Apollo's Origination Platform Strategy - Apollo's origination platforms power Athene and grow Apollo, focusing on investment-grade assets with excess spread and a track record of low losses[21] - Apollo has invested billions of dollars over 10+ years to build a large origination ecosystem[21, 70] - Apollo's asset-backed finance franchise has experienced low losses over a long period, especially for investment-grade tranches and post-crisis for all tranches[44, 45] - Apollo's ABF business has over \$200 billion in asset-backed originations to date[50, 55] Private Credit Market - The private credit market is large, with an addressable market of approximately \$40 trillion, and Apollo is focused on areas with attractive risk/reward[41, 42, 43] - The majority of private credit across Apollo is investment grade, with the origination ecosystem primarily focused on asset-backed finance[43] MidCap Financial - MidCap Financial has over \$14 billion in assets originated LTM 3Q'23 and cumulative credit losses of 27 bps since 2008[125] - MidCap Financial manages \$48.4 billion in total managed commitments as of 3Q 2023[125, 137] - MidCap generates a ~17% return on equity[152, 153] Wheels - Wheels has approximately \$4 billion in assets originated LTM 3Q'23 and average charge-offs of less than 1bp over the last 15 years[165, 209] - Wheels manages a vehicle fleet of approximately 800,000 vehicles as of 3Q'23[165] ATLAS SP Partners - ATLAS SP Partners had approximately \$40 billion in funded AUM at launch in February 2023 and has originated approximately \$10 billion in assets since acquisition[216] - ATLAS SP Partners has less than 1bp in aggregate impairments on originations over the last 7 years[216, 247] Earnings Power - Apollo has approximately \$95 billion of directly originated assets within Athene's investment portfolio[281] - Apollo's capital solutions fees were approximately \$420 million YTD 3Q'23[299]

Group 1 - Apollo Global Management, Inc. (NYSE:APO) is receiving increased attention from Wall Street analysts, with Morgan Stanley raising its price target to $180.00 from $151.00 and upgrading the stock from Equalweight to Overweight, citing confidence in over 20% fee-related earnings growth [1] - Goldman Sachs also raised its price target for Apollo Global Management to $155.00 from $151.00, maintaining a 'Buy' rating, indicating a potential upside of nearly 23% due to the company's strong origination capabilities [2] - Apollo Global Management is projected to achieve over 20% growth in fee-related earnings (FRE) for 2026, with better-than-expected guidance for spread-related earnings (SRE), leading to an average EPS forecast increase of around 4% for 2026/2027 [3] Group 2 - Apollo Global Management is a New York-based private equity firm that specializes in private equity, infrastructure, credit, secondaries, and real estate investments, founded in 1990 [4]

Core Insights - Granite Source Power (GSP) and Great Bay Renewables have formed a strategic partnership to address the increasing demand for reliable energy and enhance grid reliability in the U.S. [1][4] - The partnership aims to accelerate the development of battery storage and energy generation projects, leveraging Great Bay's expertise in energy finance and interconnection security [2][4]. Company Overview - Granite Source Power, established in 2022, has successfully closed approximately 2,000 MW of project sales and has a strong pipeline of battery storage and energy generation projects across various U.S. markets including ERCOT, PJM, NYISO, ISONE, and SPP [2]. - Great Bay Renewables specializes in providing creative capital solutions for renewable energy projects, having invested over $730 million in the sector and creating royalty agreements on over 35 projects totaling around 8.2 GW [6]. Market Context - The energy market is becoming increasingly complex due to rising demand from data centers and other loads, prompting GSP to implement innovative strategies to accelerate project timelines and deliver essential infrastructure cost-effectively [3]. - The partnership is positioned to expand GSP's services and create more opportunities for utilities and large-load clients, addressing the critical need for battery storage and electricity generation in response to America's growing power demand [3][4].

