Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 29

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 29
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 from $986 million in 2024, primarily due to increases in total compensation and benefits, general, administrative and other, and interest expense.

Total compensation and benefits were $761 million in 2025, an increase of $156 million from $605 million in 2024, primarily due to increases in salary, bonus and benefits and equity-based compensation of $85 million and $71 million, respectively. The increase in salary, bonus and benefits of $85 million was primarily driven by the growth in revenues and increased headcount in 2025. The increase in equity-based compensation of $71 million was primarily due to the issuance of restricted stock awards that did not require future service in connection with the Bridge acquisition. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

General, administrative and other expenses were $409 million in 2025, an increase of $83 million from $326 million in 2024. The increase in 2025 was primarily driven by increases in travel and entertainment expenses, depreciation and amortization expenses, higher recruitment fees, professional fees, and placement fees.

Other Income (Loss)

Other income (loss) was $146 million in 2025, an increase of $17 million from income of $129 million in 2024. This increase was primarily driven by an increase in net gains (losses) from investment activities of $63 million, partially offset by a decrease in other income (loss), net of $37 million, respectively.

The increase in net gains (losses) from investment activities of $63 million was primarily driven by the appreciation in the Company’s balance sheet investments. The decrease in other income (loss), net of $37 million was primarily attributable to foreign exchange losses due to the significant fluctuations in foreign exchange rates in 2025 and losses from changes in the tax receivable agreement liability, which were partially offset by derivative gains primarily on forward contracts.

Retirement Services

Retirement Services revenues were $8.3 billion