Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 54

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 54
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 we manage in gaining exposure to the various investments that they have made.

Uncalled commitments, by contrast, represent unfunded capital commitments that certain of the funds we manage have received from fund investors to fund future or current fund investments and expenses.

Origination is indicative of our ability to originate assets for the funds we manage, through our origination platforms and our corporate solutions capabilities. Gross capital deployment and uncalled commitments are indicative of the pace and magnitude of fund capital that is deployed or will be deployed. Origination, gross capital deployment and uncalled commitments could result in future revenues that include management fees, capital solutions fees and performance fees to the extent they are fee-generating. They can also give rise to future costs that are related to the hiring of additional resources to manage and account for the additional origination activities and the capital that is deployed or will be deployed. Management uses origination, gross capital deployment and uncalled commitments as key operating metrics since we believe the results are measures of investment activities of the funds we manage.

137

The following presents origination, gross capital deployment and uncalled commitments (in billions):

138

Note: Totals may not add due to rounding

As of September 30, 2025 and December 31, 2024, Apollo had $75 billion and $61 billion of dry powder, respectively, which represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. These amounts exclude uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.

Retirement Services

The following table presents Spread Related Earnings, the performance measure of our Retirement Services segment:

Three months ended September 30,Total ChangePercentageChangeNine months ended September 30,TotalChangePercentageChange(In millions, except percentages)2025202420252024Retirement Services:Fixed income and other net investment income$3,423 $2,806 $617 22.0%$9,516 $7,893 $1,623 20.6%Alternative net investment income321 236 85 36.0955 670 285 42.5Net investment earnings3,744 3,042 702 23.110,471 8,563 1,908 22.3Strategic capital management fees35 27 8 29.696 76 20 26.3Cost of funds(2,