DHJJ Financial Advisors Ltd. lifted its stake in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) by 209,775.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,790 shares of the financial services provider’s stock after acquiring an additional 16,782 shares during the period. DHJJ Financial Advisors Ltd.’s holdings in Apollo Global Management were worth $1,949,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Steigerwald Gordon & Koch Inc. increased its holdings in shares of Apollo Global Management by 484.1% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 257 shares of the financial services provider’s stock worth $29,000 after buying an additional 213 shares during the last quarter. Continuum Advisory LLC purchased a new position in shares of Apollo Global Management in the 2nd quarter worth $30,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Apollo Global Management in the 2nd quarter worth $31,000. N.E.W. Advisory Services LLC acquired a new position in Apollo Global Management in the second quarter valued at $38,000. Finally, Pinnacle Holdings LLC acquired a new position in Apollo Global Management in the second quarter valued at $58,000. 77.06% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades Several brokerages have commented on APO. Piper Sandler dropped their price target on Apollo Global Management from $159.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Evercore raised their price objective on Apollo Global Management from $145.00 to $146.00 in a report on Thursday, October 8th. JPMorgan Chase & Co. lifted their price objective on Apollo Global Management from $150.00 to $154.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Barclays boosted their target price on Apollo Global Management from $132.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Finally, Bank of America dropped their target price on shares of Apollo Global Management from $163.00 to $161.00 in a research report on Monday, October 5th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $151.90.
Check Out Our Latest Research Report on APO Insider Buying and Selling at Apollo Global Management In other news, CFO Martin Kelly sold 3,000 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $140.84, for a total value of $422,520.00. Following the completion of the sale, the chief financial officer owned 396,533 shares in the company, valued at approximately $55,847,707.72. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.30% of the stock is owned by insiders.
Apollo Global Management Stock Performance NYSE:APO opened at $112.73 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $66.57 billion, a price-to-earnings ratio of 41.29, a PEG ratio of 1.04 and a beta of 1.58. The firm’s fifty day simple moving average is $124.10 and its 200 day simple moving average is $125.23. Apollo Global Management Inc. has a twelve month low of $99.56 and a twelve month high of $153.29.
Apollo Global Management (NYSE:APO – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.05). Apollo Global Management had a net margin of 5.22% and a return on equity of 14.01%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same quarter in the prior year, the company posted $1.92 earnings per share. As a group, equities research analysts expect that Apollo Global Management Inc. will post 7.96 earnings per share for the current fiscal year.
Apollo Global Management Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 19th were given a $0.5625 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.25 annualized dividend and a dividend yield of 2.0%. Apollo Global Management’s dividend payout ratio is presently 82.42%.
(Free Report)
Apollo Global Management, Inc (NYSE:APO) is a global alternative asset manager that provides investment solutions to institutions, companies and individual investors. The firm manages strategies across private equity, credit, real assets, infrastructure, secondaries and other alternative investments.
Apollo invests across a range of industries and geographies, supporting companies through buyouts, growth investments, structured financing and other forms of private capital. Its credit business provides lending and fixed-income solutions, while its real assets and infrastructure strategies focus on areas such as energy, transportation, communications and other essential services.
The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan.
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Athene Holding (subsidiary of Apollo Global) offers four preferred stocks, each with distinct yield, call risk, and coupon profiles. ATH.PR.D and ATH.PR.A receive Buy ratings: D for highest yield and lowest call risk, A for highest yield-to-call but shorter call protection. Athene's strong capital ratios (20x dividend coverage, 7.5x par coverage) and Apollo backing enhance perceived safety beyond the BBB rating.
DENVER & NEW YORK--(BUSINESS WIRE)--UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, and Apollo (NYSE: APO) today announced their intention to form a new, long-term joint venture involving a diversified portfolio of apartment communities. The joint venture will own a portfolio of 19 high-quality communities totaling 7,059 apartment homes and valued at approximately $2.0 billion.Under the terms of the transaction, UDR will continue to operate and manage the portfolio for which i.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Meyer “Micky” Malka, founder and managing partner of Ribbit Capital, has been appointed to the Board of Directors of Apollo Global Management, Inc. (“Apollo”), effective January 1, 2027. With this appointment, the Apollo board of directors will increase in size to 14 directors. Apollo continues to maintain a two-thirds independent board of directors.
Mr. Malka has more than 30 years of experience building and investing in technology and financial services businesses across the US, Europe, Asia, and Latin America. Ribbit Capital is an investment fund focused on innovative companies in the technology sector. In addition, Mr. Malka currently serves on the board of directors of Robinhood Markets, Inc., and several private companies.
Earlier in his career, Mr. Malka co-founded Heptagon Group, a securities and investment broker-dealer serving the Venezuelan and US markets, and developed Patagon.com, Latin America’s first comprehensive internet-based financial services portal and dealer, which was acquired by Banco Santander in 2000. He also co-founded Banco Lemon, a Brazilian retail bank serving the underbanked that became one of the country’s largest private microfinance institutions before its acquisition by Banco do Brasil in 2009. He later co-founded Bling Nation, a mobile payments company that evolved into Lemon Inc., a mobile wallet company that was acquired in 2013. Mr. Malka holds a degree in economics from the Universidad Católica Andrés Bello in Caracas, Venezuela.
Micky Malka said, “I've long admired Apollo. They have a unique point of view and are building the future of the financial markets.”
Marc Rowan, Board Chair and Chief Executive Officer of Apollo, said, “Micky has spent his career building companies at the intersection of technology and financial services, and his background will be a real asset as we continue to drive growth across our platform.”
Gary Cohn, Lead Independent Director of Apollo, said, “Micky’s entrepreneurial track record brings additional global perspective to the Board. I look forward to working with him as we continue to deliver for our shareholders.”
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.
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]
IFP Advisors Inc boosted its stake in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) by 446.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 71,906 shares of the financial services provider’s stock after purchasing an additional 58,756 shares during the period. IFP Advisors Inc’s holdings in Apollo Global Management were worth $8,345,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Legal & General Group Plc acquired a new position in shares of Apollo Global Management in the 2nd quarter valued at about $459,987,000. Bank of New York Mellon Corp purchased a new stake in shares of Apollo Global Management in the second quarter worth about $336,644,000. Temasek Holdings Private Ltd boosted its stake in shares of Apollo Global Management by 214.4% in the first quarter. Temasek Holdings Private Ltd now owns 2,368,162 shares of the financial services provider’s stock worth $263,861,000 after buying an additional 1,614,813 shares during the last quarter. Deutsche Bank AG acquired a new stake in Apollo Global Management during the second quarter worth about $172,290,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Apollo Global Management during the second quarter worth about $136,528,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
Insider Activity at Apollo Global Management In related news, CFO Martin Kelly sold 3,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $140.84, for a total value of $422,520.00. Following the completion of the transaction, the chief financial officer directly owned 396,533 shares of the company’s stock, valued at approximately $55,847,707.72. This represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.30% of the company’s stock.
Apollo Global Management Trading Up 0.1% Shares of Apollo Global Management stock opened at $110.87 on Monday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.34. Apollo Global Management Inc. has a twelve month low of $99.56 and a twelve month high of $153.29. The firm has a market capitalization of $65.47 billion, a PE ratio of 40.61, a P/E/G ratio of 0.98 and a beta of 1.58. The firm’s 50-day moving average price is $126.76 and its 200 day moving average price is $125.22. Apollo Global Management (NYSE:APO – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $2.11 EPS for the quarter, missing the consensus estimate of $2.16 by ($0.05). The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%. During the same quarter last year, the firm posted $1.92 earnings per share. On average, sell-side analysts predict that Apollo Global Management Inc. will post 8.00 EPS for the current fiscal year.
Apollo Global Management Announces Dividend The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Wednesday, August 19th were given a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Wednesday, August 19th. Apollo Global Management’s payout ratio is presently 82.42%.
Analyst Ratings Changes APO has been the subject of several recent research reports. BMO Capital Markets lifted their price target on Apollo Global Management from $126.00 to $134.00 and gave the company a “market perform” rating in a research report on Monday, August 10th. Evercore boosted their price target on Apollo Global Management from $145.00 to $146.00 in a report on Thursday, October 8th. Piper Sandler upped their price objective on Apollo Global Management from $156.00 to $159.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. HSBC started coverage on Apollo Global Management in a research report on Monday, July 20th. They issued a “buy” rating and a $145.00 price objective on the stock. Finally, Wall Street Zen raised shares of Apollo Global Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Fourteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.60.
Get Our Latest Research Report on Apollo Global Management
Apollo Global Management Company Profile (Free Report)
Apollo Global Management, Inc (NYSE:APO) is a global alternative asset manager that provides investment solutions to institutions, companies and individual investors. The firm manages strategies across private equity, credit, real assets, infrastructure, secondaries and other alternative investments.
Apollo invests across a range of industries and geographies, supporting companies through buyouts, growth investments, structured financing and other forms of private capital. Its credit business provides lending and fixed-income solutions, while its real assets and infrastructure strategies focus on areas such as energy, transportation, communications and other essential services.
The company was founded in 1990 by Leon Black, Josh Harris and Marc Rowan.
Read More Five stocks we like better than Apollo Global Management These 3 Green Stocks Have a Growth Story That Goes Far Beyond Washington Meta Claims Frontier-Class AI Status With New Muse Wonder Models Berkshire Just Backed This Little-Known Stock—Should You Chase It? Broadcom’s CEO Sees Years of AI Demand But Warns of a Bigger Threat to the Boom Want to see what other hedge funds are holding APO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apollo Global Management Inc. (NYSE:APO – Free Report).
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Fort Washington Investment Advisors Inc. OH increased its position in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) by 207.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,710 shares of the financial services provider’s stock after purchasing an additional 7,226 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Apollo Global Management were worth $1,243,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of APO. Nykredit A S acquired a new stake in shares of Apollo Global Management during the 2nd quarter worth about $14,515,000. Louisiana State Employees Retirement System acquired a new position in Apollo Global Management in the first quarter valued at approximately $2,641,000. Cooper Financial Group increased its stake in Apollo Global Management by 1,194.5% in the third quarter. Cooper Financial Group now owns 48,143 shares of the financial services provider’s stock valued at $5,587,000 after purchasing an additional 44,424 shares during the last quarter. Hsbc Holdings PLC increased its stake in Apollo Global Management by 7.1% in the fourth quarter. Hsbc Holdings PLC now owns 894,451 shares of the financial services provider’s stock valued at $129,786,000 after purchasing an additional 59,585 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in Apollo Global Management during the second quarter worth approximately $172,290,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
Insider Buying and Selling at Apollo Global Management In related news, CFO Martin Kelly sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $140.84, for a total transaction of $422,520.00. Following the transaction, the chief financial officer owned 396,533 shares of the company’s stock, valued at $55,847,707.72. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 8.30% of the company’s stock.
