Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 367

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 367
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 of $16 million from $104 million in 2024.The increase in 2025 was primarily driven by higher interest rates from additional debt issuances in the full year 2024, offset, in part, by debt repayments.

Other Income (Loss)

Other income (loss) was a loss of $276 million in 2025, a decrease of $318 million from income of $42 million in 2024. This decrease was primarily driven by decreases in net gains (losses) from investment activities and other income (loss), net of $304 million and $203 million, respectively, offset by an increase in net gains (losses) from investment activities of consolidated variable interest entities of $189 million. 

The decrease in net gains (losses) from investment activities of $304 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 $203 million was primarily driven by the expense related to the issuance of common stock to the Apollo DAF, losses on a derivative forward contract and FX losses due to the significant fluctuations in foreign exchange rates in 2025, 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 $189 million was primarily driven by the appreciation of a consolidated VIE’s underlying investment valuation.

Retirement Services

Revenues

Retirement Services revenues were $10.2 billion in 2025, a decrease of $760 million from $11.0 billion in 2024. The decrease was primarily driven by a decrease in investment related gains (losses) and a decrease in premiums, partially offset by an increase in net investment income and an increase in revenues of consolidated VIEs.

Investment related gains (losses) were $(833) million in 2025, a decrease of $2.4 billion from $1.5 billion in 2024, primarily driven by unfavorable net foreign exchange impacts, an unfavorable change in fair value of FIA hedging derivatives and an increase in realized losses on AFS securities, partially offset by the favorable change in fair value of mortgage loans, reinsurance assets and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S.