[Financial and Business Highlights](index=2&type=section&id=Financial%20and%20Business%20Highlights) [First Quarter 2025 Financial Highlights](index=2&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Apollo reported **strong** first-quarter **2025** results with **GAAP Net Income** of **\$418 million** (**\$0.68 per share**) and **Adjusted Net Income** (**ANI**) of **\$1.1 billion** (**\$1.82 per share**), driven by **robust Fee Related Earnings** (**FRE**) of **\$559 million** and **Spread Related Earnings** (**SRE**) of **\$804 million**, with **Total Assets Under Management** (**AUM**) reaching **\$785 billion** fueled by **significant inflows** of **\$43 billion** for the quarter Q1 2025 Key Financial Metrics | Metric | 1Q'25 (in millions) | Per Share (in dollars) | LTM 1Q'25 (in millions) | Per Share (in dollars) | | :--- | :--- | :--- | :--- | :--- | | **GAAP Net Income** | \$418 million | \$0.68 | - | - | | **Fee Related Earnings (FRE)** | \$559 million | \$0.91 | \$2,160 million | \$3.52 | | **Spread Related Earnings (SRE)** | \$804 million | \$1.31 | \$3,211 million | \$5.23 | | **Adjusted Net Income (ANI)** | \$1,119 million | \$1.82 | \$4,620 million | \$7.53 | Q1 2025 Key Business Drivers | Driver | 1Q'25 (in billions) | LTM 1Q'25 (in billions) | | :--- | :--- | :--- | | **Total AUM** | \$785 billion | - | | **Fee-Generating AUM** | \$595 billion | - | | **Inflows** | \$43 billion | \$157 billion | | **Origination** | \$56 billion | \$235 billion | [First Quarter 2025 Business Highlights](index=4&type=section&id=First%20Quarter%202025%20Business%20Highlights) The company achieved **record Fee Related Earnings** (**FRE**) and **strong Spread Related Earnings** (**SRE**), **totaling \$1.4 billion combined** for the quarter, with **AUM grew 17% year-over-year**, driven by **\$157 billion** in **inflows** over the last twelve months, and **Apollo demonstrated robust capital allocation**, **repurchasing \$722 million** of **common stock** and announcing the pending **acquisition** of Bridge Investment Group - **Total AUM** reached **\$785 billion**, a **17% year-over-year increase**, driven by **inflows** of **\$43 billion** in **Q1** and **\$157 billion** over the last twelve months[10](index=10&type=chunk) - Achieved **record FRE** of **\$559 million** and **SRE** of **\$804 million**, showcasing the **strength** of **combined earnings streams**[10](index=10&type=chunk) - Global Wealth saw **record quarterly inflows** of nearly **\$5 billion**, driven by new product launches and **strategic partnerships**[10](index=10&type=chunk) - Returned **significant capital** to **shareholders**, **repurchasing \$722 million** of **common stock** in **Q1** and distributing over **\$1 billion** in **dividends** over the last twelve months[10](index=10&type=chunk) - Announced the pending **acquisition** of Bridge Investment Group for approximately **\$1.5 billion**, funded by **strategic capital**[10](index=10&type=chunk) [Total Segment Earnings](index=5&type=section&id=Total%20Segment%20Earnings) **Total segment earnings** for **Q1 2025** were **strong**, with **Fee** and **Spread Related Earnings** reaching **\$1.36 billion**, as **Fee Related Earnings** (**FRE**) **grew** to **\$559 million** from **\$462 million** in **Q1 2024**, while **Spread Related Earnings** (**SRE**) were **\$804 million**, slightly **down from \$817 million** in the prior year quarter, and **Adjusted Net Income** (**ANI**) for the quarter was **\$1.12 billion**, or **\$1.82 per share** Segment Earnings Summary (in millions) | Metric | 1Q'24 (in millions) | 4Q'24 (in millions) | 1Q'25 (in millions) | LTM 1Q'25 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Fee Related Earnings (FRE)** | \$462 | \$554 | \$559 | \$2,160 | | **Spread Related Earnings (SRE)** | \$817 | \$841 | \$804 | \$3,211 | | **Principal Investing Income (PII)** | \$21 | \$139 | \$14 | \$264 | | **Adjusted Net Income (ANI)** | \$1,064 | \$1,360 | \$1,119 | \$4,620 | - Excluding notable items, **Spread Related Earnings** were **\$826 million** in **Q1 2025**, and **Adjusted Net Income** was **\$1.14 billion**, or **\$1.85 per share**[12](index=12&type=chunk) [Segment