Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 28

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 28
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 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 services and (iii) consumer and retail sectors.

The performance allocations earned from Freedom Parent Holdings in 2025 were primarily driven by the appreciation of its investment in Wheels, a U.S. corporate fleet lessor platform.

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

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) media, telecom and technology sectors.

The performance allocations earned from ANRP II in 2025 were primarily driven by the appreciation and realization of the fund's investments in the (i) natural resources and (ii) manufacturing and industrial sectors.

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, the acquisition of Irradiant Partners LP, new consulting contracts and the net income generated by the vehicle’s strategic investments.

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The performance allocation losses from Fund IX in 2025 were primarily driven by the depreciation of the fund’s investments in the (i) leisure, (ii) media, telecom and technology and (iii) manufacturing and industrial sectors.

Expenses

Expenses were $1,032 million in 2025, an increase of $56 million from $976 million in 2024, primarily due to increases in general, administrative and other expenses, partially offset by a slight decrease in total compensation and benefits. 

General, administrative and other expenses were $370 million in 2025, an increase of $51 million from $319 million in 2024. The increase in 2025 was primarily driven by increases in professional fees, depreciation and amortization expenses and higher placement fees.

Interest expense was $60 million in 2025, an increase of $7 million from $53 million in 2024. The increase in 2025 was primarily driven by higher interest rates from additional debt issuances in the full year 2024, offset, in part, by debt repayments.

Total compensation and benefits were $602 million in 2025, a decrease of $2 million from $604 million in 2024, primarily due to a decrease in profit sharing