Apollo Global Management Stock Performance Shares of APO opened at $110.87 on Friday. The company’s 50 day simple moving average is $126.76 and its 200-day simple moving average is $125.12. The firm has a market cap of $65.47 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 0.99 and a beta of 1.58. Apollo Global Management Inc. has a 12-month low of $99.56 and a 12-month high of $153.29. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.34. Apollo Global Management (NYSE:APO – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.05). Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same quarter in the prior year, the company earned $1.92 EPS. As a group, equities analysts predict that Apollo Global Management Inc. will post 8.00 EPS for the current year.
Apollo Global Management Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 19th were paid a dividend of $0.5625 per share. The ex-dividend date was Wednesday, August 19th. This represents a $2.25 annualized dividend and a dividend yield of 2.0%. Apollo Global Management’s dividend payout ratio is 82.42%.
Wall Street Analyst Weigh In Several analysts have recently weighed in on the stock. Rothschild & Co Redburn boosted their price objective on shares of Apollo Global Management from $171.00 to $173.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Jefferies Financial Group dropped their target price on shares of Apollo Global Management from $138.00 to $127.00 and set a “hold” rating on the stock in a research report on Tuesday, October 6th. BMO Capital Markets lifted their price target on shares of Apollo Global Management from $126.00 to $134.00 and gave the stock a “market perform” rating in a research note on Monday, August 10th. UBS Group decreased their price objective on shares of Apollo Global Management from $172.00 to $163.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, TD Cowen dropped their price objective on Apollo Global Management from $159.00 to $154.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $152.60.
Check Out Our Latest Stock Analysis on APO
Apollo Global Management Company Profile (Free Report)
Apollo Global Management, Inc (NYSE: APO) is a global alternative asset manager that provides investment management and related services to institutional investors, companies, family offices and individual investors. The firm invests across private equity, credit and real assets, with strategies spanning corporate lending, private and public debt, infrastructure, real estate and other long-term investments.
Apollo also manages retirement and insurance-related assets through Athene, a retirement services company affiliated with Apollo.
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First Citizens Bank & Trust Co. purchased a new position in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 39,352 shares of the financial services provider’s stock, valued at approximately $4,567,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Osbon Capital Management LLC acquired a new stake in Apollo Global Management during the fourth quarter worth approximately $36,000. Steigerwald Gordon & Koch Inc. increased its position in Apollo Global Management by 484.1% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 257 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 213 shares during the period. Continuum Advisory LLC acquired a new position in Apollo Global Management in the 2nd quarter valued at about $30,000. MBM Wealth Consultants LLC acquired a new position in Apollo Global Management in the 1st quarter valued at about $29,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in Apollo Global Management during the 2nd quarter valued at approximately $31,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts have issued reports on APO shares. Jefferies Financial Group dropped their price objective on shares of Apollo Global Management from $138.00 to $127.00 and set a “hold” rating on the stock in a research note on Tuesday, October 6th. Barclays raised their target price on shares of Apollo Global Management from $132.00 to $157.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. UBS Group lowered their target price on shares of Apollo Global Management from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Tuesday. BMO Capital Markets lifted their target price on shares of Apollo Global Management from $126.00 to $134.00 and gave the company a “market perform” rating in a report on Monday, August 10th. Finally, HSBC started coverage on shares of Apollo Global Management in a research note on Monday, July 20th. They set a “buy” rating and a $145.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Apollo Global Management has an average rating of “Moderate Buy” and an average target price of $152.60.
Read Our Latest Report on Apollo Global Management
Insider Buying and Selling at Apollo Global Management
In other news, CFO Martin Kelly sold 3,000 shares of Apollo Global Management stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $140.84, for a total value of $422,520.00. Following the completion of the transaction, the chief financial officer owned 396,533 shares in the company, valued at approximately $55,847,707.72. This trade represents a 0.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.30% of the company’s stock.
Apollo Global Management Trading Down 2.4%
NYSE APO opened at $113.44 on Thursday. The company’s 50 day moving average price is $127.41 and its 200 day moving average price is $125.19. Apollo Global Management Inc. has a one year low of $99.56 and a one year high of $153.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.70 and a current ratio of 1.70. The firm has a market capitalization of $66.99 billion, a price-to-earnings ratio of 41.55, a PEG ratio of 1.03 and a beta of 1.58.
Apollo Global Management (NYSE:APO – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $2.11 EPS for the quarter, missing the consensus estimate of $2.16 by ($0.05). The company had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.65 billion. Apollo Global Management had a net margin of 5.22% and a return on equity of 14.01%. During the same period last year, the business earned $1.92 earnings per share. On average, sell-side analysts predict that Apollo Global Management Inc. will post 8.00 EPS for the current year.
Apollo Global Management Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 19th were given a dividend of $0.5625 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 2.0%. Apollo Global Management’s dividend payout ratio (DPR) is presently 82.42%.
Apollo Global Management Company Profile
(Free Report)
Apollo Global Management, Inc (NYSE: APO) is a global alternative asset manager that provides investment management and related services to institutional investors, companies, family offices and individual investors. The firm invests across private equity, credit and real assets, with strategies spanning corporate lending, private and public debt, infrastructure, real estate and other long-term investments.
Apollo also manages retirement and insurance-related assets through Athene, a retirement services company affiliated with Apollo.
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NEW YORK, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Apterra Infrastructure Capital (“Apterra” or the “Company”), a leading infrastructure finance platform and affiliate of Apollo (NYSE: APO), today announced that Josh Mintz has joined Apterra as Chief Financial Officer. Mintz brings more than 15 years of experience across private credit, alternative asset management and financial services, and will report to Co-CEOs Michael Pantelogianis and Ralph Cho.
Apterra Co-CEOs Ralph Cho and Michael Pantelogianis said, “Apterra has scaled rapidly as a leading infrastructure finance platform, and Josh’s leadership and industry experience will help strengthen our finance foundation for the next phase of growth. We are excited to welcome him to the team.”
Josh Mintz, Apterra CFO, said, “Apterra has built a well-positioned platform in a dynamic and fast-growing infrastructure debt market. I am excited to join at this stage of the platform’s growth and look forward to building a finance function that supports its expansion and meets the expectations of our clients and investors.”
Since inception, Apterra has originated approximately $34 billion in infrastructure transactions globally, with recent notable transactions involving Phoenix Tower International, 38 Degrees North, CenTrio and ValorC3 Data Centers, among others. The Company provides financing solutions across renewable energy, conventional power, midstream energy, digital infrastructure and transportation, serving sponsors and developers as demand for infrastructure capital grows.
Prior to joining Apterra, Mintz was Chief Financial Officer of DWS Group’s U.S. Infrastructure Debt business, where he led finance and operations for a multi-billion-dollar platform across CLOs, private credit funds and separately managed accounts. He previously held finance and operations roles at Pennant Park Investment Advisers and Sound Point Capital Management. Mintz is a Certified Public Accountant and earned a BS in Accounting, magna cum laude, from Touro University.
About Apterra
Apterra, an affiliate of Apollo Global Management, is an infrastructure finance platform that provides tailored capital solutions for sponsors and developers across key infrastructure sectors. Apterra’s origination, structuring and distribution capabilities support access to capital through relationships with banks, investors and asset managers. Visit www.Apterra.com to learn more.
SpaceX Corp (NASDAQ:SPCX), Elon Musk’s rocket and artificial intelligence (AI) company, is seeking $40 billion in financing to buy Nvidia chips, potentially creating one of the largest debt-funded AI hardware purchases.
The proposed financing would comprise about $10 billion in bank loans and $30 billion in investment-grade bonds, with Apollo Global Management (NYSE:APO) expected to lead the transaction and Pimco among investors considering the debt.
Bloomberg and the Financial Times reported that talks remain at an early stage, with the financing expected to close in 2027, while SpaceX, Nvidia, Apollo and Pimco have not commented.
The borrowing highlights the capital required to build AI infrastructure, as companies spend heavily on processors, data centers and power equipment.
SpaceX has expanded its computing operations since incorporating xAI, Musk’s AI business, and has said its data centers will use Nvidia hardware exclusively.
Musk said last month that Colossus 2, an AI computing cluster in Tennessee, had 110,000 Nvidia GB200 chips and 440,000 GB300 chips, with as many as 660,000 additional GB300s potentially coming online by December.
The expansion could take Colossus 2 beyond 1.2 million Nvidia chips, underscoring the scale of computing capacity Musk is building to support AI services including Grok.
The financing would extend a trend in which banks and asset managers provide capital for AI hardware rather than requiring technology companies to fund purchases entirely themselves.
Apollo has become a major participant in this market, while Nvidia is working with financial firms on broader financing structures to help customers fund infrastructure needed to deploy its processors.
The proposed deal comes after SpaceX completed an $86 billion initial public offering in June and raised $25 billion through a bond sale, increasing scrutiny of its spending and debt.
The partnership brings together Relevate's redevelopment expertise and Eagle Creek's operating scale and expertise, advancing hydropower as a source of baseload generation across North America
, /PRNewswire/ -- GDEV Management (GDEV)-backed Relevate Power (Relevate) and Eagle Creek Renewable Energy (Eagle Creek), a hydropower owner and operator backed by Apollo (NYSE: APO) funds, today announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and highly experienced operations team to manage Relevate's portfolio of run-of-river hydroelectric projects.
Relevate and Eagle Creek have identified opportunities to combine their respective strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. The local operators currently employed by Relevate to manage its portfolio will join Eagle Creek, maintaining continuity of operations at each facility while benefiting from the scale of a larger operating platform. Previously, GDEV and Apollo provided financing for Relevate's acquisition of Gravity Renewables in December 2024.
"The hydropower market is in a period of significant growth as electricity demand surges beyond current generation levels," said Neal Simmons, CEO at Eagle Creek. "We will bring our operating expertise to oversee Relevate's hydropower projects, enabling us to provide clean, reliable energy to surrounding homes and businesses."
Since GDEV's initial investment in 2024, Relevate also received a $4.9 million grant from the Department of Energy (DOE) to boost efforts in improving the efficiency of hydroelectric facilities and has gained significant commercial traction across the hydropower market.
"Together with Eagle Creek, we're helping strengthen Relevate's business model of providing operational improvements to underperforming hydro facilities," said Benjamin Baker, Managing Partner of GDEV Management. "This partnership will allow Relevate to expand its platform on a larger scale while significantly reducing overhead - promising long-term value for our investors and partners."
ABOUT GDEV MANAGEMENT
GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. The firm targets operationally complex businesses in infrastructure, clean energy, industrials, and technology-enabled services, partnering with management teams to drive growth, operational improvement, and long-term value creation. GDEV's institutional platform is structured to support a broad range of private market strategies, including direct investments, co-investments, and structured credit solutions.
