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CaliberCos (NASDAQ:CWD – Get Free Report) and Apollo Global Management (NYSE:APO – Get Free Report) are both finance companies, but which is the better business? We will contrast the two businesses based on the strength of their earnings, profitability, risk, valuation, analyst recommendations, institutional ownership and dividends.

Analyst Ratings This is a summary of current recommendations for CaliberCos and Apollo Global Management, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score CaliberCos 1 1 0 0 1.50 Apollo Global Management 0 4 12 1 2.82 Apollo Global Management has a consensus price target of $152.15, suggesting a potential upside of 15.34%. Given Apollo Global Management’s stronger consensus rating and higher possible upside, analysts clearly believe Apollo Global Management is more favorable than CaliberCos.

Profitability This table compares CaliberCos and Apollo Global Management’s net margins, return on equity and return on assets. Net Margins Return on Equity Return on Assets CaliberCos -117.34% -75.44% -13.87% Apollo Global Management 5.22% 14.01% 1.18% Insider & Institutional Ownership 4.1% of CaliberCos shares are owned by institutional investors. Comparatively, 77.1% of Apollo Global Management shares are owned by institutional investors. 8.3% of CaliberCos shares are owned by company insiders. Comparatively, 8.3% of Apollo Global Management shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a company will outperform the market over the long term.

Earnings and Valuation This table compares CaliberCos and Apollo Global Management”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio CaliberCos $20.10 million 0.27 -$21.80 million ($3.79) -0.14 Apollo Global Management $32.05 billion 2.43 $3.49 billion $2.73 48.32 Apollo Global Management has higher revenue and earnings than CaliberCos. CaliberCos is trading at a lower price-to-earnings ratio than Apollo Global Management, indicating that it is currently the more affordable of the two stocks.

Summary Apollo Global Management beats CaliberCos on 13 of the 14 factors compared between the two stocks.

About CaliberCos (Get Free Report)

Caliber (NASDAQ: CWD) is a vertically integrated alternative asset management firm whose purpose is to build generational wealth for investors seeking to access opportunities in middle-market assets. Caliber differentiates itself by creating, managing, and servicing proprietary products, including middle-market investment funds, private syndications, and direct investments which are managed by our in-house asset services group. Our funds include investment vehicles focused primarily on real estate, private equity, and debt facilities. Additional information can be found at Caliberco.com and CaliberFunds.co.

(Get Free Report)

Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm’s private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions. For credit strategies, the firm focuses to invest in multi-sector credit, semi-liquid credit, direct lending, first lien, unitranche, whole loans and private credit. The firm provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients. It also manages real estate funds and private equity funds for its clients. The firm invests in the fixed income and alternative investment markets across the globe. Its fixed income investments include income-oriented senior loans, bonds, collateralized loan obligations, structured credit, opportunistic credit, non-performing loans, distressed debt, mezzanine debt, and value oriented fixed income securities. The firm seeks to invest in chemicals, commodities, consumer and retail, oil and gas, metals, mining, agriculture, commodities, distribution and transportation, financial and business services, manufacturing and industrial, media distribution, cable, entertainment and leisure, telecom, technology, natural resources, energy, packaging and materials, and satellite and wireless industries. It also focuses on clean energy, sustainable industry, climate solutions, energy transition, industrial decarbonization, sustainable mobility, sustainable resource use, and sustainable real estate. It seeks to invest in companies based in across Africa, Asia, North America with a focus on United States, Western Europe and Europe. It employs a combination of contrarian, value, and distressed strategies to make its investments. The firm seeks to make investments in the range of $75 million and $1500 million. The firm seeks to invest in companies with Enterprise value between $750 million to $2500 million. The firm conducts in-house research to create its investment portfolio. It seeks to acquire minority and majority positions in its portfolio companies. Apollo Global Management, Inc. was founded in 1990 and is headquartered in New York, New York with additional offices in North America, Asia, Africa and Europe.

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Barron's August 24th, 2026 stock picks highlight 47 dividend payers, with Danone, Gap, and Kohl's emerging as "safer" ideal candidates. Top ten picks by yield project 15.4% to 44.59% gains by September 2027, with an average net gain of 23.6% and risk/volatility 14% below the market. Dividend dog strategy identifies contrarian opportunities, emphasizing price pull-backs and yield improvement for both new and existing positions.

Key Takeaways APO's total AUM reached $1.05 trillion, up 25% year over year, reflecting robust capital formation and growth.Fee-generating AUM rose 34% to $858 billion, supporting recurring fee income and growth across the platform.Apollo's management plans to scale private equity, targeting total AUM of nearly $1.5 trillion by 2029. Apollo Global Management, Inc. (APO - Free Report) continues to expand its alternative investment platform, supported by strong organic asset under management (AUM) growth. The company’s AUM witnessed a compound annual growth rate (CAGR) of 19.6% from 2022 to 2025, with the growth trend continuing in the first half of 2026. Total AUM reached $1.05 trillion as of June 30, 2026, up 25% year over year, reflecting robust capital formation and continued growth in Asset Management and Retirement Services.

AUM Growth Trend

Image Source: Apollo Global Management, Inc.

Apollo’s ability to consistently attract capital remains a key driver of its AUM expansion. The company generated $298 billion of gross inflows over the last 12 months, including $220 billion from Asset Management and $78 billion from Retirement Services. Strong fundraising across institutional and global wealth channels, along with robust Retirement Services inflows, should continue to support growth across the platform.

As of June 30, 2026, fee-generating AUM increased 34% year over year to $858 billion, supporting Apollo's ability to generate recurring fee income. The increase was driven by strong capital formation across institutional and global wealth channels, continued fundraising across credit and equity strategies, and growth in Retirement Services.

Strategic acquisitions further strengthened Apollo’s long-term AUM growth prospects. In February 2026, Apollo entered into a strategic partnership with Schroders to develop next-generation wealth and retirement investment solutions for institutional and wealth clients across the U.K. and the U.S., creating opportunities to expand client reach and attract incremental assets. In September 2025, Apollo acquired Bridge Investment Group Holdings Inc. to broaden its real estate investment capabilities and enhance its ability to attract and retain institutional and wealth-management capital, supporting sustained AUM growth over the long haul. Though recent private-market concerns, including valuation opacity, liquidity constraints, and slower exit activity, could weigh on investor sentiment and near-term AUM growth, Apollo’s strong capital formation and expanding capabilities should support long-term AUM expansion.

Continued growth in fee-generating and perpetual capital AUM should strengthen recurring fee income and enhance earnings stability. Further, management’s plans to scale its private equity business could help total AUM approach $1.5 trillion by 2029, making sustained AUM growth a key driver of Apollo’s earnings trajectory. For 2026 and 2027, APO’s earnings are projected to rise 5.13% and 22.22%, respectively.

Earnings Estimate

Image Source: Zacks Investment Research

AUM Performance of APO’s PeersAmeriprise Financial (AMP - Free Report) has been witnessing solid growth in its AUM/assets under administration (AUA) balance. Over the five years (2020-2025), total AUM/AUA recorded a CAGR of 9%, supported by strong advisor recruitment, record advisor productivity, rising adoption of fee-based solutions and favorable asset flows. The momentum continued in the first half of 2026, with AUM/AUA reaching a record $1.81 trillion as of June 30, 2026.

Ameriprise’s robust AUM/AUA base supports long-term earnings growth by expanding its pool of fee-generating client assets across its diversified wealth management and asset management businesses.

Similarly, KKR & Co. (KKR - Free Report) has been witnessing strong growth in its AUM balance, driven primarily by robust fundraising and the continued expansion of its investment platform. Over the five years (2020-2025), total AUM recorded a CAGR of 24.2%, with the growth momentum continuing in the first half of 2026. As of June 30, 2026, total AUM was $796.5 billion, while fee-paying AUM reached $638.4 billion.

KKR’s expanding AUM and fee-paying AUM base supports long-term earnings growth by increasing the pool of capital that generates recurring management fees across its private equity, credit, real assets and other investment strategies.

APO Price Performance & Zacks RankThe company’s shares have gained 22.9% in the past six months compared with the industry’s 13.2% rise.

