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- **Record Origination Growth**: Q3 origination of $75 billion, up 40% year-over-year, driven by hybrid and private credit solutions.
- **Strong Financial Performance**: FRE of $652 million (+23% YoY), SRE of $846 million, and AUM of $908 billion.
- **2026 Outlook**: 20%+ FRE growth, 10% SRE growth, with 75% of top-line growth from existing platforms.
- **Private Credit Expansion**: 50% of assets under management in private credit, with focus on 401(k) and institutional inflows.

**CEO Summary Section**
- Led by hybrid and private credit solutions, Q3 origination reached $75 billion, up 40% YoY, with 50% of assets under management in private credit.
- Global Wealth inflows of $5 billion reflect demand for alternative income solutions, with 80% of strategies focused on credit-oriented strategies.
- 2026 outlook includes 20%+ FRE growth and 10% SRE growth, with 75% of top-line growth from existing platforms.

**CFO Financial Commentary**
- Q3 FRE of $652 million (+23% YoY), SRE of $846 million, and AUM of $908 billion.
- 2026 guidance: 20%+ FRE growth, 10% SRE growth, and 50% of assets in private credit.
- Risk management actions reduced floating rate portfolio sensitivity to $10-15 million vs. prior $30 million.

**Q&A Key Highlights**
- **Origination Strategy**: 2026 target of $275 billion+ origination, with 50% growth from new products (e.g., sports, data centers).
- **Wealth Management**: 2025 Global Wealth inflows of $26 billion, 80% in credit-oriented strategies.
- **Partnerships**: Discussions with traditional asset managers to integrate private credit into 401(k) and institutional portfolios.
- **Risk Management**: 90% of portfolio in investment-grade assets, 10% in high-yield, with 25% reduction in COVID-era business drag.

Apollo Global Management, Inc. (APO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

APO

APO fundamentals

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