Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 361

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 361
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 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 expense of $54 million, partially offset by increases in salary, bonus and benefits and equity-based compensation of $39 million and $13 million, respectively. The decrease in profit sharing expense of $54 million was correlated with the corresponding lower investment income in 2025. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period. The increase in salary, bonus and benefits of $39 million was primarily driven by the growth in revenues and increased headcount in 2025. 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.

Other Income (Loss)

Other income (loss) was a loss of $251 million in 2025, a decrease of $255 million from income of $4 million in 2024. This decrease was primarily driven by decreases in net gains (losses) from investment activities and other income (loss), net of $247 million and $11 million, respectively.

The decrease in net gains (losses) from investment activities of $247 million was primarily driven by an impairment loss on an equity investment triggered by the initial public offering of the equity security which resulted in an observable transaction price below the Company’s carrying amount, as well as the depreciation in the Company’s investments in Global Business Travel Group, Inc. 

Retirement Services

Retirement Services revenues were $5.7 billion in 2025, an increase of $743 million from $5.0 billion in 2024. The increase was primarily driven by an increase in net investment income