Apollo全球管理第二季經調整每股盈利2.11美元 AUM突破萬億美元

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agmearningsrelease2q2026.htm
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agmearningsrelease2q2026

Apollo Global Management, Inc. Reports Second Quarter 2026 Results 

 

 ($ in millions, except per share amounts) 2Q'26 Per Share YTD'26 Per Share GAAP Financial Measures Net Income Attributable to Apollo Global Management, Inc. Common Stockholders $1,336 $2.18 $(594) $(1.06) Segment and Non-GAAP Financial Measures Fee Related Earnings (“FRE”) $785 $1.26 $1,513 $2.43 Spread Related Earnings (“SRE”) $877 $1.41 $1,596 $2.56 Fee and Spread Related Earnings $1,662 $2.67 $3,109 $4.99 Principal Investing Income (“PII”) $16 $0.03 $91 $0.15 Adjusted Net Income (“ANI”) $1,314 $2.11 $2,522 $4.05 Assets Under Management ($ in billions) Total Assets Under Management (“AUM”) $1,047 Fee-Generating AUM (“FGAUM”) $858 2Q'26 LTM 2Q'26 Business Drivers ($ in billions) Inflows $60 $298 Origination $74 $317 Gross Capital Deployment $111 $427 Second Quarter 2026 Financial Highlights • GAAP Net Income Attributable to Apollo Global Management, Inc. Common Stockholders was $1.3 billion for the quarter ended June 30, 2026, or $2.18 per share • Apollo's primary non-GAAP earnings metric, Adjusted Net Income, which represents the sum of FRE, SRE, and PII, less HoldCo interest and other financing costs and taxes, totaled $1.3 billion, or $2.11 per share, for the second quarter Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 29 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. Per share calculations are based on end of period Adjusted Net Income Shares Outstanding. YTD'26 per share amounts represent the sum of the last two quarters and may not add due to rounding. See page 21 for the share reconciliation. “NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. 1 

 

(In millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Revenues     Asset Management     Management fees $583 $696 $749 $1,091 $1,445 Advisory and transaction fees, net 277 306 418 472 724 Investment income (loss) 189 (77) 379 492 302 Incentive fees 58 64 59 98 123 Property management, development and other fees — 22 22 — 44   Retirement Services     Premiums 107 217 170 234 387 Product charges 274 281 299 539 580 Net investment income 4,776 5,139 5,350 9,117 10,489 Investment related gains (losses) (5) (2,078) 2,989 (833) 911 Revenues of consolidated variable interest entities 550 485 714 1,142 1,199 Other revenues 5 4 4 10 8   Total Revenues 6,814 5,059 11,153 12,362 16,212 Expenses Asset Management   Compensation and benefits (602) (711) (927) (1,347) (1,638) Interest expense (60) (77) (88) (120) (165) General, administrative and other (370) (439) (479) (678) (918)   Retirement Services     Interest sensitive contract benefits (3,428) (1,591) (5,714) (4,922) (7,305) Future policy and other policy benefits (527) (639) (594) (1,068) (1,233) Market risk benefits remeasurement gains (losses) 111 (259) 24 (274) (235) Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (292) (337) (350) (559) (687) Policy and other operating expenses (550) (626) (613) (1,092) (1,239)   Total Expenses (5,718) (4,679) (8,741) (10,060) (13,420) Other Income (Loss) – Asset Management Net gains (losses) from investment activities (268) (112) 63 (286) (49) Net gains (losses) from investment activities of consolidated variable interest entities 4 (15) (7) 215 (22) Other income (loss), net 13 30 17 (205) 47 Total Other Income (Loss) (251) (97) 73 (276) (24) Income (loss) before income tax (provision) benefit 845 283 2,485 2,026 2,768 Income tax (provision) benefit1 (3) (1,694) (396) (246) (2,090) Net income (loss) 842 (1,411) 2,089 1,780 678 Net (income) loss attributable to non-controlling interests (212) (495) (728) (708) (1,223) Net income (loss) attributable to Apollo Global Management, Inc. 630 (1,906) 1,361 1,072 (545) Preferred stock dividends (25) (24) (25) (49) (49) Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $605 $(1,930) $1,336 $1,023 $(594)     Earnings (Loss) per share Net income (loss) attributable to Common Stockholders – Basic $1.00 $(3.27) $2.18 $1.68 $(1.06) Net income (loss) attributable to Common Stockholders – Diluted $0.99 $(3.27) $2.15 $1.67 $(1.06) Weighted average shares outstanding – Basic 587 595 592 587 593 Weighted average shares outstanding – Diluted 590 595 610 592 593 GAAP Income Statement (Unaudited) 21. 1Q'26 includes a one-time tax expense of $1.7 billion due to the revocation of ACRA's election to be subject to the Government of Bermuda's Corporate Income Tax Act 2023 as a result of updated guidance issued during the quarter, which led to the recognition of a full valuation allowance against the Bermuda deferred tax assets, as previously disclosed. 

 

✓ ✓ 3 Strong results across Asset Management and Retirement Services • Record FRE of $785 million representing year-over-year growth of 25%, driven by record quarterly fee related revenue and margin expansion • Record SRE of $877 million driven by strong and diversified organic growth trends and improving net spread • Together, FRE and SRE totaled $1.7 billion in the second quarter, showcasing the strength of the combined earnings streams • Total AUM of $1.05 trillion benefited from inflows of $60 billion in the second quarter and $298 billion over the last twelve months, driving a 25% increase year-over-year Continued execution across key business drivers • Investment Performance: Strong quarterly returns across core credit, hybrid, and private equity strategies • Origination: Quarterly origination activity of $74 billion driven by significant contributions from core credit and origination platforms, complemented by a record quarter of signed not yet closed origination activity1 • Capital Formation: Record organic inflows of $60 billion driven by: ◦ Asset Management inflows of $38 billion with particular strength from Institutional, complemented by Global Wealth ◦ Retirement Services inflows of $22 billion driven by strength across several organic channels Strategically allocating capital to drive stockholder value • Investments: Allocated approximately $485 million of strategic capital over the last twelve months to fund various investments supporting future growth • Share Repurchases: Repurchased approximately $1.6 billion of common stock over the last twelve months, including $285 million of opportunistic share repurchases • Dividends: Distributed more than $1 billion of common stock dividends over the last twelve months Second Quarter 2026 Business Highlights 1. There is no assurance such origination activity will close. 