Details](index=7&type=section&id=Segment%20Details) [Asset Management Segment](index=8&type=section&id=Asset%20Management%20Segment) The **Asset Management segment** delivered a **record FRE** of **\$559 million**, up **21% year-over-year**, with an **FRE margin** of **57.2%**, driven by an **18% increase** in **management fees**, primarily from **Retirement Services clients** and third-party **inflows**, as **Total AUM grew 17% YoY** to **\$785 billion**, supported by **\$43 billion** of **inflows** in the quarter, with **perpetual capital** now comprising **60%** of **total AUM** [Segment Performance](index=8&type=section&id=Segment%20Performance) Asset Management Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Total management fees** | \$652 | \$770 | **18.1%** | | **Fee Related Revenues** | \$839 | \$978 | **16.6%** | | **Fee Related Earnings (FRE)** | \$462 | \$559 | **21.0%** | | **FRE Margin** | **55.1%** | **57.2%** | **+210 bps** | - **Management fees increased 18% YoY**, driven by **record growth** from **Retirement Services clients** and **strong** third-party **inflows**[16](index=16&type=chunk) - **Fee-related expenses grew a disciplined 11% YoY**, leading to approximately **200 basis points** of **margin expansion**[16](index=16&type=chunk) [Assets Under Management (AUM)](index=9&type=section&id=Assets%20Under%20Management%20%28AUM%29) AUM Growth (in billions) | AUM Type | 1Q'24 (in billions) | 1Q'25 (in billions) | % Change | | :--- | :--- | :--- | :--- | | **Total AUM** | \$671 billion | \$785 billion | **17%** | | **Fee-Generating AUM** | \$506 billion | \$595 billion | **18%** | | **Perpetual Capital AUM** | \$445 billion | \$470 billion | **6%** | - **Total AUM increased** by **\$114 billion YoY**, driven by **\$80 billion** of **inflows** from **Asset Management** and **\$77 billion** from **Retirement Services**[20](index=20&type=chunk) - **Perpetual capital** represents **60%** of **total AUM** and **75%** of **total Fee-Generating AUM**, providing a highly **scalable and stable capital base**[20](index=20&type=chunk) [Inflows](index=10&type=section&id=Inflows) - Achieved **record gross organic inflows** of **\$43 billion** in **Q1** and **\$157 billion** over the last twelve months[23](index=23&type=chunk) - **Asset Management inflows** of **\$18 billion** in **Q1** were driven by credit-focused strategies (ADS, TRF, ADCF) and equity-focused strategies (S3, AAA, HVF III)[23](index=23&type=chunk) - **Retirement Services** (**Athene**) contributed **record quarterly organic inflows** of **\$26 billion**, driven by **record funding agreement issuance** and **flow reinsurance**[23](index=23&type=chunk) [Retirement Services Segment](index=11&type=section&id=Retirement%20Services%20Segment) The **Retirement Services segment** generated **Spread Related Earnings** (**SRE**) of **\$804 million** in **Q1 2025**, with **SRE** excluding notable items at **\$826 million**, and the **Net Spread** was **1.26%** for the quarter, impacted by lower rates on floating assets and conservative positioning of new business, while the segment's **portfolio** remains **high-quality**, with **97%** of fixed income assets rated **investment grade**, and **Athene's gross organic inflows** were a **record \$26 billion** for the quarter, demonstrating a **strong growth profile** [Segment Performance](index=11&type=section&id=Segment%20Performance) Retirement Services Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Net Investment Spread** | \$1,022 | \$1,048 | **2.5%** | | **Spread Related Earnings (SRE)** | \$817 | \$804 | **(1.6)%** | | **SRE, Excluding Notable Items** | \$817 | \$826 | **1.1%** | - **SRE**, excluding notable items, **increased** slightly over the last twelve months as **record organic growth** was mostly offset by a lower **net spread**[25](index=25&type=chunk) - **Athene's alternative investment portfolio** returned **10.1%** in **Q1**, slightly below the long-term expectation of **11%**[25](index=25&type=chunk) [Return on Asset and Portfolio Highlights](index=12&type=section&id=Return%20on%20Asset%20and%20Portfolio%20Highlights) Return on Asset View | Metric (% of avg. net invested assets) | 1Q'24 | 1Q'25 | Change (in bps) | | :--- | :--- | :--- | :--- | | **Net Investment Earnings** | **4.89%** | **5.06%** | **+17 bps** | | **Cost of funds** | **(3.10)%** | **(3.46)%** | **+36 bps** | | **Net Spread** | **1.47%** | **1.26%** | **(21) bps** | - The sequential decrease in the **fixed income earned rate** was driven by lower **floating rates**, **conservative investment** of new business, and **asset prepayments**[27](index=27&type=chunk) - The **portfolio** is **well-positioned** with **97%** of fixed income assets in **investment grade** and a focus on directly originated, **senior secured loans**[30](index=30&type=chunk) [Growth Profile](index=14&type=section&id=Growth%20Profile) - **Athene achieved record quarterly gross organic inflows** of **\$26 billion** in **Q1 2025**[31](index=31&type=chunk)[35](index=35&type=chunk) - **Growth** was driven by **strong retail annuity sales**, **record flow reinsurance activity**, and **record funding agreement issuance**[31](index=31&type=chunk)[32](index=32&type=chunk) - There is a greater than **95% correlation** between **Spread Related Earnings** (**SRE**) and **Fee Related Earnings** (**FRE**), highlighting the **symbiotic relationship** between the segments[33](index=33&type=chunk)[34](index=34&type=chunk) [Principal Investing Segment](index=15&type=section&id=Principal%20Investing%20Segment) The **Principal Investing segment** reported **Principal Investing Income** (**PII**) of **\$14 million** for **Q1 2025**, **down from \$21 million** in **Q1 2024**, with **Realized performance fees** at **\$190 million**, described as '**cyclically light**' due to a **challenging exit environment** that has **prudently delayed monetization activity**, while **Performance Fee-Eligible AUM grew 12% year-over-year** to **\$235 billion**, and **Dry Powder** stood at **\$64 billion** [Segment Performance](index=15&type=section&id=Segment%20Performance) Principal Investing Performance (in millions) | Metric | 1Q'24 (in millions) | 1Q'25 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Realized performance fees** | \$94 | \$190 | **102.1%** | | **Principal Investing Income (PII)** | \$21 | \$14 | **(33.3)%** | - **Realized performance fees** of **\$190 million** were considered **cyclically light** as **monetization** from **flagship funds** was **prudently delayed** amid a **challenging exit environment**[39](index=39&type=chunk) [Performance Fee AUM and Dry Powder](index=16&type=section&id=Performance%20Fee%20AUM%20and%20Dry%20Powder) - **Performance Fee-Eligible AUM increased 12% year-over-year** to **\$235 billion**, driven by **growth** in **credit strategies**[41](index=41&type=chunk)[42](index=42&type=chunk) - **Performance Fee-Generating AUM grew 18% year-over-year** to **\$163 billion** as funds moved into carry[41](index=41&type=chunk)[42](index=42&type=chunk) - **Dry Powder** available for investment was **\$64 billion** at quarter-end, with approximately **75%** in **Credit strategies**[41](index=41&type=chunk)[42](index=42&type=chunk) [Investment Performance](index=17&type=section&id=Investment%20Performance) LTM Investment Performance Highlights | Strategy | LTM 1Q'25 Appreciation (%) | | :--- | :--- | | **Direct Origination** | **11.8%** | | **Opportunistic Credit** | **9.1%** | | **Flagship Private Equity** | **6.6%** | | **Hybrid Value** | **19.3%** | - The **Net Accrued Performance Fee Receivable decreased** from **\$1.68 billion** in **Q4'24** to **\$1.59 billion** in **Q1'25**[44](index=44&type=chunk) [Capital Strength](index=18&type=section&id=Capital%20Strength) **Apollo maintains a strong capital position** with **high-grade financial strength ratings** across its entities (A2/A/A for **Apollo Global Management** and A1/A+/A+ for **Athene**), and the company **actively managed** its capital, **deploying \$722 million** for **share repurchases** in **Q1** and **returning a total** of **\$1.7 billion** to **stockholders** over the last twelve months through **dividends** and **opportunistic buybacks**, with **Net Balance Sheet Value per share** standing at **\$4.51** Financial Strength Ratings | Entity | Moody's | S&P | Fitch | AM Best | | :--- | :--- | :--- | :--- | :--- | | **Apollo