Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 383

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 383
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 Redding Ridge Holdings and Accord+ II of $109 million, $62 million, $42 million, $37 million, $32 million and $23 million, respectively.

See below for details on the respective performance allocations in 2025.

The performance allocations earned from Fund X in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial, (ii) consumer and retail and (iii) consumer services sectors.

The performance allocations earned from Credit Strategies in 2025 were primarily driven by the net income generated by the fund’s investments.

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) manufacturing and industrial, (ii) transportation and logistics and (iii) consumer and retail sectors.

The performance allocations earned from Fund IX in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) leisure and (ii) financial services sectors.

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, new consulting contracts and the net income generated by the vehicle’s strategic investments.

The performance allocations earned from Accord+ II in 2025 were primarily driven by the net income generated by the fund’s investments.

Advisory and transaction fees, net increased by $197 million to $378 million in 2025 from $181 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) financial services, (ii) manufacturing and industrial, (iii) leisure and (iv) natural resources sectors.

Management fees increased by $130 million to $606 million in 2025 from $476 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, Bridge funds, ADS and AIOF III of $30 million, $20 million, $20 million and $9 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $7 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, ADS and AIOF III was driven by higher fee-generating AUM due to an upsize in