Apollo Global Management Inc - Ordinary Shares - Class A (New)

Record earnings + momentum across both core streams (good / strong) - Q2 Fee-related earnings (FRE): $785m (+25% YoY, +8% QoQ), with management fees $23% YoY (+5% QoQ). - Q2 Spread-related earnings (SRE): $877m; adjusted SRE +11% YoY and +5% QoQ. - Total earnings / adjusted net income: $1.3b ($2.11/share). - Management emphasizes this as durable execution tied to origination + capital formation.

Origination flywheel + pricing discipline (good / key driver) - Q2 origination: $74b (company notes Broadcom not included; also signed/announced volume in Q2 not yet closed expected to benefit later). - Credit mix: ~75% IG, avg rating BBB+; ~25% sub-IG, avg single-B. - Spread benchmarks cited: - IG origination excess spread: 280 bps over Treasuries (~200 bps over comparable corporates). - Sub-IG excess spread: 440 bps over Treasuries (~150 bps over comparable corporates). - Pipeline described as “strongest ever,” supported by the “global industrial renaissance” theme extending beyond only AI/data centers (management adds defense/energy/onshoring tailwinds).

Capital formation: record inflows + confidence in 2026 growth outlook (good / forecast) - Q2 organic inflows: $60b total ($38b asset management + $22b Athene). - Management says ’26 growth outlook is on track for FRE and SRE, supported by pipelines and committed capital. - Financial guidance-style points: - Expect ~20%+ FRE growth outlook for 2026 (reinforced by “forward earnings indicators”). - Athene full-year SRE target: 10% SRE growth, assuming ~11% alternatives portfolio return.