed indexed annuity, index-linked variable annuity and indexed universal life insurance contracts contain an embedded derivative. Benefit reserves for these contracts are reported as the sum of the fair value of the embedded derivative and the host (or guaranteed) component of the contracts. The fair value of the embedded derivatives represents the present value of cash flows attributable to the indexed strategies. The host contract is established at contract inception as the initial account value less the initial fair value of the embedded derivative and accreted over the policy’s life. Liabilities for immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies), funding agreements, assumed endowments without significant mortality risk and guaranteed investment contracts are calculated as the present value of future liability cash flows and policy maintenance expenses, if any, discounted at contractual interest rates. Certain contracts are offered with additional contract features that meet the definition of a market risk benefit. See “—Market risk benefits remeasurement (gains) losses” below for further information.

Changes in interest sensitive contract liabilities, excluding deposits and withdrawals, are recorded in interest sensitive contract benefits or product charges on the condensed consolidated statements of operations.

Future policy and other policy benefits

Athene issues or reinsures contracts classified as long-duration, which include term and whole life, accident and health, disability, and deferred and immediate annuities with life contingencies (which include pension group annuities and structured settlements with life contingencies).

Liabilities for nonparticipating long-duration contracts are established as the estimated present value of benefits Athene expects to pay to or on behalf of the policyholder and related expenses less the present value of the net premiums to be collected, referred to as the net premium ratio. Liabilities for nonparticipating long-duration contracts are established using accepted actuarial valuation methods, which require the use of assumptions related to discount rate, expenses, longevity, mortality, morbidity, persistency and other policyholder behavior. The liability for nonparticipating long-duration contracts is discounted using an upper-medium grade fixed income instrument yield aligned to the characteristics of the liability, including the duration and currency of the underlying cash flows.

Changes in the value of the liability for nonparticipating long-duration contracts due to changes in the discount rate are recognized as a component of OCI on the condensed consolidated statements of comprehensive income (loss). Changes in the liability for remeasurement gains or losses and all other changes in the liability are recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

Future policy benefits include liabilities for no-lapse guarantees on universal life insurance and fixed indexed universal life insurance. Each reporting period, expected excess benefits and assessments are updated with actual excess benefits and assessments. Athene also periodically revises the key assumptions used in the calculation of the liabilities that result in revisions to the expected excess benefits and assessments. The effects of changes in assumptions are recorded as unlocking in the period in which the changes are made. Changes in the liabilities associated with no-lapse guarantees are recorded in future policy and other policy benefits on the condensed consolidated statements of operations.

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Market risk benefits remeasurement (gains) losses

Market risk benefits represent contracts or contract features that both provide protection to the contract holder from, and expose the insurance entity to, other-than-nominal capital market risk. Athene’s deferred annuity contracts contain GLWB and GMDB riders that meet the criteria for, and are classified as, market risk benefits.

Market risk benefits are measured at fair value at the contract level and may be recorded as a liability or an asset, which are included in market risk benefits or other assets, respectively, on the condensed consolidated statements of financial condition. Fees and assessments collectible from the policyholder at contract inception are allocated to the extent they are attributable to the market risk benefit. If the fees are sufficient to cover the projected benefits, a non-option based valuation model is used. If the fees are insufficient to cover the projected benefits, an option-based valuation model is used to compute the market risk benefit liability at contract inception, with an equal and offsetting adjustment recognized in interest sensitive contract liabilities.

Changes in the fair value of market risk benefits are recorded in market risk benefits remeasurement (gains) losses on the condensed consolidated statements of operations, excluding portions attributed to changes in instrument-specific credit risk, which are recorded in OCI on the condensed consolidated statements of comprehensive income (loss). Ceded market risk benefits are measured at fair value and recorded within reinsurance recoverable on the condensed consolidated statements of financial condition.

Amortization of deferred acquisition costs, deferred sales inducements, and value of business acquired

Costs related directly to the successful acquisition of new, or the renewal of existing, insurance or investment contracts are deferred. These costs consist of commissions and policy issuance costs, as well as sales inducements credited to policyholder account balances, and are included in deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of financial condition.

Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds are grouped into cohorts based on issue year and contract type and amortized on a constant level basis over the expected term of the related contracts. The cohorts and assumptions used for the amortization of deferred costs are consistent with those used in estimating the related liabilities for these contracts. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of the policyholder funds are amortized using the effective interest method. The effective interest method amortizes the deferred costs by discounting the future liability cash flows at a break-even rate. The break-even rate is solved for such that the present value of future liability cash flows is equal to the net liability at the inception of the contract. VOBA associated with acquired contracts can be either positive or negative and is amortized in relation to respective policyholder liabilities. Significant assumptions that impact VOBA amortization are consistent with those that impact the measurement of policyholder liabilities.

Amortization of DAC, DSI and VOBA is included in amortization of deferred acquisition costs, deferred sales inducements and value of business acquired on the condensed consolidated statements of operations.

Policy and other operating expenses

Policy and other operating expenses include normal operating expenses, policy acquisition expenses, interest expense, dividends to policyholders, integration, restructuring and other non-operating expenses and stock compensation expenses.

Other Financial Measures under U.S. GAAP

Income Taxes

Significant judgment is required in determining the provision for income taxes and in evaluating income tax positions, including evaluating uncertainties. We recognize the income tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the positions. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s income tax positions are reviewed and evaluated quarterly to determine whether or not we have uncertain tax positions that require financial statement recognition or de-recognition.

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Deferred tax assets and liabilities are recognized for the expected future tax consequences, using currently enacted tax rates, of differences between the carrying amount of assets and liabilities and their respective tax basis. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Non-Controlling Interests

For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than Apollo. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Non-controlling interests primarily include limited partner interests in certain consolidated funds and VIEs.

The authoritative guidance for non-controlling interests in the condensed consolidated financial statements requires reporting entities to present non-controlling interest as equity and provides guidance on the accounting for transactions between an entity and non-controlling interests. According to the guidance, (1) non-controlling interests are presented as a separate component of stockholders’ equity on the Company’s condensed consolidated statements of financial condition, (2) net income (loss) includes the net income (loss) attributable to the non-controlling interest holders on the Company’s condensed consolidated statements of operations, and (3) profits and losses are allocated to non-controlling interests in proportion to their ownership interests regardless of their basis.

Managing Business Performance – Key Segment and Non-U.S. GAAP Performance Measures

We believe that the presentation of Segment Income supplements a reader’s understanding of the economic operating performance of each of our segments.

Segment Income and Adjusted Net Income

Segment Income is the key performance measure used by management in evaluating the performance of the Asset Management, Retirement Services, and Principal Investing segments. See note 18 to the condensed consolidated financial statements for more details regarding the components of Segment Income and management’s consideration of Segment Income.

We believe that Segment Income is helpful for an understanding of our business and that investors should review the same supplemental financial measure that management uses to analyze our segment performance. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed above in “—Overview of Results of Operations” that have been prepared in accordance with U.S. GAAP.

Adjusted Net Income (“ANI”) represents Segment Income less HoldCo interest and other financing costs and estimated income taxes. For purposes of calculating the Adjusted Net Income tax rate, Segment Income is reduced by HoldCo interest and financing costs. Income taxes on FRE and PII represents the total current corporate, local, and non-U.S. taxes as well as the current amounts payable under Apollo’s tax receivable agreement. Income taxes on FRE and PII excludes the impacts of deferred taxes and the remeasurement of the tax receivable agreement, which arise from changes in estimated future tax rates. Certain assumptions and methodologies that impact the implied FRE and PII income tax provision are similar to those used under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP relating to transaction-related costs, equity-based compensation, charitable contributions and tax deductible interest expense are taken into account for the implied tax provision. Income Taxes on SRE represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Management believes the methodologies used to compute income taxes on FRE, SRE, and PII are meaningful to each segment and increases comparability of income taxes between periods.

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Fee Related Earnings, Spread Related Earnings and Principal Investing Income

Fee Related Earnings, or “FRE”, is a component of Segment Income that is used to assess the performance of the Asset Management segment.

Spread Related Earnings, or “SRE”, is a component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, and equity-based compensation, as well as other items.

Non-operating change in insurance liabilities and related derivatives includes the change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

Principal Investing Income, or “PII”, is a component of Segment Income that is used to assess the performance of the Principal Investing segment.

See note 18 to the condensed consolidated financial statements for more details regarding the components of FRE, SRE, and PII.

We use Segment Income, ANI, FRE, SRE and PII as measures of operating performance, not as measures of liquidity. These measures should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of these measures without consideration of their related U.S. GAAP measures is not adequate due to the adjustments described above.

Net Invested Assets

In managing its business, Athene analyzes net invested assets, which does not correspond to total Athene investments, including investments in related parties, as disclosed in the condensed consolidated statements of financial condition and notes thereto. Net invested assets represent the investments that directly back Athene’s net reserve liabilities, as well as surplus assets. Net invested assets is used in the computation of net investment earned rate, which is used to analyze the profitability of Athene’s investment portfolio. Net invested assets include (a) total investments on the condensed consolidated statements of financial condition with AFS securities, trading securities and mortgage loans at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE 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 underlying investments supporting its assumed funds withheld and modco agreements and excludes the underlying investments related to ceded reinsurance transactions in its net invested assets calculation to match the assets with the income received. Athene believes the adjustments for reinsurance provide a view of the assets for which it has economic exposure. Net invested assets include Athene’s proportionate share of ACRA investments, based on its economic ownership, but do not include the proportionate share of investments associated with the non-controlling interests. Net invested assets are averaged over the number of quarters in the relevant period to compute a net investment earned rate for such period. While Athene believes net invested assets is a meaningful financial metric and enhances the understanding of the underlying drivers of its investment portfolio, it should not be used as a substitute for Athene’s total investments, including related parties, presented under U.S. GAAP.

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Results of Operations

Below is a discussion of our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

Three months ended June 30,Total
Change		Percentage
Change		Six months ended June 30,Total
Change		Percentage
Change
(In millions, except percentages)2026202520262025
Revenues
Asset Management
Management fees$749 $583 $166 28.5%$1,445 $1,091 $354 32.4%
Advisory and transaction fees, net418 277 141 50.9724 472 252 53.4
Investment income (loss)379 189 190 100.5302 492 (190)(38.6)
Incentive fees59 58 1 1.7123 98 25 25.5
Property management, development and other fees22 — 22 NM44 — 44 NM
1,627 1,107 520 47.02,638 2,153 485 22.5
Retirement Services
Premiums170 107 63 58.9387 234 153 65.4
Product charges299 274 25 9.1580 539 41 7.6
Net investment income5,350 4,776 574 12.010,489 9,117 1,372 15.0
Investment related gains (losses)2,989 (5)2,994 NM911 (833)1,744 NM
Revenues of consolidated variable interest entities714 550 164 29.81,199 1,142 57 5.0
Other revenues4 5 (1)(20.0)8 10 (2)(20.0)
9,526 5,707 3,819 66.913,574 10,209 3,365 33.0
Total Revenues11,153 6,814 4,339 63.716,212 12,362 3,850 31.1
Expenses
Asset Management
Compensation and benefits:
Salary, bonus and benefits435 330 105 31.8848 656 192 29.3
Equity-based compensation234 155 79 51.0456 293 163 55.6
Profit sharing expense258 117 141 120.5334 398 (64)(16.1)
Total compensation and benefits927 602 325 54.01,638 1,347 291 21.6
Interest expense88 60 28 46.7165 120 45 37.5
General, administrative and other479 370 109 29.5918 678 240 35.4
1,494 1,032 462 44.82,721 2,145 576 26.9
Retirement Services
Interest sensitive contract benefits5,714 3,428 2,286 66.77,305 4,922 2,383 48.4
Future policy and other policy benefits594 527 67 12.71,233 1,068 165 15.4
Market risk benefits remeasurement (gains) losses(24)(111)87 78.4235 274 (39)(14.2)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired350 292 58 19.9687 559 128 22.9
Policy and other operating expenses613 550 63 11.51,239 1,092 147 13.5
7,247 4,686 2,561 54.710,699 7,915 2,784 35.2
Total Expenses8,741 5,718 3,023 52.913,420 10,060 3,360 33.4
Other income (loss) – Asset Management
Net gains (losses) from investment activities63 (268)331 NM(49)(286)237 (82.9)
Net gains (losses) from investment activities of consolidated variable interest entities(7)4 (11)NM(22)215 (237)NM
Other income (loss), net17 13 4 30.847 (205)252 NM
Total Other income (loss)73 (251)324 NM(24)(276)252 (91.3)
Income (loss) before income tax (provision) benefit2,485 845 1,640 194.12,768 2,026 742 36.6
Income tax (provision) benefit (396)(3)(393)NM(2,090)(246)(1,844)NM
Net income (loss)2,089 842 1,247 148.1678 1,780 (1,102)(61.9)
Net (income) loss attributable to non-controlling interests(728)(212)(516)243.4(1,223)(708)(515)72.7
Net income (loss) attributable to Apollo Global Management, Inc.1,361 630 731 116.0(545)1,072 (1,617)NM
 Preferred stock dividends(25)(25)— —(49)(49)— —
Net income (loss) available to Apollo Global Management, Inc. common stockholders$1,336 $605 $731 120.8%$(594)$1,023 $(1,617)NM
Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.

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Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.

Asset Management

Revenues

Revenues were $1,627 million in 2026, an increase of $520 million from $1,107 million in 2025, primarily driven by higher investment income, management fees, advisory and transaction fees, net, and property management, development and other fees.

Investment income increased by $190 million in 2026 to $379 million compared to $189 million in 2025. The increase in investment income was primarily driven by an increase in performance allocations of $258 million, partially offset by a decrease in principal investment income of $68 million.

Significant drivers for performance allocations in 2026 were performance allocations earned from Fund VIII, Fund X, Redding Ridge Holdings, HVF III, HVF II and Credit Strategies of $309 million, $100 million, $30 million, $29 million, $27 million and $13 million, respectively, partially offset by performance allocation losses from Fund IX of $91 million.

See below for details on the respective performance allocations in 2026.

The performance allocations earned from Fund VIII in 2026 were primarily driven by the appreciation and realization of the fund's investments in the (i) media, cable and leisure and (ii) financial and business services sectors.

The performance allocations earned from Fund X in 2026 were primarily driven by the appreciation and realization of the fund's investments in the (i) manufacturing and industrial and (ii) consumer and retail sectors.

The performance allocations earned from Redding Ridge Holdings in 2026 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, new consulting contracts and the net income generated by the vehicle’s strategic investments.

The performance allocations earned from HVF III in 2026 were primarily driven by the appreciation of the fund’s investments in the (i) climate and sustainability, (ii) consumer and retail and (iii) business services sectors.

The performance allocations earned from HVF II in 2026 were primarily driven by the appreciation and realization of the fund’s investments in the (i) transportation and logistics, (ii) consumer and retail and (iii) manufacturing and industrial sectors.

The performance allocations earned from Credit Strategies in 2026 were primarily driven by the net income generated by the fund’s investments.

The performance allocation losses from Fund IX in 2026 were primarily driven by the depreciation of the fund’s investments in (i) media, telecom and technology, (ii) consumer services, and (iii) consumer and retail sectors.

Management fees increased by $166 million to $749 million in 2026 from $583 million in 2025. The increase in management fees was primarily attributable to $165 million of aggregate management fees earned from Bridge funds, Atlas, Athora, Apollo Asset-Backed Finance Fund, L.P. (“ABF”), Apollo Credit Strategies Absolute Return Fund (Delaware), L.P. (“Credit Strategies Absolute Return Fund”) and ADS, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $17 million. The increase in management fees earned from Bridge funds was due to the Bridge acquisition, while the increase from Atlas was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities. The increase in management fees earned from Athora was primarily driven by its acquisition of PIC. The increase in management fees earned from ABF, Apollo Credit Strategies Absolute Return Fund and ADS was primarily driven by an
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increase in subscriptions. The decrease in management fees earned from S3 Equity and Hybrid Solutions was primarily related to the catch-up management fees for additional closes in 2025.

Advisory and transaction fees, net increased by $141 million to $418 million in 2026 from $277 million in 2025. Advisory and transaction fees earned during 2026 were primarily attributable to advisory and transaction fees earned from our opportunistic credit, direct origination, multi-credit, traditional private equity and hybrid value strategies.

Property management, development and other fees increased by $22 million in 2026 resulting from the Bridge acquisition in the third quarter of 2025.

Expenses

Expenses were $1,494 million in 2026, an increase of $462 million from $1,032 million in 2025, primarily due to increases in compensation and benefits, general, administrative and other and interest expense.

Total compensation and benefits were $927 million in 2026, an increase of $325 million from $602 million in 2025, primarily due to an increase in profit sharing expense, salary, bonus and benefits and equity-based compensation of $141 million, $105 million and $79 million, respectively. The increase in profit sharing expense of $141 million corresponds to higher investment income in 2026. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period. The increase in salary, bonus and benefits of $105 million was primarily driven by increased headcount in 2026 relative to 2025 due in part to the Bridge acquisition. The increase in equity-based compensation of $79 million was primarily due to additional RSUs and equity granted and the related amortization. Equity-based compensation expense, in any given period, generally includes: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

General, administrative and other expenses were $479 million in 2026, an increase of $109 million from $370 million in 2025. The increase in 2026 was primarily driven by increases in professional fees, transaction related expenses, depreciation and amortization, and travel and entertainment expenses.

