Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 354

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 354
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 In the nine months ended September 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.5 Represents adjustments that primarily impact the Principal Investing segment.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Segment Revenues$5,146 $4,343 $14,457 $11,978 Asset Management Adjustments:Adjustments related to consolidated funds and VIEs1249 190 501 414 Performance fees2206 (139)302 219 Principal investment income (loss)22 14 4 28 Equity awards granted by unconsolidated related parties, reimbursable expenses and other1248 98 554 317 Retirement Services Adjustments:Premiums, product charges, investment related gains (losses) and other retirement services revenue32,669 2,198 2,619 5,010 Change in fair value of reinsurance assets75 11 203 58 Forward points adjustment on FX derivative hedges(33)(30)(83)(113)Held-for-trading amortization66 30 135 73 Reinsurance impacts44 54 123 173 ACRA non-controlling interests on net investment earnings1,250 1,011 3,483 2,800 Other retirement services adjustments(99)(7)(113)(126)Total Revenues$9,823 $7,773 $22,185 $20,831 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cashrevenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.2 Represents adjustments that primarily impact the Principal Investing segment.3 Refer to the condensed consolidated statement of operations for a breakout of individual items.The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:(In