Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 195

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 195
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-based compensation of $38 million was primarily due to a decrease in amortization of certain RSUs. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period. 

General, administrative and other expenses were $308 million in 2025, an increase of $68 million from $240 million in 2024. The increase in 2025 was primarily driven by increases in professional fees, depreciation and amortization and higher placement fees.

Interest expense was $60 million in 2025, an increase of $9 million from $51 million in 2024. The increase in 2025 was primarily driven by higher interest rates from additional debt issuances in the full year 2024, offset, in part, by debt repayments.

Other Income (Loss)

Other income (loss) was a loss of $25 million in 2025, a decrease of $63 million from income of $38 million in 2024. This decrease was primarily driven by decreases in other income (loss), net and net gains (losses) from investment activities of $192 million and $57 million, respectively, offset by an increase in net gains (losses) from investment activities of consolidated variable interest entities of $186 million.

The decrease in other income (loss) of $192 million was primarily driven by the issuance of common stock to the Apollo DAF and derivative losses primarily on forward contracts and fluctuations in foreign exchange rates in 2025. The decrease in net gains (losses) from investment activities of $57 million was primarily due to depreciation in the Company’s investments in Global Business Travel Group, Inc.

The increase in net gains (losses) from investment activities of consolidated VIEs of $186 million was primarily driven by the appreciation of a consolidated VIE’s underlying investment valuation.

Retirement Services

Revenues

Retirement Services