Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 27

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 27
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 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 

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limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 10 to the condensed consolidated financial statements for further details regarding the Company’s income tax (provision). 

Segment Analysis 

Discussed below are our results of operations for each of our reportable segments. They represent the segment information available and utilized by management to assess performance and to allocate resources. See note 17 to our condensed consolidated financial statements for more information regarding our segment reporting.

Asset Management

The following table presents Fee Related Earnings, the performance measure of our Asset Management segment.

 Three months ended March 31,Total ChangePercentage Change(In millions, except percentages)20252024Asset Management:Management fees - Credit$569 $463 $106 22.9%Management fees - Equity201 189 12 6.3Management fees770 652 118 18.1Capital solutions fees and other, net154 141 13 9.2Fee-related performance fees54 46 8 17.4Fee-related compensation(259)(220)39 17.7Non-compensation expenses(160)(157)3 1.9Fee Related Earnings (FRE)$559 $462 $97 21.0%

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.

FRE was $559 million in 2025, an increase of $97 million compared to $462 million in 2024. This increase was primarily attributable to growth in fee related revenues, including management fees, capital solutions fees and other, net and fee-related performance fees.

The increase in management fees was primarily attributable to management fees earned from Athene, ADS and S3 Equity and Hybrid Solutions of $70 million, $16 million and $15 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $10 million and $4 million, respectively. The increase in management fees earned from Athene was primarily driven by increases