Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 50

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 50
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-backed finance funds we manage, partially offset by $(3.8) billion of redemptions; and

•a $54.5 billion increase related to the funds we manage in our equity strategy, $34.2 billion primarily due to the Bridge acquisition, $13.5 billion of subscriptions across the hybrid value, traditional private equity and secondaries equity funds we manage, and $4.7 billion of net transfer activity.

•Market activity of $34.1 billion primarily attributable to:

•$28.1 billion related to the funds we manage in our credit strategy primarily consisting of $14.2 billion related to our retirement services clients, $5.2 billion related to the direct origination funds we manage and $2.3 billion related to ISGI; and

•$6.1 billion related to the funds we manage in our equity strategy primarily driven by our traditional private equity and hybrid value funds.

•Realizations of $(14.9) billion primarily attributable to:

•$(10.0) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the traditional private equity funds and hybrid value funds; and

•$(4.9) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and asset-backed finance funds.

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The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended September 30,20252024(In millions)CreditEquityTotalCreditEquityTotalChange in Fee-Generating AUM1:Beginning of Period$562,039 $76,269 $638,308 $451,292 $70,871 $522,163 Inflows38,065 24,157 62,222 31,069 3,898 34,967 Outflows2(17,422)(1,031)(18,453)(12,251)(2,449)(14,700)Net Flows20,643 23,126 43,769 18,818 1,449 20,267 Realizations(1,529)(873)(2,402)(1,334)(765)(2,099)Market Activity35,066 285 5,351 10,234 458 10,692 End of Period$586,219 $98,807 $685,026 $479,010 $72,013 $551,023