Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 44

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 44
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 Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Capital solutions fees earned in 2025 were primarily attributable to fees earned from companies in the (i) financial services, (ii) manufacturing and industrial, (iii) natural resources and (iv) leisure sectors.

The increase in fee-related performance fees in 2025 was primarily driven by the sustained growth across a variety of perpetual capital vehicles.

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 professional fees, placement fees and consulting fees.

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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:

September 30, 2025(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$134,771 $79,397 $214,168 AUM Not Currently Generating Performance Fees15,637 18,070 33,707 Uninvested Performance Fee-Eligible AUM26,530 32,199 58,729 Total Performance Fee-Eligible AUM$176,938 $129,666 $306,604 

September 30, 2024(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$88,616 $54,239 $142,855 AUM Not Currently Generating Performance Fees11,810 4,796 16,606 Uninvested Performance Fee-Eligible AUM30,470 30,247 60,717