Apollo Infrastructure Assets Soar 64% Amid Strong Investment Income

TL;DR

**Apollo Infrastructure is on a tear, aggressively expanding its asset base and generating serious income, making it a strong buy for growth-focused investors.**

AI Summary

Apollo Infrastructure Company LLC reported a significant increase in total net assets, reaching $1,540,700 thousand as of September 30, 2025, up from $940,296 thousand at December 31, 2024, representing a 63.8% increase. Total investment income for the nine months ended September 30, 2025, surged to $49,564 thousand, a substantial rise from $26,781 thousand in the prior year period. Net investment income also saw a healthy increase to $22,061 thousand for the nine months ended September 30, 2025, compared to $14,143 thousand in the same period of 2024. The company experienced a net increase in net assets from operations of $68,470 thousand for the nine months ended September 30, 2025, significantly higher than $27,615 thousand in the corresponding 2024 period. Key business changes include a substantial increase in investments at fair value to $1,292,949 thousand from $631,905 thousand, and the introduction of foreign currencies and derivatives as new asset and liability categories. Risks include increased deferred taxes liability of $11,841 thousand and notes payable of $428 thousand, indicating potential future tax burdens and debt obligations. The strategic outlook appears focused on continued asset acquisition and capital deployment, as evidenced by the significant capital share transactions totaling $561,893 thousand from issuance of shares for the nine months ended September 30, 2025.

Why It Matters

Apollo Infrastructure's robust asset growth and surging investment income signal strong operational performance and effective capital deployment, which is bullish for investors. The significant increase in investments at fair value to nearly $1.3 billion demonstrates aggressive expansion in the infrastructure sector, potentially creating more jobs and improving critical services. This growth also intensifies competition within the infrastructure investment space, pushing other players to innovate and expand. For customers, this could mean more robust and modern infrastructure projects. The substantial capital raises indicate continued investor confidence in the company's strategy and the broader infrastructure market.

Risk Assessment

Risk Level: medium — The company's total liabilities increased significantly to $61,785 thousand as of September 30, 2025, from $30,018 thousand at December 31, 2024, representing a 105.8% rise. This includes a deferred taxes liability of $11,841 thousand and new notes payable of $428 thousand, indicating potential future financial obligations and leverage. While asset growth is strong, the rapid increase in liabilities warrants careful monitoring.

Analyst Insight

Investors should consider Apollo Infrastructure Co LLC for its aggressive growth in infrastructure assets and strong investment income. Monitor the increasing liabilities, particularly deferred taxes and notes payable, but the overall trajectory suggests continued expansion and potential for capital appreciation.

Financial Highlights

total Assets

$1,602,485 thousand

total Debt

$61,785 thousand

cash Position

$215,247 thousand

Key Numbers

• $1.54B — Total Net Assets (Increased by 63.8% from $940.3M at Dec 31, 2024)
• $49.56M — Total Investment Income (For nine months ended Sep 30, 2025, up from $26.78M in 2024)
• $22.06M — Net Investment Income (For nine months ended Sep 30, 2025, up from $14.14M in 2024)
• $1.29B — Investments at Fair Value (Increased from $631.9M at Dec 31, 2024)
• $61.79M — Total Liabilities (Increased by 105.8% from $30.02M at Dec 31, 2024)
• $561.89M — Net Increase in Capital Share Transactions (For nine months ended Sep 30, 2025, indicating significant capital raising)
• $11.84M — Deferred Taxes Liability (As of September 30, 2025, up from $7.75M at Dec 31, 2024)
• $428 thousand — Notes Payable (New liability as of September 30, 2025)

Key Players & Entities

• Apollo Infrastructure Company LLC (company) — registrant
• Apollo Manager, LLC (company) — Operating Manager
• U.S. Securities and Exchange Commission (regulator) — filing oversight
• $1,540,700 thousand (dollar_amount) — Total net assets as of September 30, 2025
• $940,296 thousand (dollar_amount) — Total net assets as of December 31, 2024
• $49,564 thousand (dollar_amount) — Total investment income for nine months ended September 30, 2025
• $22,061 thousand (dollar_amount) — Net investment income for nine months ended September 30, 2025
• $1,292,949 thousand (dollar_amount) — Investments at fair value as of September 30, 2025
• $61,785 thousand (dollar_amount) — Total liabilities as of September 30, 2025
• $561,893 thousand (dollar_amount) — Net increase in capital share transactions for nine months ended September 30, 2025

