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]

Group 1 - Apollo Global Management (APO) opened with a 5.04% increase, reaching $149.18 per share, with a total transaction volume of $17.83 million and a market capitalization of $85.335 billion as of August 5 [1] - For the fiscal year ending March 31, 2025, Apollo reported total revenue of $5.548 billion, a year-over-year decrease of 21.19%, and a net profit attributable to shareholders of $442 million, down 69.03% year-over-year [1] - The company is scheduled to disclose its fiscal year 2025 mid-term report on August 5, with the actual disclosure date subject to company announcements [1] Group 2 - Apollo Global Management specializes in alternative investment management services, operating through segments including credit, private equity, and real assets [2] - The credit segment focuses on investments in non-control companies and structured debt instruments, while the private equity segment includes investments in control equity and related debt instruments [2] - The company was founded in 1990 by Marc Jeffrey Rowan, Leon David Black, and Joshua Jordan Harris, and is headquartered in New York [2]

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [7] - Management fee growth of 21% year-over-year [7] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record organic inflows of $49 billion [48] Business Line Data and Key Metrics Changes - Asset Management: AUM increased by 22% year-over-year to $840 billion, with fee-generating AUM growing 22% to $638 billion [54] - Retirement Services: $21 billion of inflows in Q2, the second highest on record [57] - Credit business: Core opportunistic credit returned 9% over the latest twelve months, with a 23% quarter-over-quarter increase [10] Market Data and Key Metrics Changes - Strong demand for retirement services products driven by demographic trends [15] - Inflows from Athene reached $21 billion, the second highest result on record [51] - Significant origination activity in Europe, with a focus on infrastructure investments [43] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [18][19] - Expansion into the UK market through strategic partnerships and acquisitions [24][79] - Emphasis on innovation in product offerings to meet evolving market demands [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and growth potential despite current market challenges [64][67] - Anticipation of continued strong performance in the Retirement Services segment due to favorable demographic trends [15][57] - Expectation of significant opportunities in private credit and infrastructure financing [45][46] Other Important Information - The company is on track to achieve higher margins over time as it scales its operations [57] - The acquisition of Bridge Investment Group is expected to close in early September, with modest FRE contributions anticipated for 2025 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are originating new business at historical rates of return, maintaining profitability [63][64] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK market [74][76] Question: Scalability of ABC following ADS success - Management indicated strong early approvals for ABC and believes it can follow the success of ADS, leveraging their first-mover advantage [82][84] Question: Drivers of recent origination and deployment growth - Management highlighted the power of their integrated origination platform and the ability to provide diverse financing solutions as key drivers of growth [86][90] Question: Outlook for inflows in Retirement Services - Management emphasized the development of stable value products as a growth area for Athene's business [94][96]

Financial Data and Key Metrics Changes - Record Fee Related Earnings (FRE) of $627 million, a 22% year-over-year increase [6][54] - Management fee growth of 21% year-over-year [6] - Record Asset Under Management (AUM) of $840 billion, a 22% year-over-year increase [54] - Strong inflows of $61 billion across the firm, with record AUM [7][49] Business Line Data and Key Metrics Changes - Credit business performed well with core opportunistic credit returning 9% over the latest twelve months and 23% quarter-over-quarter [8] - Private equity business showed strong performance with Fund 10 net IRR at 23% and Fund 9 at 16.6% [9][10] - Retirement Services saw $21 billion of inflows, marking the second strongest organic quarter [14][58] Market Data and Key Metrics Changes - Significant demand for retirement services products driven by demographic trends [14][22] - Inflows from Athene reached $21 billion, with strong performance in fixed index annuities [52] - The annuity market has expanded significantly compared to previous years [14] Company Strategy and Development Direction - Focus on origination and maintaining high-quality spread in a competitive environment [17][33] - Expansion into European markets with strategic investments and partnerships [24][43] - Emphasis