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

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 25
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 segment level, see “—Segment Analysis” below:

 Three months ended September 30,TotalChangePercentageChangeNine months ended September 30,TotalChangePercentageChange(In millions, except percentages)2025202420252024RevenuesAsset ManagementManagement fees$606 $476 $130 27.3%$1,697 $1,376 $321 23.3%Advisory and transaction fees, net378 181 197 108.8850 617 233 37.8Investment income (loss)444 230 214 93.0936 910 26 2.9Incentive fees51 35 16 45.7149 108 41 38.0Property management, development and other fees8 — 8 NM8 — 8 NM1,487 922 565 61.33,640 3,011 629 20.9Retirement ServicesPremiums117 389 (272)(69.9)351 1,163 (812)(69.8)Product charges292 267 25 9.4831 756 75 9.9Net investment income5,013 4,101 912 22.214,130 11,481 2,649 23.1Investment related gains (losses)2,254 1,539 715 46.51,421 3,082 (1,661)(53.9)Revenues of consolidated variable interest entities654 552 102 18.51,796 1,329 467 35.1Other revenues6 3 3 100.016 9 7 77.88,336 6,851 1,485 21.718,545 17,820 725 4.1Total Revenues9,823 7,773 2,050 26.422,185 20,831 1,354 6.5ExpensesAsset ManagementCompensation and benefits:Salary, bonus and benefits376 291 85 29.21,032 851 181 21.3Equity-based compensation195 124 71 57.3488 442 46 10.4Profit sharing expense190 190 — —588 583 5 0.9Total compensation and benefits761 605 156 25.82,108 1,876