Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 363

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 1
Chunk 363
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652 Capital solutions fees and other, net154 141 Fee-related performance fee54 46 Fee-related compensation (259)(220)Other operating expenses(160)(157)Fee Related Earnings559 462 Retirement ServicesFixed income and other net investment income2,914 2,454 Alternative net investment income315 266 Strategic capital management fees29 25 Cost of funds(2,210)(1,723)Other operating expenses(114)(114)Interest and other financing costs(130)(91)Spread Related Earnings 804 817 Principal InvestingRealized performance fees2190 94 Realized investment income28 14 Principal investing compensation(188)(73)Other operating expenses(16)(14)Principal Investing Income 14 21 Segment Income$1,377 $1,300 Three months ended March 31,(In millions)20252024Segment RevenueAsset Management1$978 $839 Retirement Services3,258 2,745 Principal Investing218 108 Total Segment Revenue$4,454 $3,692 (In millions)March 31, 2025December 31, 2024Segment AssetsAsset Management$2,417 $2,286 Retirement Services373,331 355,683 Principal Investing10,213 10,473 Total Assets$385,961 $368,442 1 Includes intersegment management fees from Retirement Services of $361 million and $279 million for the three months ended March 31, 2025 and 2024, respectively.The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

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

Three months ended March 31,(In millions)20252024Segment Income$1,377 $1,300 Asset Management Adjustments:Equity-based profit sharing expense1,5(30)(94)Equity-based compensation(99)(74)Net (income) loss attributable to non-controlling interests in consolidated entities549 377 Unrealized performance fees5119 268 Unrealized profit sharing expense5(105)(159)HoldCo interest and other financing costs2(34)(15)Unrealized principal investment (income) loss