on innovation in product offerings to meet evolving market demands [35][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health and future growth potential despite current market challenges [66][68] - Anticipation of regulatory changes that could enhance market opportunities, particularly in the UK [81] - Management highlighted the importance of adapting to market conditions and innovating to maintain competitive advantage [67][68] Other Important Information - The company is on track to exceed its 2025 goals with strong momentum across all metrics [54][56] - The acquisition of Bridge Investment Group is expected to close in early September, with anticipated contributions to FRE in 2026 [59] Q&A Session Summary Question: Credit spread dynamics and impact on insurance business - Management noted that while credit spreads have tightened, they are successfully pivoting origination to maintain spreads and profitability [62][64] - The business is healthy, and as previous high-profit business runs off, a meaningful increase in SRE is expected [65][66] Question: Potential FRE impacts from Athora PIC acquisition - Management expects the transaction to be accretive to Athora's valuation and FRE over time, creating a significant origination ecosystem in the UK [76][78] Question: Scalability of ABC following ADS success - Management indicated strong early approvals and a clear path for ABC to follow ADS's success, leveraging their origination capabilities [84][86] Question: Drivers of recent earnings power and throughput - The integrated toolbox approach and increased leverage in direct lending have significantly accelerated origination capabilities [88][90] Question: Outlook for inflows in Retirement Services - Management is focusing on developing capabilities in stable value products, which are expected to drive growth in the future [94][96]

Financial Performance - GAAP Net Income Attributable to Apollo Global Management, Inc Common Stockholders was $605 million, or $100 per share[16] - Adjusted Net Income totaled $12 billion, or $192 per share[16] - Fee Related Earnings reached a record $627 million[22] - Spread Related Earnings amounted to $821 million[22] - Combined Fee and Spread Related Earnings hit a record $14 billion[22] Assets Under Management (AUM) - Total AUM reached $840 billion, benefiting from inflows of $61 billion in the second quarter and $179 billion over the last twelve months, driving a 21% increase year-over-year[22] - Fee-Generating AUM increased to $638 billion[15] - Perpetual Capital AUM increased to $498 billion[31] Business Growth & Capital Allocation - Record quarterly origination activity of $81 billion[22] - Strong quarterly inflows of $4 billion driven by continued expansion in signature semi-liquid products and continued education and momentum surrounding fixed income replacement-focused products[22] - Record quarterly capital solutions fee revenue of $216 million[22] - Repurchased more than $13 billion of common stock over the last twelve months, including $557 million of opportunistic share repurchases[22] - Distributed more than $1 billion of common stock dividends over the last twelve months[22]

Financial & Business Highlights [Q2 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Apollo reported strong Q2 2025 financial results with GAAP Net Income of $605 million and Adjusted Net Income (ANI) of $1.18 billion, driven by significant growth in core fee and spread-based businesses, with total AUM reaching $840 billion from robust inflows Q2 2025 Financial Metrics | Financial Metric | Q2 2025 | Q2 2025 Per Share | | :--- | :--- | :--- | | GAAP Net Income | $605 million | $1.00 | | Fee Related Earnings (FRE) | $627 million | $1.02 | | Spread Related Earnings (SRE) | $821 million | $1.33 | | Adjusted Net Income (ANI) | $1,179 million | $1.92 | | Total AUM | $840 billion | N/A | | Inflows | $61 billion | N/A | [GAAP Income Statement](index=3&type=section&id=GAAP%20Income%20Statement) The GAAP income statement for Q2 2025 shows total revenues of $6.8 billion and net income attributable to common stockholders of $605 million, primarily driven by increased net investment income from the Retirement Services segment GAAP Income Statement Summary | (In millions, except per share) | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | Total Revenues | $6,814 | $6,018 | | Net Income Attributable to Common Stockholders | $605 | $828 | | Diluted Earnings Per Share | $0.99 | $1.35 | [Q2 2025 Business Highlights](index=4&type=section&id=Second%20Quarter%202025%20Business%20Highlights) The second quarter featured record Fee Related Earnings (FRE) and strong Spread Related Earnings (SRE) totaling $1.4 billion, with AUM growing 21% year-over-year to $840 billion, supported by $179 billion in inflows over the last twelve months and active capital allocation to shareholders - **Record quarterly FRE of $627 million** and **SRE of $821 million**, demonstrating the strength of combined