Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 398

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 398
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 ADS and AIOF III of $70 million, $20 million, $17 million and $9 million, respectively, partially offset by decreases in management fees earned from Fund IX of $7 million. The increase in management fees earned from Athene was primarily driven by increases in fee-generating AUM as a result of strong organic growth at Athene. Additionally, management fees increased due to the Bridge acquisition. The increase in management fees earned from ADS and AIOF III was primarily driven by increased subscriptions and catch-up management fees for additional closes in 2025, respectively. The decrease in management fees earned from Fund IX was correlated with the fee rate step-down of Fund IX.

Capital solutions fees earned in 2025 were primarily attributable to fees earned from companies in the (i) manufacturing and industrial, (ii) leisure, (iii) financial services and (iv) natural resources sectors. Capital solutions fees and other, net also included property management and other fees of $10 million net of certain compensation expense of $4 million and non-compensation expense of $2 million.

The increase in fee-related performance fees in 2025 was primarily driven by the sustained growth across a variety of perpetual capital vehicles.

The growth in fee related 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. The increase in non-compensation expenses in 2025 was primarily driven by increases in professional fees, higher travel and entertainment expenses and higher consulting fees.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

In this section, references to 2025 refer to the nine months ended September 30, 2025 and references to 2024 refer to the nine months ended September 30, 2024.

FRE was $1,838 million in 2025, an increase of $329 million compared to $1,509 million in 2024. This increase was primarily attributable to growth in fee related revenues, including management fees, capital solutions fees and other, net and fee-related performance fees.

The increase in management fees was primarily attributable to management fees earned from Athene, ADS, S3 Equity and Hybrid Solutions, Bridge funds and AIOF III of $218 million, $50 million, $40 million, $20 million and $20