Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 433

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 433
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 condensed consolidated statements of cash flow by activity attributable to the Company and to our consolidated funds and VIEs.

Nine months ended September 30,(In millions)20252024Net cash provided by the Company's operating activities$3,885 $3,122 Net cash provided by (used in) the Consolidated Funds and VIEs operating activities(1,308)135 Net cash provided by operating activities2,577 3,257 Net cash used in the Company's investing activities(49,031)(44,049)Net cash used in the Consolidated Funds and VIEs investing activities(723)(1,502)Net cash used in investing activities(49,754)(45,551)Net cash provided by the Company's financing activities48,896 40,583 Net cash provided by the Consolidated Funds and VIEs financing activities2,357 1,644 Net cash provided by financing activities$51,253 $42,227 

Operating Activities

The Company’s operating activities support its Asset Management, Retirement Services and Principal Investing activities. The primary sources of cash within operating activities include: (a) management fees, (b) advisory and transaction fees, (c) realized performance revenues, (d) realized principal investment income, (e) investment sales from our consolidated funds and VIEs, (f) net investment income and (g) insurance premiums. The primary uses of cash within operating activities include: (a) compensation and non-compensation related expenses, (b) interest and taxes, (c) investment purchases from our consolidated funds and VIEs, (d) benefit payments and (e) other operating expenses.

•During the nine months ended September 30, 2025, cash provided by operating activities reflects cash inflows of management fees, advisory and transaction fees, realized performance revenues, realized principal investment income, and net investment income, partially offset by pension group annuity benefit payments and cash paid for interest on funding agreements and debt, policy acquisition expenses and other operating expenses. Net cash used in operating activities includes net cash used by our consolidated funds and VIEs, which primarily includes net purchases of VIE investments, partially offset by proceeds from the sale of VIE investments.

•During the nine months ended September 30, 2024, cash provided by operating activities reflects cash inflows of management fees, advisory and transaction fees, realized performance revenues, realized principal investment income and net investment income, partially offset by pension group annuity benefit