Condensed Consolidated Statements of Operations (unaudited) 14 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) 15 Condensed Consolidated Statements of Equity (unaudited) 16 Condensed Consolidated Statements of Cash Flows (unaudited) 18 Notes to Condensed Consolidated Financial Statements (unaudited) 20 Note 1. Organization 20 Note 2. Summary of Significant Accounting Policies 20 23 Note 4. Investments 25 Note 5. Derivatives 35 Note 6. Variable Interest Entities 40 Note 7. Fair Value 44 Note 8. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired 68 Note 9. Long-duration Contracts 68 76 Note 11. Income Taxes 76 Note 12. Debt 78 Note 13. Equity-Based Compensation 80 Note 14. Equity 82 Note 15. Earnings per Share 87 Note 16. Related Parties 88 Note 17. Commitments and Contingencies 92 Note 18. Segments 96 Note 19. Subsequent Events 100 Table of Contents 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. 12 Table of Contents 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 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 1,392 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. 13 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Six months ended June 30, (In millions, except per share data)2026202520262025$749 $583 $1,445 $1,091 418 277 724 472 379 189 302 492 59 58 123 98 22 44 1,107 2,638 2,153 170 107 387 234 299 274 580 539 5,350 4,776 10,489 9,117 2,989 (5)911 (833)714 550 1,199 1,142 4 5 8 10 5,707 13,574 10,209 11,153 6,814 16,212 12,362 927 602 1,638 1,347 88 60 165 120 479 370 918 678 1,032 2,721 2,145 5,714 3,428 7,305 4,922 594 527 1,233 1,068 (24)(111)235 274 350 292 687 559 613 550 1,239 1,092 4,686 10,699 7,915 8,741 5,718 13,420 10,060 63 (268)(49)(286)(7)4 (22)215 17 13 47 (205)73 (251)(24)(276)2,485 845 2,768 2,026 (396)(3)(2,090)(246)2,089 842 678 1,780 (728)(212)(1,223)(708)1,361 630 (545)1,072 (25)(25)(49)(49)$1,336 $605 $(594)$1,023 $2.18 $1.00 $(1.06)$1.68 $2.15 $0.99 $(1.06)$1.67 591.8586.7593.3587.0610.2590.4593.3591.7Six months ended June 30, (In millions)2026202520262025$2,089 $842 $678 $1,780 343 1,404 (1,711)2,898 (236)(8)(106)221 (199)(45)710 (573)(180)(135)36 (19)(3)163 (33)224 (275)1,379 (1,104)2,751 (68)266 (224)539 (207)1,113 (880)2,212 1,882 1,955 (202)3,992 (586)(435)(907)(1,119)$1,296 $1,520 $(1,109)$2,873 15 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Apollo Global Management, Inc. Stockholders EquityNon-Controlling InterestsTotal Equity570,432,275 1,398 $15,527 $5,634 $(4,583)$17,976 $14,368 $32,344 605 630 212 842 890 890 223 1,113 145 145 145 579 579 (306) (331)(833)(1,164)172,927 12 (14) (2) (2)1,418,836 13 13 13 (9)(9)572,024,038 1,398 $15,697 $5,919 $(3,693)$19,321 $14,540 $33,861 565,738,933 1,398 $15,327 $6,022 $(5,494)$17,253 $13,711 $30,964 1,023 1,072 708 1,780 1,801 1,801 411 2,212 273 273 273 1,215 1,215 (584) (633)(1,049)(1,682)4,505,089 18 (542) (524) (524)(1,392,000)(193) (193) (193)1,418,836 13 13 13 (442)(442) 54 54 54 540,177 5 5 5 1,213,003 200 200 200 (14)(14)572,024,038 1,398 $15,697 $5,919 $(3,693)$19,321 $14,540 $33,861 Apollo Global Management, Inc. Stockholders (In millions, except share data)Common StockSeries A Mandatory Convertible Preferred Stock Retained EarningsAccumulated Other Comprehensive LossTotal Apollo Global Management, Inc. Stockholders EquityNon-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 25 1,336 1,361 728 2,089 Other comprehensive income (loss) (65)(65)(142)(207) 216 216 Capital contributions 1,138 1,138 Dividends/distributions (25)(342) (367)(555)(922) 173,189 (5) 4 4 Repurchase of common stock(743,882) (99) (99) 34,988 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 $41,482 578,981,398 1,398 16,954 $7,634 $(2,645)$23,341 $19,174 $42,515 49 (594) (545)1,223 678 Other comprehensive income (loss) (564)(564)(316)(880) 411 411 Capital contributions 2,085 2,085 Dividends/distributions (49)(654) (703)(1,423)(2,126) 2,632,585 (240) (216) (216) Repurchase of common stock(5,926,713) (733) (733) 284,482 10 10 Consolidation/deconsolidation of VIEs (288)(288) Other changes in equity of non-controlling interests 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 See accompanying notes to the unaudited condensed consolidated financial statements. 17 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)20262025$678 $1,780 478 315 (543)(776)(2,154)49 811 640 (113)(90)(939)(957)75 228 (63)(23)(5,947)(1,719)5,534 1,665 4,736 2,977 (846)(1,073)2,794 (742)4,501 2,274 (44,953)(47,445)(19,621)(17,779)(5,394)(1,593)(4,971)(7,294)32,948 26,495 10,014 5,694 2,040 1,456 4,881 4,215 1,185 (266)(23,871)(36,517)5,769 2,632 (4,804)(1,285)(729)(193)(654)(584)(49)(49)(1,407)(1,030)1,669 1,191 41,617 45,973 (14,741)(9,604)92 (4,392)435 (570)27,198 32,089 (In millions)20262025(2)13 7,826 (2,141)20,591 17,112 $28,417 $14,971 $(23)$415 542 585 53 9 83 7 450 395 257 54 24 18 416 200 (879)(851)2,251 3,123 $25,372 $12,711 1,602 1,723 1,443 537 $28,417 $14,971 19 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Organization Apollo Global Management, Inc. together with its consolidated subsidiaries (collectively, Apollo or the Company ) is a high-growth, global alternative asset manager and a retirement services provider. Apollo s asset management business focuses on two investing strategies: credit and equity. Through its asset management business, Apollo raises, invests and manages funds, accounts and other vehicles, on behalf of some of the world s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. Apollo s retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products for the increasing number of individuals and institutions seeking to fund retirement needs. Acquisition of Bridge On September 2, 2025 (the Acquisition Date ), Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM. Bridge s results are included in the condensed consolidated financial statements commencing from the Acquisition Date. 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the SEC s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Certain disclosures included in the annual audited financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited financial statements included in our 2025 Annual Report. The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period s presentation. The Company s principal subsidiaries, AAM and AHL, together with their subsidiaries, operate an asset management business and a retirement services business, respectively, which possess distinct characteristics. As a result, the Company s financial statement presentation is organized into two tiers: asset management and retirement services. The Company believes that separate presentation provides a more informative view of the Company s consolidated financial condition and results of operations than an aggregated presentation. Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. There was $85 million of revenue recognized during the six months ended June 30, 2026 that was previously deferred as of January 1, 2026. 20 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Recently Issued Accounting Pronouncements Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (ASU 2024-03) In November 2024, the FASB issued guidance that requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. The ASU requires tabular presentation of each relevant expense caption on the face of the income statement including employee compensation, depreciation, intangible asset amortization, and certain other expenses, when applicable. The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2026, 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. 21 Table of Contents 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. 22 Table of Contents 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 50 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. 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 718 Estimated fair value of total assets acquired, excluding goodwill1,400 Accounts payable, accrued expenses, and other liabilities280 Due to related parties387 Debt470 1,137 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 20 8 Total$625 24 Table of Contents 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. (In millions)2025 Total Revenues$6,922 12,558 Net income attributable to Apollo Global Management, Inc.629 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: June 30, 2026December 31, 2025$2,173 $1,696 1,143 1,278 2,997 3,240 12 12 6,325 6,226 229,841 218,644 7,608 6,863 697 1,088 101,523 93,404 3,506 2,257 293 301 17,589 19,628 11,034 9,190 248 193 4,803 4,492 377,142 356,060 $383,467 $362,286 Six months ended June 30, (In millions)2026202520262025$16 $3 $(55)$(6)47 (271)6 (280)$63 $(268)$(49)$(286)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 $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. 26 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Retirement Services AFS Securities The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene s AFS investments by asset type: 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 27 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: 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) 28 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. 29 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Allowance for Credit Losses The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type: AdditionsBeginning balanceInitial credit lossesEnding balance AFS Securities$56 $ (33)$23 179 185 CMBS91 78 RMBS417 1 417 Total AFS securities743 1 703 1 1 $744 $1 (28)(13)$704 Beginning balanceInitial credit lossesEnding balance$174 $ $174 82 39 130 60 62 392 3 394 708 42 760 1 1 $709 $42 (5)15 $761 Beginning balanceInitial credit lossesEnding balance$105 $ (49)(33)$23 171 185 70 78 411 2 417 757 2 703 1 1 $758 $2 (91)35 $704 AdditionsBeginning balanceInitial credit lossesEnding balance AFS securities$175 $ (1)$174 76 40 130 CMBS60 62 RMBS397 5 394 Total AFS securities708 45 760 1 1 $709 $45 (13)20 $761 Six months ended June 30, (In millions)2026202520262025$3,114 $2,877 $6,152 $5,541 142 66 264 108 12 29 28 44 1,588 1,262 3,132 2,385 18 127 12 165 222 244 437 509 311 227 559 457 5,407 4,832 10,584 9,209 (57)(56)(95)(92)$5,350 $4,776 $10,489 $9,117 Six months ended June 30, (In millions)2026202520262025$745 $1,521 $867 $2,232 (422)(142)(1,060)(377)323 1,379 (193)1,855 64 261 (181)341 1 36 (30)51 (588)785 (1,344)1,799 2,633 (1,075)1,692 (2,587)(15)(56)(13)(64)571 (1,335)980 (2,228)$2,989 $(5)$911 $(833)Six months ended June 30, (In millions)2026202520262025$87 $118 $(127)$140 1 27 (6)39 June 30, 2026December 31, 2025$ $2,796 1,269 1,975 3,247 $3,244 $6,043 December 31, 2025 (In millions)Amortized CostFair ValueAmortized CostFair Value AFS securities U.S. government and agencies$ $ $2,780 $2,787 259 190 241 185 Corporate2,102 1,813 2,022 1,785 CLO594 590 611 608 ABS524 505 584 568 CMBS231 231 197 198 RMBS87 88 93 94 $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. 32 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Mortgage Loans, including related parties and consolidated VIEs Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions)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. 33 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 % 42.5 %42.5 % Total U.S. residential mortgage loan percentage91.4 %91.3 % 8.6 %8.7 % 100.0 %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 % 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 % 11,164 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 % 34 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. .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 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. .r.l.2,791 Investment-grade ABS debt issued by AMAPS 1, LLC1 2,550 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. December 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 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 35 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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) (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 (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 Six months ended June 30, (In millions)2026202520262025 Foreign currency forwards$(3)$3 $(2)$29 Foreign currency swaps(149)(87)44 20 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 amountOff-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. 