Apollo Global Management's assets under management totaled $172.5 billion as of March 31, up 1.4% from three months earlier and up 5.9% from the year before, the company announced in its fourth-quarter earnings release on Thursday.
The increase in AUM for the quarter was due to net inflows of $2.9 billion and $632 million in market gains, offset by about $1.1 billion in realizations.
Private equity assets under management were $37.7 billion as of March 31, up 0.5% from Dec. 31 but down 6.9% from March 31, 2015; credit AUM totaled $123.8 billion as of March 31, up 2% and up 9.7%, respectively; and real estate AUM totaled $11 billion as of March 31, down 2.7% from three months earlier but up 15.4% from a year earlier.
Apollo had a GAAP net loss of $74.6 million in the first quarter. In the fourth quarter of 2015, Apollo had net income of $24.4 million and in the first quarter of 2015 had net income of $81.5 million.
Total revenues were $120.8 million in the first quarter, down 37.6% from the fourth quarter of 2015 and down 60.1% from the first quarter of 2015. Of the total revenue, advisory and transaction fees were a net gain of $8 million vs. a net loss of $20.1 million in the fourth quarter of 2015 and a net gain of $9.5 billion in the first quarter of 2015. Management fees were $233.8 million, down 1% from the previous quarter and up 4% from the first quarter of 2015. Carried interest, meanwhile, was a net loss of $121 million vs. a $22.4 million net loss in the fourth quarter of 2015 and net gain of $68.6 million in the first quarter of 2015.