Price Performance

Image Source: Zacks Investment Research

Currently, APO carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apollo Global Management, Inc. (APO) M&A Call August 31, 2026 9:00 AM EDT

Company Participants

Megan Patterson - Vice President of Investor Relations
Pierce Norton - President, CEO & Director
Walter Hulse - CFO, Treasurer and Executive VP of Investor Relations & Corporate Development
Sheridan Swords - Executive VP & Chief Commercial Officer
Randy Lentz - Executive VP & COO

Conference Call Participants

Gabe Daoud - Truist Securities, Inc., Research Division
Theresa Chen - Barclays Bank PLC, Research Division
Praneeth Satish - Wells Fargo Securities, LLC, Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Keith Stanley - Wolfe Research, LLC

Presentation

Operator

Good morning, and welcome to ONEOK's call on the recently announced Brazos Midland acquisition and Minority Equity Investment. As a reminder, this call is being recorded. Today's call will be 30 minutes. [Operator Instructions]

At this time, I would like to turn the conference over to Megan Patterson, Vice President, Investor Relations.

Megan, please go ahead.

Megan Patterson
Vice President of Investor Relations

Yes. Thank you, Taren. Good morning, everyone, and thank you for joining today's 30-minute call. Along with last night's announcement, we provided a presentation deck with additional information that is available on our website. After our prepared remarks, management will be available to take your questions.

Statements made during this call that might include ONEOK's expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings.

With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer.

Pierce Norton
President, CEO & Director

Thank you, Megan, and

Acquisition Increases Momentum Toward the High End of ONEOK's Mid- to High-
Single-Digit Adjusted EBITDA Growth Target Over the Next Five to Seven Years

Expected to Be Immediately Accretive to Earnings and Free Cash Flow Per Share

$9 Billion Minority Equity Investment from Apollo
Funds Acquisition and $5 Billion Debt Extinguishment

Accelerates Deleveraging to 3.25x Debt-to-EBITDA with
No Issuance of Common Equity

Accelerates ONEOK's Flexibility for Capital Allocation Including Organic Growth,
Potential Dividend Increases and Share Buybacks

, /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced that it has executed a definitive agreement to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for total cash consideration of $4.425 billion. The acquisition will be funded through a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo (NYSE: APO) (Apollo). ONEOK intends to use $5 billion of proceeds from the equity investment to reduce ONEOK's existing indebtedness.

"This transaction demonstrates ONEOK's strategy of intentionally expanding and extending our integrated energy infrastructure," said Pierce H. Norton II, ONEOK president and CEO. "These assets add a premier Permian Midland Basin platform supported by long-term contracts and attractive growth opportunities.

"The acquisition expands our scale in the Permian Midland Basin, advances our integrated wellhead-to-water strategy and strengthens connectivity across our natural gas and NGL value chain, positioning ONEOK to capture significant volume growth in one of the most economic and rapidly growing resource plays," added Norton. "The combination of this acquisition with the minority equity investment demonstrates our commitment to creating shareholder value while accelerating our deleveraging to 3.25 times debt-to-EBITDA, further enhancing our balance sheet."

"ONEOK has built one of the largest and most diversified midstream platforms in the country, providing essential services and infrastructure to help meet rapidly expanding domestic and international energy demand," said Apollo Partner Jamshid Ehsani. "This transaction reflects Apollo's ability to deliver flexible, high-grade capital solutions at scale, structured around ONEOK's long-term strategic objectives."

STRATEGIC OVERVIEW

The acquisition will be funded through a $9 billion nonvoting minority equity investment in ONEOK's existing business. The investment carries an internal rate of return (IRR) that is capped at 7.0% for the first nine years of the investment, which is lower than ONEOK's cost of publicly traded equity. Distributions in excess of the capped IRR will reduce the minority equity capital balance over time, which increases the economic value attributable to ONEOK common shareholders.

In addition to funding the acquisition, ONEOK intends to extinguish approximately $5 billion of existing indebtedness, immediately reducing expected pro forma 2027 leverage to approximately 3.25 times debt-to-EBITDA. The debt extinguishment plan will include repayments, make-whole calls and a tender offer for senior notes (most of the targeted senior notes are currently trading below par).

These steps will accelerate ONEOK's deleveraging timeline and will more than achieve the company's previous target leverage without issuing common equity while supporting a growing backlog of organic growth opportunities, particularly in the Permian Basin, as well as other business segments.

The acquisition increases momentum toward the high end of ONEOK's mid- to high-single-digit adjusted EBITDA growth target over the next five to seven years and accelerates ONEOK's flexibility to increase capital returns to shareholders, including through potential dividend increases and share buybacks.

PREMIER PERMIAN MIDLAND BASIN PLATFORM

The transaction implies a multiple of approximately 7.5 times estimated 2027 EBITDA, inclusive of approximately $80 million of full-year synergies, and approximately 6.0 times estimated 2028 EBITDA, reflecting the expected significant growth of the Brazos platform, as well as additional commercial and operational synergies expected to be realized through further integration with ONEOK's existing Permian Basin assets. The combined ONEOK and Brazos systems are also expected to generate additional capital efficiencies as capacity is optimized across the platform. The acquisition is expected to be immediately accretive to earnings and free cash flow per share, supported by substantial contracted growth across Brazos' dedicated acreage.

The acquisition strengthens ONEOK's integrated Permian-to-Gulf Coast strategy by:

Expanding scale in the rapidly growing Permian Midland Basin.Adding long-term, fee-based contracted growth with leading Permian producers.Enhancing connectivity across the natural gas and NGL value chain.Optimizing commercial and capital savings opportunities.Delivering immediate accretion to earnings and free cash flow per share.The acquired Brazos Midland assets create a scaled, integrated Permian Midland Basin platform that strengthens ONEOK's position in one of the most active and economic producing regions in North America. Supported by approximately 600,000 dedicated acres under long-term fixed-fee contracts with a weighted average remaining term of more than 12 years, the system provides substantial visibility to future volume growth and is currently supported by 14 active drilling rigs from leading Permian producers including ExxonMobil, Diamondback Energy and Double Eagle.

Following completion of the Cassidy II processing plant expected in the third quarter of 2027, the Brazos Midland system will include approximately 700 miles of gathering infrastructure and 1.2 billion cubic feet per day (Bcf/d) of processing capacity across seven core Permian Midland Basin counties. Through the acquisition, ONEOK also obtains a Permian Midland Basin-wide area of mutual interest (AMI) with a key private producer, creating additional opportunities to capture future growth.

The Brazos Midland assets are highly complementary to ONEOK's existing Permian Midland Basin natural gas gathering and processing, NGL transportation and crude oil infrastructure. The acquisition more than doubles ONEOK's Midland Basin processing capacity to approximately 2.3 Bcf/d, including plants currently under construction, and establishes one of the Permian Midland Basin's largest integrated natural gas gathering and processing platforms.

The combination expands ONEOK's ability to capture volume growth across the value chain while optimizing capital deployment and utilizing existing downstream infrastructure, including the company's West Texas NGL Pipeline and soon-to-be-completed Medford NGL fractionation facility. By integrating commercial, operational and capital activities across the combined footprint, ONEOK expects to achieve significant recurring synergies over the long term, further reducing the effective acquisition multiple over time to be in line with ONEOK's historical organic build multiples.

MINORITY EQUITY INVESTMENT

Further strengthening its financial position, ONEOK has entered into an agreement with Apollo and affiliates for a $9 billion minority equity investment.

Minority equity investment highlights:

Return capped at a 7.0% IRR for the first nine years of the investment with value creation above the capped return rate accruing to ONEOK common shareholders.Investor's capital account balance is expected to substantially decline over time through cash distributions that vary with cash flow from operations.Income attributable to the noncontrolling interest (NCI) is expected to tie closely to the 7.0% capped IRR multiplied by the investor's then outstanding capital account balance.No liquidation preference and is structurally subordinate to all existing ONEOK senior debt.Provides ONEOK the option to acquire any remaining minority interest beginning eight years after closing or earlier if investor capital account balance declines to $200 million prior to that date.No Hypothetical Liquidation at Book Value (HLBV) accounting treatment necessary for this structure.Under the terms of the agreement, Apollo will invest $9 billion in exchange for a Class B interest in a newly formed holding company, ONEOK Holdings, L.L.C. (HoldCo), which is structurally subordinate to the company's debt. The Class B interest is expected to receive 15% of quarterly cash flow from ONEOK, L.L.C. (OpCo) operations. Because those distributions are expected to exceed the Class B capped return of 7.0% IRR, the Class B capital account balance is expected to substantially decline over time. There are no penalties if the quarterly distribution is below the capped return. ONEOK has the option each quarter to accelerate the Class B investor capital paydown by electing to distribute up to 20% of quarterly cash flow from OpCo's operations to the Class B interest, subject to certain conditions. The Class B interest carries limited consent rights related to HoldCo, has no board representation or liquidation preference, and is subordinate to all ONEOK senior debt. All distributions paid to HoldCo are at the discretion of the OpCo board.

