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Fee-related earnings rose almost 14% to $364.6m, or 61 cents a share.

The $876m, or $1.52-a-share, net loss for the just-ended quarter extended a pattern of unrealised losses that began early this year with the inclusion of Athene results for the first time. In last year’s third quarter, Apollo reported net income of $249.2m, or $1.01 a share.

Apollo’s Athene retirement services group reported nearly $2.85bn of investment losses while the firm’s asset management operation had a $31m investment loss for the period. Apollo said its flagship private equity investments generated a 0.3% loss.

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Management fees surged 16% to $545.9m from $472.5m in the year-earlier period, aided by Athene inflows, investors pouring money into yield funds, or private credit vehicles, and the acquisition of Griffin Capital’s US asset-management operations. Griffin was expected to bring assets of more than $5bn to Apollo.

Total revenue firmwide more than doubled to almost $2.98bn, largely reflecting the addition of Athene results. Apollo’s asset management business saw revenue drop 56% to $477m for the third quarter compared with nearly $1.08bn a year earlier.

The firm invested $37bn over the summer quarter, up 39% from the year-earlier quarter but down about 7.5% from the second quarter.

Assets under management increased $8bn from the end of June to reach $523bn, up 9% from a year earlier.

Uncommitted capital, or dry powder, stood at $51bn at the end of September. A year ago, the firm said it had $46.9bn in dry powder.

Write to Ted Bunker at ted.bunker@wsj.com

This article was published by The Wall Street Journal, a fellow Dow Jones Group brand