Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 402

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 402
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 sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. The Company refers to the portion of the Athora AUM that is not Athora Sub-Advised AUM as “Athora Non-Sub Advised” AUM. See note 16 to the condensed consolidated financial statements for more details regarding the fee arrangements with respect to the assets in the Athora Accounts. Apollo managed or advised $57.5 billion, $52.4 billion and $53.6 billion of AUM on behalf of Athora as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively.

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The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended September 30, 20252024(In millions)CreditEquityTotalCreditEquityTotalChange in Total AUM1:Beginning of Period$689,573 $150,032 $839,605 $561,612 $134,641 $696,253 Inflows44,004 38,059 82,063 38,642 3,300 41,942 Outflows2(13,711)(843)(14,554)(11,688)(1,317)(13,005)Net Flows30,293 37,216 67,509 26,954 1,983 28,937 Realizations(2,017)(3,993)(6,010)(2,717)(2,383)(5,100)Market Activity35,330 1,937 7,267 11,947 1,170 13,117 End of Period$723,179 $185,192 $908,371 $597,796 $135,411 $733,207 1 At the individual segment level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions, and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.2 Outflows for Total AUM include redemptions of $1.8 billion and $1.6 billion during the three months ended September 30, 2025 and 202