earnings streams[9](index=9&type=chunk) - Total AUM increased **21% year-over-year to $840 billion**, driven by **$179 billion of inflows** over the last twelve months[9](index=9&type=chunk) - Achieved **record quarterly origination activity of $81 billion**[9](index=9&type=chunk) - Returned significant capital to shareholders, with over **$1.3 billion in share repurchases** and over **$1 billion in dividends** distributed over the last twelve months[9](index=9&type=chunk) [Total Segment Earnings (Non-GAAP)](index=5&type=section&id=Total%20Segment%20Earnings) On a non-GAAP basis, total segment earnings for Q2 2025 show Fee Related Earnings (FRE) of $627 million and Spread Related Earnings (SRE) of $821 million, leading to an Adjusted Net Income (ANI) of $1.18 billion or $1.92 per share Total Segment Earnings | (In millions) | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $627 | $516 | | Spread Related Earnings (SRE) | $821 | $710 | | Principal Investing Income (PII) | $47 | $33 | | **Adjusted Net Income (ANI)** | **$1,179** | **$1,009** | - Adjusted Net Income per share increased to **$1.92 in Q2'25** from $1.64 in Q2'24[10](index=10&type=chunk) Segment Performance [Asset Management Segment](index=8&type=section&id=Asset%20Management%20Segment) The Asset Management segment delivered strong results in Q2 2025, with Fee Related Earnings (FRE) growing 22% year-over-year to a record $627 million, driven by a 21% increase in management fees and record capital solutions fees, while total AUM grew 21% YoY to $840 billion from robust inflows [Financial Performance](index=8&type=section&id=Asset%20Management%20Segment%20Financial%20Performance) The Asset Management segment's financial performance was highlighted by a 21.5% year-over-year increase in Fee Related Earnings (FRE) to $627 million, with management fees rising 21.4% to $816 million, and an improved FRE Margin of 57.3% due to disciplined expense growth Asset Management Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Total management fees | $816 | $672 | 21.4% | | Fee Related Earnings (FRE) | $627 | $516 | 21.5% | | FRE Margin | 57.3% | 55.3% | +200 bps | - Management fee growth was driven by third-party asset management inflows, record gross capital deployment, and strong growth from Retirement Services clients[15](index=15&type=chunk) [Assets Under Management (AUM)](index=9&type=section&id=Asset%20Management:%20Assets%20Under%20Management) Total AUM increased by 21% year-over-year to $840 billion, primarily driven by $179 billion in gross inflows over the last twelve months, with Fee-Generating AUM seeing a 22% increase to $638 billion, and perpetual capital constituting nearly 60% of total AUM - Total AUM grew by **$143 billion (21%) YoY**, driven by **$98 billion of inflows** from Asset Management and **$81 billion from Retirement Services**[19](index=19&type=chunk) - Fee-Generating AUM increased by **$116 billion (22%) YoY**, fueled by organic growth at Athene and broad fundraising[19](index=19&type=chunk) - Perpetual capital, which is highly scalable, represents nearly **60% of total AUM** and **75% of Fee-Generating AUM**[19](index=19&type=chunk) [Inflows](index=10&type=section&id=Asset%20Management:%20Inflows) The company generated gross inflows of $61 billion in Q2, contributing to $179 billion over the last twelve months, with Asset Management inflows of $40 billion driven by strong demand for credit and equity strategies, and Retirement Services (Athene) contributing $21 billion in organic inflows Inflows | Inflows ($ in billions) | Q2 2025 | LTM Q2'25 | | :--- | :--- | :--- | | Asset Management | $40 | $98 | | Retirement Services | $21 | $81 | | **Total Gross Inflows** | **$61** | **$179** | - Asset Management inflows were driven by institutional and global wealth demand for credit strategies like ADS and Asset-Backed Finance, as well as equity strategies like Hybrid Value Fund III[22](index=22&type=chunk) [Retirement Services Segment](index=11&type=section&id=Retirement%20Services%20Segment) The Retirement Services segment, primarily Athene, reported a 16% year-over-year increase in Spread Related Earnings (SRE) to $821 million for Q2 2025, driven by robust net organic growth and favorable alternative investment returns, with a high-quality investment portfolio and strong organic inflows [Financial Performance](index=11&type=section&id=Retirement%20Services%20Segment%20Financial%20Performance) Spread Related Earnings (SRE) increased 15.6% year-over-year to $821 million, supported by strong organic growth and a 10% return from the alternative investment portfolio, with Net Investment Spread at $1.06 billion for the quarter Retirement Services Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Net Investment Spread | $1,060 | $945 | 12.2% | | Spread Related Earnings (SRE) | $821 | $710 | 15.6% | | Net Spread | 1.22% | 1.24% | (2) bps | - SRE growth was primarily driven by more favorable alternative returns and robust net organic