Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 403

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 403
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 and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.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 the Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the six months ended June 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.

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The table below sets forth a reconciliation of common stock outstanding to our Adjusted Net Income Shares Outstanding:

June 30, 2025December 31, 2024Total GAAP Common Stock Outstanding572,024,038 565,738,933 Non-GAAP Adjustments:Mandatory Convertible Preferred Stock114,547,261 14,536,019 Vested RSUs16,162,939 21,337,132 Unvested RSUs Eligible for Dividend Equivalents12,749,090 11,455,245 Adjusted Net Income Shares Outstanding615,483,328 613,067,329 1 Reflects the number of shares of underlying common stock assumed to be issuable upon conversion of the Mandatory Convertible Preferred Stock during each period.

The table below sets forth a reconciliation of Athene’s total investments, including related parties, to net invested assets:

(In millions)June 30, 2025December 31, 2024Total investments, including related parties$329,599 $291,167 Derivative assets(6,901)(8,154)Cash and cash equivalents (including restricted cash)12,049 13,676 Accrued investment income3,176 2,816 Net receivable (payable) for collateral on derivatives(1,682)(