Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 403

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 403
---
4, respectively. 3 Includes foreign exchange impacts of $(0.4) billion and $2.8 billion during the three months ended September 30, 2025 and 2024, respectively.

Nine months ended September 30, 20252024(In millions)CreditEquityTotalCreditEquityTotalChange in Total AUM1:Beginning of Period$616,387 $134,650 $751,037 $515,523 $135,253 $650,776 Inflows2133,830 56,008 189,838 112,010 7,508 119,518 Outflows2(50,180)(1,556)(51,736)(42,282)(4,209)(46,491)Net Flows83,650 54,452 138,102 69,728 3,299 73,027 Realizations(4,915)(9,974)(14,889)(9,779)(7,270)(17,049)Market Activity328,057 6,064 34,121 22,324 4,129 26,453 End of Period$723,179 $185,192 $908,371 $597,796 $135,411 $733,207 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.2 Inflows and outflows reflected above include $3.4 billion for Total AUM related to a strategy realignment of certain funds from credit to equity as of January 1, 2025 with no impact to net flows presented for the nine months ended September 30, 2025. Outflows for Total AUM include redemptions of $4.8 billion and $5.1 billion during the nine months ended September 30, 2025 and 2024, respectively.3 Includes foreign exchange impacts of $9.9 billion and $0.5 billion during the nine months ended September 30, 2025 and 2024, respectively.

Three Months Ended September 30, 2025

Total AUM was $908.4 billion at September 30