 

($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Management fees $816 $952 $1,001 $1,586 $1,953 Capital solutions fees and other, net 216 246 277 370 523 Fee-related performance fees 63 64 65 117 129 Fee-related compensation (279) (333) (343) (538) (676) Non-compensation expenses (189) (201) (215) (349) (416) Fee Related Earnings $627 $728 $785 $1,186 $1,513 Net investment spread 1,060 990 1,129 2,108 2,119 Other operating expenses (107) (118) (111) (221) (229) Interest and other financing costs (132) (153) (141) (262) (294) Spread Related Earnings $821 $719 $877 $1,625 $1,596 Fee and Spread Related Earnings $1,448 $1,447 $1,662 $2,811 $3,109 Principal Investing Income $47 $75 $16 $61 $91 Segment Income $1,495 $1,522 $1,678 $2,872 $3,200 HoldCo interest and other financing costs1 (36) (45) (53) (70) (98) Taxes and related payables (280) (269) (311) (504) (580) Adjusted Net Income $1,179 $1,208 $1,314 $2,298 $2,522 ANI per share $1.92 $1.94 $2.11 $3.74 $4.05 1. Represents interest and other financing costs related to Apollo Global Management, Inc. not attributable to any specific segment. Total Segment Earnings 4 

 

($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 YTD'25 YTD'26 Management fees $816 $952 $1,001 $1,586 $1,953 Capital solutions fees and other, net 216 246 277 370 523 Fee-related performance fees 63 64 65 117 129 Fee-related compensation (279) (333) (343) (538) (676) Non-compensation expenses (189) (201) (215) (349) (416) Fee Related Earnings $627 $728 $785 $1,186 $1,513 Net investment spread 1,060 990 1,129 2,108 2,119 Other operating expenses (107) (118) (111) (221) (229) Interest and other financing costs (132) (153) (141) (262) (294) Notable items1 — — — 22 — Spread Related Earnings, Excluding Notable Items $821 $719 $877 $1,647 $1,596 Fee and Spread Related Earnings, Excluding Notable Items $1,448 $1,447 $1,662 $2,833 $3,109 Principal Investing Income $47 $75 $16 $61 $91 Segment Income, Excluding Notable Items $1,495 $1,522 $1,678 $2,894 $3,200 HoldCo interest and other financing costs (36) (45) (53) (70) (98) Taxes and related payables (280) (269) (311) (509) (580) Adjusted Net Income, Excluding Notable Items $1,179 $1,208 $1,314 $2,315 $2,522 ANI per share, Excluding Notable Items $1.92 $1.94 $2.11 $3.77 $4.05 Total Segment Earnings, Excluding Notable Items 5 1. Notable items include unusual variability such as actuarial experience, assumption updates and other insurance adjustments. 

 

Segment Details 

 

• Management fees increased 23% year-over-year driven by several factors, including growth at Athora stemming from its acquisition of Pension Insurance Corporation ("PIC"), increasing third-party capital formation from institutional and global wealth channels, the acquisition of Bridge Investment Group ("Bridge"), and continued organic growth from Athene • Capital solutions fees grew 28% year-over-year to a quarterly record of $277 million, driven by the increasing scale and diversification of Apollo's platform across more than 100 discrete transactions, of which two-thirds were from credit and one-third derived from equity activity • FRE grew 25% year-over-year driven by record quarterly fee related revenue and positive operating leverage resulting in 120 basis points of margin expansion, while continuing to invest in the business to drive long-term growth ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Management Fees Credit $605 $681 $722 19.3% $1,174 $1,403 19.5% Equity 211 271 279 32.2% 412 550 33.5% Total management fees 816 952 1,001 22.7% 1,586 1,953 23.1% Capital solutions fees and other, net 216 246 277 28.2% 370 523 41.4% Fee-related performance fees 63 64 65 3.2% 117 129 10.3% Fee Related Revenues $1,095 $1,262 $1,343 22.6% $2,073 $2,605 25.7% Fee-related compensation (279) (333) (343) 22.9% (538) (676) 25.7% Non-compensation expenses1 (189) (201) (215) 13.8% (349) (416) 19.2% Fee Related Earnings $627 $728 $785 25.2% $1,186 $1,513 27.6% FRE per share $1.02 $1.17 $1.26 23.5% $1.93 $2.43 25.9% FRE Margin 57.3% 57.7% 58.5% 57.2% 58.1% FRE Compensation Ratio 25.5% 26.4% 25.5% 26.0% 26.0% Asset Management Segment 1. Non-compensation expenses include placement fees of $4 million and $20 million, respectively, for 2Q'26 and YTD'26. 7 

 

