Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 42

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 42
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Percentage ChangeNine months ended September 30,Total ChangePercentage Change(In millions, except percentages)2025202420252024Asset Management:Management fees - Credit$632 $518 $114 22.0%$1,806 $1,465 $341 23.3%Management fees - Equity231 192 39 20.3643 569 74 13.0Management fees863 710 153 21.52,449 2,034 415 20.4Capital solutions fees and other, net212 159 53 33.3582 508 74 14.6Fee-related performance fees73 57 16 28.1190 155 35 22.6Fee-related compensation(304)(238)66 27.7(842)(698)144 20.6Non-compensation expenses(192)(157)35 22.3(541)(490)51 10.4Fee Related Earnings (FRE)$652 $531 $121 22.8%$1,838 $1,509 $329 21.8%

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

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

FRE was $652 million in 2025, an increase of $121 million compared to $531 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.

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The increase in management fees was primarily attributable to management fees earned from Athene, Bridge funds, 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