Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 192

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 192
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 September 30, 2025 and December 31, 2024, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility.Interest ExpenseThe following table presents the interest expense incurred related to the Company’s debt:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Asset Management$64 $55 $184 $159 Retirement Services1102 65 260 174 Total Interest Expense$166 $120 $444 $333 Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

13. Equity-Based CompensationUnder 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. For the three months ended September 30, 2025 and 2024, the Company recorded compensation expense of $208 million and $136 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense of $523 million and $478 million, respectively. As of September 30, 2025, there was $756 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.0 years. Service-Based AwardsDuring the nine months ended September 30, 2025 and 2024, the Company awarded 3.9 million and 3.5 million of service-based RSUs, with a grant date fair value of $588 million and $378 million, respectively. In connection with the Bridge acquisition, the Company converted certain outstanding Bridge equity awards into