The total minority equity investor return is capped at a 7.0% IRR for the first nine years of the investment. The target IRR on the then-current capital account balance steps to 7.35% in year 10 and increases to a final cap of 7.85% in year 15. All value creation above the capped IRR, including growth from the Brazos Midland acquisition, ONEOK's existing portfolio and future initiatives, accrues to ONEOK common shareholders.

Beginning on the eighth anniversary of closing, or earlier if the Class B capital account balance reaches $200 million prior to that date, ONEOK may acquire the remaining Class B interest at a price reflecting the same 7.0% IRR, which is fixed until the ninth anniversary of closing. By that time, the remaining balance is expected to be substantially below the initial investment. In years 10 through 15, the Class B interest may be acquired at a value to achieve the then current target IRR applied to the remaining Class B capital account balance at that time.

The investment has been reviewed with ONEOK's credit rating agencies, all of which consider the transaction as credit-enhancing, and ONEOK expects to receive full equity credit. Under Generally Accepted Accounting Principles (GAAP), the investment will be reported on the balance sheet as a noncontrolling interest (NCI) within permanent equity. On the income statement, approximately 7.0% (1.75% on a quarterly basis) of the investment's remaining capital balance will be subtracted from net income to arrive at net income attributed to ONEOK. The remainder of the Class B payment above NCI will reduce capital balance quarterly and the next quarter's income available for common shareholders will increase in an amount approximately equal to the previous quarter's reduction in capital account multiplied by the capped return divided by four and adjusted for the effective tax rate.

TRANSACTION TIMING

The Brazos Midland acquisition is expected to close in the fourth quarter of 2026 and has been unanimously approved by ONEOK's Board of Directors. The closing of the transaction is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.

The minority equity investment has been unanimously approved by ONEOK's Board of Directors and is expected to close in the first half of September, subject to customary closing conditions.

As part of these strategic transactions, ONEOK intends to extinguish $5 billion of outstanding debt, including commencing a cash tender offer for certain of its outstanding debt securities. In addition, ONEOK will repay, at or shortly following closing of the minority equity investment, its $1.2 billion term loan and will exercise make-whole calls on certain series of senior notes.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

CONFERENCE CALL INFORMATION

Members of ONEOK's management team will participate in a conference call at 9 a.m. Eastern (8 a.m. Central) on Aug. 31, 2026. The call will also be webcast.

To participate in the conference call, dial 800-330-6710, confirmation code: 8307680, or log on to the webcast at www.oneok.com.

If you are unable to participate in the conference call or webcast, a recording will be available at www.oneok.com for one year.

TRANSACTION PRESENTATION

https://ir.oneok.com/news-and-events/events-and-presentations

ADVISORS

Barclays served as sole financial advisor to ONEOK on the Brazos Midland acquisition and lead financial advisor to ONEOK on the minority equity investment. Lazard also served as financial advisor to ONEOK on the minority equity investment.

Latham & Watkins LLP served as legal advisor to ONEOK on the acquisition and minority equity investment.

RBC Capital Markets served as sole financial advisor and Milbank LLP served as legal counsel to Apollo.

Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Brazos Midstream.

NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:

This news release references certain non-GAAP financial measures, including forward-looking transaction-related adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) multiples and targets, and free cash flow. These measures may not be comparable to similarly titled measures of other companies, are not measurements of financial performance under GAAP, and should not be considered alternatives to amounts presented in accordance with GAAP. Because these measures are provided on a forward-looking basis, ONEOK is unable to present a quantitative reconciliation to the most directly comparable forward-looking GAAP measures without unreasonable effort.

ABOUT ONEOK:

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on LinkedIn, Facebook, X and Instagram.

ABOUT APOLLO:

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.

ABOUT BRAZOS MIDSTREAM:

Headquartered in Fort Worth, Texas, Brazos Midstream represents the largest privately held midstream platform in the Midland Basin. Brazos Midstream's critical hydrocarbon infrastructure of natural-gas gathering pipelines spans the most prolific producing counties in the Midland Basin. Brazos has expansion projects underway to expand its current processing capacity to approximately 1.2 billion cubic feet per day (Bcf/d) in 2027. Brazos Midstream's Midland platform is backed by Old Ironsides Energy, LLC and EnCap Flatrock Midstream, L.P.

FORWARD-LOOKING STATEMENTS:

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends and adjusted EBITDA), growth, leverage, synergies, liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "outlook," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements, including, without limitation, conditions to the completion of the acquisition, such as required regulatory clearance, not being satisfied; closing of the acquisition or minority equity investment being delayed or not occurring at all; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the acquisition agreement; and ONEOK being unable to achieve the anticipated benefits of the acquisition or minority equity investment, including failure to achieve anticipated growth levels or operational synergies. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Alicia Keenom
918-861-3749
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/oneok-to-acquire-brazos-midstreams-permian-midland-basin-assets-for-4-425-billion-302864458.html

SOURCE Oneok, Inc.

NEW YORK--(BUSINESS WIRE)--Jadian Capital ("Jadian"), an investment firm focused on alternative real estate and asset-intensive businesses, today announced that JIOS, its leading vertically integrated industrial outdoor storage ("IOS") platform, has secured a $277 million loan from affiliates of Apollo Global Management, Inc. (NYSE: APO) for a 37-property IOS portfolio spanning 23 markets. The portfolio is concentrated in infill locations near key logistics hubs and dense population nodes with.

APO reported record fee-related earnings of $785 million in the second quarter, up 25% year-over-year, with FRE margins expanding to 58.5%. Despite robust 34% year-over-year FGAUM growth and record $60 billion organic inflows, APO trades at 25x annualized FRE, below its level at the start of the year. APO's five-year plan targets 20% annual FRE growth, with perpetual capital now 70% of FGAUM, reducing earnings volatility and downside risk.

NEW YORK--(BUSINESS WIRE)--Yankee Global Enterprises, (YGE), the holding company of the New York Yankees, today announced a $2.6 billion financing agreement with affiliates of Apollo Sports Capital (ASC), a permanent capital platform of Apollo (NYSE: APO). The financing agreement is a mix of credit and equity, with proceeds supporting the continued growth of the Yankees franchise as well as refinancing of existing debt. The transaction is expected to close imminently. Apollo Sports Capital CEO.

Transaction returns a significant majority of Monogram Capital Partners II, L.P.'s ("Fund II") capital to investors while providing Mountaintop with committed capital and an extended investment horizon to support a nearly 600,000-square-foot manufacturing footprint, additional capacity expansion, and strategic M&A.

Key Takeaways

Monogram Capital Partners has closed a single-asset continuation vehicle for Mountaintop Beverage, transferring the company from Fund II into a newly formed vehicle. Apollo S3, the sponsor and secondary solutions business of Apollo Global Management (NYSE: APO), led the continuation vehicle, with participation from Partners Capital, TIFF, and H7 Capital, among other institutional investors. The transaction returns a significant majority of Monogram Capital Partners' Fund II capital to investors while Monogram Capital Partners and Mountaintop Beverage's management team retain ownership of the company. Mountaintop Beverage's management team, board, and operating strategy remain unchanged following the transaction, with Co-Founder and Chief Executive Officer Jeff Sokal continuing to lead the company. The continuation vehicle provides committed capital for a 250,000-square-foot capacity addition that will bring Mountaintop Beverage's Morgantown, West Virgin manufacturing campus to nearly 600,000 square feet. , /PRNewswire/ -- Monogram Capital Partners ("Monogram"), a Los Angeles-based private equity firm investing in family-held and founder-led consumer and service businesses, today announced the closing of a single-asset continuation vehicle for Mountaintop Beverage ("Mountaintop" or the "Company"), a scaled manufacturer of low-acid aseptic and extended-shelf-life (ESL) beverages headquartered in Morgantown, West Virginia.

