Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 49

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 49
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 due to the Bridge acquisition; and

•a $30.3 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; (ii) $10.4 billion of subscriptions mostly related to the direct origination, opportunistic credit, and multi-credit funds we manage; and (iii) incremental leverage in the asset-backed finance and direct origination funds we manage, partially offset by $(1.4) billion of redemptions.

•Market activity of $7.3 billion primarily attributable to:

•$5.3 billion related to the funds we manage in our credit strategy primarily consisting of $4.9 billion related to our retirement services clients; and

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•$1.9 billion related to the funds we manage in our equity strategy primarily driven by our traditional private equity funds and hybrid value funds.

•Realizations of $(6.0) billion primarily attributable to:

•$(4.0) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the traditional private equity funds and real estate equity funds; and

•$(2.0) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and opportunistic credit funds.

Nine Months Ended September 30, 2025

Total AUM was $908.4 billion at September 30, 2025, an increase of $157.3 billion, or 20.9%, compared to $751.0 billion at December 31, 2024. The net increase was primarily driven by the subscriptions across the platform, the growth of our retirement services client assets, the Bridge acquisition and market activity primarily in our credit strategy, partially offset by normal course outflows at Athene as well as distributions. More specifically, the net increase was due to:

•Net flows of $138.1 billion primarily attributable to:

•an $83.7 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $35.1 billion related to the growth of our retirement services clients; (ii) $29.9 billion of subscriptions mostly related to the direct origination, opportunistic credit, asset-backed finance, and multi-credit funds we manage; (iii) $9.3 billion in inflows relating to Redding Ridge’s acquisition of Irradiant Partners LP; and (iv) incremental leverage in the direct origination and asset