Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 210

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 210
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 ended June 30,(In millions)2025202420252024Segment RevenueAsset Management1$1,095 $932 $2,073 $1,771 Retirement Services3,530 2,825 6,788 5,570 Principal Investing232 186 450 294 Total Segment Revenue$4,857 $3,943 $9,311 $7,635 (In millions)June 30, 2025December 31, 2024Segment AssetsAsset Management$2,648 $2,286 Retirement Services396,485 355,683 Principal Investing10,355 10,473 Total Assets$409,488 $368,442 1 Includes intersegment management fees from Retirement Services of $358 million and $719 million for the three and six months ended June 30, 2025 respectively, and $291 million and $570 million for the three and six months ended June 30, 2024, respectively.The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

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

Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Segment Income$1,495 $1,259 $2,872 $2,559 Asset Management Adjustments:Equity-based profit sharing expense1,5(38)(45)(68)(139)Equity-based compensation(102)(84)(201)(158)Net (income) loss attributable to non-controlling interests in consolidated entities266 323 815 700 Unrealized performance fees5(28)86 91 354Unrealized profit sharing expense543 (35)(62)(194)HoldCo interest and other financing costs2(36)(15)(70)(30)Unrealized principal investment (income) loss511 (1)9 10 Unrealized net (gains) losses from investment activities5(293)(20)(354)(4)Transaction-related costs, restructuring and other non-operating expenses3(70)(67)(346)(118)Retirement Services Adjustments:Investment gains (losses), net of offsets(509)(124