Investors sell the news after big Apollo earnings

Q3 economic net income of $1.34 per share flew by estimates for $0.93 and was 36.7% higher than a year ago. Total realized gains from carried interest of $639M were up from $230M a year ago.

Management business revenue of $203.2M up 10% Y/Y. Incentive business carried interest income of $950.2M gained 65.5%.

Private equity ENI of $538.8M nearly doubles from a year ago, with P-E funds generating an IRR of 18% during Q3.

Credit business ENI of $79.2M falls from $198.7M a year ago, thanks to a big decline in carried interest income.

Q3 cash distribution of $1.01 per share declared - $0.07 quarterly distribution and $0.94 from fund realizations, payable on November 29 to shareholders of record on Nov. 22.

The stock's up 122% Y/Y, but taking a breather today, APO -4.5%.

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