• Total AUM increased $208 billion or 25% year-over-year, primarily driven by $220 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation, partially offset by $71 billion of outflows primarily driven by normal course run-off at Athene and $32 billion of realization activity • Fee-Generating AUM increased $220 billion or 34% year-over-year. Asset Management contributed $225 billion of inflows, reflecting strong capital formation across institutional and global wealth channels, as well as $65 billion from Athora's acquisition of PIC at the end of the first quarter. Retirement Services contributed $78 billion of gross inflows, driven by robust organic growth at Athene. Combined, these inflows were partially offset by $74 billion of outflows, primarily driven by normal course run-off at Athene, and $15 billion of realization activity • 60% of total AUM and 70% of total Fee-Generating AUM is comprised of perpetual capital, which is highly scalable and has demonstrated consistent through-cycle growth Total AUM Fee-Generating AUM $696 $840 $1,047 $562 $690 $849 $135 $150 $198 Credit Equity 2Q'24 2Q'25 2Q'26 $522 $638 $858 $451 $562 $754 $71 $76 $104 Credit Equity 2Q'24 2Q'25 2Q'26 Perpetual Capital AUM $409 $498 $621 $304 $367 $416 $50 $59 $121 $55 $72 $84 Athene Athora Other 2Q'24 2Q'25 2Q'26 8 Asset Management: Assets Under Management Note: AUM totals may not add due to rounding. 1. Perpetual Capital AUM derived from Athene includes assets, unfunded commitments, and available capital attributable to ADIP. 2. Other primarily includes Apollo Debt Solutions BDC ($31 billion), MidCap FinCo LLC ($14 billion), Apollo Diversified Real Estate Fund/Apollo Diversified Credit Fund ($7 billion), MidCap Financial Investment Corporation ($4 billion), Apollo Realty Income Solutions, Inc. ($2 billion) and other AUM related to a publicly traded business development company ($2 billion), among others. Other also includes third-party capital within Apollo Aligned Alternatives ($12 billion), with the remainder of its net asset value attributable to Athene ($16 billion). AUM related to MidCap Financial Investment Corporation and the publicly traded business development company is as of March 31, 2026. 21 ($ in billions) 

 

$82 $42 $115 $60 $26 $28 $30 $38 $34 $65 $23 $13 $20 $22 3Q'25 4Q'25 1Q'26 2Q'26 $74 $128 $155 $152 $228 $298 $37 $71 $53 $81 $100 $121 $37 $45 $99 $37 $48 $63 $71 $82 $77 2021 2022 2023 2024 2025 LTM 2Q'26 • Generated gross inflows of $60 billion during the second quarter and $298 billion over the last twelve months • Inflows from Asset Management of $38 billion in the second quarter, inclusive of $3 billion of fundraising from Global Wealth, were driven by strength in multi-asset securitization strategies, third-party institutional credit strategies, and equity inflows from flagship private equity fundraising • Inflows from Retirement Services of $22 billion in the second quarter were driven by strong retail sales, as well as solid activity across funding agreements and flow reinsurance Asset Management: Inflows Note: Totals may not add due to rounding. 1. Inflows for LTM 2Q'26 primarily includes $34 billion related to the acquisition of Bridge and $65 billion related to Athora's acquisition of PIC. 9 inorganic1 inorganic inorganic inorganic inorganic Asset Management Retirement Services ($ in billions) 

 

• Record quarterly Spread Related Earnings increased 7% year-over-year primarily due to strong net organic growth trends • Spread Related Earnings in the second quarter included a 9% return from Athene's alternative investment portfolio; considering management's long- term expected average annual return of 11% would have resulted in $76 million of additional alternative net investment income 1. Refers to the amount that as-reported alternative net investment income is below (above) management's long-term expectation of an 11% average annual return. Management's long-term expectation is based on historical experience and provides investors with supplemental information for period-to-period comparability, as well as a basis for developing expectations of future performance. There is no assurance that management's expected long-term average annual return will be achieved. Actual results may differ materially. ($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Fixed income and other net investment income $3,179 $3,551 $3,686 15.9% $6,093 $7,237 18.8% Alternative net investment income 319 210 348 9.1% 634 558 (12.0)% Strategic capital management fees 32 36 37 15.6% 61 73 19.7% Cost of funds (2,470) (2,807) (2,942) 19.1% (4,680) (5,749) 22.8% Net Investment Spread 1,060 990 1,129 6.5% 2,108 2,119 0.5% Other operating expenses (107) (118) (111) 3.7% (221) (229) 3.6% Interest and other financing costs (132) (153) (141) 6.8% (262) (294) 12.2% Spread Related Earnings $821 $719 $877 6.8% $1,625 $1,596 (1.8)% SRE per share $1.33 $1.15 $1.41 6.0% $2.64 $2.56 (3.0)% Notable items — — — NM 22 — (100.0)% Spread Related Earnings, Excluding Notable Items $821 $719 $877 6.8% $1,647 $1,596 (3.1)% SRE per share, Excluding Notable Items $1.33 $1.15 $1.41 6.0% $2.68 $2.56 (4.5)% Net Spread 1.22% 0.97% 1.14% (8) bps 1.24% 1.06% (18) bps Net Spread, Excluding Notable Items 1.22% 0.97% 1.14% (8) bps 1.26% 1.06% (20) bps Alternative net investment income delta to long-term expectation1 $36 $188 $76 $65 $264 Alternative net return delta to long-term expectation 1.14% 5.21% 1.96% 0.95% 3.51% Impact to Net Spread 0.05% 0.25% 0.10% 0.05% 0.17% Retirement Services Segment 10 

 

(% of average net invested assets) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Fixed income and other net investment income 4.97% 5.04% 5.05% 8 bps 4.89% 5.04% 15 bps Alternative net investment income 9.86% 5.79% 9.04% (82) bps 10.05% 7.49% NM Net Investment Earnings 5.21% 5.08% 5.25% 4 bps 5.14% 5.16% 2 bps Strategic capital management fees 0.05% 0.05% 0.05% 0 bps 0.05% 0.05% 0 bps Cost of funds (3.68)% (3.79)% (3.83)% 15 bps (3.57)% (3.80)% 23 bps Net Investment Spread 1.58% 1.34% 1.47% (11) bps 1.62% 1.41% (21) bps Other operating expenses (0.16)% (0.16)% (0.14)% (2) bps (0.17)% (0.15)% (2) bps Interest and other financing costs1 (0.20)% (0.21)% (0.19)% (1) bp (0.21)% (0.20)% (1) bp Net Spread 1.22% 0.97% 1.14% (8) bps 1.24% 1.06% (18) bps Notable items —% — — NM 0.02 —% NM Net Spread, Excluding Notable Items 1.22% 0.97% 1.14% (8) bps 1.26% 1.06% (20) bps Net investment earnings, excluding notable items 5.21% 5.08% 5.25% 4 bps 5.14% 5.16% 2 bps Cost of funds, excluding notable items (3.68)% (3.79)% (3.83)% 15 bps (3.55)% (3.80)% 25 bps Net investment spread, excluding notable items 1.58% 1.34% 1.47% (11) bps 1.64% 1.41% (23) bps Alternative net return delta to long-term expectation 1.14% 5.21% 1.96% 0.95% 3.51% Impact to Net Spread 0.05% 0.25% 0.10% 0.05% 0.17% ($ in millions) Average net invested assets $268,703 $296,352 $307,190 14.3% $262,017 $302,265 15.4% Average net invested assets - fixed income 255,789 281,872 291,771 14.1% 249,407 287,363 15.2% Average net invested assets - alternatives 12,914 14,480 15,419 19.4% 12,610 14,902 18.2% Retirement Services: Return on Asset View 11 1. Interest and other financing costs includes short-term repurchase agreement expense related to average monthly notional balances of $0.0 billion and $1.2 billion for 2Q'26 and 1Q'26, respectively. 

