v3.24.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Financial Data for Reportable Segments
The following presents financial data for the Company’s reportable segments.
Years ended December 31,
(In millions)202320222021
Asset Management
Management fees1
$2,480 $2,134 $1,878 
Capital solutions fees and other, net538 414 298 
Fee-related performance fee146 72 57 
Fee-related compensation (835)(754)(653)
Other operating expenses(561)(456)(313)
Fee Related Earnings1,768 1,410 1,267 
Retirement Services
Fixed income and other net investment income8,739 5,706 — 
Alternative net investment income864 1,206 — 
Strategic capital management fees72 53 — 
Cost of funds(5,650)(3,755)— 
Other operating expenses(481)(462)— 
Interest and other financing costs(436)(279)— 
Spread Related Earnings 3,108 2,469 — 
Principal Investing
Realized performance fees2
742 595 1,589 
Realized investment income(2)330 437 
Principal investing compensation(601)(585)(876)
Other operating expenses(56)(56)(43)
Principal Investing Income 83 284 1,107 
Segment Income$4,959 $4,163 $2,374 
Segment Assets:December 31, 2023December 31, 2022
Asset Management$1,938 $1,918 
Retirement Services294,730 240,483 
Principal Investing9,573 8,099 
Total Assets3
$306,241 $250,500 
1 Includes intersegment management fees from Retirement Services of $955 million and $764 million for the years ended December 31, 2023 and 2022, respectively.
2 Includes intersegment realized performance fees from Retirement Services of $20 million for the year ended December 31, 2023.
3 Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues
The following reconciles total consolidated revenues to total asset management fee related revenues:
Years ended December 31,
(In millions)202320222021
Total Consolidated Revenues$32,644 $10,968 $5,951 
Retirement services GAAP revenue(29,137)(8,199)— 
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
(339)(182)(137)
Adjustments related to consolidated funds and VIEs1
(3)74 146 
Performance fees(868)(598)(3,055)
Principal investment income(108)(207)(672)
Retirement services management and performance fees975764 — 
Total Asset Management Fee Related Revenues$3,164 $2,620 $2,233 
1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments
The following presents the reconciliation of income before income tax provision reported in the consolidated statements of operations to Segment Income:
Years ended December 31,
(In millions)202320222021
Income (loss) before income tax provision (benefit)$5,586 $(4,246)$4,861 
Asset Management Adjustments:
Equity-based profit sharing expense and other1
239 276 146 
Equity-based compensation236 185 80 
Special equity-based compensation and other charges2
438 — — 
Preferred dividends— — (37)
Transaction-related charges3
32 (42)35 
Merger-related transaction and integration costs4
27 70 67 
(Gains) losses from change in tax receivable agreement liability13 26 (10)
Net (income) loss attributable to non-controlling interests in consolidated entities(1,556)1,499 (418)
Unrealized performance fees(127)(2)(1,465)
Unrealized profit sharing expense179 20 649 
One-time equity-based compensation and other charges5
— — 949 
HoldCo interest and other financing costs6
88 122 170 
Unrealized principal investment income (loss)(88)176 (222)
Unrealized net (gains) losses from investment activities and other26 (144)(2,431)
Retirement Services Adjustments:
Investment (gains) losses, net of offsets(170)7,467 — 
Non-operating change in insurance liabilities and related derivatives7
(182)(1,433)— 
Integration, restructuring and other non-operating expenses130 133 — 
Equity-based compensation88 56 — 
Segment Income$4,959 $4,163 $2,374 
1 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense 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 Special equity-based compensation and other charges includes equity-based compensation expense and associated taxes related to the previously announced special fully vested equity grants to certain senior leaders.
3 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges.
4 Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers.
5 Includes one-time equity-based compensation expense and associated taxes related to the Company’s compensation reset.
6 Represents interest and other financing costs related to AGM not attributable to any specific segment.
7 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.
Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets
The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)December 31, 2023December 31, 2022
Total reportable segment assets$306,241 $250,500 
Adjustments1
7,247 6,717 
Total assets$313,488 $257,217 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.