Interest expense was $88 million in 2026, an increase of $28 million from $60 million in 2025. The increase in 2026 was primarily driven by higher interest rates from additional debt issuances in 2025 and 2026.

Other Income (Loss)

Other income was $73 million in 2026, an increase of $324 million from a loss of $251 million in 2025, primarily driven by increases in net gains (losses) from investment activities of $331 million.

The increase in net gains (losses) from investment activities of $331 million was primarily driven by a prior year impairment loss on an equity investment triggered by the initial public offering of the issuer of the equity security, which resulted in an observable transaction price below the Company’s carrying amount, as well as appreciation in the Company’s investments in Global Business Travel Group, Inc. in 2026.

Retirement Services

Revenues

Retirement Services revenues were $9.5 billion in 2026, an increase of $3.8 billion from $5.7 billion in 2025. The increase was primarily driven by an increase in investment related gains (losses), an increase in net investment income, an increase in revenues of consolidated VIEs and an increase in premiums.

Investment related gains (losses) were $3.0 billion in 2026, an increase of $3.0 billion from $(5) million in 2025, primarily driven by a favorable change in the fair value of indexed annuity hedging derivatives, net foreign exchange gains and a $673 million gain resulting from the early call of Athene’s investment in AP Grange, partially offset by an unfavorable change in the
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fair value of mortgage loans and reinsurance assets. The change in fair value of indexed annuity hedging derivatives increased $2.1 billion, primarily driven by the favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 14.9% in 2026, compared to an increase of 10.6% in 2025. The net foreign exchange gains were primarily related to the strengthening of the U.S. dollar against foreign currencies in 2026 compared to 2025, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $568 million and the change in fair value of reinsurance assets decreased $73 million, primarily driven by an increase in U.S. Treasury rates in 2026 compared to a decrease in 2025.

Net investment income was $5.4 billion in 2026, an increase of $574 million from $4.8 billion in 2025, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows of $37.6 billion during the previous twelve months and higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment. These impacts were partially offset by lower floating rate income, later deployment into assets during the quarter compared to 2025 and run-off of higher-yielding assets.

Revenues of consolidated VIEs were $714 million in 2026, an increase of $164 million from $550 million in 2025, primarily driven by the consolidation of AAA Lux in the fourth quarter of 2025 and additional contributions into AAA and AAA Lux in 2026.

Premiums were $170 million in 2026, an increase of $63 million from $107 million in 2025, primarily driven by an increase in payout annuity premiums related to the issuance of structured settlements and life renewal premiums from the Sony Life Insurance Co., Ltd. (“Sony”) block reinsurance transaction executed in the fourth quarter of 2025, partially offset by an increase in ceded premium related to the retrocession of mortality risk on a pension group annuity transaction.

Expenses

Retirement Services expenses were $7.2 billion in 2026, an increase of $2.6 billion from $4.7 billion in 2025. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in market risk benefits remeasurement (gains) losses, an increase in future policy and other policy benefits, an increase in policy and other operating expenses and an increase in the amortization of DAC, DSI and VOBA.

Interest sensitive contract benefits were $5.7 billion in 2026, an increase of $2.3 billion from $3.4 billion in 2025, primarily driven by an increase in the change in Athene’s indexed annuity reserves, significant growth in Athene’s deferred annuity and funding agreement blocks of business over the previous twelve months, higher rates on new deferred annuity and funding agreement issuances and run-off of lower rate business, in comparison to its existing blocks of business, partially offset by lower rates on floating rate funding agreements and later origination of new business within the quarter compared to 2025. The change in Athene’s indexed annuity reserves includes the impact from changes in the fair value of indexed annuity embedded derivatives. The increase in the change in fair value of indexed annuity embedded derivatives of $1.2 billion was primarily due to the performance of the equity indices to which Athene’s indexed annuity policies are linked. The largest percentage of Athene’s indexed annuity policies are linked to the S&P 500 Index, which increased 14.9% in 2026, compared to an increase of 10.6% in 2025. This impact was partially offset by a favorable change in discount rates used in Athene’s embedded derivative calculations as there was a smaller decrease in discount rates in 2026 compared to 2025.

Market risk benefits remeasurement (gains) losses were $(24) million in 2026, an increase of $87 million from $(111) million in 2025. The decrease in gains in 2026 compared to 2025 was primarily driven by an unfavorable change in the fair value of market risk benefits. The change in fair value of market risk benefits was primarily driven by an unfavorable $213 million impact due to a smaller increase in the risk-free discount rates across the long end of the curve compared to 2025, which are used in the fair value measurement of the liability for market risk benefits, partially offset by a favorable $128 million impact related to more favorable equity market performance compared to 2025.

Future policy and other policy benefits were $594 million in 2026, an increase of $67 million from $527 million in 2025, primarily driven by an increase in payout annuity reserves related to the issuance of structured settlements, as well as life reserves related to renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025, partially offset by an increase in ceded benefit payments related to the retrocession of mortality risk on a pension group annuity transaction.

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Policy and other operating expenses were $613 million in 2026, an increase of $63 million from $550 million in 2025, primarily driven by an increase in interest expense, as well as increases in policy acquisition and other operating expenses related to significant growth. The increase in interest expense was primarily related to an increase in host accretion on business ceded to Catalina, as well as a full quarter of interest on long-term debt issued in the second quarter of 2025.

Amortization of DAC, DSI and VOBA was $350 million in 2026, an increase of $58 million from $292 million in 2025, primarily driven by an increase in acquisition and sales incentive costs that are deferred and amortized due to strong growth in Athene’s deferred annuity business, partially offset by a decrease in VOBA amortization.

Income Tax Provision

The Company’s income tax provision was $396 million and $3 million in 2026 and 2025, respectively. The change to the provision was primarily related to the increase in pretax income subject to tax in 2026 and the Bermuda CIT benefit included in 2025. The provision for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 15.9% and 0.4% for 2026 and 2025, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m). See note 11 to the condensed consolidated financial statements for further details regarding the Company’s income tax provision.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.

Asset Management

Revenues

Revenues were $2,638 million in 2026, an increase of $485 million from $2,153 million in 2025, primarily driven by higher management fees, advisory and transaction fees, net, property management, development and other fees, and incentive fees, partially offset by lower investment income.

Management fees increased by $354 million to $1,445 million in 2026 from $1,091 million in 2025. The increase in management fees was primarily attributable to $269 million of aggregate management fees earned from Bridge funds, Atlas, Athora, ADS, Redding Ridge Holdings, ABF and Credit Strategies Absolute Return Fund, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $26 million. The increase in management fees earned from Bridge funds was due to the Bridge acquisition, while the increase from Atlas was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities. The increase in management fees earned from Athora was primarily driven by its acquisition of PIC. The increase in management fees earned from ADS, ABF and Credit Strategies Absolute Return Fund was primarily driven by an increase in subscriptions. Further, the increase in management fees earned from Redding Ridge Holdings was primarily driven by a fee basis adjustment, resulting from a change to the fee calculation in 2026. The decrease in management fees earned from S3 Equity and Hybrid Solutions was primarily related to the catch-up management fees for additional closes in 2025.

Advisory and transaction fees, net increased by $252 million to $724 million in 2026 from $472 million in 2025. Advisory and transaction fees earned during 2026 were primarily attributable to advisory and transaction fees earned from our direct origination, opportunistic credit, multi-credit, traditional private equity and hybrid value strategies.

Property management, development and other fees increased by $44 million in 2026 resulting from the Bridge acquisition in the third quarter of 2025.

Incentive fees increased by $25 million to $123 million in 2026 from $98 million in 2025, primarily attributable to sustained growth across a variety of perpetual capital vehicles.

Investment income decreased by $190 million in 2026 to $302 million compared to $492 million in 2025. The decrease in investment income was primarily driven by decreases in principal investment income and performance allocations of $103
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million and $87 million, respectively. The decrease in principal investment income in 2026 was primarily driven by the depreciation in value of investments held by certain funds we manage in which the Company has a direct interest.

Significant drivers for performance allocations in 2026 were performance allocations earned from Fund VIII, Fund X, HVF II, Credit Strategies, Redding Ridge Holdings and HVF III of $201 million, $129 million, $60 million, $54 million, $52 million and $36 million, respectively, partially offset by performance allocation losses from Fund IX of $152 million.

See below for details on the respective performance allocations in 2026.

The performance allocations earned from Fund VIII in 2026 were primarily driven by the appreciation and realization of the fund's investments in the (i) media, cable and leisure and (ii) financial and business services sectors.

The performance allocations earned from Fund X in 2026 were primarily driven by the appreciation and realization of the fund's investments in the (i) consumer and retail and (ii) manufacturing and industrial sectors.

The performance allocations earned from HVF II in 2026 were primarily driven by the appreciation and realization of the fund’s investments in the (i) consumer and retail, (ii) manufacturing and industrial and (iii) transportation and logistics sectors.

The performance allocations earned from Credit Strategies in 2026 were primarily driven by the net income generated by the fund’s investments.

The performance allocations earned from Redding Ridge Holdings in 2026 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, new consulting contracts and the net income generated by the vehicle’s strategic investments.

The performance allocations earned from HVF III in 2026 were primarily driven by the appreciation of the fund’s investments in the (i) climate and sustainability, (ii) consumer and retail and (iii) business services sectors.

The performance allocation losses from Fund IX in 2026 were primarily driven by the depreciation of the fund’s investments in (i) media, telecom and technology, (ii) consumer services and (iii) consumer and retail sectors.

Expenses

Expenses were $2,721 million in 2026, an increase of $576 million from $2,145 million in 2025, primarily due to increases in total compensation and benefits, general, administrative and other and interest expense.

Total compensation and benefits were $1,638 million in 2026, an increase of $291 million from $1,347 million in 2025, primarily due to increases in salary, bonus and benefits and equity-based compensation. The increase in salary, bonus and benefits of $192 million was primarily driven by increased headcount in 2026 relative to 2025 due in part to the Bridge acquisition. The increase in equity-based compensation of $163 million was primarily due to additional RSUs and equity granted and the related amortization. Equity-based compensation expense, in any given period, generally includes: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics. The decrease in profit sharing expense of $64 million correlates to lower investment income in 2026. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period.

General, administrative and other expenses were $918 million in 2026, an increase of $240 million from $678 million in 2025. The increase in 2026 was primarily driven by increases in professional fees, depreciation and amortization, transaction related expenses, technology expenses and travel and entertainment expenses.

Interest expense was $165 million in 2026, an increase of $45 million from $120 million in 2025. The increase in 2026 was primarily driven by higher interest rates from additional debt issuances in the full year 2025 and 2026.

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Other Income (Loss)

Other income (loss) was $(24) million in 2026, an increase of $252 million from $(276) million in 2025, primarily driven by increases in other income (loss), net and net gains (losses) from investment activities of $252 million and $237 million, respectively, partially offset by a decrease in net gains (losses) from investment activities of consolidated VIEs of $237 million.

The increase in other income (loss), net of $252 million was primarily attributable to expense related to the issuance of common stock to the Apollo DAF in the prior year, which did not recur in the current year. Additionally, the increase was also driven by derivative gains primarily on forward contracts, partially offset by foreign exchange losses due to the significant fluctuations in foreign exchange rates in 2026.

The increase in net gains (losses) from investment activities of $237 million was primarily driven by a prior-year impairment loss on an equity investment triggered by the initial public offering of the issuer of the equity security which resulted in an observable transaction price below the Company's carrying amount, as well as appreciation in the Company’s investments in Global Business Travel Group, Inc. in 2026. The increase was partially offset by losses on the sale of certain investments held by the Company in 2026.

The decrease in net gains (losses) from investment activities of consolidated VIEs of $237 million was primarily driven by a significant portfolio company valuation increase in 2025 related to the sale of the consolidated VIE’s primary holding.

Retirement Services

Revenues

Retirement Services revenues were $13.6 billion in 2026, an increase of $3.4 billion from $10.2 billion in 2025. The increase was primarily driven by an increase in investment related gains (losses), an increase in net investment income, an increase in premiums and an increase in revenues of consolidated VIEs.

Investment related gains (losses) were $911 million in 2026, an increase of $1.7 billion from $(833) million in 2025, primarily driven by a favorable change in fair value of indexed annuity hedging derivatives, net foreign exchange gains and a $673 million gain resulting from the early call of Athene’s investment in AP Grange, partially offset by an unfavorable change in the fair value of mortgage loans, reinsurance assets and trading securities. The change in fair value of indexed annuity hedging derivatives increased $1.8 billion, primarily driven by the favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 9.6% in 2026, compared to an increase of 5.5% in 2025. The net foreign exchange gains were primarily related to the strengthening of the U.S. dollar against foreign currencies in 2026 compared to 2025, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $1.7 billion, reinsurance assets decreased $392 million and trading securities decreased $267 million, primarily driven by an increase in U.S. Treasury rates in 2026 compared to a decrease in 2025.

Net investment income was $10.5 billion in 2026, an increase of $1.4 billion from $9.1 billion in 2025, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment. These impacts were partially offset by lower floating rate income, later deployment into assets during the year compared to 2025 and run-off of higher-yielding assets.

Premiums were $387 million in 2026, an increase of $153 million from $234 million in 2025, primarily driven by an increase in payout annuity premiums related to the issuance of structured settlements and life renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025, partially offset by an increase in ceded premium related to the retrocession of mortality risk on a pension group annuity transaction.

Revenues of consolidated VIEs were $1.2 billion in 2026, an increase of $57 million from $1.1 billion in 2025, primarily driven by the consolidation of AAA Lux in the fourth quarter of 2025 and additional contributions into AAA and AAA Lux in 2026. These impacts were partially offset by lower returns on the underlying assets within AAA and AAA Lux in 2026 and an unfavorable change in the fair value of trading securities held in VIEs related to an increase in U.S. Treasury rates in 2026 compared to a decrease in 2025.

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Expenses

Retirement Services expenses were $10.7 billion in 2026, an increase of $2.8 billion from $7.9 billion in 2025. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in future policy and other policy benefits, an increase in policy and other operating expenses and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement (gains) losses.

Interest sensitive contract benefits were $7.3 billion in 2026, an increase of $2.4 billion from $4.9 billion in 2025, primarily driven by significant growth in Athene’s deferred annuity and funding agreement blocks of business over the previous twelve months, higher rates on new deferred annuity and funding agreement issuances and run-off of lower rate business, in comparison to Athene’s existing blocks of business, and an increase in the change in Athene’s indexed annuity reserves, partially offset by lower rates on floating rate funding agreements and later origination of new business within the year compared to 2025. The change in Athene’s indexed annuity reserves includes the impact from changes in the fair value of indexed annuity embedded derivatives. The increase in the change in fair value of indexed annuity embedded derivatives of $720 million was primarily due to the performance of the equity indices to which Athene’s indexed annuity policies are linked. The largest percentage of Athene’s indexed annuity policies are linked to the S&P 500 Index, which increased 9.6% in 2026, compared to an increase of 5.5% in 2025. The change in fair value of indexed annuity embedded derivatives was also driven by the unfavorable impact of rate movements on policyholder projected benefits. These impacts were partially offset by a favorable change in discount rates used in Athene’s embedded derivative calculations as discount rates increased in 2026 compared to a decrease in 2025.

Future policy and other policy benefits were $1.2 billion in 2026, an increase of $165 million from $1.1 billion in 2025, primarily driven by an increase in payout annuity reserves related to the issuance of structured settlements, as well as life reserves related to renewal premiums from the Sony block reinsurance transaction executed in the fourth quarter of 2025. These impacts were partially offset by an increase in ceded benefit payments related to the retrocession of mortality risk on a pension group annuity transaction and a decrease in the AmerUs Closed Block fair value liability. The change in the AmerUs Closed Block fair value liability was primarily due to unrealized losses on the underlying assets reflecting an increase in U.S. Treasury rates in 2026 compared to a decrease in 2025.

Policy and other operating expenses were $1.2 billion in 2026, an increase of $147 million from $1.1 billion in 2025, primarily driven by an increase in interest expense, as well as increases in policy acquisition and other operating expenses related to significant growth. The increase in interest expense was primarily related to a full six months of interest on long-term debt issued in the second quarter of 2025, as well as an increase in host accretion on business ceded to Catalina.

Amortization of DAC, DSI and VOBA was $687 million in 2026, an increase of $128 million from $559 million in 2025, primarily driven by an increase in acquisition and sales incentive costs that are deferred and amortized due to strong growth in Athene’s deferred annuity business, partially offset by a decrease in VOBA amortization.

Market risk benefits remeasurement (gains) losses were $235 million in 2026, a decrease of $39 million from $274 million in 2025. The decrease in losses in 2026 compared to 2025 was primarily driven by a favorable change in the fair value of market risk benefits, partially offset by a $23 million increase in fees collected due to growth in the in-force population of policies with income rider benefits, increasing the market risk benefit reserve. The change in fair value of market risk benefits was primarily driven by a favorable $62 million impact related to more favorable equity market performance compared to 2025.

Income Tax Provision

The Company’s income tax provision totaled $2,090 million and $246 million in 2026 and 2025, respectively. The change to the provision was primarily related to the Bermuda valuation allowance and the increase in pretax income subject to tax in 2026. The provision for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 75.5% and 12.1% for 2026 and 2025, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m), (iv) Bermuda CIT and (v) the Bermuda valuation allowance recorded in the first quarter of 2026. See note 11 to the condensed consolidated financial statements for further details regarding the Company’s income tax provision.

