Company Overview - Kelvion is a leading global provider of energy-efficient heat exchange and cooling solutions, with a strong presence in thermal management across various industrial and high-growth markets [2][8] - The company has a significant focus on advanced cooling technologies for data centers, which is its largest and fastest-growing segment [2] - Kelvion plays a crucial role in key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering reliable and sustainable solutions globally [2] Acquisition Details - Apollo-managed funds have agreed to acquire a majority stake in Kelvion from Triton, which will retain a minority interest [1] - The transaction is subject to regulatory approvals and is expected to close between Q4 2025 and Q1 2026 [5] Strategic Positioning - Kelvion has undergone a significant transformation since being acquired by Triton in 2014, shifting its portfolio towards secular megatrends in High Tech and Green Tech [3] - The company is well-positioned to benefit from large secular tailwinds, including the AI and cloud revolution, energy transition, and reindustrialization [4] Management Insights - Apollo's partners expressed confidence in Kelvion's management team and their ability to continue transforming the business into a leading solutions provider [4] - Kelvion's CEO highlighted the company's strength and commitment to innovation, emphasizing the importance of Apollo's expertise in clean energy and industrial technology as a new partner [4] Financial Commitment - Over the past five years, Apollo-managed funds have committed, deployed, or arranged approximately $58 billion in climate and energy transition-related investments [4]

Core Insights - Apollo-managed funds have agreed to acquire a majority stake in Kelvion, a leading provider of energy-efficient heat exchange and cooling solutions, while Triton will retain a minority interest in the company [1][4]. Company Overview - Kelvion, founded and headquartered in Germany, has over a century of experience and is recognized for its thermal management solutions across various industrial and high-growth markets [2][8]. - The company is a leader in advanced cooling technologies for data centers, which is its largest and fastest-growing segment, and plays a significant role in energy transition markets such as carbon capture and renewables [2][3]. Strategic Transformation - Since Triton's acquisition and rebranding of the company in 2014, Kelvion has transformed its portfolio to focus on megatrends in High Tech and Green Tech, enhancing operational excellence and expanding its global customer base [3][4]. - The management team has successfully positioned Kelvion at the forefront of global industrial innovation, emphasizing the importance of energy-efficient solutions [4][9]. Investment and Growth Potential - Apollo's investment is expected to support Kelvion's growth trajectory, innovation, and talent acquisition, leveraging Apollo's expertise in clean energy and industrial technology [4][5]. - Over the past five years, Apollo-managed funds have committed approximately $58 billion to climate and energy transition-related investments, indicating a strong focus on sustainable growth [4][11]. Market Position and Future Outlook - Kelvion is well-positioned to benefit from significant secular tailwinds, including the AI and cloud revolution, energy transition, and reindustrialization [4][5]. - The transaction is anticipated to close between Q4 2025 and Q1 2026, pending regulatory approvals [5].

