Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 373

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 373
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 the growing contribution from Apollo’s wealth-focused products.

The growth in fee related revenues was offset, in part, by higher fee-related compensation expense and non-compensation expenses. Higher fee-related compensation expense in 2025 was driven by strong growth in fee related revenues and increased headcount as a result of our investment in the next phase of our growth. The increase in non-compensation expenses in 2025 was primarily driven by increases in placement fees, depreciation and amortization expenses, and professional fees, partially offset by decreases in travel and entertainment expenses.

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Asset Management Operating Metrics

We monitor certain operating metrics that are common to the alternative asset management industry and directly impact the performance of our Asset Management segment. These operating metrics include Assets Under Management, origination, gross capital deployment and uncalled commitments.

Assets Under Management

The following presents Apollo’s Total AUM and Fee-Generating AUM by investing strategy (in billions):

 Note: Totals may not add due to rounding.

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The following presents Apollo’s AUM with Future Management Fee Potential by investing strategy (in billions):

Note: Totals may not add due to rounding

The following tables present the components of Performance Fee-Eligible AUM for Apollo’s investing strategies within the Asset Management segment:

June 30, 2025(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$125,597 $60,438 $186,035 AUM Not Currently Generating Performance Fees10,409 5,822 16,231 Uninvested Performance Fee-Eligible AUM28,917 30,230 59,147 Total Performance Fee-Eligible AUM$164,923 $96,490 $261,413 

June 30, 2024(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$85,543 $54,012 $139,555 AUM Not Currently Generating Performance Fees8,269 4,789 13,058 Uninvested Performance Fee-Eligible AUM28,977 31,536 60,513 Total Performance Fee-Eligible AUM$122,789 $90,337 $213,126 

December 31, 2024(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$92,532 $57,665 $150,197 AUM Not Currently Generating Performance Fees10,454 4