FAQ

Risk Factors

• Increased Liabilities and Deferred Taxes [medium — financial]: Total liabilities increased by 105.8% from $30.02 million to $61.79 million. This includes a new 'Notes Payable' liability of $428 thousand and a significant increase in 'Deferred Taxes Liability' to $11.84 million from $7.75 million, indicating potential future financial obligations and tax burdens.
• Valuation of Investments and Derivatives [medium — market]: The company's investments are reported at fair value, which increased substantially to $1.29 billion from $631.9 million. The introduction of foreign currencies and derivative assets/liabilities introduces market risk associated with fluctuations in exchange rates and the value of derivative instruments.
• Dependence on Operating Manager [low — operational]: The company has significant 'Due from Operating Manager' and 'Due to Operating Manager' balances, indicating a close operational relationship. Any disruption or change in the performance of the Operating Manager could impact the company's operations and financial condition.

Industry Context

Apollo Infrastructure Company LLC operates within the infrastructure investment sector, which is characterized by long-term, capital-intensive assets. The industry typically involves investments in areas like utilities, transportation, and energy. Trends include a growing demand for infrastructure development globally, driven by economic growth and modernization efforts, alongside increasing investor interest in stable, yield-generating assets. However, the sector is also subject to regulatory scrutiny and can be sensitive to interest rate changes and economic cycles.

Regulatory Implications

As an investment company, Apollo Infrastructure is subject to various financial regulations, including those related to disclosures, capital requirements, and investor protection. The introduction of new asset classes like foreign currencies and derivatives may bring additional compliance considerations. The increase in deferred taxes liability also points to the importance of tax regulations and their impact on financial reporting and future cash flows.

What Investors Should Do

1. Monitor the growth and performance of 'Investments at Fair Value'.
2. Analyze the impact of increased liabilities, particularly 'Deferred Taxes Liability' and 'Notes Payable'.
3. Evaluate the strategic implications of new asset and liability categories (foreign currencies, derivatives).
4. Assess the sustainability of capital raising through share issuances.

Key Dates

• 2025-09-30: Consolidated Statements of Assets and Liabilities — Reports total net assets of $1,540,700 thousand and total investments at fair value of $1,292,949 thousand.
• 2025-09-30: Consolidated Statements of Operations — Reports total investment income of $49,564 thousand and net investment income of $22,061 thousand for the nine months ended.
• 2025-09-30: Consolidated Statements of Changes in Net Assets — Shows a net increase in net assets from operations of $68,470 thousand for the nine months ended.
• 2025-09-30: Consolidated Statements of Cash Flows — Details cash flows for the nine months ended, including significant capital share transactions.
• 2024-12-31: Consolidated Statements of Assets and Liabilities — Prior period comparison showing total net assets of $940,296 thousand and total investments at fair value of $631,905 thousand.

Glossary

Investments at fair value

Assets held by the company that are valued based on their current market price, rather than their historical cost. (Represents the largest asset category, showing significant growth and indicating the core business of the company is in acquiring and valuing assets.)

Net assets

The total value of an entity's assets minus its total liabilities. For a fund, it represents the value available to shareholders. (Shows substantial growth, indicating successful capital deployment and asset appreciation.)

Total investment income

The sum of all income generated from the company's investments, such as interest, dividends, and realized/unrealized gains. (Demonstrates the income-generating capacity of the company's investment portfolio, which has seen significant growth.)

Net investment income

Total investment income minus the company's operating expenses and interest expenses. (Measures the profitability of the company's core investment activities after accounting for operational costs.)

Deferred taxes liability

Taxes that have been incurred but not yet paid. This often arises from differences in accounting and tax reporting periods or methods. (An increase in this liability suggests potential future cash outflows for taxes, impacting net assets.)

Foreign currencies at fair value

Assets or liabilities denominated in a currency other than the company's reporting currency, valued at their current market exchange rate. (Indicates the company's exposure to foreign exchange rate fluctuations as a new area of its balance sheet.)

Derivative assets

Financial instruments whose value is derived from an underlying asset, index, or rate, and which are held by the company to potentially gain value or hedge risk. (Represents a new category of assets, suggesting the use of more complex financial instruments in the company's strategy.)