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Segment Analysis

The results of operations for our reportable segments are discussed below and represent the segment information available to and used by management to assess performance and allocate resources. See note 18 to our condensed consolidated financial statements for more information regarding our segment reporting.

Asset Management

The following table presents Fee Related Earnings, the performance measure of our Asset Management segment.

Three months ended June 30,Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change
(In millions, except percentages)2026202520262025
Asset Management
Management fees – Credit$722 $605 $117 19.3%$1,403 $1,174 $229 19.5%
Management fees – Equity279 211 68 32.2550 412 138 33.5
Management fees1,001 816 185 22.71,953 1,586 367 23.1
Capital solutions fees and other, net277 216 61 28.2523 370 153 41.4
Fee-related performance fees65 63 2 3.2129 117 12 10.3
Fee-related compensation(343)(279)64 22.9(676)(538)138 25.7
Non-compensation expenses(215)(189)26 13.8(416)(349)67 19.2
Fee Related Earnings$785 $627 $158 25.2%$1,513 $1,186 $327 27.6%

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.

FRE was $785 million in 2026, an increase of $158 million compared to $627 million in 2025. This increase was primarily attributable to growth in fee related revenues, including management fees and capital solutions fees and other, net, partially offset by increases in fee-related compensation and non-compensation expenses.

The increase in management fees was primarily attributable to $140 million of aggregate management fees earned from Bridge funds, Athene and Athora, as well as increased subscriptions in 2026 across various funds, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $16 million. The increase in management fees earned from Bridge funds is due to the Bridge acquisition, while the increase from Athene was primarily driven by increases in fee-generating AUM as a result of strong organic inflows. The increase in management fees earned from Athora was primarily driven by its acquisition of PIC. The decrease in management fees earned from S3 Equity and Hybrid Solutions was primarily related to the catch-up management fees for additional closes in 2025.

Capital solutions fees earned in 2026 were primarily attributable to fees earned from our opportunistic credit, direct origination, traditional private equity and hybrid value strategies.

The growth in fee related revenues was partially offset by higher fee-related compensation and non-compensation expenses. Higher fee-related compensation expense in 2026 was driven by the associated fee related revenues and increased headcount as a result of our investment in the next phase of our growth and from the acquisition of Bridge. The increase in non-compensation expenses in 2026 was primarily driven by increases in professional fees, depreciation and amortization, and higher technology expenses, including increases due to the acquisition of Bridge, partially offset by a decrease in placement fees.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.

FRE was $1,513 million in 2026, an increase of $327 million compared to $1,186 million in 2025. This increase was primarily attributable to growth in fee related revenues, including management fees, capital solutions fees and other, net and fee-related performance fees, partially offset by increases in fee-related compensation and non-compensation expenses.
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The increase in management fees was primarily attributable to $292 million of aggregate management fees earned from Bridge funds, Athene, Athora and Redding Ridge Holdings, as well as increased subscriptions in 2026 across various funds, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $27 million. The increase in management fees earned from Bridge funds is due to the Bridge acquisition, while the increase from Athene was primarily driven by increases in fee-generating AUM as a result of strong organic inflows. The increase in management fees earned from Athora was primarily driven by its acquisition of PIC. The increase in management fees earned from Redding Ridge Holdings was primarily driven by a fee basis adjustment, resulting from a change to the fee calculation in 2026. The decrease in management fees earned from S3 Equity and Hybrid Solutions was primarily related to the catch-up management fees for additional closes in 2025.

Capital solutions fees earned in 2026 were primarily attributable to fees earned from our direct origination, opportunistic credit, traditional private equity, multi-credit and infrastructure and clean transition equity strategies.

The increase in fee-related performance fees in 2026 was primarily driven by growth across global wealth products, Bridge funds, and perpetual capital vehicles.

The growth in fee related revenues was partially offset by higher fee-related compensation expense and non-compensation expenses. Higher fee-related compensation expense in 2026 was driven by the associated fee related revenues and increased headcount as a result of our investment in the next phase of our growth and from the acquisition of Bridge. The increase in non-compensation expenses in 2026 was primarily driven by increases in professional fees, technology expenses, depreciation and amortization, and travel and entertainment expenses, including increases due to the acquisition of Bridge, partially offset by a decrease in placement fees.

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Asset Management Operating Metrics

We monitor certain operating metrics that are common to the alternative asset management industry and directly impact the performance of our Asset Management segment. These operating metrics include Assets Under Management, origination, gross capital deployment and uncalled commitments.

Assets Under Management

The following presents Apollo’s Total AUM and Fee-Generating AUM by investing strategy (in billions):

457 459

Note: Totals may not add due to rounding.

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The following presents Apollo’s AUM with Future Management Fee Potential by investing strategy (in billions):
615
Note: Totals may not add due to rounding

The following tables present the components of Performance Fee-Eligible AUM for Apollo’s investing strategies within the Asset Management segment:

June 30, 2026
(In millions)CreditEquityTotal
Performance Fee-Generating AUM1
$126,924 $83,062 $209,986 
AUM Not Currently Generating Performance Fees48,874 22,072 70,946 
Uninvested Performance Fee-Eligible AUM25,609 33,528 59,137 
Total Performance Fee-Eligible AUM$201,407 $138,662 $340,069 

June 30, 2025
(In millions)CreditEquityTotal
Performance Fee-Generating AUM1
$125,597 $60,438 $186,035 
AUM Not Currently Generating Performance Fees10,409 5,822 16,231 
Uninvested Performance Fee-Eligible AUM28,917 30,230 59,147 
Total Performance Fee-Eligible AUM$164,923 $96,490 $261,413 

December 31, 2025
(In millions)CreditEquityTotal
Performance Fee-Generating AUM1
$138,572 $83,282 $221,854 
AUM Not Currently Generating Performance Fees20,690 19,499 40,189 
Uninvested Performance Fee-Eligible AUM28,958 30,890 59,848 
Total Performance Fee-Eligible AUM$188,220 $133,671 $321,891 
1 Performance Fee-Generating AUM of $6.3 billion, $8.8 billion and $9.8 billion as of June 30, 2026, June 30, 2025 and December 31, 2025, respectively, are above the hurdle rates or preferred returns and have been deferred to future periods when the fees are probable to not be significantly reversed.
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The components of Fee-Generating AUM by investing strategy are presented below:

June 30, 2026
(In millions)CreditEquityTotal
Fee-Generating AUM based on capital commitments$— $32,708 $32,708 
Fee-Generating AUM based on invested capital14,678 50,882 65,560 
Fee-Generating AUM based on gross/adjusted assets647,701 6,063 653,764 
Fee-Generating AUM based on NAV91,751 14,226 105,977 
Total Fee-Generating AUM$754,130 $103,879 
1
$858,009 
1 The weighted average remaining life of the traditional private equity funds as of June 30, 2026 was 51 months.

June 30, 2025
(In millions)CreditEquityTotal
Fee-Generating AUM based on capital commitments$— $27,408 $27,408 
Fee-Generating AUM based on invested capital13,662 30,666 44,328 
Fee-Generating AUM based on gross/adjusted assets479,169 6,641 485,810 
Fee-Generating AUM based on NAV69,208 11,554 80,762 
Total Fee-Generating AUM$562,039 $76,269 
1
$638,308 
1 The weighted average remaining life of the traditional private equity funds as of June 30, 2025 was 62 months.

December 31, 2025
(In millions)CreditEquityTotal
Fee-Generating AUM based on capital commitments$— $32,928 $32,928 
Fee-Generating AUM based on invested capital15,495 50,467 65,962 
Fee-Generating AUM based on gross/adjusted assets511,385 6,180 517,565 
Fee-Generating AUM based on NAV79,586 13,098 92,684 
Total Fee-Generating AUM$606,466 $102,673 
1
$709,139 
1 The weighted average remaining life of the traditional private equity funds as of December 31, 2025 was 56 months.

Apollo, through its consolidated subsidiary, ISG, provides asset management services to Athene with respect to assets in the accounts owned by or related to Athene (“Athene Accounts”), including asset allocation services, direct asset management services, asset and liability matching management, mergers and acquisitions, asset diligence, hedging and other asset management services and receives management fees for providing these services. We also provide sub-allocation services with respect to a portion of the assets in the Athene Accounts. Apollo, through its asset management business, managed or advised $415.7 billion, $366.8 billion and $392.2 billion of AUM on behalf of Athene as of June 30, 2026, June 30, 2025 and December 31, 2025, respectively.

Apollo, through ISGI, provides investment advisory services to Athora with respect to certain of its assets (“Athora Accounts”). We broadly refer to “Athora Sub-Advised” assets as those assets in the Athora Accounts which we explicitly sub-advise, as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. We refer to the portion of the Athora AUM that is not Athora Sub-Advised AUM as “Athora Non-Sub Advised” AUM. See note 16 to the condensed consolidated financial statements for more details regarding the fee arrangements with respect to the assets in the Athora Accounts. Apollo managed or advised $120.9 billion, $58.7 billion and $57.2 billion of AUM on behalf of Athora as of June 30, 2026, June 30, 2025 and December 31, 2025, respectively.

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The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended June 30,
20262025
(In millions)CreditEquityTotalCreditEquityTotal
Change in Total AUM1:
Beginning of Period$834,132 $192,235 $1,026,367 $641,345 $143,813 $785,158 
Inflows48,703 10,973 59,676 52,250 8,828 61,078 
Outflows2
(24,158)(476)(24,634)(16,528)(399)(16,927)
Other, net4
(9,871)— (9,871)— — — 
Net Flows14,674 10,497 25,171 35,722 8,429 44,151 
Realizations(2,984)(8,332)(11,316)(1,548)(3,881)(5,429)
Market Activity3
3,520 3,537 7,057 14,054 1,671 15,725 
End of Period$849,342 $197,937 $1,047,279 $689,573 $150,032 $839,605 
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Total AUM include redemptions of $7.3 billion and $1.4 billion during the three months ended June 30, 2026 and 2025, respectively.
3 Includes foreign exchange impacts of $(1.8) billion and $6.9 billion during the three months ended June 30, 2026 and 2025, respectively.
4 Other, net comprises certain adjustments to inflows, including amounts related to new capital pools formed by credit issuances in which Athene participates, primarily AMAPS.

Six months ended June 30,
20262025
(In millions)CreditEquityTotalCreditEquityTotal
Change in Total AUM1:
Beginning of Period$749,228 $189,178 $938,406 $616,387 $134,650 $751,037 
Inflows156,535 17,921 174,456 89,827 17,950 107,777 
Outflows2
(43,802)(1,044)(44,846)(36,469)(714)(37,183)
Other, net4
(13,198)— (13,198)— — — 
Net Flows99,535 16,877 116,412 53,358 17,236 70,594 
Realizations(6,195)(12,810)(19,005)(2,898)(5,981)(8,879)
Market Activity3
6,774 4,692 11,466 22,726 4,127 26,853 
End of Period$849,342 $197,937 $1,047,279 $689,573 $150,032 $839,605 
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Total AUM include redemptions of $10.5 billion and $3.0 billion during the six months ended June 30, 2026 and 2025, respectively.
3 Includes foreign exchange impacts of $(3.4) billion and $10.3 billion during the six months ended June 30, 2026 and 2025, respectively.
4 Other, net comprises certain adjustments to inflows, including amounts related to new capital pools formed by credit issuances in which Athene participates, primarily AMAPS.

Three Months Ended June 30, 2026

Total AUM was $1.05 trillion at June 30, 2026, an increase of $20.9 billion, or 2.0%, compared to $1.03 trillion at March 31, 2026. The net increase was primarily driven by subscriptions across the platform, the growth of our retirement services client assets and market activity, partially offset by normal course outflows at Athene, as well as realizations. More specifically, the net increase was due to:

•Net flows of $25.2 billion primarily attributable to:
•a $14.7 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $26.2 billion of subscriptions mostly related to multi-credit, asset-backed finance and direct origination funds; (ii) $10.1 billion related to the growth of our retirement services client assets, partially offset by (i) $(9.9) billion of adjustments to inflows primarily driven by AMAPS; (ii) $(7.8) billion related to ARI following the sale of its commercial mortgage loan
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portfolio to Athene; and (iii) $(6.9) billion of redemptions, including $(5.0) billion related to the prepayment of AP Grange; and
•a $10.5 billion increase related to the funds we manage in our equity strategy, primarily driven by $9.6 billion of subscriptions across traditional private equity, infrastructure equity and real estate equity funds.

•Market activity of $7.1 billion, primarily attributable to:
•$3.5 billion related to the funds we manage in our equity strategy primarily consisting of traditional private equity, real estate equity and hybrid value funds; and
•$3.5 billion related to the funds we manage in our credit strategy primarily consisting of (i) $5.6 billion driven by our retirement services clients; (ii) $2.1 billion related to the direct origination, asset-backed finance and opportunistic funds we manage, partially offset by $(4.8) billion decrease related to the clients of ISGI.

•Realizations of $(11.3) billion primarily attributable to:
•$(8.3) billion related to the funds we manage in our equity strategy, largely driven by distributions from the traditional private equity and real estate equity funds; and
•$(3.0) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination, asset-backed finance and opportunistic credit funds.

Six Months Ended June 30, 2026

Total AUM was $1.05 trillion at June 30, 2026, an increase of $108.9 billion, or 11.6%, compared to $938.4 billion at December 31, 2025. The net increase was primarily driven by Athora’s acquisition of PIC, subscriptions across the platform, the growth of our retirement services client assets and market activity, partially offset by normal course outflows at Athene, as well as realizations. More specifically, the net increase was due to:

•Net flows of $116.4 billion primarily attributable to:
•a $99.5 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $65.3 billion of inorganic inflows from Athora’s acquisition of PIC; (ii) $46.4 billion of subscriptions mostly related to the multi-credit, direct origination, asset-backed finance and opportunistic credit funds we manage; and (iii) $14.4 billion related to the growth of our retirement services clients, partially offset by (i) $(13.2) billion of adjustments to inflows primarily driven by AMAPS; (ii) $(9.5) billion of redemptions, including $(5.0) billion related to the prepayment of AP Grange; and (iii) $(7.8) billion related to ARI following the sale of its commercial mortgage loan portfolio to Athene; and
•a $16.9 billion increase related to the funds we manage in our equity strategy, primarily driven by $14.6 billion of subscriptions across the traditional private equity, hybrid value and real estate equity funds we manage.

•Market activity of $11.5 billion primarily attributable to:
•$6.8 billion related to the funds we manage in our credit strategy primarily consisting of (i) $10.0 billion related to our retirement services clients; and (ii) $1.0 billion related to the opportunistic credit funds we manage, partially offset by $(5.2) billion decrease related to the clients of ISGI; and
•$4.7 billion related to the funds we manage in our equity strategy primarily driven by our hybrid value, AAA and traditional private equity funds.

•Realizations of $(19.0) billion primarily attributable to:
•$(12.8) billion related to the funds we manage in our equity strategy, largely driven by distributions across traditional private equity and real estate equity funds; and
•$(6.2) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and opportunistic credit funds.

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The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended June 30,
20262025
(In millions)CreditEquityTotalCreditEquityTotal
Change in Fee-Generating AUM1:
Beginning of Period$732,020 $103,847 $835,867 $522,844 $72,314 $595,158 
Inflows48,149 3,092 51,241 38,424 5,804 44,228 
Outflows2
(16,860)(1,915)(18,775)(9,429)(929)(10,358)
Other, net4
(9,146)— (9,146)— — — 
Net Flows22,143 1,177 23,320 28,995 4,875 33,870 
Realizations(2,533)(1,676)(4,209)(1,132)(1,359)(2,491)
Market Activity3
2,500 531 3,031 11,332 439 11,771 
End of Period$754,130 $103,879 $858,009 $562,039 $76,269 $638,308 
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Fee-Generating AUM include redemptions of $2.2 billion and $1.0 billion during the three months ended June 30, 2026 and 2025, respectively.
3 Includes foreign exchange impacts of $(1.6) billion and $5.4 billion during the three months ended June 30, 2026 and 2025, respectively.
4 Other, net comprises certain adjustments to inflows, including amounts related to new capital pools formed by credit issuances in which Athene participates, primarily AMAPS.

Six months ended June 30,
20262025
(In millions)CreditEquityTotalCreditEquityTotal
Change in Fee-Generating AUM1:
Beginning of Period$606,466 $102,673 $709,139 $495,843 $72,823 $568,666 
Inflows195,886 7,280 203,166 78,379 11,026 89,405 
Outflows2,3
(36,424)(3,529)(39,953)(29,085)(6,626)(35,711)
Other, net5
(12,278)— (12,278)— — — 
Net Flows147,184 3,751 150,935 49,294 4,400 53,694 
Realizations(5,271)(3,494)(8,765)(1,980)(1,647)(3,627)
Market Activity4
5,751 949 6,700 18,882 693 19,575 
End of Period$754,130 $103,879 $858,009 $562,039 $76,269 $638,308 
1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
2 Outflows for Fee-Generating AUM include redemptions of $5.0 billion and $2.5 billion during the six months ended June 30, 2026 and 2025, respectively.
3 Included in the equity outflows for Fee-Generating AUM for the six months ended June 30, 2025 is $4.5 billion related to the expiration of Fund VIII's fee-paying period.
4 Includes foreign exchange impacts of $(2.7) billion and $8.0 billion during the six months ended June 30, 2026 and 2025, respectively.
5 Other, net comprises certain adjustments to inflows, including amounts related to new capital pools formed by credit issuances in which Athene participates, primarily AMAPS.