 

0.97% 0.01% 0.16% (0.04)% 0.04% 1.14% 1Q'26 2Q'26 Investment Portfolio Highlights Retirement Services: Portfolio & Spread Highlights 12 Retirement Services Net Spread Bridge (QoQ) • 98% of Athene’s fixed income portfolio1 is invested in investment grade assets • Apollo Asset Management aims to generate 30 to 40 basis points of asset outperformance across Athene's portfolio • Focus on directly originated, senior secured loans where control of origination results in better risk-adjusted return • Historical average annual credit losses across total portfolio of 11 basis points2 over the past five years compared to 12 basis points for the industry3 • Floating Rate Investments and Cash: Combined total of 1% or $2 billion composed of floating rate assets, net of floating rate liabilities,4 including $12 billion of cash5 1. As of June 30, 2026, 98% of $230 billion of available-for-sale securities designated NAIC 1 or 2. 2. Athene’s statutory fixed income impairments adjusted to include changes in mortgage loan specific reserves in relation to average invested assets of regulated entities in the U.S. and Bermuda. 3. Industry average represents U.S. statutory impairments adjusted to include changes in mortgage loan specific reserves per SNL Financial. Industry average includes AEL, AMP, BHF, CRBG, EQH, FG, LNC, MET, PFG, PRU, VOYA and Transamerica. Trailing five-year average (2021-2025). 4. Floating rate assets at notional were approximately $71 billion, or approximately 23% of Athene’s net invested assets, as of June 30, 2026. Floating rate liabilities at notional were approximately $69 billion, or approximately 22% of Athene's net invested assets, as of June 30, 2026. 5. Represents cash and cash equivalents on a net invested asset basis, adjusted for net investment payables/receivables and cash posted as collateral for derivative transactions as of June 30, 2026. Higher cost of funds on new business vs. run-off, partially offset by favorable policyholder behavior Higher return on Alts portfolio Higher income from on-the- margin deployment, partially offset by asset prepayment/ maturity drag Lower OpEx and interest costs 

 

$1.1 $1.3 $1.4 $1.3 $2.5 $2.5 $3.1 $3.2 $3.4 $3.3 FRE SRE 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2Q'26 $12 $18 $37 $63 $82 $42 6 7 9 35 34 204 11 11 6 6 14 10 12 7 35 14 2017 2019 2021 2023 2025 1H'26 1. Includes Fixed Indexed Annuities ("FIA"), Registered Index-Linked Annuities ("RILA"), and Multi-year Guarantee Annuities ("MYGA"), amongst others. 2. Funding agreements represent funding agreements issued under Athene's funding agreement backed notes (“FABN”) program, secured and other funding agreements, which include Athene's funding agreement backed repurchase agreement (“FABR”) program and direct funding agreements, funding agreements issued to the Federal Home Loan Bank (“FHLB”) and long-term repurchase agreements. 3. Other spread product inflows include guaranteed investment and group annuity contracts issued in connection with defined contribution plans, stable value group annuity contracts and structured settlements. 4. For periods prior to 2022, SRE represents Athene’s historically reported adjusted operating income available to common stockholders excluding the change in fair value of Apollo Operating Group Units, equity-based compensation related to Athene’s long-term incentive plan, and operating income tax. Retirement Services: Strong Growth Profile Athene Gross Organic Inflows Spread Related Earnings4 ~7x ($ in billions) >90% correlation between SRE and FRE growth 13 ($ in billions) 2Q'26 Highlights: Retail1: Second largest quarterly retail volume, including strong MYGA and FIA sales, as well as record RILA volume, amid continued secular demand for retirement savings products Funding Agreements2: Solid quarter driven by issuance across FABR and FABN programs Flow Reinsurance: Activity primarily driven by strong volume from U.S. clients, as well as a new product with an APAC client Pension Group Annuities: Remain actively engaged and competitive in the market Other Spread Products3: Record quarterly structured settlement issuances 

 

($ in millions, except per share amounts) 2Q'25 1Q'26 2Q'26 % Change vs. 2Q'25 YTD'25 YTD'26 % Change vs. YTD'25 Realized performance fees $219 $357 $130 (40.6)% $409 $487 19.1% Realized investment income 13 46 27 107.7% 41 73 78.0% Realized principal investing compensation (168) (313) (123) (26.8)% (356) (436) 22.5% Other operating expenses (17) (15) (18) 5.9% (33) (33) —% Principal Investing Income $47 $75 $16 (66.0)% $61 $91 49.2% PII per share $0.08 $0.12 $0.03 (62.5)% $0.10 $0.15 50.0% PII Compensation Ratio 72.2% 77.6% 78.5% 79.0% 77.8% Principal Investing Segment • Realized performance fees of $130 million in the second quarter continue to be cyclically light as monetization activity across certain flagship private equity and hybrid funds remain prudently delayed amid an evolving exit environment • Compensation ratio of 79% in the second quarter reflects a period of lower realized performance fees and investment income while market conditions are less accommodative for monetization activity 14 

 

