Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 353

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 353
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D CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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:Three months ended September 30,Nine months ended September 30,(In millions)2025202420252024Segment Income$1,573 $1,465 $4,445 $4,024 Asset Management Adjustments:Equity-based profit sharing expense1,5(35)(41)(103)(180)Equity-based compensation(112)(72)(313)(230)Net (income) loss attributable to non-controlling interests in consolidated entities783 975 1,598 1,675 Unrealized performance fees5207 (141)298 213Unrealized profit sharing expense5(36)65 (98)(129)HoldCo interest and other financing costs2(33)(21)(103)(51)Unrealized principal investment (income) loss5(4)4 5 14 Unrealized net (gains) losses from investment activities554 13 (300)9 Transaction-related costs, restructuring and other non-operating expenses3(86)(60)(432)(178)Retirement Services Adjustments:Investment gains (losses), net of offsets463 628 105 482 Non-operating change in insurance liabilities and related derivatives4174 (513)(44)363 Integration, restructuring and other non-operating expenses(36)(204)(98)(265)Equity-based compensation(13)(12)(35)(36)Income (loss) before income tax (provision) benefit$2,899 $2,086 $4,925 $5,711 1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment. 2 Represents interest and other financing costs related to AGM not attributable to any specific segment.3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and 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.