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      "text": "“Principal Investing Income” or “PII” is a new measure representing the performance measure for the Principal Investing segment, and includes realized performance fees and realized investment income, less profit share, as well as other allocable corporate expenses.",
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      "text": "“Spread Related Earnings” or “SRE” is a new measure representing the performance measure for the Retirement Services segment, and is comprised of Athene’s portfolio income (net of investment management fees) less funding costs and operating expenses.",
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      "text": "The calculation of “Fee Related Earnings” or “FRE” remains consistent... Apollo has re-aligned its Asset Management segment investing strategies from Credit, Private Equity and Real Assets into Yield, Hybrid and Equity.",
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      "text": "For periods following the merger with Athene, commencing with the first quarter of 2022, Apollo plans to report results for three operating and reportable segments called Asset Management, Retirement Services, and Principal Investing.",
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      "text": "Amid the then pending merger with Athene, in 2021, Apollo undertook a strategic review of its operating structure and business segments to better assess the performance of its businesses and the allocation of resources.",
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