Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 280

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 280
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 Earnings (“SRE”) is a component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

investment earnings on Athene’s net invested assets and (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.The following presents financial data for the Company’s reportable segments.Years ended December 31,(In millions)202420232022Asset ManagementManagement fees1$2,776 $2,480 $2,134 Capital solutions fees and other, net668 538 414 Fee-related performance fee208 146 72 Fee-related compensation (925)(835)(754)Other operating expenses(664)(561)(456)Fee Related Earnings2,063 1,768 1,410 Retirement ServicesFixed income and other net investment income10,805 8,739 5,706 Alternative net investment income939 864 1,206 Strategic capital management fees105 72 53 Cost of funds(7,702)(5,650)(3,755)Other operating expenses(458)(481)(462)Interest and other financing costs(465)(436)(279)Spread Related Earnings 3,224 3,108 2,469 Principal InvestingRealized performance fees2921 742 595 Realized investment income74 (2)330 Principal investing compensation(664)(601)(