Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 380

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 380
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 with the non-controlling interests. Net invested assets are averaged over the number of quarters in the relevant period to compute a net investment earned rate for such period. While Athene believes net invested assets is a meaningful financial metric and enhances the understanding of the underlying drivers of its investment portfolio, it should not be used as a substitute for Athene’s total investments, including related parties, presented under U.S. GAAP.

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Results of Operations

Below is a discussion of our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

 Three months ended September 30,TotalChangePercentageChangeNine months ended September 30,TotalChangePercentageChange(In millions, except percentages)2025202420252024RevenuesAsset ManagementManagement fees$606 $476 $130 27.3%$1,697 $1,376 $321 23.3%Advisory and transaction fees, net378 181 197 108.8850 617 233 37.8Investment income (loss)444 230 214 93.0936 910 26 2.9Incentive fees51 35 16 45.7149 108 41 38.0Property management, development and other fees8 — 8 NM8 — 8 NM1,487 922 565 61.33,640 3,011 629 20.9Retirement ServicesPremiums117 389 (272)(69.9)351 1,163 (812)(69.8)Product charges292 267 25 9.4831 756 75 9.9Net investment income5,013 4,101 912 22.214,130 11,481 2,649 23.1Investment related gains (losses)2,254 1,539 715 46.51,421 3,082 (1,661)(53.9)Revenues of consolidated variable interest entities654 552 102 18.51,796 1,329 467 35.1Other revenues6 3 3 100.016 9 7 77.88,336 6,851 1,485 21.718,545 17,