[PART I - FINANCIAL INFORMATION](index=11&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Details the company's unaudited condensed consolidated financial statements and management's analysis of financial condition and operations [Financial Statements](index=11&type=section&id=ITEM%201.%20Financial%20Statements) Details unaudited condensed consolidated financial statements, highlighting asset growth, revenue decline, and reduced net income due to investment-related gains Condensed Consolidated Statements of Financial Condition (Unaudited) | (In millions) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$419,550** | **$377,895** | | Total Asset Management Assets | $15,060 | $15,256 | | Total Retirement Services Assets | $404,490 | $362,639 | | **Total Liabilities** | **$385,689** | **$346,915** | | Total Asset Management Liabilities | $10,167 | $9,968 | | Total Retirement Services Liabilities | $375,522 | $336,947 | | **Total Equity** | **$33,861** | **$30,964** | Condensed Consolidated Statements of Operations (Unaudited) | (In millions, except per share data) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management Revenues | $2,153 | $2,089 | | Retirement Services Revenues | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net income (loss)** | **$1,780** | **$2,942** | | Net income (loss) attributable to common stockholders | $1,023 | $2,231 | | **Net income (loss) per share - Diluted** | **$1.67** | **$3.64** | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,274 | $1,403 | | Net cash used in investing activities | $(36,517) | $(31,085) | | Net cash provided by financing activities | $32,089 | $29,976 | | Net increase (decrease) in cash | $(2,141) | $292 | [Note 1. Organization](index=21&type=section&id=Note%201.%20Organization) Describes Apollo's structure as an asset manager and retirement services provider, including the pending acquisition of Bridge Investment Group - Apollo operates as a **high-growth, global alternative asset manager** with a focus on **credit and equity strategies**, and a **retirement services provider** through its **Athene business**[34](index=34&type=chunk) - On **February 23, 2025**, Apollo agreed to acquire **Bridge Investment Group Holdings Inc.** in an **all-stock transaction**, with an expected closing in **Q3 2025**, subject to regulatory approvals[35](index=35&type=chunk) [Note 3. Investments](index=25&type=section&id=Note%203.%20Investments) Details total investments, primarily in Retirement Services, with significant growth in AFS securities and mortgage loans driving increased net investment income Total Investments by Segment (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $5,885 | $6,086 | | Retirement Services | $329,599 | $291,167 | | **Total Investments** | **$335,484** | **$297,253** | Retirement Services AFS Securities Breakdown (June 30, 2025, in millions) | Asset Type | Amortized Cost | Fair Value | | :--- | :--- | :--- | | Corporate | $103,597 | $94,563 | | CLO | $30,620 | $31,388 | | ABS | $27,405 | $27,362 | | CMBS | $13,854 | $13,500 | | RMBS | $10,716 | $10,322 | | U.S. government and agencies | $10,117 | $9,023 | | **Total AFS (ex. related parties)** | **$199,637** | **$188,750** | Retirement Services Net Investment Income (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | AFS securities | $5,541 | $4,477 | | Mortgage loans | $2,385 | $1,704 | | **Total Net Investment Income** | **$9,117** | **$7,380** | [Note 4. Derivatives](index=35&type=section&id=Note%204.%20Derivatives) Outlines the company's use of derivatives for risk management, noting substantial notional values and significant derivative liabilities, mainly from embedded derivatives Derivative Instruments Summary (June 30, 2025, in millions) | Derivative Type | Notional Amount | Fair Value - Assets | Fair Value - Liabilities | | :--- | :--- | :--- | :--- | | **Derivatives designated as hedges** | | **$927** | **$1,316** | | Foreign currency hedges | $23,125 | $683 | $1,013 | | Interest rate swaps | $33,805 | $244 | $288 | | **Derivatives not designated as hedges** | | **$2,753** | **$15,909** | | Equity options | $91,009 | $5,069 | $146 | | Foreign currency swaps/forwards | $58,206 | $697 | $3,175 | | Embedded derivatives | N/A | $(3,221) | $12,336 | | **Total Derivatives** | | **$3,680** | **$17,225** | - Athene uses **equity indexed options** to economically hedge its **fixed indexed annuity products**, which **guarantee principal return** and **credit interest** based on market index performance[84](index=84&type=chunk) [Note 5. Variable Interest Entities](index=40&type=section&id=Note%205.%20Variable%20Interest%20Entities) Explains the consolidation of VIEs and details maximum loss exposures from unconsolidated VIEs for both Asset Management and Retirement Services segments - The assets of consolidated VIEs are **ring-fenced** and **not available to creditors** of the parent company, and investors in these VIEs have **no recourse to Apollo's assets**[95](index=95&type=chunk) Maximum Loss Exposure from Unconsolidated VIEs (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $342 | $614 | | Retirement Services | $135,756 | $124,525 | [Note 6. Fair Value](index=43&type=section&id=Note%206.%20Fair%20Value) Presents the fair value hierarchy for financial assets and liabilities, with Level 2 and Level 3 assets comprising the largest portions Fair Value Hierarchy of Financial Assets (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | NAV | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $3,110 | $116 | $3,055 | $340 | $6,621 | | **Retirement Services** | $22,254 | $179,225 | $121,035 | $18,905 | $341,419 | | **Total Assets** | **$25,364** | **$179,341** | **$124,090** | **$19,245** | **$348,040** | Fair Value Hierarchy of Financial Liabilities (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $— | $30 | $61 | $91 | | **Retirement Services** | $10 | $4,879 | $19,468 | $24,357 | | **Total Liabilities** | **$10** | **$4,909** | **$19,529** | **$24,448** | [Note 11. Debt](index=78&type=section&id=Note%2011.