Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 52

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 52
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 with no impact to net flows presented for the nine months ended September 30, 2025. Outflows for Fee-Generating AUM include redemptions of $4.2 billion and $4.7 billion during the nine months ended September 30, 2025 and 2024, respectively.3 Included in the equity outflows for Fee-Generating AUM for the nine months ended September 30, 2025 is $4.5 billion related to the expiration of Fund VIII's fee-paying period. 4 Includes foreign exchange impacts of $7.5 billion and $0.6 billion during the nine months ended September 30, 2025 and 2024, respectively. 

Three Months Ended September 30, 2025

Total Fee-Generating AUM was $685.0 billion at September 30, 2025, an increase of $46.7 billion, or 7.3%, compared to $638.3 billion at June 30, 2025. The net increase was primarily due to the Bridge acquisition, growth of our retirement services client assets, subscriptions across the platform and market activity primarily in our credit strategy, partially offset by distributions. More specifically, the net increase was due to:

•Net flows of $43.8 billion primarily attributable to:

•a $23.1 billion increase related to the funds we manage in our equity strategy, $21.4 billion primarily due to the Bridge acquisition; and

•a $20.6 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $10.7 billion related to the growth of our retirement services clients; and (ii) $5.7 billion of subscriptions primarily related to the direct origination and multi-credit funds we manage, partially offset by $(1.4) billion of redemptions.

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•Market activity of $5.4 billion primarily attributable to the funds we manage in our credit strategy, consisting of $4.9 billion related to our retirement services clients.

•Realizations of $(2.4) billion across the credit and equity strategies. 

Nine Months Ended September 30, 2025

Total Fee-Generating AUM was $685.0 billion at September 30, 2025, an increase of $116.4 billion, or 20.5%, compared to $568.7 billion at December 31, 2024. The net increase was primarily due to the growth of our retirement services