Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 77

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 77
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 related payments; 

•pay cash dividends;

•repurchase common stock; and

•make payments under the tax receivable agreements.

Over the long term, we believe we will be able to (i) grow Apollo’s Assets Under Management and generate positive investment performance in the funds we manage, which we expect will allow us to grow the Company’s management fees and performance fees and (ii) grow the investment portfolio of retirement services, in each case in amounts sufficient to cover our long-term liquidity requirements, which may include:

•supporting the future growth of our businesses;

•creating new or enhancing existing products and investment platforms;

•making payments to policyholders;

•pursuing new strategic corporate investment opportunities;

•paying interest and principal on the Company’s financing arrangements;

•repurchasing common stock;

•making payments under the tax receivable agreements; and

•paying cash dividends.

Cash Flow Analysis

The section below discusses in more detail the Company’s primary sources and uses of cash and the primary drivers of cash flows within the Company’s condensed consolidated statements of cash flows:

Nine months ended September 30,(In millions)20252024Operating Activities$2,577 $3,257 Investing Activities(49,754)(45,551)Financing Activities51,253 42,227 Effect of exchange rate changes on cash and cash equivalents13 3 Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities$4,089 $(64)

153

The assets of our consolidated funds and VIEs, on a gross basis, could have a substantial effect on the accompanying statement of cash flows. Because our consolidated funds and VIEs are generally treated as investment companies for accounting purposes, their investing cash flow amounts are included in our cash flows from operating activities. The table below summarizes our condensed consolidated statements of cash flow by activity attributable to the Company and to our consolidated funds and VIEs.

Nine months ended September 30,(In millions)20252024Net cash provided by the Company's operating activities$3,885 $3,122 Net cash provided by (used in) the Consolidated Funds and VIEs operating activities(1,308)135 Net cash provided by operating activities2,577 3,257 Net cash used in the Company's investing activities(49,031)(44,049)Net cash used in the Consolidated Funds and VIEs investing activities(723)(1,502)