%20Debt) Details total debt outstanding across segments, including recent issuances by Athene Holding Ltd. and available credit facilities Total Debt Outstanding (June 30, 2025, in millions) | Segment | Outstanding Balance | Fair Value | | :--- | :--- | :--- | | Asset Management | $4,280 | $4,308 | | Retirement Services | $7,864 | $7,507 | | **Total Debt** | **$12,144** | **$11,815** | - In Q2 2025, Athene Holding Ltd. (AHL) issued **$1.0 billion** of **6.625% Senior Notes due 2055** and **$600 million** of **6.875% Fixed-Rate Reset Junior Subordinated Debentures due 2055**[214](index=214&type=chunk)[216](index=216&type=chunk) - The company maintains several credit and liquidity facilities, including a **$1.25 billion** facility for AGM and a combined **$3.85 billion** in facilities for AHL, all of which were **undrawn** as of June 30, 2025[217](index=217&type=chunk)[219](index=219&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Note 12. Equity-Based Compensation](index=81&type=section&id=Note%2012.%20Equity-Based%20Compensation) Reports equity-based compensation expense, unrecognized RSU expense, and new RSU awards for the period Equity-Based Compensation Expense (in millions) | Period | Expense | | :--- | :--- | | Three months ended June 30, 2025 | $166 | | Three months ended June 30, 2024 | $153 | | Six months ended June 30, 2025 | $315 | | Six months ended June 30, 2024 | $342 | - As of June 30, 2025, there was **$840 million** of estimated unrecognized compensation expense related to unvested RSU awards, expected to be recognized over a weighted-average period of **2.1 years**[228](index=228&type=chunk) [Note 13. Equity](index=84&type=section&id=Note%2013.%20Equity) Outlines share repurchase activities, dividend declarations, and details on outstanding mandatory convertible preferred stock - A new share repurchase program was approved on **February 8, 2024**, authorizing up to **$3.0 billion** in common stock repurchases[242](index=242&type=chunk) - During the six months ended June 30, 2025, the company repurchased **1,392,000 shares** of common stock for **$193 million** in open market transactions[243](index=243&type=chunk) Dividends Declared per Share of Common Stock | Declaration Date | Dividend per Share | Payment Date | | :--- | :--- | :--- | | February 4, 2025 | $0.46 | February 28, 2025 | | May 2, 2025 | $0.51 | May 30, 2025 | [Note 15. Related Parties](index=90&type=section&id=Note%2015.%20Related%20Parties) Details significant transactions and balances with related parties, including investments in Athora and Atlas, and interests in strategic capital vehicles - Apollo, through ISGI, provides investment advisory services to Athora. AAM has committed up to an additional **$2.0 billion** to Athora, and Athene has committed up to an additional **$2.5 billion**, in connection with Athora's agreement to acquire a UK insurer[274](index=274&type=chunk)[283](index=283&type=chunk) - Athene has a significant investment in Atlas, an asset-backed specialty lender, holding **$4.6 billion** of AFS securities issued by Atlas or its affiliates as of June 30, 2025[284](index=284&type=chunk) - Athene's subsidiaries, ACRA 1 and ACRA 2, are partially owned by ADIP I and ADIP II, respectively, which are funds managed by Apollo. Athene's subsidiary ALRe holds a **37% economic interest** in both ACRA vehicles[291](index=291&type=chunk) [Note 16. Commitments and Contingencies](index=95&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) Summarizes unfunded capital and investment commitments, contingent performance allocation obligations, and ongoing shareholder derivative litigation - Athene had commitments to make investments totaling **$33.3 billion** as of June 30, 2025, primarily for capital contributions to investment funds and mortgage loans[293](index=293&type=chunk) - The company has a contingent obligation related to performance allocations. If all existing fund investments became worthless, approximately **$5.6 billion** of cumulative revenues recognized through June 30, 2025 could be reversed[294](index=294&type=chunk) - The company is involved in a shareholder derivative complaint challenging the **$570 million** in payments made to Former Managing Partners and Contributing Partners following the merger with Athene. A Special Litigation Committee is investigating the matter, with proceedings stayed until **October 7, 2025**[313](index=313&type=chunk) [Note 17. Segments](index=101&type=section&id=Note%2017.%20Segments) Describes the company's three reportable segments and their performance, with Segment Income growing due to increased FRE and SRE - The company's three reportable segments are **Asset Management**, **Retirement Services**, and **Principal Investing**[315](index=315&type=chunk) - The key performance measure used by management is **Segment Income**, which is the sum of **Fee Related Earnings (FRE)** from Asset Management, **Spread Related Earnings (SRE)** from Retirement Services, and **Principal Investing Income (PII)**[317](index=317&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) Segment Income (in millions) | | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Fee Related Earnings | $627 | $516 | $1,186 | $978 | | Spread Related Earnings | $821 | $710 | $1,625 | $1,527 | | Principal Investing Income | $47 | $33 | $61 | $54 | | **Segment Income** | **$1,495** | **$1,259** | **$2,872** | **$2,559** | [Unaudited Supplemental Presentation of Statements of Financial Condition](index=96&type=section&id=ITEM%201A.%20Unaudited%20Supplemental%20Presentation%20of%20Statements%20of%20Financial%20Condition) Provides a supplemental disaggregation of the consolidated balance sheet, separating Apollo's core operations from consolidated funds and VIEs Supplemental Statement of Financial Condition (June 30, 2025, in millions) | | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$409,429** | **$28,240** | **$(18,119)** | **$419,550** | | **Total Liabilities** | $383,170 | $3,060 | $(541) | $385,689 | | **Total Equity** | $26,259 | $25,180 | $(17,578) | $33,861 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=100&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial condition and results across segments, highlighting AUM growth, market conditions, and the company's strong liquidity position - As of June 30, 2025, Apollo had total AUM of **$840 billion**, with **$690 billion** in Credit and **$150 billion** in Equity strategies[339](index=339&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Management noted strong equity market performance in Q2 2025, with the S&P 500 increasing by **10.6%**. U.S. inflation was reported at **2.7%** as of June 30, 2025, and the Federal Reserve's benchmark interest rate target remained at **4.25% to 4.50%**[353](index=353&type=chunk)[354](index=354&type=chunk) - The company maintains a strong liquidity position with **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) [Results of Operations](index=129&type=section&id=Results%20of%20Operations) Summarizes consolidated results, noting decreased revenues, increased expenses, and a significant drop in net income due to investment-related swings Consolidated Results of Operations Summary (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management | $2,153 | $2,089 | | Retirement Services | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net Income Attributable to Common Stockholders** | **$1,023** | **$2,231** | [Segment Analysis](index=142&type=section&id=Segment%20Analysis) Analyzes performance across Asset Management, Retirement Services, and Principal Investing segments, highlighting growth in FRE, SRE, and PII Segment Performance Summary (Six months ended June 30, 2025 vs 2024) | (In millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $1,186 | $978 | 21.3% | | Spread Related Earnings (SRE) | $1,625 | $1,527 | 6.4% | | Principal Investing Income (PII) | $61 | $54 | 13.0% | [Asset Management Operating Metrics](index=144&type=section&id=Asset%20Management%20Operating%20Metrics) Presents key Asset Management operating metrics, including AUM growth, fee-generating AUM, and available 'dry powder' for investment AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning AUM | Net Flows | Realizations | Market Activity | Ending AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total AUM** | **$751.0** | **$70.6** | **$(8.9)** | **$26.9** | **$839.6** | Fee-Generating AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning FG-AUM | Net Flows | Realizations | Market Activity | Ending FG-AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fee-Generating AUM** | **$568.7** | **$53.7** | **$(3.6)** | **$19.6** | **$638.3** | - As of June 30, 2025, the company had **$72 billion** of 'dry powder' available for investment[525](index=525&type=chunk) [Liquidity and Capital Resources](index=166&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's liquidity and capital resources, detailing cash position, credit facilities, and cash flow activities - The company had **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) Cash Flow Summary (Six months ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Operating Activities | $2,274 | $1,403 | | Investing Activities | $(36,517) | $(31,085) | | Financing Activities | $32,089 | $29,976 | [Quantitative and Qualitative Disclosures about Market Risk](index=156&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Affirms no material changes to market risk exposures, outlining primary risks for Asset Management and Retirement Services segments - There have been **no material changes** to the company's market risk exposures from those previously disclosed in the 2024 Annual Report[672](index=672&type=chunk) [Controls and Procedures](index=156&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of the end of the period covered by the report[676](index=676&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent quarter[677](index=677&type=chunk) [PART II - OTHER INFORMATION](index=158&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Provides additional information on legal proceedings, risk factors, equity sales, and other miscellaneous disclosures [Legal Proceedings](index=158&type=section&id=ITEM%201.%20Legal%20Proceedings) Refers to Note 16 of the financial statements for a comprehensive summary of ongoing legal proceedings - For a summary of legal proceedings, the report incorporates by reference **Note 16** to the condensed consolidated financial statements[680](index=680&type=chunk) [Risk Factors](index=158&type=section&id=ITEM%201A.%20Risk%20Factors) Confirms no material changes to the risk factors previously disclosed in the 2024 Annual Report - There have been **no material changes** to the risk factors disclosed in the 2024 Annual Report[681](index=681&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=158&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details unregistered equity sales and share repurchase activities, including shares repurchased and remaining authorization Purchases of Equity Securities by the Issuer (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | 160 | $149.27 | $1,050,330,659 | | May 2025 | 112,051 | $139.72 | $1,034,674,472 | | June 2025 | 0 | $— | $1,034,674,472 | | **Total** | **112,211** | | | [Other Items (3, 4, 5, 6)](index=159&type=section&id=Other%20Items) Addresses non-applicable items, confirms no Rule 10b5-1 trading arrangement changes, and lists filed exhibits - Item 3 (Defaults upon Senior Securities) and Item 4 (Mine Safety Disclosures) are **not applicable**[686](index=686&type=chunk)[687](index=687&type=chunk) - **No director or officer** adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[688](index=688&type=chunk)

自 2022年以来，阿波罗管理的基金已向其所谓的"下一代基础设施投资"领域投入了约380亿美元，这些 投资涵盖可再生能源和数字平台等领域。 今年1月，该公司同意收购Argo Infrastructure Partners——该公司专注于投资数字基础设施、可再生能 源、交通运输及其他行业。 阿波罗公司总裁Jim Zelter在周二的财报电话会议上向分析师们强调："我们特别看好在人工智能基础设 施项目方面的融资机会。"他指出，这些项目的很大一部分都需要私募资金的支持。 Stream Data Centers负责建设、租赁、管理和运营大型数据中心园区。该公司已与包括信安资产管理 (Principal Asset Management)在内的多家投资者合作，共同开发了超过20个园区。与阿波罗公司的合作 将推动在芝加哥市区、亚特兰大和达拉斯的数据中心业务发展。 阿波罗全球管理公司(APO.US)同意收购Stream Data Centers的多数股权，这是这家另类资产管理公司首 次进行此类收购行动，此举旨在利用数字基础设施需求激增的契机实现发展。这家资产管理公司在周三 的一份声明中表示，该协议将使阿波罗管理的基金有可能 ...

Apollo's Long-Term Capital to Accelerate Stream's 4+ GW Development Pipeline and Enable Deployment of Billions Into Critical U.S. Infrastructure NEW YORK and DALLAS, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (the "Apollo Funds") have agreed to acquire a majority interest in Stream Data Centers ("SDC" or the "Company") from Stream Realty Partners ("SRP"). With Apollo's backing, SDC is positioned to execute on a multi-gigawatt pipeline while enabling Apollo ...

Core Insights - Apollo Global Management, LLC (APO) reported better-than-expected second-quarter 2025 results, with adjusted net income per share of $1.92, exceeding the Zacks Consensus Estimate of $1.85 and up from $1.64 in the prior year [1][10] - The company's total revenues reached $1.1 billion, reflecting a 17.5% year-over-year increase and surpassing the Zacks Consensus Estimate by 7.9% [3][10] - Apollo's assets under management (AUM) increased significantly, with fee-earning AUM rising 22.2% year-over-year to $638 billion and total AUM up 36.1% to $840 billion [4][5][10] Financial Performance - GAAP net income attributable to Apollo Global was $605 million, down from $828 million in the same quarter last year [2] - Total expenses for the combined segments rose 7.4% year-over-year to $189 million [3] - The company declared a quarterly cash distribution of 51 cents per share, to be paid on August 29, 2025 [7] AUM and Inflows - As of June 30, 2025, total AUM was $840 billion, benefiting from $98 billion of inflows from Asset Management and $81 billion from Retirement Services, partially offset by $60 billion of outflows [5] - The increase in AUM was driven by strong management fee growth and record capital solutions fees [4] Strategic Outlook - The company is experiencing broad-based momentum across its platform, with robust quarterly origination volume driven by diverse investing activities [8] - Apollo announced a deal to acquire Bridge Investment Group, expected to close in the third quarter of 2025, which aligns with its goal to expand real estate expertise and strengthen its wealth business [8]

Group 1 - Apollo Global Management (APO) opened with a 5.04% increase, reaching $149.18 per share, with a total transaction volume of $17.83 million and a market capitalization of $85.335 billion as of August 5 [1] - For the fiscal year ending March 31, 2025, Apollo reported total revenue of $5.548 billion, a year-over-year decrease of 21.19%, and a net profit attributable to shareholders of $442 million, down 69.03% year-over-year [1] - The company is scheduled to disclose its fiscal year 2025 mid-term report on August 5, with the actual disclosure date subject to company announcements [1] Group 2 - Apollo Global Management specializes in alternative investment management services, operating through segments including credit, private equity, and real assets [2] - The credit segment focuses on investments in non-control companies and structured debt instruments, while the private equity segment includes investments in control equity and related debt instruments [2] - The company was founded in 1990 by Marc Jeffrey Rowan, Leon David Black, and Joshua Jordan Harris, and is headquartered in New York [2]

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [7] - Management fee growth of 21% year-over-year [7] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record organic inflows of $49 billion [48] Business Line Data and Key Metrics Changes - Asset Management: AUM increased by 22% year-over-year to $840 billion, with fee-generating AUM growing 22% to $638 billion [54] - Retirement Services: $21 billion of inflows in Q2, the second highest on record [57] - Credit business: Core opportunistic credit returned 9% over the latest twelve months, with a 23% quarter-over-quarter increase [10] Market Data and Key Metrics Changes - Strong demand for retirement services products driven by demographic trends [15] - Inflows from Athene reached $21 billion, the second highest result on record [51] - Significant origination activity in Europe, with a focus on infrastructure investments [43] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [18][19] - Expansion into the UK market through strategic partnerships and acquisitions [24][79] - Emphasis on innovation in product offerings to meet evolving market demands [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and growth potential despite current market challenges [64][67] - Anticipation of continued strong performance in the Retirement Services segment due to favorable demographic trends [15][57] - Expectation of significant opportunities in private credit and infrastructure financing [45][46] Other Important Information - The company is on track to achieve higher margins over time as it scales its operations [57] - The acquisition of Bridge Investment Group is expected to close in early September, with modest FRE contributions anticipated for 2025 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are originating new business at historical rates of return, maintaining profitability [63][64] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK market [74][76] Question: Scalability of ABC following ADS success - Management indicated strong early approvals for ABC and believes it can follow the success of ADS, leveraging their first-mover advantage [82][84] Question: Drivers of recent origination and deployment growth - Management highlighted the power of their integrated origination platform and the ability to provide diverse financing solutions as key drivers of growth [86][90] Question: Outlook for inflows in Retirement Services - Management emphasized the development of stable value products as a growth area for Athene's business [94][96]

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [6][54] - Management fee growth of 21% year-over-year [6] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record AUM [7][49] Business Line Data and Key Metrics Changes - Credit business performed well with core opportunistic credit returning 9% over the latest twelve months and 23% quarter-over-quarter [8] - Private equity business showed strong performance with Fund 10 net IRR at 23% and Fund 9 at 16.6% [9][10] - Retirement Services saw $21 billion of inflows, marking the second strongest organic quarter [14][58] Market Data and Key Metrics Changes - Significant demand for retirement services products driven by demographic trends [14][22] - Inflows from Athene reached $21 billion, with strong performance in fixed index annuities [52] - The annuity market has expanded significantly compared to previous years [14] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [17][33] - Expansion into European markets with strategic investments and partnerships [24][43] - Emphasis on innovation in product offerings to meet evolving market demands [35][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and future growth potential despite current market challenges [66][68] - Anticipation of regulatory changes that could enhance market opportunities, particularly in the UK [81] - Management highlighted the importance of adapting to market conditions and innovating to maintain competitive advantage [67][68] Other Important Information - The company is on track to exceed its 2025 goals with strong momentum across all metrics [54][56] - The acquisition of Bridge Investment Group is expected to close in early September, with anticipated contributions to FRE in 2026 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are successfully pivoting origination to maintain spreads and profitability [62][64] - The business is healthy, and as previous high-profit business runs off, a meaningful increase in SRE is expected [65][66] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK [76][78] Question: Scalability of ABC following ADS success - Management indicated strong early approvals and a clear path for ABC to follow ADS's success, leveraging their origination capabilities [84][86] Question: Drivers of recent earnings power and throughput - The integrated toolbox approach and increased leverage in direct lending have significantly accelerated origination capabilities [88][90] Question: Outlook for inflows in Retirement Services - Management is focusing on developing capabilities in stable value products, which are expected to drive growth in the future [94][96]

Financial Performance - GAAP Net Income Attributable to Apollo Global Management, Inc Common Stockholders was $605 million, or $100 per share[16] - Adjusted Net Income totaled $12 billion, or $192 per share[16] - Fee Related Earnings reached a record $627 million[22] - Spread Related Earnings amounted to $821 million[22] - Combined Fee and Spread Related Earnings hit a record $14 billion[22] Assets Under Management (AUM) - Total AUM reached $840 billion, benefiting from inflows of $61 billion in the second quarter and $179 billion over the last twelve months, driving a 21% increase year-over-year[22] - Fee-Generating AUM increased to $638 billion[15] - Perpetual Capital AUM increased to $498 billion[31] Business Growth & Capital Allocation - Record quarterly origination activity of $81 billion[22] - Strong quarterly inflows of $4 billion driven by continued expansion in signature semi-liquid products and continued education and momentum surrounding fixed income replacement-focused products[22] - Record quarterly capital solutions fee revenue of $216 million[22] - Repurchased more than $13 billion of common stock over the last twelve months, including $557 million of opportunistic share repurchases[22] - Distributed more than $1 billion of common stock dividends over the last twelve months[22]

Financial & Business Highlights [Q2 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Apollo reported strong Q2 2025 financial results with GAAP Net Income of $605 million and Adjusted Net Income (ANI) of $1.18 billion, driven by significant growth in core fee and spread-based businesses, with total AUM reaching $840 billion from robust inflows Q2 2025 Financial Metrics | Financial Metric | Q2 2025 | Q2 2025 Per Share | | :--- | :--- | :--- | | GAAP Net Income | $605 million | $1.00 | | Fee Related Earnings (FRE) | $627 million | $1.02 | | Spread Related Earnings (SRE) | $821 million | $1.33 | | Adjusted Net Income (ANI) | $1,179 million | $1.92 | | Total AUM | $840 billion | N/A | | Inflows | $61 billion | N/A | [GAAP Income Statement](index=3&type=section&id=GAAP%20Income%20Statement) The GAAP income statement for Q2 2025 shows total revenues of $6.8 billion and net income attributable to common stockholders of $605 million, primarily driven by increased net investment income from the Retirement Services segment GAAP Income Statement Summary | (In millions, except per share) | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | Total Revenues | $6,814 | $6,018 | | Net Income Attributable to Common Stockholders | $605 | $828 | | Diluted Earnings Per Share | $0.99 | $1.35 | [Q2 2025 Business Highlights](index=4&type=section&id=Second%20Quarter%202025%20Business%20Highlights) The second quarter featured record Fee Related Earnings (FRE) and strong Spread Related Earnings (SRE) totaling $1.4 billion, with AUM growing 21% year-over-year to $840 billion, supported by $179 billion in inflows over the last twelve months and active capital allocation to shareholders - **Record quarterly FRE of $627 million** and **SRE of $821 million**, demonstrating the strength of combined earnings streams[9](index=9&type=chunk) - Total AUM increased **21% year-over-year to $840 billion**, driven by **$179 billion of inflows** over the last twelve months[9](index=9&type=chunk) - Achieved **record quarterly origination activity of $81 billion**[9](index=9&type=chunk) - Returned significant capital to shareholders, with over **$1.3 billion in share repurchases** and over **$1 billion in dividends** distributed over the last twelve months[9](index=9&type=chunk) [Total Segment Earnings (Non-GAAP)](index=5&type=section&id=Total%20Segment%20Earnings) On a non-GAAP basis, total segment earnings for Q2 2025 show Fee Related Earnings (FRE) of $627 million and Spread Related Earnings (SRE) of $821 million, leading to an Adjusted Net Income (ANI) of $1.18 billion or $1.92 per share Total Segment Earnings | (In millions) | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $627 | $516 | | Spread Related Earnings (SRE) | $821 | $710 | | Principal Investing Income (PII) | $47 | $33 | | **Adjusted Net Income (ANI)** | **$1,179** | **$1,009** | - Adjusted Net Income per share increased to **$1.92 in Q2'25** from $1.64 in Q2'24[10](index=10&type=chunk) Segment Performance [Asset Management Segment](index=8&type=section&id=Asset%20Management%20Segment) The Asset Management segment delivered strong results in Q2 2025, with Fee Related Earnings (FRE) growing 22% year-over-year to a record $627 million, driven by a 21% increase in management fees and record capital solutions fees, while total AUM grew 21% YoY to $840 billion from robust inflows [Financial Performance](index=8&type=section&id=Asset%20Management%20Segment%20Financial%20Performance) The Asset Management segment's financial performance was highlighted by a 21.5% year-over-year increase in Fee Related Earnings (FRE) to $627 million, with management fees rising 21.4% to $816 million, and an improved FRE Margin of 57.3% due to disciplined expense growth Asset Management Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Total management fees | $816 | $672 | 21.4% | | Fee Related Earnings (FRE) | $627 | $516 | 21.5% | | FRE Margin | 57.3% | 55.3% | +200 bps | - Management fee growth was driven by third-party asset management inflows, record gross capital deployment, and strong growth from Retirement Services clients[15](index=15&type=chunk) [Assets Under Management (AUM)](index=9&type=section&id=Asset%20Management:%20Assets%20Under%20Management) Total AUM increased by 21% year-over-year to $840 billion, primarily driven by $179 billion in gross inflows over the last twelve months, with Fee-Generating AUM seeing a 22% increase to $638 billion, and perpetual capital constituting nearly 60% of total AUM - Total AUM grew by **$143 billion (21%) YoY**, driven by **$98 billion of inflows** from Asset Management and **$81 billion from Retirement Services**[19](index=19&type=chunk) - Fee-Generating AUM increased by **$116 billion (22%) YoY**, fueled by organic growth at Athene and broad fundraising[19](index=19&type=chunk) - Perpetual capital, which is highly scalable, represents nearly **60% of total AUM** and **75% of Fee-Generating AUM**[19](index=19&type=chunk) [Inflows](index=10&type=section&id=Asset%20Management:%20Inflows) The company generated gross inflows of $61 billion in Q2, contributing to $179 billion over the last twelve months, with Asset Management inflows of $40 billion driven by strong demand for credit and equity strategies, and Retirement Services (Athene) contributing $21 billion in organic inflows Inflows | Inflows ($ in billions) | Q2 2025 | LTM Q2'25 | | :--- | :--- | :--- | | Asset Management | $40 | $98 | | Retirement Services | $21 | $81 | | **Total Gross Inflows** | **$61** | **$179** | - Asset Management inflows were driven by institutional and global wealth demand for credit strategies like ADS and Asset-Backed Finance, as well as equity strategies like Hybrid Value Fund III[22](index=22&type=chunk) [Retirement Services Segment](index=11&type=section&id=Retirement%20Services%20Segment) The Retirement Services segment, primarily Athene, reported a 16% year-over-year increase in Spread Related Earnings (SRE) to $821 million for Q2 2025, driven by robust net organic growth and favorable alternative investment returns, with a high-quality investment portfolio and strong organic inflows [Financial Performance](index=11&type=section&id=Retirement%20Services%20Segment%20Financial%20Performance) Spread Related Earnings (SRE) increased 15.6% year-over-year to $821 million, supported by strong organic growth and a 10% return from the alternative investment portfolio, with Net Investment Spread at $1.06 billion for the quarter Retirement Services Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Net Investment Spread | $1,060 | $945 | 12.2% | | Spread Related Earnings (SRE) | $821 | $710 | 15.6% | | Net Spread | 1.22% | 1.24% | (2) bps | - SRE growth was primarily driven by more favorable alternative returns and robust net organic growth[24](index=24&type=chunk) [Return on Asset View & Portfolio Highlights](index=12&type=section&id=Retirement%20Services:%20Return%20on%20Asset%20View%20%26%20Portfolio%20Highlights) The segment's average net invested assets grew 16.7% year-over-year to $268.7 billion, maintaining a defensively positioned portfolio with 97% investment-grade fixed income assets and a strong liquidity position of $9.3 billion in cash and equivalents - **97% of Athene's fixed income portfolio** is invested in investment-grade assets[31](index=31&type=chunk) - The portfolio has a low historical average annual credit loss of **11 basis points** over the past five years, comparing favorably to the industry average of 13 basis points[31](index=31&type=chunk) - As of June 30, 2025, Athene held **$9.3 billion of cash and cash equivalents**, representing 3.4% of net invested assets[31](index=31&type=chunk) [Growth Profile](index=14&type=section&id=Retirement%20Services:%20Strong%20Growth%20Profile) Athene continues to demonstrate a powerful growth profile, with Q2 2025 gross organic inflows driven by strong retail annuity sales, flow reinsurance, and record funding agreements, showing a greater than 95% correlation with the growth of Spread Related Earnings (SRE) - Q2 2025 highlights include strong retail annuity sales, robust flow reinsurance volume from U.S. and APAC clients, and record quarterly inflows from funding agreements[32](index=32&type=chunk) - The growth of Athene's organic inflows and the growth of Spread Related Earnings (SRE) have a historical correlation of **over 95%**[34](index=34&type=chunk) [Principal Investing Segment](index=15&type=section&id=Principal%20Investing%20Segment) The Principal Investing segment generated $47 million of Principal Investing Income (PII) in Q2 2025, a 42% increase year-over-year, driven by a 25% rise in realized performance fees from private equity monetizations, while maintaining significant future potential with $261 billion in Performance Fee-Eligible AUM and $72 billion in dry powder [Financial Performance](index=15&type=section&id=Principal%20Investing%20Segment%20Financial%20Performance) Principal Investing Income (PII) for Q2 2025 was $47 million, up 42.4% from the prior year, primarily due to realized performance fees of $219 million, which grew 25.1% YoY, reflecting several sizeable monetizations in flagship private equity funds Principal Investing Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Realized performance fees | $219 | $175 | 25.1% | | Principal Investing Income (PII) | $47 | $33 | 42.4% | - The increase in realized performance fees reflects a few sizeable monetizations within flagship private equity, though overall monetization activity remains prudently delayed amid an uncertain exit environment[38](index=38&type=chunk) [Performance Fee AUM and Dry Powder](index=16&type=section&id=Performance%20Fee%20AUM%20and%20Dry%20Powder) The segment's capacity for future earnings remains robust, with Performance Fee-Eligible AUM growing 23% year-over-year to $261 billion, Performance Fee-Generating AUM increasing 33% to $186 billion, and $72 billion of dry powder available for investment at quarter-end - Performance Fee-Eligible AUM increased **23% YoY to $261 billion**[41](index=41&type=chunk) - Dry Powder available for investment stood at **$72 billion** at quarter-end, with $59 billion having future management fee potential[41](index=41&type=chunk) [Investment Performance](index=17&type=section&id=Investment%20Performance%20Highlights%20and%20Net%20Accrued%20Performance%20Fees) Investment performance was solid across key strategies, with Direct Origination and Asset-Backed Finance posting strong LTM gross returns of 12.0% and 11.9% respectively in credit, and the Hybrid Value strategy appreciating 17.4% over the last twelve months, while the Net Accrued Performance Fee Receivable stood at $1.57 billion LTM 2Q'25 Appreciation / Gross Returns | LTM 2Q'25 Appreciation / Gross Returns | % Return | | :--- | :--- | | **Credit** | | | Direct Origination | 12.0% | | Asset-Backed Finance | 11.9% | | **Equity** | | | Hybrid Value | 17.4% | - The Net Accrued Performance Fee Receivable was **$1,572 million** at the end of Q2 2025, a slight decrease from $1,594 million in Q1 2025, primarily due to net realized performance fees exceeding net unrealized gains[43](index=43&type=chunk) Capital Management & Balance Sheet [Capital Strength & Allocation](index=18&type=section&id=Capital%20Strength) Apollo maintains a strong capital position, underscored by high-grade credit ratings for the parent company and its key subsidiaries, having returned $1.7 billion to stockholders over the last twelve months through dividends and opportunistic share repurchases, while holding $2.4 billion in cash and cash equivalents - Returned a total of **$1.7 billion of capital to stockholders** over the last twelve months through dividends and share repurchases[45](index=45&type=chunk) - Maintains strong investment-grade financial strength ratings from Moody's, S&P, and Fitch for Apollo Global Management (A2/A/A), Apollo Asset Management (A2/A/A), and Athene (A1/A+/A+)[45](index=45&type=chunk) [Sharecount Reconciliation](index=22&type=section&id=Sharecount%20Reconciliation) The company actively managed its share count through repurchases, with $15.7 million of common stock repurchased in Q2 2025, totaling approximately $1.34 billion over the last twelve months, and $1.03 billion remaining under the current share repurchase authorization Share Repurchase Activity | Share Repurchase Activity | Q2 2025 | LTM Q2'25 | | :--- | :--- | :--- | | of Shares Repurchased | 112,211 | 9,934,123 | | Capital Utilized | $15.7 million | ~$1.34 billion | - As of the end of Q2 2025, the company had **$1.03 billion