Apollo Global Management (APO) Company Report

Apollo's Athene segment targets a 10% SRE growth rate on average until 2029, projecting $3.8 billion of SRE in 2026 assuming an 11% alts return.
Athene has demonstrated strong capital generation, holding $9 billion of deployable capacity and expecting to generate an additional $3 billion of excess capital through 2029, while paying an annual dividend of $750 million to Apollo Holdco.
The company emphasizes its strategy of originating investment-grade assets and stable liabilities, having originated $273 billion of assets in the latest 12 months, with $190 billion being A-rated investment grade.
Management considers its growth plan to be conservative, with potential upside not captured from inorganic growth, credit spreads, deployment of countercyclical assets, and new markets/products.

1 day ago

Transcript

Apollo Global Management Discusses Strategic Outlook and Financial Projections

APO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Apollo Global Management expects $880 million in spread-related earnings (SRE) for Q4, projecting 10% growth in SRE for 2026 and 10% on average through 2029.
The company emphasizes its strategy of proprietary origination in private investment grade assets and asset-backed finance, which offers 50-150 basis points better risk compared to more commoditized markets.
Athene, Apollo's insurance affiliate, maintains discipline in underwriting for mid-teens unlevered returns and has developed a "liability machine" to utilize Apollo's origination capabilities, consistently finding ways to grow.
Management's financial projections are based on a conservative plan, assuming no benefit from future rate changes, spread widening, or inorganic growth, indicating potential upside to the 10% SRE growth target.
Athene is a strong capital generator, currently holding $9 billion of deployable capacity and is expected to generate $3 billion of excess capital through 2029, while also providing an annual dividend of $750 million to Apollo Holdco.

1 day ago

Transcript

Apollo's Retirement Services Business (Athene) Provides 2025 Update

APO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Athene targets Spread Related Earnings (SRE) of approximately $3.475 billion for 2025E and $3.8 billion for 2026E, with a long-term average annual growth target of 10%.
The company projects gross inflows exceeding $80 billion in 2025E and $85 billion in 2026E, driving average net invested asset growth of approximately 17% in 2025E and low-teens in 2026E.
Athene has ~$9 billion in deployable capital today and anticipates generating an additional $3 billion+ in excess capital from 2025 through 2029.
Key competitive differentiators include targeting 30-40 basis points of asset outperformance, a 35 basis points operating expense advantage versus the industry, and a fortress balance sheet rated 'A+' or equivalent by major rating agencies.
As of September 30, 2025, Athene's balance sheet holds $360 billion in fixed income assets, with 95% of the portfolio being investment grade, and $35 billion in capital.

1 day ago

Presentation

Apollo Presents Retirement Services Business Update 2025

APO

Guidance Update

New Projects/Investments

M&A

Apollo (APO) expects its spread-related earnings (SRE) to grow approximately 10% in 2026 and 10% on average through 2029, following an expected $880 million in SRE for Q4.
The market for guaranteed retirement income is projected to grow significantly, with a 40% increase in people over 65 by 2050, and Athene is the largest player in the fixed annuity market, holding 10% of it.
Athene has demonstrated high operational efficiency, originating $85 billion in the last 12 months with fewer employees than Aviva USA had when acquired in 2012, and has reduced its rate exposure to 2% of invested assets from 16% in 2020.
The company maintains a fortress balance sheet with $35 billion of statutory capital and has strategically increased cash and treasuries to $22 billion in 2024-2025 to preserve optionality during market tightening.

1 day ago

Transcript

Apollo-backed Great Bay Renewables Partners with Granite Source Power

APO

New Projects/Investments

Granite Source Power (GSP) and Great Bay Renewables (Great Bay) announced a strategic partnership on November 19, 2025, to accelerate the development of battery storage and energy generation projects across key U.S. markets.
The partnership aims to address growing energy demand and grid reliability needs by leveraging GSP's development capabilities and Great Bay's energy finance and interconnection security expertise.
Great Bay Renewables, which is backed by certain funds managed by affiliates of Apollo (NYSE: APO), has invested over $730 million in the renewable energy sector, with royalty agreements on over 35 projects totaling approximately 8.2 GW.