ABOUT RELEVATE POWER
Founded in 2022 from the merger of Independent Power Producers Dichotomy Power and ClearEnergy, along with the power marketing firm Standard Power, Relevate Power is committed to redeveloping underutilized hydropower plants, providing affordable, clean energy to rural America's most impactful organizations. The company is backed by GDEV Management's Fund I, LP. and Aegon Asset Management Real Assets.
ABOUT EAGLE CREEK RENEWABLE ENERGY
Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, providing renewable power to support rapidly growing energy demand. Hydropower is differentiated as a low carbon reliable energy source with baseload capabilities. The Company's nearly 700 MW portfolio makes it one of the largest and most diversified independent hydro platforms in the country, and its facilities produce enough electricity to power over 260,000 homes.
Builds on July 1 Launch for Investment-Grade Fixed Income Replacement Product Suite, Complements Data Standardization and Secondary Trading Initiatives
NEW YORK, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that it has begun providing Daily Pricing information to additional investors across its $850 billion credit business, marking another step in the firm’s broader efforts to build a more transparent private credit market. Apollo launched Daily Pricing for investors in its investment-grade Fixed Income Replacement product suite on July 1, 2026, and has now extended the initiative across various direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles. Asset-level pricing for applicable funds is expected to be made available to investors beginning on October 30, 2026.
The initiative reflects the continued evolution of private credit toward the pricing, data and market making infrastructure familiar in other established credit markets. More frequent pricing, standardized asset-level information and secondary trading are complementary parts of that development, designed to help investors evaluate and manage private credit alongside their public market investments.
John Zito, Co-President of Apollo Asset Management, said, “As public and private markets continue to converge, investors increasingly expect a more consistent experience across their portfolios. That requires more timely pricing information, standardized data and the infrastructure to support more efficient market making. Daily pricing is another step in that evolution. Together with our broader efforts, it is designed to give investors greater visibility into their holdings and support their ability to participate in private markets with confidence. We believe greater transparency supports a better experience for all market participants and the broader financial system.”
The expansion complements Apollo’s other initiatives to strengthen private market infrastructure. In March 2026, Apollo partnered with Intercontinental Exchange to launch ICE Private Credit Intelligence, which has introduced unique asset identifiers, ICE IDs. The ICE IDs will be leveraged to offer standardized reference data sets, as well as analytics and independent pricing on private assets over time. To date, over 5,000 ICE IDs have been created. Apollo’s dedicated secondary trading desk, launched in 2024, has also facilitated over $30 billion of trading volume to date with a growing number of partners, demonstrating how price discovery can support the continued evolution of private markets.
Together, these initiatives are intended to support greater transparency, broader participation and modern product structures as private credit becomes a more established component of investor portfolios.
Daily Pricing is available to investors through Apollo’s investor portal. Where information relates to a registered fund, it is published through the channels applicable to that vehicle.
Daily Pricing refers to an estimated fair value for a fund, portfolio, asset, security or other investment position, calculated as of a specified date. Daily Pricing is not a market-clearing price and is based on Apollo’s internal pricing methodology and benchmarked to relevant public market data. Daily Pricing is provided solely for informational and transparency purposes and is not intended to constitute a definitive valuation or to serve as a basis for any investment decision, subscription, redemption, transaction or other action.
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.
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]
TOKYO and NEW YORK, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced the successful completion of Apollo managed funds’ (“Apollo Funds”) acquisition of Nippon Sheet Glass Co., Ltd., a leading global company in architectural, automotive, and solar glass, and the launch of its new management structure, marking the new beginning of its next phase of growth.
This transaction by Apollo Funds and key financial institutions will support the strengthening of the company’s financial foundation to accelerate investments in its people and technology. Drawing on Apollo’s prior investment experience in glass, automotive, and manufacturing sectors, the company will further capitalize on the strengths of the wider group and steadily build a more robust and sustainable business foundation.
“This closing marks the beginning of an exciting new chapter for NSG Group,” said Munehiro Hosonuma, Representative Director, President and CEO. “Reaching this milestone would not have been possible without the understanding and steadfast support of our shareholders, financial institutions, business partners, and employees, and we are deeply grateful to each of them. The expertise, trust, brand, and core values of our company, cultivated over a century of tradition, remain unchanged and we intend to develop them further. Together, we will dedicate our utmost efforts to transform the company and contribute to the development of a sustainable society.”
“The combination of Apollo's experience and the talent and craftsmanship of NSG Group's people positions the company to build a strong platform for growth and innovation,” said Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo. “We look forward to working closely with the management team and the wider NSG Group as we pursue an exciting future together.”
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.
Contacts
Apollo
Noah Gunn, Global Head of Investor Relations
(212) 822-0540, [email protected]
Joanna Rose, Global Head of Corporate Communications
(212) 822-0491, [email protected]
NEW YORK, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) plans to release financial results for the third quarter 2026 on Tuesday, November 3, 2026, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event.
Apollo distributes its earnings releases via its website and email lists. Those interested in receiving firm updates by email can sign up for them here.
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.
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]
Torsten Slok z Apollo Global Management tvrdí, že AI se zatím neprojevuje na ziscích firem mimo technologie, zřejmý je ale rekordní počet nově vznikajících společností. Dan Ives si myslí, že se mění vnímání společnosti Meta a její pozice na poli umělé inteligence. K tomu CNBC poukazuje na „bezpečný“ hackerský počin umělé inteligence od Googlu a Reuters se věnuje příběhu automobilky Porsche.
Jedna z nejhorších dluhopisových pětiletek: Goldman Sachs v následujícím grafu ukazuje pětiletou plovoucí návratnost desetiletých vládních dluhopisů v USA. Každý bod tmavě modré křivky tak ukazuje, jaká byla průměrná roční nominální návratnost během posledních pěti let, u světle modré křivky jde o návratnost reálnou. Goldman Sachs poukazuje na to, že na obou úrovních „máme za sebou jedno z nejhorších pětiletých období v historii“. Nominální návratnost se přitom pohybuje na rekordním dnu, reálná byla horší na počátku osmdesátých let a let dvacátých:
Meta zpět ve hře: Dan Ives nyní stojí v čele společnosti Yorkville Ives a pro CNBC shrnul svůj pohled na akcie společnosti Meta. Podle něj investoři hleděli na Zuckerberga a Metu se skepsí, protože neviděli přínosy jejich investic do umělé inteligence. Ty ale podle experta nyní dorazily, když se rozjíždí Muse, tedy osobní AI agent této společnosti. Ukazuje se, že Meta dohání společnosti jako OpenAI a Anthropic ve významu na poli AI. Zaměřuje se na konečného uživatele a její předností zůstává obrovský počet uživatelů. Ives se také domnívá, že výhodou nakonec nebudou samotné AI modely. A zopakoval svou tezi, podle které se stále nacházíme na počátku cyklu investic do této nové technologie.
Porsche – ze ziskového tahouna problematickou částí: Reuters přináší reportáž o tom, že Porsche bývalo jednou z nejdůležitější části skupiny VW, nyní se z ní ale stala část nejproblematičtější. Vedou k tomu „nákladné chyby v oblasti SUV“, propad prodejů v Číně a další faktory, které vedly ve VW k odpisu části hodnoty podílu v Porsche. K Číně Reuters dodává, že Porsche si tam po celá desetiletí vedlo dobře, a platilo to zejména o jeho SUV modelech. Nicméně čínský zákazník se nyní obecně odvrací od evropských značek a spalovacích motorů. Na prodeje v USA zase doléhají cla, a to dostává Porsche pod tlak.
VW prochází restrukturalizačním programem zahrnujícím propouštění značného počtu zaměstnanců, což se setkává s odporem odborů. K tomu Reuters dodává, že vedení VW hovoří o nutnosti změnit celý podnikatelský model firmy. A jde o obraz, který se vlastně týká celé německé ekonomiky doposud silně zaměřené na exporty.
Bezpečná AI: CNBC informuje o tom, že „Gemini od Googlu se naboural do systému tří společností“. Podle CNBC šlo o tři na sobě nezávislé incidenty. V květnu letošního roku přitom proběhl test „hackerských dovedností“ modelu Gemini. Tehdy byla cílem fiktivní společnost, ale „problém v nastavení testovacího prostředí vedl k tomu, že model získal přístup k internetu.“ Gemini se podařilo „uhodnout heslo a další si model našel na internetu“. Ve chvíli, kdy model poznal, že se naboural do systému skutečně existujících společností, své aktivity zastavil, což Google prezentuje jako důkaz dobrého bezpečnostního nastavení jeho modelu.
CNBC srovnává tuto událost s tím, když si model od OpenAI „sám našel cestu ven a v hackerckých pokusech neustal“. K incidentu s Gemini přitom dochází ve chvíli, kdy se vedou rozhovory mezi Čínou a Spojenými státy zaměřené na bezpečnost umělé inteligence. Včetně toho, zda by si obě země měly vyměňovat informace o podobných událostech.
AI zatím bez dopadu na zisky: Torsten Slok z Apollo Global Management pro Yahoo Finance řekl, že zatím neexistují důkazy, podle kterých by umělá inteligence zvedala ziskové marže obchodovaných společností mimo technologický sektor. Podle ekonoma se v této oblasti hodně experimentuje a zatím není jasné, zda se vyšší ziskovost dostaví v následujících čtvrtletích nebo letech. Jasné v tuhle chvíli není ani to, jestli bude AI používána hlavně spotřebiteli, nebo společnostmi a ve kterých oblastech. Naopak zřejmé je, že v USA nyní vzniká rekordní počet nových společností, což by se podle experta mělo projevit na zaměstnanosti.
V uvedené souvislosti se můžeme podívat na následující graf od Goldman Sachs. Ukazuje, jak je růst zisků společností obchodovaných na americkém trhu závislý na maržích výrobců polovodičů. V současné době se podle obrázku počítá s růstem celkových zisků na 15 %, zmíněný sektor by přitom měl dosahovat marží na 70 %. Pokud by se přitom jeho marže například posunuly k dlouhodobému průměru ve výši 55 %, růst zisků u firem v indexu S&P 500 by dosáhl jen 4 %:
Podporuje AI inflační tlaky? Slok odpověděl, že přehřívání ekonomiky by spolu s omezeními na straně imigrace mohly vést ke mzdovým tlakům. A to zejména u lidí, „kteří implementují umělou inteligenci.“ Investoři by tedy měli pozorně sledovat data týkající se inflace, ekonom přitom hovořil o scénáři, kdy AI bude nakonec přínosná jak pro zaměstnanost, tak z hlediska produktivity. Na otázku týkající se trhu bydlení následně uvedl, že tento sektor bude zřejmě v útlumu, protože se nyní střetávají vysoké ceny bydlení s vysokými hypotéčními sazbami. Hlavním rizikem pro celou ekonomiku je pak podle ekonoma další růst cen ropy, který by byl vyvolán poklesem zásob.