39 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 40 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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: Six months ended June 30, (In millions)2026202520262025$28 $18 $(22)$216 (3) 35 34 5 89 39 (66)(19)(124)(40)$(7)$4 $(22)$215 Six months ended June 30, (In millions)2026202520262025$(12)$53 $(15)$85 24 7 61 11 (3)(4)(6)(18)December 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 $1,381 6.25 %0.08$1,443 5.66 %0.24 Other debt obligations501 11.00 %0.38 N/AN/A $1,882 $1,443 Six months ended June 30,2026202520262025$26 $54 $80 $101 25 38 57 81 2 20 6 21 2 (24)(9)(31)55 88 134 172 4 4 (41)6 4 (13)6 7 656 455 1,098 940 (5)16 2 17 659 462 1,065 970 $714 $550 $1,199 $1,142 June 30, 2026December 31, 2025$409 $453 December 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 43 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 1,272 219 199 1,538 1 217 2,173 Investments of consolidated VIEs21 2,766 572 3,359 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 (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 1,549 1,549 Investment funds 2,311 2,311 Funds withheld at interest embedded derivative (347) (347) 333 333 Reinsurance recoverable 1,920 1,920 Other assets5 169 169 (Continued) 44 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 2,058 2,058 Investment funds22 290 26,486 26,798 171 171 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 $ $ $54 $ $54 Contingent consideration obligations4 56 56 7 7 117 117 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) 45 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 327 232 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 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 (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) 344 344 Reinsurance recoverable 1,911 1,911 Other assets5 214 214 (Continued) 46 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2025 (In millions)Level 1Level 2Level 3NAVTotal Assets of consolidated VIEs Trading securities 683 2,437 3,120 2,140 2,140 Investment funds 286 23,602 23,888 569 569 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 $ $ $72 $ $72 Derivative liabilities3 7 7 7 72 79 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) 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. Fair Value (In millions) Valuation TechniqueUnobservable InputsRangesWeighted Average Financial Assets Asset Management $1,203 Discounted cash flowDiscount rate6.0% 52.8% 16.6%1 50 Option modelVolatility rate60.0%60.0% 285 Adjusted transaction valueN/AN/AN/A 1 Option modelVolatility rate40.0%40.0% Investments of consolidated VIEs Bank loans312 Discounted cash flowDiscount rate7.4% 13.3% 9.3%1 175 Adjusted transaction valueN/AN/AN/A 343 Discounted cash flowDiscount rate14.2%14.2% 147 Direct capitalizationCapitalization rate7.2%7.2% Adjusted transaction valueN/AN/AN/A 1 Option modelVolatility rate75.0% 200.0% 131.2%1 37 Discounted cash flowDiscount rate6.6% 8.0% 6.6%1 1,680 Adjusted transaction valueN/AN/AN/A AFS, trading and equity securities37,037 Discounted cash flowDiscount rate3.2% 23.5% 6.7%1 Mortgage loans2 103,581 Discounted cash flowDiscount rate1.4% 35.0% 6.8%1 2,311 Discounted cash flowDiscount rate14.0% 14.0% 14.0% 1 290 RecoverabilityEstimated proceedsN/AN/A Asset Management Contingent consideration obligations56 Discounted cash flowDiscount rate21.0% 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 rate8.6% 13.0% 10.6%1 Interest sensitive contract liabilities indexed annuities embedded derivatives16,384 Discounted cash flowNonperformance risk0.3% 1.1% 0.7%3 Option budget0.5% 5.9% 3.3%4 Surrender rate6.3% 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. 48 Table of Contents 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 rate5.7% 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 rate6.7% 13.9% 8.9%1 740 Adjusted transaction valueN/AN/AN/A 392 Discounted cash flowDiscount rate10.0% 13.5% 12.8%1 1,014 Adjusted transaction valueN/AN/AN/A 6 Option modelVolatility rate100.0% 105.0% 102.9%1 430 Adjusted transaction valueN/AN/AN/A Retirement Services AFS, trading and equity securities31,915 Discounted cash flowDiscount rate2.8% 22.9% 6.4%1 Mortgage loans2 95,524 Discounted cash flowDiscount rate1.0% 31.5% 6.5%1 20 RecoverabilityEstimated proceedsN/AN/A Investment funds2 1,313 Discounted cash flowDiscount rate13.0% 14.0% 13.1%1 RecoverabilityEstimated proceedsN/AN/A 5 Reported net asset valueReported net asset valueN/AN/A Financial Liabilities Contingent consideration obligations72 Discounted cash flowDiscount rate20.0% 24.0% 22.9%1 Interest sensitive contract liabilities indexed annuities embedded derivatives14,749 Discounted cash flowNonperformance risk0.4% 1.0% 0.6%3 Option budget0.5% 5.9% 3.1%4 Surrender rate6.0% 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. Total realized and unrealized gains (losses) (In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balanceTotal 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 $17 $ $ $(6)$(11)$ $ $ Corporate6,428 2 47 290 (2,114)4,653 (1)2 24,784 (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) (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 1,557 (8) 1,549 (2) Investment funds2,310 1 2,311 1 (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) 2,031 14 131 (118)2,058 10 Investment funds288 2 290 2 $154,761 $(488)$89 $13,621 $(5,596)$162,387 $(845)$13 (Continued) 50 Table of Contents 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 balanceTotal 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 balanceTotal 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 $28 $ $ $(5)$ $23 $ $ Corporate5,605 56 51 1,650 30 7,392 51 59 12,572 (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 (2,847)104 (2,743) Derivative assets1 1 Short-term investments48 (36) 12 Other investments896 1 (156) 741 (1) (Continued) 51 Table of Contents 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 balanceTotal 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 (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 $ $ $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) (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) 52 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1 Total Gains (Losses) Included in OCI1 $1,204 $(10)$ $363 $(18)$1,539 $47 $ 2,939 (41) 759 (891)2,766 (43) $4,143 $(51)$ $1,122 $(909)$4,305 $4 $ $12 $ $ $(1)$(11)$ $ $ 6,650 1 (106)938 (2,830)4,653 (8)(52)22,207 (76)(137)4,649 (2,711)23,932 (96)(160)41 (11) 30 439 8 (66) 381 2 18 142 160 8 (1) 7 91,918 (1,384) 9,424 16 99,974 (1,543) (2,409)5 (2,404) 2 1 3 1 1 761 (106) 655 1,200 9 (227) 982 (2)1,333 1 1,334 15,277 (6)(35)6,358 172 21,766 (43)454 (39) 856 19 1,290 (10) 266 (4) (262) 1,486 (7) 70 1,549 (9) 1,318 (8) 1,001 2,311 (9) (356)9 (347) 344 (11) 333 (12) 1,911 (55) 64 1,920 2,437 (67) 91 (952)1,509 (63) 2,140 16 20 (118)2,058 16 286 4 290 4 $147,743 $(1,614)$(268)$22,941 $(6,415)$162,387 $(1,730)$(255)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1 Total Gains (Losses) Included in OCI1 $ $(4)$ $58 $ $54 $ $ 72 1 (17) 56 5 2 7 $72 $2 $ $43 $ $117 $ $ $(14,749)$(604)$ $(1,031)$ $(16,384)$ $ (766)24 (742) (1,085)31 (1,054) (530)20 (510) (8) (8) (254)58 22 (174) $(17,384)$(479)$ $(1,009)$ $(18,872)$ $ (Concluded) Total realized and unrealized gains (losses) (In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal 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 $29 $(1)$ $(5)$ $23 $ $ Corporate4,321 70 78 3,071 (148)7,392 63 72 16,529 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 (3,035)292 (2,743) Derivative assets1 1 Short-term investments169 (156)(1)12 Other investments895 2 (156) 741 (1) (Continued) 54 Table of Contents 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 BalanceTotal 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) 331 8 339 8 Reinsurance recoverable1,661 35 84 1,780 Assets of consolidated VIEs Trading securities1,954 217 100 67 2,338 214 2,579 137 (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 $ $ $67 $8 $ $(14)$ $61 $ $ 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) 55 Table of Contents 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 $ $ $ $(6)(6)$ $(11)$(11) Corporate482 (96)(96)290 (2,114)(2,114) 2,247 (46)(515)1,686 52 (2,597)(2,545) CMBS11 11 RMBS (34)(34) Trading securities17 (2)(1)14 2 2 12,628 (287)(4,822)7,519 16 16 (54)(54) Investments in related parties AFS securities Corporate1 (2)(1) 6,864 (869)(1,914)4,081 76 76 Trading securities (69)(69) 102 (110)(8) 47 (7)40 Assets of consolidated VIEs Trading securities49 (28) 21 (902)(902) 282 (22)(129)131 (118)(118) $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 $(700)$ $ $ 22 22 Total Level 3 liabilities Retirement Services$ $(1,001)$ $323 $(678)$ $ $ 56 Table of Contents 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 $ $ $ $(5)$(5)$ $ $ Corporate1,872 (222)1,650 30 30 2,563 (11)(626)1,926 (643)(643) 248 (14)234 (49)(49) Trading securities11 11 Equity securities (18)(18) Mortgage loans8,750 (40)(3,109)5,601 (36)(36) Other investments (156)(156) Investments in related parties AFS securities Corporate (3)(3) 1,055 (662)393 14 (15)(1) Trading securities48 (88)(40)2 2 (31)(31) Investment funds3 3 49 (3)46 Assets of consolidated VIEs Trading securities291 (262) 29 (11)(11) 19 (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)$ $ $ $ $ $ $(1)$(1)$ $ $ Liabilities Retirement Services Interest sensitive contract liabilities Interest sensitive contract liabilities - embedded derivative$ $(861)$ $219 $(642)$ $ $ $ $(861)$ $219 $(642)$ $ $ 57 Table of Contents 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 $5 $ $ $(6)$(1)$ $(11)$(11) Corporate1,379 (237)(204)938 (2,830)(2,830) 5,688 (77)(962)4,649 52 (2,763)(2,711) CMBS11 (22) (11) RMBS (66)(66) Trading securities146 (2)(2)142 2 (2) 19,142 (317)(9,401)9,424 16 16 2 (1)1 Other investments (106)(106) Investments in related parties AFS securities Corporate1 (228)(227) 11,539 (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 77 (13)64 Assets of consolidated VIEs Trading securities195 (104) 91 (952)(952) 347 (64)(263)20 (118)(118) $40,612 $77 $(1,779)$(15,969)$22,941 $261 $(6,676)$(6,415) 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 $(1,031)$ $ $ 22 22 Total Level 3 liabilities Retirement Services $ $(1,618)$ $609 $(1,009)$ $ $ (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 $ $ $ $(5)$(5)$ $ $ Corporate3,427 (6)(350)3,071 126 (274)(148) 2,792 (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 12 (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 (15)(31)(46) Investment funds3 3 90 (6)84 Assets of consolidated VIEs Trading securities435 (335) 100 90 (23)67 34 (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)$ $ $ $ $ $ $(14)$(14)$ $ $ Liabilities Retirement Services Interest sensitive contract liabilities embedded derivative$ $(1,613)$ $463 $(1,150)$ $ $ 1 1 $ $(1,613)$ $464 $(1,149)$ $ $ 59 Table of Contents 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: Six months ended June 30,2026202520262025$62 $261 $(190)$336 (624)892 (1,375)1,933 6 114 (4)155 7 10 31 5 (2)(29)4 (17)$(551)$1,248 $(1,534)$2,412 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 60 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 $63 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene s mortgage loan portfolio: Six months ended June 30, (In millions)2026202520262025$(20)$(20)$(44)$(23) (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 $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 61 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 $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. 62 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 63 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 64 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 65 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 66 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 67 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 (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 (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. 68 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. (In millions, except percentages)Traditional Deferred AnnuitiesIndexed AnnuitiesOther Investment-typeTotal$109,201 $105,317 85,555 $8,821 $308,894 17,694 8,656 1,433 42,032 (1)(426) (427)(4,402)(5,830)(52)(10,331)(747)(811)(133)(8,711)2,644 2,329 133 7,006 (156) (177)(645) (64)(382)$124,233 $109,235 94,007 $9,961 $337,436 4.7 %2.8 %%3.1 %$423 $18,262 $15 116,670 101,270 6,777 (In millions, except percentages)Traditional Deferred AnnuitiesIndexed AnnuitiesOther Investment-typeTotal$86,661 $97,861 54,768 $8,030 $247,320 15,357 8,868 502 46,403 (1)(382) (383)(2,913)(5,601)(36)(8,550)(703)(807)(153)(5,569)2,098 1,376 110 5,040 337 7 437 1,802 (34)179 $100,836 $101,322 75,228 $8,856 $286,242 4.6 %2.7 %%2.7 %$420 $15,997 $39 94,874 93,191 7,191 20262025$124,233 $100,836 109,235 101,322 94,007 75,228 9,961 8,856 7,157 5,996 $344,593 $292,238 69 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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 Minimum1 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 < 2.0% $1,383 $974 $3,610 $5,967 2.0% < 4.0% 3,395 194 3,589 4,778 1,168 3,610 9,556 Other1 99,679 Total indexed annuities$109,235 (In millions)At Guaranteed Minimum1 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 < 2.0% $1,544 $1,182 $3,280 $6,006 2.0% < 4.0% 4,070 37 4,107 5,614 1,219 3,280 10,113 Other1 91,209 Total indexed annuities$101,322 (In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotal Present value of expected net premiums Beginning balance, present value of expected net premiums$ $1,402 $1,402 Effect of changes in discount rate assumptions (25)(25) Effect of foreign exchange on the change in discount rate assumptions 1 1 Beginning balance at original discount rate 1,378 1,378 (8)(8) Adjusted balance 1,370 1,370 Issuances 7 7 