Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 392

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 392
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 by increases in professional fees, depreciation and amortization expenses, higher placement fees, travel and entertainment expenses, and recruitment fees.

Interest expense was $184 million in 2025, an increase of $25 million from $159 million in 2024. The increase in 2025 was primarily driven by higher interest rates from additional debt issuances in 2025 and the fourth quarter of 2024, partially offset by debt repayments.

Other Income (Loss)

Other income (loss) was a loss of $130 million in 2025, a decrease of $301 million from income of $171 million in 2024. This decrease was primarily driven by decreases in net gains (losses) from investment activities and other income (loss), net of $241 million and $240 million, respectively, offset by an increase in net gains (losses) from investment activities of consolidated variable interest entities of $180 million. 

The decrease in net gains (losses) from investment activities of $241 million was primarily driven by an impairment loss on an equity investment triggered by the initial public offering of the equity security which resulted in an observable transaction price below the Company’s carrying amount, as well as the depreciation in the Company’s investments in Global Business Travel Group, Inc. The decrease in other income (loss), net of $240 million was primarily driven by the expense related to the issuance of common stock to the Apollo DAF, derivative losses primarily on forward contracts, and losses from changes in the tax receivable agreement liability, partially offset by a decrease in the earnout expense associated with a previous acquisition. 

The increase in net gains (losses) from investment activities of consolidated VIEs of $180 million was primarily driven by the appreciation of a consolidated VIE’s underlying investment valuation.

Retirement Services

Revenues

Retirement Services revenues were $18.5 billion in 2025, an increase of $725 million from $17.8 billion in 2024. The increase was primarily driven by an increase in net investment income and an increase in revenues of consolidated VIEs, partially offset by a decrease in investment related gains (losses) and a decrease in premiums.

Net investment income was $14.1 billion in 2025, an increase of $2.6 billion from $11.5 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to Athene’s existing portfolio related