Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 55

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 55
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661)(1,983)678 34.2(7,341)(5,586)1,755 31.4Net investment spread1,118 1,086 32 2.93,226 3,053 173 5.7Other operating expenses(107)(112)(5)(4.5)(328)(342)(14)(4.1)Interest and other financing costs(140)(118)22 18.6(402)(328)74 22.6Spread Related Earnings$871 $856 $15 1.8%$2,496 $2,383 $113 4.7%

139

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

In this section, references to 2025 refer to the three months ended September 30, 2025 and references to 2024 refer to the three months ended September 30, 2024.

Spread Related Earnings

SRE was $871 million in 2025, an increase of $15 million, or 2%, compared to $856 million in 2024. The increase in SRE was primarily driven by an increase in net investment earnings and strategic capital management fees, partially offset by an increase in cost of funds and interest and other financing costs.

Net investment earnings were $3.7 billion in 2025, an increase of $702 million from $3.0 billion in 2024, primarily driven by $42.8 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment, an increase in alternative net investment income and higher call income, partially offset by lower floating rate income and prepayment of higher yielding assets. The increase in alternative net investment income compared to 2024 was primarily driven by more favorable performance within retirement services platforms and equity funds, partially offset by less favorable performance within origination platforms. The increase in income from retirement services platforms was primarily related to a valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge Financial, Inc. (“Corebridge”) and realized losses from the sale of Challenger Limited (“Challenger”) common equity shares in 2024. The increase in income from equity funds was mainly attributable to more favorable performance from the underlying funds within private and structured equity in 2025 compared to 2024.