Apollo Announces 2Q Financial Results, ENI and DE Down YoY
July 30, 2015
Apollo Global Management released its 2Q financial results yesterday, posting aggregate GAAP net income of $56.4 million and economic net income of $154.7 million, a YoY decline of approximately 22% and 25.4%, respectively. Distributable earnings also declined on a YoY basis, coming in at just under $202 million compared to near $249 million in the same period last year. The firm enjoyed traditional PE fund appreciation of 2.7% and an average fully realized MOIC of 2.1x, driven by exits of portfolio companies including Great Wolf Resorts and Brit Insurance. PE economic income was down over 47% YoY at $63 million in 2Q, however, that number is up about 7%, sequentially. PE AUM closed the quarter at $39 billion.