• Performance Fee-Eligible AUM of $340 billion increased 30% year-over-year due to strong growth in performance fee-eligible Credit and Equity strategies driven by multi-credit, real estate equity, direct lending and Apollo Aligned Alternatives ("AAA") • Performance Fee-Generating AUM of $210 billion increased 13% year-over-year due to strong capital deployment activity and funds moving into carry, particularly real estate equity, direct lending and AAA • Dry Powder reached a new record at $82 billion as of quarter-end, including $62 billion with future management fee potential, of which approximately 70% is in Credit Performance Fee-Eligible AUM Performance Fee-Generating AUM Dry Powder Note: AUM and Dry Powder totals may not add due to rounding. Dry Powder includes capital available for investment included within performance fee-eligible AUM as well as capital available for investment which does not earn any performance fees. Performance Fee AUM and Dry Powder 15 $201 $139 Credit Equity $127 $83 Credit Equity $46 $36 Credit Equity $340 $210 $82 ($ in billions) 

 

Investment Performance Highlights Net Accrued Performance Fee Receivable1 (QoQ) Gross returns 2Q'26 LTM 2Q'26 Credit Direct Origination 2.6% 7.9% Opportunistic Credit 1.8% 10.7% Multi-Credit 1.9% 7.4% Asset-Backed Finance 2.4% 7.2% Equity Flagship Private Equity 3.0% 7.2% Hybrid Value 4.6% 17.9% $2.39 +$0.17 ($0.14) $2.42 Net unrealized performance fees/other2 1Q'26 Net realized performance fees3 1. Net Accrued Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Net unrealized performance fees include (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction related charges, and excludes general partner obligations to return previously distributed performance fees. Other primarily reflects the timing differences between previously recognized net realized performance fees versus the cash received and paid during the current period, driven by the opportunistic credit funds we manage. 3. Net realized performance fees includes (i) realized performance fees, net of realized profit sharing expense and (ii) fee-related performance fees. 2Q'26 $1,490 $106 $(85) $1,511 16 ($ in millions, except per share amounts) Investment Performance Highlights and Net Accrued Performance Fees 

 

Financial Strength Ratings A2 / A / A Apollo Asset Management rated by Moody's, S&P, Fitch A1 / A+ / A+ / A+ Athene4 rated by Moody's, S&P, Fitch, A.M. Best 1. Amounts presented are for Apollo Global Management, Inc. and consolidated subsidiaries, but exclude Athene and certain consolidated VIEs. 2. Net accrued performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Net clawback payable includes general partner obligations to return previously distributed performance fees offset by clawbacks from certain employees and former employees for the potential return of profit sharing distributions. 4. Represents financial strength ratings of Athene's primary insurance subsidiaries. Capital Strength 17 A2 / A / A Apollo Global Management rated by Moody's, S&P, Fitch • Deployed $102 million for share repurchases in the second quarter, including $73 million to substantially offset dilution, complemented by an additional $29 million to opportunistically repurchase shares • Returned a total of $1.6 billion of capital to stockholders over the last twelve months through a combination of dividends paid and opportunistic share repurchases, while allocating approximately $485 million of capital to strategically invest in future growth of the business ($ in millions, except per share amounts) 1Q'26 2Q'26 Cash and cash equivalents $3,553 $3,412 Investments, net 3,569 3,467 Net accrued performance fees receivable2 1,490 1,511 Net clawback payable3 (189) (95) Debt (6,260) (5,762) Net Balance Sheet Value $2,163 $2,533 Net Balance Sheet Value per share $3.47 $4.06 Net Balance Sheet Value / AUM 0.21% 0.24% Adjusted Net Income Shares Outstanding 624 624 HoldCo & Asset Management Summary Balance Sheet Highlights1 

 

Supplemental Details 

 

Note: $ in millions. 1. Inflows at the individual strategy level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-strategy transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. As of 2Q'26, Credit AUM includes $52.2 billion of CLOs, from which Apollo earns fees based on gross assets. 3.  Included in the 2Q'26 outflows for Total AUM and FGAUM are $7.3 billion and $2.2 billion of redemptions, respectively. Included in the LTM 2Q'26 outflows for Total AUM and FGAUM are $14.6 billion and $8.9 billion of redemptions, respectively. 2Q'26 and LTM 2Q'26 outflows for Total AUM include $7.8 billion related to Apollo Commercial Real Estate Finance, Inc. ("ARI") following the sale of its commercial mortgage loan portfolio to Athene, as well as $5.0 billion related to the prepayment of Intel's investment, on which Athene realized a significant gain and received a capital benefit. 4. Other, net comprises certain adjustments to inflows, including amounts related to new capital pools formed by credit issuances in which Athene participates, primarily Apollo Multi-Asset Prime Securities ("AMAPS"). Credit2 Equity Total Beginning Balance $834,132 $192,235 $1,026,367 Inflows 48,703 10,973 59,676 Outflows3 (24,158) (476) (24,634) Other, net4 (9,871) — (9,871) Net Flows 14,674 10,497 25,171 Realizations (2,984) (8,332) (11,316) Market Activity 3,520 3,537 7,057 Ending Balance $849,342 $197,937 $1,047,279 Three Months Ended June 30, 2026 Credit2 Equity Total Beginning Balance $689,573 $150,032 $839,605 Inflows 236,427 61,929 298,356 Outflows3 (69,073) (2,253) (71,326) Other, net4 (13,198) — (13,198) Net Flows 154,156 59,676 213,832 Realizations (12,136) (19,878) (32,014) Market Activity 17,749 8,107 25,856 Ending Balance $849,342 $197,937 $1,047,279 Twelve Months Ended June 30, 2026 Credit2 Equity Total Beginning Balance $732,020 $103,847 $835,867 Inflows 48,149 3,092 51,241 Outflows3 (16,860) (1,915) (18,775) Other, net4 (9,146) — (9,146) Net Flows 22,143 1,177 23,320 Realizations (2,533) (1,676) (4,209) Market Activity 2,500 531 3,031 Ending Balance $754,130 $103,879 $858,009 Credit2 Equity Total Beginning Balance $562,039 $76,269 $638,308 Inflows 265,699 37,496 303,195 Outflows3 (67,818) (6,213) (74,031) Other, net4 (12,278) — (12,278) Net Flows 185,603 31,283 216,886 Realizations (9,563) (5,172) (14,735) Market Activity 16,051 1,499 17,550 Ending Balance $754,130 $103,879 $858,009 Twelve Months Ended June 30, 2026 Fee-Generating AUM Rollforward1Total AUM Rollforward1 AUM Rollforwards 19 Three Months Ended June 30, 2026 