Year-Over-Year Comparison

Compared to the prior period (December 31, 2024), Apollo Infrastructure Company LLC has experienced a dramatic increase in its financial scale. Total net assets have surged by 63.8% to $1.54 billion, driven by a near doubling of 'Investments at Fair Value' to $1.29 billion. This growth is supported by significant capital raising, evidenced by a $561.89 million net increase in capital share transactions. Concurrently, total liabilities have more than doubled, increasing by 105.8% to $61.79 million, with notable additions including deferred taxes and notes payable, signaling increased financial complexity and potential future obligations.

Filing Documents

• ck0001971381-20250930.htm (10-Q) — 7691KB
• ck0001971381-ex31_1.htm (EX-31.1) — 15KB
• ck0001971381-ex31_2.htm (EX-31.2) — 15KB
• ck0001971381-ex32_1.htm (EX-32.1) — 9KB
• ck0001971381-ex32_2.htm (EX-32.2) — 9KB
• 0001193125-25-282771.txt ( ) — 29318KB
• ck0001971381-20250930.xsd (EX-101.SCH) — 1682KB
• ck0001971381-20250930_htm.xml (XML) — 8647KB

Financial Statements

Financial Statements 4 Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and as of December 31, 2024 4 Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 6 Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 7 Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited) 8 Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) 10 Condensed Consolidated Schedules of Investments as of December 31, 2024 13

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 57 Part II. Other Information 58 Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

Signatures

Signatures 60 2 Table of Contents Special Note Regarding F orward-Looking Statements Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to: our future operating results; our business prospects and the prospects of the Infrastructure Assets (as defined below) we acquire, control and manage; our ability to raise sufficient capital to execute our acquisition and lending strategies; the ability of Apollo Manager, LLC (the "Operating Manager") to source adequate acquisition and lending opportunities to efficiently deploy capital; the ability of our Infrastructure Assets to achieve their objectives; our current and expected financing arrangements; changes in the general interest rate environment; the adequacy of our cash resources, financing sources and working capital; the timing and amount of cash flows, distributions and dividends, if any, from our Infrastructure Assets; our contractual arrangements and relationships with third parties; actual and potential conflicts of interest with the Operating Manager or any of its affiliates; the dependence of our future success on the general economy and its effect on the industries in which we acquire, control and manage Infrastructure Assets; our use of financial leverage; the ability of the Operating Manager to identify, acquire and manage our Infrastructure Assets; the ability of the Operating Manager or its affiliates to attract and retain highly talented professionals; our ability to structure acquisitions in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and the tax status of the enterprises through which we acquire, control an

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Apollo Infrastructure Company LLC Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) as of September 30, 2025 (Unaudited) as of December 31, 2024 Series I Series II Total Series I Series II Total Assets Investments at fair value (cost at September 30, 2025 of $ 359,893 ; $ 862,604 ; $ 1,222,497 ; and at December 31, 2024 of $ 156,833 ; $ 436,817 ; $ 593,650 ; respectively) $ 379,057 $ 913,892 $ 1,292,949 $ 166,652 $ 465,253 $ 631,905 Cash and cash equivalents 62,451 152,796 215,247 84,681 236,861 321,542 Foreign currencies at fair value (cost as at September 30, 2025 of $ 15,051 ; $ 36,288 ; $ 51,339 ; respectively) 15,222 36,701 51,923 - - - Prepaid expenses and other assets 2,358 5,652 8,010 1,766 5,134 6,900 Receivables from investments sold 6,979 16,825 23,804 - - - Deferred offering expenses 489 1,178 1,667 545 1,522 2,067 Derivative assets 188 432 620 - - - Due from Operating Manager 2,423 5,842 8,265 2,083 5,817 7,900 Total assets $ 469,167 $ 1,133,318 $ 1,602,485 $ 255,727 $ 714,587 $ 970,314 Liabilities Derivative liabilities $ 166 $ 482 $ 648 $ - $ - $ - Management fee payable - - - 117 303 420 Accrued performance fee payable 1,482 3,148 4,630 982 2,721 3,703 Distribution payable 3,369 8,191 11,560 1,863 5,181 7,044 Payable for investments purchased 4,221 10,177 14,398 - - - Deferred taxes liability 4,213 7,628 11,841 2,299 5,455 7,754 Other accrued expenses and liabilities 3,729 6,286 10,015 870 2,467 3,337 Due to Operating Manager 2,423 5,842 8,265 2,047 5,713 7,760 Notes Payable 214 214 428 - - - Total liabilities $ 19,817 $ 41,968 $ 61,785 $ 8,178 $

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