Global Management** | A2 | A | A | - | | **Apollo Asset Management** | A2 | A | A | - | | **Athene** | A1 | A+ | A+ | A+ | - **Deployed \$722 million** for **share repurchases** in **Q1**, including **\$131 million** for **opportunistic repurchases**[48](index=48&type=chunk) - **Returned a total** of **\$1.7 billion** to **stockholders** over the last twelve months via **dividends** and **opportunistic share repurchases**[48](index=48&type=chunk) - Announced the **acquisition** of Bridge Investment Group in an all-stock transaction for approximately **\$1.5 billion**, expected to close in **3Q25**[48](index=48&type=chunk) [Supplemental Details and Reconciliations](index=19&type=section&id=Supplemental%20Details%20and%20Reconciliations) [AUM Rollforward](index=20&type=section&id=AUM%20Rollforward) **Total AUM increased** from **\$751.0 billion** at the beginning of **Q1 2025** to **\$785.2 billion** at the end, a **net increase** of **\$34.2 billion**, with **growth** driven by **\$46.7 billion** in **inflows**, offset by **\$20.3 billion** in **outflows** and **\$3.5 billion** in **realizations**, with a positive **market activity impact** of **\$11.1 billion**, and **Fee-Generating AUM** saw a **net increase** of **\$26.5 billion** during the quarter to reach **\$595.2 billion** Q1 2025 Total AUM Rollforward (in millions) | Component | Credit (in millions) | Equity (in millions) | Total (in millions) | | :--- | :--- | :--- | :--- | | **Beginning Balance** | \$616,387 | \$134,650 | \$751,037 | | **Inflows** | \$37,577 | \$9,122 | \$46,699 | | **Outflows** | (\$19,941) | (\$315) | (\$20,256) | | **Realizations** | (\$1,350) | (\$2,100) | (\$3,450) | | **Market Activity** | \$8,672 | \$2,456 | \$11,128 | | **Ending Balance** | \$641,345 | \$143,813 | \$785,158 | [Retirement Services Flows & Invested Assets](index=21&type=section&id=Retirement%20Services%20Flows%20%26%20Invested%20Assets) In **Q1 2025**, **Athene generated total gross inflows** of **\$25.6 billion**, with **net flows** of **\$17.2 billion** after accounting for **outflows**, and the **inflows** were **primarily driven** by **funding agreements** (**\$11.1 billion**) and **retail** (**\$9.5 billion**), while **Third-party capital** from ADIP and other reinsurers **supported 21%** of the new business volume, and **Core outflows** as an **annualized rate** of average net invested assets were **11.0%** Q1 2025 Athene Flows by Channel (in millions) | Channel | Gross Inflows (in millions) | | :--- | :--- | | **Retail** | \$9,482 | | **Flow reinsurance** | \$4,933 | | **Funding agreements** | \$11,144 | | **Pension group annuities** | \$4 | | **Total Gross Organic Inflows** | \$25,563 | - **Third-party capital supported 21%** of **Athene's record organic new business volume** in the first quarter[51](index=51&type=chunk) [Sharecount Reconciliation](index=22&type=section&id=Sharecount%20Reconciliation) As of **Q1 2025**, the **Adjusted Net Income Shares Outstanding** stood at **613.8 million**, and during the quarter, the company **repurchased 4.6 million shares** for **\$721.5 million** at an **average cost** of **\$157.58 per share**, with **\$1.05 billion remaining** under the **share repurchase plan authorization** following these **repurchases** Q1 2025 Share Activity | Activity | Amount (in millions) | | :--- | :--- | | **Shares Issued to Employees** | 4,293,251 | | **Shares Repurchased** | 4,578,770 | | **Capital Utilized for Repurchases** | \$721.5 million | | **Average Repurchase Cost** | \$157.58 | | **Repurchase Authorization Remaining** | \$1.05 billion | - **Adjusted Net Income Shares Outstanding**, the **primary non-GAAP measure**, was **613.8 million** at the end of **Q1 2025**[52](index=52&type=chunk)