 

1. Net invested assets are a component of Apollo’s total AUM reported under the Asset Management segment and should not be viewed as additive to total AUM disclosed previously. 2. As defined on page 13. 3. Gross inorganic inflows represent acquisitions and block reinsurance transactions. 4. Gross outflows include full and partial policyholder withdrawals on deferred annuities, death benefits, pension group annuity benefit payments, payments on payout annuities and payments related to interest, maturities and repurchases of funding agreements. 5. Represents outflows from funding agreements, pension group annuities, and multi-year guarantee fixed annuities, all of which occur based on defined maturities or substantially lapse upon reaching their contractual term. Amounts may vary on a quarterly basis, based on the timing of original issuance. 6. Represents outflows from indexed annuities and other applicable products, which have varying degrees of predictability due to policyholder actions. 7. Represents partial annuity withdrawals to meet retirement income needs within contractual annual limits. 8.  Represents outflows from policies that no longer have an active surrender charge in force. 9. Represents outflows from policies with an active surrender charge in force. 10. The outflow rate is calculated as outflows attributable to Athene divided by Athene average net invested assets for the respective period, on an annualized basis. Retirement Services Flows & Invested Assets • Third-party capital augments Athene's ability to grow, supporting approximately 23% and 21% of Athene's strong organic new business volume in the second quarter and year-to-date, respectively 2Q'26 YTD'26 Flows by Channel Retail $12,267 $19,537 Flow reinsurance 3,763 6,366 Funding agreements2 5,718 14,249 Pension group annuities — — Other spread products2 321 1,664 Gross organic inflows 22,069 41,816 Gross inorganic inflows3 — — Total gross inflows 22,069 41,816 Gross outflows4 (10,141) (20,909) Net flows $11,928 $20,907 Flows attributable to Athene vs. Third Parties Inflows attributable to Athene $17,095 $33,052 Inflows attributable to ADIP 4,402 7,855 Inflows ceded to third-party reinsurers 572 909 Total gross inflows 22,069 41,816 Outflows attributable to Athene (7,608) (16,220) Outflows attributable to ADIP (2,533) (4,689) Total gross outflows4 $(10,141) $(20,909) ($ in millions) 2Q'26 Invested Assets Gross invested assets $413,598 Invested assets attributable to ADIP (99,508) Net invested assets1 $314,090 2Q'26 YTD'26 Outflows attributable to Athene by type Maturity-driven, contractual-based outflows5 $(3,921) $(8,881) Policyholder-driven outflows6 (3,687) (7,339) Income oriented withdrawals (planned)7 (1,717) (3,562) From policies out-of-surrender-charge (planned)8 (1,120) (2,209) From policies in-surrender-charge (unplanned)9 (850) (1,568) Core outflows (7,608) (16,220) Strategic reinsurance transactions — — Outflows attributable to Athene $(7,608) $(16,220) Annualized rate10 Maturity-driven, contractual-based outflows5 (5.1)% (5.9)% Policyholder-driven outflows6 (4.8)% (4.8)% Income oriented withdrawals (planned)7 (2.2)% (2.3)% From policies out-of-surrender-charge (planned)8 (1.5)% (1.5)% From policies in-surrender-charge (unplanned)9 (1.1)% (1.0)% Core outflows (9.9)% (10.7)% Strategic reinsurance transactions —% —% Outflows attributable to Athene (9.9)% (10.7)% 20 

 

Share Reconciliation 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Total GAAP Common Stock Outstanding 572,024,038 580,389,090 578,981,398 576,507,457 575,971,752 Non-GAAP Adjustments: Mandatory Convertible Preferred Stock1 14,547,261 14,555,555 14,564,883 14,573,961 14,587,841 Vested RSUs 16,162,939 16,388,324 19,437,942 16,970,170 17,073,031 Unvested RSUs Eligible for Dividend Equivalents 12,749,090 12,931,604 10,518,154 15,710,130 15,921,831 Adjusted Net Income Shares Outstanding 615,483,328 624,264,573 623,502,377 623,761,718 623,554,455 Share Activity 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Shares Issued to Employees 86,143 294,245 210,568 2,713,807 120,806 Other Shares Issued2 1,080,041 10,342,223 — — — Shares Repurchased # of Shares 112,211 2,570,188 2,011,126 6,949,237 781,696 Average Cost3 $139.74 $138.69 $129.46 $124.62 $131.14 Capital Utilized $16 million $356 million $260 million $866 million $102 million Share Repurchase Plan Authorization Remaining4 $1.03 billion $0.68 billion $0.42 billion $3.13 billion $3.03 billion Sharecount Reconciliation 21 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. 2. Reflects shares issued in April 2025 in relation to a cashless exercise of 2.6 million vested warrants issued in 2022 and shares issued in September 2025 in connection with the closing of the acquisition of Bridge. 3. Average cost reflects total capital used for share repurchases in a given period divided by the number of shares purchased. 4. Effective on February 9, 2026, the Apollo Global Management, Inc. board of directors terminated the Company's prior share repurchase program and approved a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $4.0 billion of shares of its common stock. The share repurchase program may be used to repurchase outstanding shares of common stock as well as to reduce shares that otherwise would have been issued to participants under the Company’s equity incentive plans in order to satisfy associated tax obligations. The Company's prior repurchase program, approved by the Apollo Global Management, Inc. board of directors on February 8, 2024, authorized the Company to repurchase up to $3.0 billion of shares of its common stock, to repurchase outstanding shares of common stock and reduce shares that otherwise would have been issued to participants under the Company's equity incentive plans in order to satisfy associated tax obligations. 

