Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 27

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 27
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.0)Net (income) loss attributable to non-controlling interests(725)(958)233 (24.3)(1,433)(1,620)187 (11.5)Net income (loss) attributable to Apollo Global Management, Inc.1,736 811 925 114.12,808 3,091 (283)(9.2) Preferred stock dividends(24)(24)— —(73)(73)— —Net income (loss) available to Apollo Global Management, Inc. common stockholders$1,712 $787 $925 117.5%$2,735 $3,018 $(283)(9.4)%Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.

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

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

Asset Management

Revenues

Revenues were $1,487 million in 2025, an increase of $565 million from $922 million in 2024, primarily driven by higher investment income, advisory and transaction fees, net and management fees.

Investment income increased by $214 million in 2025 to $444 million compared to $230 million in 2024. The increase in investment income was primarily driven by an increase in performance allocations of $217 million.

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, Credit Strategies, HVF II, Fund IX, Redding Ridge Holdings and Accord+ II of $109 million, $62 million, $42 million, $37 million, $32 million and $23 million, respectively.

See below for details on the respective performance allocations in 2025.

The performance allocations earned from Fund X in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial, (ii) consumer and retail and (iii) consumer services sectors.

The performance allocations earned from Credit Strategies in 2025 were primarily driven by the net income generated by the fund’s investments.

The performance allocations earned from