Three Months Ended June 30, 2026

Total Fee-Generating AUM was $858.0 billion at June 30, 2026, an increase of $22.1 billion, or 2.6%, compared to $835.9 billion at March 31, 2026. The net increase was primarily driven by subscriptions across the platform, growth of our retirement services client assets and market activity primarily in our credit strategy, partially offset by realizations. More specifically, the net increase was due to:

•Net flows of $23.3 billion attributable to the funds we manage in our credit strategy primarily consisting of (i) $13.7 billion of subscriptions primarily related to multi-credit and asset-backed finance funds; and (ii) $10.1 billion related to the growth of our retirement services client assets, partially offset by (i) $(9.1) billion of adjustments to inflows primarily driven by AMAPS; and (ii) $(1.7) billion of redemptions.
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•Market activity of $3.0 billion attributable to the funds we manage in our credit strategy primarily consisting of (i) $5.6 billion driven by our retirement services clients; and (ii) $1.4 billion related to the direct origination and asset-backed finance funds we manage, partially offset by $(4.9) billion decrease related to the clients of ISGI.

•Realizations of $(4.2) billion across the credit and equity strategies.

Six Months Ended June 30, 2026

Total Fee-Generating AUM was $858.0 billion at June 30, 2026, an increase of $148.9 billion, or 21.0%, compared to $709.1 billion at December 31, 2025. The net increase was primarily driven by Athora’s acquisition of PIC, subscriptions across the platform, growth of our retirement services client assets and market activity primarily in our credit strategy, partially offset by realizations. More specifically, the net increase was due to:

•Net flows of $150.9 billion attributable to the funds we manage in our credit strategy primarily consisting of (i) $65.3 billion of inorganic inflows from Athora’s acquisition of PIC; (ii) $41.6 billion primarily due to a fee basis adjustment related to Redding Ridge; (iii) $23.5 billion of subscriptions primarily related to multi-credit and direct origination funds we manage; and (iv) $14.4 billion related to the growth of our retirement services client assets, partially offset by (i) $(12.3) billion of adjustments to inflows primarily driven by AMAPS; and (ii) $(4.2) billion of redemptions.

•Market activity of $6.7 billion attributable to the funds we manage in our credit strategy primarily consisting of $10.0 billion related to our retirement services clients, partially offset by $(5.3) billion decrease related to clients of ISGI.

•Realizations of $(8.8) billion across the credit and equity strategies.

Origination, Gross Capital Deployment and Uncalled Commitments

Origination represents (i) capital that has been invested in new equity, debt or debt-like investments by Apollo's equity and credit strategies (whether purchased by funds and accounts managed by Apollo, or syndicated to third parties) where Apollo or one of Apollo's origination platforms has sourced, negotiated, or significantly affected the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs; and (iii) net purchases of certain assets by the funds and accounts we manage that we consider to be private, illiquid, and hard to access assets and which the funds and accounts otherwise may not be able to meaningfully access. Origination generally excludes any issuance of debt or debt-like investments by the portfolio companies of the funds we manage.

Gross capital deployment represents the gross capital that has been invested by the funds and accounts we manage during the relevant period, but excludes certain investment activities primarily related to hedging and cash management functions at the Company. Gross capital deployment is not reduced or netted down by sales or refinancings, and takes into account leverage used by the funds and accounts we manage in gaining exposure to the various investments that they have made.

Uncalled commitments, by contrast, represent unfunded capital commitments that certain of the funds we manage have received from fund investors to fund future or current fund investments and expenses.

Origination is indicative of our ability to originate assets for the funds we manage, through our origination platforms and our corporate solutions capabilities. Gross capital deployment and uncalled commitments are indicative of the pace and magnitude of fund capital that is deployed or will be deployed. Origination, gross capital deployment and uncalled commitments could result in future revenues that include management fees, capital solutions fees and performance fees to the extent they are fee-generating. They can also give rise to future costs that are related to the hiring of additional resources to manage and account for the additional origination activities and the capital that is deployed or will be deployed. Management uses origination, gross capital deployment and uncalled commitments as key operating metrics since we believe the results are measures of investment activities of the funds we manage.

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

1099511646192 1099511646194

1099511646197 1099511646199
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7696581412867

Note: Totals may not add due to rounding

As of June 30, 2026 and December 31, 2025, Apollo had $82 billion and $73 billion of dry powder, respectively, which represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. These amounts exclude uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.

Retirement Services

The following table presents Spread Related Earnings, the performance measure of our Retirement Services segment:

Three months ended June 30,Total ChangePercentage
Change		Six months ended June 30,Total
Change		Percentage
Change
(In millions, except percentages)2026202520262025
Retirement Services
Fixed income and other net investment income$3,686 $3,179 $507 15.9%$7,237 $6,093 $1,144 18.8%
Alternative net investment income348 319 29 9.1558 634 (76)(12.0)
Net investment earnings4,034 3,498 536 15.37,795 6,727 1,068 15.9
Strategic capital management fees37 32 5 15.673 61 12 19.7
Cost of funds(2,942)(2,470)472 19.1(5,749)(4,680)1,069 22.8
Net investment spread1,129 1,060 69 6.52,119 2,108 11 0.5
Other operating expenses(111)(107)4 3.7(229)(221)8 3.6
Interest and other financing costs(141)(132)9 6.8(294)(262)32 12.2
Spread Related Earnings$877 $821 $56 6.8%$1,596 $1,625 $(29)(1.8)%

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Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.

Spread Related Earnings

SRE was $877 million in 2026, an increase of $56 million, or 7%, compared to $821 million in 2025. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

Net investment earnings were $4.0 billion in 2026, an increase of $536 million from $3.5 billion in 2025, primarily driven by $38.5 billion of growth in Athene’s average net invested assets during the previous twelve months, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment, favorable derivative impacts and an increase in alternative net investment income. These impacts were partially offset by lower floating rate income, higher investment management fees driven by the significant growth in Athene’s investment portfolio over the previous twelve months, later deployment into assets during the quarter compared to 2025 and run-off of higher-yielding assets. The increase in alternative net investment income compared to 2025 was primarily driven by more favorable performance within equity funds, partially offset by less favorable performance within origination and retirement services platforms, as well as within credit funds. The increase in income from equity funds was mainly attributable to significant growth in Athene’s structured equity portfolio, as well as more favorable performance within real assets in 2026 compared to 2025. The decrease in income from origination platforms was mainly attributable to a valuation increase related to strong performance from Wheels in 2025 and strong growth from origination partnerships within Aqua Finance, Inc. (“Aqua Finance”) in 2025, partially offset by favorable pricing that increased the valuation of an investment within Athene’s other origination platforms in 2026. The decrease in income from retirement services platforms was related to a valuation increase on Venerable in 2025 related to the announcement of the reinsurance transaction with Corebridge Financial, Inc. (“Corebridge”), partially offset by the upsize of Athene’s investment in Athora and a valuation increase on Athora in 2026 related to updated business plans following its acquisition of PIC.

Strategic capital management fees were $37 million in 2026, an increase of $5 million from $32 million in 2025, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 over the previous twelve months.

Cost of funds was $2.9 billion in 2026, an increase of $472 million from $2.5 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business, as well as run-off of lower rate business, compared to existing blocks and an increase in the amortization of DAC and DSI. These impacts were partially offset by lower rates on floating rate funding agreements, later origination of new business within the quarter compared to 2025, lower VOBA amortization and increased product charge income.

Interest and other financing costs were $141 million in 2026, an increase of $9 million from $132 million in 2025, primarily driven by a full quarter of interest expense on long-term debt issued in the second quarter of 2025, partially offset by a decrease in preferred stock dividends due to the redemption of Athene’s Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (“Series C preferred stock”) in the second quarter of 2025.

Net Investment Spread

Three months ended June 30,
20262025Change
Fixed income and other net investment earned rate5.05 %4.97 %8 bps
Alternative net investment earned rate9.04 %9.86 %(82) bps
Net investment earned rate5.25 %5.21 %4 bps
Strategic capital management fees0.05 %0.05 %0 bps
Cost of funds(3.83)%(3.68)%15 bps
Net investment spread1.47 %1.58 %(11) bps

Net investment spread was 1.47% in 2026, a decrease of 11 basis points compared to 1.58% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.
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Cost of funds was 3.83% in 2026, an increase of 15 basis points compared to 3.68% in 2025, primarily driven by higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, and an increase in the amortization of DAC and DSI, partially offset by lower rates on floating rate funding agreements, later origination of new business within the quarter compared to 2025, lower VOBA amortization and increased product charge income.

Net investment earned rate was 5.25% in 2026, an increase of 4 basis points compared to 5.21% in 2025, primarily driven by higher returns on Athene’s fixed income portfolio, partially offset by lower returns on its alternative investment portfolio. The fixed income and other net investment earned rate was 5.05% in 2026, an increase from 4.97% in 2025, primarily driven by higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and favorable derivative impacts, partially offset by lower floating rate income, later deployment into assets during the quarter compared to 2025 and run-off of higher-yielding assets. The alternative net investment earned rate was 9.04% in 2026, a decrease from 9.86% in 2025, primarily due to growth in Athene’s average alternative net invested assets of $2.5 billion compared to 2025, which outpaced the increase in alternative net investment income. The lower alternative net investment earned rate was primarily driven by lower returns within origination and retirement services platforms, as well as within credit funds, partially offset by higher returns within equity funds. The lower returns from origination platforms were mainly attributable to a valuation increase related to strong performance from Wheels in 2025 and strong growth from origination partnerships within Aqua Finance in 2025, partially offset by favorable pricing that increased the valuation of an investment within Athene’s other origination platforms in 2026. The lower returns from retirement services platforms were related to a valuation increase on Venerable in 2025 related to the announcement of the reinsurance transaction with Corebridge, partially offset by a valuation increase on Athora in 2026 related to updated business plans following its acquisition of PIC. The higher returns from equity funds were primarily driven by strong performance within real assets.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.

Spread Related Earnings

SRE was $1.6 billion in 2026, a decrease of $29 million, or 2%, compared to $1.6 billion in 2025. The decrease in SRE was primarily driven by an increase in cost of funds and interest and other financing costs, partially offset by an increase in net investment earnings and strategic capital management fees.

Cost of funds was $5.7 billion in 2026, an increase of $1.1 billion from $4.7 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, and an increase in the amortization of DAC and DSI. These impacts were partially offset by lower rates on floating rate funding agreements, later origination of new business within the year compared to 2025, lower VOBA amortization and increased product charge income.

Interest and other financing costs were $294 million in 2026, an increase of $32 million from $262 million in 2025, primarily driven by a full six months of interest expense on long-term debt issued in the second quarter of 2025, partially offset by a decrease in preferred stock dividends due to the redemption of Athene’s Series C preferred stock in the second quarter of 2025.

Net investment earnings were $7.8 billion in 2026, an increase of $1.1 billion from $6.7 billion in 2025, primarily driven by $40.2 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and favorable derivative impacts. These impacts were partially offset by a decrease in alternative net investment income, lower floating rate income, higher investment management fees driven by the significant growth in Athene’s investment portfolio, later deployment into assets during the year compared to 2025 and run-off of higher-yielding assets. The decrease in alternative net investment income compared to 2025 was primarily driven by less favorable performance within origination platforms and credit funds, partially offset by more favorable performance within equity funds and retirement services platforms. The decrease in income from origination platforms was mainly attributable to a valuation increase related to strong performance from Wheels in 2025, outsized performance from MidCap FinCo attributable to increased projections in 2025, strong performance from Redding Ridge related to greater issuance in 2025 and a valuation decrease on Atlas resulting from an underlying asset impairment in 2026, partially offset by favorable pricing that increased the valuation of an investment within Athene’s other origination platforms in 2026. The increase in income from equity funds was mainly attributable to significant growth in Athene’s structured equity portfolio, as well as more favorable performance within
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real assets in 2026 compared to 2025, partially offset by outperformance from A-A Onshore Fund, LLC (“A-A Onshore”) in 2025. The increase in income from retirement services platforms was primarily related to the upsize of Athene’s investment in Athora and a valuation increase on Athora in 2026 related to updated business plans following its acquisition of PIC, partially offset by a valuation increase on Venerable in 2025 related to the announcement of the reinsurance transaction with Corebridge.

Strategic capital management fees were $73 million in 2026, an increase of $12 million from $61 million in 2025, primarily driven by additional fees received from ADIP II attributable to strong net flows into ACRA 2 in 2026.

Net Investment Spread

Six months ended June 30,
20262025Change
Fixed income and other net investment earned rate5.04 %4.89 %15 bps
Alternative net investment earned rate7.49 %10.05 %NM
Net investment earned rate5.16 %5.14 %2 bps
Strategic capital management fees0.05 %0.05 %0 bps
Cost of funds(3.80)%(3.57)%23 bps
Net investment spread1.41 %1.62 %(21) bps

Net investment spread was 1.41% in 2026, a decrease of 21 basis points compared to 1.62% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.

Cost of funds was 3.80% in 2026, an increase of 23 basis points compared to 3.57% in 2025, primarily driven by higher rates on new business, as well as run-off of lower rate business, compared to existing blocks and an increase in the amortization of DAC and DSI, partially offset by lower rates on floating rate funding agreements, later origination of new business within the year compared to 2025, lower VOBA amortization and increased product charge income.

Net investment earned rate was 5.16% in 2026, an increase of 2 basis points compared to 5.14% in 2025, primarily driven by higher returns on Athene’s fixed income portfolio, partially offset by lower returns on its alternative investment portfolio. The fixed income and other net investment earned rate was 5.04% in 2026, an increase from 4.89% in 2025, primarily driven by higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and favorable derivative impacts, partially offset by lower floating rate income, later deployment into assets during the year compared to 2025 and run-off of higher-yielding assets. The alternative net investment earned rate was 7.49% in 2026, a decrease from 10.05% in 2025, primarily driven by lower returns within origination and retirement services platforms, as well as within credit funds, partially offset by higher returns within equity funds. The lower returns from origination platforms were mainly attributable to a valuation increase related to strong performance from Wheels in 2025, outsized performance from MidCap FinCo attributable to increased projections in 2025, strong performance from Redding Ridge related to greater issuance in 2025 and a valuation decrease on Atlas resulting from an underlying asset impairment in 2026, partially offset by favorable pricing that increased the valuation of an investment within Athene’s other origination platforms in 2026. The lower returns from retirement services platforms were primarily related to a valuation increase on Venerable in 2025 related to the announcement of the reinsurance transaction with Corebridge, partially offset by a valuation increase on Athora in 2026 related to updated business plans following its acquisition of PIC. The higher equity fund returns were primarily driven by strong performance within real assets, partially offset by outperformance from A-A Onshore in 2025.

Investment Portfolio

Athene had total investments, including related parties and consolidated VIEs, of $409.0 billion and $386.1 billion as of June 30, 2026 and December 31, 2025, respectively. Athene’s investment strategy seeks to achieve sustainable risk-adjusted returns through the disciplined management of its investment portfolio against its long-duration liabilities, coupled with the diversification of risk. The investment strategies focus primarily on a buy-and-hold asset allocation strategy that may be adjusted periodically in response to changing market conditions and the nature of Athene’s liability profile. Athene takes advantage of its generally persistent liability profile by identifying investment opportunities with an emphasis on earning incremental yield by taking measured liquidity and complexity risk rather than assuming incremental credit risk. Athene is invested in a diverse array of primarily high-grade fixed income assets including corporate bonds, structured securities, and commercial and residential real estate loans, among others. Athene also maintains holdings in floating rate and less rate-sensitive instruments, including CLOs, non-agency RMBS and various types of structured products. In addition to its fixed
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income portfolio, Athene opportunistically allocates approximately 5% of its portfolio to alternative investments where it primarily focuses on fixed income-like, cash flow-based investments.