The transaction transfers Mountaintop from Fund II into a newly formed continuation vehicle led by Apollo S3, Apollo's sponsor and secondary solutions business. Partners Capital, TIFF, and H7 Capital also participated in the transaction, alongside other institutional investors. The vehicle delivers significant liquidity to investors while positioning Monogram and Mountaintop's management team to retain substantial exposure to the Company's next phase of growth.

The vehicle also provides Mountaintop with committed capital and an extended investment horizon to fund its expansion program, including a 250,000-square-foot capacity addition that will bring the Company's Morgantown, West Virginia, campus to nearly 600,000 square feet, as well as future acquisitions.

Monogram first invested in Mountaintop in August 2021, partnering with the Company's seasoned founding team to build a state-of-the-art low-acid aseptic manufacturing platform in Morgantown, West Virginia. Over the ensuing five years, Monogram has supported the Company's buildout of numerous high-speed low-acid aseptic and ESL beverage processing lines, establishing Mountaintop as a critical manufacturing partner to leading strategics and functional beverage brands of scale in the protein, coffee, dairy, plant-based milk alternatives, and tea categories.

"Mountaintop represents precisely the kind of business we seek to back – a technically complex, capacity constrained supply chain partner providing essential services to some of the fastest-growing brands in the consumer space. We believe the flywheel between category-leading consumer brands and the supply chain and service businesses that power them is where the most differentiated, proprietary opportunities are found, and Mountaintop is a powerful embodiment of that thesis," said Jared Stein, Co-Founder and Partner at Monogram Capital Partners. "Demand for PET bottles and high-protein, functional beverages continues to outpace the industry's constrained ability to produce them given the highly technical training required to do so, and low-acid aseptic processing is one of the hardest processes in beverage manufacturing to scale. Mountaintop has developed the technical capabilities, customer relationships, and operating foundation required to address that gap. Apollo S3's investment provides strong institutional validation of the platform and positions the company to continue to execute on its ambitious expansion plan."

"Monogram has been our foundational partner from inception, and this transaction gives us amplified resources and time to execute the next stage of Mountaintop's growth," said Jeff Sokal, Founder and Chief Executive Officer of Mountaintop. "In doing so, we are preserving the continuity that has been central to our success – the same management team, board, and operating strategy – while adding Apollo S3 as a highly experienced capital partner. With our current expansion underway and additional capital available, we believe we are well positioned to serve the high-growth needs of our customers and further extend the robust capabilities of the platform to become the largest low-acid PET bottle contract manufacturer in the country."

"Mountaintop is a category leader with hard-to-replicate assets in a highly specialized segment of beverage manufacturing where capacity is genuinely scarce, and where patient, flexible capital can enable the company to fulfill the extensive pipeline of growth its strong operating history has catalyzed," said Veena Isaac, Partner and Co-Head of Apollo S3. "We're excited to partner with Monogram and management to support their efforts in building the premier low-acid aseptic contract manufacturing platform in North America."

Houlihan Lokey served as Monogram's advisor on the continuation vehicle in connection with the transaction, with Proskauer Rose LLP, and Massumi + Consoli LLP serving as legal counsel to Monogram. Weil, Gotshal & Manges LLP served as legal counsel to Apollo S3.

About Monogram Capital Partners

Headquartered in Los Angeles, Monogram Capital Partners manages approximately $1.9 billion in regulatory assets under management and invests in consumer businesses, business services, and the manufacturing and supply chain platforms that support them. Monogram partners with founders, family owners, and management teams, combining flexible capital with an operationally engaged approach to help businesses scale. For more information, please visit www.monogramcapital.com.

About Mountaintop Beverage

Mountaintop is a leading low-acid aseptic beverage co-manufacturing platform, providing manufacturing solutions to category-leading functional and better-for-you beverage brands. The company is headquartered in Morgantown, West Virginia. For more information on Mountaintop, please visit www.mountaintopbeverage.com.

About Apollo S3

S3 is Apollo's Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo's global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure, and real estate. The S3 platform has raised approximately $14 billion in total capital since launching in August 2022. To learn more about S3, please visit https://apollos3.com.

Note: The individuals listed above, including the Founder and CEO of Mountaintop, have not received any compensation for this feedback and did not invest in the Fund. The companies identified do not represent all of the companies purchased, sold, or recommended for portfolios advised by the Firm. The Firm's complete track record, securities comprising the portfolio of the Fund are available upon request. The reader should not assume that all investments in the companies identified were or will be profitable. Past performance is not indicative of future performance.

SOURCE Monogram Capital Partners

By PYMNTS  |  August 6, 2026

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Apollo Global Management named a new leader to head artificial intelligence-related deals, The Information reported Wednesday (Aug. 5).

Partner Reed Rayman will lead the asset management company’s chip-focused efforts, according to the report, which cited unnamed sources.

It’s part of a larger strategy to capture more digital infrastructure deals and link them with investment teams across Apollo, with Rayman concentrating on developing relationships to help Apollo oversee the financing of more big and complex AI infrastructure projects, the report said.

Apollo and other major asset managers are aiming to capture more business from the massive financing required to fund AI infrastructure build-out, per the report. Some high-profile projects are too big for standard corporate loans, requiring an array of partnerships, backstops and other arrangements to spread the risk among AI labs, chip and cloud providers, and lenders.

Apollo earlier this year arranged financing for Broadcom that will help Google deploy its custom AI chips with Anthropic as its customer, the report said.

Apollo already has a large team working on AI-centric deals, with around 60 employees focused on digital infrastructure, according to the report. Rayman is focused on sourcing deals supported by semiconductors and their lease payments, rather than financing other aspects of AI infrastructure like data centers.

Meanwhile, a new class of buyers, sometimes called AI roll-ups, is emerging across accounting, property management and customer service, PYMNTS reported Tuesday (Aug. 4).

“Unlike traditional acquirers, these companies are not buying small service businesses to cut costs or flip them for a quick return,” the report said. “They are buying them to keep the customer relationships already in place, then rebuild the actual work behind those relationships with proprietary artificial intelligence. The wager is that AI does not just make an existing business more efficient. It replaces the work itself, at a scale no individual small business could reach on its own.”

In these deals, companies are wagering “that rebuilding the production layer with AI, not just consolidating ownership, is what creates value, whether the target is a local accounting practice or a publicly traded company generating billions,” according to the report.

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

Fund to focus on structuring innovative bespoke capital solutions and growth private equity opportunities for small- and mid-cap technology companies poised for transformative growth

Apollo Funds provide anchor investment to support the strategy

PALO ALTO, Calif.--(BUSINESS WIRE)--Sylebra Capital Management (“Sylebra” or “the Firm”), a global investment firm focused on technology, media and telecommunications (“TMT”) companies worldwide, today announced the first close of the Sylebra Equity Capital Solutions Fund (“the Fund”), securing $277 million in commitments, anchored by funds managed by Apollo (NYSE: APO).

Sylebra Equity Capital Solutions draws on the firm’s deep expertise in global fundamental TMT small- and mid-cap investing, built since launching its hedge fund business in 2011.

The Fund will target growth private equity opportunities and bespoke equity capital solutions, in both private and public companies globally. The Fund will focus on high growth companies, typically found in industries with technology or technology-enabled business models. In partnership with like-minded management teams, the Fund will make long-term investments in companies with the potential for significant value creation. The Firm will target its final close for the Fund by first half of 2027.

“The launch of our Equity Capital Solutions Fund marks a pivotal moment in our firm’s evolution, and we are thrilled to announce this milestone alongside the partner of choice, Apollo,” said Dan Gibson, Founder and Chief Investment Officer of Sylebra Capital. “This strategy allows us to make long-term investments in compelling companies where we can provide meaningful support through tailored and flexible solutions, in close partnership with founders and management teams. We see tremendous opportunity to create lasting value in both public and private companies globally.”

