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Apollo reports record jump in earnings as asset divestments rise -Breaking

by Mike Robinson

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By Chibuike Oguh

NEW YORK (Reuters) — Apollo Global Management Inc (NYSE:) Inc stated that distributable earnings rose by an unprecedented amount in the third-quarter due to growth of its asset sales (private equity portfolio) and its income (credit business) businesses.

Apollo and Blackstone join forces (NYSE:) Inc Carlyle Group (NASDAQ) Inc. Record distributable earnings reported last month by Inc. Strong asset sales and economic recovery due to the COVID-19 Pandemic, low interest rates, and mergers and acquisitions drove to new heights.

Distribution earnings is what cash goes to dividends. It rose from $205.1million a year prior to record $752,2.1 million. According to Refinitiv, this translated into distributable earnings per shared of $1.71. This was higher than the $1.10 average Wall Street analyst estimate.

Apollo reported that $8.8B worth of investments were made by Apollo in its third quarter. This included the sale of OneMain Holdings (NYSE:) Inc) as well as profits from Apollo Education Group.

Apollo New York said that it spent $28.3 Billion to acquire assets. Verizon Communications Inc (NYSE:).

Apollo reported that Apollo’s private equity funds increased by 4.8%. Both its corporate credit funds, real estate and infrastructure funds, as well as principal finance funds, grew by 1.7% and 6 respectively. Blackstone’s private equity fund rose 9.9% while Carlyle’s buyout funds rose 4.

The total assets under management increased to $481.1billion, an increase of $471.8billion in the previous quarter. This was mainly due to increased premiums at its insurance companies Athene Holding, (NYSE:) Inc, and Athora.

Apollo finished the quarter with $46.9billion in unspent capital. The company declared a 50-cent dividend per share.

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