v3.26.1
Business Combination
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
3. Business Combination

On September 2, 2025, Apollo completed the previously announced acquisition of Bridge in an all-stock transaction. As a result, Bridge became a consolidated subsidiary of AAM.

Under the terms of the agreement governing the Bridge acquisition, each share of Bridge Class A common stock and each Bridge Investment Group Holdings LLC (“Bridge LLC”) Class A common unit was converted into 0.07081 shares of common stock of AGM and cash paid in lieu of fractional shares. Additionally, each share of Bridge Class B common stock was converted into 0.00006 shares of common stock of AGM and cash paid in lieu of fractional shares. The purchase price was as follows:

(In millions, except share price data and exchange ratio)
Bridge Class A common stock purchased55.8 
Bridge Class B common stock purchased62.7 
Bridge LLC Class A common units purchased76.7 
Exchange ratio for Class A common stock and Class A common units0.07081 
Exchange ratio for Class B common stock 0.00006 
Shares of AGM common stock issued in exchange9.4 
AGM common stock closing price$136.23 
Value of AGM common stock issued in exchange$1,279 
Fair value of estimated equity instruments assumed1
28 
Purchase of certain non-controlling interests50 
Total consideration1,357 
Non-controlling interest489 
Total Bridge equity value$1,846 
1 All outstanding Bridge equity awards were converted into AGM equity awards, of which $28 million was included as part of the consideration for the portion that was attributable to pre-combination services and $81 million will be treated as post-combination compensation expense over the applicable service period.

The consideration transferred is subject to customary post-closing adjustments, which could affect the preliminary goodwill recognized. The Bridge acquisition was accounted for as a business combination. The consideration was allocated to Bridge’s assets acquired and liabilities assumed based on estimates of their fair values as of the Acquisition Date.

Adjustments to provisional amounts, if any, will be recognized in the period in which they are identified and reflected as if the accounting had been completed at the Acquisition Date. The effect on earnings of changes in amortization or other income effects, if any, as a result of any change to the provisional amounts, will be recorded in the financial statements for the period in which such change occurs, calculated as if the accounting had been completed at the Acquisition Date. The purchase price allocation is expected to be finalized as soon as practicable, but no later than one year from the Acquisition Date.

Goodwill of $1.6 billion was recognized within the Asset Management segment and is primarily attributable to the assembled workforce, enhanced origination capabilities and the scale and synergies that can be achieved subsequent to the Bridge acquisition. A majority of the goodwill recognized is expected to be deductible for tax purposes.
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the Acquisition Date:

(In millions)Fair Value and Goodwill Calculation
Total consideration$1,357 
Total Value to Allocate
Cash and cash equivalents83 
Restricted cash and cash equivalents16 
Investments519 
Due from related parties64 
Other assets718 
Estimated fair value of total assets acquired, excluding goodwill1,400 
Accounts payable, accrued expenses, and other liabilities280 
Due to related parties387 
Debt470 
Estimated fair value of total liabilities assumed1,137 
Estimated fair value of net assets acquired, excluding goodwill263 
Non-controlling interests489 
Estimated fair value of net assets acquired less non-controlling interests, excluding goodwill(226)
Goodwill attributable to the Bridge acquisition$1,583 

Included within the above are provisional amounts based on the availability of data as of the date these condensed consolidated financial statements were issued for certain investments, deferred tax liabilities included within accounts payable, accrued expenses, and other liabilities and the Bridge TRA within due to related parties. Adjustments to provisional amounts will be made as described above.

The Company performed a valuation of the acquired investments and identifiable intangibles using methodologies consistent with those described in note 2 of the consolidated financial statements included in our 2025 Annual Report and note 7 herein.

Identifiable intangible assets

The identifiable intangible assets are included in other assets on the condensed consolidated statements of financial condition and summarized as follows:

Management ContractsTrade Name
These assets are valued using the multi-period excess earnings method, which derives value based on the present value of the cash flow attributable to the management contracts, less returns for contributory assets. Amortization of these assets is on a straight-line basis.This represents the Bridge trade name and was valued using the relief-from-royalty method considering publicly available third-party trade name royalty rates as well as expected premiums generated by the use of the trade name over its anticipated life. Amortization of this asset is on a straight-line basis.

The fair value and weighted average estimated useful lives of the identifiable intangible assets acquired in the Bridge acquisition consist of the following:

Fair value
(in millions)
Average useful life
(in years)
Management Contracts$605 11
Trade Name20 8
Total$625 
Pro Forma Financial Information

Unaudited pro forma financial information for the three months ended March 31, 2025 are presented below. Pro forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the Bridge acquisition and assumes it occurred as of January 1, 2024. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of future operations or results had the acquisition been completed as of January 1, 2024.

Three months ended March 31,
(In millions)2025
Total Revenues$5,636 
Net income attributable to Apollo Global Management, Inc.422 

Amounts above reflect certain pro forma adjustments that were directly attributable to the Bridge acquisition. These adjustments include the following:

•the elimination of historical amortization of Bridge’s intangibles and the additional amortization of intangibles measured at fair value as of the Acquisition Date;
•adjustments reflecting the purchase of all Bridge LLC Class A common units and certain other non-controlling interests in subsidiaries; and
•adjustments reflecting the transaction costs.