6 days ago

Press Release

Apollo Sports Capital to Become Majority Shareholder of Atl\u00e9tico de Madrid

APO

M&A

New Projects/Investments

Apollo Sports Capital (ASC), the global sports investment company of Apollo (NYSE: APO), has reached an agreement to become the majority shareholder of Atl\u00e9tico de Madrid.
Miguel \u00c1ngel Gil and Enrique Cerezo will continue to lead Atl\u00e9tico de Madrid as Chief Executive Officer and President, respectively, and will remain shareholders.
The investment aims to reinforce the Club\u2019s position, enhance financial strength, and support its ambition for long-term success, including additional capital investment in teams and major infrastructure projects like the Ciudad del Deporte.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in Q1 2026.

Nov 10, 2025, 12:00 PM

Press Release

Apollo Global Management, Inc. issues $750 million in senior notes

APO

Debt Issuance

On November 7, 2025, Apollo Global Management, Inc. issued a total of $750,000,000 in senior notes through an underwritten public offering.
The offering included $400,000,000 of 4.600% Senior Notes due 2031 and $350,000,000 of 5.150% Senior Notes due 2035.
The 5.150% Senior Notes due 2035 constitute a further issuance, bringing the total aggregate principal amount outstanding for this series to $850,000,000.
The company intends to use the proceeds from this offering for general corporate purposes.

Nov 7, 2025, 9:31 PM

8-K

Apollo Funds Invest in Aeva

APO

Debt Issuance

New Projects/Investments

Funds managed by Apollo will invest $100 million in Aeva through 4.375% Convertible Senior Notes due 2032.
The investment aims to support Aeva's commercial momentum and accelerate the adoption of its FMCW 4D LiDAR technology.
The Notes have an initial conversion price of $15.8643, representing a 15% premium over Aeva's common stock closing price on November 4, 2025.
The Notes will mature on November 15, 2032, and bear an annual interest rate of 4.375%.

Nov 5, 2025, 9:15 PM

Press Release

Aeva Reports Third Quarter 2025 Results

APO

Earnings

Debt Issuance

New Projects/Investments

Aeva reported revenue of $3.6 million for Q3 2025, an increase from $2.3 million in Q3 2024, and its GAAP diluted net loss per share improved to $0.52 from $0.70 in the prior year period.
The company successfully completed a joint development program with a Top-10 global passenger OEM and is in late-stage contract negotiations for a series production award.
Apollo Global Management will invest $100 million in Aeva through convertible unsecured senior notes, aiming to accelerate Aeva's commercial momentum.
Aeva is on track with its Daimler Truck production program, having completed initial vehicle builds and received orders for Atlas C Samples in 2026.

Nov 5, 2025, 9:05 PM

Press Release

Apollo Global Management Reports Strong Q3 2025 Results and Provides 2026 Outlook

APO

Earnings

Guidance Update

M&A

Apollo Global Management reported adjusted net income of $1.4 billion, or $2.17 per share, up 17% year over year, driven by record combined fee and spread-related earnings in Q3 2025.
Fee-Related Earnings (FRE) increased 23% year over year to $652 million, and total Assets Under Management (AUM) grew 24% year over year to $908 billion.
The company generated $75 billion in origination and $82 billion in inflows during the quarter, with asset management inflows of $59 billion and retirement services inflows of $23 billion.
The acquisition of Bridge closed on September 2, expected to contribute approximately $300 million in annual fee-related revenues and $100 million in pre-tax FRE.
For 2026, Apollo projects 20% plus growth in FRE and 10% growth in SRE, maintaining long-term average annual growth targets of 20% for FRE and 10% for SRE through 2029.

Nov 4, 2025, 1:30 PM

Transcript

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