Company Overview - Trace3 is a leading provider of digital transformation and IT solutions for commercial and enterprise clients, including many Fortune 500 companies [2] - Founded in 2002, Trace3 has established a strong market position with expertise in artificial intelligence, cloud, security, data and analytics, managed services, and emerging technology [2] - The company is well-positioned to benefit from the increasing demand for next-generation IT infrastructure and services as digital transformation and AI adoption accelerate [2] Strategic Investment - Apollo has agreed to acquire Trace3 from American Securities, with financial terms undisclosed; American Securities will retain a significant minority equity interest in Trace3 [1] - The partnership is expected to enhance Trace3's growth trajectory while maintaining its culture and commitment to innovation and client relationships [3] - Apollo aims to support Trace3 in meeting AI-related demand and expanding high-value service offerings, as well as pursuing strategic mergers and acquisitions to accelerate growth [3][4] Management and Expertise - Trace3's management team has successfully scaled the business and established it as a trusted partner in delivering advanced technology solutions [3] - Apollo has a strong track record in investing in the IT services and distribution sector, with prior investments in companies like Presidio and TD SYNNEX [4] Financial Context - American Securities has approximately $23 billion in assets under management and focuses on investing in North American companies with annual revenues between $200 million and $2 billion [9] - Apollo manages approximately $840 billion in assets as of June 30, 2025, and seeks to provide clients with innovative capital solutions [8]

Group 1 - The second quarter results demonstrate the strength of Apollo's business model and the disciplined operational approach, leading to positive inflows as a reward for good performance [1] Group 2 - David A. Johnson, with over 30 years of investment experience, is the founder of Endurance Capital Management and has a diverse investment portfolio including stocks, bonds, and alternative investment funds [2]

Group 1 - The U.S. President Donald Trump is set to sign an executive order allowing private equity, cryptocurrencies, and other alternative assets to be included in 401(k) retirement plans [1] - The order will instruct the U.S. Department of Labor to reassess guidelines regarding alternative asset investments in retirement plans [1] - The Labor Secretary Lori Chavez-DeRemer will coordinate with the SEC, Treasury, and other federal regulators to determine if rule modifications are necessary [1] Group 2 - The executive order aims to alleviate concerns among plan managers about offering illiquid and complex financial products to retirement plan participants [1] - Currently, most fixed contribution plans primarily consist of stocks and bonds [1] - Asset management firms view the new regulations for 401(k) plans as a growth opportunity, especially since many institutional investors have reached their private equity investment limits [1] Group 3 - Companies that may benefit from the new 401(k) regulations include Blackstone (BX.US), KKR (KKR.US), Apollo Global Management (APO.US), and BlackRock (BLK.US) [1]

人工智能(AI)热潮让科技巨头对数据中心需求激增，并持续进行巨额投资。分析显示，未来十年数据中 心将需要数万亿美元的全球投资，需要在电力、设施和半导体芯片方面进行大量投资。而包括黑石、阿 波罗等多家全球资管巨头近期也加大相关领域的投资。 阿波罗估计，在长期全球工业复兴的推动下，未来十年数据中心将需要数万亿美元的全球投资，需要在 电力、设施和半导体芯片方面进行大量投资。自2022年以来，阿波罗管理的基金已将约380亿美元用于 下一代基础设施投资，包括可再生能源、数字平台和计算能力。该公司计划在未来几年通过Stream Data Centers和其他市场参与者的资本合作伙伴大幅扩大其在这些领域的投资。今年1月，该公司同意收购 Argo Infrastructure Partners，后者专注于投资数字基础设施、可再生能源、交通运输及其他行业。 资管公司密集投资 阿波罗巨额投资数据中心 全球资管巨头阿波罗全球管理公司(APO.US)近日发布声明称，该公司已经和Stream Realty Partners("SRP")达成协议，将收购该公司旗下Stream Data Centers(SDC)的多数股权。声明并未透露此 ...