Interest accrual 25 25 Net premium collected (161)(161) Foreign exchange (25)(25) 1,216 1,216 (1)(1) Ending balance, present value of expected net premiums$ $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 (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) 46,934 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 $42,671 Weighted-average liability duration (in years) 9.219.5 Weighted-average interest accretion rate3.7 %5.2 % Weighted-average current discount rate5.5 %6.5 % Expected future gross premiums, undiscounted$ $1,715 Expected future gross premiums, discounted1 1,380 Expected future benefit payments, undiscounted69,045 10,554 1 Discounted at the original discount rate. 71 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Six months ended June 30, 2025 (In millions, except percentages and years)Payout Annuities with Life ContingenciesWhole LifeTotal Present value of expected net premiums Beginning balance, present value of expected net premiums$ $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 (1)(1) Adjusted balance 851 851 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 $ $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 (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 48,419 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 $43,655 9.429.4 Weighted-average interest accretion rate3.7 %4.8 % Weighted-average current discount rate5.3 %5.1 % Expected future gross premiums, undiscounted$ $1,064 Expected future gross premiums, discounted1 919 Expected future benefit payments, undiscounted70,754 10,085 20262025$40,388 $41,926 2,288 1,729 5,565 5,745 $48,241 $49,400 72 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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: 20262025$199 $122 177 101 11 11 $387 $234 20262025$861 $879 59 25 $920 $904 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: 20262025$7 $61 31 2 (6)(3)$32 $60 (In millions, except years)Traditional Deferred AnnuitiesIndexed Annuities Balance at December 31, 2025 $205 $4,511 4,716 Effect of changes in instrument-specific credit risk(5)(255) Balance, beginning of period, before changes in instrument-specific credit risk200 4,256 Issuances 193 Interest accrual4 95 Attributed fees collected1 212 Benefit payments(2)(47) Effect of changes in interest rates(2)(24) Effect of changes in equity (62) Effect of actual policyholder behavior compared to expected behavior2 64 203 4,687 Effect of changes in instrument-specific credit risk4 220 Balance at June 30, 2026 207 4,907 Less: Reinsurance recoverable 88 Balance at June 30, 2026, net of reinsurance $207 $4,819 5,026 $423 $18,262 7769 (In millions, except years)Traditional Deferred AnnuitiesIndexed Annuities Balance at December 31, 2024 $190 $3,525 3,715 Effect of changes in instrument-specific credit risk(3)(154) Balance, beginning of period, before changes in instrument-specific credit risk187 3,371 Issuances 201 Interest accrual4 89 Attributed fees collected1 189 Benefit payments(3)(30) Effect of changes in interest rates3 (29) 53 192 3,844 Effect of changes in instrument-specific credit risk3 173 Balance at June 30, 2025 195 4,017 Less: Reinsurance recoverable 50 Balance at June 30, 2025, net of reinsurance $195 $3,967 4,162 $420 $15,997 7669 (In millions)AssetLiabilityNet Liability Traditional deferred annuities$ $207 $207 Indexed annuities169 5,076 4,907 $169 $5,283 $5,114 June 30, 2025 (In millions)AssetLiabilityNet Liability Traditional deferred annuities$ $195 $195 Indexed annuities277 4,294 4,017 $277 $4,489 $4,212 (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 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 $2,035 Profit sharing expense308 Payments/other(496) Profit sharing payable, June 30, 2026 $1,847 (In millions, except percentages)Maturity DateOutstanding BalanceFair ValueFair ValueMay 27, 2026$ $ 500 $500 2 February 15, 2029675 676 2 686 2 June 5, 2030498 461 2 464 2 January 15, 2031396 395 2 402 2 November 15, 2033494 532 2 550 2 August 12, 2035839 826 2 853 2 March 30, 2036744 753 2 2 March 15, 2048297 261 2 273 2 May 21, 2054741 712 2 738 2 September 15, 2053585 612 3 628 3 December 15, 2054 493 485 2 496 2 5,713 5,590 January 21, 2027133 133 4 4 5,846 5,590 January 12, 20281,026 991 2 999 2 April 3, 2030558 518 2 531 2 January 15, 2031515 469 2 473 2 February 1, 2033396 423 2 434 2 January 15, 2034586 607 2 623 2 May 25, 2051543 343 2 351 2 May 15, 2052504 313 2 317 2 April 1, 2054983 921 2 975 2 May 19, 2055979 972 2 1,019 2 October 15, 2054592 576 2 600 2 June 28, 2055592 576 2 600 2 March 30, 2064558 564 3 576 3 7,273 7,498 $13,727 $13,119 13,364 $13,088 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. Retirement Services Athene liquidity facility 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. 79 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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: Six months ended June 30, (In millions)2026202520262025$88 $60 $165 $120 102 83 204 158 $190 $143 $369 $278 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. 80 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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: Weighted Average Grant Date Fair ValueVestedTotal Number of RSUs Outstanding13,047,189$81.72 19,437,94232,485,1317,075,733126.52 136,6057,212,338(131,872)135.27 (643)(132,515)(1,771,769)100.91 1,771,769 (4,272,642)(4,272,642)18,219,281$88.25 17,073,031 35,292,312 202620254,557,767 8,017,170 (1,735,561)(3,298,981)2,822,206 4,718,189 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. Dividend per Share of Common StockPayment DateDividend to Common Stockholders $0.4600 February 28, 2025$264 14 May 2, 20250.5100 May 30, 2025292 August 5, 20250.5100 August 29, 2025291 November 4, 20250.5100 November 28, 2025296 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 $1.0725 $619 35 Accumulated Other Comprehensive Income (Loss) Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskAccumulated other comprehensive income (loss) Balance at March 31, 2026$(7,600)$(249)$81 $4,631 $(28)21 $(3,144) 784 76 (228)(199)(180)250 Less: Reclassification adjustments for gains (losses) realized1 521 (4)8 525 Less: Income tax expense (benefit)46 13 (50)(38)(37)(68) Less: Other comprehensive loss attributable to non-controlling interests, net of tax7 15 (76)(63)(26)(142) Balance at June 30, 2026$(7,390)$(197)$(29)$4,533 $(145)19 $(3,209) 84 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss) Balance at March 31, 2025$(8,217)$(313)$ $3,986 $(23)$(16)$(4,583) 1,258 66 1 (45)(135)163 1,308 Less: Reclassification adjustments for gains (losses) realized1 (77)(3)9 (71) Less: Income tax expense (benefit)268 13 (2)(6)(28)21 266 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax234 13 20 (96)(15)67 223 Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)$(6,372)$(252)$(17)$4,137 $(169)$28 $(2,645)(1,326)62 (91)710 36 (33)(642)460 (13)15 462 (360)12 (22)148 8 (10)(224)(408)8 (72)166 4 (14)(316)$(7,390)$(197)$(29)$4,533 $(145)$19 $(3,209)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss) Balance at December 31, 2024$(9,174)$(284)$(119)$4,235 $(103)$(49)$(5,494) 2,596 31 240 (573)(19)224 2,499 Less: Reclassification adjustments for gains (losses) realized1 (268)(3)19 (252) Less: Income tax expense (benefit)580 5 46 (116)(4)28 539 Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax494 15 82 (265)(3)88 411 Balance at June 30, 2025$(7,384)$(270)$(26)$4,043 $(115)$59 $(3,693) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations. 