Market to Market Accounting Hits Apollo Portfolio

Apollo Global Management (NYSE: APO) has reported its results for Q3 2011, including a total economic net loss of $1.14 billion, compared to an economic net income of $315.3 million for the same quarter last year. Similarly, the firm's PE segment posted an economic net loss of $881.1 million for Q3 2011, resulting from lower valuations of some portfolio companies. On the brighter side of things, Apollo's total revenue for the quarter was $151.5 million, a 10% increase from Q3 2010. The firm closed out Q3 2011 with $9.4 billion of PE dry powder.