Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 37

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 37
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 driven by decreases in net gains (losses) from investment activities and other income (loss), net of $241 million and $240 million, respectively, offset by an increase in net gains (losses) from investment activities of consolidated variable interest entities of $180 million. 

The decrease in net gains (losses) from investment activities of $241 million was primarily driven by an impairment loss on an equity investment triggered by the initial public offering of the equity security which resulted in an observable transaction price below the Company’s carrying amount, as well as the depreciation in the Company’s investments in Global Business Travel Group, Inc. The decrease in other income (loss), net of $240 million was primarily driven by the expense related to the issuance of common stock to the Apollo DAF, derivative losses primarily on forward contracts, and losses from changes in the tax receivable agreement liability, partially offset by a decrease in the earnout expense associated with a previous acquisition. 

The increase in net gains (losses) from investment activities of consolidated VIEs of $180 million was primarily driven by the appreciation of a consolidated VIE’s underlying investment valuation.

Retirement Services

Revenues

Retirement Services revenues were $18.5 billion in 2025, an increase of $725 million from $17.8 billion in 2024. The increase was primarily driven by an increase in net investment income and an increase in revenues of consolidated VIEs, partially offset by a decrease in investment related gains (losses) and a decrease in premiums.

Net investment income was $14.1 billion in 2025, an increase of $2.6 billion from $11.5 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment and earlier deployment into assets during the year compared to 2024. These impacts were partially offset by lower floating rate income.

Revenues of consolidated VIEs were $1.8 billion in 2025, an increase of $467 million from $1.3 billion in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets, favorable returns from A-A Onshore Fund, LLC, a favorable change in the fair value of mortgage loans held in VIEs related to a larger decrease in U.S. Treasury rates in 2025 compared to 2024 and favorable