[PART I - FINANCIAL INFORMATION](index=11&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Details the company's unaudited condensed consolidated financial statements and management's analysis of financial condition and operations [Financial Statements](index=11&type=section&id=ITEM%201.%20Financial%20Statements) Details unaudited condensed consolidated financial statements, highlighting asset growth, revenue decline, and reduced net income due to investment-related gains Condensed Consolidated Statements of Financial Condition (Unaudited) | (In millions) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$419,550** | **$377,895** | | Total Asset Management Assets | $15,060 | $15,256 | | Total Retirement Services Assets | $404,490 | $362,639 | | **Total Liabilities** | **$385,689** | **$346,915** | | Total Asset Management Liabilities | $10,167 | $9,968 | | Total Retirement Services Liabilities | $375,522 | $336,947 | | **Total Equity** | **$33,861** | **$30,964** | Condensed Consolidated Statements of Operations (Unaudited) | (In millions, except per share data) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management Revenues | $2,153 | $2,089 | | Retirement Services Revenues | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net income (loss)** | **$1,780** | **$2,942** | | Net income (loss) attributable to common stockholders | $1,023 | $2,231 | | **Net income (loss) per share - Diluted** | **$1.67** | **$3.64** | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,274 | $1,403 | | Net cash used in investing activities | $(36,517) | $(31,085) | | Net cash provided by financing activities | $32,089 | $29,976 | | Net increase (decrease) in cash | $(2,141) | $292 | [Note 1. Organization](index=21&type=section&id=Note%201.%20Organization) Describes Apollo's structure as an asset manager and retirement services provider, including the pending acquisition of Bridge Investment Group - Apollo operates as a **high-growth, global alternative asset manager** with a focus on **credit and equity strategies**, and a **retirement services provider** through its **Athene business**[34](index=34&type=chunk) - On **February 23, 2025**, Apollo agreed to acquire **Bridge Investment Group Holdings Inc.** in an **all-stock transaction**, with an expected closing in **Q3 2025**, subject to regulatory approvals[35](index=35&type=chunk) [Note 3. Investments](index=25&type=section&id=Note%203.%20Investments) Details total investments, primarily in Retirement Services, with significant growth in AFS securities and mortgage loans driving increased net investment income Total Investments by Segment (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $5,885 | $6,086 | | Retirement Services | $329,599 | $291,167 | | **Total Investments** | **$335,484** | **$297,253** | Retirement Services AFS Securities Breakdown (June 30, 2025, in millions) | Asset Type | Amortized Cost | Fair Value | | :--- | :--- | :--- | | Corporate | $103,597 | $94,563 | | CLO | $30,620 | $31,388 | | ABS | $27,405 | $27,362 | | CMBS | $13,854 | $13,500 | | RMBS | $10,716 | $10,322 | | U.S. government and agencies | $10,117 | $9,023 | | **Total AFS (ex. related parties)** | **$199,637** | **$188,750** | Retirement Services Net Investment Income (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | AFS securities | $5,541 | $4,477 | | Mortgage loans | $2,385 | $1,704 | | **Total Net Investment Income** | **$9,117** | **$7,380** | [Note 4. Derivatives](index=35&type=section&id=Note%204.%20Derivatives) Outlines the company's use of derivatives for risk management, noting substantial notional values and significant derivative liabilities, mainly from embedded derivatives Derivative Instruments Summary (June 30, 2025, in millions) | Derivative Type | Notional Amount | Fair Value - Assets | Fair Value - Liabilities | | :--- | :--- | :--- | :--- | | **Derivatives designated as hedges** | | **$927** | **$1,316** | | Foreign currency hedges | $23,125 | $683 | $1,013 | | Interest rate swaps | $33,805 | $244 | $288 | | **Derivatives not designated as hedges** | | **$2,753** | **$15,909** | | Equity options | $91,009 | $5,069 | $146 | | Foreign currency swaps/forwards | $58,206 | $697 | $3,175 | | Embedded derivatives | N/A | $(3,221) | $12,336 | | **Total Derivatives** | | **$3,680** | **$17,225** | - Athene uses **equity indexed options** to economically hedge its **fixed indexed annuity products**, which **guarantee principal return** and **credit interest** based on market index performance[84](index=84&type=chunk) [Note 5. Variable Interest Entities](index=40&type=section&id=Note%205.