The following table presents the carrying values of Athene’s total investments, including related parties and consolidated VIEs:

June 30, 2026December 31, 2025
(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of Total
Available-for-sale securities, at fair value
U.S. government and agencies$23,416 5.7 %$16,898 4.4 %
U.S. state, municipal and political subdivisions526 0.1 %759 0.2 %
Foreign governments1,731 0.4 %1,659 0.4 %
Corporate92,925 22.7 %89,431 23.2 %
CLO21,332 5.2 %26,272 6.8 %
ABS36,536 8.9 %35,462 9.2 %
CMBS12,284 3.0 %13,084 3.4 %
RMBS8,013 2.0 %9,032 2.3 %
Total available-for-sale securities, at fair value196,763 48.0 %192,597 49.9 %
Trading securities, at fair value6,318 1.5 %6,409 1.7 %
Equity securities, at fair value697 0.2 %822 0.2 %
Mortgage loans, at fair value99,974 24.4 %91,918 23.8 %
Investment funds276 0.1 %108 — %
Policy loans293 0.1 %301 0.1 %
Funds withheld at interest13,787 3.4 %15,413 4.0 %
Derivative assets11,034 2.7 %9,190 2.4 %
Short-term investments230 0.1 %175 — %
Other investments4,470 1.1 %4,148 1.1 %
Total investments333,842 81.6 %321,081 83.2 %
Investments in related parties
Available-for-sale securities, at fair value
Corporate3,364 0.8 %2,317 0.6 %
CLO6,746 1.7 %7,203 1.9 %
ABS22,857 5.6 %16,366 4.2 %
CMBS111 — %161 — %
Total available-for-sale securities, at fair value33,078 8.1 %26,047 6.7 %
Trading securities, at fair value1,290 0.3 %454 0.1 %
Equity securities, at fair value— — %266 0.1 %
Mortgage loans, at fair value1,549 0.4 %1,486 0.4 %
Investment funds3,230 0.8 %2,149 0.6 %
Funds withheld at interest3,802 0.9 %4,215 1.1 %
Short-term investments18 — %18 — %
Other investments, at fair value333 0.1 %344 0.1 %
Total related party investments43,300 10.6 %34,979 9.1 %
Total investments, including related parties377,142 92.2 %356,060 92.3 %
Investments of consolidated VIEs
Trading securities, at fair value2,103 0.5 %3,120 0.8 %
Mortgage loans, at fair value2,058 0.5 %2,140 0.5 %
Investment funds, at fair value26,798 6.6 %23,888 6.2 %
Other investments925 0.2 %844 0.2 %
Total investments of consolidated VIEs31,884 7.8 %29,992 7.7 %
Total investments, including related parties and consolidated VIEs$409,026 100.0 %$386,052 100.0 %

Athene’s total investments, including related parties and consolidated VIEs, were $409.0 billion and $386.1 billion as of June 30, 2026 and December 31, 2025, respectively. The $23.0 billion increase was primarily driven by significant growth from
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gross organic inflows of $41.8 billion in excess of gross liability outflows of $20.9 billion, reinvestment of earnings, an increase in consolidated VIE investments and an increase in derivative assets. The increase in consolidated VIE investments was primarily related to an increase in investment funds attributable to net contributions from third-party investors into AAA and AAA Lux and favorable performance of the underlying assets within AAA and AAA Lux, partially offset by the impact on investments from the deconsolidation of a VIE. The increase in derivative assets was primarily related to Athene’s call options due to favorable equity market performance in 2026, as well as favorable impacts from derivative swap and forward contracts. These impacts were partially offset by unrealized losses on investments, including foreign exchange impacts, and a decrease in short-term repurchase agreements outstanding. The unrealized losses on investments during the six months ended June 30, 2026 included AFS securities of $1.7 billion, as well as unrealized losses on mortgage loans, attributable to an increase in U.S. Treasury rates in 2026. The unrealized foreign exchange losses on foreign-denominated assets were primarily attributable to the strengthening of the U.S. dollar against foreign currencies in 2026.

Athene’s investment portfolio consists largely of high-quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds and other instruments, including equity holdings. Fixed maturity securities and loans include publicly issued corporate bonds, government and other sovereign bonds, privately placed corporate bonds and loans, mortgage loans, CMBS, RMBS, CLOs and ABS. A significant majority of Athene’s AFS portfolio, 97.8% and 97.3% as of June 30, 2026 and December 31, 2025, respectively, was invested in assets considered investment grade with an NAIC designation of 1 or 2.

Athene invests a portion of its investment portfolio in mortgage loans, which are generally composed of high-quality commercial first-lien, as well as mezzanine real estate loans. Athene has acquired mortgage loans through acquisitions and reinsurance arrangements, as well as through an active program to invest in new mortgage loans. It invests in CMLs, primarily on income-producing properties including apartments, industrial properties, office buildings, hotels and retail buildings. Athene’s RML portfolio primarily consists of first-lien RMLs collateralized by properties located in the U.S.

Funds withheld at interest represent a receivable for amounts contractually withheld by ceding companies in accordance with modco and funds withheld reinsurance agreements in which Athene acts as the reinsurer. Generally, assets equal to statutory reserves are withheld and legally owned by the ceding company.

While the substantial majority of Athene’s investment portfolio has been allocated to corporate bonds and structured credit products, a key component of Athene’s investment strategy is the opportunistic acquisition of investment funds with attractive risk and return profiles. Athene’s investment fund portfolio consists of funds or similar equity structures that employ various strategies including equity and credit funds. Athene has a strong preference for alternative investments that have some or all of the following characteristics, among others: (1) investments with credit- or debt-like characteristics (for example, a stipulated maturity and par value), or alternatively, investments with reduced volatility when compared to pure equity; or (2) investments that Athene believes have less downside risk.

Athene holds derivatives for economic hedging purposes to reduce its exposure to the cash flow variability of assets and liabilities, equity market risk, foreign exchange risk and interest rate risk. Athene’s primary use of derivative instruments relates to providing the income needed to fund the annual index credits on its indexed annuity products. Athene primarily uses indexed options to economically hedge indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specific market index. Athene also uses derivative instruments, such as forward contracts and swaps, to hedge foreign currency exposure resulting from foreign-denominated assets and liabilities and to help manage its net floating rate position.

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Net Invested Assets

The following summarizes Athene’s net invested assets:

June 30, 2026December 31, 2025
(In millions, except percentages)
Net Invested Asset Value1
Percentage of Total
Net Invested Asset Value1
Percentage of Total
Corporate$89,692 28.5 %$86,664 29.6 %
CLO21,897 7.0 %25,401 8.7 %
Credit111,589 35.5 %112,065 38.3 %
CML38,930 12.4 %31,789 10.9 %
RML42,786 13.6 %43,326 14.8 %
RMBS7,056 2.2 %7,592 2.6 %
CMBS9,414 3.0 %9,877 3.4 %
Real estate98,186 31.2 %92,584 31.7 %
ABS44,155 14.1 %38,417 13.1 %
Alternative investments15,745 5.0 %13,868 4.7 %
State, municipal, political subdivisions and foreign government3,024 1.0 %3,081 1.0 %
Equity securities1,797 0.6 %2,039 0.7 %
Short-term investments242 0.1 %207 0.1 %
U.S. government and agencies19,724 6.3 %14,225 4.9 %
Other investments84,687 27.1 %71,837 24.5 %
Cash and cash equivalents13,512 4.3 %10,490 3.6 %
Other6,116 1.9 %5,438 1.9 %
Net invested assets$314,090 100.0 %$292,414 100.0 %
1 See “Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures” for the definition of net invested assets.

Athene’s net invested assets were $314.1 billion and $292.4 billion as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, corporate securities included $24.1 billion of private placements, which represented 7.7% of Athene’s net invested assets. The $21.7 billion increase in net invested assets was primarily driven by growth from net organic inflows of $33.1 billion in excess of net liability outflows of $16.2 billion, the reinvestment of earnings and favorable alternative investment performance. These impacts were partially offset by a decrease in net short-term repurchase agreements outstanding in 2026 and the payment of common and preferred stock dividends.

In managing its business, Athene utilizes net invested assets as presented in the above table. Net invested assets do not correspond to Athene’s total investments, including related parties, on the condensed consolidated statements of financial condition, as discussed previously in “Managing Business Performance — Key Segment and Non-U.S. GAAP Performance Measures.” Net invested assets represent Athene’s investments that directly back its net reserve liabilities and surplus assets. Athene believes this view of its portfolio provides a view of the assets for which it has economic exposure. Athene adjusts the presentation for assumed and ceded reinsurance transactions to include or exclude the underlying investments based upon the contractual transfer of economic exposure to such underlying investments. Athene also adjusts for VIEs to show the net investment in the funds, which are included in the alternative investments line above, as well as adjusting for the allowance for credit losses. Net invested assets include Athene’s proportionate share of ACRA investments, based on its economic ownership, but exclude the proportionate share of investments associated with the non-controlling interests.

Net invested assets is utilized by management to evaluate Athene’s investment portfolio. Net invested assets is used in the computation of net investment earned rate, which allows Athene to analyze the profitability of its investment portfolio. Net invested assets is also used in Athene’s risk management processes for asset purchases, product design and underwriting, stress scenarios, liquidity and ALM.

AP Grange

During the second quarter of 2026, AP Grange called its outstanding ABS debt and as a result, Athene recognized a gain of $673 million in GAAP income. Additionally, within its non-GAAP results for the second quarter of 2026, Athene recognized a non-operating gain of $458 million, net of the ACRA non-controlling interests.
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Principal Investing

The following table presents Principal Investing Income, the performance measure of our Principal Investing segment.

Three months ended June 30,Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change
(In millions, except percentages)2026202520262025
Principal Investing:
Realized performance fees$130 $219 $(89)(40.6)%$487 $409 $78 19.1%
Realized investment income (loss)27 13 14 107.773 41 32 78.0
Principal investing compensation(123)(168)(45)(26.8)(436)(356)80 22.5
Other operating expenses(18)(17)1 5.9(33)(33)— —
Principal Investing Income (PII)$16 $47 $(31)(66.0)%$91 $61 $30 49.2%

As described in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—General”, earnings from our Principal Investing segment are inherently more volatile in nature than earnings from our Asset Management segment due to the intrinsic cyclical nature of performance fees, one of the key drivers of PII performance.

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.

PII was $16 million in 2026, a decrease of $31 million, as compared to $47 million in 2025. This decrease was primarily attributable to a decrease in realized performance fees of $89 million, partially offset by a decrease in principal investing compensation expense of $45 million and an increase in realized investment income of $14 million.

The decrease in realized performance fees of $89 million in 2026 was primarily due to a decrease in realized performance fees generated from Fund IX, partially offset by an increase in realized performance fees earned from ADIP, HVF II and ANRP III.

Principal investing compensation expense of $123 million in 2026 decreased $45 million, as compared to $168 million in 2025. The decrease in 2026 was primarily due to a decrease in profit sharing expense corresponding to the decrease in realized performance fees. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period.

The increase in realized investment income of $14 million in 2026 was primarily attributable to realizations from certain of the Company’s investments.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.

PII was $91 million in 2026, an increase of $30 million, as compared to $61 million in 2025. This increase was primarily attributable to increases in realized performance fees and realized investment income of $78 million and $32 million, respectively, partially offset by an increase in principal investing compensation expense of $80 million.

The increase in realized performance fees of $78 million in 2026 was primarily driven by an increase in realized performance fees generated from a portfolio company sale and Fund X, partially offset by a decrease in realized performance fees earned from Fund IX.

The increase in realized investment income of $32 million in 2026 was primarily attributable to gains realized in connection with a portfolio company sale and from certain of the Company’s investments, partially offset by realized loss on disposition of investments.

Principal investing compensation expense of $436 million in 2026 increased $80 million, as compared to $356 million in 2025. The increase in 2026 was primarily due to an increase in profit sharing expense corresponding to the increase in realized
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performance fees. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period.

The Historical Investment Performance of Our Funds

Below we present information relating to the historical performance of the funds we manage, including certain legacy Apollo funds that do not have a meaningful amount of unrealized investments, and in respect of which the general partner interest has not been contributed to us.

When considering the data presented below, you should note that the historical results of funds we manage are not indicative of the future results that you should expect from such funds, from any future funds we may raise or from your investment in our common stock.

An investment in our common stock is not an investment in any of the Apollo managed funds, and the assets and revenues of the funds we manage are not directly available to us. The historical and potential future returns of the funds we manage are not directly linked to returns on our common stock. Therefore, you should not conclude that continued positive performance of the funds we manage will necessarily result in positive returns on an investment in our common stock. However, poor performance of the funds that we manage would cause a decline in our revenue from such funds, and would therefore have a negative effect on our performance and in all likelihood the value of our common stock.

Moreover, the historical returns of funds we manage should not be considered indicative of the future results you should expect from such funds or from any future funds we may raise. There can be no assurance that any Apollo fund will continue to achieve the same results in the future.

Finally, our private equity IRRs have historically varied greatly from fund to fund. For example, Fund VI generated a 12% gross IRR and a 9% net IRR since its inception through June 30, 2026, while Fund V generated a 61% gross IRR and a 44% net IRR since its inception through its liquidation in 2023. Accordingly, the IRR going forward for any current or future fund may vary considerably from the historical IRR generated by any particular fund, or for our private equity funds as a whole. Future returns will also be affected by the applicable risks, including risks of the industries and businesses in which a particular fund invests. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—“Historical performance metrics are unreliable indicators of our current or future results of operations” in our 2025 Annual Report.

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Investment Record

The following table summarizes the investment record by strategy of Apollo’s significant commitment-based funds that have a defined maturity date in which investors make a commitment to provide capital at the formation of such funds and deliver capital when called as investment opportunities become available. All amounts are as of June 30, 2026, unless otherwise noted.

(In millions, except IRR)Vintage
Year		Total AUMCommitted
Capital		Total Invested CapitalRealized ValueRemaining CostUnrealized ValueTotal ValueGross
IRR		Net
IRR
Credit:
Accord VII1
2026$1,949 $1,948 $231 $102 $131 $135 $237 
NM4
NM4
Accord I, II, III, III B, IV, V & VI1
Various— 9,693 7,455 7,974 — — 7,974 18 %13 %
Accord+ II20255,566 4,796 7,211 3,213 4,467 4,633 7,846 
NM4
NM4
Accord+20212,403 2,370 7,062 8,020 6 18 8,038 14 11 
ADIP II20247,192 6,016 3,340 — 3,340 4,455 4,455 17 15 
ADIP I20205,288 3,254 2,620 2,315 2,320 2,699 5,014 21 18 
EPF IV20233,321 3,102 2,095 874 1,359 1,685 2,559 16 10 
EPF III20172,034 4,538 5,100 4,838 1,244 1,082 5,920 6 1 
Total Credit$27,753 $35,717 $35,114 $27,336 $12,867 $14,707 $42,043 
Equity:
Fund X2023$23,443 $19,877 $11,455 $3,941 $9,207 $12,931 $16,872 31 %21 %
Fund IX201825,056 24,729 23,714 19,838 14,281 20,857 40,695 20 13 
Fund VIII20134,229 18,377 16,926 26,446 2,264 2,378 28,824 13 9 
Fund VII2008— 14,677 16,461 34,294 — — 34,294 33 25 
Fund VI2006380 10,136 12,457 21,136 405 — 21,136 12 9 
Fund V2001— 3,742 5,192 12,724 — — 12,724 61 44 
Fund I, II, III, IV & MIA2
Various8 7,320 8,753 17,400 — — 17,400 39 26 
Traditional Private Equity Funds3
$53,116 $98,858 $94,958 $135,779 $26,157 $36,166 $171,945 39 24 
AIOF III20242,535 2,399 1,141 — 1,141 1,362 1,362 
NM4
NM4
AIOF II20202,772 2,542 2,400 1,244 1,558 1,937 3,181 12 8 
AIOF I201816 897 803 1,280 — — 1,280 22 16 
HVF III20266,692 6,476 1,395 — 1,395 1,672 1,672 
NM4
NM4
HVF II20225,777 4,592 5,045 1,863 3,993 5,364 7,227 16 12 
HVF I20191,892 3,238 3,711 4,628 794 1,303 5,931 21 16 
Total Equity$72,800 $119,002 $109,453 $144,794 $35,038 $47,804 $192,598 
1 Accord funds have investment periods shorter than 24 months, therefore Gross and Net IRR are presented after 12 months of investing.
2 The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the reorganization of the Company that occurred in 2007. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s investment professionals.
3 Total IRR is calculated based on total cash flows for all funds presented.
4 Data has not been presented as the fund’s effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful.

Equity

The following tables provide additional detail on the composition of the Fund X, Fund IX and Fund VIII private equity portfolios based on investment strategy as of June 30, 2026:

Fund XFund IXFund VIII
(In millions)Total Invested CapitalTotal ValueTotal Invested CapitalTotal ValueTotal Invested CapitalTotal Value
Opportunistic Buyouts$8,262 $11,355 $15,156 $23,597 $13,237 $20,771 
Corporate Carve-outs2,904 4,498 6,771 12,109 3,122 7,299 
Deleveraging Investment and other1
289 1,019 1,787 4,989 567 754 
Total$11,455 $16,872 $23,714 $40,695 $16,926 $28,824 
1 The deleveraging investment strategy includes deleveraging for control and non-control deleveraging.
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Perpetual Capital

The following table summarizes the investment record for the perpetual capital vehicles we manage, excluding Athene and Athora-related assets.
Total Returns
(In millions)
IPO Year1
Total AUMFor the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
ADS2
N/A$30,598 2 %2 %2 %4 %
MidCap FinCo3
N/A13,927 2 %4 %3 %8 %
MFIC4,5
20043,533 (7)%1 %(7)%(1)%
ADREF6
N/A4,506 3 %— %5 %— %
ADCF6
N/A2,438 1 %3 %2 %5 %
ARIS6
N/A2,421 1 %1 %3 %3 %
Other7
N/A26,526 N/AN/AN/AN/A
Total$83,949 
1 An IPO year represents the year in which the vehicle commenced trading on a national securities exchange.
2 ADS is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are net returns based on NAV.
3 MidCap FinCo is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 2% and 3% for the three months ended June 30, 2026 and 2025, respectively. The net returns based on NAV were 2% and 7% for the six months ended June 30, 2026 and 2025, respectively.
4 Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission.
5 AUM is presented on a three-month lag, as of March 31, 2026, based upon the availability of the information.
6 ADREF, ADCF and ARIS are not publicly traded vehicles and therefore IPO years are not applicable. The returns presented are for their respective Class I shares and are net returns based on NAV.
7 Other includes, among others, AUM of $1.9 billion related to a publicly traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services, as of March 31, 2026. Returns and IPO year are not provided for these AUM. Other also includes AUM of $12.2 billion related to third-party capital within AAA.
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Summary of Non-U.S. GAAP Measures

The table below sets forth a reconciliation of net income attributable to Apollo Global Management, Inc. common stockholders to Segment Income and Adjusted Net Income:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc.$1,336 $605 $(594)$1,023 
Preferred dividends25 25 49 49 
Net income (loss) attributable to non-controlling interests728 212 1,223 708 
GAAP Net Income (Loss)2,089 842 678 1,780 
Income tax provision (benefit)396 3 2,090 246 
GAAP Income (Loss) Before Income Tax Provision (Benefit)2,485 845 2,768 2,026 
Asset Management Adjustments
Equity-based profit sharing expense1
713812368
Equity-based compensation129102285201
Net (income) loss attributable to non-controlling interests in consolidated entities(698)(266)(953)(815)
Unrealized performance fees(320)28 101 (91)
Unrealized profit sharing expense152 (43)(55)62
HoldCo interest and other financing costs2
53 36 98 70 
Unrealized principal investment (income) loss45 (11)165 (9)
Unrealized net (gains) losses from investment activities(28)293 29 354 
Transaction-related costs, restructuring and other non-operating expenses3
117 70 186 346 
Retirement Services Adjustments
Investment (gains) losses, net of offsets(23)509 673 358 
Non-operating change in insurance liabilities and related derivatives4
(358)(149)(316)218 
Integration, restructuring and other non-operating items41 32 74 62 
Equity-based compensation12 11 22 22 
Segment Income1,678 1,495 3,200 2,872 
HoldCo interest and other financing costs2
(53)(36)(98)(70)
Taxes and related payables(311)(280)(580)(504)
Adjusted Net Income$1,314 $1,179 $2,522 $2,298 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with the Company’s merger with Athene; and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the six months ended June 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of common stock to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

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The table below sets forth a reconciliation of common stock outstanding to our Adjusted Net Income Shares Outstanding:

June 30, 2026December 31, 2025
Total GAAP Common Stock Outstanding575,971,752 578,981,398 
Non-GAAP Adjustments:
Mandatory Convertible Preferred Stock1
14,587,841 14,564,883 
Vested RSUs17,073,031 19,437,942 
Unvested RSUs Eligible for Dividend Equivalents15,921,831 10,518,154 
Adjusted Net Income Shares Outstanding623,554,455 623,502,377 
1 Reflects the number of shares of underlying common stock assumed to be issuable upon conversion of the Mandatory Convertible Preferred Stock during each period.

