Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 198

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 198
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453 million in 2024, primarily driven by an increase in interest expense and policy acquisition expenses related to significant growth.

DAC, DSI and VOBA amortization was $267 million in 2025, an increase of $60 million from $207 million in 2024, primarily due to an increase in acquisition costs that are deferred and amortized driven by strong growth in Athene’s deferred annuity business. 

Income Tax (Provision) Benefit

The Company’s income tax provision totaled $243 million and $422 million in 2025 and 2024, respectively. The change to the provision was primarily related to the decline in pretax income and increased income passed through to non-controlling interests. The (provision) for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 20.6% and 19.3% for 2025 and 2024, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the 

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limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 10 to the condensed consolidated financial statements for further details regarding the Company’s income tax (provision). 

Segment Analysis 

Discussed below are our results of operations for each of our reportable segments. They represent the segment information available and utilized by management to assess performance and to allocate resources. See note 17 to our condensed consolidated financial statements for more information regarding our segment reporting.

Asset Management

The following table presents Fee Related Earnings, the performance measure of our Asset Management segment.

 Three months ended March 31,Total ChangePercentage Change(In millions, except percentages)20252024Asset Management:Management fees - Credit$569 $463 $106 22.9%Management fees - Equity201 189 12 6.3Management fees770 652 118 18.1Capital solutions fees and other, net154 141 13 9.2Fee-related performance fees54 46 8 17.4Fee-related compensation(259)(220)39 17.7Non-compensation expenses(160)(157)3 1.9Fee Related Earnings (FRE)$559 $462