 

Reconciliations and Disclosures 

 

(in millions, except IRR) Vintage Year Total AUM Committed Capital Total Invested Capital Realized Value Remaining Cost Unrealized Value Total Value Gross IRR Net IRR Credit Accord VII1 2026 $ 1,949 $ 1,948 $ 231 $ 102 $ 131 $ 135 $ 237 NM4 NM4 Accord I, II, III, III B, IV, V & VI1 Various — 9,693 7,455 7,974 — — 7,974 18 % 13 % Accord+ II 2025 5,566 4,796 7,211 3,213 4,467 4,633 7,846 NM4 NM4 Accord+ 2021 2,403 2,370 7,062 8,020 6 18 8,038 14 11 ADIP II 2024 7,192 6,016 3,340 — 3,340 4,455 4,455 17 15 ADIP I 2020 5,288 3,254 2,620 2,315 2,320 2,699 5,014 21 18 EPF IV 2023 3,321 3,102 2,095 874 1,359 1,685 2,559 16 10 EPF III 2017 2,034 4,538 5,100 4,838 1,244 1,082 5,920 6 1 Total Credit $ 27,753 $ 35,717 $ 35,114 $ 27,336 $ 12,867 $ 14,707 $ 42,043 Equity Fund X 2023 $ 23,443 $ 19,877 $ 11,455 $ 3,941 $ 9,207 $ 12,931 $ 16,872 31 % 21 % Fund IX 2018 25,056 24,729 23,714 19,838 14,281 20,857 40,695 20 13 Fund VIII 2013 4,229 18,377 16,926 26,446 2,264 2,378 28,824 13 9 Fund VII 2008 — 14,677 16,461 34,294 — — 34,294 33 25 Fund VI 2006 380 10,136 12,457 21,136 405 — 21,136 12 9 Fund V 2001 — 3,742 5,192 12,724 — — 12,724 61 44 Fund I, II, III, IV & MIA2 Various 8 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds3 $ 53,116 $ 98,858 $ 94,958 $ 135,779 $ 26,157 $ 36,166 $ 171,945 39 24 AIOF III 2024 2,535 2,399 1,141 — 1,141 1,362 1,362 NM4 NM4 AIOF II 2020 2,772 2,542 2,400 1,244 1,558 1,937 3,181 12 8 AIOF I 2018 16 897 803 1,280 — — 1,280 22 16 HVF III 2026 6,692 6,476 1,395 — 1,395 1,672 1,672 NM4 NM4 HVF II 2022 5,777 4,592 5,045 1,863 3,993 5,364 7,227 16 12 HVF I 2019 1,892 3,238 3,711 4,628 794 1,303 5,931 21 16 Total Equity $ 72,800 $ 119,002 $ 109,453 $ 144,794 $ 35,038 $ 47,804 $ 192,598 Investment Record as of June 30, 2026 23 1. Accord funds have investment periods shorter than 24 months, therefore Gross and Net IRR are presented after 12 months of investing. 2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the reorganization of the Company that occurred in 2007. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s investment professionals. 3. Total IRR is calculated based on total cash flows for all funds presented. 4. Data has not been presented as the fund’s effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful. 

 

($ in millions, except share amounts) 4Q'25 2Q'26 Assets Asset Management Cash and cash equivalents $3,350 $3,415 Restricted cash and cash equivalents 19 19 Investments 6,226 6,325 Assets of consolidated variable interest entities Cash and cash equivalents 327 1,272 Investments 3,509 3,713 Due from related parties 16 23 Other assets 230 634 Due from related parties 647 940 Goodwill 1,848 1,833 Other assets 3,376 3,587 Retirement Services Cash and cash equivalents 14,994 21,957 Restricted cash and cash equivalents 1,332 1,583 Investments 321,081 333,842 Investments in related parties 34,979 43,300 Assets of consolidated variable interest entities Cash and cash equivalents 569 171 Investments 29,992 31,884 Other assets 346 202 Reinsurance recoverable 10,282 10,929 Deferred acquisition costs, deferred sales inducements and value of business acquired 8,634 9,279 Goodwill 4,072 4,079 Other assets 15,120 15,061 Total Assets $460,949 $494,048 GAAP Balance Sheet (Unaudited) 24 

 

($ in millions, except share amounts) 4Q'25 2Q'26 Liabilities Asset Management Accounts payable, accrued expenses, and other liabilities $3,861 $4,130 Due to related parties 1,062 1,173 Debt 5,516 5,895 Liabilities of consolidated variable interest entities Accounts payable, accrued expenses, and other liabilities 1,949 3,847 Retirement Services Interest sensitive contract liabilities 315,889 344,593 Future policy benefits 50,264 48,241 Market risk benefits 4,930 5,283 Debt 7,848 7,832 Payables for collateral on derivatives and securities to repurchase 11,085 11,199 Other liabilities 14,329 18,981 Liabilities of consolidated variable interest entities Other liabilities 1,701 1,392 Total Liabilities 418,434 452,566 Redeemable non-controlling interests Redeemable non-controlling interests — — Equity Mandatory Convertible Preferred Stock 1,398 1,398 Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 575,971,752 and 578,981,398 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — — Additional paid in capital 16,954 16,668 Retained earnings 7,634 6,149 Accumulated other comprehensive income (loss) (2,645) (3,209) Total Apollo Global Management, Inc. Stockholders' Equity 23,341 21,006 Non-controlling interests 19,174 20,476 Total Equity 42,515 41,482 Total Liabilities, Redeemable non-controlling interests and Equity $460,949 $494,048 GAAP Balance Sheet (Unaudited) – cont'd 25 

 

