Apollo Global Management Reports 199.5% Revenue Growth in Q3 2024, Total Assets Under Management Reach $733.2 Billion

Apollo Global Management, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $7,773 million, a remarkable increase of 199.5% compared to $2,595 million in the same quarter of 2023. However, for the nine months ended September 30, 2024, total revenues decreased by 3.6% to $20,831 million from $21,598 million in the prior year.

The Asset Management segment saw management fees rise to $476 million in Q3 2024, up from $462 million in Q3 2023. Advisory and transaction fees also increased by 15.3% to $181 million. In contrast, investment income fell by 21.2% to $230 million. The Retirement Services segment reported premiums of $389 million, a substantial increase from $26 million in Q3 2023, while net investment income rose by 29.5% to $4,101 million.

Net income for Q3 2024 was $1,769 million, a 176.4% increase from $640 million in Q3 2023. Net income attributable to Apollo Global Management, Inc. was $811 million, up 18.9% from $682 million in the previous year. For the nine months ended September 30, 2024, net income reached $4,711 million, compared to $2,928 million in the same period of 2023.

Apollo's total assets under management (AUM) increased to $733.2 billion as of September 30, 2024, reflecting a growth of $82.4 billion (12.7%) from $650.8 billion at the end of 2023. This growth was driven by strong net inflows, particularly in credit strategy funds, which saw an increase of $69.7 billion.

The company also reported total liabilities of $337,148 million as of September 30, 2024, up from $288,243 million at the end of 2023. Total stockholders’ equity increased to $17,863 million from $14,044 million during the same period. The increase in liabilities was primarily attributed to a rise in interest-sensitive contract liabilities, which grew significantly from $204,670 million to $245,436 million.

Apollo's strategic developments included the issuance of $750 million in senior notes and the repayment of $500 million in senior notes during the reporting period. The company also announced a new share repurchase program authorized for up to $3.0 billion, effective February 2024, with $788 million spent on repurchasing shares during the nine months ended September 30, 2024.

Overall, Apollo Global Management, Inc. demonstrated robust growth in its asset management business, despite some fluctuations in revenue streams and increased liabilities.