Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 39

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 39
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, net216 208 8 3.8370 349 21 6.0Fee-related performance fees63 52 11 21.2117 98 19 19.4Fee-related compensation(279)(240)39 16.3(538)(460)78 17.0Non-compensation expenses(189)(176)13 7.4(349)(333)16 4.8Fee Related Earnings (FRE)$627 $516 $111 21.5%$1,186 $978 $208 21.3%

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

In this section, references to 2025 refer to the three months ended June 30, 2025 and references to 2024 refer to the three months ended June 30, 2024.

FRE was $627 million in 2025, an increase of $111 million compared to $516 million in 2024. This increase was primarily attributable to growth in fee related revenues, including management fees, fee-related performance fees and capital solutions fees and other, net.

The increase in management fees was primarily attributable to management fees earned from Athene, S3 Equity and Hybrid Solutions and ADS of $78 million, $21 million and $17 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $9 million and $4 million, respectively. 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. The increase in management fees earned from S3 Equity and Hybrid Solutions and ADS was primarily driven by catch-up management fees for additional closes and additional subscriptions in 2025, respectively. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

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.

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

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The growth in fee related revenues was offset, in part, by higher fee-related compensation expense and