Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 366

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 366
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 of the fund’s investments in the (i) manufacturing and industrial, (ii) consumer and retail and (iii) consumer services sectors.

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) media, telecom and technology sectors.

The performance allocations earned from Freedom Parent Holdings in 2025 were primarily driven by the appreciation of its investment in Wheels.

The performance allocations earned from Credit Strategies in 2025 were driven by the net income generated by the fund’s investments.

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, the acquisition of Irradiant Partners LP, new consulting contracts and the net income generated by the vehicle’s strategic investments.

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The performance allocations earned from ANRP II in 2025 were primarily driven by the appreciation and realization of the fund's investments in the (i) natural resources and (ii) manufacturing and industrial sectors.

The performance allocation losses from Fund IX in 2025 were primarily driven by the depreciation of the fund’s investments in the (i) business service, (ii) leisure and (iii) media, telecom and technology sectors.

Expenses

Expenses were $2,145 million in 2025, an increase of $211 million from $1,934 million in 2024 primarily due to increases in general, administrative and other expenses, total compensation and benefits and interest expense. 

General, administrative and other expenses were $678 million in 2025, an increase of $119 million from $559 million in 2024. The increase in 2025 was primarily driven by increases in professional fees, depreciation and amortization expenses and higher placement fees.

Total compensation and benefits were $1,347 million in 2025, an increase of $76 million from $1,271 million in 2024, primarily due to an increase in salary, bonus and benefits of $96 million, partially offset by a decrease in equity-based compensation of $25 million. The increase in salary, bonus and benefits of $96 million was primarily driven by the growth in revenues and increased headcount in 2025, whereas the decrease in equity-based compensation of $25 million was primarily due to a decrease in amortization of certain RSUs. 

Interest expense was $120 million in 2025, an increase