Apollo Global Management, Inc.

Management fee income is contractual and tied to long-duration fund commitments, with $79B in fee-generating AUM as of FY2025. FRE grew every fiscal year from FY2021 through FY2025, including through the 2022 market stress period, demonstrating durability of the base management fee stream.

Credit strategies represent 86% of fee-earning AUM as of FY2025, with private equity and real assets as secondary segments. The breadth within credit (direct origination, asset-backed, opportunistic, multi-credit) provides some buffer, but the overall product mix remains highly concentrated in a single asset class.

Apollo's capital deployment and investor base is primarily US-centric, with Europe and Asia-Pacific expansion underway but representing a minority of current AUM and earnings. Athene operates in the US, Bermuda, Canada, and Japan, but the US market drives the substantial majority of retirement services revenue.

FRE margin reached approximately 57% in FY2025, with 200 basis points of expansion in the year, reflecting structural operating leverage where incremental AUM generates management fees at near-zero marginal cost. This margin trajectory was sustained across FY2021 through FY2025 including through the 2022 market cycle.

Base management fees are contractual and recurring, with Athene's spread-related earnings of $3.36B in FY2025 providing a stable insurance float stream alongside the $2.5B FRE. The integrated insurance model adds revenue durability relative to carry-dependent peers, though SRE is sensitive to credit spreads and interest rate movements.