In connection with the Fund close, Sylebra also announced that Karan Saraf, a private equity and capital markets veteran with more than 20 years of investing and financial services experience, will join as a Partner. Mr. Saraf most recently led investments in AvePoint, Tuya and TDConnex for 65 Equity Partners, with prior roles at CPP and KKR. At Sylebra, Mr. Saraf will primarily be focused on driving the Fund’s global investing efforts and will serve as a core investment team member for the Sylebra Equity Capital Solutions Fund.

Sylebra was founded in 2011 by former Coatue Management Partner Dan Gibson and has a 15-year track record of successfully investing behind transformative emerging technology in small- and mid-cap TMT companies across the globe. The Fund will be overseen by Dan Gibson, Founder and Chief Investment Officer of Sylebra Capital, with support from an industry-leading investment and back-office team, primarily located in Sylebra's Palo Alto headquarters.

About Sylebra Capital Management

Sylebra Capital is a global investment firm focused on technology, media and telecommunications companies worldwide. Sylebra was founded in 2011 by Chief Investment Officer Dan Gibson and is headquartered in Palo Alto, California.

Baggage Claim: Apollo’s $7.7 Billion Bid to Acquire easyJetApollo Global Management NYSE: APO reported record second-quarter fee-related earnings and spread-related earnings, citing momentum in origination, capital formation and investment performance across its asset management and retirement services businesses.

The alternative asset manager generated fee-related earnings, or FRE, of $785 million, or $1.26 per share, up 25% from a year earlier and 8% sequentially. Spread-related earnings, or SRE, reached a record $877 million, or $1.41 per share. Together, the two core earnings streams produced adjusted net income of $1.3 billion, or $2.11 per share.

Get APO alerts:

As Broadcom Eclipses $2 Trillion, Private Credit Giants Wants InCEO Marc Rowan said the quarter was “really all about momentum,” pointing to growth in management fees, capital solutions fees, origination and inflows. Management fees rose 23% year over year to support FRE growth, while capital solutions fees reached $277 million, marking the fifth consecutive quarter above $200 million.

Origination and Capital Formation Apollo originated $74 billion during the second quarter, bringing first-half origination to nearly $150 billion and trailing-12-month activity to nearly $320 billion. Rowan said the quarterly total did not include the company’s announced $35 billion Broadcom financing because Apollo records originations when they close rather than when they are announced.

TPG Built a Record Year, Then Lost 40%—Is the Selloff Overdone? The company said it had $50 billion of signed and announced transactions during the second quarter that are expected to benefit future periods. Rowan described the pipeline as the strongest Apollo has seen, tied to what the company calls a “global industrial renaissance.”

President Jim Zelter said $68 billion of second-quarter originations were in debt, with approximately 75% investment grade and 25% sub-investment grade. Investment-grade originations generated spreads of 280 basis points over Treasuries, while sub-investment-grade originations generated spreads of 440 basis points over Treasuries, according to Zelter.

Apollo announced its $35 billion financing partnership with Broadcom during the quarter, which Zelter described as the largest private credit financing ever. The financing is intended to support Broadcom’s AI XPV platform. CFO Martin Kelly said associated fees will be recognized as the financing is drawn down over multiple quarters, weighted toward the fourth quarter of 2026 and the first three quarters of 2027.

Total organic inflows reached a quarterly record of $60 billion, including $38 billion in asset management and $22 billion at Athene. The company said Athene had generated $42 billion of inflows during the first half and remained on pace to meet its $85 billion full-year target.

Asset Management Earnings and Fundraising Kelly said asset management AUM rose 25% year over year, while fee-generating AUM increased 34%. Perpetual capital represented 60% of total AUM and 70% of fee-generating AUM. Apollo held $82 billion of dry powder at quarter-end, including $62 billion of future management-fee potential. Once deployed, that capital could generate approximately $400 million in annual management fee income, Kelly said.

The firm’s FRE margin was 58.5%, up about 80 basis points sequentially and 120 basis points from the prior year. Kelly said Apollo remains on track for roughly 100 basis points of full-year margin expansion and reiterated its outlook for more than 20% FRE growth in 2026.

In fundraising, Apollo said its institutional business had broad-based demand across hybrid, multi-credit, asset-backed finance, direct lending, performing credit and private equity strategies. Its third direct-lending vintage was pulled forward and is expected to exceed its $5 billion predecessor, according to Zelter.

Apollo’s flagship private equity Fund XI had surpassed $12 billion in commitments through July. Kelly said management fees for the fund are expected to begin in the latter part of the first half of 2027, depending on when the predecessor Montana fund is fully invested.

Retirement Services and Investment Performance Athene’s gross invested assets grew 14% year over year to $414 billion. Reported net spread was 114 basis points, compared with 97 basis points in the prior quarter. Kelly said the net spread would have been 10 basis points higher when adjusted to Apollo’s 11% long-term return assumption for its alternatives portfolio, placing it within the company’s prior 120- to 125-basis-point full-year outlook.

Apollo maintained its target for 10% SRE growth for the year, assuming an 11% return on the alternatives portfolio. The company also reported an approximately $700 million realized gain from Intel within Athene’s GAAP results.

Zelter highlighted investment performance across the platform, including a 21% net internal rate of return for Fund X, compared with a 14% industry index return for the 2023 vintage. Apollo’s AAA strategy recorded positive performance in 45 of the past 46 quarters, he said, while major credit strategies returned between 7% and 11% over the past 12 months.

Market Infrastructure and Strategic Investments Rowan emphasized Apollo’s effort to make private-market assets more accessible to broader pools of investors by introducing daily pricing, identifiers, settlement capabilities and market-making infrastructure. The company went live with estimated daily net asset values for its investment-grade fixed-income suite on July 1 and expects daily pricing for all credit assets by Oct. 1.

Apollo’s partnership with ICE is now live, with more than 2,000 ICE IDs assigned. Rowan said the company expects its debt and equity products to receive ICE IDs over time. Apollo also said more than $30 billion of its assets have traded through its market-making efforts, with volume continuing to double.

The company confirmed plans to open an office in Austin, Texas, which Rowan said will focus on building future businesses and processes while expanding access to a different workforce and a significant fundraising ecosystem.

On capital allocation, Apollo repurchased about $100 million of shares during the quarter. Over the past 12 months, it returned $1.6 billion to shareholders through dividends and buybacks, while investing nearly $500 million in strategic growth initiatives, including an investment in Athora.

About Apollo Global Management (NYSE:APO)Apollo Global Management, Inc NYSE: APO is a global alternative investment manager that specializes in private equity, credit and real assets. The firm originates, invests in and manages a broad set of strategies across distressed and opportunistic credit, direct lending, structured credit, buyouts and real estate. Apollo provides investment management and advisory services to institutional clients and individual investors through pooled funds, separate accounts and publicly listed investment vehicles.

Its private equity business pursues control and non-control investments across industries, often focusing on complex or distressed situations where operational improvement and capital solutions can create value.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Apollo Global Management, Inc. (APO) Q2 2026 Earnings Call August 4, 2026 8:30 AM EDT

Company Participants

Noah Gunn - MD of Finance & Global Head of Investor Relations in New York
Marc Rowan - Co-Founder, CEO & Chairman of the Board
James Zelter - President & Director
Martin Kelly - Partner & CFO

Conference Call Participants

Steven Chubak - Wolfe Research, LLC
Craig Siegenthaler - BofA Securities, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Glenn Schorr - Evercore ISI Institutional Equities, Research Division
Michael Brown - UBS Investment Bank, Research Division
Patrick Davitt
William Katz - TD Cowen, Research Division
Brian Bedell - Deutsche Bank AG, Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Brennan Hawken - BMO Capital Markets Equity Research
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
Michael Cyprys - Morgan Stanley, Research Division
Crispin Love - Piper Sandler & Co., Research Division
Bart Dziarski - RBC Capital Markets, Research Division

Presentation

Operator

Good morning, and welcome to Apollo Global Management's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] This conference call is being recorded.

This call may include forward-looking statements and projections, which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements. Apollo will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Apollo fund.

I will now turn the call over to Noah Gunn, Global Head of Investor Relations.

