v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Financial Data for Reportable Segments
The following presents financial data for the Company’s reportable segments.

Three months ended March 31,
(In millions)20262025
Asset Management
Management fees1
$952 $770 
Capital solutions fees and other, net246 154 
Fee-related performance fee64 54 
Fee-related compensation (333)(259)
Other operating expenses(201)(160)
Fee Related Earnings728 559 
Retirement Services
Fixed income and other net investment income3,551 2,914 
Alternative net investment income210 315 
Strategic capital management fees36 29 
Cost of funds(2,807)(2,210)
Other operating expenses(118)(114)
Interest and other financing costs(153)(130)
Spread Related Earnings 719 804 
Principal Investing
Realized performance fees357 190 
Realized investment income46 28 
Principal investing compensation(313)(188)
Other operating expenses(15)(16)
Principal Investing Income 75 14 
Segment Income$1,522 $1,377 

Three months ended March 31,
(In millions)20262025
Segment Revenue
Asset Management1
$1,262 $978 
Retirement Services3,797 3,258 
Principal Investing403 218 
Total Segment Revenue$5,462 $4,454 

(In millions)March 31, 2026December 31, 2025
Segment Assets
Asset Management$5,027 $5,026 
Retirement Services434,487 430,122 
Principal Investing11,973 11,527 
Total Assets$451,487 $446,675 
1 Includes intersegment management fees from Retirement Services of $399 million and $361 million, for the three months ended March 31, 2026 and 2025, respectively.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments
The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

Three months ended March 31,
(In millions)20262025
Segment Income$1,522 $1,377 
Asset Management Adjustments:
Equity-based profit sharing expense1,5
(52)(30)
Equity-based compensation(156)(99)
Net income (loss) attributable to non-controlling interests in consolidated entities255 549 
Unrealized performance fees5
(421)119 
Unrealized profit sharing expense5
207 (105)
HoldCo interest and other financing costs2
(45)(34)
Unrealized principal investment (income) loss5
(120)(2)
Unrealized net gains (losses) from investment activities5
(57)(61)
Transaction-related costs, restructuring and other non-operating expenses3
(69)(276)
Retirement Services Adjustments:
Investment gains (losses), net of offsets(696)151 
Non-operating change in insurance liabilities and related derivatives4
(42)(367)
Integration, restructuring and other non-operating items(33)(30)
Equity-based compensation(10)(11)
Income (loss) before income tax (provision) benefit$283 $1,181 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
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 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 three months ended March 31, 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.
5 Represents adjustments that primarily impact the Principal Investing segment.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues
Three months ended March 31,
(In millions)20262025
Segment Revenues$5,462 $4,455 
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1
205 95 
Performance fees2
(419)122 
Principal investment income (loss)2
(142)(1)
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
272 143 
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3
(1,576)(431)
Change in fair value of reinsurance assets94 63 
Forward points adjustment on foreign exchange derivative hedges(28)(24)
Held-for-trading amortization57 29 
Reinsurance impacts27 40 
ACRA non-controlling interests on net investment earnings1,249 1,074 
Other retirement services adjustments(142)(17)
Total Revenues$5,059 $5,548 
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.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the condensed consolidated statements of operations for a breakout of individual items.
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)March 31, 2026December 31, 2025
Total reportable segment assets$451,487 $446,675 
Adjustments1
16,043 14,274 
Total Assets$467,530 $460,949 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.