Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 410

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 410
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5202420252024Retirement Services:Fixed income and other net investment income$3,423 $2,806 $617 22.0%$9,516 $7,893 $1,623 20.6%Alternative net investment income321 236 85 36.0955 670 285 42.5Net investment earnings3,744 3,042 702 23.110,471 8,563 1,908 22.3Strategic capital management fees35 27 8 29.696 76 20 26.3Cost of funds(2,661)(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%

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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