Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 391

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 391
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 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.

The performance allocations earned from Freedom Parent Holdings in 2025 were primarily driven by the appreciation of its investment in Wheels.

The performance allocations earned from Accord+ II in 2025 were primarily driven by the net income generated by the fund’s investments.

The performance allocation losses from Athora in 2025 were primarily driven by a reduced profits interest.

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

Expenses

Expenses were $3,379 million in 2025, an increase of $459 million from $2,920 million in 2024 primarily due to increases in total compensation and benefits, general, administrative and other, and interest expense. 

Total compensation and benefits were $2,108 million in 2025, an increase of $232 million from $1,876 million in 2024, primarily due to an increase in salary, bonus and benefits and equity-based compensation of $181 million and $46 million, respectively. The increase in salary, bonus and benefits of $181 million was primarily driven by the growth in revenues and increased headcount in 2025. The increase in equity-based compensation of $46 million was primarily due to the issuance of restricted stock awards that did not require future service in connection with the Bridge acquisition. 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.

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General, administrative and other expenses were $1,087 million in 2025, an increase of $202 million from $885 million in 2024. The increase in 2025 was primarily driven