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Apollo Global Management, LLC Reports Third Quarter 2012 Results

Credit Segment

ENI from Apollo’s credit segment was $195.0 million for the third quarter of 2012, compared to an economic net loss of $266.6 million for the third quarter of 2011. The quarter over quarter change was largely driven by total carried interest income of $228.6 million during the third quarter of 2012, compared to a total carried interest loss of $271.7 million during the third quarter of 2011. Combined income from equity method investments and net gains from investment activities was $19.0 million for the third quarter of 2012, compared to a combined loss of $59.8 million for the same period in 2011.

Management fees from Apollo’s credit segment were $80.8 million for the third quarter of 2012 compared to $47.2 million, an increase of $33.6 million, or 71%, from the third quarter of 2011. The increase in management fees was largely driven by the previously announced acquisitions of Stone Tower and Gulf Stream Asset Management LLC.

During the third quarter of 2012, there was $1.2 billion of additional capital raised across Apollo’s credit platform, including $0.4 billion for Apollo’s European loan strategies, $0.4 billion directed towards residential mortgage credit investments and $0.4 billion in new managed accounts, where Apollo looks to provide tailored, solution-driven investment strategies across its credit platform to meet the unique risk profiles and return needs of its investors.

Real Estate Segment

Apollo’s real estate segment had an economic net loss of $1.7 million for the third quarter of 2012, compared to a $5.4 million loss for the third quarter of 2011. Total revenues for the real estate segment during the third quarter of 2012 were $15.7 million, an increase of $4.7 million or 43% compared to $11.0 million for the same period in 2011. The increase in revenues during the third quarter of 2012 was largely due to a $4.8 million increase in unrealized carried interest income.

Stock quotes in this article: APO 

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