The table below sets forth a reconciliation of Athene’s total investments, including related parties, to net invested assets:

(In millions)June 30, 2026December 31, 2025
Total investments, including related parties$377,142 $356,060 
Derivative assets(11,034)(9,190)
Cash and cash equivalents (including restricted cash)23,540 16,326 
Accrued investment income4,015 3,395 
Net receivable (payable) for collateral on derivatives(5,010)(3,458)
Reinsurance impacts(6,725)(6,350)
VIE and VOE assets, liabilities and non-controlling interests20,052 19,420 
Unrealized (gains) losses13,476 10,002 
Ceded policy loans(154)(160)
Net investment receivables (payables)(2,360)217 
Allowance for credit losses709 763 
Other investments(53)(52)
Total adjustments to arrive at gross invested assets36,456 30,913 
Gross invested assets413,598 386,973 
ACRA non-controlling interests(99,508)(94,559)
Net invested assets$314,090 $292,414 

Liquidity and Capital Resources

Overview

The Company primarily derives revenues and cash flows from the assets it manages and the retirement savings products it issues, reinsures and acquires. Based on management’s experience, we believe the Company’s current liquidity position, together with the cash generated from revenues will be sufficient to meet the Company’s anticipated expenses and other working capital needs for at least the next 12 months. For the longer-term liquidity needs of the asset management business, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. The principal sources of liquidity for the retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

AGM is a holding company whose primary source of cash flow is distributions and other intercompany transfers from its subsidiaries, which are expected to be sufficient to fund cash flow requirements based on current estimates of future obligations. AGM’s primary liquidity needs include the cash-flow requirements relating to its corporate activities, including its day-to-day operations, common stock and preferred stock dividend payments and strategic transactions, such as acquisitions.

As of June 30, 2026, the Company had $25.4 billion of unrestricted cash and cash equivalents, as well as $5.6 billion of available funds from the AGM credit facility, Athene credit facility and Athene liquidity facility.

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Primary Uses of Cash

Over the next 12 months, we expect the Company’s primary liquidity needs will be to:

•support the future growth of Apollo’s businesses through strategic corporate investments;
•pay the Company’s operating expenses including compensation, general, administrative, and other expenses;
•make payments to policyholders for surrenders, withdrawals and payout benefits;
•make interest and principal payments on funding agreements;
•make payments to satisfy pension group annuity obligations and policy acquisition costs;
•make interest and principal payments on the Company’s debt;
•pay taxes and tax-related payments;
•pay cash dividends;
•repurchase common stock; and
•make payments under the tax receivable agreements.

Over the long term, we believe we will be able to (i) grow Apollo’s Assets Under Management and generate positive investment performance in the funds we manage, which we expect will allow us to grow the Company’s management fees and performance fees and (ii) grow the investment portfolio of retirement services, in each case in amounts sufficient to cover our long-term liquidity requirements, which may include:

•supporting the future growth of our businesses;
•creating new or enhancing existing products and investment platforms;
•making payments to policyholders;
•pursuing new strategic corporate investment opportunities;
•paying interest and principal on the Company’s financing arrangements;
•repurchasing common stock;
•making payments under the tax receivable agreements; and
•paying cash dividends.

Cash Flow Analysis

The section below discusses in more detail the Company’s primary sources and uses of cash and the primary drivers of cash flows within the Company’s condensed consolidated statements of cash flows:

Six months ended June 30,
(In millions)20262025
Operating Activities$4,501 $2,274 
Investing Activities(23,871)(36,517)
Financing Activities27,198 32,089 
Effect of exchange rate changes on cash and cash equivalents(2)13 
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities$7,826 $(2,141)

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The assets of our consolidated funds and VIEs, on a gross basis, could have a substantial effect on the accompanying statement of cash flows. Because our consolidated funds and VIEs are generally treated as investment companies for accounting purposes, their investing cash flow amounts are included in our cash flows from operating activities. The table below summarizes our condensed consolidated statements of cash flows by activity attributable to the Company and to our consolidated funds and VIEs.

Six months ended June 30,
(In millions)20262025
Net cash provided by the Company's operating activities$4,069 $2,441 
Net cash provided by (used in) the Consolidated Funds and VIEs operating activities432 (167)
Net cash provided by operating activities4,501 2,274 
Net cash used in the Company's investing activities(21,438)(35,450)
Net cash used in the Consolidated Funds and VIEs investing activities(2,433)(1,067)
Net cash used in investing activities(23,871)(36,517)
Net cash provided by the Company's financing activities25,783 31,392 
Net cash provided by the Consolidated Funds and VIEs financing activities1,415 697 
Net cash provided by financing activities$27,198 $32,089 

Operating Activities

The Company’s operating activities support its Asset Management, Retirement Services and Principal Investing activities. The primary sources of cash within operating activities include: (a) management fees, (b) advisory and transaction fees, (c) realized performance revenues, (d) realized principal investment income, (e) investment sales from our consolidated funds and VIEs, (f) net investment income and (g) insurance premiums. The primary uses of cash within operating activities include: (a) compensation and non-compensation related expenses, (b) interest and taxes, (c) investment purchases from our consolidated funds and VIEs, (d) benefit payments and (e) other operating expenses.

•During the six months ended June 30, 2026, cash provided by operating activities reflects cash inflows from management fees, advisory and transaction fees, realized performance revenues, realized principal investment income, net investment income and a tax refund, partially offset by cash paid for interest on funding agreements and debt, cash paid for pension group annuity and other payout annuity benefits, net of premium received, and cash paid for policy acquisition expenses and other operating expenses. Cash provided by our consolidated funds and VIEs primarily includes net proceeds from the sale of VIE investments, partially offset by net purchases of VIE investments.

•During the six months ended June 30, 2025, cash provided by operating activities reflects cash inflows of management fees, advisory and transaction fees, realized performance revenues, realized principal investment income, and net investment income, partially offset by pension group annuity benefit payments and cash paid for interest on funding agreements, policy acquisition expenses and other operating expenses. Net cash provided by operating activities includes net cash used by our consolidated funds and VIEs, which primarily includes net purchases of VIE’s investments, partially offset by proceeds from the sale of VIEs’ investments.

Investing Activities

The Company’s investing activities support the growth of its business. The primary sources of cash within investing activities include: (a) distributions from investments and (b) sales, maturities and repayments of investments. The primary uses of cash within investing activities include: (a) capital expenditures, (b) purchases and acquisitions of new investments, including purchases of U.S. Treasury securities and (c) equity method investments in the funds we manage.

•During the six months ended June 30, 2026, cash used in investing activities primarily reflects the purchase of investments, mainly AFS and mortgage loans, due to the deployment of significant cash inflows from Athene’s strong growth, cash paid for the settlement of derivatives and an increase in cash posted as collateral by Athene for derivative transactions, partially offset by the sales, maturities and repayments of investments and an increase in investment payables, net of receivables.

•During the six months ended June 30, 2025, cash used in investing activities primarily reflects the purchase of investments, mainly AFS and mortgage loans, due to the deployment of significant cash inflows from Athene’s
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organic growth and cash collateral posted by Athene for derivative transactions, partially offset by the sales, maturities and repayments of investments and an increase in net investment payables.

Financing Activities

The Company’s financing activities reflect its capital market transactions and transactions with equity holders. The primary sources of cash within financing activities include: (a) proceeds from debt and preferred equity issuances, (b) inflows on Athene’s investment-type policies and contracts, (c) changes of cash collateral for derivative transactions posted by counterparties, (d) capital contributions, and (e) proceeds from other borrowing activities. The primary uses of cash within financing activities include: (a) dividends, (b) payments under the tax receivable agreement, (c) share repurchases, (d) cash paid to settle tax withholding obligations in connection with net share settlements of equity-based awards, (e) repayments of debt, (f) withdrawals on Athene’s investment-type policies and contracts, (g) changes in cash collateral for derivative transactions posted by counterparties and (h) capital distributions.

•During the six months ended June 30, 2026, cash provided by financing activities primarily reflects cash received from deferred annuity, funding agreement and guaranteed investment contract inflows, net of cash outflows, cash proceeds from the issuance of long-term debt, an increase in cash collateral posted by counterparties for derivative transactions and net capital contributions from non-controlling interests, partially offset by the repayment of debt, the repayment of short-term repurchase agreements and the payment of common and preferred stock dividends. Cash provided by financing activities of our consolidated funds and VIEs primarily includes proceeds from the issuance of debt and contributions from non-controlling interests, partially offset by repayment of debt and distributions to non-controlling interests.

•During the six months ended June 30, 2025, cash provided by financing activities primarily reflects cash received from deferred annuity and funding agreement inflows, net of cash outflows, cash proceeds from the issuance of long-term debt and net capital contributions from non-controlling interests, partially offset by a decrease in cash collateral posted by counterparties for derivative transactions, the repayment of outstanding short-term repurchase agreements, cash paid for the redemption of Athene’s Series C preferred stock and the payment of common and preferred stock dividends. Cash provided by financing activities of our consolidated funds and VIEs primarily includes proceeds from the issuance of debt and contributions from non-controlling interests, partially offset by repayment of debt and distributions to non-controlling interests.

Contractual Obligations, Commitments and Contingencies

For a summary and a description of the nature of the Company’s commitments, contingencies and contractual obligations, see note 17 to the condensed consolidated financial statements and “—Contractual Obligations, Commitments and Contingencies.” The Company’s commitments are primarily fulfilled through cash flows from operations and financing activities.

Consolidated Funds and VIEs

The Company manages its liquidity needs by evaluating unconsolidated cash flows; however, the Company’s financial statements reflect the financial position of Apollo as well as Apollo’s consolidated funds and VIEs. The primary sources and uses of cash at Apollo’s consolidated funds and VIEs include: (a) raising capital from their investors, which have been reflected historically as non-controlling interests of the consolidated subsidiaries in our financial statements, (b) using capital to make investments, (c) generating cash flows from operations through distributions, interest and the realization of investments, (d) distributing cash flow to investors, and (e) issuing debt to finance investments (CLOs).

Dividends and Distributions

For information regarding the quarterly dividends that were made to common stockholders and distribution equivalents on participating securities, see note 14 to the condensed consolidated financial statements. Although the Company currently expects to pay dividends, we may not pay dividends if, among other things, we do not have the cash necessary to pay the dividends. To the extent we do not have cash on hand sufficient to pay dividends, we may have to borrow funds to pay dividends, or we may determine not to pay dividends. The declaration, payment and determination of the amount of our dividends are at the sole discretion of the AGM board of directors.

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Because AGM is a holding company, the primary source of funds for AGM’s dividends is distributions and other intercompany transfers from its operating subsidiaries, AAM and AHL, which are expected to be adequate to fund AGM’s dividends and other cash flow requirements based on current estimates of future obligations. The ability of these operating subsidiaries to make distributions to AGM will depend on satisfying applicable law with respect to such distributions, including surplus and minimum solvency requirements among others, as well as making prior distributions on AHL’s outstanding preferred stock. Moreover, the ability of AAM and AHL to receive distributions from their own respective subsidiaries will continue to depend on applicable law with respect to such distributions.

On August 4, 2026, AGM declared a cash dividend of $0.5625 per share of its common stock, which will be paid on August 31, 2026 to holders of record at the close of business on August 19, 2026.

Repurchase of Securities

Share Repurchase Program

For information regarding the Company’s share repurchase program, see note 14 to the condensed consolidated financial statements.

Repurchase of Other Securities

We may from time to time seek to retire or purchase our other outstanding debt or equity securities through cash purchases and/or exchanges for other securities, purchases in the open market, privately negotiated transactions or otherwise. Any such repurchases will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions and applicable regulatory, legal and accounting factors. Whether or not we repurchase any of our other securities and the size and timing of any such repurchases will be determined at our discretion.

Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock. There were 28,749,227 shares of Mandatory Convertible Preferred Stock issued and outstanding as of June 30, 2026. On July 31, 2026, all then outstanding shares of Mandatory Convertible Preferred Stock were converted to common stock. See note 14 to the condensed consolidated financial statements for further details.

Asset Management Liquidity

Our asset management business requires limited capital resources to support the working capital or operating needs of the business. For the asset management business’ longer-term liquidity needs, we expect to continue to fund the asset management business’ operations through management fees and performance fees received. Liquidity needs are also met (to a limited extent) through proceeds from borrowings and equity issuances as described in notes 12 and 14 to the condensed consolidated financial statements, respectively. From time to time, if the Company determines that market conditions are favorable after taking into account our liquidity requirements, we may seek to raise proceeds through the issuance of additional debt or equity instruments. AGM has a registration statement on Form S-3 to provide it with access to the capital markets, subject to market conditions and other factors.

At June 30, 2026, the asset management business had $3.4 billion of unrestricted cash and cash equivalents, as well as $1.25 billion of available funds from the AGM credit facility.

Future Debt Obligations

The asset management business had debt of $5.9 billion as of June 30, 2026, which includes notes with various maturities from 2027 through 2054 and nonrecourse debt. See note 12 to the condensed consolidated financial statements for further information regarding the asset management business’ debt arrangements.

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Future Cash Flows

Our ability to execute our business strategy, particularly our ability to increase our AUM, depends on our ability to establish new funds and to raise additional investor capital within such funds. Our liquidity will depend on a number of factors, such as our ability to project our financial performance, which is highly dependent on the funds we manage and our ability to manage our projected costs, fund performance, access to credit facilities, compliance with existing credit agreements, as well as industry and market trends. Also, during economic downturns the funds we manage might experience cash flow issues or liquidate entirely. In these situations we might be asked to reduce or eliminate the management fee and performance fees we charge, which could adversely impact our cash flow in the future.

An increase in the fair value of the investments of the funds we manage, by contrast, could favorably impact our liquidity through higher management fees where the management fees are calculated based on the net asset value, gross assets or adjusted assets. Additionally, higher performance fees not yet realized would generally result when investments appreciate over their cost basis which would not have an impact on the asset management business’ cash flow until realized.

Consideration of Financing Arrangements

As noted above, in limited circumstances, the asset management business may issue debt or equity to supplement its liquidity. The decision to enter into a particular financing arrangement is made after careful consideration of various factors, including the asset management business’ cash flows from operations, future cash needs, current sources of liquidity, demand for the asset management business’ debt or equity, and prevailing interest rates.

Revolver Facility

Under the AGM credit facility, AGM and AMH, as parent borrower and subsidiary borrower, respectively, may borrow in an aggregate amount not to exceed $1.25 billion and may incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH are in compliance with a net leverage ratio not to exceed 4.00 to 1.00. Borrowings under the AGM credit facility may be used for working capital and general corporate purposes, including without limitation, permitted acquisitions. The AGM credit facility has a final maturity date of November 21, 2029.

Tax Receivable Agreements

The Apollo TRA provides for the payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that AGM and its subsidiaries realize as a result of the increases in tax basis of assets resulting from exchanges of AOG Units for Class A shares that occurred in prior years. The Bridge TRA provides for the payment to Bridge TRA holders based on 85% of the tax benefits realized from the Bridge acquisition. For more information regarding the tax receivable agreements, see note 16 to the condensed consolidated financial statements.

Athora

AAM and its subsidiaries had equity commitments outstanding to Athora of up to $57 million as of June 30, 2026.