%20Variable%20Interest%20Entities) Explains the consolidation of VIEs and details maximum loss exposures from unconsolidated VIEs for both Asset Management and Retirement Services segments - The assets of consolidated VIEs are **ring-fenced** and **not available to creditors** of the parent company, and investors in these VIEs have **no recourse to Apollo's assets**[95](index=95&type=chunk) Maximum Loss Exposure from Unconsolidated VIEs (in millions) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Asset Management | $342 | $614 | | Retirement Services | $135,756 | $124,525 | [Note 6. Fair Value](index=43&type=section&id=Note%206.%20Fair%20Value) Presents the fair value hierarchy for financial assets and liabilities, with Level 2 and Level 3 assets comprising the largest portions Fair Value Hierarchy of Financial Assets (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | NAV | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $3,110 | $116 | $3,055 | $340 | $6,621 | | **Retirement Services** | $22,254 | $179,225 | $121,035 | $18,905 | $341,419 | | **Total Assets** | **$25,364** | **$179,341** | **$124,090** | **$19,245** | **$348,040** | Fair Value Hierarchy of Financial Liabilities (June 30, 2025, in millions) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Asset Management** | $— | $30 | $61 | $91 | | **Retirement Services** | $10 | $4,879 | $19,468 | $24,357 | | **Total Liabilities** | **$10** | **$4,909** | **$19,529** | **$24,448** | [Note 11. Debt](index=78&type=section&id=Note%2011.%20Debt) Details total debt outstanding across segments, including recent issuances by Athene Holding Ltd. and available credit facilities Total Debt Outstanding (June 30, 2025, in millions) | Segment | Outstanding Balance | Fair Value | | :--- | :--- | :--- | | Asset Management | $4,280 | $4,308 | | Retirement Services | $7,864 | $7,507 | | **Total Debt** | **$12,144** | **$11,815** | - In Q2 2025, Athene Holding Ltd. (AHL) issued **$1.0 billion** of **6.625% Senior Notes due 2055** and **$600 million** of **6.875% Fixed-Rate Reset Junior Subordinated Debentures due 2055**[214](index=214&type=chunk)[216](index=216&type=chunk) - The company maintains several credit and liquidity facilities, including a **$1.25 billion** facility for AGM and a combined **$3.85 billion** in facilities for AHL, all of which were **undrawn** as of June 30, 2025[217](index=217&type=chunk)[219](index=219&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Note 12. Equity-Based Compensation](index=81&type=section&id=Note%2012.%20Equity-Based%20Compensation) Reports equity-based compensation expense, unrecognized RSU expense, and new RSU awards for the period Equity-Based Compensation Expense (in millions) | Period | Expense | | :--- | :--- | | Three months ended June 30, 2025 | $166 | | Three months ended June 30, 2024 | $153 | | Six months ended June 30, 2025 | $315 | | Six months ended June 30, 2024 | $342 | - As of June 30, 2025, there was **$840 million** of estimated unrecognized compensation expense related to unvested RSU awards, expected to be recognized over a weighted-average period of **2.1 years**[228](index=228&type=chunk) [Note 13. Equity](index=84&type=section&id=Note%2013.%20Equity) Outlines share repurchase activities, dividend declarations, and details on outstanding mandatory convertible preferred stock - A new share repurchase program was approved on **February 8, 2024**, authorizing up to **$3.0 billion** in common stock repurchases[242](index=242&type=chunk) - During the six months ended June 30, 2025, the company repurchased **1,392,000 shares** of common stock for **$193 million** in open market transactions[243](index=243&type=chunk) Dividends Declared per Share of Common Stock | Declaration Date | Dividend per Share | Payment Date | | :--- | :--- | :--- | | February 4, 2025 | $0.46 | February 28, 2025 | | May 2, 2025 | $0.51 | May 30, 2025 | [Note 15. Related Parties](index=90&type=section&id=Note%2015.%20Related%20Parties) Details significant transactions and balances with related parties, including investments in Athora and Atlas, and interests in strategic capital vehicles - Apollo, through ISGI, provides investment advisory services to Athora. AAM has committed up to an additional **$2.0 billion** to Athora, and Athene has committed up to an additional **$2.5 billion**, in connection with Athora's agreement to acquire a UK insurer[274](index=274&type=chunk)[283](index=283&type=chunk) - Athene has a significant investment in Atlas, an asset-backed specialty lender, holding **$4.6 billion** of AFS securities issued by Atlas or its affiliates as of June 30, 2025[284](index=284&type=chunk) - Athene's subsidiaries, ACRA 1 and ACRA 2, are partially owned by ADIP I and ADIP