Key Takeaways
- • Apollo Global Management's assets under management rose 18% year-on-year to $1.07tn in Q3 2026, supported by $53bn in new inflows, according to Reuters.
- • Fee-related earnings increased 23%, driven by record quarterly fee-related revenue and margin expansion.
- • Origination rose 52% year-on-year to $114bn, while gross capital deployment grew approximately 18% during the quarter.
- • Apollo reported a GAAP net loss of $1.06bn, primarily from unrealised mark-to-market losses tied to elevated interest rates.
- • Adjusted net income, excluding notable items, reached $2.15 per share versus $2.14 a year earlier, amid scrutiny of private credit valuations and liquidity.
Summary
The firm reported a 23% increase in fee-related earnings, driven by record quarterly fee-related revenue and margin expansion. Adjusted net income, excluding notable items, reached $2.15 per share, compared with $2.14 a year earlier. Apollo's gross capital deployment rose approximately 18% during the quarter, while origination increased 52% year-on-year to $114bn. The firm highlighted growing investment opportunities across infrastructure, energy, defence, manufacturing and computing capacity as businesses expand capital expenditure.
Despite these operating gains, Apollo reported a GAAP net loss of $1.06bn, primarily reflecting unrealised mark-to-market losses associated with elevated interest rates. The non-cash adjustments contrasted with stronger underlying fee-related performance.
The results come amid increased scrutiny of private credit valuations and liquidity. Apollo CEO Marc Rowan has pledged to improve transparency and liquidity across private markets.
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