Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 405

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 405
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, the net increase was due to:

•Net flows of $138.1 billion primarily attributable to:

•an $83.7 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 clients; (ii) $29.9 billion of subscriptions mostly related to the direct origination, opportunistic credit, asset-backed finance, and multi-credit funds we manage; (iii) $9.3 billion in inflows relating to Redding Ridge’s acquisition of Irradiant Partners LP; and (iv) incremental leverage in the direct origination and asset-backed finance funds we manage, partially offset by $(3.8) billion of redemptions; and

•a $54.5 billion increase related to the funds we manage in our equity strategy, $34.2 billion primarily due to the Bridge acquisition, $13.5 billion of subscriptions across the hybrid value, traditional private equity and secondaries equity funds we manage, and $4.7 billion of net transfer activity.

•Market activity of $34.1 billion primarily attributable to:

•$28.1 billion related to the funds we manage in our credit strategy primarily consisting of $14.2 billion related to our retirement services clients, $5.2 billion related to the direct origination funds we manage and $2.3 billion related to ISGI; and

•$6.1 billion related to the funds we manage in our equity strategy primarily driven by our traditional private equity and hybrid value funds.

•Realizations of $(14.9) billion primarily attributable to:

•$(10.0) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the traditional private equity funds and hybrid value funds; and

•$(4.9) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and asset-backed finance funds.

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The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended September 30,20252024(In millions)CreditEquityTotalCreditEquityTotalChange in Fee-Generating AUM1:Beginning of Period$562,039 $76,269 $638,308 $451,292 $70,871 $522,163 Inflows38,065 24,157 62,222 31,069 3,898 34,967