RTTNews | Aug 4, 2021 08:58AM EDT

08:58 Wednesday, August 4, 2021 (RTTNews.com) - Apollo Global Management, Inc. (APO) said its second quarter distributable earnings increased quarter-over-quarter, primarily due to higher realized performance fees and principal investment income. Fee related earnings surpassed $300 million and was up 16% year-over-year and 5% quarter-over-quarter, driven by higher advisory and transaction fees and management fees, partially offset by an increase in non-compensation expenses. Total assets under management increased to $471.8 billion during the quarter, primarily driven by growth of the company's insurance company clients.

Second quarter distributable earnings was $501.55 million compared to $205.21 million, prior year. Distributable earnings per share increased to $1.14 from $0.46. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items. Second quarter net income to class A common stockholders was $648.56 million or $2.70 per share compared to $437.16 million or $1.84 per share, last year.

Second quarter total revenues declined to $1.38 billion from $1.51 billion, prior year. Analysts expected revenue of $686.75 million, for the quarter.

Apollo declared a quarterly dividend of $0.50 per share of class A common stock to holders of record as of August 19, 2021, which is payable on August 31, 2021.

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