growth[24](index=24&type=chunk) [Return on Asset View & Portfolio Highlights](index=12&type=section&id=Retirement%20Services:%20Return%20on%20Asset%20View%20%26%20Portfolio%20Highlights) The segment's average net invested assets grew 16.7% year-over-year to $268.7 billion, maintaining a defensively positioned portfolio with 97% investment-grade fixed income assets and a strong liquidity position of $9.3 billion in cash and equivalents - **97% of Athene's fixed income portfolio** is invested in investment-grade assets[31](index=31&type=chunk) - The portfolio has a low historical average annual credit loss of **11 basis points** over the past five years, comparing favorably to the industry average of 13 basis points[31](index=31&type=chunk) - As of June 30, 2025, Athene held **$9.3 billion of cash and cash equivalents**, representing 3.4% of net invested assets[31](index=31&type=chunk) [Growth Profile](index=14&type=section&id=Retirement%20Services:%20Strong%20Growth%20Profile) Athene continues to demonstrate a powerful growth profile, with Q2 2025 gross organic inflows driven by strong retail annuity sales, flow reinsurance, and record funding agreements, showing a greater than 95% correlation with the growth of Spread Related Earnings (SRE) - Q2 2025 highlights include strong retail annuity sales, robust flow reinsurance volume from U.S. and APAC clients, and record quarterly inflows from funding agreements[32](index=32&type=chunk) - The growth of Athene's organic inflows and the growth of Spread Related Earnings (SRE) have a historical correlation of **over 95%**[34](index=34&type=chunk) [Principal Investing Segment](index=15&type=section&id=Principal%20Investing%20Segment) The Principal Investing segment generated $47 million of Principal Investing Income (PII) in Q2 2025, a 42% increase year-over-year, driven by a 25% rise in realized performance fees from private equity monetizations, while maintaining significant future potential with $261 billion in Performance Fee-Eligible AUM and $72 billion in dry powder [Financial Performance](index=15&type=section&id=Principal%20Investing%20Segment%20Financial%20Performance) Principal Investing Income (PII) for Q2 2025 was $47 million, up 42.4% from the prior year, primarily due to realized performance fees of $219 million, which grew 25.1% YoY, reflecting several sizeable monetizations in flagship private equity funds Principal Investing Segment Financial Performance | ($ in millions) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | Realized performance fees | $219 | $175 | 25.1% | | Principal Investing Income (PII) | $47 | $33 | 42.4% | - The increase in realized performance fees reflects a few sizeable monetizations within flagship private equity, though overall monetization activity remains prudently delayed amid an uncertain exit environment[38](index=38&type=chunk) [Performance Fee AUM and Dry Powder](index=16&type=section&id=Performance%20Fee%20AUM%20and%20Dry%20Powder) The segment's capacity for future earnings remains robust, with Performance Fee-Eligible AUM growing 23% year-over-year to $261 billion, Performance Fee-Generating AUM increasing 33% to $186 billion, and $72 billion of dry powder available for investment at quarter-end - Performance Fee-Eligible AUM increased **23% YoY to $261 billion**[41](index=41&type=chunk) - Dry Powder available for investment stood at **$72 billion** at quarter-end, with $59 billion having future management fee potential[41](index=41&type=chunk) [Investment Performance](index=17&type=section&id=Investment%20Performance%20Highlights%20and%20Net%20Accrued%20Performance%20Fees) Investment performance was solid across key strategies, with Direct Origination and Asset-Backed Finance posting strong LTM gross returns of 12.0% and 11.9% respectively in credit, and the Hybrid Value strategy appreciating 17.4% over the last twelve months, while the Net Accrued Performance Fee Receivable stood at $1.57 billion LTM 2Q'25 Appreciation / Gross Returns | LTM 2Q'25 Appreciation / Gross Returns | % Return | | :--- | :--- | | **Credit** | | | Direct Origination | 12.0% | | Asset-Backed Finance | 11.9% | | **Equity** | | | Hybrid Value | 17.4% | - The Net Accrued Performance Fee Receivable was **$1,572 million** at the end of Q2 2025, a slight decrease from $1,594 million in Q1 2025, primarily due to net realized performance fees exceeding net unrealized gains[43](index=43&type=chunk) Capital Management & Balance Sheet [Capital Strength & Allocation](index=18&type=section&id=Capital%20Strength) Apollo maintains a strong capital position, underscored by high-grade credit ratings for the parent company and its key subsidiaries, having returned $1.7 billion to stockholders over the last twelve months through dividends and opportunistic share repurchases, while holding $2.4 billion in cash and cash equivalents - Returned a total of **$1.7 billion of capital to stockholders** over the last twelve months through dividends