Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 331

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 331
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 certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the six months ended June 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.5 Represents adjustments that primarily impact the Principal Investing segment.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three months ended June 30,Six months ended June 30,(In millions)2025202420252024Segment Revenues$4,857 $3,943 $9,311 $7,635 Asset Management Adjustments:Adjustments related to consolidated funds and VIEs1157 124 252 224 Performance fees2(26)90 96 358 Principal investment income (loss)23 2 2 14 Equity awards granted by unconsolidated related parties, reimbursable expenses and other1162 126 306 219 Retirement Services Adjustments:Premiums, product charges, investment related gains (losses) and other retirement services revenue3381 794 (50)2,812 Change in fair value of reinsurance assets65 37 128 47 Forward points adjustment on FX derivative hedges(26)(32)(50)(83)Held-for-trading amortization40 8 69 43 Reinsurance impacts39 55 79 119 ACRA non-controlling interests on net investment earnings1,159 921 2,233 1,789 Other retirement services adjustments3 (50)(14)(119)Total Revenues$6,814 $6,018 $12,362 $13,058 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