Apollo Global Management Inc - FXDFR NT REDEEM 15/09/2053 USD 25

Record profitability + dividend increase (good) - Q1 record FRE: $728m (+30% YoY, +6% QoQ), $1.17/share. - Q1 SRE: $719m ( +6% YoY and +2% QoQ), $1.15/share; management notes performance was in-line with expectations given equity markets’ declines. - Adjusted net income: $1.2b, $1.94/share. - Common dividend declared at a higher rate: annualizes to $2.25/share, +10% YoY.

Asset Management momentum: strong origination/capital formation (good) - Origination: $71b in Q1 (+25% YoY; described as high-quality), with Q2 expected to be even stronger (management “expects a shot” near its $97b record). - Spreads/excess spread quality: Investment-grade origination ~290 bps over treasuries (~210 bps over similar corporates); sub-IG ~470 bps over treasuries (~170 bps over high-yield indexes). - Capital formation: $115b total inflows in Q1, including $65b from the Athora/Pension Investment Corp (PIC) closing; $50b organic ( $30b Asset Mgmt, $20b Athene).

Reaffirmed guidance / forecasts (good) - Management reaffirmed 2026 outlook: ~20% FRE growth and ~10% SRE growth. - Athene retirement services: Q1 $20b inflows, with “new markets” momentum—management expects > $5b new markets origination in 2026 (vs. < $1b in 2025) and potentially up to ~half of Athene’s new business over time.