Core Insights - Apollo Global Management (APO) and KKR & Co. Inc. (KKR) are leading firms in the asset management sector, each with distinct business models and growth strategies that may influence their future performance [1][20] Apollo Global Management (APO) - Apollo's diversified business model supports sustainable earnings, with a compound annual growth rate (CAGR) of 7.8% in assets under management (AUM) from 2021 to 2024 [3] - The company completed the acquisition of Bridge Investment in September 2025, which is expected to nearly double its real estate AUM to over $110 billion [3][20] - Apollo's revenue expanded at a CAGR of 63.7% from 2021 to 2024, with continued growth in the first nine months of 2025 [5] - Recent acquisitions, including Argo Infrastructure Partners, enhance Apollo's capabilities in fast-growing sectors [4] - Apollo's forward price-to-earnings (P/E) ratio is 15.36X, lower than KKR's, providing a valuation advantage [15][20] - The company raised its quarterly dividend by 10.9% to 51 cents per share in May 2025, resulting in a dividend yield of 1.6% [15] KKR & Co. Inc. (KKR) - KKR's total AUM has shown a five-year CAGR of 23.9% from 2019 to 2024, with growth continuing into 2025 [6] - The firm closed a majority stake in HealthCare Royalty Partners in July 2025, adding nearly $3 billion to its AUM [6] - KKR's revenue has grown at a CAGR of 16.3% from 2019 to 2024, with ongoing growth in the first nine months of 2025 [7] - KKR announced a multi-year partnership with Sallie Mae to acquire private education loans, broadening its investment opportunities [8] - KKR's forward P/E ratio is 20.24X, indicating a higher valuation compared to Apollo [15] - The company raised its quarterly dividend by 5.6% to 19 cents per share in May 2025, resulting in a dividend yield of 0.6% [15] Comparative Analysis - Apollo is seen as having more upside potential due to its diversified model and sustained AUM momentum, while KKR's near-term upside appears limited by its higher valuation [20][21] - Both companies have shown strong growth trajectories, but Apollo's recent acquisitions and lower P/E ratio create a compelling investment case [20]

Core Insights - Apollo will host a Retirement Services Business Update on November 24, 2025, focusing on Athene Holding Ltd [1] - The event will feature presentations from Apollo and Athene senior management, followed by a Q&A session [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible afterward [2] Company Overview - Apollo is a high-growth global alternative asset manager with approximately $908 billion in assets under management as of September 30, 2025 [3] - The company aims to provide clients with excess returns across various risk-reward spectrums, including investment grade credit and private equity [3] - Through Athene, Apollo specializes in retirement savings products and solutions for financial security [3]

Core Viewpoint - King US Bidco, Inc. has successfully priced €750,000,000 in Floating Rate Senior Secured Notes due 2032, with an interest rate linked to the three-month EURIBOR plus 3.25% [1][2] Group 1: Offering Details - The Notes will be issued at an issue price of 100.000% and are expected to close on December 1, 2025 [1] - The interest rate for the Notes is set at the three-month EURIBOR (with a floor of 0%), reset quarterly, plus 3.25% [1] - The Notes will mature on December 1, 2032 [1] Group 2: Use of Proceeds - Proceeds from the Offering will be used to fund the acquisition of 100% of the share capital of Kelvion Thermal Solutions Holding GmbH and Mangrove GermanCo I GmbH [2] - The proceeds will also be used to redeem €525.0 million of existing senior secured floating rate notes due 2029 of the Target Companies' parent [2] - Additional uses include repaying borrowings under existing senior secured facilities and covering transaction-related costs [2] Group 3: Regulatory and Market Considerations - The Notes are being offered only to qualified institutional buyers and non-U.S. persons, exempt from the registration requirements of the Securities Act [3] - The offering is not intended for retail investors in the European Economic Area or the United Kingdom [6][8] - The target market for the Notes is limited to eligible counterparties and professional clients as defined under MiFID II [9][10]

Core Insights - Private credit is identified as a durable asset category that is expected to continue its growth trajectory [1] - The focus is on long-duration assets, indicating a strategic investment approach [1] - The firm is also exploring opportunities in sports investing, highlighting diversification in investment strategies [1]

