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  "documentTitle": "Apollo Global Management | Results Presentation Deck | 37 slides",
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  "presentationDate": "2021-11-01 00:00:00",
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  "notes": "The slide uses a waterfall bridge to explain the movement in FRE between quarters.",
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      "text": "“NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. 1. FRE Margin is calculated as Fee Related Earnings divided by fee-related revenues.",
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      "text": "3Q'21 FRE increased 8% year-over-year driven by higher management fees and performance fees, partially offset by an increase in compensation and non-compensation expenses as well as a decrease in advisory and transaction fees",
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