Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 36

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 36
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 2025 were primarily driven by the depreciation of the fund’s investments in the (i) consumer services, (ii) media, telecom and technology and (iii) manufacturing and industrial sectors.

Expenses

Expenses were $3,379 million in 2025, an increase of $459 million from $2,920 million in 2024 primarily due to increases in total compensation and benefits, general, administrative and other, and interest expense. 

Total compensation and benefits were $2,108 million in 2025, an increase of $232 million from $1,876 million in 2024, primarily due to an increase in salary, bonus and benefits and equity-based compensation of $181 million and $46 million, respectively. The increase in salary, bonus and benefits of $181 million was primarily driven by the growth in revenues and increased headcount in 2025. The increase in equity-based compensation of $46 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.

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General, administrative and other expenses were $1,087 million in 2025, an increase of $202 million from $885 million in 2024. The increase in 2025 was primarily driven by increases in professional fees, depreciation and amortization expenses, higher placement fees, travel and entertainment expenses, and recruitment fees.

Interest expense was $184 million in 2025, an increase of $25 million from $159 million in 2024. The increase in 2025 was primarily driven by higher interest rates from additional debt issuances in 2025 and the fourth quarter of 2024, partially offset by debt repayments.

Other Income (Loss)

Other income (loss) was a loss of $130 million in 2025, a decrease of $301 million from income of $171 million in 2024. This decrease was primarily