Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 364

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 364
---
5(2)11 Unrealized net (gains) losses from investment activities5(61)16 Transaction-related costs, restructuring and other non-operating expenses3(276)(51)Retirement Services Adjustments:Investment gains (losses), net of offsets151 (22)Non-operating change in insurance liabilities and related derivatives4(367)673 Integration, restructuring and other non-operating expenses(30)(30)Equity-based compensation(11)(13)Income (loss) before income tax (provision) benefit$1,181 $2,187 1 Equity-based profit sharing expense includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.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 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 three months ended March 31, 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.5 Represents adjustments that primarily impact the Principal Investing segment.

85

Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three months ended March 31,(In millions)20252024Segment Revenues$4,455 $3,692 Asset Management Adjustments:Adjustments related to consolidated funds and VIEs195 100 Performance fees2122 268