Noah Gunn
MD of Finance & Global Head of Investor Relations in New

Apollo Global Management Inc. (APO - Free Report) reported $1.34 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 22.7%. EPS of $2.11 for the same period compares to $1.92 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.31 billion, representing a surprise of +2.31%. The company delivered an EPS surprise of -3.21%, with the consensus EPS estimate being $2.18.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Apollo Global Management performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total Fee-Generating AUM (FGAUM) - Net Flows - Credit: $22.14 billion compared to the $14.55 billion average estimate based on four analysts.Total Fee-Generating AUM (FGAUM) - Equity: $103.88 billion compared to the $106.44 billion average estimate based on four analysts.Total Fee-Generating AUM (FGAUM) - Net Flows - Equity: $1.18 billion versus the four-analyst average estimate of $3.34 billion.Total Fee-Generating AUM (FGAUM) - Credit: $754.13 billion versus $752.32 billion estimated by four analysts on average.Total Fee-Generating AUM (FGAUM) - Total: $858.01 billion compared to the $858.77 billion average estimate based on four analysts.Total Fee-Generating AUM (FGAUM) - Net Flows - Total: $23.32 billion versus $17.88 billion estimated by four analysts on average.Total Assets Under Management: $1047 billion compared to the $1053.2 billion average estimate based on three analysts.Ending Total AUM Rollforward - Net Flows- Equity: $10.5 billion versus the three-analyst average estimate of $8.1 billion.Ending Total AUM Rollforward - Equity: $197.94 billion versus $198.05 billion estimated by three analysts on average.Ending Total AUM Rollforward - Credit: $849.34 billion compared to the $855.15 billion average estimate based on three analysts.Ending Total AUM Rollforward - Net Flows- Credit: $14.67 billion compared to the $16.53 billion average estimate based on three analysts.Ending Total AUM Rollforward - Net Flows -Total: $25.17 billion versus the three-analyst average estimate of $24.62 billion.View all Key Company Metrics for Apollo Global Management here>>>

Shares of Apollo Global Management have returned +5.9% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Apollo Global Management Inc. (APO - Free Report) came out with quarterly earnings of $2.11 per share, missing the Zacks Consensus Estimate of $2.18 per share. This compares to earnings of $1.92 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -3.21%. A quarter ago, it was expected that this company would post earnings of $1.98 per share when it actually produced earnings of $1.94, delivering a surprise of -2.02%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Apollo Global Management, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $1.34 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.31%. This compares to year-ago revenues of $1.1 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Apollo Global Management shares have lost about 10.6% since the beginning of the year versus the S&P 500's gain of 11%.

What's Next for Apollo Global Management?While Apollo Global Management has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Apollo Global Management was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.30 on $1.37 billion in revenues for the coming quarter and $8.88 on $5.35 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

GCM Grosvenor Inc. (GCMG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

GCM Grosvenor Inc.'s revenues are expected to be $133.84 million, up 11.9% from the year-ago quarter.

Apollo Global Management's logo at their office in Tokyo, Japan October 20, 2025. REUTERS/Miho Uranaka Purchase Licensing Rights, opens new tab

CompaniesNEW YORK, Aug 4 (Reuters) - Apollo Global Management (APO.N), opens new tab posted a rise in earnings from fees and its insurance business in the ​second quarter, but cashed in less on its own investments in a tougher ‌environment for asset sales, the company said on Tuesday.

The New York-based company posted adjusted net income of $2.11 per share, 10% higher than the same period last year but below estimates of $2.17 per share drawn from an LSEG ​poll of analysts.

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Apollo started as a private equity firm in 1990 and has ​since pushed hard into credit and insurance, helping swell its total assets ⁠under management to $1.05 trillion at end-June.

CEO Marc Rowan has pledged to increase transparency and liquidity ​for private assets as valuations have come under scrutiny, with funds struggling to sell equity ​stakes and investors worrying about lending standards outside traditional banks.

Fee-related earnings from managing assets and arranging debt and equity deals rose 25% to $785 million, while the spread earned on insurance assets rose 7% to $877 million.

Apollo said ​those metrics broke quarterly records, as did fees from a unit which offers direct ​loans and asset-backed finance.

Principal investing income, which reflects profits from divestments, dipped to $16 million from $75 million in the ‌previous ⁠quarter and $47 million in the same period of 2025.

Sales of assets from certain funds had been "prudently delayed", Apollo said, adding that some fees and income were lower "while market conditions are less accommodative for monetization activity".

Rising interest rates have weighed on so-called exit deals in private equity ​in recent years, although ​buyout pioneer KKR (KKR.N), opens new tab ⁠last week reported a brisk quarter for such deals.

Apollo's asset management arm brought in $38 billion in fresh capital in the second quarter.

The company ​said that was driven in part by multi-asset securitization strategies, which ​include new vehicles ⁠pulling together different types of debt. The firm is marketing those vehicles, dubbed AMAPS, as a replacement for collateralized loan obligations.

Credit products for institutional investors and its latest flagship private equity ⁠fund also ​attracted inflows.

Wealthy individuals who have been staging a retreat ​from private credit this year pitched in $3 billion during the quarter, down from $4 billion in the previous three months.

Reporting ​by Isla Binnie in New York and Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).

Basil writes stories across the U.S. finance file including banks, asset managers, payment firms, insurers, and exchange operators. He also covers initial public offerings on U.S. exchanges and venture capital funding.

August 03, 2026 17:00 ET  | Source: Apollo Global Management, Inc.

NEW YORK and HOUSTON, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have acquired Maverick Water Group (“Maverick” or the “Company”), a Houston-based developer, owner and operator of alternative non-potable water systems that serve communities across Texas, from funds managed by Crosstimbers Capital Group (“Crosstimbers”). Maverick’s management team retains a minority stake and continues to operate the Company.

Founded in 2018, Maverick develops alternative water system assets, purpose-built in partnership with real estate development and industrial customers to support reliable non-potable water supply. With Apollo Funds’ support, the Company plans to continue scaling its platform and its significant near-term pipeline to meet accelerating demand for efficient, sustainable water infrastructure.  

“Maverick has built a differentiated platform delivering long-term water solutions across some of the country’s fastest-growing markets,” said Jon Levinson, Managing Director, in Apollo’s Infrastructure Group. “Bringing to bear the scale of our infrastructure platform and deep industry expertise, we look forward to partnering with Maverick's highly experienced team to support the Company and its customers through this next phase of growth.”  

“We built Maverick to deliver reliable water solutions in regions where they are increasingly important, and we’re proud of the platform and the reputation our team has established,” said Dustin Kinder, Chief Executive Officer of Maverick Water Group. “Apollo shares our long-term vision for the business, and its partnership will enable us to continue investing in the innovative solutions our customers have come to expect from us. We're excited about what we can accomplish together in this next chapter, and we're grateful to the Crosstimbers team for all their support.”

“Resilient infrastructure, innovation, and stronger alignment with companies are all important elements of flourishing communities. That’s the belief we founded Maverick on,” said Trevor Brock, Co-founder and Managing Partner of Crosstimbers. “Dustin, Ben, and the team have built an exceptional business around it, with a culture to match. We’re grateful for their partnership and excited to watch Maverick continue to grow with Apollo.”

Apollo Funds have deployed more than $130 billion1 across infrastructure and infrastructure-related investments over the past five years, as the Global Industrial Renaissance continues to drive demand for modern and resilient physical infrastructure.

Guggenheim Securities acted as financial advisor to Maverick in connection with the transaction. Latham & Watkins LLP served as legal counsel to Crosstimbers on the transaction. Vinson & Elkins LLP served as legal counsel to Apollo Funds on the transaction.

1 The deployment, commitment, or arrangement of capital into infrastructure investments is commensurate with Apollo’s proprietary Infrastructure Investment Classification Framework and Calculation Methodology (the “Methodology”). The Methodology, which is subject to change at any time without notice, sets forth certain categories of investments classified by Apollo as infrastructure investments. Only investments determined to be aligned with one or more categories of infrastructure investment in accordance with the Methodology are counted toward the deployment, commitment, or arrangement of capital. Under the Methodology, Apollo uses different calculation methodologies for different types of asset classes. For additional details on the Methodology, please refer to our website.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Maverick Water Group
Founded in 2018 and headquartered in Houston, Texas, Maverick Water Group develops, owns and operates alternative water systems that deliver non-potable water to communities and data centers, industrial, energy and real estate customers across Texas. Through purpose-built, long-term contracted infrastructure, Maverick helps reduce costs and preserve scarce potable water supply in the nation’s fastest-growing regions.

