Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 384

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 384
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 Atlas warehousing financing facilities, an increase in subscriptions, and catch-up management fees for additional closes, respectively. Additionally, management fees increased due to the Bridge acquisition. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

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Incentive fees increased by $16 million to $51 million in 2025 from $35 million in 2024, primarily attributable to sustained growth across a variety of perpetual capital vehicles.

Expenses

Expenses were $1,234 million in 2025, an increase of $248 million from $986 million in 2024, primarily due to increases in total compensation and benefits, general, administrative and other, and interest expense.

Total compensation and benefits were $761 million in 2025, an increase of $156 million from $605 million in 2024, primarily due to increases in salary, bonus and benefits and equity-based compensation of $85 million and $71 million, respectively. The increase in salary, bonus and benefits of $85 million was primarily driven by the growth in revenues and increased headcount in 2025. The increase in equity-based compensation of $71 million was primarily due to the issuance of restricted stock awards that did not require future service in connection with the Bridge acquisition. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

General, administrative and other expenses were $409 million in 2025, an increase of $83 million from $326 million in 2024. The increase in 2025 was primarily driven by increases in travel and entertainment expenses, depreciation and amortization expenses, higher recruitment fees, professional fees, and placement fees.

Other Income (Loss)

Other income (loss) was $146 million in 2025, an increase of $17 million from income of $129 million in 2024. This increase was primarily driven by an increase in net gains