Apollo Global Management Inc

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 7, 2025

APO$122.74+0.4%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three months ended March 31,
(In millions)	2025	2024
Cash Flows from Operating Activities
Net income (loss)	$938	$1,765
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation	149	189
Net investment income	(370)	(416)
Net recognized (gains) losses on investments and derivatives	306	(2,094)
Depreciation and amortization	308	238
Net amortization (accretion) of net investment premiums, discount and other	(42)	(5)
Policy acquisition costs deferred	(515)	(459)
Other non-cash amounts included in net income (loss), net	300	72
Changes in consolidation	(23)	—
Changes in operating assets and liabilities:
Purchases of investments by funds and VIEs	(871)	(1,521)
Proceeds from sale of investments by funds and VIEs	1,191	879
Interest sensitive contract liabilities	519	2,132
Future policy benefits, market risk benefits and reinsurance recoverable	(289)	(671)
Other assets and liabilities, net	(589)	(39)
Net cash provided by operating activities	$1,012	$70
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	$(1,336)	$(634)
Purchases of available-for-sale securities	(24,317)	(18,464)
Purchases of mortgage loans	(9,013)	(5,714)
Purchases of investment funds	(714)	(612)
Purchases of U.S. Treasury securities	(444)	—
Purchases of derivatives instruments and other investments	(942)	(857)
Sales, maturities and repayments of investments and distributions from equity method investments	18,976	9,601
Other investing activities, net	902	295
Net cash used in investing activities	$(16,888)	$(16,385)
Cash Flows from Financing Activities
Issuance of debt	$294	$2,827
Repayment of debt	(818)	(524)
Repurchase of common stock	(193)	(260)
Common stock dividends	(278)	(259)
Preferred stock dividends	(24)	(24)
Distributions paid to non-controlling interests	(210)	(305)
Contributions from non-controlling interests	607	1,001
Deposits on investment-type policies and contracts	25,306	20,803
Withdrawals on investment-type policies and contracts	(5,248)	(4,786)
Net change in cash collateral posted for derivative transactions and securities to repurchase	(4,399)	611
Other financing activities, net	(763)	(742)
Net cash provided by financing activities	$14,274	$18,342
Effect of exchange rate changes on cash and cash equivalents	3	(2)
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities	(1,599)	2,025
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period	17,112	17,691
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period	$15,513	$19,716
(Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three months ended March 31,
(In millions)	2025	2024
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$310	$338
Cash paid for interest	321	167
Non-cash transactions
Non-cash investing activities
Retirement Services
Investments received from settlements on reinsurance agreements	—	48
Non-cash financing activities
Asset Management and Other
Capital increases related to equity-based compensation	121	153
Issuance of warrants	54	—
Issuance of restricted shares	6	9
Issuance of common stock to donor-advise fund	200	—
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(483)	(1,062)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	1,761	1,998
Distributions to non-controlling interests	—	11
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management	(871)	(1,521)
Proceeds from sale of investments - Asset Management	1,191	879
Cash Flows from Investing Activities
Purchases of investments - Retirement Services	(1,399)	(589)
Proceeds from sale of investments - Retirement Services	938	117
Cash Flows from Financing Activities
Issuance of debt	294	1,258
Principal repayment of debt	(818)	(499)
Distributions paid to non-controlling interests	(69)	(5)
Contributions from non-controlling interests	604	593
Other financing activities, net	(187)	—
Changes in Consolidation
Investments, at fair value	(549)	1
Other assets	(14)	—
Notes payable	—	(2)
Other liabilities	88	—
Non-controlling interest	442	1
Equity	56	—
Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition:
Cash and cash equivalents	$12,894	$17,723
Restricted cash and cash equivalents	2,213	1,577
Cash and cash equivalents held at consolidated variable interest entities	406	416
Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities	$15,513	$19,716
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

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