An AAM subsidiary and Athene are minority investors in Athora with a long-term strategic relationship. Through its share ownership, the AAM subsidiary has approximately 16% of the total voting power in Athora, and Athene holds shares in Athora representing 10% of the total voting power in Athora. In addition, Athora shares held by funds and other accounts managed by Apollo represent, in the aggregate, approximately 4% of the total voting power in Athora. See note 16 to the condensed consolidated financial statements for details on AAM’s and Athene’s transactions and commitments to Athora.

Fund Escrow

As of June 30, 2026, the remaining investments and escrow cash of Fund VIII was valued at 102% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. Realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement.

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Clawback

Performance fees from certain of the funds we manage are subject to contingent repayment by the general partner in the event of future losses to the extent that the cumulative performance fees distributed from inception to date exceeds the amount computed as due to the general partner at the final distribution. See “—Overview of Results of Operations—Performance Fees” for the maximum performance fees subject to potential reversal by each fund.

Indemnification Liability

The asset management business recorded an indemnification liability in the event that the Former Managing Partners, Contributing Partners and certain investment professionals are required to pay amounts in connection with a general partner obligation to return previously distributed performance fees. See note 16 to the condensed consolidated financial statements for further information regarding the asset management business’ indemnification liability.

Retirement Services Liquidity

There are two forms of liquidity relevant to our retirement services business: funding liquidity and balance sheet liquidity. Funding liquidity relates to the ability to fund operations. Balance sheet liquidity relates to the ability to sell assets held in Athene’s investment portfolio without incurring significant costs from fees, bid-offer spreads, or market impact. Athene manages its liquidity position by matching projected cash demands with adequate sources of cash and other liquid assets. The principal sources of liquidity for our retirement services business, in the ordinary course of business, are operating cash flows and holdings of cash, cash equivalents and other readily marketable assets.

Athene’s investment portfolio is structured to ensure a strong liquidity position over time to permit timely payment of policy and contract benefits without requiring asset sales at inopportune times or at depressed prices. In general, liquid assets include cash and cash equivalents, highly rated bonds, short-term investments, unaffiliated preferred stock and publicly traded common stock, all of which generally have liquid markets with a large number of buyers, but exclude pledged assets, mainly associated with funding agreement and repurchase agreement liabilities. Assets included in modified coinsurance and funds withheld portfolios, including assets held in reinsurance trusts, are available to fund the benefits for the associated obligations but are restricted from other uses. Although the investment portfolio of our retirement services business does contain assets that are generally considered less liquid for liquidity monitoring purposes (primarily mortgage loans, policy loans, real estate and investment funds), there is some ability to raise cash from these assets if needed. In periods of economic downturn, Athene may seek to raise or hold additional cash and liquid assets to manage its liquidity risk and to take advantage of market dislocations as they arise.

Athene has access to additional liquidity through its Athene credit facility and Athene liquidity facility. Athene entered into a new credit facility on June 26, 2026, which replaced its previous agreement dated as of June 30, 2023. The Athene credit facility has a borrowing capacity of $1.75 billion, subject to being increased up to $2.5 billion in total on the terms described in the credit facility. The Athene credit facility has a commitment termination date of June 26, 2031, subject to up to two one-year extensions, and was undrawn as of June 30, 2026. Athene entered into a new liquidity facility on June 26, 2026, which replaced its previous agreement dated as of June 27, 2025. The Athene liquidity facility has a borrowing capacity of $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the liquidity facility. The Athene liquidity facility has a commitment termination date of June 25, 2027, subject to additional 364-day extensions, and was undrawn as of June 30, 2026. Athene also has access to $2.0 billion of committed repurchase facilities. Athene has a registration statement on Form S-3 to provide it with access to the capital markets, subject to market conditions and other factors. Athene is also the counterparty to repurchase agreements with several different financial institutions, pursuant to which it may obtain short-term liquidity, to the extent available. In addition, through Athene’s membership in the FHLB, it is eligible to borrow under variable-rate short-term federal funds arrangements to provide additional liquidity.

Athene proactively manages its liquidity position to meet cash needs while minimizing adverse impacts on investment returns. Athene analyzes its cash-flow liquidity over the upcoming 12 months by modeling potential demands on liquidity under a variety of scenarios, taking into account the provisions of its policies and contracts in force, its cash flow position, and the volume of cash and readily marketable securities in its portfolio.

Liquidity risk is monitored, managed and mitigated through a number of stress tests and analyses to assess Athene’s ability to meet its cash flow requirements, as well as the ability of its reinsurance and insurance subsidiaries to meet their collateral
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obligations, under various stress scenarios. Athene further seeks to mitigate liquidity risk by maintaining access to alternative, external sources of liquidity.

Insurance Subsidiaries’ Operating Liquidity

The primary cash flow sources for Athene’s insurance subsidiaries include retirement services product inflows (premiums and deposits), investment income, principal repayments on its investments, net transfers from separate accounts and financial product inflows. Uses of cash include investment purchases, payments to policyholders for surrenders, withdrawals and payout benefits, interest and principal payments on funding agreements and outstanding debt, payments to satisfy pension group annuity obligations, policy acquisition and general operating costs and payment of cash dividends.

Athene’s policyholder obligations are generally long-term in nature. However, policyholders may elect to withdraw some or all of their account value in amounts that exceed Athene’s estimates and assumptions over the life of an annuity contract. Athene includes provisions within its annuity policies, such as surrender charges and market value adjustments (“MVAs”), which are intended to protect it from early withdrawals. As of June 30, 2026 and December 31, 2025, approximately 87% and 85%, respectively, of Athene’s deferred annuity liabilities were subject to penalty upon surrender. In addition, as of each of June 30, 2026 and December 31, 2025, approximately 69% of policies contained MVAs that may also have the effect of limiting early withdrawals if interest rates increase but may encourage early withdrawals by effectively subsidizing a portion of surrender charges when interest rates decrease. As of June 30, 2026, approximately 36% of Athene’s net reserve liabilities were generally non-surrenderable, including buy-out pension group annuities other than those that can be withdrawn as lump sums, funding agreements, payout annuities and guaranteed investment contracts, while 54% were subject to penalty upon surrender.

Membership in Federal Home Loan Bank

Through its membership in the FHLB, Athene is eligible to borrow under variable-rate short-term federal funds arrangements to provide additional liquidity. The borrowings must be secured by eligible collateral such as mortgage loans, eligible CMBS or RMBS, government or agency securities and guaranteed loans. As of each of June 30, 2026 and December 31, 2025, Athene had no outstanding borrowings under these arrangements.

Athene has issued funding agreements to the FHLB. These funding agreements were issued in an investment spread strategy, consistent with other investment spread operations. As of June 30, 2026 and December 31, 2025, Athene had funding agreements outstanding with the FHLB in the aggregate principal amount of $27.7 billion and $23.3 billion, respectively.

The maximum FHLB indebtedness by a member is determined by the amount of collateral pledged and cannot exceed a specified percentage of the member’s total statutory assets, dependent on the internal credit rating assigned to the member by the FHLB. As of June 30, 2026, Athene’s total maximum borrowing capacity under the FHLB facilities was limited to $70.1 billion. However, Athene’s ability to borrow under the facilities is constrained by the availability of assets that qualify as eligible collateral under the facilities and certain other limitations. Considering these limitations, as of June 30, 2026, Athene had the ability to draw up to an estimated $33.8 billion, inclusive of borrowings then outstanding. This estimate is based on Athene’s internal analysis and assumptions and may not accurately measure collateral that is ultimately acceptable to the FHLB.

Securities Repurchase Agreements

Athene engages in repurchase transactions whereby it sells fixed income securities to third parties, primarily major brokerage firms or commercial banks, with a concurrent agreement to repurchase such securities at a determined future date. Athene requires that, at all times during the term of the repurchase agreements, it maintains sufficient cash or other liquid assets to allow it to fund substantially all of the repurchase price. Proceeds received from the sale of securities pursuant to these arrangements are generally invested in short-term investments or maintained in cash, with the offsetting obligation to repurchase the security included within payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition. Under the terms of the repurchase agreements, Athene monitors the market value of the securities sold and may be required to deliver additional collateral (which may be in the form of cash or additional securities) to the extent the value of the securities sold decreases prior to the repurchase date.

As of June 30, 2026 and December 31, 2025, the payables for repurchase agreements were $3.2 billion and $6.0 billion, respectively, while the fair value of securities and collateral held by counterparties backing the repurchase agreements was $3.4 billion and $6.2 billion, respectively. As of June 30, 2026, payables for repurchase agreements, based on original issuance,
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included no short-term and $3.2 billion of long-term repurchase agreements. As of December 31, 2025, payables for repurchase agreements, based on original issuance, included $2.8 billion of short-term and $3.2 billion of long-term repurchase agreements.

Dividends from Insurance Subsidiaries

AHL is a holding company whose primary liquidity needs include the cash flow requirements relating to its corporate activities, including its day-to-day operations, debt servicing, preferred and common stock dividend payments and strategic transactions, such as acquisitions. The primary sources of AHL’s cash flows are dividends from its subsidiaries, capital market issuances and intercompany borrowings, which are expected to be adequate to fund cash flow requirements based on current estimates of future obligations.

The ability of AHL’s insurance subsidiaries to pay dividends is limited by applicable laws and regulations of the jurisdictions where the subsidiaries are domiciled, as well as agreements entered into with regulators. These laws and regulations require, among other things, the insurance subsidiaries to maintain minimum solvency requirements and limit the amount of dividends these subsidiaries can pay.

Subject to these limitations and prior notification to the appropriate regulatory agency, Athene’s U.S. insurance subsidiaries are permitted to pay ordinary dividends based on calculations specified under insurance laws of the relevant state of domicile. Any distributions above the amount permitted by statute in any twelve-month period are considered to be extraordinary dividends, and require the approval of the appropriate regulator prior to payment. AHL does not currently plan on having the U.S. subsidiaries pay any dividends to their parents.

Dividends from AHL’s subsidiaries are projected to be the primary source of AHL’s liquidity. Under the Bermuda Insurance Act, each of Athene’s Bermuda insurance subsidiaries is prohibited from paying a dividend in an amount exceeding 25% of the prior year’s statutory capital and surplus, unless at least two members of the board of directors of the Bermuda insurance subsidiary and its principal representative in Bermuda sign and submit to the BMA an affidavit attesting that a dividend in excess of this amount would not cause the Bermuda insurance subsidiary to fail to meet its relevant margins. In certain instances, the Bermuda insurance subsidiary would also be required to provide prior notice to the BMA in advance of the payment of dividends. In the event that such an affidavit is submitted to the BMA in accordance with the Bermuda Insurance Act, and further subject to the Bermuda insurance subsidiary meeting its relevant margins, the Bermuda insurance subsidiary is permitted to distribute up to the sum of 100% of statutory surplus and an amount less than 15% of its total statutory capital. Distributions in excess of this amount require the approval of the BMA.

The maximum distribution permitted by law or contract is not necessarily indicative of the insurance subsidiaries’ actual ability to pay such distributions, which may be further restricted by business and other considerations, such as the impact of such distributions on surplus, which could affect Athene’s ratings or competitive position and the amount of premiums that can be written. Specifically, the level of capital needed to maintain desired financial strength ratings from rating agencies, including S&P Global, Inc., A.M. Best Company, Inc., Fitch Ratings, Inc. and Moody’s Ratings, Inc., is of particular concern when determining the amount of capital available for distributions. AHL believes its insurance subsidiaries have sufficient statutory capital and surplus, combined with additional capital available to be provided by AHL, to meet their financial strength ratings objectives. Finally, state insurance laws and regulations require that the statutory surplus of Athene’s insurance subsidiaries following any dividend or distribution must be reasonable in relation to their outstanding liabilities and adequate for the insurance subsidiaries’ financial needs.

Other Sources of Funding

Athene may seek to secure additional funding at the AHL level by means other than dividends from subsidiaries, such as by drawing on its undrawn $1.75 billion Athene credit facility or by pursuing future issuances of debt or preferred stock to third-party investors. The Athene credit facility contains various standard covenants with which Athene must comply, including maintaining a consolidated debt-to-capitalization ratio of not greater than 40%, maintaining a minimum consolidated net worth of no less than $22.1 billion and restrictions on the ability to incur liens, with certain exceptions. Rates, ratios and terms are as defined in the Athene credit facility.

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Future Debt Obligations

Athene had long-term debt of $7.8 billion as of June 30, 2026, which includes notes with various maturities from 2028 through 2064. See note 12 to the condensed consolidated financial statements for further information regarding Athene’s debt arrangements.

Capital

Athene believes it has a strong capital position and is well positioned to meet policyholder and other obligations. Athene measures capital sufficiency using various internal capital metrics that reflect management’s view on the various risks inherent to its business, the amount of capital required to support its core operating strategies and the amount of capital necessary to maintain its current ratings in a recessionary environment. The amount of capital required to support Athene’s core operating strategies is determined based upon internal modeling and analysis of economic risk, as well as inputs from rating agency capital models and consideration of both NAIC RBC and Bermuda capital requirements. Capital in excess of this required amount is considered excess equity capital, which is available to deploy.

As of December 31, 2025 and December 31, 2024, Athene’s U.S. RBC ratio was 436% and 419%, respectively, its Bermuda RBC ratio was 454% and 450%, respectively, and its consolidated RBC ratio was 441% and 430%, respectively. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Bermuda Capital, as used in the calculation of Bermuda RBC, represents 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 Bermuda CIT. 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. Athene expects this difference to reduce over time, and to decline to immaterial levels over the next five years.

ACRA

ACRA 1 provided Athene with access to on-demand capital to support its growth strategies and capital deployment opportunities. ACRA 1 provided a capital source to fund both Athene’s inorganic and organic channels. ALRe directly owns 37% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I owning the remaining 63% of the economic interests. The commitment period for ACRA 1 expired in August 2023.

Similar to ACRA 1, ACRA 2 was funded in December 2022 as another long-duration, on-demand capital vehicle. ALRe directly owns 37% of the economic interests in ACRA 2 and all of ACRA 2’s voting interests, with ADIP II owning the remaining 63% of the economic interests. ACRA 2 participates in certain transactions by drawing a portion of the required capital for such transactions from third-party investors equal to ADIP II’s proportionate economic interests in ACRA 2.

These strategic capital solutions allow Athene the flexibility to simultaneously deploy capital across multiple accretive avenues, while maintaining a strong financial position.

Bermuda Corporate Income Tax

On January 5, 2026, the OECD issued guidance exempting U.S.-parented groups from the IIR or UTPR taxes under the Pillar Two regime. The U.K. government has publicly announced its intention to enact this guidance into law. While the precise timing of such enactment is subject to the U.K. government’s legislative process, once enacted, the Company expects that Athene and ACRA entities would be exempt from the IIR and UTPR taxes in the U.K. In light of these developments, and the Company’s expectation that maintaining alignment between the Bermuda CIT and Pillar Two tax groups would no longer be beneficial, in January 2026, the Company revoked ACRA’s election to be subject to the Bermuda CIT.

Although the Company believes such an outcome would be unlikely, if the U.K. government does not enact the announced legislation, or subsequently amends its legislation in a manner that does not conform to the OECD guidance, the Company expects to re-elect ACRA into the Bermuda CIT regime at that time and utilize the Bermuda deferred tax assets to offset any resulting Bermuda CIT or Pillar Two cash tax obligations.
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As a result of the foregoing, in the first quarter of 2026, the Company recorded a full valuation allowance against its Bermuda deferred tax assets, as the Company no longer expects Athene or ACRA to incur Bermuda CIT or Pillar Two tax expense against which such deferred tax assets could be utilized. This resulted in a reduction to other assets and a corresponding increase to income tax provision, resulting in a reduction to equity, equal to the net amount of the Bermuda deferred tax assets of $1.7 billion. Notwithstanding this near-term impact on these financial metrics, and without assurance as to future results, the Company believes that these developments, including the revocation of ACRA’s election to be subject to the Bermuda CIT, will have favorable implications for the Company’s overall tax position over the longer term.

Critical Accounting Estimates and Policies

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon the condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses and should be read in conjunction with our significant accounting policies described in note 2 of our consolidated financial statements in our 2025 Annual Report. Actual results could differ from these estimates.

The following is a summary of our accounting policies that are affected most by judgments, estimates and assumptions.

•Consolidation of VIEs
•Revenue Recognition
◦Performance Fees within Investment Income
◦Management Fees
•Investments, at fair value
•Fair value of financial instruments
•Equity-based compensation
•Profit sharing expense
•Income taxes
•Valuation of Fixed Maturity Securities, Equity Securities and Mortgage Loans
•Impairment of investments and allowances for expected credit losses
•Derivatives valuation, including embedded derivatives
•Future policy benefits
•Market risk benefits

The above critical accounting estimates and judgments are discussed in detail in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates and Policies” of our 2025 Annual Report.

Recent Accounting Pronouncements

A list of recent accounting pronouncements that are relevant to us is included in note 2 to our condensed consolidated financial statements.

