Apollo Global Management (APO.N) 周二宣布第三季度录得 530 亿美元资金净流入，推动其管理资产规模增至 1.07 万亿美元，私人信贷、保险及另类投资的强劲需求助推费用相关收益创历史新高。
Apollo Global Management APO.N reported $53 billion in third-quarter inflows on Tuesday, pushing its assets under management to $1.07 trillion, as demand for private credit, insurance and other alternative investments helped drive record fee-related earnings.
这家总部位于纽约的资产管理公司股价在早盘交易中下跌 3.5%。公司报告 GAAP 净亏损 10.6 亿美元，主要因利率维持高位导致未实现的按公允价值计量损失。
Shares of the New York-based asset manager were down 3.5% in early trading. The company posted a GAAP loss of $1.06 billion, driven by unrealized mark-to-market losses as interest rates remained elevated.
该亏损并不反映其基础业务表现，因为这是非现金会计调整，会随市场条件变化而波动。
The losses do not reflect the underlying performance of its business, as they are non-cash accounting adjustments that can fluctuate with changes in market conditions.
第三季度费用相关收益 (FRE) 增长 23%，得益于单季费用相关收入创纪录及利润率扩大。管理资产规模较去年同期增长 18%。
Fee-related earnings (FRE) grew 23% in the third quarter, driven by record quarterly fee-related revenue and margin expansion. AUM rose 18% from a year earlier.
截至 9 月 30 日止三个月，扣除特殊项目后的调整后每股净收入为 2.15 美元，去年同期为 2.14 美元。
Adjusted net income excluding notable items was $2.15 per share for the three months ended September 30, compared with $2.14 per share a year earlier.
业绩凸显投资者对另类资产的持续偏好，他们寻求分散投资组合并进入私募市场以获取潜在更高回报，尽管面临市场波动、经济不确定性及估值担忧。
The resultsunderscored investors’ continued appetite for alternative assets, as they look to diversify portfolios and access private markets for potentially higher returns despite market volatility, economic uncertainty and concerns over valuations.
Apollo 成立于 1990 年，最初为私募股权公司，此后大幅拓展信贷与保险业务。公司报告第三季度毛资本部署增长约 18%。
Apollo, founded as a private equity firm in 1990, has significantly expanded into credit and insurance. It reported gross capital deployment climbed about 18% in the third quarter.
得益于具吸引力的投资与放贷机会增加，发起业务额达 1140 亿美元，较去年同期激增 52%。
Origination, which is driven by the availability of attractive investment and lending opportunities, came in at $114 billion, up 52% from the year-ago period.
Apollo Global 总裁 Jim Zelter 表示：“我们还看到基础设施、能源、国防、制造和算力领域出现历史性资本投资。”
“We’re also seeing historic capital investment across infrastructure, and energy, defense, manufacturing, and compute,” said Jim Zelter, President at Apollo Global.
他补充道：“企业正在投入巨额资金，这为我们广泛的发起业务创造了巨大机遇。”
“Companies are investing enormous amounts of capital and that is creating tremendous opportunity for our broad origination businesses,” he added.
这种稳定的资金流入使主要另类资产管理公司得以扩大其基金和资产规模，尽管市场对流动性和交易节奏的疑虑依然存在。
This steady capital flow has enabled major alternative asset managers to expand their funds and assets, even as questions persist over liquidity and the pace of dealmaking.
阿波罗全球管理公司首席执行官马克·罗温承诺，将提高私募资产的透明度和流动性，因为整个行业通常流动性较差的资产估值正受到审视。
Apollo CEO Marc Rowan has pledged to increase transparency and liquidity for private assets as valuations for typically illiquid assets have come under scrutiny across the sector.
截至上一交易日收盘，阿波罗股价在2026年下跌了17.5%，但表现优于黑石集团、阿瑞斯管理公司和KKR等同行股票。
Apollo shares are down 17.5% in 2026, but have performed better than stocks of peers such as Blackstone BX.N, Ares Management ARES.N and KKR KKR.N, as of last close.
今年早些时候，随着投资者从基金大量赎回引发抛售，私人信贷板块遭遇冲击，华尔街另类资产管理公司股票普遍下跌。
Alternative asset manager stocks fell across Wall Street earlier this year as the private credit sector faced a selloff following a surge in investor withdrawals from funds.
埃弗科尔ISI分析师格伦·肖尔团队在一份报告中表示：“我们认为这是一个好坏参半或混合的季度，与费用相关收入略好于预期，与利差相关收益略逊于预期，多项关键绩效指标各有优劣。”
“We thought it was a mixed or hybrid quarter with FRE coming in a little better, spread related earnings a little worse, and a number of KPIs split on each side of the aisle,” analysts at Evercore ISI led by Glenn Schorr said in a note.