86 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 15. Earnings per Share The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method: Three months ended June 30,Six months ended June 30, (In millions, except share and per share amounts)2026202520262025$1,336 $605 $(594)$1,023 (324)(292)(619)(556)(18)(14)(35)(28)(29)(7) (9)965 292 (1,248)430 24 $989 $292 $(1,248)$430 591,759,612 586,672,682 593,298,193 586,964,167 14,587,841 486,457 916,073 1,012,134 3,387,868 2,782,612 3,700,748 610,221,778 590,371,367 593,298,193 591,677,049 $0.56 $0.51 $1.07 $0.97 1.62 0.49 (2.13)0.71 $2.18 $1.00 $(1.06)$1.68 $0.56 $0.51 $1.07 $0.97 1.59 0.48 (2.13)0.70 $2.15 $0.99 $(1.06)$1.67 2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. Six months ended June 30, 202620252026202515,927,784 12,783,503 14,444,999 12,240,609 547,035 828,572 414,286 10,079,245 414,286 14,547,261 14,580,901 14,543,032 1,506,936 1,146,363 1,545,204 1,157,027 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 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 88 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 89 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. 90 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. 91 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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: Six Months Ended June 30,2026202520262025$145 $126 $271 $126 (47)(95)(301)(190)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 2,154 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. 94 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. 95 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 96 Table of Contents 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. 97 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following presents financial data for the Company s reportable segments. Six months ended June 30, (In millions)2026202520262025$1,001 $816 $1,953 $1,586 277 216 523 370 65 63 129 117 (343)(279)(676)(538)(215)(189)(416)(349)785 627 1,513 1,186 3,686 3,179 7,237 6,093 348 319 558 634 37 32 73 61 (2,942)(2,470)(5,749)(4,680)(111)(107)(229)(221)(141)(132)(294)(262)877 821 1,596 1,625 130 219 487 409 27 13 73 41 (123)(168)(436)(356)(18)(17)(33)(33)16 47 91 61 $1,678 $1,495 $3,200 $2,872 Six months ended June 30, (In millions)2026202520262025$1,343 $1,095 $2,605 $2,073 4,071 3,530 7,868 6,788 157 232 560 450 $5,571 $4,857 $11,033 $9,311 June 30, 2026December 31, 2025$5,223 $5,026 460,225 430,122 11,837 11,527 $477,285 $446,675 Six months ended June 30, (In millions)2026202520262025$1,678 $1,495 $3,200 $2,872 (71)(38)(123)(68)(129)(102)(285)(201)698 266 953 815 320 (28)(101)91(152)43 55 (62)(53)(36)(98)(70)(45)11 (165)9 28 (293)(29)(354)(117)(70)(186)(346)23 (509)(673)(358)358 149 316 (218)(41)(32)(74)(62)(12)(11)(22)(22)$2,485 $845 $2,768 $2,026 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. Six months ended June 30, (In millions)2026202520262025$5,571 $4,857 $11,033 $9,311 279 157 484 252 323 (26)(96)96 (73)3 (215)2 238 162 510 306 3,462 381 1,886 (50)106 65 200 128 (19)(26)(47)(50)46 40 103 69 30 39 57 79 1,311 1,159 2,560 2,233 (121)3 (263)(14)$11,153 $6,814 $16,212 $12,362 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. 100 Table of Contents 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) (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 138 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 29 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) 1,398 1,398 16,628 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) (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) (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) 141 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 32 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) 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) Performance Fees for the Six Months Ended June 30, 2026 Performance Fees Receivable on an Unconsolidated BasisUnrealizedRealizedTotalUnrealizedRealizedTotal$76 8 $2 $10 $11 $9 $20 22 (2)(28) (28)47 19 (2)(24)19 (5) (5)(22) (22)16 (148)141 (7)56 1 13 49 5 54 52 9 20 20 89 1 (1) (1)15 5 15 15 542 7 100 61 68 129 918 (91)(217)65 (152)132 1 309 199 2 201 43 2 2 4 4 70 4 1 (11)14 3 220 30 27 30 30 60 36 29 36 36 38 5 5 10 10 231 8 30 36 16 52 95 2 (26)(51)12 (39)574 115 101 (56)221 165 $3,272 320 $196 $516 $(101)$616 $515 $1,511 167 $86 $253 $(46)$209 $163 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 110 Table of Contents 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 RecognizedDistributed 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 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. 111 Table of Contents 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. 112 Table of Contents 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. 113 Table of Contents 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. 114 Table of Contents 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. 115 Table of Contents 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. 116 Table of Contents 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. 