Apollo (APO) Q3 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 14, 2026 astatine 9:40 AM CDT 59 min read

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Tuesday, Nov. 4, 2025 astatine 8:30 a.m. ET

• Chief Executive Officer — Marc Rowan

• President — James Zelter

• Chief Financial Officer — Martin Kelly

• Head of Investor Relations — Noah Gunn

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Noah Gunn: Thanks, operator, and invited again, everyone, to our call. Joining maine to sermon our results and the momentum we're seeing crossed the concern are Marc Rowan, CEO; Jim Zelter, President; and Martin Kelly, CFO. Earlier this morning, we published our net merchandise and fiscal supplement connected the Investor Relations information of our website. As you tin see, precise beardown 3rd 4th results show the exceptional spot that we are seeing. We generated grounds combined interest and dispersed related net which drove adjusted nett income of $1.4 cardinal oregon $2.17 per share, up 17% year-over-year.

In summation to the affluent commentary, we prepared for you connected this morning's call, we'd similar to denote that we volition beryllium hosting an extended fixed income telephone league for Athene this 4th connected November 24. And with that, I'll manus it implicit to Marc.

Marc Rowan: Thanks, Noah, and bully morning. It's a pleasance to beryllium present contiguous and delivering bully quality is particularly amusive for me. Results successful the 3rd 4th were exceptionally strong. FRE of $652 cardinal was up 23% year-over-year, absorption interest maturation of 22% year-over-year, ACS fees of $212 million, our 2nd consecutive 4th successful excess of $200 million. SRE ex notables $846 million. And for those of you who are focused connected SRE and similar estimates, we estimation that SRE successful Q4 volition beryllium astir $880 million, which volition thrust estimated afloat twelvemonth SRE connected a comparable ground to $3.475 billion, astir 8% year-over-year growth, which volition beryllium supra the mid-single-digit people we provided earlier.

Financial results are the merchandise of underlying bully fundamentals. The astir absorbing and astir important cardinal for america is origination. We judge origination is the lifeblood of our business. Origination for this 4th was precise strong. $75 cardinal of origination led by platforms. It's our 2nd strongest 4th pursuing a grounds Q2. Average dispersed connected our origination, 350 ground points implicit treasuries, which was unchangeable quarter-over-quarter, mean standing of BBB. The reward for bully origination is radical privation to put with us. Robust inflows of $82 cardinal for the quarter, led by plus absorption of $59 billion, status services of $23 billion. In the plus absorption fig is $34 cardinal from Bridge. So inflows ex Bridge, $26 billion.