Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 21

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 21
---
 acquisition costs, deferred sales inducements and value of business acquired267 207 60 29.0Policy and other operating expenses542 453 89 19.63,229 3,933 (704)(17.9)Total Expenses4,342 4,891 (549)(11.2)Other income (loss) – Asset ManagementNet gains (losses) from investment activities(18)39 (57)NMNet gains (losses) from investment activities of consolidated variable interest entities211 25 186 NMOther income (loss), net(218)(26)(192)NMTotal Other income (loss)(25)38 (63)NMIncome (loss) before income tax (provision) benefit1,181 2,187 (1,006)(46.0)Income tax (provision) benefit (243)(422)179 (42.4)Net income (loss)938 1,765 (827)(46.9)Net (income) loss attributable to non-controlling interests(496)(338)(158)46.7Net income (loss) attributable to Apollo Global Management, Inc.442 1,427 (985)(69.0) Preferred stock dividends(24)(24)— —Net income (loss) available to Apollo Global Management, Inc. common stockholders$418 $1,403 $(985)(70.2)%Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.

105

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

In this section, references to 2025 refer to the three months ended March 31, 2025 and references to 2024 refer to the three months ended March 31, 2024.

Asset Management

Revenues

Revenues were $1,046 million in 2025, an increase of $11 million from $1,035 million in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net, partially offset by a decrease in investment income.

Management fees increased by $70 million to $508 million in 2025 from $438 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, ADS, and Apollo