Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 99

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 99
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ulated deficit)7,306 6,022 Accumulated other comprehensive income (loss)(2,492)(5,494)Total Apollo Global Management, Inc. Stockholders’ Equity23,137 17,253 Non-controlling interests16,660 13,711 Total Equity39,797 30,964 Total Liabilities, Redeemable non-controlling interests and Equity$449,543 $377,895 (Concluded)See accompanying notes to the unaudited condensed consolidated financial statements.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended September 30,Nine months ended September 30,(In millions, except per share data)2025202420252024RevenuesAsset ManagementManagement fees$606 $476 $1,697 $1,376 Advisory and transaction fees, net378 181 850 617 Investment income (loss)444 230 936 910 Incentive fees51 35 149 108 Property management, development and other fees8 — 8 — 1,487 922 3,640 3,011 Retirement ServicesPremiums117 389 351 1,163 Product charges292 267 831 756 Net investment income5,013 4,101 14,130 11,481 Investment related gains (losses)2,254 1,539 1,421 3,082 Revenues of consolidated variable interest entities654 552 1,796 1,329 Other revenues6 3 16 9 8,336 6,851 18,545 17,820 Total Revenues9,823 7,773 22,185 20,831 ExpensesAsset ManagementCompensation and benefits761 605 2,108 1,876 Interest expense64 55 184 159 General, administrative and other409 326 1,087 885 1,234 986 3,379 2,920 Retirement ServicesInterest sensitive contract benefits4,164 2,599 9,086 7,307 Future policy and other policy benefits613 793 1,681 2,431 Market risk benefits remeasurement (gains) losses131 524 405 354 Amort