Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 359

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 359
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 to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.

114

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

In this section, references to 2025 refer to the three months ended June 30, 2025 and references to 2024 refer to the three months ended June 30, 2024.

Asset Management

Revenues

Revenues were $1,107 million in 2025, an increase of $53 million from $1,054 million in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net, partially offset by a decrease in investment income.

Management fees increased by $121 million to $583 million in 2025 from $462 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, Apollo S3 Equity and Hybrid Solutions Fund, L.P. ("S3 Equity and Hybrid Solutions") and ADS of $42 million, $23 million and $20 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $9 million and $4 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas, S3 Equity and Hybrid Solutions and ADS was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities, catch-up management fees for additional closes and an increase in subscriptions, respectively. The decrease in management fees earned from 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.

Advisory and transaction fees, net increased by $10 million to $277 million in 2025 from $267 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) natural resources, (ii) financial services, (iii) manufacturing and industrial and (iv) consumer services sectors.

Investment income decreased by $89 million in 2025 to $189 million compared to $278 million in 2024. The decrease in investment income of $89 million in 2025 was primarily driven by a decrease in performance allocations of $83 million.

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from