Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 20

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 20
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 of quarters in the relevant period to compute a net investment earned rate for such period. While Athene believes net invested assets is a meaningful financial metric and enhances the understanding of the underlying drivers of its investment portfolio, it should not be used as a substitute for Athene’s total investments, including related parties, presented under U.S. GAAP.

Results of Operations

Below is a discussion of our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

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 Three months ended March 31,TotalChangePercentageChange(In millions, except percentages)20252024RevenuesAsset ManagementManagement fees$508 $438 $70 16.0%Advisory and transaction fees, net195 169 26 15.4Investment income (loss)303 402 (99)(24.6)Incentive fees40 26 14 53.81,046 1,035 11 1.1Retirement ServicesPremiums127 101 26 25.7Product charges265 238 27 11.3Net investment income4,341 3,576 765 21.4Investment related gains (losses)(828)1,677 (2,505)NMRevenues of consolidated variable interest entities592 411 181 44.0Other revenues5 2 3 150.04,502 6,005 (1,503)(25.0)Total Revenues5,548 7,040 (1,492)(21.2)ExpensesAsset ManagementCompensation and benefits:Salary, bonus and benefits326 269 57 21.2Equity-based compensation138 176 (38)(21.6)Profit sharing expense281 222 59 26.6Total compensation and benefits745 667 78 11.7Interest expense60 51 9 17.6General, administrative and other308 240 68 28.31,113 958 155 16.2Retirement ServicesInterest sensitive contract benefits1,494 2,884 (1,390)(48.2)Future policy and other policy benefits541 543 (2)(0.4)Market risk benefits remeasurement (gains) losses385 (154)539 NMAmortization of deferred