Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 352

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 352
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,034 Capital solutions fees and other, net212 159 582 508 Fee-related performance fee73 57 190 155 Fee-related compensation (304)(238)(842)(698)Other operating expenses(192)(157)(541)(490)Fee Related Earnings652 531 1,838 1,509 Retirement ServicesFixed income and other net investment income3,423 2,806 9,516 7,893 Alternative net investment income321 236 955 670 Strategic capital management fees35 27 96 76 Cost of funds(2,661)(1,983)(7,341)(5,586)Other operating expenses(107)(112)(328)(342)Interest and other financing costs(140)(118)(402)(328)Spread Related Earnings 871 856 2,496 2,383 Principal InvestingRealized performance fees201 331 610 600 Realized investment income18 17 59 42 Principal investing compensation(155)(253)(511)(464)Other operating expenses(14)(17)(47)(46)Principal Investing Income 50 78 111 132 Segment Income$1,573 $1,465 $4,445 $4,024 Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Segment RevenueAsset Management1$1,148 $926 $3,221 $2,697 Retirement Services3,779 3,069 10,567 8,639 Principal Investing219 348 669 642 Total Segment Revenue$5,146 $4,343 $14,457 $11,978 (In millions)September 30, 2025December 31, 2024Segment AssetsAsset Management$5,004 $2,286 Retirement Services420,289 355,683 Principal Investing11,344 10,473 Total Assets$436,637 $368,442 1 Includes intersegment management fees from Retirement Services of $351 million and $1,070 million for the three and nine months ended September 30, 2025 respectively, and $320 million and $890 million for the three and nine months ended September 30, 2024, respectively.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSE