Apollo Global Management exceeded Wall Street’s expectations with a 20% increase in third-quarter profit, fueled by growth in managed assets, debt origination, and performance fees.
The asset manager reported an adjusted net income of $1.36 billion ($2.17 per share), surpassing analyst estimates of $1.22 billion ($1.91 per share) compiled by LSEG.
Originally founded in 1990 as a private equity firm, Apollo has evolved into a diversified corporate credit investor and took full ownership of Athene, a retirement services company, in 2021.
Shares rose 3.3% in premarket trading, though they remain down about 25% year-to-date. Analysts from Piper Sandler praised Apollo’s results, particularly the strong spread-related earnings from Athene and record fee-related income from asset management and capital arrangements.
The company recorded $82 billion in inflows during the quarter, lifting total assets under management to $908 billion. This brings Apollo closer to CEO Marc Rowan’s targets of $1 trillion AUM by 2026 and $1.5 trillion by 2029.
Of the total inflows, $34 billion came from the acquisition of Bridge Investment Group, while over $10 billion originated from retail annuity sales via Athene. Another $9.7 billion stemmed from funding agreements with U.S. Federal Home Loan Banks, allowing Apollo to raise additional capital.
Athene, which offers annuities to individuals and pension funds, provides Apollo with stable, long-term capital to reinvest. Spread-related earnings rose to $871 million, and fee-related income reached a record $652 million.
Despite its success, Apollo noted that the environment for exiting investments remains uncertain as higher interest rates continue to weigh on traditional private equity deals. Still, the firm remains active, recently signing a $2.7 billion hybrid capital deal to take Soho House private.
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