Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 283

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 283
---
 retirement services revenue34,398 15,616 (378)Change in fair value of reinsurance assets129 (86)(333)Forward points adjustment on FX derivative hedges(133)(187)(125)Held-for-trading amortization108 191 228 Reinsurance impacts223 264 41 ACRA non-controlling interests on net investment earnings3,864 2,377 1,505 Other retirement services adjustments(255)(31)(177)Total Revenues$26,114 $32,644 $10,968 1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cashrevenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.2 Represents adjustments that primarily impact the Principal Investing segment.3 Refer to the consolidated statement of operations for breakout of individual items.The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:(In millions)December 31, 2024December 31, 2023Total reportable segment assets$368,442 $306,241 Adjustments19,453 7,247 Total assets$377,895 $313,488 1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.Geographic InformationThe Company conducts its asset management business primarily in the United States with domestically generated revenues making up 58%, 66% and 57% of total asset management GAAP revenues for the years ended December 31, 2024, 2023 and 2022, respectively.The table below presents the percentage of total asset management GAAP revenues generated from external customers attributed to the Company’s region of domicile and attributed to all foreign regions which the public entity derives its revenues. Revenues attributed to a geographic region are generally based on the country of domicile of the Apollo funds. Years ended December 31,202420232022Asset ManagementAmericas88 %91 %86 %Europe, Middle East and Africa11 8 12 Asia-Pacific1 1 2 100 %100 %100 %

The Company conducts its retirement services business through entities domiciled in the U.S. and Bermuda and its retirement services GAAP revenues are similarly generated primarily in the U.S. and Bermuda. 

251

Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED