Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 28

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 28
---
 in fee-generating AUM as a result of record organic growth at Athene. The increase in management fees earned from ADS and S3 Equity and Hybrid Solutions was primarily driven by increased subscriptions in 2025. The decrease in management fees earned from Fund IX and Fund VIII were correlated with Fund IX’s decrease in invested capital and the expiration of Fund VIII’s fee-paying period, respectively.

Capital solutions fees in 2025 were primarily attributable to fees earned from companies in the (i) manufacturing and industrial and (ii) financial services sectors. 

The increase in fee-related performance fees in 2025 was primarily attributable to fees earned from ADS, reflecting the growing contribution from Apollo’s wealth-focused products.

The growth in revenues was offset, in part, by higher fee-related compensation expense and non-compensation expenses. Higher fee-related compensation expense in 2025 was driven by increased headcount as a result of our investment in the next phase of our growth. Non-compensation expenses moderately grew in 2025 reflecting expense discipline and were primarily driven by an increase in placement fees and higher depreciation and amortization expenses, partially offset by decreases in recruitment fees and travel and entertainment expenses.

109

Asset Management Operating Metrics

We monitor certain operating metrics that are common to the alternative asset management industry and directly impact the performance of our Asset Management segment. These operating metrics include Assets Under Management, origination, gross capital deployment and uncalled commitments.

Assets Under Management

The following presents Apollo’s Total AUM and Fee-Generating AUM by investing strategy (in billions):

 Note: Totals may not add due to rounding.

110

The following presents Apollo’s AUM with Future Management Fee Potential by investing strategy (in billions):

Note: Totals may not add due to rounding

The following tables present the components of Performance Fee-Eligible AUM for Apollo’s investing strategies within the Asset Management segment:

March 31, 2025(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$103,199 $59,421 $162,620 AUM Not Currently Generating Performance Fees9,570 4,950 14,520 Uninvested Performance Fee-Eligible AUM28,562 29,191 57,753 Total Performance Fee-Eligible AUM$141,331 $93,562 $234,893 

March 31, 2024(In millions)CreditEquityTotalPerformance Fee-Generating AUM 1$83,931