Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 209

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 209
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ii) management fees received on business managed for others, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders.Principal Investing IncomePrincipal Investing Income (“PII”) is a component of Segment Income that is used to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, and (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following presents financial data for the Company’s reportable segments.Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Asset ManagementManagement fees1$816 $672 $1,586 $1,324 Capital solutions fees and other, net216 208 370 349 Fee-related performance fee63 52 117 98 Fee-related compensation (279)(240)(538)(460)Other operating expenses(189)(176)(349)(333)Fee Related Earnings627 516 1,186 978 Retirement ServicesFixed income and other net investment income3,179 2,633 6,093 5,087 Alternative net investment income319 168 634 434 Strategic capital management fees32 24 61 49 Cost of funds(2,470)(1,880)(4,680)(3,603)Other operating expenses(107)(116)(221)(230)Interest and other financing costs(132)(119)(262)(210)Spread Related Earnings 821 710 1,625 1,527 Principal InvestingRealized performance fees219 175 409 269 Realized investment income13 11 41 25 Principal investing compensation(168)(138)(356)(211)Other operating expenses(17)(15)(33)(29)Principal Investing Income 47 33 61 54 Segment Income$1,495 $1,259 $2,872 $2,559 Three months ended June 30,Six months