($ in millions) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 YTD'25 YTD'26 GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $605 $1,712 $660 $(1,930) $1,336 $1,023 $(594) Preferred dividends 25 24 24 24 25 49 49 Net income (loss) attributable to non-controlling interests 212 725 476 495 728 708 1,223 GAAP Net income (loss) $842 $2,461 $1,160 $(1,411) $2,089 $1,780 $678 Income tax provision (benefit) 3 438 592 1,694 396 246 2,090 GAAP Income (loss) before Income tax provision (benefit) $845 $2,899 $1,752 $283 $2,485 $2,026 $2,768 Asset Management Adjustments: Equity-based profit sharing expense1 38 35 108 52 71 68 123 Equity-based compensation 102 112 126 156 129 201 285 Net (income) loss attributable to non-controlling interests in consolidated entities (266) (783) (559) (255) (698) (815) (953) Unrealized performance fees 28 (207) 362 421 (320) (91) 101 Unrealized profit sharing expense (43) 36 (132) (207) 152 62 (55) HoldCo interest and other financing costs 36 33 40 45 53 70 98 Unrealized principal investment (income) loss (11) 4 (20) 120 45 (9) 165 Unrealized net (gains) losses from investment activities2 293 (54) 62 57 (28) 354 29 Transaction-related costs, restructuring and other non-operating expenses3 70 86 55 69 117 346 186 Retirement Services Adjustments: Investment (gains) losses, net of offsets 509 (463) 86 696 (23) 358 673 Non-operating change in insurance liabilities and related derivatives4 (149) (174) (135) 42 (358) 218 (316) Integration, restructuring and other non-operating items 32 36 23 33 41 62 74 Equity-based compensation 11 13 14 10 12 22 22 Segment Income $1,495 $1,573 $1,782 $1,522 $1,678 $2,872 $3,200 HoldCo interest and other financing costs (36) (33) (40) (45) (53) (70) (98) Taxes and related payables (280) (183) (202) (269) (311) (504) (580) Adjusted Net Income $1,179 $1,357 $1,540 $1,208 $1,314 $2,298 $2,522 Notable items — (25) — — — 22 — Tax impact of notable items — 5 — — — (5) — Adjusted Net Income, Excluding Notable Items $1,179 $1,337 $1,540 $1,208 $1,314 $2,315 $2,522 1. Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment. 2. In 2Q'25, unrealized net (gains) losses from investment activities includes a $257 million impairment related to an equity investment. 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 1Q’25, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to a donor-advised fund. 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. Reconciliation of GAAP to Non-GAAP Financial Measures 26 

 

Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd 27 ($ in millions) 1Q'26 2Q'26 Investments, at fair value $ 2,161 $ 2,175 Equity method investments 1,445 1,259 Other investments 17 17 Other2 (54) 16 Investments, net $ 3,569 $ 3,467 ($ in millions) 1Q'26 2Q'26 Performance allocations $ 3,073 $ 3,230 Incentive fees receivable3 68 91 Profit sharing payable3 (1,727) (1,847) Other2 76 37 Net Accrued Performance Fee Receivable $ 1,490 $ 1,511 ($ in millions) 1Q'26 2Q'26 Investments, at fair value $ 2,161 $ 2,175 Equity method investments 1,445 1,259 Performance allocations 3,073 3,230 Other investments 17 17 Total GAAP Investments – Asset Management1 $ 6,696 $ 6,681 1. Includes investments and certain investments within assets of consolidated variable interest entities on the GAAP balance sheet. 2. Other primarily includes adjustments related to consolidated funds and VIEs. Other also includes amounts related to certain profit sharing arrangements between investments, net and net accrued performance fee receivable. 3. Incentive fees receivable and profit sharing payable are included within due from related parties, and accounts payable, accrued expenses, and other liabilities, respectively, on the GAAP balance sheet. ($ in millions) 2Q'26 Total investments, including related parties $ 377,142 Derivative assets (11,034) Cash and cash equivalents (including restricted cash) 23,540 Accrued investment income 4,015 Net receivable (payable) for collateral on derivatives (5,010) Reinsurance impacts (6,725) VIE and VOE assets, liabilities and non-controlling interests 20,052 Unrealized (gains) losses 13,476 Ceded policy loans (154) Net investment receivables (payables) (2,360) Allowance for credit losses 709 Other investments (53) Total adjustments to arrive at gross invested assets 36,456 Gross invested assets $ 413,598 ACRA non-controlling interests (99,508) Net invested assets $ 314,090 

 

Year ended December 31, ($ in millions) 2017 2018 2019 2020 2021 Net income available to Athene Holding Ltd. common stockholders $ 1,358 $ 1,053 $ 2,136 $ 1,446 $ 3,718 Preferred stock dividends — — 36 95 141 Net income (loss) attributable to non-controlling interest — — 13 380 (59) Net income $ 1,358 $ 1,053 $ 2,185 $ 1,921 $ 3,800 Income tax expense 106 122 117 285 386 Income before income tax $ 1,464 $ 1,175 $ 2,302 $ 2,206 $ 4,186 Investment gains (losses), net of offsets 199 (274) 994 733 1,024 Non-operating change in insurance liabilities and related derivatives, net of offsets1 230 242 (65) (235) 692 Integration, restructuring and other non-operating items (68) (22) (70) (10) (124) Stock compensation expense (45) (26) (27) (25) (38) Preferred stock dividends — — 36 95 141 Non-controlling interests - pre-tax income (loss) — — 13 393 (18) Less: Total adjustments to income before income taxes 316 (80) 881 951 1,677 Spread related earnings $ 1,148 $ 1,255 $ 1,421 $ 1,255 $ 2,509 Reconciliation of GAAP to Non-GAAP Financial Measures - cont'd 28 1. Includes change in fair values of derivatives and embedded derivatives, net of offsets. 

 

• “Segment Income”, or “SI”, is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as the following: ▪ decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; ▪ decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; ▪ decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and ▪ decisions related to the amount of earnings available for dividends to Common Stockholders and holders of RSUs that participate in dividends. Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings, and (iii) Pri