Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 377

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 377
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950)Market Activity322,726 4,127 26,853 10,377 2,959 13,336 End of Period$689,573 $150,032 $839,605 $561,612 $134,641 $696,253 1 At the individual strategy 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 Inflows and outflows reflected above include $3.4 billion for Total AUM related to a strategy realignment of certain funds from credit to equity as of January 1, 2025 with no impact to net flows presented for the six months ended June 30, 2025. Outflows for Total AUM include redemptions of $3.0 billion and $3.4 billion during the six months ended June 30, 2025 and 2024, respectively.3 Includes foreign exchange impacts of $10.3 billion and $(2.3) billion during the six months ended June 30, 2025 and 2024, respectively.

Three Months Ended June 30, 2025

Total AUM was $839.6 billion at June 30, 2025, an increase of $54.4 billion, or 6.9%, compared to $785.2 billion at March 31, 2025. The net increase was primarily driven by subscriptions across the platform, market activity primarily in our credit strategy and the growth of our retirement services client assets, partially offset by normal course outflows at Athene as well as distributions. More specifically, the net increase was due to:

•Net flows of $44.2 billion primarily attributable to:

•a $35.7 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $13.7 billion related to the growth of our retirement services clients; (ii) $12.7 billion of subscriptions mostly related to the asset-backed finance and direct origination funds we manage; and (iii) $9.3 billion in inflows relating to Redding Ridge’s acquisition of Irradiant Partners LP, partially offset by $(1.1) billion of redemptions; and

•