Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 35

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 35
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 received from fund investors to fund future or current fund investments and expenses.

Origination is indicative of our ability to originate assets for the funds we manage, through our origination platforms and our corporate solutions capabilities. Gross capital deployment and uncalled commitments are indicative of the pace and magnitude of fund capital that is deployed or will be deployed. Origination, gross capital deployment and uncalled commitments could result in future revenues that include management fees, capital solutions fees and performance fees to the extent they are fee-generating. They can also give rise to future costs that are related to the hiring of additional resources to manage and account for the additional origination activities and the capital that is deployed or will be deployed. Management uses origination, gross capital deployment and uncalled commitments as key operating metrics since we believe the results are measures of investment activities of the funds we manage.

The following presents origination, gross capital deployment and uncalled commitments (in billions):

115

Note: Totals may not add due to rounding

As of March 31, 2025 and December 31, 2024, Apollo had $64 billion and $61 billion of dry powder, respectively, which represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. These amounts exclude uncalled commitments which can only be called for fund fees and expenses and commitments from perpetual capital vehicles.

Retirement Services

The following table presents Spread Related Earnings, the performance measure of our Retirement Services segment:

Three months ended March 31,Total ChangePercentageChange(In millions, except percentages)20252024Retirement Services:Fixed income and other net investment income$2,914 $2,454 $460 18.7%Alternative net investment income315 266 49 18.4Net investment earnings3,229 2,720 509 18.7Strategic capital management fees29 25 4 16.0Cost of funds(2,210)(1,723)487 28.3Net investment spread1,048 1,022 26 2.5Other operating expenses(114)(114)— —Interest and other financing costs(130)(91)39 42.9Spread Related Earnings$804 $817 $(13)(1.6)%

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

In this section, references to