Apollo Global Management

Apollo’s earnings are more predictable than a typical alternatives manager because two diversified streams drive results. Fee Related Earnings are recurring and tied to fee‑generating AUM, which is increasingly perpetual, while Spread Related Earnings are underpinned by Athene’s large, investment grade portfolio and disciplined ALM.

In 2Q25 Apollo reported 61 billion dollars of inflows in the quarter and 179 billion dollars over the last twelve months, and origination of 260 billion dollars LTM, supporting forward fee growth and spread deployment.

Risks to predictability include a credit downturn, lower alternative returns, and spread compression if risk‑free rates fall quickly, but the multi‑engine model and perpetual capital help smooth cycles.