Core Viewpoint - Apollo Global Management's CEO Marc Rowan denies any business or personal relationship with Jeffrey Epstein, amidst ongoing scrutiny related to Epstein's past activities and correspondence with Apollo executives [1]. Company Statements - Apollo stated that neither Marc Rowan nor any other employee, except for Leon Black, had a relationship with Epstein [1]. - The company emphasized that the recent documents do not accuse Apollo or its executives of engaging in or being aware of Epstein's illicit activities [1]. - Apollo's response was prompted by teachers' unions requesting an SEC investigation into what they believe are misleading statements made by Apollo to its investors [1]. Historical Context - Leon Black, a co-founder of Apollo, left the company in early 2021 following a review of his ties to Epstein, which cleared him of wrongdoing [1]. - The review indicated that while Black attempted to introduce Epstein to his co-founders, no one else at Apollo seriously considered hiring Epstein [1]. Recent Developments - New documents reveal correspondence between Rowan's office and Epstein's office regarding at least five scheduled meetings, although it remains unverified if these meetings occurred [1]. - Apollo clarified that in certain instances, Rowan and other employees provided information to Epstein related to tax work for Black [1]. - Apollo stated that Epstein's attempts to work with the co-founders were declined consistently [1]. Broader Implications - The release of Epstein-related documents has led to increased scrutiny of Apollo's top officials, particularly in light of Epstein's past convictions and the ongoing fallout from his death [1]. - The American Federation of Teachers and the American Association of University Professors have expressed concerns regarding the implications of these documents for Apollo's leadership [1].

The US stock market, typically considered the engine of the global economy, has struggled to find its footing through the first months of 2026, even as the rest of the world has surged ahead. As a result, US stocks are off to their worst start of the year since 1995 against the global market, according to data from Goldman Sachs. While the S&P 500 (^GSPC), tracking the largest US companies, has fallen by 1% since the start of the year, an index tracking market returns throughout the rest of the global ...

Core Viewpoint - The software industry is facing significant risks, leading to a sell-off of U.S. publicly traded private equity (PE) and business development companies (BDC) due to concerns over the valuation of billions in private software debt [1][5]. Group 1: Market Reaction - On February 3, following reports from Goldman Sachs and Barclays, there was a notable sell-off in the market, with Blue Owl Capital's stock dropping approximately 5% and other industry leaders like Ares Capital and Sixth Street Specialty Lending declining over 3% [2]. - A report from Goldman Sachs indicated that hedge funds are rapidly rotating out of software stocks, marking the highest net sell-off in the tech sector since September 2024, with software stocks leading the decline [4]. Group 2: Impact on Private Credit Institutions - The sell-off has severely impacted private credit institutions that finance software companies, with a software stock index plummeting 15% in January, the largest monthly drop since October 2008 [5]. - Barclays analysts highlighted that software constitutes about 20% of BDC portfolios, making them particularly sensitive to declines in software equity and credit valuations, with total exposure estimated at $100 billion [7]. Group 3: Concerns Over Default Rates - UBS strategists warned that if AI leads to the large-scale elimination of traditional software companies, default rates in U.S. private credit could soar to as high as 13% [9]. - Apollo Global Management has already begun reducing its software exposure from 20% to below 10%, indicating a cautious approach towards the software sector [9]. Group 4: Market Sentiment and Analyst Opinions - Despite the prevailing panic, some analysts believe the market may be overreacting, as there is no new fundamental information to justify the declines [12]. - Recent negative news, including significant withdrawals from funds like Blue Owl and TCP Capital Corp., has heightened investor anxiety ahead of the earnings season, leading to a preemptive market downturn [12].