Baggage Claim: Apollo’s $7.7 Billion Bid to Acquire easyJetMarc Rowan, chairman, co-founder and CEO of Apollo Global Management NYSE: APO, said the firm sees a favorable near-term U.S. economic backdrop, continued demand for private credit and significant opportunities tied to industrial investment, AI infrastructure and retirement products.
Speaking at BofA’s 31st Annual European Financial Services Conference, Rowan said U.S. companies have been resilient, earnings are rising and capital markets remain open. He cited employment, capital-expenditure spending and accommodative government policy as factors supporting the economy.
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As Broadcom Eclipses $2 Trillion, Private Credit Giants Wants In“Valuation aside, I think it will be difficult to cause a U.S. recession over the near term,” Rowan said, adding that credit generally performs well when the economy remains healthy.
Private-market model and origination focus Rowan said private-market firms are being supported by demand for excess returns per unit of risk, investor diversification needs and what he described as a global industrial renaissance. He said Apollo is seeking to serve a wider group of investors beyond institutional alternatives allocations, including individuals, insurers, traditional asset managers, retirement plans and institutional debt and equity portfolios.
TPG Built a Record Year, Then Lost 40%—Is the Selloff Overdone? According to Rowan, those customers are not naturally suited to traditional closed-end fund structures. Apollo is therefore working to make its credit products operate more like public-market securities, with daily net asset values, identifiers such as CUSIPs or ICE IDs, trading and eventually regular-way settlement.
He said Apollo had traded more than $30 billion of such products year to date and expected that figure to reach $50 billion by year-end. The firm expected to offer daily NAV across its full credit business by Sept. 30, after implementing it across its investment-grade suite as of June 30.
Rowan identified origination, rather than capital raising, as the key bottleneck for the industry. He said Apollo’s origination capabilities grew from the company’s effort to source investment-grade assets for its retirement business, Athene, without depending on public investment-grade markets.
He pointed to financing demand across energy, power transmission, infrastructure, manufacturing, defense, AI and data. Rowan said corporations increasingly use banks for short-term financing and public markets for straightforward debt, but turn to private markets for more complex or longer-duration capital needs.
Rowan said Apollo primarily provides concentrated capital to investment-grade companies. He said the firm generally seeks secured, asset-level structures rather than unsecured holding-company exposure. He said Apollo’s five-year plan calls for 20% annual growth in its asset-management business and 10% annual growth in its retirement business, with approximately $5 billion of earnings from each business over the period. AI infrastructure financing Rowan said Apollo differentiates among energy projects, chips and data centers when evaluating AI-related financing. He said the firm views energy financing separately from data-center financing, citing a U.S. shortage of new energy capacity.
For chips, Rowan said financing can be structured around equipment that amortizes over four or five years, with chip manufacturers retaining residual risk or investors receiving residual-value upside with downside protection. He said the firm’s financings involving xAI, Broadcom and NVIDIA were secured financings against chips.
Data-center projects can also vary substantially, he said. Projects with commitments from major technology companies such as Microsoft, Amazon, Meta or Google can be financed as project financings with contracted offtake, while merchant projects dependent on assumed utilization, renewal and offtake rates carry a different risk profile.
Rowan said Apollo has made its larger AI-related investments in energy and chips. It also owns Stream Data Centers, but he described its equity exposure to data centers as a relatively small part of the portfolio.
Private credit and European expansion On private credit, Rowan said the direct-lending and leveraged-lending market appears mature and relatively flat rather than in a broad growth boom. He noted that spreads have tightened despite investor redemption requests from some high-net-worth vehicles, which he said indicates continuing demand from institutional investors and collateralized loan obligations.
Rowan said Apollo has emphasized large-cap, first-lien, cash-pay lending with lower leverage in its wealth-oriented credit offering, rather than seeking higher distributions through greater leverage, technology exposure, payment-in-kind structures or smaller-company lending. He said performance could diverge among managers as investors assess their underwriting approaches through market disruptions.
In Europe, Rowan said he expects private credit—particularly investment-grade direct lending—to grow faster on a percentage basis than in other markets. He cited constrained government finances, a more bank-dependent financial system and major capital needs across the region.
He said Apollo’s retirement platform, Athora, has sizable businesses in the Netherlands and the United Kingdom. In the U.K., Apollo has increased its presence through Athora’s acquisition of Pension Insurance Corporation, or PIC. Rowan said the transaction expands the company’s ability to participate in pension risk transfer activity onshore, in line with U.K. regulatory preferences.
He added that scaling the U.K. business will require Apollo to originate sufficient U.K.-eligible matching-adjustment assets, both for its own insurance operations and for other institutions and insurers.
Austin office and insurance regulation Rowan said Apollo is opening an office in Austin, Texas, that will serve as a second headquarters and host most of the company’s future growth. He said the office is intended to give Apollo access to a differentiated talent pool and allow teams to focus on larger changes in technology, products and business models.
Potential areas of work include expanded liquidity provision in private markets, lending against private assets and new retirement-product structures, Rowan said.
He also criticized regulatory arbitrage in the insurance sector, including the use of offshore jurisdictions with lower capital requirements. Rowan said he believes recent actions and comments by the National Association of Insurance Commissioners indicate regulators may move to address those practices.
“We have the luxury now of asking what comes next,” Rowan said of Apollo’s growth plan. “Is it more of the same, or do we have the opportunity to innovate and create new revenue and profit sources around the business that we already do so well?”
About Apollo Global Management (NYSE:APO)Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment management and retirement services. The company serves institutional investors, businesses and individual investors through a range of strategies focused on private equity, credit, real assets and other long-term investments.
Apollo's asset-management business invests across industries and geographies, with activities that include corporate and structured credit, private equity, infrastructure, real estate and hybrid strategies.
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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Buy APO. The news shows redemption pressure is easing (Apollo Debt Solutions redemptions capped; investors received ~75% of requested capital; other funds’ redemption rates are stabilizing). That reduces the “liquidity panic” discount. Fundamentals are still strong: Q2 revenue $11.1B and net income $1.33B, with fee-generating AUM rising to $858B. Technicals are washed out (below 50-day and Supertrend), setting up a mean-reversion bounce toward $143–$154.
Key Risk: Redemptions re-accelerate and Apollo is forced to take bigger losses or raise capital to meet withdrawals.
ADS (Apollo Debt Solutions BDC)
Buy ADS. If Apollo is capping redemptions and most investors are getting ~75% of what they ask for, the near-term run on liquidity is less likely to worsen. That should support NAV and reduce discount-to-NAV pressure in the BDC complex. Second-order: as redemption stress fades, investors rotate from “withdrawal risk” names into higher-yield BDCs, tightening spreads for ADS specifically.
Key Risk: Credit losses spike inside the portfolio, forcing NAV cuts and making redemption caps irrelevant.
Apollo Global stock has underperformed the market this year as jitters in the private credit industry have escalated. APO dropped to $124.15, down by 13.60% from its highest level in August this year. So, is this retreat a good buying opportunity for the stock?
There are signs that challenges in the private credit industry are continuing. Apollo Global, one of the biggest players in the industry, announced that it was capping redemptions in the third quarter.
Investors in Apollo Debt Solutions BDC (ADS) sought to withdraw roughly 14.7% of shares in the latest tender offer. While high, the figure was better than 16.8% in the second quarter and is a sign that pressures are easing.
This trend is happening across other similar vehicles. HPS Corporate Lending Fund had 11.5% in Q3 from 13.3% in the second quarter. North Haven Private Income Fund had 11.4% from 11.6%, while Oaktree Strategic Credit Fund had 3.8% from the previous 4.5%.
In its statement, Apollo noted that investors who have sought liquidity this year have received about 75% of their requested capital.
Therefore, while redemptions are a big issue, there are signs that the situation is improving, which is a good thing.
READ MORE: Blue Owl stock may short squeeze as golden cross emerges amid turnaround
Apollo Global’s business is doing well despite the rising challenges in the industry. Its most recent results showed that its revenue jumped to $11.1 billion in the second quarter from $6.8 billion in the same period last year.
This performance is important because of how Apollo makes money. Like other private equity and credit companies, it makes money in various ways, including management fees, interest, and investment income.
Its management fees is dependent on the assets under management, which have continued rising. Its total AUM jumped to $1.047 trillion, while the fee-generating AUM rose to $858 billion.
Apollo’s profits also continued rising during the quarter. Its net income jumped to $1.33 billion from $605 million a quarter earlier. Its first-half loss was $594 million, primarily driven by a one-time tax expense of $1.7 billion.
Analysts are largely bullish on Apollo stock. Data compiled by Kyro shows that JPMorgan’s Kenneth Worthington maintained his overweight rating, with a price target of $154. UBS has a buy rating and a target of $172, while Morgan Stanley has a target of $164.
APO stock chart | Source: TradingView
The daily chart shows that APO stock has slumped in the past few weeks, erasing some of the gains made in July and mid-August. It has slumped from a high of $143 to the current $124.
The stock has slumped below the 50-day moving average and the 38.2% Fibonacci Retracement level. This retracement connects the lowest level in March and the highest point on August 14.
Apollo Global has also moved below the Supertrend indicator, which is a sign that bears are in control for now. Therefore, the path of the least resistance is downwards, with the next key level to watch being at the 61.8% retracement point at $116.
Kell Lunam Cowan/iStock Editorial via Getty Images
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The following is an abridged transcript:
The New York Yankees are closing in on a deal that would give Apollo Global Management (APO) a 16% economic stake in the franchise and value the team at more than $12 billion, according to the New York Post.
The Steinbrenner family would remain firmly in control with ownership of slightly more than 60%. Its stake would be diluted by no more than 3%, while Apollo would become the team’s second-largest investor.
Apollo would initially acquire an 8% stake and receive preferred shares that could convert into an additional 8% after four years. Major League Baseball limits private equity firms to 15% ownership of a team, though the league is expected to grant an exception.
The $2.6B investment combines debt and equity financing. It is said to include Yankees Global Enterprises, which has interests in the YES Network, Legends Hospitality and AC Milan.
Among active stocks, HP (HPQ) is under pressure after the PC and printer giant said it believes the computer industry will decline mid-single digits next year.
Paramount Skydance (PSKY) is discussing a $1.5B investment in movie and television production in California as part of potential concessions aimed at resolving the legal challenge to its proposed acquisition of Warner Bros. Discovery (WBD), The Wall Street Journal reported.
CNN also reported that Paramount is in advanced talks with other state attorneys general for a resolution, though not all of the state AGs are on board.
And Novo Nordisk (NVO) is lower after its diversification plans at its capital markets day in London drew skepticism and it outlined revenue goals in line with industry peers.
In other news of note, CNN (WBD), MS NOW (VSNT), and Politico are suing President Donald Trump over his decision to ban their reporters from the White House, citing First Amendment violations.
