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TheStreet Open House

Apollo Global Management, LLC Reports Third Quarter 2012 Results

Apollo Global Management, LLC (NYSE: APO) and its consolidated subsidiaries (collectively, “Apollo”) today reported results for the third quarter ended September 30, 2012.

Apollo reported ENI of $433.5 million for the third quarter of 2012, compared to a loss of $1,159.0 million for the third quarter of 2011. The change in ENI was primarily driven by Apollo’s Incentive Business, which reported economic net income of $380.4 million for the third quarter of 2012, compared to an economic net loss of $1,162.2 million for the same period in 2011. The quarter over quarter change in economic net income for the Incentive Business was largely the result of unrealized carried interest gains in our private equity and credit segments (previously referred to as the capital markets segment) of $152.4 million and $187.0 million, respectively, during the third quarter of 2012, compared to unrealized carried interest losses in our private equity and credit segments of $1,399.1 million and $284.1 million, respectively, during the third quarter of 2011. The quarter over quarter change in ENI was also impacted by Apollo’s Management Business, which reported economic net income of $53.1 million for the third quarter of 2012, compared to $3.2 million for the same period in 2011.

Total AUM was $109.7 billion as of September 30, 2012, an increase of $44.6 billion, or 69%, compared to $65.1 billion as of September 30, 2011. The increase in total AUM was primarily driven by growth in the credit segment, which had $60.1 billion of AUM as of September 30, 2012, an increase of $37.7 billion, or 168%, compared to $22.4 billion as of September 30, 2011. Fee-generating AUM was $77.7 billion as of September 30, 2012, an increase of $28.0 billion, or 56%, compared to $49.7 billion as of September 30, 2011. The increase in fee-generating AUM was also primarily driven by both organic and strategic growth in Apollo’s credit segment.

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