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Contractual Obligations, Commitments and Contingencies

Fixed and determinable payments due in connection with the Company’s material contractual obligations are as follows as of June 30, 2026:

(In millions)2026
2027 - 2028
2029 - 2030
2031 and ThereafterTotal
Asset Management
Operating lease obligations1
$47 $193 $185 $482 $907 
Other long-term obligations2
28 13 — — 41 
AGM credit facility3
1 2 1 — 4 
Debt obligations3
159 634 1,740 8,202 10,735 
235 842 1,926 8,684 11,687 
Retirement Services
Interest sensitive contract liabilities15,029 95,144 94,647 139,773 344,593 
Future policy benefits1,603 5,853 5,327 35,458 48,241 
Market risk benefits— — — 7,792 7,792 
Other policy claims and benefits98 — — — 98 
Dividends payable to policyholders4 17 14 52 87 
Debt obligations3
220 1,859 1,282 13,692 17,053 
Securities to repurchase4
79 2,369 1,143 — 3,591 
17,033 105,242 102,413 196,767 421,455 
Obligations$17,268 $106,084 $104,339 $205,451 $433,142 
1 Operating lease obligations exclude $135 million of other operating expenses associated with operating leases.
2 Includes (i) payments on management service agreements related to certain assets and (ii) payments with respect to certain consulting agreements entered into by the Company. Note that a significant portion of these costs are reimbursable by funds.
3 The obligations for debt payments include contractual maturities of principal and estimated future interest payments based on the terms of the debt agreements. See note 12 of the condensed consolidated financial statements for further discussion of these debt obligations.
4 The obligations for securities to repurchase payments include contractual maturities of principal and estimated future interest payments based on the terms of the agreements. Future interest payments on floating rate repurchase agreements were calculated using the June 30, 2026 interest rate.
Note:    Due to the fact that the timing of certain amounts to be paid cannot be determined or for other reasons discussed below, the following contractual commitments have not been presented in the table above.
(i)We have tax receivable agreements that require us to pay tax savings the Company may receive to the holders under those agreements. See note 16 to the condensed consolidated financial statements for further information regarding the tax receivable agreements. The tax savings achieved may not ensure that we have sufficient cash available to pay this liability and we might be required to incur additional debt to satisfy this liability.
(ii)Debt amounts related to certain consolidated VIEs and VOEs are not presented in the table above as the Company is not a guarantor of these non-recourse liabilities and the servicing of the debt is entirely within the applicable entity. See notes 6 and 12 to the condensed consolidated financial statements for further information.
(iii)In connection with the Stone Tower acquisition, Apollo agreed to pay the former owners of Stone Tower a specified percentage of any future performance fees earned from certain of the Stone Tower funds, CLOs and strategic investment accounts. These contingent consideration liabilities are remeasured to fair value at each reporting period until the obligations are satisfied. See note 17 to the condensed consolidated financial statements for further information regarding the contingent consideration liabilities.
(iv)Commitments from certain of our subsidiaries to contribute to the funds we manage and certain related parties.

Atlas

In connection with the Company and CS’s previously announced transaction, certain subsidiaries of Atlas acquired certain assets of the CS Securitized Products Group (the “Transaction”). Under the terms of the Transaction, Atlas originally agreed to pay CS an amount of $3.3 billion by February 8, 2028. This deferred purchase price is an obligation first of Atlas, second of AAA, third of AAM, fourth of AHL and fifth of AARe. Each of AARe and AAM issued an assurance letter to CS for the full deferred purchase obligation amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, Atlas will no longer receive $0.8 billion of fees and the deferred purchase price obligation is reduced by a corresponding amount from $3.3 billion to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase price obligation.

In exchange for the purchase price, Atlas originally received approximately $0.4 billion in cash and a portfolio of senior secured warehouse assets, subject to debt, with approximately $1 billion of tangible equity value. These warehouse assets are senior secured assets at industry standard loan-to-value ratios, structured to investment grade-equivalent criteria, and were approved by Atlas in connection with this Transaction. Atlas also benefits generally from the net spread earned on these assets in excess of its cost of financing. Finally, Atlas will earn total fees of $0.4 billion under the terms of the investment
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management agreement with CS, including management fees and transition and termination payments. As a result, the guarantee related to the Company’s aforementioned assurance letter is not probable of payment and, therefore, a liability has not been reflected on the condensed consolidated financial statements.

Supplemental Guarantor Financial Information

The 2031 Senior Notes, 2033 Senior Notes, the 2035 Senior Notes, the 2036 Senior Notes and the 2054 Senior Notes issued by AGM are each guaranteed on a senior, unsecured basis, and the 2053 Subordinated Notes and the 2054 Subordinated Notes issued by AGM are guaranteed on a junior, unsecured basis, by AAM, together with certain Apollo intermediary holding companies (collectively, the “Guarantors”). The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the 2031 Senior Notes, the 2033 Senior Notes, the 2035 Senior Notes, the 2036 Senior Notes and the 2054 Senior Notes on a senior, unsecured basis and (ii) on the 2053 Subordinated Notes and the 2054 Subordinated Notes on a subordinated, unsecured basis. See note 12 of the condensed consolidated financial statements for further discussion on these debt obligations.

AGM, as issuer, and the Guarantors are holding companies. The primary sources of cash flow are dependent upon distributions from their respective subsidiaries to meet their future obligations under the notes and the guarantees, respectively. The 2031 Senior Notes, 2033 Senior Notes, the 2035 Senior Notes, the 2036 Senior Notes, the 2054 Senior Notes, the 2053 Subordinated Notes and the 2054 Subordinated Notes are not guaranteed by any fee generating businesses, Apollo-managed funds, or Athene and its direct and indirect subsidiaries. Holders of the guaranteed registered debt securities will have a direct claim only against AGM as issuer.

The following tables present summarized financial information of AGM, as the issuer of the debt securities, and the Guarantors on a combined basis after elimination of intercompany transactions and balances within the Guarantors and equity in the earnings from and investments in any non-guarantor subsidiary. As used herein, “obligor group” means AGM, as the issuer of the debt securities, and the Guarantors on a combined basis. The summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the obligor group and is not intended to present the financial position or results of operations of the obligor group in accordance with U.S. GAAP.

(In millions)June 30, 2026December 31, 2025
Summarized Statements of Financial Condition
Current assets, less receivables from non-guarantor subsidiaries$3,093 $3,061 
Non-current assets9,276 8,724 
Due from related parties, excluding non-guarantor subsidiaries789 647 
Current liabilities, less payables to non-guarantor subsidiaries960 934 
Non-current liabilities9,018 8,278 
Due to related parties, excluding non-guarantor subsidiaries394 277 
Non-controlling interests39 35 

(In millions)Six months ended June 30, 2026
Summarized Statements of Operations
Revenues$2,272 
Net income (loss)53 
Net income (loss) attributable to obligor group1 

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The following are transactions of the obligor group with non-guarantor subsidiaries.

(In millions)June 30, 2026December 31, 2025
Due from non-guarantor subsidiaries$1,175 $1,150 
Due to non-guarantor subsidiaries1,617 1,364 
(In millions)Six months ended June 30, 2026
Intercompany revenue$785 
Intercompany expense300 
Intercompany interest income17 


ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of incurring losses due to adverse changes in market rates and prices. Included in market risk are potential losses in value due to credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk.

In our asset management business, our predominant exposure to market risk is related to our role as investment manager and general partner for the funds we manage and the sensitivity to movements in the fair value of their investments and resulting impact on performance fees and management fee revenues. Our direct investments in the funds we manage also expose us to market risk whereby movements in the fair values of the underlying investments will increase or decrease both net gains (losses) from investment activities and income (loss) from equity method investments.

Our retirement services business is exposed to market risk through its investment portfolio, its counterparty exposures and its hedging and reinsurance activities. Athene’s primary market risk exposures are to credit risk, interest rate risk and equity price risk.

For a discussion of our market risk exposures in general, please see “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Annual Report.

There have been no material changes to market risk exposures from those previously disclosed in our 2025 Annual Report, except as described below.

Sensitivities

Retirement Services

Interest Rate Risk

Athene assesses interest rate exposure for financial assets and liabilities using hypothetical stress tests and exposure analyses. Assuming all other factors are constant, if there was an immediate parallel increase in interest rates of 100 basis points from levels as of June 30, 2026, Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of $4.9 billion, net of offsets. If there was a similar parallel increase in interest rates from levels as of December 31, 2025, Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of $4.2 billion, net of offsets. The increase in sensitivity to point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments as of June 30, 2026, when compared to December 31, 2025, is primarily driven by the purchase of assets with longer maturity dates and derivative activity during 2026. The financial instruments included in the sensitivity analysis are carried at fair value and changes in fair value are recognized in earnings. These financial instruments include derivative instruments, embedded derivatives, mortgage loans, certain fixed maturity securities and market risk benefits. The sensitivity analysis excludes those financial instruments carried at fair value for which changes in fair value are recognized in equity, such as AFS fixed maturity securities.

Assuming a 25 basis point increase in interest rates that persists for a 12-month period, the estimated impact to spread related earnings due to the change in net investment spread from floating rate assets and liabilities would be an increase of
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approximately $10 million, and a 25 basis point decrease would generally result in a similar decrease. This is calculated without regard to future changes to assumptions. Athene’s floating rate asset position includes floating rate investments and cash and cash equivalents on a net invested asset basis, adjusted for net investment payables/receivables and cash posted as collateral for derivative transactions.

Changes in the fair value of market risk benefits due to current period movement in the interest rate curve used to discount the reserve are reflected in net income (loss) but excluded from spread related earnings. However, changes in interest rates that impact the cost of the projected GLWB and GMDB rider benefits, included within Athene’s market risk benefit reserve, are amortized within cost of funds in spread related earnings over the life of the business. Assuming a parallel increase in interest rates of 25 basis points, the estimated impact to spread related earnings over a 12-month period related to market risk benefits would be an increase of approximately $30 to $50 million, and a parallel decrease in interest rates of 25 basis points would generally result in a similar decrease. This is calculated without regard to future changes to assumptions.

Athene is unable to make forward-looking estimates regarding the impact on net income (loss) of changes in interest rates that persist for a longer period of time, or changes in the shape of the yield curve over time, as a result of an inability to determine how such changes will affect certain of the items that Athene characterizes as “adjustments to income before income taxes” in its reconciliation between net income (loss) available to Athene Holding Ltd. common stockholder and spread related earnings. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Non-U.S. GAAP Measures” for the reconciliation of net income (loss) attributable to Apollo Global Management, Inc. common stockholders to adjusted net income, of which spread related earnings is a component. The impact of changing rates on these adjustments is likely to be significant. See above for a discussion regarding the estimated impact on income (loss) before income tax (provision) benefit of an immediate, parallel increase in interest rates of 100 basis points from levels as of June 30, 2026, which discussion encompasses the impact of such an increase on certain of the adjustment items.

The models used to estimate the impact of changes in market interest rates incorporate numerous assumptions, require significant estimates and assume an immediate change in interest rates without any discretionary management action to counteract such a change. Consequently, potential changes in Athene’s valuations indicated by these simulations will likely be different from the actual changes experienced under any given interest rate scenarios and these differences may be material. Because Athene actively manages its assets and liabilities, the net exposure to interest rates can vary over time. However, any such decreases in the fair value of fixed maturity securities, unless related to credit concerns of the issuer requiring recognition of credit losses, would generally be realized only if Athene were required to sell such securities at losses to meet liquidity needs.
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ITEM 4.    CONTROLS AND PROCEDURES

We maintain “disclosure controls and procedures”, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

No changes in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) occurred during our most recent quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II – OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS

See a summary of the Company’s legal proceedings set forth in note 17 to our condensed consolidated financial statements, which is incorporated by reference herein.

ITEM 1A.    RISK FACTORS     

For a discussion of our potential risks and uncertainties, see the information under the heading “Item 1A. Risk Factors” in our 2025 Annual Report, which is accessible on the SEC's website at www.sec.gov. There have been no material changes to the risk factors disclosed in the 2025 Annual Report.

The risks described in our 2025 Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

In May 2026, the Company issued 24,383 restricted shares under the 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles and 2,796 restricted shares under the 2019 Omnibus Equity Incentive Plan to certain holders of vested performance fee rights. The shares were issued in private placements in reliance on Regulation D or Section 4(a)(2) of the Securities Act.

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Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table sets forth information regarding repurchases of shares of common stock during the fiscal quarter ended June 30, 2026.

PeriodTotal number of shares of common stock purchasedAverage price paid per share
Total number of shares of common stock purchased as part of publicly announced plans or programs1
Approximate dollar value of common stock that may yet be purchased under the plans or programs
April 1, 2026 through April 30, 2026
Opportunistic repurchases— — 
Equity award-related repurchases2
6,002 6,002 
Total6,002 $111.42 6,002 $3,133,320,128 
May 1, 2026 through May 31, 2026
Opportunistic repurchases31,772 31,772 
Equity award-related repurchases2
543,477 543,477 
Total575,249 $133.57 575,249 $3,056,486,601 
June 1, 2026 through June 30, 2026
Opportunistic repurchases200,445 200,445 
Equity award-related repurchases2
— — 
Total200,445 $124.76 200,445 $3,031,478,576 
Total
Opportunistic repurchases232,217 232,217 
Equity award-related repurchases2
549,479 549,479 
Total781,696 781,696 
1 Effective February 9, 2026, the AGM board of directors terminated the Company's prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Equity Plan. Under the share repurchase program, repurchases may be of outstanding shares of common stock occurring from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Equity Plan in order to satisfy associated tax obligations. The share repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended. The program may be suspended, extended, modified or discontinued at any time.
2 Represents repurchases of shares of common stock in order to offset the dilutive impact of share issuances under the Equity Plan including reductions of shares of common stock that otherwise would have been issued to participants under the Equity Plan in order to satisfy associated tax obligations.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

On June 10, 2026, John Zito, Co-President of AAM, terminated a trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading arrangement was entered into on March 12, 2026, and was scheduled to terminate on December 31, 2026. The plan provided for the potential sale of up to 50,000 shares of the Company’s common stock. No shares were sold under the plan.
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APOLLO GLOBAL MANAGEMENT, INC.
EXHIBIT INDEX
ITEM 6.    EXHIBITS

Exhibit
Number		Exhibit Description
2.1
Agreement and Plan of Merger, dated as of March 8, 2021, by and among Apollo Global Management, Inc., Athene Holding Ltd., Tango Holdings, Inc., Blue Merger Sub, Ltd., and Green Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 to Apollo Asset Management, Inc.’s Form 8-K filed on March 8, 2021 (File No. 001-35107)).
3.1
Amended and Restated Certificate of Incorporation of Tango Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
3.2
Amendment to the Amended and Restated Certificate of Incorporation of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
3.3
Certificate of Designations of 6.75% Series A Mandatory Convertible Preferred Stock of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197)).
3.4
Amended and Restated Bylaws of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.3 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).
4.1
Form of 6.75% Series A Mandatory Convertible Preferred Stock Certificate (included in Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197), which is incorporated by reference).
4.2
Indenture, dated as of August 23, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197)).
4.3
Form of 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197), which is incorporated by reference).
4.4
Indenture, dated as of November 13, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197)).
4.5
Form of 6.375% Senior Notes due 2033 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197), which is incorporated by reference).
4.6
Indenture, dated as of May 21, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197)).
4.7
Form of 5.800% Senior Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197), which is incorporated by reference).
4.8
Indenture, dated as of October 10, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197)).
4.9
Form of 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197), which is incorporated by reference).
4.10
Indenture, dated as of August 12, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on August 12, 2025 (File No. 001-41197)).
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APOLLO GLOBAL MANAGEMENT, INC.
EXHIBIT INDEX
4.11
First Supplemental Indenture, dated as of November 7, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197)).
4.12
Form of 5.150% Senior Notes due 2035 (included in Exhibit 4.3 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197), which is incorporated by reference).
4.13
Indenture, dated as of November 7, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197)).
4.14
Form of 4.600% Senior Notes due 2031 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197), which is incorporated by reference).
4.15
Indenture, dated as of March 30, 2026, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on March 30, 2026 (File No. 001-41197)).
4.16
Form of 5.700% Senior Notes due 2036 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on March 30, 2026 (File No. 001-41197), which is incorporated by reference).
4.17Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of any such instruments.
*10.1
Form of Notice of Director Restricted Share Unit Award under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Non-Deferred Restricted Share Units).
*10.2
Form of Notice of Director Restricted Share Unit Award under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Deferred Restricted Share Units).
*10.3
Form of Notice of Director Restricted Share Unit Award under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Cash Retainer).
*†10.4
Letter Agreement with John Zito, dated October 27, 2023.
*†10.5
Form of Credit Team Incentive Summary of Terms.
*10.6
Form of Restricted Share Unit Award Agreement 2019 Omnibus Equity Incentive Plan (Vested at Grant).
*31.1
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
*31.2
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
*32.1
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
*32.2
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
*101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
*101.SCHInline XBRL Taxonomy Extension Schema Document
101
Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Operations for the six months ended June 30, 2026 and June 30, 2025, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2026 and June 30, 2025, (iv) the Condensed Consolidated Statements of Equity for the six months ended June 30, 2026 and June 30, 2025, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and June 30, 2025, and (vi) the Notes to the Condensed Consolidated Financial Statements.
*101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
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EXHIBIT INDEX
*101.LABInline XBRL Taxonomy Extension Label Linkbase Document
*101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).
*Filed herewith.
†
Certain information contained in this exhibit has been omitted because it is not material and is the type that the registrant treats as private or confidential.


The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Apollo Global Management, Inc.
(Registrant)
Date: August 10, 2026By:/s/ Martin Kelly
Name:Martin Kelly
Title:Chief Financial Officer
(principal financial officer and authorized signatory)
























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