About Crosstimbers Capital Group
Based in Houston, Texas, Crosstimbers Capital Group provides formation capital to scalable platform companies that acquire, develop, and operate hard assets. For more information, visit www.crosstimbers.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected]

August 03, 2026 09:15 ET  | Source: Apollo Global Management, Inc.

NEW YORK and AUSTIN, Texas, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (Apollo) (NYSE: APO) today announced Austin, Texas, as the location of a new hub built around innovation, emerging technology and the next phase of the firm's growth. The office will be led by Eric Needleman and Mike Downing.

“At Apollo and Athene, we help meet the capital needs of companies and economies, while enabling people to retire with confidence. That mission has driven our innovation for more than three decades, and this new presence is a continuation of that DNA. Change is the only constant, and we'd rather lead it than react to it,” said Apollo CEO Marc Rowan. “Austin lets us build the next generation of Apollo and Athene, including challenger models for parts of our own business, with the talent, technology and business environment already in place. That's why we chose Austin and Texas.”

The new strategic growth hub will incubate emerging and new businesses across our asset management and retirement solutions platform, focused on the flywheel of product, distribution, infrastructure, and market-making. It will also be where the firm evolves its approach to technology and operations, with proximity to companies defining the industry's next phase of growth.

Texas Governor Greg Abbott said, “Texas is the new financial capital of America. Apollo made the right decision when it selected Texas for its new strategic growth hub. Texas already houses the largest financial services workforce in the nation, and this significant expansion in Austin will advance Texas’ global leadership in the financial services sector. For innovative industry leaders who seek stability, speed, and scalability, no better place exists to invest and grow than Texas.”

City of Austin Mayor Kirk Watson said, “Austin is a great investment for business thanks to our ample supply of smart and creative young people. Apollo is choosing Austin because of our talent and our beautiful natural environment, great cultural offerings, and our position as a leader in the innovation economy. It’s exciting that young Austinites graduating from our local universities will have yet another place to start their careers, right here at home, without needing to move to the East Coast or elsewhere. I’m proud that Austin continues to be the place where companies choose to grow, innovate, and make investments in.”

Texas leads the nation in Fortune 500 headquarters, a base that includes a growing concentration of hard-tech, chip manufacturing and defense technology firms alongside the state's long-standing leadership in energy and infrastructure — an ecosystem Apollo believes will support the firm's next phase and aligns with our thesis for the ongoing global industrial renaissance. Apollo’s new presence builds on nearly twenty years of partnerships in Texas, including strategic organizations that connect companies to the established innovation ecosystem. Texas is already among the firm’s top five capital bases, and the firm is well-positioned to deepen its relationships with innovative companies seeking long term capital partners to fuel the forefront of innovation in technology and financial services. Importantly, Austin offers Apollo access to a talent pool distinct from its other locations. Apollo's New York State presence will remain the firm's global headquarters.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Apollo Forward-Looking Statements
This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "will", "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management's assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene's ability to maintain or improve financial strength ratings, the impact of Athene's reinsurers failing to meet their assumed obligations, Athene's ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Contact
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
[email protected]

July 30, 2026 06:45 ET  | Source: Apollo Global Management, Inc.

NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (the “Company”) announced today that its outstanding 6.75% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”) will automatically convert into shares of the Company’s common stock on July 31, 2026 (the “conversion date”). The conversion rate for each share of Preferred Stock will be 0.5074 shares of the Company’s common stock. Cash will be paid in lieu of fractional shares of common stock.

As previously announced, holders of record at the close of business on July 15, 2026 will separately receive a final quarterly cash dividend of $0.8438 per share on the Preferred Stock, payable on the conversion date.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected]

July 27, 2026 09:07 ET  | Source: Apollo Global Management, Inc.

SINGAPORE and NEW YORK, July 27, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates (“Apollo Funds”) have agreed to invest $1.5 billion into Keppel Ltd.’s (SGX: BN4) Keppel Offshore Fund, LP (“the Fund”), that will hold a portfolio of offshore energy assets, managed by Keppel.   

Keppel is a Singapore-headquartered global asset manager and operator with strong expertise in areas of infrastructure, real estate and connectivity, overseeing S$95 billion in funds under management. The transaction, rated investment grade and one of the first of its kind in Southeast Asia, takes place as the region’s offshore energy market sees increased growth supported by high utilization rates and long-term demand trends.

“As one of the first transactions of its kind in Southeast Asia, this partnership with Keppel demonstrates growing global demand among leading companies for high-grade capital solutions that advance strategic objectives,” said Jamshid Ehsani, Partner at Apollo. “Keppel has firmly established itself as one of the region’s premier asset managers and infrastructure operators, and we are pleased to support their efforts to address global energy security, leveraging our scaled permanent capital base and structuring expertise.”

Loh Chin Hua, Chief Executive Officer of Keppel, said: “We are pleased to welcome Apollo as an investment partner while we continue to manage this strong portfolio of assets. We believe long-term tailwinds in the market may offer our clients the opportunity for attractive risk-adjusted returns, and we look forward to working alongside Apollo to support the growth of the Fund as well as the energy security needs of markets around the world.”

Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Sony, Intel, bp, Broadcom, Air France-KLM, AB InBev and more. This transaction also underscores Apollo's deliberate strategy to partner with regional banks, combining structuring expertise and a permanent capital base with deep corporate relationships and market reach, to originate and deliver innovative solutions for companies across Asia Pacific.

The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals.

Entities of SMBC Group are acting as debt advisor and placement agent to Apollo Funds. Latham & Watkins is serving as legal counsel for Apollo Funds and Milbank LLP is serving as investor’s counsel on the transaction. Clifford Chance is serving as legal counsel to Keppel.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Keppel Ltd.
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.

Contact
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
[email protected]

Apollo Global Management's (APO +1.58%) stock price is down about 15% in recent weeks. The decline is mainly tied to the annual reconstitution of the Russell indexes. Apollo, an alternative asset manager, was removed from the Russell 1000 Growth Index following the latest reconstitution, which took effect on June 26.

In the algorithms that Russell uses to reconstitute its various indexes, Apollo no longer exhibited the traits of a growth stock. Instead, it was deemed a value stock and was moved into the Russell 1000 Value Index.

Right after the rebalancing took effect, Apolloʻs stock price dropped sharply and is now trading at roughly $120 per share, off 18% year to date. But is this an opportunity to buy low on this growth-turned-value stock?

Image source: Getty Images.

Growth to value A big reason Apollo stock dropped is that it got kicked out of two massive growth exchange-traded funds (ETFs) -- the $127 billion iShares Russell 1000 Growth ETF (IWF +0.28%) and the $44 billion Vanguard Russell 1000 Growth ETF (VONG +0.26%). Losing invested capital from these sizeable funds, literally overnight, can leave a big dent in the stock price.

It did get added to two value ETFs -- the $81 billion iShares Russell 1000 Value ETF (IWD +0.37%) and the $20 billion Vanguard Russell 1000 Value ETF (VONV +0.47%). But combined, these two ETFs have almost $75 billion less in assets to invest than the two growth ETFs.

That aside, Apollo Global still has strong fundamentals, and this rebalancing could present an excellent buying opportunity.

Showtime for Apollo? Apollo stock looks like a good buy right now, with some momentum following a strong first quarter. As an alternative asset manager, it invests in private equity, private debt, and other alternative investments. These assets tend to have a low correlation to stocks, often performing well when stocks don't -- like they did in the first quarter.

Today's Change

(

1.58

%) $

1.90

Current Price

$

121.83

In Q1, Apollo had record fee-related income of $728 million, up 30% year over year, while adjusted net income rose 8% to $1.2 billion. Wall Street analysts project 21% revenue growth in 2026 and 14% growth in 2027. Earnings are expected to rise 6% this year and another 20% in 2027.

One concern that contributed to the sell-off was a June 22 Securities and Exchange Commission (SEC) filing that said Apollo was capping redemptions at 5%. This was most likely due to high redemption requests to its flagship fund, Apollo Debt Solutions, totalling 16.8% of the fund. This was sparked by heightened concerns among investors about problems in the private credit market. It's the second quarter in a row that they've put redemption caps in place. While private credit has been resilient, it is something to watch.

