Apollo Global Management posted a stronger-than-expected quarter, with earnings topping Wall Street forecasts as the firm’s credit and origination machine delivered record activity and fresh capital continued to flow into its platforms. The performance pushed Apollo’s assets under management to $938 billion, leaving the firm within reach of the $1 trillion milestone management has been targeting.
On an adjusted basis, Apollo reported net income per share of $2.47, beating consensus expectations of about $2.05. The result reflected continued momentum in Apollo’s spread-based and fee-related businesses, with growth driven less by a sudden rebound in private equity realizations and more by the steady expansion of its credit franchise.
The firm reported $42 billion of inflows during the quarter, lifting assets under management to $938 billion, roughly 25% higher than a year earlier. The scale of inflows highlights Apollo’s ability to raise capital across institutional channels, even as allocators remain selective and fundraising conditions in private markets continue to normalize from prior peaks.
Apollo’s credit engine remained a central driver. The company cited approximately $97 billion in origination in the quarter, a record level that underscores how lending, structured credit, and related solutions have become core to the firm’s growth model and its pitch as a more durable compounder across cycles.
The composition of flows is a key watch item. Wealth channel inflows slowed to about $4 billion in the quarter, a deceleration that matters because the individual investor channel is one of the most important long-term growth levers for large alternative managers. Apollo continues to push for broader distribution across wealth, retirement, and insurance channels, and any reacceleration there could meaningfully affect the pace at which the firm crosses the $1 trillion threshold.
Market narratives around credit risk also remain in the background. Apollo has pointed to relatively limited exposure to software, with software representing under about 2% of assets under management, as investors scrutinize underwriting quality and sector concentrations across private credit portfolios amid broader debate about technology-related leverage and refinancing risk.
Looking ahead, investors will be watching whether wealth inflows regain momentum, whether origination remains elevated without a loosening of underwriting discipline, and whether Apollo’s commentary on sector exposures and risk positioning shifts as the rate and refinancing environment evolves.
