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Sankey diagram of Apollo Global Management, Inc.. A complete text table follows the diagram.
One side collects fees on more than $1T of assets; Athene invests retirement savings and keeps the spread above policyholder funding costs.
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FRE, SRE, PII, Segment Income and Adjusted Net Income are company-defined non-GAAP measures. The diagram uses the filing's complete component calculations to show recurring business economics. GAAP common-stockholder loss was $1,930M, largely reflecting mark-to-market adjustments and a $1,694M tax provision, and is disclosed separately rather than blended into these segment flows.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Management fees | 1 | $952M | Credit and equity funds |
| Capital-solutions fees | 1 | $246M | Origination, structuring and syndication |
| Recurring performance fees | 1 | $64M | Fee-related performance earnings |
| Asset-management fee pool | 2 | $1.3B | Revenue before fee-business costs |
| Fee Related Earnings | 3 | $728M | 30% year-over-year growth |
| Fee-related compensation | 3 | $333M | Investment-professional compensation |
| Asset-management overhead | 3 | $201M | Non-compensation expense |
| Fixed-income earnings | 1 | $3.6B | Athene investment portfolio |
| Alternative-investment earnings | 1 | $210M | Private and alternative assets |
| Strategic-capital fees | 1 | $36M | Capital-management fees |
| Retirement investment earnings | 2 | $3.8B | Before policyholder and operating costs |
| Spread Related Earnings | 3 | $719M | 1.34% net investment spread |
| Policyholder cost of funds | 3 | $2.8B | 3.79% annualized funding cost |
| Retirement operating expense | 3 | $118M | Athene operating platform |
| Retirement financing cost | 3 | $153M | Interest and other financing |
| Realized performance fees | 1 | $357M | Realized carry |
| Realized investment income | 1 | $46M | Apollo principal capital |
| Realized principal returns | 2 | $403M | Before compensation and overhead |
| Principal Investing Income | 3 | $75M | Realized investment economics |
| Principal-investing compensation | 3 | $313M | Realization-linked compensation |
| Principal overhead | 3 | $15M | Other operating expense |
| Segment Income | 4 | $1.5B | Three engines combined |
| Adjusted Net Income | 5 | $1.2B | Company-defined non-GAAP result |
| HoldCo financing cost | 5 | $45M | Corporate financing |
| Taxes & related payables | 5 | $269M | Adjusted tax burden |
| From | To | Value |
|---|---|---|
| Management fees | Asset-management fee pool | $952M |
| Capital-solutions fees | Asset-management fee pool | $246M |
| Recurring performance fees | Asset-management fee pool | $64M |
| Asset-management fee pool | Fee Related Earnings | $728M |
| Asset-management fee pool | Fee-related compensation | $333M |
| Asset-management fee pool | Asset-management overhead | $201M |
| Fixed-income earnings | Retirement investment earnings | $3.6B |
| Alternative-investment earnings | Retirement investment earnings | $210M |
| Strategic-capital fees | Retirement investment earnings | $36M |
| Retirement investment earnings | Spread Related Earnings | $719M |
| Retirement investment earnings | Policyholder cost of funds | $2.8B |
| Retirement investment earnings | Retirement operating expense | $118M |
| Retirement investment earnings | Retirement financing cost | $153M |
| Realized performance fees | Realized principal returns | $357M |
| Realized investment income | Realized principal returns | $46M |
| Realized principal returns | Principal Investing Income | $75M |
| Realized principal returns | Principal-investing compensation | $313M |
| Realized principal returns | Principal overhead | $15M |
| Fee Related Earnings | Segment Income | $728M |
| Spread Related Earnings | Segment Income | $719M |
| Principal Investing Income | Segment Income | $75M |
| Segment Income | Adjusted Net Income | $1.2B |
| Segment Income | HoldCo financing cost | $45M |
| Segment Income | Taxes & related payables | $269M |