Apollo is a good value on a forward earnings basis Apollo's price-to-earnings (P/E) ratio is high, but that's because it took GAAP (generally accepted accounting principles) losses last quarter due to a high one-time offshore tax-related expense. But on a forward earnings basis, it is relatively cheap, trading at 13 times forward earnings.

Some 73% of Wall Street analysts rate it as a buy, with a median price target of $150 per share. That would suggest 25% upside.

I think reconstitution will benefit investors, as they can now get this value stock at a discount.

European budget aviation has spent the better part of the year navigating heavy turbulence. Rising jet fuel costs and geopolitical route disruptions have battered public valuations, pushing market sentiment toward distress levels.

Alternative asset managers see a severe dislocation between public equity pricing and actual free cash flow generation. The recent £5.7 billion (approx. $7.7 billion) cash offer from Apollo Global Management NYSE: APO for easyJet OTCMKTS: EJTTF highlights the rapid deployment of dry powder into hard-transport assets.

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Catching Falling Knives at 30,000 FeetWhen public markets apply steep discounts across entire sectors amid macroeconomic fears, private equity often steps in to fill the valuation gap.

Apollo Global Management Today

APO

Apollo Global Management

$120.58 +1.75 (+1.47%)

As of 10:48 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$99.56▼

$157.28Dividend Yield1.87%

P/E Ratio76.61

Price Target$149.50

The Apollo Global Management bid fundamentally shifts how investors should view the current pricing of European low-cost carriers.

This acquisition attempt proves that strategic buyers are perfectly willing to catch falling knives when the underlying business model remains sound.

Prior to this buyout premium, public markets heavily discounted easyJet. The airline traded at remarkably low price-to-sales and price-to-book ratios of 0.51 and 1.46, respectively.

Investors assessed the geopolitical challenges affecting European airspace and saw systemic risk, while private equity examined the same balance sheet and identified highly resilient, deeply discounted cash flows.

Altitude Adjustment: The 46% easyJet RallyWhen Apollo Global Management superseded a competing bid from Castlelake, the move forced an immediate repricing event. Shares of easyJet rallied aggressively from a $6 base, gaining over 46% in 30 days to reach $8.81. This bidding war confirms that institutional capital views current aviation headwinds as cyclical pricing inefficiencies rather than terminal business declines. Apollo Global Management deploying billions in cash proves that the underlying demand for budget travel remains intact even when operating margins face temporary compression.

Upgrading the Itinerary: Expanding Profit MarginsAcquiring an airline in a high-fuel-cost environment requires a specific operational roadmap. Apollo Global Management is not stepping in to execute standard cost-cutting measures. The management team intends to scale the package holiday division of easyJet, which offers higher profit margins and better revenue predictability than standalone flight bookings.

Apollo Global Management plans to expand ancillary revenues. Services such as seat selection, checked baggage, and in-flight catering have completely transformed the fundamental economics of low-cost carriers over the past decade.

By upgauging the easyJet Airbus fleet and maximizing aircraft utilization on popular routes, private equity operators can extract significant margin expansion. This multi-layered approach to revenue generation acts as a natural hedge against volatile energy markets, ensuring the operations generate cash regardless of broader economic friction.

Ground Stop: The August 7 Compliance DeadlineA hard valuation floor sounds robust on paper, but executing a transnational buyout carries substantial friction. Under European Union acquisition protocols, Apollo Global Management has until August 7, 2026, to execute a legally binding offer or walk away from the table. Currently, the £7.15 (approx. $9.68) per share proposal remains an agreement in principle.

Non-EU entities acquiring controlling stakes in EU-based airlines historically face severe regulatory scrutiny. Strict foreign ownership and control limits dictate that EU airlines must be majority-owned and effectively controlled by EU nationals to retain operating licenses. Apollo Global Management will likely have to navigate heavy compliance restructuring to finalize the deal without compromising the established route network.

To mitigate the risk of forced divestment upon delisting, the prospective buyers plan to preserve the existing brand license agreement. The proposed deal structure would allow easyJet founder Stelios Haji-Ioannou, who holds a stake exceeding 15%, to remain invested. This strategic structuring demonstrates how carefully Apollo Global Management must tread to satisfy both shareholders and international regulators.

Cleared for Expansion: Apollo's Upside PotentialInvestors monitoring the acquiring side of this transaction should weigh the internal mechanics of Apollo Global Management. Shares of the company have declined roughly 18% year to date, currently trading near $118. A capital outlay of this magnitude introduces near-term execution risk, prompting noticeable insider selling among key executives leading up to the bid.

Apollo Global Management Inc. (APO) Price Chart for Tuesday, July, 14, 2026

Analysts maintain a moderate buy consensus on Apollo Global Management, with a $149.50 price target that implies over 25% upside. The investment manager sports a trailing price-to-earnings ratio near 75, but a forward price-to-earnings ratio of 14 suggests that Wall Street anticipates significant earnings growth. The market will closely evaluate how this specific airline acquisition might impact near-term liquidity and dividend strength before those operational improvements materialize.

Final Call: Will Private Capital Save Budget Travel?When a company gets acquired at a premium, it establishes a comparative baseline for its entire industry. Regional ultra-low-cost carriers and low-cost carriers are now trading in the shadow of this new multiple. Institutional models will leverage this transaction print to adjust enterprise value-to-EBITDA ratios across the board.

Ryanair Today

$64.30 +0.39 (+0.61%)

As of 10:48 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$53.14▼

$74.24Dividend Yield1.10%

P/E Ratio13.67

Price Target$78.33

Competitors like Ryanair NASDAQ: RYAAY and Wizz Air OTCMKTS: WZZZY operate with distinct balance sheets but share the same geopolitical airspace and fuel constraints. Ryanair maintains a structurally superior margin profile, while Wizz Air has navigated similar routing disruptions. Because the easyJet premium re-anchors sector multiples, these non-dividend-paying peers reliant strictly on capital appreciation become prime candidates for institutional re-rating.

Competitors facing similar macroeconomic pressures are underpriced relative to the newly established private-market valuation. Retail and institutional traders often scan the remaining independent carriers for deep-value entry points, creating sympathetic pricing action. The $7.7 billion buyout figure acts as a hard valuation floor, signaling that private capital is ready to step in if public equity markets continue to undervalue transport networks.

Investors may want to add European budget carriers to their watchlists to monitor for multiple expansions as the August 7 deadline approaches. Cautious traders might prefer to wait for clear regulatory approval on the easyJet acquisition before increasing exposure to the broader regional airline space.

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SummaryApollo Global Management is analyzed alongside peers KKR, ARES, and BX, focusing on their Q1 2024 10-Q filings.Key topics include fee-related earnings, fundraising momentum, and the impact of market conditions on alternative asset managers’ performance.APO demonstrates strong capital deployment and resilient fee streams, supporting a constructive outlook for the stock.Valuation, balance sheet strength, and forward fundraising visibility are highlighted as critical drivers for investment decisions in the sector. FabrikaCr/iStock via Getty Images

Investment Thesis Apollo Global Management, Inc. (APO) is undervalued when considering fundamental valuation metrics based on adjusted earnings and spread-related earnings (SRE) relative to peers. Due to market fears of private credit's software exposure amid AI disruption, private equity and credit stocks have

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of APO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I have held a long position in Apollo Global Management common stock throughout 2025 and 2026. I have not actively traded Apollo securities during 2026, nor have I traded the securities of competitors discussed in this article during that period. All opinions expressed are my own and are based solely on publicly available information, including the sources cited in the article. I have not relied on any material non-public information in preparing this analysis. I have no business relationship with Apollo Global Management or any company mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Torsten Slok, Apollo Global chief economist, joins 'Fast Money' to talk his note on how an AI drop off could have a negative impact on the economy.

Former Apollo Global Management CEO Leon Black in prepared testimony for a House committee on Friday said notorious sex offender Jeffrey Epstein duped him out of more than $60 million in financial management fees.

Black also said that he was misled by Epstein's Jekyll-and-Hyde personality in a prepared opening statement, which was shared with CNBC.

Black is set to be interviewed later Friday morning by the House Oversight and Government Reform Committee, which has been investigating Epstein's ties to many wealthy and influential individuals.

"I come here today voluntarily to set the record straight about my relationship with Jeffrey Epstein and, in particular, why I paid him the money I did," Black says in his prepared statement.

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