Core Viewpoint - Apollo Commercial Real Estate Finance (ARI) plans to sell its loan portfolio to Athene, which is expected to be a transformational deal aimed at addressing the valuation gap between ARI's market price and the intrinsic value of its assets [4][10]. Financial Details - The transaction is expected to deliver approximately $1.4 billion of net cash to ARI [1][7]. - After the repayment of most financing facilities and transaction expenses, ARI anticipates a common equity book value per share of about $12.05 [2][7]. - The purchase price for the loan portfolio is set at 99.7% of total loan commitments, excluding two loans with a principal balance of $146 million [3][7]. Strategic Implications - The sale is designed to close a long-standing valuation gap, as ARI's stock has traded at an average of about 0.76 of net book value for several years [9][11]. - Management plans to evaluate commercial real estate-related strategies to unlock additional value, including potential M&A opportunities [12][13]. - If no new asset strategy is identified by year-end, ARI's board may explore all strategic alternatives, including dissolution [14]. Governance and Transaction Process - The transaction has been approved by ARI's board following a recommendation from a special committee of independent directors [15]. - A 25-day go-shop period will allow for additional interest in the portfolio before a stockholder vote [17][18]. - Apollo has agreed to a 50% reduction in ARI's annual management fee and will reimburse up to $10 million of transaction expenses [16].

Group 1 - The total value of mergers and acquisitions (M&A) in Turkey for 2025 reached 466.1 billion lira (approximately 11.81 billion USD), marking the highest annual level since the Turkish Competition Authority began reporting in 2013 [1] - Foreign-led M&A transactions accounted for the largest share, with 55 deals involving Turkish companies totaling 277.5 billion lira (about 7 billion USD), representing the second-highest annual foreign investment scale in Turkey's history [1] - In domestic transactions, the technology sector ranked first in deal volume, with 25 transactions in software development, consulting, and related IT services [1] Group 2 - The largest disclosed M&A deal in Turkey for 2025 was the acquisition of a vehicle inspection station project by the MOI consortium for 1.72 billion USD [2] - The second-largest deal involved Apollo Global Management acquiring a 3% stake in the Trans-Anatolian Natural Gas Pipeline (TANAP) for 1 billion USD [2] - Uber's acquisition of an 85% stake in the Turkish e-commerce platform "Trendyol Go" for 700 million USD ranked third among the largest transactions [2]

Wall Street’s invitation to the open house in your neighborhood may soon be revoked. On Wednesday, President Trump called on Congress to codify a new proposal to ban large institutional investors from buying more single-family homes, saying in a Truth Social post, “People live in homes, not corporations.” For prospective buyers, this could mean not having to go up against, say, Blackstone when you put in a bid for a home. SUBSCRIBE:  Receive more of our free The Daily Upside newsletter. READ ALSO: Wearab ...

Core Viewpoint - Anheuser-Busch InBev (BUD.US) is set to repurchase a 49.9% stake in its U.S. metal can business from a consortium led by Apollo Global Management for approximately $3 billion, utilizing available cash for the transaction and expecting to complete the buyback in the first quarter of this year [1]. Group 1 - Anheuser-Busch InBev shares rose by 1.58% to $64.76 prior to the announcement [1]. - The U.S. metal can business includes seven production facilities across six states [1]. - The transaction is valued at around $3 billion [1].

Market Performance - The S&P 500 rose 0.88% to 6,834.50, the Nasdaq Composite gained 1.31% to 23,307.62, and the Dow Jones Industrial Average added 0.38% to 48,134.89, all influenced by volatile quad-witching flows [1] - AI-linked and broader tech names led market gains, with Oracle and Micron Technology boosting prices, while consumer stocks like Nike and Lamb Weston lagged due to disappointing earnings and guidance [2] Economic Indicators - Reports of cooling inflation and a softer labor market have strengthened expectations for a potential Federal Reserve rate cut early next year [4] - The University of Michigan revised its December consumer sentiment expectations downwards, citing high prices and weak hiring as contributing factors [5] Sector Challenges - Mixed results from Nike and Lamb Weston highlight ongoing challenges in consumer-facing sectors, with Nike beating analyst estimates but experiencing a stock decline due to concerns over profits and sales in China [5] - Apollo Global Management has warned of stagflation risks next year, particularly if AI does not meet expectations [4]

Let's continue the conversation right here with Toron Slack. He's chief economist at Apollo Global Management. Um, you have a favorite in that Fed race, by the way.Well, so I don't have a personal favorite, but I think it's clear that the market is trying to chew hard on which of these candidates will have implications for what's happening, especially of course in rates. What the conclusion of course here is that it all becomes about can the new fetcher persuade the other FOMC members about whatever his vie ...

Apollo Global Management is exploring a potential sale of its aviation company Atlas Air Worldwide Holdings Inc., according to people familiar with the matter. https://t.co/prDtjKsFDm ...