Core Insights - Apollo Global Management reported strong first quarter results for the period ending March 31, 2025, showcasing its ability to adapt to changing market conditions [2] - The company achieved record organic inflows and solid investment performance across all major strategies in its Asset Management segment [2] - Apollo declared a cash dividend of $0.51 per share for its Common Stock and $0.8438 per share for its Mandatory Convertible Preferred Stock, reflecting its commitment to returning value to shareholders [3][4] Financial Performance - As of March 31, 2025, Apollo managed approximately $785 billion in assets [8] - The company emphasized its robust origination capabilities and significant dry powder, positioning itself to capitalize on market volatility [2] Dividend Information - The cash dividend for Common Stock will be paid on May 30, 2025, to shareholders of record as of May 16, 2025 [3] - The cash dividend for Mandatory Convertible Preferred Stock will be paid on July 31, 2025, to shareholders of record as of July 15, 2025 [4] Company Overview - Apollo is a global alternative asset manager focused on providing clients with excess returns across various investment strategies [8] - The company has a long-standing approach to retirement services, helping clients achieve financial security through a suite of retirement savings products [8]

Core Insights - Doral Renewables LLC has successfully closed a $100 million corporate Letter of Credit facility to support new interconnection and power purchase agreement obligations during project development [1][2] - This new facility adds to Doral's existing corporate Letter of Credit capacity of $185 million, indicating strong financial backing for its renewable energy projects [1][2] - HSBC acted as the Sole Arranger and Issuing Bank for this facility, reflecting a deepening relationship and confidence in Doral's execution capabilities in the renewable energy sector [2] Company Overview - Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets, with a solar and storage development portfolio exceeding 16 GW, including 400 MW currently operational and 950 MW under construction [3] - The company operates in 20 states across seven electricity markets and has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers [3] - Doral emphasizes community engagement and aims to integrate agrivoltaics practices throughout its project pipeline, creating additional opportunities for farming communities [3] HSBC Overview - HSBC USA Inc. serves as a holding company for its subsidiaries, offering a full range of traditional banking products and services to various clients, including individuals, small businesses, and corporations [4] - HSBC Holdings plc, headquartered in London, is one of the world's largest banking and financial services organizations, with assets totaling approximately $3,017 billion as of December 31, 2024 [5]

Core Insights - Apollo has successfully closed $8.5 billion in total commitments for its Accord+ strategy, including $4.8 billion for Accord+ Fund II, bringing total assets for its hybrid credit business to approximately $40 billion [1][2]. Group 1: Fund Strategy and Focus - Accord+ II employs an opportunistic strategy that focuses on high-conviction investments across the credit spectrum, including private corporate credit and asset-backed finance [2]. - The Fund is expected to tactically allocate to high-quality investments at the top of the capital structure and secondary opportunities based on prevailing market conditions [2]. Group 2: Market Conditions and Investor Demand - Apollo's leadership believes that the current market conditions, characterized by higher interest rates and volatility, present an attractive environment for opportunistic credit investments [3]. - The strong investor demand for the latest vintage of the Accord+ series is attributed to Apollo's investment acumen and alignment with market opportunities [3]. Group 3: Investor Base and Future Plans - The close of Accord+ II reflects broad support from a diverse group of global investors, including pension funds, sovereign wealth funds, financial institutions, and family offices [3]. - Apollo plans to continue expanding its Accord strategy family within its hybrid business, including future funds and tailored credit solutions for institutional and wealth clients [3]. Group 4: Company Overview - Apollo is a global alternative asset manager with approximately $751 billion in assets under management as of December 31, 2024, focusing on providing clients with excess returns across various risk-reward spectrums [5].

