Apollo Global Surges: Record Lending & $690M Fee Revenue in Q4 2025

Apollo Global Management is experiencing a surge in its lending business, a critical component of the firm’s ambition to become a leading Wall Street underwriter. The firm reported record origination activity in the fourth quarter, signaling robust growth and a strategic focus on credit markets.

The New York-based firm generated a record fourth-quarter origination volume of $97 billion, bringing the total for the year to $309 billion – nearly $100 billion more than the previous year. This expansion in lending directly fueled record fee and carried interest income for the year, according to company statements.

“We are at the forefront of building the next generation of financial services,” said Apollo Chief Executive Officer Marc Rowan in a statement announcing the firm’s fourth-quarter earnings on Monday. This sentiment underscores Apollo’s confidence in its current trajectory and its vision for future growth.

Fee-related earnings increased 25% to $690 million in the fourth quarter, exceeding analyst expectations compiled by Bloomberg. This substantial increase highlights the firm’s ability to capitalize on market opportunities and deliver strong financial performance.

A significant contributor to this success was Apollo’s Capital Solutions division, which provides direct lending, asset-backed financing, and opportunistic credit agreements. Fees generated by this division soared to a record $808 million in 2025, a 21% increase year-over-year. This demonstrates the growing demand for alternative lending solutions and Apollo’s position as a key player in this market.

However, Apollo’s results also reflect broader challenges facing the private equity industry. The firm continues to experience delays in returning capital to investors in its large flagship private equity and hybrid funds, attributing this to a “dynamic exit environment.” This indicates that while Apollo is successfully deploying capital, realizing returns through exits remains challenging in the current market conditions.

Despite these challenges, performance fee income increased to $588 million, a 30% increase compared to 2024. This suggests that Apollo’s investment strategies are generating strong returns for investors, even amidst a difficult exit environment.

Apollo also saw significant inflows into its wealth management channels, attracting $4 billion in the fourth quarter. This reflects the ongoing trend of alternative asset managers capturing untapped capital from high-net-worth and retail investors. Total assets managed by wealth management globally now stand at approximately $50 billion, bringing the firm closer to its target of $150 billion by 2029.

The strong performance in lending is particularly noteworthy. Apollo’s origination activity exceeded $220 billion in 2024, and assets under management surpassed $750 billion. This growth is driven by a combination of factors, including increased demand for private credit, Apollo’s strong origination capabilities, and its ability to attract capital from a diverse range of investors.

Apollo also declared a cash dividend of $0.4625 per share of its Common Stock for the fourth quarter ended December 31, 2024, payable on February 28, 2025, to holders of record as of February 18, 2025. A cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock was declared and set aside for payment on April 30, 2025, to holders of record as of April 15, 2025.

The firm’s success in growing its lending business is a key indicator of its overall strength and its ability to navigate a complex and evolving financial landscape. While challenges remain, particularly in the private equity exit market, Apollo’s strong financial performance and strategic focus position it well for continued growth in the years ahead. The company’s focus on credit, coupled with its expansion in wealth management, suggests a deliberate strategy to diversify its revenue streams and capitalize on emerging opportunities in the alternative asset management industry.

Apollo’s growth strategy appears clear, with a focused team dedicated to execution, and a commitment to winning in the marketplace, according to Rowan. The firm’s ability to generate record origination activity and attract significant inflows demonstrates its competitive advantage and its appeal to investors seeking alternative investment opportunities.