“This ban could not be a more direct assault on the First Amendment nor a more blatant violation of our most fundamental constitutional principles,” the lawsuit said.
Trump, in announcing the ban on Friday accused the outlets of writing lies about him and warned other outlets would follow.
And in the Wall Street Research Corner, bond-market volatility is again becoming an important driver of stocks, with the relationship between the ICE BofA MOVE Index and the S&P 500 (SPX) turning more negative as Treasury volatility rises, The Kobeissi Letter said.
The 30-day correlation between the MOVE Index and the S&P 500 (SPY) has fallen to -0.58, its most negative reading since mid-June. A more negative reading means bond volatility and stocks have been moving more consistently in opposite directions.
The MOVE Index, often called the VIX of bonds, measures yield volatility across 2-year, 5-year, 10-year and 30-year U.S. Treasuries. Rapid increases in bond volatility are now translating into larger declines in stock prices.
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Baggage Claim: Apollo’s $7.7 Billion Bid to Acquire easyJetScott Kleinman, co-president of asset management at Apollo Global Management NYSE: APO, said the firm sees a “higher for longer” interest-rate environment continuing as consumer spending, persistent inflation and investment in artificial intelligence infrastructure support economic activity.
Speaking at a Barclays conference, Kleinman said Apollo’s chief economist estimated the probability of a recession over the next 12 months at between 10% and 20%. He said geopolitical instability, trade policy questions, inflation and energy prices remain risks, but markets have continued to focus on consumer spending and the AI build-out.
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AI infrastructure and large-scale financing As Broadcom Eclipses $2 Trillion, Private Credit Giants Wants InKleinman said Apollo is approaching AI primarily as a financing and structured-investment opportunity rather than making directional bets on which companies will capture the most value from the technology.
“How do we sell the pickaxes to the gold miners as opposed to being the gold miners ourselves?” Kleinman said, describing the firm’s strategy of providing bespoke capital solutions to large investment-grade counterparties.
TPG Built a Record Year, Then Lost 40%—Is the Selloff Overdone? He said the capital needs tied to digital infrastructure, energy, industrial infrastructure, transportation, logistics and defense are occurring at a “once in a generation type scale.” In response, companies are increasingly using a mix of public equity, public bonds and private capital rather than relying on a single source of financing.
Asked about Apollo’s recently announced transactions with Broadcom and NVIDIA, Kleinman said the deals were highly structured and designed to be investment grade. He did not provide transaction-level financial details, but said such investments can be placed on Apollo’s balance sheet, client balance sheets and with syndication partners. Apollo expects a meaningful share of its transactions to remain on its own balance sheet, subject to issuer and sector concentration limits, he said.
Europe, high-grade solutions and origination Beyond AI, Kleinman pointed to opportunities in traditional and renewable energy, transportation and logistics infrastructure, and structured or hybrid corporate financing. He said Apollo is also expanding its presence in Europe through investments in personnel and country offices.
European companies are increasingly looking to private capital because local capital markets are less robust than those in the United States, Kleinman said. He cited transactions involving EDF, BP, Air France and RWE as examples of the firm’s activity in the region.
Kleinman also highlighted Apollo’s high-grade capital solutions business, which provides customized financing to large investment-grade companies. He said Apollo has completed more than 200 such transactions representing about $150 billion of capital.
These financings can offer companies more tailored terms and access to capital pools that may not be available through traditional investment-grade bond issuance, he said, while not necessarily requiring more risk. The business requires extensive structuring and ratings-agency engagement, according to Kleinman.
He said origination remains central to Apollo’s business model, including its Apollo Capital Solutions, or ACS, platform. ACS revenues have exceeded $200 million for five consecutive quarters, according to the Barclays interviewer. Kleinman said the platform’s principal purpose has been to help Apollo source assets, finance portfolio companies and syndicate transactions, with fee revenue being a secondary benefit.
Fundraising and private-equity outlook Kleinman said Apollo is experiencing a “banner year” in institutional fundraising across hybrid capital, credit and private-equity products. The firm’s Fund XI private-equity vehicle launched in January and held a first close of $12 billion last month, he said. Apollo expects to pursue its target through the rest of the year and into the first half of next year.
He said institutional investors remain interested in private equity but have become more selective among managers. Apollo’s discipline during the prior cycle and its ability to monetize investments have supported fundraising, Kleinman said.
Looking across the industry, he expects the number of private-equity managers to decline as firms that expanded rapidly during the era of low interest rates face challenges returning capital. He also expects continued innovation around long-term company ownership, capital structures and more market-like forms of active equity management.
Wealth products and AMAPS On semi-liquid private-credit products, Kleinman said recent redemption pressure was not unexpected following significant fundraising in the sector. He said redemption caps are functioning as intended and that he expects demand to improve as investors recognize that the market is not currently in a broad credit cycle, though he cautioned that his outlook was conjecture.
Kleinman said Apollo is pursuing daily pricing, enhanced transparency and an Intercontinental Exchange identifier for certain private assets as it seeks to make private-market products more accessible to wealth managers, retirement plans, mutual funds and institutional investors.
He also discussed AMAPS, an Apollo-created structured-credit product designed as an alternative evolution of the collateralized loan obligation market. Unlike traditional CLOs that he said are optimized for triple-A investors, AMAPS is designed around the single-A portion of the capital structure and has included roughly 50% investment-grade collateral.
Apollo has completed five AMAPS issuances totaling about $25 billion, Kleinman said. About half has been acquired by Apollo’s own balance sheet and the remainder by third-party investors. He said the firm is sharing the product’s technology with other credit originators in hopes of developing a broader market.
Regarding Athene, Kleinman said the annuity market has always been competitive and that success depends on client service, products, pricing and excess-spread delivery. He said AMAPS is one component of Apollo’s effort to create excess spread without taking excess risk, adding that the firm was “cautiously optimistic” about improving conditions.
About Apollo Global Management (NYSE:APO)Apollo Global Management, Inc NYSE: APO is a global alternative asset manager that provides investment management and retirement services. The company serves institutional investors, businesses and individual investors through a range of strategies focused on private equity, credit, real assets and other long-term investments.
Apollo's asset-management business invests across industries and geographies, with activities that include corporate and structured credit, private equity, infrastructure, real estate and hybrid strategies.
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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Waverly Advisors LLC lowered its position in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) by 78.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,771 shares of the financial services provider’s stock after selling 14,088 shares during the quarter. Waverly Advisors LLC’s holdings in Apollo Global Management were worth $446,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Legal & General Group Plc boosted its holdings in Apollo Global Management by 4.5% during the fourth quarter. Legal & General Group Plc now owns 3,611,839 shares of the financial services provider’s stock worth $522,850,000 after buying an additional 155,857 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Apollo Global Management in the first quarter valued at $2,641,000. PNC Financial Services Group Inc. increased its holdings in shares of Apollo Global Management by 13.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 67,512 shares of the financial services provider’s stock valued at $9,773,000 after buying an additional 8,003 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Apollo Global Management by 7.1% in the fourth quarter. Hsbc Holdings PLC now owns 894,451 shares of the financial services provider’s stock valued at $129,786,000 after buying an additional 59,585 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Apollo Global Management by 1,137.6% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,355 shares of the financial services provider’s stock valued at $3,526,000 after acquiring an additional 22,387 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling In other Apollo Global Management news, CFO Martin Kelly sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $140.84, for a total value of $422,520.00. Following the transaction, the chief financial officer owned 396,533 shares in the company, valued at approximately $55,847,707.72. This represents a 0.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.30% of the company’s stock.
Apollo Global Management Stock Performance Shares of APO stock opened at $124.83 on Thursday. The company has a market capitalization of $73.72 billion, a price-to-earnings ratio of 45.73, a P/E/G ratio of 1.11 and a beta of 1.52. Apollo Global Management Inc. has a 1-year low of $99.56 and a 1-year high of $153.29. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.34. The stock’s fifty day simple moving average is $128.72 and its 200-day simple moving average is $123.63. Apollo Global Management (NYSE:APO – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $2.11 EPS for the quarter, missing analysts’ consensus estimates of $2.16 by ($0.05). Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same quarter in the previous year, the business posted $1.92 earnings per share. On average, sell-side analysts predict that Apollo Global Management Inc. will post 8.08 earnings per share for the current fiscal year.
Apollo Global Management Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Wednesday, August 19th were given a dividend of $0.5625 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.25 dividend on an annualized basis and a yield of 1.8%. Apollo Global Management’s payout ratio is presently 82.42%.
Analyst Upgrades and Downgrades A number of equities analysts recently issued reports on the company. BMO Capital Markets decreased their target price on Apollo Global Management from $140.00 to $126.00 and set a “market perform” rating on the stock in a report on Monday, July 13th. HSBC started coverage on Apollo Global Management in a report on Monday, July 20th. They set a “buy” rating and a $145.00 target price for the company. TD Cowen reiterated a “buy” rating on shares of Apollo Global Management in a research report on Thursday, August 6th. Keefe, Bruyette & Woods raised Apollo Global Management to a “hold” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Apollo Global Management from $150.00 to $154.00 and gave the stock an “overweight” rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $152.15.
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More Apollo Global Management News Here are the key news stories impacting Apollo Global Management this week:
Positive Sentiment: Apollo-managed funds completed a €3 billion capital solution for Bayer, expanding the firm’s deployment of capital and potentially generating management and performance fees. Apollo Funds Complete €3 Billion Capital Solution for Bayer Positive Sentiment: Apollo and other long-term investors provided $585 million to refinance debt and support expansion at The Executive Centre, a flexible-office operator serving Asia, the Middle East and other regional markets. The transaction highlights continued demand for Apollo’s private-credit financing. Apollo Provides $585 Million Financing to The Executive Centre Positive Sentiment: Apollo’s Michaels retail business reportedly used a $101 million tariff refund to repurchase debt, which could reduce interest costs and improve credit metrics. Michaels Uses $101 Million Tariff Refund to Repurchase Debt Neutral Sentiment: Market reports say Apollo may be among the private-equity firms considering acquisitions of Johnson & Johnson’s orthopedics unit, potentially valued at about $20 billion. The opportunity could expand assets under management, but the report is unconfirmed and such a transaction would require substantial capital. Apollo Global in Talks to Buy J&J Orthopedics Unit Neutral Sentiment: Apollo was also reported as a potential bidder for Ashland, but the sales-process report remains unconfirmed. Apollo Potentially Interested in Ashland Negative Sentiment: Apollo warned that credit-default-swap pricing indicates rising credit risk for hyperscaler debt. Investors may interpret the comments as a warning about leverage and potential losses in private-credit or structured-finance markets tied to aggressive artificial-intelligence infrastructure spending. Hyperscaler Debt Signals Warning Sign Negative Sentiment: The House voted to hold former Apollo CEO Leon Black in contempt of Congress over his refusal to comply with subpoenas in the Jeffrey Epstein investigation. Although Black is no longer Apollo’s CEO, the development creates reputational and headline risk for the firm. House Votes to Hold Leon Black in Contempt (Free Report)
Apollo Global Management, Inc (NYSE: APO) is a global alternative asset manager that provides investment management and retirement services. The company serves institutional investors, businesses and individual investors through a range of strategies focused on private equity, credit, real assets and other long-term investments.