Core Insights - Apollo Global Management has agreed to acquire a majority stake in Spanish soccer club Atlético de Madrid, reflecting a growing trend of private-equity firms investing in European soccer [1] Group 1: Company Overview - The acquisition marks a significant move for Apollo Global Management, indicating its commitment to expanding its portfolio in the sports sector [1] - Atlético de Madrid is one of the prominent soccer clubs in Spain, known for its competitive performance in La Liga and European competitions [1] Group 2: Industry Trends - There is an increasing rush by private-equity firms and financial backers to invest in European soccer, highlighting the sport's lucrative potential and growing commercial value [1] - This trend suggests a shift in how soccer clubs are financed, moving towards more institutional investment as opposed to traditional ownership models [1]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Assets Under Management - As of September 30, 2025, Apollo Global Management had total assets under management (AUM) of $908 billion, with $723 billion in credit and $185 billion in equity strategies[363][365][366]. - Total AUM increased by $68.8 billion, or 8.2%, to $908.4 billion as of September 30, 2025, compared to $839.6 billion at June 30, 2025[529]. - For the nine months ended September 30, 2025, Total AUM increased by $157.3 billion, or 20.9%, compared to $751.0 billion at December 31, 2024[530]. - Fee-Generating AUM reached $685.0 billion at September 30, 2025, with net flows of $97.5 billion during the nine months ended September 30, 2025[533]. - Total Fee-Generating AUM increased to $685.0 billion as of September 30, 2025, up $46.7 billion or 7.3% from $638.3 billion at June 30, 2025, primarily due to the Bridge acquisition and growth in retirement services client assets[534]. - For the nine months ended September 30, 2025, Total Fee-Generating AUM rose by $116.4 billion or 20.5% compared to $568.7 billion at December 31, 2024, driven by retirement services client asset growth and market activity in credit strategy[535]. Financial Performance - Total revenues increased by 26.4% to $9,823 million in Q3 2025 from $7,773 million in Q3 2024[445]. - Net income attributable to Apollo Global Management, Inc. increased by 114.1% to $1,736 million in Q3 2025[445]. - Total expenses rose by 21.6% to $7,070 million in Q3 2025, with significant increases in compensation and benefits[445]. - Total expenses were $1,234 million in 2025, an increase of $248 million from $986 million in 2024, primarily due to higher compensation and benefits, general administrative costs, and interest expenses[456]. - Total expenses were $13.8 billion in 2025, an increase of $1.4 billion from $12.4 billion in 2024, driven by higher interest sensitive contract benefits and amortization of DAC, DSI, and VOBA[496]. Investment Income - Net investment income is a significant component of total revenues, recognized as it accrues or is legally due[414]. - Investment income increased by 93.0% to $444 million in Q3 2025, primarily due to a $217 million rise in performance allocations[447]. - Net investment income in Retirement Services increased by 22.2% to $5,013 million in Q3 2025[445]. - Net investment income rose by $912 million to $5.0 billion in 2025 from $4.1 billion in 2024, due to significant growth in Athene's investment portfolio and higher rates on new deployments[462]. - Net investment earnings increased to $10.5 billion in 2025, up $1.9 billion from $8.6 billion in 2024, driven by $38.0 billion growth in average net invested assets[559]. Performance Fees - Total performance fees receivable on an unconsolidated basis as of September 30, 2025, amounted to $3.733 billion, with realized performance fees for the nine months ended September 30, 2025, totaling $800 million[399]. - The company does not earn performance fees in certain funds until investors achieve cumulative investment returns exceeding an 8% hurdle rate[397]. - Performance fees categorized as performance allocations are subject to reversal if distributed amounts exceed the amount due to the general partner based on cumulative investment returns[397]. - As of September 30, 2025, Fund VIII had $138 million of gross performance fees in escrow due to its remaining investments being valued at 85% of the fund's unreturned capital, below the required escrow ratio of 115%[399]. - Performance allocations from Fund X contributed $109 million to investment income in 2025, driven by sector appreciation[448]. Market Conditions - The U.S. inflation rate was reported at 3.0% as of September 30, 2025, up from 2.7% as of June 30, 2025[378]. - The U.S. unemployment rate increased to 4.3% as of August 31, 2025[381]. - The U.S. 10-year Treasury yield was at 4.16% as of September 30, 2025, down from 4.24% as of June 30, 2025[386]. - The S&P 500 Index increased by 7.8% during the third quarter of 2025, following a 10.6% increase in the second quarter[379]. Acquisitions and Investments - The acquisition of Bridge was completed on September 2, 2025, in an all-stock transaction, making it a consolidated subsidiary of Apollo[367]. - Apollo managed or advised $381.8 billion of AUM on behalf of Athene as of September 30, 2025, an increase from $319.8 billion in Q3 2024[525]. - The Bridge acquisition significantly contributed $34.2 billion to the equity strategy funds[529]. Compensation and Expenses - The most significant expense in the company's asset management business is compensation and benefits, which includes fixed salary, bonuses, and profit-sharing expenses[403]. - The company’s compensation arrangements contain a significant performance-based incentive component, leading to increased compensation costs as net revenues rise[404]. - Higher fee-related compensation expenses in 2025 were driven by increased headcount due to investments in growth[511]. - General, administrative and other expenses increased to $1,087 million in 2025, up $202 million from $885 million in 2024, driven by higher professional fees and travel expenses[486]. Other Income and Losses - Other income (losses) include interest income and gains from remeasurement of foreign currency denominated assets and liabilities[410]. - Other income (loss) was a loss of $130 million in 2025, a decrease of $301 million from income of $171 million in 2024, driven by declines in net gains from investment activities[488].