Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 383

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 383
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 and uncalled commitments could result in future revenues that include management fees, capital solutions fees and performance fees to the extent they are fee-generating. They can also give rise to future costs that are related to the hiring of additional resources to manage and account for the additional origination activities and the capital that is deployed or will be deployed. Management uses origination, gross capital deployment and uncalled commitments as key operating metrics since we believe the results are measures of investment activities of the funds we manage.

129

The following presents origination, gross capital deployment and uncalled commitments (in billions):

130

Note: Totals may not add due to rounding

As of June 30, 2025 and December 31, 2024, Apollo had $72 billion and $61 billion of dry powder, respectively, which represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. These amounts exclude uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.

Retirement Services

The following table presents Spread Related Earnings, the performance measure of our Retirement Services segment:

Three months ended June 30,Total ChangePercentageChangeSix months ended June 30,TotalChangePercentageChange(In millions, except percentages)2025202420252024Retirement Services:Fixed income and other net investment income$3,179 $2,633 $546 20.7%$6,093 $5,087 $1,006 19.8%Alternative net investment income319 168 151 89.9634 434 200 46.1Net investment earnings3,498 2,801 697 24.96,727 5,521 1,206 21.8Strategic capital management fees32 24 8 33.361 49 12 24.5Cost of funds(2,470)(1,880)590 31.4(4,680)(3,603)1,077 29.9Net investment spread1,060 945 115 12.22,108 1,967 141 7.2Other operating expenses(107)(116)(9)(7.8)(221)(230)(9)(3.9)Interest and other financing costs(132)(119)13 10.9(262)(210)52 24.8Spread Related Earnings