Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 35

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 35
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 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) financial services, (ii) manufacturing and industrial, (iii) media, telecom and technology, (iv) natural resources and (v) leisure sectors.    

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Incentive fees increased by $41 million to $149 million in 2025 from $108 million in 2024, primarily attributable to sustained growth across a variety of perpetual capital vehicles.

Investment income increased $26 million in 2025 to $936 million compared to $910 million in 2024. The increase in investment income in 2025 was primarily driven by an increase in performance allocations of $36 million.

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, Credit Strategies, HVF II, Redding Ridge Holdings, Freedom Parent Holdings, and Accord+ II of $315 million, $108 million, $98 million, $70 million, $58 million and $39 million, respectively, partially offset by performance allocation losses from Athora and Fund IX of $56 million and $53 million, respectively.

See below for details on the respective performance allocations in 2025.

The performance allocations earned from Fund X in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial, (ii) consumer and retail and (iii) consumer services sectors.

The performance allocations earned from Credit Strategies in 2025 were primarily driven by the net income generated by the fund’s investments.

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) manufacturing and industrial, and (iii) transportation and logistics sectors.

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, the acquisition of Irradiant Partners LP, new consulting contracts and the net income generated by the vehicle’s strategic investments.

The performance allocations earned from Freedom Parent Holdings in 2025 were primarily driven by the appreciation of its investment in Wheels.

The performance allocations earned from Accord+ II in 2025 were primarily driven by the net income generated by the fund’s investments.

The performance allocation losses from Athora in 2025 were primarily driven by a reduced profits interest.

The performance allocation losses from Fund IX in