and share repurchases[45](index=45&type=chunk) - Maintains strong investment-grade financial strength ratings from Moody's, S&P, and Fitch for Apollo Global Management (A2/A/A), Apollo Asset Management (A2/A/A), and Athene (A1/A+/A+)[45](index=45&type=chunk) [Sharecount Reconciliation](index=22&type=section&id=Sharecount%20Reconciliation) The company actively managed its share count through repurchases, with $15.7 million of common stock repurchased in Q2 2025, totaling approximately $1.34 billion over the last twelve months, and $1.03 billion remaining under the current share repurchase authorization Share Repurchase Activity | Share Repurchase Activity | Q2 2025 | LTM Q2'25 | | :--- | :--- | :--- | | of Shares Repurchased | 112,211 | 9,934,123 | | Capital Utilized | $15.7 million | ~$1.34 billion | - As of the end of Q2 2025, the company had **$1.03 billion remaining** under its share repurchase plan authorization[50](index=50&type=chunk) [GAAP Balance Sheet](index=25&type=section&id=GAAP%20Balance%20Sheet) As of June 30, 2025, Apollo's GAAP balance sheet shows total assets of $419.6 billion, a significant increase from $377.9 billion at year-end 2024, primarily driven by an increase in investments within the Retirement Services segment, with total liabilities growing to $385.7 billion and total stockholders' equity increasing to $19.3 billion GAAP Balance Sheet Summary | ($ in millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $419,550 | $377,895 | | Total Liabilities | $385,689 | $346,915 | | Total Apollo Stockholders' Equity | $19,321 | $17,253 | Supplemental Details & Reconciliations [AUM Rollforward](index=20&type=section&id=AUM%20Rollforward) This section provides a detailed reconciliation of Assets Under Management (AUM) over the last three and twelve months, showing that for the twelve months ending June 30, 2025, Total AUM increased from $696.3 billion to $839.6 billion, driven by $182.6 billion in inflows, partially offset by outflows and realizations, with a positive market activity impact Total AUM Rollforward (LTM Q2'25) | Total AUM Rollforward (LTM Q2'25, $ in millions) | Amount | | :--- | :--- | | Beginning Balance | $696,253 | | Inflows | $182,603 | | Outflows | ($63,044) | | Realizations | ($20,100) | | Market Activity | $43,893 | | **Ending Balance** | **$839,605** | [Retirement Services Flows & Invested Assets](index=21&type=section&id=Retirement%20Services%20Flows%20%26%20Invested%20Assets) This section details the flows and asset base for the Retirement Services segment, which generated $21.2 billion in gross organic inflows in Q2 2025, led by funding agreements and retail, resulting in net flows of $14.0 billion for the quarter, with third-party capital supporting approximately 25% of new business volume Q2'25 Gross Organic Inflows by Channel | Q2'25 Gross Organic Inflows by Channel ($ in millions) | Amount | | :--- | :--- | | Retail | $7,256 | | Flow reinsurance | $2,031 | | Funding agreements | $11,707 | | **Total Gross Organic Inflows** | **$21,232** | - Third-party capital (ADIP) is a key growth enabler, supporting approximately **25% of Athene's organic new business volume** in the quarter[48](index=48&type=chunk) [Investment Record](index=24&type=section&id=Investment%20Record) The investment record provides detailed performance metrics for Apollo's key credit and equity funds as of June 30, 2025, including committed capital, total invested capital, realized and unrealized value, and both gross and net Internal Rates of Return (IRR) for each vintage, demonstrating a long-term track record of value creation - The report details the performance of major funds, for example, the flagship private equity Fund IX (2018 vintage) has generated a **24% Gross IRR** and a **16% Net IRR** on **$23.1 billion of invested capital**[52](index=52&type=chunk) [GAAP to Non-GAAP Reconciliation](index=27&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a detailed reconciliation of GAAP financial measures to non-GAAP measures like Segment Income and Adjusted Net Income (ANI), bridging the gap by adjusting for items such as equity-based compensation, unrealized performance fees, and investment gains/losses to present a clearer view of core operating earnings Reconciliation to ANI (Q2'25) | Reconciliation to ANI (Q2'25, $ in millions) | Amount | | :--- | :--- | | GAAP Net Income Attributable to Common Stockholders | $605 | | **Plus/Minus Adjustments:** | | | Preferred dividends & NCI | $237 | | Income tax provision | $3 | | Asset & Retirement Services Adjustments (unrealized gains, equity comp, etc.) | $430 | | **Segment Income** | **$1,495** | | HoldCo interest & Taxes | ($316) | | **Adjusted Net Income (ANI)** | **$1,179** | Definitions & Disclosures [Definitions](index=30&type=section&id=Definitions) This section provides detailed definitions for key financial and operating metrics used throughout the earnings presentation, clarifying the calculation and components of non-GAAP measures such as Fee Related Earnings (FRE), Spread Related Earnings (SRE), Principal Investing Income (PII), and Adjusted Net Income (ANI), as well as operating metrics like Assets Under Management (AUM) and Dry Powder [Forward-Looking Statements](index=35&type=section&id=Forward-Looking%20Statements) This disclosure contains standard safe harbor language, cautioning that the presentation includes forward-looking statements based on management's current beliefs and expectations, which are subject to various risks, uncertainties, and assumptions, and actual results may differ materially, advising readers to consult the company's SEC filings for a complete discussion of these risks