Apollo’s asset-management business invests across industries and geographies, with activities that include corporate and structured credit, private equity, infrastructure, real estate and hybrid strategies.
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Apollo Receives Minority Interest in Part of BMG’s Music Rights Portfolio; Equity Capital Enables BMG to Partially Repay Outstanding ABS Liabilities
NEW YORK, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates have provided a $1.25 billion equity capital solution to support the recently completed combination of BMG and Concord, bringing together two highly complementary businesses spanning music publishing, recorded music, theatrical rights and digital distribution. The combined company retains the BMG name and is headquartered in Nashville, Tennessee.
Under the terms of the transaction, Apollo acquired a noncontrolling interest in a subsidiary of BMG, which holds the legacy Concord ABS, backed by a catalog of over 1 million songs. Apollo’s equity investment enables BMG to repay certain outstanding ABS liabilities.
Apollo Partner Jamshid Ehsani said, “We are pleased to support the transformative combination of BMG and Concord through a tailored, non-dilutive equity investment that strengthens the combined company's financial positioning as it enters this exciting next chapter. This transaction is indicative of Apollo's growing role as a provider of high-grade capital solutions to leading corporations across an expanding range of industries and use cases, leveraging our scaled permanent capital base.”
BMG CEO Bob Valentine said, “The combination of BMG and Concord marks a defining moment in our company’s evolution. Apollo's continued partnership and confidence in our strategy further strengthens our financial foundation and positions us to champion artists and songwriters, and to pursue global long-term growth opportunities. Together, we are building a stronger global music company with the scale, capabilities, and resources to capitalize on the opportunities ahead.”
Since 2022, Apollo has supported Concord’s issuance of over $4.5 billion of ABS debt through a long-term financing partnership. Over the past five years, Apollo has originated over $8 billion in music industry investments.
Deutsche Bank served as financial advisor and Latham & Watkins LLP served as legal counsel to Apollo. Goldman Sachs served as financial advisor to BMG, and DLA Piper and Davis Polk served as legal counsel to BMG on the transaction.
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 BMG
Founded in 2008, BMG is committed to building the world’s most trusted, forward-looking music company. Following its combination with Concord in 2026, BMG brings together global scale, deep expertise, technology and partnership to unlock new opportunities for creators while protecting and growing the long-term value and cultural impact of their work.
BMG’s repertoire includes works by iconic global artists, songwriters, composers, and playwrights, including will.i.am, Phil Collins, Tina Turner, Lin-Manuel Miranda, Jason Aldean, Jelly Roll, Evanescence, Kylie Minogue, Billie Holiday, Rodgers & Hammerstein, Creedence Clearwater Revival, Tennessee Williams, OneRepublic, Daddy Yankee, and Leonard Bernstein.
Headquartered in Nashville with 18 offices globally, BMG is privately held and part of Bertelsmann, the international media, services and education company, with a minority stake held by affiliates of Great Mountain Partners.
Contacts
For Apollo:
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]
Strategic investment by a global construction and real estate partner to support continued growth of leading UK housebuilder
NEW YORK and OSAKA, Japan, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to sell an approximately 30% minority stake in Miller Homes (“Miller Homes” or the “Company”) to Daiwa House (TSE: 1925). Apollo Funds will remain the controlling shareholder in the Company.
Established in 1934, Miller Homes is the largest private housebuilder in the UK, completing approximately 5,000 homes a year across England, Scotland and Wales. Since the Company’s acquisition by Apollo Funds in 2022, Miller Homes has delivered significant growth and strengthened its operating model, driven by disciplined operational execution and the successful acquisition and integration of St. Modwen Homes.
The strategic investment by Daiwa House will support the continued profitable growth of Miller Homes, providing additional resources and global construction and real estate expertise as the Company expands its multi-tenure model and progresses towards its target of delivering 7,000 new homes per year.
Rajesh Jegadeesh and Peter Sinensky, Deal Team Leads at Apollo, said, “Miller Homes is one of the highest-quality businesses in the UK residential sector and we are proud of what the management team has built over the past four and a half years. This transaction reflects the strength of the Miller Homes business today and its sector-leading financial performance, leaving the company well-positioned for further profitable expansion. We are pleased to welcome Daiwa House as a strategic partner as we continue to support Miller’s growth strategy.”
Keiichi Yoshii, Representative Director and Chairman, CEO of Daiwa House, said, “Miller Homes is an impressive business with a strong brand, a highly experienced management team and an attractive long-term growth outlook. We are delighted to invest alongside Apollo and look forward to contributing our global housing and development expertise to support Miller’s continued growth and the delivery of high-quality homes and communities across the UK.”
Stewart Lynes, Chief Executive Officer at Miller Homes, said, “Today’s transaction marks a significant milestone for Miller Homes. The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner. Their expertise, in conjunction with Apollo, will further strengthen the Miller Homes business as we continue our focus on delivering high-quality homes for our customers across the UK.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.
Rothschild & Co served as financial adviser to Apollo Funds and Miller Homes. A&O Shearman served as legal counsel to Apollo Funds on the transaction and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Apollo Funds as to regulatory and financing matters on the transaction.
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 Miller Homes
Founded in 1934, Miller Homes is one of the UK’s leading housebuilders, with a long-standing reputation for building high-quality family homes and delivering exceptional customer service. Operating across 11 regions in England, Scotland and Wales, Miller Homes is committed to building better places where people and planet prosper and creating communities with an emphasis on placemaking and design. The business delivers homes through its private brands, Miller Homes and St. Modwen Homes, alongside collaborations with registered providers of affordable homes and private rented sector partners. In 2026, Miller Homes was awarded the maximum five-star rating for customer satisfaction from the Home Builders Federation for the 14th time in 15 years. To learn more, please visit www.millerhomes.co.uk.
About Daiwa House Group
Daiwa House Group was founded in 1955 with the corporate mission of contributing to the “Industrialization of Construction.” Today the Group has grown into one of Japan’s leading construction and real estate companies and operates in 28 countries and regions worldwide, offering a wide range of real estate services including single-family houses, rental housing, condominiums, commercial facilities, logistics facilities, and others. The Group has approximately 55,000 employees globally and total assets in excess of $50b. Alongside its continued growth in Japan, the Group is actively expanding its international business, particularly in the United States, while pursuing growth opportunities across other regions.
Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491 [email protected]
The House of Representatives voted Wednesday to hold billionaire Leon Black in contempt of Congress for his refusal to comply with subpoenas issued to him related to a committee's ongoing investigation of the notorious late sex offender Jeffrey Epstein.
The vote by unanimous consent sets the stage for House Speaker Mike Johnson, R-La., to certify the matter to refer Black's conduct to the Department of Justice for possible criminal prosecution.
It came a day after the House Oversight and Government Reform Committee, in a 41-0 vote, passed a resolution recommending the full House hold the former Apollo Global Management CEO in contempt.
It is not clear whether the DOJ ultimately will prosecute Black.
Defendants convicted of contempt of Congress face a possible sentence of not less than one month and not more than 12 months in prison.
A DOJ spokesperson, in a statement to MS NOW, said, "The Department of Justice is expecting to receive the referral from [the] House Oversight Committee and takes allegations of contempt of Congress seriously."
"For the past 18 months, the Department has repeatedly said it will follow additional investigative leads in all matters relating to Jeffrey Epstein," the spokesperson said. "The US Attorney's Office for the District of Columbia will review the referral of Mr. Black carefully and will not hesitate to pursue additional cases where the evidence supports."
The contempt action stems from Black's failure to appear for a transcribed deposition by the committee on Sept. 3 after it issued him a subpoena for that appearance, and his failure to comply fully with a separate subpoena seeking copies of nondisclosure agreements he has been party to.
Black gave the committee one of the NDAs, which his lawyers said was the "only" one that Epstein knew about, but withheld others.
"No one is above the law," House Oversight Chairman Rep. James Comer, R-Ky., said in a statement.
"Leon Black defied two subpoenas, and the U.S. House of Representatives acted swiftly to find him in contempt of Congress," Comer said. "We will continue to seek transparency for the American people and justice for survivors in our investigation of the federal government's handling of the Jeffrey Epstein and Ghislaine Maxwell criminal cases."
Rep. Robert Garcia of California, the ranking Democrat on the Oversight panel, said, "This vote is an important step towards justice and accountability."
"We will continue to center the survivors in our fight to hold those responsible for these horrific crimes," Garcia said. "We are just getting started."
Black's attorneys blasted the House for its contempt holding, calling it "an outrageous action that ignores the facts and the truth about Mr. Black."
"The House of Representatives has rushed through every stage of this inquiry. First, the Committee on Oversight and Government Reform and Chairman Comer rushed to issue him subpoenas," the lawyers, Susan Estrich and Aaron Cutler, said in a statement.
"Then, the Committee rushed to hold him in contempt, even in the face of active litigation and an ethics complaint. Now, the full House is holding him in contempt without any regard to the active litigation challenging the lawfulness of the Committee's actions and the ethics complaint against Chairman [James] Comer."
"Mr. Black is a private citizen who has helped create hundreds of thousands of jobs, has given away more than $700 million in philanthropic and charitable contributions, and has supported research that has been at the vanguard of cancer treatment," the attorney said. "To think, he is being held in contempt over invalid subpoenas is ridiculous. It is so out of line that the behavior of this Committee is reminiscent of the 1950's where another Congressional Committee abused its investigative authority and destroyed people's lives."
Black sued the committee and Comer on Sept. 3, seeking to block those subpoenas. That lawsuit is pending in U.S. District Court in Washington.
"The subpoenas are invalid to the extent they exceed [the committee's] delegated authority in seeking private information that bears no legitimate connection to [its] legislative purpose," the suit says.
The civil complaint says the subpoenas issued by the panel "would also expose women who value their privacy, who have no known or public connection to Epstein, who bargained for confidentiality and have refused to release it, and who have no ability to protect themselves and their privacy before the Committee."
In their statement Wednesday, Black's lawyers said: "Our lawsuit shows the Committee and Chairman Comer abused their Congressional power and broke the law."
They also said that they believe a confidential ethics complaint they filed against Comer "will further show that Chairman Comer violated the rules of the House."
Black has not been charged with any wrongdoing in connection with his dealings with Epstein, who killed himself in 2019 after being charged with child sex trafficking.
But he stepped down as Apollo's chief executive officer in March 2021, two months after the firm disclosed that Black had paid Epstein $158 million for tax and estate planning advice from 2012 through 2017.