II, respectively, which are funds managed by Apollo. Athene's subsidiary ALRe holds a **37% economic interest** in both ACRA vehicles[291](index=291&type=chunk) [Note 16. Commitments and Contingencies](index=95&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) Summarizes unfunded capital and investment commitments, contingent performance allocation obligations, and ongoing shareholder derivative litigation - Athene had commitments to make investments totaling **$33.3 billion** as of June 30, 2025, primarily for capital contributions to investment funds and mortgage loans[293](index=293&type=chunk) - The company has a contingent obligation related to performance allocations. If all existing fund investments became worthless, approximately **$5.6 billion** of cumulative revenues recognized through June 30, 2025 could be reversed[294](index=294&type=chunk) - The company is involved in a shareholder derivative complaint challenging the **$570 million** in payments made to Former Managing Partners and Contributing Partners following the merger with Athene. A Special Litigation Committee is investigating the matter, with proceedings stayed until **October 7, 2025**[313](index=313&type=chunk) [Note 17. Segments](index=101&type=section&id=Note%2017.%20Segments) Describes the company's three reportable segments and their performance, with Segment Income growing due to increased FRE and SRE - The company's three reportable segments are **Asset Management**, **Retirement Services**, and **Principal Investing**[315](index=315&type=chunk) - The key performance measure used by management is **Segment Income**, which is the sum of **Fee Related Earnings (FRE)** from Asset Management, **Spread Related Earnings (SRE)** from Retirement Services, and **Principal Investing Income (PII)**[317](index=317&type=chunk)[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) Segment Income (in millions) | | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Fee Related Earnings | $627 | $516 | $1,186 | $978 | | Spread Related Earnings | $821 | $710 | $1,625 | $1,527 | | Principal Investing Income | $47 | $33 | $61 | $54 | | **Segment Income** | **$1,495** | **$1,259** | **$2,872** | **$2,559** | [Unaudited Supplemental Presentation of Statements of Financial Condition](index=96&type=section&id=ITEM%201A.%20Unaudited%20Supplemental%20Presentation%20of%20Statements%20of%20Financial%20Condition) Provides a supplemental disaggregation of the consolidated balance sheet, separating Apollo's core operations from consolidated funds and VIEs Supplemental Statement of Financial Condition (June 30, 2025, in millions) | | Apollo Global Management, Inc. and Consolidated Subsidiaries | Consolidated Funds and VIEs | Eliminations | Consolidated | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | **$409,429** | **$28,240** | **$(18,119)** | **$419,550** | | **Total Liabilities** | $383,170 | $3,060 | $(541) | $385,689 | | **Total Equity** | $26,259 | $25,180 | $(17,578) | $33,861 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=100&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial condition and results across segments, highlighting AUM growth, market conditions, and the company's strong liquidity position - As of June 30, 2025, Apollo had total AUM of **$840 billion**, with **$690 billion** in Credit and **$150 billion** in Equity strategies[339](index=339&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Management noted strong equity market performance in Q2 2025, with the S&P 500 increasing by **10.6%**. U.S. inflation was reported at **2.7%** as of June 30, 2025, and the Federal Reserve's benchmark interest rate target remained at **4.25% to 4.50%**[353](index=353&type=chunk)[354](index=354&type=chunk) - The company maintains a strong liquidity position with **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) [Results of Operations](index=129&type=section&id=Results%20of%20Operations) Summarizes consolidated results, noting decreased revenues, increased expenses, and a significant drop in net income due to investment-related swings Consolidated Results of Operations Summary (in millions) | | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,362** | **$13,058** | | Asset Management | $2,153 | $2,089 | | Retirement Services | $10,209 | $10,969 | | **Total Expenses** | **$10,060** | **$9,475** | | **Net Income Attributable to Common Stockholders** | **$1,023** | **$2,231** | [Segment Analysis](index=142&type=section&id=Segment%20Analysis) Analyzes performance across Asset Management, Retirement Services, and Principal Investing segments, highlighting growth in FRE, SRE, and PII Segment Performance Summary (Six months