117 Table of Contents 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: Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change2026202520262025$749 $583 $166 28.5%$1,445 $1,091 $354 32.4%418 277 141 50.9724 472 252 53.4379 189 190 100.5302 492 (190)(38.6)59 58 1 1.7123 98 25 25.522 22 NM44 44 NM1,107 520 47.02,638 2,153 485 22.5170 107 63 58.9387 234 153 65.4299 274 25 9.1580 539 41 7.65,350 4,776 574 12.010,489 9,117 1,372 15.02,989 (5)2,994 NM911 (833)1,744 NM714 550 164 29.81,199 1,142 57 5.04 5 (1)(20.0)8 10 (2)(20.0)5,707 3,819 66.913,574 10,209 3,365 33.011,153 6,814 4,339 63.716,212 12,362 3,850 31.1435 330 105 31.8848 656 192 29.3234 155 79 51.0456 293 163 55.6258 117 141 120.5334 398 (64)(16.1)927 602 325 54.01,638 1,347 291 21.688 60 28 46.7165 120 45 37.5479 370 109 29.5918 678 240 35.41,032 462 44.82,721 2,145 576 26.95,714 3,428 2,286 66.77,305 4,922 2,383 48.4594 527 67 12.71,233 1,068 165 15.4(24)(111)87 78.4235 274 (39)(14.2)350 292 58 19.9687 559 128 22.9613 550 63 11.51,239 1,092 147 13.54,686 2,561 54.710,699 7,915 2,784 35.28,741 5,718 3,023 52.913,420 10,060 3,360 33.463 (268)331 NM(49)(286)237 (82.9)(7)4 (11)NM(22)215 (237)NM17 13 4 30.847 (205)252 NM73 (251)324 NM(24)(276)252 (91.3)2,485 845 1,640 194.12,768 2,026 742 36.6(396)(3)(393)NM(2,090)(246)(1,844)NM2,089 842 1,247 148.1678 1,780 (1,102)(61.9)(728)(212)(516)243.4(1,223)(708)(515)72.71,361 630 731 116.0(545)1,072 (1,617)NM(25)(25) (49)(49) $1,336 $605 $731 120.8%$(594)$1,023 $(1,617)NM 118 Table of Contents 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 119 Table of Contents 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 120 Table of Contents 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. 121 Table of Contents 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 $103 122 Table of Contents 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. 123 Table of Contents 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. 124 Table of Contents 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. 125 Table of Contents 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. Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change2026202520262025$722 $605 $117 19.3%$1,403 $1,174 $229 19.5%279 211 68 32.2550 412 138 33.51,001 816 185 22.71,953 1,586 367 23.1277 216 61 28.2523 370 153 41.465 63 2 3.2129 117 12 10.3(343)(279)64 22.9(676)(538)138 25.7(215)(189)26 13.8(416)(349)67 19.2$785 $627 $158 25.2%$1,513 $1,186 $327 27.6% (In millions)EquityTotal 126,924 $83,062 $209,986 AUM Not Currently Generating Performance Fees22,072 70,946 Uninvested Performance Fee-Eligible AUM33,528 59,137 Total Performance Fee-Eligible AUM201,407 $138,662 $340,069 (In millions)EquityTotal 125,597 $60,438 $186,035 AUM Not Currently Generating Performance Fees5,822 16,231 Uninvested Performance Fee-Eligible AUM30,230 59,147 Total Performance Fee-Eligible AUM164,923 $96,490 $261,413 (In millions)EquityTotal 138,572 $83,282 $221,854 AUM Not Currently Generating Performance Fees19,499 40,189 Uninvested Performance Fee-Eligible AUM30,890 59,848 Total Performance Fee-Eligible AUM188,220 $133,671 $321,891 129 Table of Contents The components of Fee-Generating AUM by investing strategy are presented below: (In millions)CreditEquity $ $32,708 32,708 Fee-Generating AUM based on invested capital14,678 50,882 Fee-Generating AUM based on gross/adjusted assets647,701 6,063 Fee-Generating AUM based on NAV91,751 14,226 Total Fee-Generating AUM$754,130 $103,879 1 858,009 (In millions)CreditEquity $ $27,408 27,408 Fee-Generating AUM based on invested capital13,662 30,666 Fee-Generating AUM based on gross/adjusted assets479,169 6,641 Fee-Generating AUM based on NAV69,208 11,554 Total Fee-Generating AUM$562,039 $76,269 1 638,308 (In millions)EquityTotal $32,928 $32,928 Fee-Generating AUM based on invested capital50,467 65,962 Fee-Generating AUM based on gross/adjusted assets6,180 517,565 Fee-Generating AUM based on NAV13,098 92,684 Total Fee-Generating AUM606,466 $102,673 1 $709,139 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. 130 Table of Contents The following tables summarize changes in total AUM for Apollo s investing strategies within the Asset Management segment: 2026 (In millions)CreditEquityEquityTotal $834,132 $192,235 1,026,367 641,345 $143,813 $785,158 Inflows48,703 10,973 8,828 61,078 Outflows2 (24,158)(476)(399)(16,927) Other, net4 (9,871) Net Flows14,674 10,497 8,429 44,151 Realizations(2,984)(8,332)(3,881)(5,429) Market Activity3 3,520 3,537 1,671 15,725 End of Period$849,342 $197,937 1,047,279 689,573 $150,032 $839,605 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. 2026 (In millions)CreditEquityEquityTotal $749,228 $189,178 938,406 616,387 $134,650 $751,037 Inflows156,535 17,921 17,950 107,777 Outflows2 (43,802)(1,044)(714)(37,183) Other, net4 (13,198) Net Flows99,535 16,877 17,236 70,594 Realizations(6,195)(12,810)(5,981)(8,879) Market Activity3 6,774 4,692 4,127 26,853 End of Period$849,342 $197,937 1,047,279 689,573 $150,032 $839,605 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 131 Table of Contents 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. 132 Table of Contents The following tables summarize changes in Fee-Generating AUM for Apollo s investing strategies within the Asset Management segment: 2026 (In millions)CreditEquityEquityTotal $732,020 $103,847 835,867 522,844 $72,314 $595,158 Inflows48,149 3,092 5,804 44,228 Outflows2 (16,860)(1,915)(929)(10,358) Other, net4 (9,146) Net Flows22,143 1,177 4,875 33,870 Realizations(2,533)(1,676)(1,359)(2,491) Market Activity3 2,500 531 439 11,771 End of Period$754,130 $103,879 858,009 562,039 $76,269 $638,308 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. 2026 (In millions)CreditEquityEquityTotal $606,466 $102,673 709,139 495,843 $72,823 $568,666 Inflows195,886 7,280 11,026 89,405 Outflows2,3 (36,424)(3,529)(6,626)(35,711) Other, net5 (12,278) Net Flows147,184 3,751 4,400 53,694 Realizations(5,271)(3,494)(1,647)(3,627) Market Activity4 5,751 949 693 19,575 End of Period$754,130 $103,879 858,009 562,039 $76,269 $638,308 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. 133 Table of Contents 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. 134 Table of Contents The following presents origination, gross capital deployment and uncalled commitments (in billions): 135 Table of Contents 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: Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change2026202520262025$3,686 $3,179 $507 15.9%$7,237 $6,093 $1,144 18.8%348 319 29 9.1558 634 (76)(12.0)4,034 3,498 536 15.37,795 6,727 1,068 15.937 32 5 15.673 61 12 19.7(2,942)(2,470)472 19.1(5,749)(4,680)1,069 22.81,129 1,060 69 6.52,119 2,108 11 0.5(111)(107)4 3.7(229)(221)8 3.6(141)(132)9 6.8(294)(262)32 12.2$877 $821 $56 6.8%$1,596 $1,625 $(29)(1.8)% 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. 137 Table of Contents 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 138 Table of Contents 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 2025Change5.04 %4.89 %15 bps7.49 %10.05 %NM5.16 %5.14 %2 bps0.05 %0.05 %0 bps(3.80)%(3.57)%23 bps1.41 %1.62 %(21) bpsDecember 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 % 2,058 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 140 Table of Contents 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. 