Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over the five‑year span (millions USD) Apollo’s reported balance sheet shows a dramatic step change between 2021 and 2022 and then steady growth through 2024. Total assets jump from $30,502m in 2021 to $259,333m in 2022, then rise to $313,488m (2023) and $377,895m (2024). Total liabilities follow the same pattern: $18,538m (2021) → $252,104m (2022) → $288,243m (2023) → $346,915m (2024). Stockholders’ equity, by contrast, collapses to a very thin $397m in 2022 (equity/assets ≈ 0.15%), then recovers to $14,044m in 2023 and $17,253m in 2024 (equity/assets ≈ 4.5%). (The 2025 row contains zeros and appears to be missing data and was excluded from trend interpretation.) The most noteworthy feature is the 2022 step change that left the company highly leveraged (liabilities ≈97% of assets in 2022, ~92% in 2023–24) and with a compressed capital buffer. Such a pattern is consistent with a major acquisition, consolidation of asset/insurance-related liabilities, or an accounting/presentation change that brought large third‑party assets and corresponding liabilities onto the balance sheet — common in asset managers that expand into balance‑sheet intensive businesses (e.g., insurance or financing). The partial equity recovery in 2023–24 suggests recapitalization, retained earnings or fair‑value adjustments improving the buffer, but leverage remains materially higher than 2021. For a fuller assessment of solvency and risk (liquidity, covenant exposure, composition of the liabilities and any insurance/reserve items), review the footnotes/management discussion for 2022–2024 to identify the transaction(s) or accounting changes that drove the 2022 inflection.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.