Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 428

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 428
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 credit. Other credit is defined as investments in debt securities of issuers other than portfolio companies that are not considered to be distressed.

149

Perpetual Capital

The following table summarizes the investment record for the perpetual capital vehicles we manage, excluding Athene and Athora-related assets.

Total Returns(In millions)IPO Year1Total AUMFor the Three Months Ended September 30, 2025For the Three Months Ended September 30, 2024For the Nine Months Ended September 30, 2025For the Nine Months Ended September 30, 2024ADS2N/A$24,402 2 %3 %6 %9 %MidCap FinCo3N/A14,160 3 %5 %12 %13 %ARI420099,572 5 %2 %24 %(9)%MFIC4,520043,872 (2)%(8)%(3)%7 %ADREF6N/A4,972 1 %7 %1 %5 %ADCF6N/A2,278 3 %5 %8 %10 %ARIS6N/A1,810 2 %2 %4 %4 %Other7N/A20,021 N/AN/AN/AN/ATotal$81,087 1 An IPO year represents the year in which the vehicle commenced trading on a national securities exchange. 2 ADS is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are net returns based on NAV.3 MidCap FinCo is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 3% and 4% for the three months ended September 30, 2025 and 2024, respectively. The net returns based on NAV were 10% and 10% for the nine months ended September 30, 2025 and 2024, respectively.4 Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission.5 AUM is presented on a three-month lag, as of June 30, 2025, based upon the availability of the information.6 ADREF, ADCF and ARIS are not publicly traded vehicles and therefore IPO