Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 389

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 389
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 the second quarter of 2025 as well as an increase in host accretion on business ceded to Catalina.

Income Tax (Provision) Benefit

The Company’s income tax provision was $438 million and $317 million in 2025 and 2024, respectively. The change to the provision was primarily related to the increase in pretax income subject to tax. The (provision) for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 15.1% and 15.2% 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 limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 11 to the condensed consolidated financial statements for further details regarding the Company’s income tax (provision). 

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

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

Asset Management

Revenues

Revenues were $3,640 million in 2025, an increase of $629 million from $3,011 million in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net.

Management fees increased by $321 million to $1,697 million in 2025 from $1,376 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, ADS, Apollo S3 Equity and Hybrid Solutions Fund, L.P. (“S3 Equity and Hybrid Solutions”), Bridge funds and AIOF III of $97 million, $58 million, $44 million, $20 million and $20 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $26 million and $13 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas and ADS was driven by higher fee-g