Apollo's Q2 performance fees plummet 40% as asset sales lag rivals

Apollo Global Management reported a 40% drop in realized performance fees to $130 million in the second quarter, citing delayed asset sales in a challenging exit environment. The weakness in big-ticket divestments contrasted with record fee-related earnings of $785 million and strong spread profits of $877 million from its Athene insurance business. The results highlight the firm's struggle to generate the large windfalls that have recently boosted competitors.