Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 408

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 408
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•Market activity of $5.4 billion primarily attributable to the funds we manage in our credit strategy, consisting of $4.9 billion related to our retirement services clients.

•Realizations of $(2.4) billion across the credit and equity strategies. 

Nine Months Ended September 30, 2025

Total Fee-Generating AUM was $685.0 billion at September 30, 2025, an increase of $116.4 billion, or 20.5%, compared to $568.7 billion at December 31, 2024. The net increase was primarily due to the growth of our retirement services client assets, market activity primarily in our credit strategy, the Bridge acquisition and subscriptions across the platform, partially offset by distributions. More specifically, the net increase was due to:

•Net flows of $97.5 billion primarily attributable to:

•a $69.9 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $35.1 billion related to the growth of our retirement services client assets; (ii) $18.4 billion of other net fee-generating movements; and (iii) $14.3 billion of subscriptions primarily related to the direct origination and multi-credit funds we manage, partially offset by $(3.3) billion of redemptions; and

•a $27.5 billion increase related to the funds we manage in our equity strategy, $21.4 billion primarily due to the Bridge acquisition.

•Market activity of $24.9 billion primarily attributable to the funds we manage in our credit strategy, consisting of $14.2 billion related to our retirement services clients, $3.2 billion related to the direct origination funds we manage, $2.4 billion related to clients of ISGI, and $2.2 billion related to the multi-credit funds we manage. 

•Realizations of $(6.0) billion across the credit and equity strategies. 

Origination, Gross Capital Deployment and Uncalled Commitments

Origination represents (i) capital that has been invested in new equity, debt or debt-like investments by Apollo's equity and credit strategies (whether purchased by funds and accounts managed by Apollo, or syndicated to third parties) where Apollo or one of Apollo's origination platforms has sourced, negotiated, or significantly affected the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs; and (iii) net purchases of