Black, who has said Epstein's advice led to significant savings for him, knew at the time that Epstein had pleaded guilty in Florida state court in 2008 to two prostitution-related charges, among them soliciting prostitution from an underage girl.
"Mr. Black has repeatedly said that he feels terrible for Epstein's victims and that he regrets ever doing business with Epstein," Black's lawyers said Wednesday.
"He never abused a woman. He never was with an underage woman. He never engaged in sex trafficking. He never paid Epstein for access to women. He was never blackmailed by Epstein. Mr. Black had no knowledge of any of Epstein's heinous conduct. He never forced any woman to sign any NDA."
Corporate debt issued by the giant cloud computing players powering the artificial intelligence boom is getting riskier, private equity firm Apollo Global Management warned on Wednesday.
Risk insurance contracts, known as credit default swaps (CDS), for bonds issued by hyperscalers are getting pricier, and it's not because banks are hedging more of their bets as bond issuance climbs, Apollo chief economist Torsten Slok wrote in a Wednesday note.
"What the market is repricing is hyperscaler credit fundamentals, namely a debt-financed AI capex cycle with rising leverage, negative free cash flow and uncertain payback on depreciating assets," Slok wrote.
If dealer hedging of new bonds were responsible for the rise in risk insurance prices, that widening would show up in the issuers of those bonds – the banks. But that's not what's happening.
Widening gapThe gap between hyperscaler CDS and bank CDS has widened to around 60 basis points from roughly 0 since October of 2025, implying that hyperscaler credit risk is increasing on its own terms, Slok's research shows.
The note from Apollo follows warnings from the leaders of frontier, large language models (LLMs) over the weekend, who said they want to slow the rate of advancements of their products due to safety concerns. That could have financial consequences for the cloud computing providers that run the LLMs.
Many folks on Wall Street think the frontier model companies are seeking regulation from Washington that can protect them from competition from startups, and guard against legal liability for the actions of autonomous agents.
"What I believe they're really shooting for is the Communications Act treatment that protected the social media guys," Dan Alpert, founding managing partner of Westwood Capital, said. "They want some legislation that 'regulates' them, but what it really does is absolves them."
Section 230 of the Communications Act of 1996 specifies "internet platforms would not be treated as publishers of third-party content" and that "platforms would not be held liable for user-posted content," according to the National Association of Attorneys General.
"The banks have built up … fortress balance sheets … They have built up a significant equity buffer and they are now much more highly diversified in their exposure than they were during the mortgage crisis," Alpert said. "That is where the answer may lie in terms of the way the market is looking at the credit risk."
Too soon to worryTechnology investors say margins for the hyperscalers are increasing, justifying the debt issuance, and that it's too soon to worry about the widening CDS spreads.
"[Hyperscalers] don't really add their capacity in a significant enough way into 2027 and 2028 to know how this is going to turn out," Paul Meeks, head of technology research at Freedom Capital Markets, said. "We're starting to see a turn to the positive in their margins, and if we continue to see [this], there will be less concerns."
Alphabet has a forward debt-to-equity ratio of 13% and forward free cash flow of negative $25.7 billion, according to FactSet.
Amazon has debt-to-equity of 23% and free cash flow of negative $30 billion. Meta Platforms has debt-to equity of 34% and free cash flow of negative $25.7 billion. Microsoft has debt-to-equity of 7.34% and positive free cash flow of $33.4 billion.
Economists are also keeping a close eye on the credit conditions of the hyperscalers in light of the Wednesday warning on credit default swaps from Apollo.
"The issue here is that CDS investors, who are the most sophisticated investors anywhere (possibly wrong, but definitely in the weeds), are attaching far greater risk to the debt of the most profitable companies in the world," Dean Baker, founder of the Center for Economic and Policy Research, said. "They obviously think there is a substantial risk that the AI companies cannot make good on their commitments."
KKR joins Apollo as a minority participant | Source: Apollo Global Management, Inc.
NEW YORK and LEVERKUSEN, Germany, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates (“Apollo”) have successfully closed a €3 billion capital solution for Bayer, previously announced on July 10. KKR has joined Apollo as a significant minority participant in the investment.
Under the transaction, Apollo, together with KKR, have invested equity capital into a newly established entity holding Bayer's long-acting reversible contraceptives (LARC) business. Bayer retains a majority stake in the entity and continues to exercise full operational control over the business; there are no changes to the LARC strategy as a result of the investment.
Apollo Partner Jamshid Ehsani said, “We are proud to serve as a capital partner to Bayer, originating and leading a multi-billion-euro capital solution tailored to their needs. Bayer, a global life sciences leader and iconic German company, represents the types of large, blue-chip companies we serve through our High Grade Capital Solutions business.”
Ehsani added, “Apollo has committed to deploying more than $100 billion in Germany over the coming decade, and Bayer exemplifies the kind of strategic, long-term partnership we seek to build with the country's most important companies.”
Centerview Partners served as financial advisor to the Apollo Funds. Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and NautaDutilh N.V. are legal counsel to the Apollo Funds.
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 Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2025, the Group employed around 88,000 people and had sales of 45.6 billion euros. R&D expenses amounted to 5.8 billion euros. For more information, go to www.bayer.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Contacts:
Apollo
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
NEW YORK and HONG KONG, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds, affiliates, and other long-term investors provided a $585 million financing to The Executive Centre ("TEC"), one of Asia's leading providers of premium flexible office space, with more than 30 years of operating experience and a portfolio of over 260 centres across 38 cities in 15 markets across APAC and the Middle East. Proceeds will be primarily used to refinance existing debt and positions TEC for further expansion to meet sustained demand for premium flexible office spaces in the region.
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Apollo Global Management, Inc. (APO) Barclays 24th Annual Global Financial Services Conference September 14, 2026 2:45 PM EDT
Company Participants
Scott Kleinman - Co-President of Apollo Asset Management & Director
Conference Call Participants
Benjamin Budish - Barclays Bank PLC, Research Division
Presentation
Benjamin Budish
Barclays Bank PLC, Research Division
Good afternoon, everyone. Welcome to our next afternoon session. I'm Ben Budish. I cover the U.S. Brokers, Asset Managers and Exchanges here at Barclays.
And delighted for our next fireside chat to have from Apollo, Scott Kleinman, Co-President of the Asset Management side of the business. Scott, thanks so much being here.
Scott Kleinman
Co-President of Apollo Asset Management & Director
My pleasure.
Question-and-Answer Session
Benjamin Budish
Barclays Bank PLC, Research Division
Good to see you. Likewise. Maybe just kicking it off with a macro question. Rates seem biased higher for longer, geopolitical uncertainty remains high, fiscal deficits are in focus. Inflation concerns persist. On the other hand, economic growth remains pretty strong. Corporate earnings are robust. Spreads are around all-time tight. So with that as the backdrop, maybe share Apollo's top of the house macro perspective.
Scott Kleinman
Co-President of Apollo Asset Management & Director
Sure, sure. Look, I'll start, obviously, with the caveat that nobody has a crystal ball. But -- we've been saying for a couple of years now this higher for longer, and I think it's certainly playing out that way. Everything we looked at, whether it's the strength of the economy, the persistent low-level inflation really pointed towards rates staying up.
Add on top of that, just the AI CapEx build-out and the amount of IG issuance that is, quite frankly, crowding out treasuries is pushing -- is continuing to hold rates higher. So everything points in that direction.
Apollo Global Management (APO.N) is in talks to acquire Johnson & Johnson's (JNJ.N) orthopedics unit in a deal that could value it at close to $20 billion, Bloomberg News reported on Friday, citing sources.
Several private equity firms are interested to potentially buy out the unit, Bloomberg News said, adding that an agreement could be reached within weeks.
Reuters could not immediately verify the report. Apollo Global Management and Johnson & Johnson did not immediately respond to Reuters requests for comment.
J&J last year said it had planned to separate its orthopedics unit, known as DePuy Synthes, into a standalone company within 18 to 24 months, as it sharpens focus on higher-growth healthcare segments.
J&J's orthopedics unit makes hip, knee and shoulder implants, surgical instruments and other products and generated $9.3 billion in sales in 2025.
NEW YORK, Sept. 11, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Marc Rowan, Chief Executive Officer and Chair of the board of Apollo, will participate in a fireside chat at the Bank of America 31st Annual Financials CEO Conference on Wednesday, September 23, 2026 at 6:00 am EDT.
A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.
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.
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]
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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NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Scott Kleinman, Co-President of Apollo Asset Management, will participate in a fireside chat at the Barclays 24th Annual Global Financial Services Conference on Monday, September 14, 2026 at 2:45 pm EDT.
A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.
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.
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]
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A month has gone by since the last earnings report for Apollo Global Management Inc. (APO - Free Report) . Shares have added about 2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Apollo Global Management due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Apollo Global Management Inc. before we dive into how investors and analysts have reacted as of late.
Apollo Global Q2 Earnings Miss Estimates, Expenses Increase Y/YApollo Global Management, Inc.’s second-quarter 2026 adjusted net income per share of $2.11 missed the Zacks Consensus Estimate of $2.18. The metric increased from the year-ago adjusted net income of $1.92.
Results were adversely impacted by higher expenses. However, higher assets under management balances acted as a tailwind in the quarter.
The results include certain items. After considering those, net income attributable to Apollo Global (GAAP basis) was $1.34 billion, which rose from $605 million in the prior-year quarter.
Quarterly Revenues & Expenses RiseTotal segment revenues were $1.34 billion, surpassing the Zacks Consensus Estimate of $1.31 billion. The metric increased 23% year over year from $1.10 billion.
Total expenses for combined segments increased 19% year over year to $558 million in the reported quarter.
AUM Balance RisesFee-generating AUM increased 34% year over year to $858 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation, and robust Retirement Services inflows, partially offset by outflows and realization activity.
As of June 30, 2026, total AUM was $1.05 trillion, up 25% year over year. Total AUM benefited from $220 billion of inflows from Asset Management, $78 billion of gross inflows from Retirement Services, and mark-to-market appreciation. This was partially offset by $71 billion of outflows and $32 billion of realization activity.
Capital & Liquidity PositionAs of June 30, 2026, Apollo Global had $3.41 billion in cash and cash equivalents and $5.76 billion of debt.
Capital Distribution UpdateThe company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. The dividend was paid on Aug. 31, 2026, to shareholders of record as of Aug. 19.
Apollo Global repurchased $102 million of common stock in the second quarter, including $73 million to substantially offset dilution and $29 million of opportunistic share repurchases. Over the last 12 months, the company repurchased $1.6 billion of common stock and distributed more than $1 billion in common stock dividends.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
VGM ScoresCurrently, Apollo Global Management has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Apollo Global Management has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerApollo Global Management belongs to the Zacks Financial - Investment Management industry. Another stock from the same industry, SEI Investments (SEIC - Free Report) , has gained 4.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
SEI reported revenues of $641.62 million in the last reported quarter, representing a year-over-year change of +14.7%. EPS of $1.66 for the same period compares with $1.78 a year ago.