ended June 30, 2025 vs 2024) | (In millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $1,186 | $978 | 21.3% | | Spread Related Earnings (SRE) | $1,625 | $1,527 | 6.4% | | Principal Investing Income (PII) | $61 | $54 | 13.0% | [Asset Management Operating Metrics](index=144&type=section&id=Asset%20Management%20Operating%20Metrics) Presents key Asset Management operating metrics, including AUM growth, fee-generating AUM, and available 'dry powder' for investment AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning AUM | Net Flows | Realizations | Market Activity | Ending AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total AUM** | **$751.0** | **$70.6** | **$(8.9)** | **$26.9** | **$839.6** | Fee-Generating AUM Roll-Forward (Dec 31, 2024 to June 30, 2025, in billions) | | Beginning FG-AUM | Net Flows | Realizations | Market Activity | Ending FG-AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fee-Generating AUM** | **$568.7** | **$53.7** | **$(3.6)** | **$19.6** | **$638.3** | - As of June 30, 2025, the company had **$72 billion** of 'dry powder' available for investment[525](index=525&type=chunk) [Liquidity and Capital Resources](index=166&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's liquidity and capital resources, detailing cash position, credit facilities, and cash flow activities - The company had **$12.7 billion** of unrestricted cash and cash equivalents and **$5.1 billion** available from credit facilities as of June 30, 2025[588](index=588&type=chunk) Cash Flow Summary (Six months ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Operating Activities | $2,274 | $1,403 | | Investing Activities | $(36,517) | $(31,085) | | Financing Activities | $32,089 | $29,976 | [Quantitative and Qualitative Disclosures about Market Risk](index=156&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Affirms no material changes to market risk exposures, outlining primary risks for Asset Management and Retirement Services segments - There have been **no material changes** to the company's market risk exposures from those previously disclosed in the 2024 Annual Report[672](index=672&type=chunk) [Controls and Procedures](index=156&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of the end of the period covered by the report[676](index=676&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent quarter[677](index=677&type=chunk) [PART II - OTHER INFORMATION](index=158&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Provides additional information on legal proceedings, risk factors, equity sales, and other miscellaneous disclosures [Legal Proceedings](index=158&type=section&id=ITEM%201.%20Legal%20Proceedings) Refers to Note 16 of the financial statements for a comprehensive summary of ongoing legal proceedings - For a summary of legal proceedings, the report incorporates by reference **Note 16** to the condensed consolidated financial statements[680](index=680&type=chunk) [Risk Factors](index=158&type=section&id=ITEM%201A.%20Risk%20Factors) Confirms no material changes to the risk factors previously disclosed in the 2024 Annual Report - There have been **no material changes** to the risk factors disclosed in the 2024 Annual Report[681](index=681&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=158&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details unregistered equity sales and share repurchase activities, including shares repurchased and remaining authorization Purchases of Equity Securities by the Issuer (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | 160 | $149.27 | $1,050,330,659 | | May 2025 | 112,051 | $139.72 | $1,034,674,472 | | June 2025 | 0 | $— | $1,034,674,472 | | **Total** | **112,211** | | | [Other Items (3, 4, 5, 6)](index=159&type=section&id=Other%20Items) Addresses non-applicable items, confirms no Rule 10b5-1 trading arrangement changes, and lists filed exhibits - Item 3 (Defaults upon Senior Securities) and Item 4 (Mine Safety Disclosures) are **not applicable**[686](index=686&type=chunk)[687](index=687&type=chunk) - **No director or officer** adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[688](index=688&type=chunk)

自 2022年以来，阿波罗管理的基金已向其所谓的"下一代基础设施投资"领域投入了约380亿美元，这些 投资涵盖可再生能源和数字平台等领域。 今年1月，该公司同意收购Argo Infrastructure Partners——该公司专注于投资数字基础设施、可再生能 源、交通运输及其他行业。 阿波罗公司总裁Jim Zelter在周二的财报电话会议上向分析师们强调："我们特别看好在人工智能基础设 施项目方面的融资机会。"他指出，这些项目的很大一部分都需要私募资金的支持。 Stream Data Centers负责建设、租赁、管理和运营大型数据中心园区。该公司已与包括信安资产管理 (Principal Asset Management)在内的多家投资者合作，共同开发了超过20个园区。与阿波罗公司的合作 将推动在芝加哥市区、亚特兰大和达拉斯的数据中心业务发展。 阿波罗全球管理公司(APO.US)同意收购Stream Data Centers的多数股权，这是这家另类资产管理公司首 次进行此类收购行动，此举旨在利用数字基础设施需求激增的契机实现发展。这家资产管理公司在周三 的一份声明中表示，该协议将使阿波罗管理的基金有可能 ...

