Apollo Management(US:APO)2025-11-24 12:00Apollo's Origination Platform Strategy - Apollo's origination platforms power Athene and grow Apollo, focusing on investment-grade assets with excess spread and a track record of low losses[21] - Apollo has invested billions of dollars over 10+ years to build a large origination ecosystem[21, 70] - Apollo's asset-backed finance franchise has experienced low losses over a long period, especially for investment-grade tranches and post-crisis for all tranches[44, 45] - Apollo's ABF business has over $200 billion in asset-backed originations to date[50, 55] Private Credit Market - The private credit market is large, with an addressable market of approximately $40 trillion, and Apollo is focused on areas with attractive risk/reward[41, 42, 43] - The majority of private credit across Apollo is investment grade, with the origination ecosystem primarily focused on asset-backed finance[43] MidCap Financial - MidCap Financial has over $14 billion in assets originated LTM 3Q'23 and cumulative credit losses of 27 bps since 2008[125] - MidCap Financial manages $48.4 billion in total managed commitments as of 3Q 2023[125, 137] - MidCap generates a ~17% return on equity[152, 153] Wheels - Wheels has approximately $4 billion in assets originated LTM 3Q'23 and average charge-offs of less than 1bp over the last 15 years[165, 209] - Wheels manages a vehicle fleet of approximately 800,000 vehicles as of 3Q'23[165] ATLAS SP Partners - ATLAS SP Partners had approximately $40 billion in funded AUM at launch in February 2023 and has originated approximately $10 billion in assets since acquisition[216] - ATLAS SP Partners has less than 1bp in aggregate impairments on originations over the last 7 years[216, 247] Earnings Power - Apollo has approximately $95 billion of directly originated assets within Athene's investment portfolio[281] - Apollo's capital solutions fees were approximately $420 million YTD 3Q'23[299]