Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 35

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 35
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 the impacts will not be material in future years. See note 13 to the consolidated financial statements for further details regarding the Company’s income tax (provision) benefit. 

83

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 21 to our 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.

 Years ended December 31,Total ChangePercentage ChangeYears ended December 31,Total ChangePercentage Change(In millions, except percentages)2024202320232022Asset Management:Management fees - Credit$2,015 $1,688 $327 19.4%$1,688 $1,483 $205 13.8%Management fees - Equity761 792 (31)(3.9)792 651 141 21.7Management fees2,776 2,480 296 11.92,480 2,134 346 16.2Capital solutions fees and other, net668 538 130 24.2538 414 124 30.0Fee-related performance fees208 146 62 42.5146 72 74 102.8Fee-related compensation(925)(835)90 10.8(835)(754)81 10.7Non-compensation expenses(664)(561)103 18.4(561)(456)105 23.0Fee Related Earnings (FRE)$2,063 $1,768 $295 16.7%$1,768 $1,410 $358 25.4%

A discussion of our Asset Management segment analysis for the year ended December 31, 2023 as compared to the year ended December 31, 2022 is included in the Company’s 2023 Annual Report.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

In this section, references to 2024 refer to the year ended December 31, 2024 and references to 2023 refer to the year ended December 31, 2023.

FRE was $2,063 million in 2024, an increase of $295 million compared to $1,768 million in 2023. This increase was primarily