141 Table of Contents 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 TotalNet 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. 142 Table of Contents Principal Investing The following table presents Principal Investing Income, the performance measure of our Principal Investing segment. Total ChangePercentage ChangeSix months ended June 30,Total ChangePercentage Change2026202520262025$130 $219 $(89)(40.6)%$487 $409 $78 19.1%27 13 14 107.773 41 32 78.0(123)(168)(45)(26.8)(436)(356)80 22.5(18)(17)1 5.9(33)(33) $16 $47 $(31)(66.0)%$91 $61 $30 49.2%Vintage YearTotal AUMCommitted CapitalTotal Invested CapitalRealized ValueRemaining CostUnrealized ValueTotal ValueGross IRRNet IRR Credit: Accord VII1 2026$1,949 $1,948 $231 $102 $131 $135 $237 NM4 NM4 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. Fund 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. 145 Table of Contents Perpetual Capital The following table summarizes the investment record for the perpetual capital vehicles we manage, excluding Athene and Athora-related assets. (In millions)IPO Year1 Total AUMFor the Three Months Ended June 30, 2026For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025N/A$30,598 2 %%2 %4 %N/A13,927 2 %%3 %8 %20043,533 (7)%%(7)%(1)%N/A4,506 3 %%5 % %N/A2,438 1 %%2 %5 %N/A2,421 1 %%3 %3 %N/A26,526 N/AN/AN/A$83,949 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. 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. Six months ended June 30, (In millions)2026202520262025$1,336 $605 $(594)$1,023 25 25 49 49 728 212 1,223 708 2,089 842 678 1,780 396 3 2,090 246 2,485 845 2,768 2,026 713812368129102285201(698)(266)(953)(815)(320)28 101 (91)152 (43)(55)6253 36 98 70 45 (11)165 (9)(28)293 29 354 117 70 186 346 (23)509 673 358 (358)(149)(316)218 41 32 74 62 12 11 22 22 1,678 1,495 3,200 2,872 (53)(36)(98)(70)(311)(280)(580)(504)$1,314 $1,179 $2,522 $2,298 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. December 31, 2025 Total GAAP Common Stock Outstanding575,971,752 578,981,398 Non-GAAP Adjustments: 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. 148 Table of Contents 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: (In millions)20262025$4,501 $2,274 (23,871)(36,517)27,198 32,089 (2)13 $7,826 $(2,141) (In millions)20262025$4,069 $2,441 432 (167)4,501 2,274 (21,438)(35,450)(2,433)(1,067)(23,871)(36,517)25,783 31,392 1,415 697 $27,198 $32,089 20262027 - 2028 2029 - 2030 2031 and ThereafterTotal 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 10,735 842 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 87 220 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. 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 159 Table of Contents 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. 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 39 35 Six months ended June 30, 2026 Summarized Statements of Operations $2,272 53 1 June 30, 2026December 31, 2025$1,175 $1,150 1,617 1,364 Six months ended June 30, 2026 Intercompany revenue$785 300 17 Total number of shares of common stock purchasedAverage price paid per shareTotal 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 6,002 $111.42 6,002 $3,133,320,128 May 1, 2026 through May 31, 2026 Opportunistic repurchases31,772 31,772 Equity award-related repurchases2 543,477 543,477 575,249 $133.57 575,249 $3,056,486,601 June 1, 2026 through June 30, 2026 Opportunistic repurchases200,445 200,445 Equity award-related repurchases2 200,445 $124.76 200,445 $3,031,478,576 Total Opportunistic repurchases232,217 232,217 Equity award-related repurchases2 549,479 549,479 781,696 781,696 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. Exhibit Description 2.1Agreement 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)). 3.1Amended 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)). 3.2Amendment 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)). 3.3Certificate 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)). 3.4Amended 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)). 4.1Form 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). 4.2Indenture, 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)). 4.3Form 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). 4.4Indenture, 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)). 4.5Form 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). 4.6Indenture, 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)). 4.7Form 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). 4.8Indenture, 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)). 4.9Form 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). 4.10Indenture, 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)). 166 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. EXHIBIT INDEX 4.11First 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)). 4.12Form 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). 4.13Indenture, 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)). 4.14Form 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). 4.15Indenture, 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)). 4.16Form 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. 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). *10.2Form of Notice of Director Restricted Share Unit Award under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Deferred Restricted Share Units). *10.3Form of Notice of Director Restricted Share Unit Award under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Cash Retainer). * 10.4Letter Agreement with John Zito, dated October 27, 2023. * 10.5Form of Credit Team Incentive Summary of Terms. *10.6Form of Restricted Share Unit Award Agreement 2019 Omnibus Equity Incentive Plan (Vested at Grant). Certification of the Chief Executive Officer pursuant to Rule 13a-14(a). *31.2Certification of the Chief Financial Officer pursuant to Rule 13a-14(a). *32.1Certification 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). *32.2Certification 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). Inline 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 101Interactive 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 167 Table of Contents APOLLO GLOBAL MANAGEMENT, INC. 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. 168 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) 169