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Mar 31
Apollo Q1 2025 Earnings Report
Apollo reported solid first-quarter results with record inflows and growth in fee and spread related earnings.
Key Takeaways
Apollo delivered strong Q1 2025 results, with net income of $418 million and adjusted EPS of $1.82. Total AUM reached $785 billion, supported by $43 billion in organic inflows. The firm demonstrated earnings durability across its asset management and retirement services segments, while continuing to execute on strategic growth initiatives.
Total AUM grew to $785 billion, driven by $43 billion in quarterly inflows.
Adjusted Net Income was $1.119 billion, or $1.82 per share.
Fee Related Earnings reached a record $559 million; Spread Related Earnings were $804 million.
Apollo repurchased $722 million of common stock during the quarter.
Apollo
Apollo
Forward Guidance
Apollo emphasized its readiness to capitalize on volatile markets, with dry powder, conservative positioning, and pipeline strength positioning it for further opportunity capture.
Positive Outlook
- Strong origination pipeline and volume across credit and equity platforms.
- Continued growth in global wealth segment with ~$5 billion inflows.
- Holding excess liquidity to redeploy into wider spread assets.
- Progress on strategic investments including pending acquisition of Bridge Investment Group.
- High proportion (75%) of fee-generating AUM in perpetual capital vehicles.
Challenges Ahead
- Lower realized performance fees due to delayed monetization in PE markets.
- Net investment income impacted by tighter spreads and prepayments.
- Fixed income income yield slightly down due to increased cash positions.
- SRE performance was flat QoQ due to normalized returns on alternative investments.
- Challenging exit environment continues to delay private equity realizations.