Core Points - West Technology Group, LLC has completed the sale of its Notified business to Equiniti for a total price of $534.5 million, which includes an $80 million earnout [2] - The CEO of West expressed confidence that the combination of EQ and Notified will enhance the platform and drive innovation [2] - The net proceeds from the sale will be utilized in accordance with the company's credit facility and indentures governing its outstanding notes [2] Company Overview - West Technology Group, LLC is a cloud-based technology partner that provides AI-driven omnichannel solutions aimed at automating interactions and optimizing engagements [4] - The company specializes in digital patient relationship management and conversational AI solutions [4] - West is controlled by affiliates of certain funds managed by Apollo Global Management, Inc. [4]

Brings Total Capital Raised Across Apollo S3 Platform to Nearly $10 Billion Since 2022 LaunchNEW YORK, May 01, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the final close of Apollo S3 Equity and Hybrid Solutions Fund I (“ASEHS” or the “Fund”), the flagship equity secondaries drawdown strategy of Apollo’s Sponsor and Secondary Solutions (S3) platform, with approximately $5.4 billion in commitments. The final closing exceeded the target, reflecting strong support from a diverse group of global ...

Core Insights - Tenneco LLC has completed a strategic investment into its Clean Air and Powertrain businesses from Apollo Fund X, with American Industrial Partners also investing, marking a significant milestone in Tenneco's transformation and growth in the mobility sector [1][2][3] Company Overview - Tenneco will continue to operate as a unified company with no changes to its management team or strategic direction, enhancing access to capital for targeted growth strategies and innovation [2][3] - Since being acquired by Apollo Funds in late 2022, Tenneco has achieved top-quartile financial and operational performance, streamlined its organizational model, and invested in advanced capabilities [3] Investment Details - The new investment is expected to strengthen Tenneco's ability to drive both organic and inorganic growth while focusing on its core strategic priorities [3] - Advisors for Tenneco include Citigroup Inc. and Deutsche Bank Securities Inc., while Apollo Funds are advised by Barclays Capital Inc., Lazard, and PJT Partners LP [4] Industry Context - Tenneco is a leading designer, manufacturer, and marketer of automotive products, driving advancements in global mobility through its various groups, including DRiV, Performance Solutions, Clean Air, and Powertrain [5] - American Industrial Partners, with approximately $17 billion in assets under management, focuses on industrial businesses across various end markets, aiming to generate differentiated returns [7]

Core Insights - Apollo is a high-growth global alternative asset manager with a focus on providing excess returns across various risk-reward spectrums [2] - As of December 31, 2024, Apollo managed approximately $751 billion in assets [2] Company Participation - Martin Kelly, the Chief Financial Officer of Apollo, will participate in a fireside chat at the Barclays Americas Select Franchise Conference on May 7, 2025, at 8:30 am EDT [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible shortly after the event [1]

Apollo Global Management, Inc. (APO) is scheduled to announce first-quarter 2025 results on May 2, before market open. APO’s quarterly earnings and revenues are expected to have increased from the year-ago reported levels.In the last reported quarter, Apollo’s earnings surpassed the Zacks Consensus Estimate. Results were primarily aided by a rise in assets under management balances, along with a decline in expenses. However, lower revenues acted as headwinds in the quarter.APO’s earnings beat the consensus ...

Core Insights - The Great Bend project in Meigs County, Ohio, will have a solar power generating capacity of 48 MWac, expected to power approximately 9,000 homes once operational [1] - The project will generate revenue through energy sales and renewable energy certificates via a long-term Power Purchase Agreement (PPA) with a major U.S. utility [1] - The project is anticipated to provide over $400,000 annually in new tax revenue for Meigs County [1] - Doral Renewables aims to achieve commercial operations for the Great Bend project by Q4 2025 [1] Company Overview - Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets across the U.S., with a solar and storage development portfolio exceeding 16 GW [3] - The company currently has 400 MW in operation and 950 MW under construction, operating in 20 states and seven electricity markets [3] - Doral has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers [3] - The company emphasizes community engagement and aims to integrate agrivoltaics practices into its projects [3] Financial Partnerships - Fifth Third Bank is leading the tax equity financing for the Great Bend project, indicating a strong partnership with Doral [2] - Doral's CFO expressed excitement about the partnership, highlighting its importance for future growth and project execution [2]