remaining** under its share repurchase plan authorization[50](index=50&type=chunk) [GAAP Balance Sheet](index=25&type=section&id=GAAP%20Balance%20Sheet) As of June 30, 2025, Apollo's GAAP balance sheet shows total assets of $419.6 billion, a significant increase from $377.9 billion at year-end 2024, primarily driven by an increase in investments within the Retirement Services segment, with total liabilities growing to $385.7 billion and total stockholders' equity increasing to $19.3 billion GAAP Balance Sheet Summary | ($ in millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $419,550 | $377,895 | | Total Liabilities | $385,689 | $346,915 | | Total Apollo Stockholders' Equity | $19,321 | $17,253 | Supplemental Details & Reconciliations [AUM Rollforward](index=20&type=section&id=AUM%20Rollforward) This section provides a detailed reconciliation of Assets Under Management (AUM) over the last three and twelve months, showing that for the twelve months ending June 30, 2025, Total AUM increased from $696.3 billion to $839.6 billion, driven by $182.6 billion in inflows, partially offset by outflows and realizations, with a positive market activity impact Total AUM Rollforward (LTM Q2'25) | Total AUM Rollforward (LTM Q2'25, $ in millions) | Amount | | :--- | :--- | | Beginning Balance | $696,253 | | Inflows | $182,603 | | Outflows | ($63,044) | | Realizations | ($20,100) | | Market Activity | $43,893 | | **Ending Balance** | **$839,605** | [Retirement Services Flows & Invested Assets](index=21&type=section&id=Retirement%20Services%20Flows%20%26%20Invested%20Assets) This section details the flows and asset base for the Retirement Services segment, which generated $21.2 billion in gross organic inflows in Q2 2025, led by funding agreements and retail, resulting in net flows of $14.0 billion for the quarter, with third-party capital supporting approximately 25% of new business volume Q2'25 Gross Organic Inflows by Channel | Q2'25 Gross Organic Inflows by Channel ($ in millions) | Amount | | :--- | :--- | | Retail | $7,256 | | Flow reinsurance | $2,031 | | Funding agreements | $11,707 | | **Total Gross Organic Inflows** | **$21,232** | - Third-party capital (ADIP) is a key growth enabler, supporting approximately **25% of Athene's organic new business volume** in the quarter[48](index=48&type=chunk) [Investment Record](index=24&type=section&id=Investment%20Record) The investment record provides detailed performance metrics for Apollo's key credit and equity funds as of June 30, 2025, including committed capital, total invested capital, realized and unrealized value, and both gross and net Internal Rates of Return (IRR) for each vintage, demonstrating a long-term track record of value creation - The report details the performance of major funds, for example, the flagship private equity Fund IX (2018 vintage) has generated a **24% Gross IRR** and a **16% Net IRR** on **$23.1 billion of invested capital**[52](index=52&type=chunk) [GAAP to Non-GAAP Reconciliation](index=27&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a detailed reconciliation of GAAP financial measures to non-GAAP measures like Segment Income and Adjusted Net Income (ANI), bridging the gap by adjusting for items such as equity-based compensation, unrealized performance fees, and investment gains/losses to present a clearer view of core operating earnings Reconciliation to ANI (Q2'25) | Reconciliation to ANI (Q2'25, $ in millions) | Amount | | :--- | :--- | | GAAP Net Income Attributable to Common Stockholders | $605 | | **Plus/Minus Adjustments:** | | | Preferred dividends & NCI | $237 | | Income tax provision | $3 | | Asset & Retirement Services Adjustments (unrealized gains, equity comp, etc.) | $430 | | **Segment Income** | **$1,495** | | HoldCo interest & Taxes | ($316) | | **Adjusted Net Income (ANI)** | **$1,179** | Definitions & Disclosures [Definitions](index=30&type=section&id=Definitions) This section provides detailed definitions for key financial and operating metrics used throughout the earnings presentation, clarifying the calculation and components of non-GAAP measures such as Fee Related Earnings (FRE), Spread Related Earnings (SRE), Principal Investing Income (PII), and Adjusted Net Income (ANI), as well as operating metrics like Assets Under Management (AUM) and Dry Powder [Forward-Looking Statements](index=35&type=section&id=Forward-Looking%20Statements) This disclosure contains standard safe harbor language, cautioning that the presentation includes forward-looking statements based on management's current beliefs and expectations, which are subject to various risks, uncertainties, and assumptions, and actual results may differ materially, advising readers to consult the company's SEC filings for a complete discussion of these risks

Core Viewpoint - Apollo Global Management reported strong second quarter results, highlighting the effectiveness of its business model and origination capabilities, which led to record organic inflows and Fee Related Earnings [2] Financial Performance - For the second quarter ended June 30, 2025, Apollo declared a cash dividend of $0.51 per share for its Common Stock, payable on August 29, 2025 [3] - Additionally, a cash dividend of $0.8438 per share for its Mandatory Convertible Preferred Stock was declared, to be paid on October 31, 2025 [4] Business Strategy - The company remains focused on long-term growth themes including retirement, wealth, industrial renaissance, and public-private convergence [2] - As of June 30, 2025, Apollo managed $840 billion in assets [8]