Core Viewpoint - Apollo Global Management reported strong second quarter results, highlighting the effectiveness of its business model and origination capabilities, which led to record organic inflows and Fee Related Earnings [2] Financial Performance - For the second quarter ended June 30, 2025, Apollo declared a cash dividend of $0.51 per share for its Common Stock, payable on August 29, 2025 [3] - Additionally, a cash dividend of $0.8438 per share for its Mandatory Convertible Preferred Stock was declared, to be paid on October 31, 2025 [4] Business Strategy - The company remains focused on long-term growth themes including retirement, wealth, industrial renaissance, and public-private convergence [2] - As of June 30, 2025, Apollo managed $840 billion in assets [8]

Core Viewpoint - Apollo Global Management, Inc. (APO) is expected to report an increase in both earnings and revenues for the second quarter of 2025 compared to the previous year, despite elevated expenses impacting results [1][7]. Financial Performance Expectations - The Zacks Consensus Estimate for APO's earnings is $1.85, reflecting a year-over-year increase of 12.8% [2]. - The consensus estimate for sales is $1.01 billion, indicating a year-over-year rise of 8.4% [2]. Assets Under Management (AUM) Insights - Total AUM is projected to reach $812.1 billion, representing a sequential increase of 3.5% [3][7]. - AUM growth is supported by overall asset inflows and the company's diversified asset classes, client bases, and geographies [3]. Fee-Related Earnings Estimates - The consensus estimate for management fees is $794.2 million, indicating a sequential rise of 3.1% [4]. - Fee-related performance fees are estimated at $55.6 million, reflecting a 3% increase from the previous quarter [4]. - Net capital solutions fees and other are estimated at $162.3 million, suggesting a sequential decline of 5.4% [4]. Expense Considerations - Elevated expenses are anticipated due to ongoing investments in capital formation and credit investing teams, as well as merger-related charges [5][7]. Earnings Prediction Model - The likelihood of Apollo beating earnings estimates is low, with an Earnings ESP of -0.36% and a Zacks Rank of 4 (Sell) [6].

Group 1 - The article compares two stocks in the Financial - Investment Management sector: Patria Investments (PAX) and Apollo Global Management Inc. (APO) to determine which presents a better value opportunity for investors [1] - Patria Investments has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Apollo Global Management Inc., which has a Zacks Rank of 4 (Sell) [3] - Value investors consider various valuation metrics, including P/E ratio, P/S ratio, earnings yield, and cash flow per share, to assess whether a company is undervalued [4] Group 2 - PAX has a forward P/E ratio of 10.20, while APO has a forward P/E of 19.81, suggesting that PAX may be undervalued relative to APO [5] - The PEG ratio for PAX is 0.69, indicating a favorable valuation when considering expected earnings growth, whereas APO has a PEG ratio of 1.61 [5] - PAX's P/B ratio is 1.69, compared to APO's P/B of 2.8, further supporting the notion that PAX is a more attractive value option [6] Group 3 - PAX is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, positioning it as the superior value option at present [7]

Group 1 - The FCC has adopted new regulations requiring text providers to develop a georouting system for text messages to the 988 Suicide & Crisis Lifeline, enhancing localized support for help seekers [1][3] - Mosaicx provides intelligent routing technology that supports both georouting and call routing, ensuring specialized crisis care for diverse communities, including veterans and Spanish speakers [2] - The decision by the FCC reflects a commitment to expanding communication options for individuals in crisis while maintaining the centralized structure of the 988 Lifeline [3] Group 2 - Mosaicx is an AI-native platform that automates interactions across various communication channels, enhancing customer and employee satisfaction [5] - The company has over 30 years of experience in delivering enterprise customer experience solutions and is part of WestCX, which is under the West Technology Group, LLC, managed by Apollo Global Management, Inc. [5]