Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 430

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 430
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513 44 (363)Integration, restructuring and other non-operating expenses36 204 98 265 Equity-based compensation13 12 35 36 Segment Income1,573 1,465 4,445 4,024 HoldCo interest and other financing costs2(33)(21)(103)(51)Taxes and related payables(183)(312)(687)(768)Adjusted Net Income$1,357 $1,132 $3,655 $3,205 1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.2 Represents interest and other financing costs related to AGM not attributable to any specific segment. 3 Transaction-related costs, restructuring and other non-operating expenses includes; (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with the Company’s merger with Athene; and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the nine months ended September 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

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The table below sets forth a reconciliation of common stock outstanding to our Adjusted Net Income Shares Outstanding:

September 30, 2025December 31, 2024Total GAAP Common Stock Outstanding580,389,090 565,738,933 Non-GAAP Adjustments:Mandatory Convertible Preferred Stock114,555,555 14,536,019 Vested RSUs16,388,324 21,337,132 Unvested RSUs Eligible for Dividend Equivalents12,931,604 11,455,245 Adjusted Net Income Shares Outstanding624,264,573 613,067,329 1 Reflects the number of shares of underlying common stock assumed to be issuable upon conversion of the Mandatory Convertible Preferred Stock during each period.

The table below sets forth a reconciliation of Athene’s total investments,