Core Insights - Apollo-managed funds have agreed to acquire a majority interest in Stream Data Centers, positioning SDC to execute a multi-gigawatt development pipeline and deploy billions into U.S. infrastructure [1][2][3] - Stream Data Centers has delivered over 20 campuses and controls over 4 gigawatts of long-term powered land, with plans to scale development to meet demand from hyperscale cloud and AI providers [2][3] - Apollo estimates that data centers will require several trillion dollars of global investment over the next decade, with approximately $38 billion already deployed into next-generation infrastructure investments since 2022 [3] Company Overview - Stream Data Centers builds, leases, manages, and operates hyperscale data center campuses, with over 90% of its inventory leased to Fortune 100 customers [2][8] - The company has a robust near-term pipeline and aims to accelerate site development for 650 MW of near-term power capacity across campuses in metro Chicago, Atlanta, and Dallas [4] - Stream Data Centers has established a strong operational model based on collaborative customer relationships and is focused on delivering exceptional data center experiences [3][8] Investment and Growth Strategy - Apollo Funds and Stream Realty Partners will commit new capital to accelerate the development of Stream's existing data center land fund [4] - The transaction is expected to be completed in 2025 and will enhance SDC's ability to meet the accelerating demand for data center solutions [4] - Apollo's investment strategy includes significant scaling in renewable energy, digital platforms, and compute capacity, leveraging SDC as a key operating platform [3]

Core Insights - Apollo Global Management, LLC (APO) reported better-than-expected second-quarter 2025 results, with adjusted net income per share of $1.92, exceeding the Zacks Consensus Estimate of $1.85 and up from $1.64 in the prior year [1][10] - The company's total revenues reached $1.1 billion, reflecting a 17.5% year-over-year increase and surpassing the Zacks Consensus Estimate by 7.9% [3][10] - Apollo's assets under management (AUM) increased significantly, with fee-earning AUM rising 22.2% year-over-year to $638 billion and total AUM up 36.1% to $840 billion [4][5][10] Financial Performance - GAAP net income attributable to Apollo Global was $605 million, down from $828 million in the same quarter last year [2] - Total expenses for the combined segments rose 7.4% year-over-year to $189 million [3] - The company declared a quarterly cash distribution of 51 cents per share, to be paid on August 29, 2025 [7] AUM and Inflows - As of June 30, 2025, total AUM was $840 billion, benefiting from $98 billion of inflows from Asset Management and $81 billion from Retirement Services, partially offset by $60 billion of outflows [5] - The increase in AUM was driven by strong management fee growth and record capital solutions fees [4] Strategic Outlook - The company is experiencing broad-based momentum across its platform, with robust quarterly origination volume driven by diverse investing activities [8] - Apollo announced a deal to acquire Bridge Investment Group, expected to close in the third quarter of 2025, which aligns with its goal to expand real estate expertise and strengthen its wealth business [8]