For the current quarter, SEI is expected to post earnings of $1.58 per share, indicating a change of +21.5% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for SEI. Also, the stock has a VGM Score of D.
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.
Chief Financial Officer Kelly Martin disposed of 4,534 shares of Apollo Global Management (APO +1.14%) on Aug. 14, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$639,000Shares traded4,534Shares sold3,000Shares gifted1,534Post-transaction shares421,568Post-transaction shares (directly held)396,533Post-transaction shares (indirectly held)25,035Post-transaction value$59.3 millionTransaction value based on SEC Form 4 weighted average sale price ($140.84); post-transaction value based on Aug. 14, 2026, market close ($140.76).
Key questionsHow does this transaction impact the CFO's overall equity alignment with the company?
Following the 1% reduction in total holdings, the CFO continues to hold nearly 397,000 shares directly, a figure that includes 304,581 restricted stock units (RSUs) that vest in installments based on continued service.What is the nature of the indirect holdings disclosed in this filing?
The officer maintains an indirect stake of 25,035 shares through the 2025 Martin Kelly Gift Trust, an entity for which members of the officer's immediate family are beneficiaries and over which the officer exercises sole voting and investment control.What has been the performance of the equity leading up to this disposal?
As of the Aug. 14, 2026, transaction date, the stock has generated a one-year total return of 0.06%, while the execution price of $140.84 per share was marginally above the market close on the same day.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$140.76Market Capitalization$81.9 billionRevenue (TTM)$35.6 billionNet Income (TTM)$1.8 billionCompany SnapshotApollo Global Management operates as a diversified investment management platform with substantial assets under management across credit, private equity, and real estate asset classes, generating revenue through management fees, performance allocations, and realized investment gains.The company's business model centers on deploying capital across multiple investment strategies while charging institutional and individual investors management fees and performance-based compensation, thereby capturing value across the investment lifecycle.Apollo serves a global institutional investor base including pension funds, sovereign wealth funds, endowments, and high-net-worth individuals seeking exposure to alternative asset classes and differentiated investment strategies.Apollo Global Management represents a leading alternative asset manager with $81.9 billion in market capitalization and $35.6 billion in TTM revenue, positioning the firm among the largest independent investment managers globally. The company leverages its scale and operational expertise across credit, private equity, and real estate to generate consistent management fees while capturing performance-based upside through carried interest and realized investment returns. Apollo's competitive differentiation derives from its diversified exposure to asset classes, institutional-grade investment capabilities, and established relationships within the alternative investment ecosystem.
Premium Feature
Moneyball Superscore
84/100
Today's Change
(
1.14
%) $
1.54
Current Price
$
136.58
What this transaction means for investorsThe Apollo stock price has been essentially flat over the last 12 months, up just 0.5%. In comparison, the S&P 500 has climbed 19.8%. That means the sale of 3,000 shares and the gifting of 1,534 shares occurred during a period with neither gains nor losses in the stock over the last year. What this looks like is more of a routine sale, not something shareholders need to read too much into. Martin still holds 396,533 shares directly and 25,035 shares indirectly. That shows continued alignment with the company's success as a shareholder.
While the stock price hasn't moved much over the past 12 months, analysts remain generally bullish on Apollo. Of the 23 who cover the stock, 74% rate it as a buy, while 26% rate it as a hold. From that group of analysts, the median one-year price target is $157. Based on today's price, that would represent a 14.9% gain. The highest price target in that group is $173, representing a 26.6% gain. The lowest price target in that group is $130, which would represent a 4.8% loss.
Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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.
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.
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.
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.
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.
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.
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.
Media Relations:
Alicia Keenom
918-861-3749
[email protected]
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Callan Family Office LLC bought a new position in shares of Apollo Global Management Inc. (NYSE:APO – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,161 shares of the financial services provider’s stock, valued at approximately $847,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Kohmann Bosshard Financial Services LLC bought a new position in shares of Apollo Global Management in the 4th quarter worth $29,000. Osbon Capital Management LLC bought a new stake in Apollo Global Management during the fourth quarter valued at about $36,000. Steigerwald Gordon & Koch Inc. grew its stake in Apollo Global Management by 484.1% in the first quarter. Steigerwald Gordon & Koch Inc. now owns 257 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 213 shares during the last quarter. MBM Wealth Consultants LLC purchased a new position in Apollo Global Management in the first quarter valued at about $29,000. Finally, Keating Financial Advisory Services Inc. bought a new position in Apollo Global Management in the second quarter worth about $31,000. Institutional investors own 77.06% of the company’s stock.
Insider Activity In other news, CFO Martin Kelly sold 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $140.84, for a total value of $422,520.00. Following the completion of the transaction, the chief financial officer owned 396,533 shares of the company’s stock, valued at $55,847,707.72. The trade was a 0.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John P. Zito sold 48,644 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $130.66, for a total value of $6,355,825.04. Following the completion of the sale, the insider owned 3,063,696 shares in the company, valued at $400,302,519.36. The trade was a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 8.30% of the stock is currently owned by company insiders.
Analysts Set New Price Targets Several research firms have commented on APO. Piper Sandler decreased their price target on shares of Apollo Global Management from $157.00 to $156.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. UBS Group raised their price objective on Apollo Global Management from $157.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada increased their price target on Apollo Global Management from $137.00 to $146.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Wall Street Zen upgraded Apollo Global Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods upgraded shares of Apollo Global Management to a “hold” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Apollo Global Management currently has an average rating of “Moderate Buy” and an average target price of $152.77. Read Our Latest Report on Apollo Global Management
Apollo Global Management Stock Up 0.0% APO stock opened at $132.72 on Tuesday. The firm’s fifty day simple moving average is $126.57 and its 200-day simple moving average is $122.72. The company has a market capitalization of $78.38 billion, a P/E ratio of 48.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.51. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.70 and a quick ratio of 1.70. Apollo Global Management Inc. has a 12 month low of $99.56 and a 12 month high of $153.29.
Apollo Global Management (NYSE:APO – Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.16 by ($0.05). The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Apollo Global Management had a return on equity of 14.01% and a net margin of 5.22%.During the same period last year, the business earned $1.92 EPS. As a group, equities research analysts forecast that Apollo Global Management Inc. will post 8.08 earnings per share for the current year.
Apollo Global Management Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, August 19th. Apollo Global Management’s dividend payout ratio (DPR) is currently 82.42%.
(Free Report)
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.
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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.
Your fixed annuity and LeBron James share a balance sheet, and the tax consequences of that arrangement fall entirely on you. Here is what the insurers funding his Nike deal are not telling their policyholders.
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Somewhere in the general accounts of two Midwestern life insurers sits roughly $245 million in bonds backed by LeBron James’s Nike deal.
According to Bloomberg, an LLC named King James Funding borrowed almost $300 million in 2018 from North American Company for Life and Health Insurance and Midland National Life Insurance Co., with bonds due in 2049 at a 4.8% coupon. A follow-on $60 million in 34-year bonds priced at 5.75% in August 2022. Guggenheim Partners arranged the deal, and the pledged revenue stream includes James’s lifetime Nike sponsorship.
Why This Sits Next to Grandma’s Fixed Annuity Insurers sell you a fixed or indexed annuity and promise a payout for years, sometimes decades. To fund that promise, they buy long-duration assets that earn more than the guaranteed rate. That used to mean corporate bonds and Treasuries. Increasingly it means private credit, asset-backed finance, and one-off deals like the King James bonds.
Jackson Financial (NYSE:JXN | JXN Price Prediction), one of the largest US retail annuity issuers, sold $5.90 billion in retail annuities last quarter, up 34% year over year, with record $2.30 billion in RILA sales. Its asset arm PPM America now manages more than $100 billion, and a partnership with TPG explicitly targets higher-yielding private assets to back spread products.
Apollo Global Management (NYSE:APO) owns Athene, which took in $22 billion of retirement inflows in Q2 2026 and posted record $877 million in spread-related earnings. Apollo originated $74 billion in assets during the quarter and calls asset-backed finance and structured settlements a core competency. Athene’s fixed income book is 98% investment grade, and its alternative sleeve targets an 11% long-term return. Both firms exemplify the model that produced those bonds, though neither has been disclosed as a party to the LeBron deal.
What This Means for Your Annuity Tax Bill A non-qualified annuity, the kind you buy with after-tax money outside a 401(k) or IRA, comes with a specific tax bargain. Growth is tax-deferred inside the contract. When money comes out, the earnings portion is taxed as ordinary income, not long-term capital gains, at rates that in tax year 2026 top out at 37%.
Three trap doors matter:
The 10% early-distribution penalty. Pull earnings before age 59½ and the IRS tacks 10% onto your ordinary-income tax. Same rule as an IRA. No step-up in basis at death. Heirs owe income tax on the deferred gain in a non-qualified annuity. A brokerage account gets stepped up to date-of-death value. An annuity does not. Ordinary income on the way out. The same S&P exposure held in a taxable brokerage account could qualify for 0%, 15%, or 20% long-term capital gains rates. Inside an annuity, that gain converts to ordinary income at withdrawal. Rich Clients’ Favorite Move: 1035 Exchanges Section 1035 of the tax code lets you swap one annuity for another without triggering tax, provided the owner and annuitant stay the same. It is how holders escape old high-fee contracts, roll into a RILA with better terms, or consolidate two annuities into one. Basis and the clock carry over. Boring paperwork, real savings.
The Nike-backed bonds are legitimate financial engineering that ordinary savers cannot access. The insurer holding those bonds is likely also holding your neighbor’s fixed index annuity. Same balance sheet, very different tax outcomes for who owns what.
Two Numbers Worth Watching Jackson trades at $131.63, up 25.59% year to date and 39.34% over one year. Apollo trades at $133.18, down 6.78% year to date after absorbing a $1.7 billion one-time charge tied to its ACRA Bermuda tax-election revocation in Q1 2026.
Withdrawal timing, Roth conversion sequencing, and the 1035 escape hatch are the kind of math worth running with a fiduciary advisor or CPA before signing an annuity contract or drawing one down (the annuity tax traps above are a few of nine IRS rules we mapped in a free retiree tax trap guide).
Data Sources LeBron James Borrowed $300 Million From Insurers Arranged by Guggenheim (Bloomberg): loan structure, insurer identities, coupons, and Nike-linked collateral. This article is for informational purposes only and is not tax, legal, or investment advice. Consult a qualified tax professional about your specific situation.
Contact [email protected] for any questions or corrections.
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.
Torsten Slok, chief economist at Apollo Global Management, joins ‘Squawk on the Street' to discuss the market's response to July's job report, President Trump's input on the Fed's decision, and what the future holds.
