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

Record profitability driven by Asset Management + Retirement Services (Q3 highlights): - FRE (fee-related earnings): $802m, +23% YoY (and +2% QoQ) = record quarterly; management fees +18% YoY (and +2% QoQ). - SRE (spread-related earnings ex notable items): $909m = +9% YoY (and +1% QoQ). - Adjusted net income: $1.3b ($2.07 EPS); $2.15 EPS ex notable items.

Big engine: origination + capital solutions fees; strong pipelines support 2026 growth: - Origination: $114b in the quarter (very active across channels/sectors/geographies). Debt = $98b; >80% investment grade with avg rating ~BBB+. - Excess spread: ~330 bps over Treasuries with BBB avg; IG origination ~285 bps over Treasuries, sub-IG ~430 bps over Treasuries. - Capital formation: $53b (Asset Mgmt $35b; Athene $19b). - Management reiterates being on track for 20%+ FRE growth for 2026 and 10%+ SRE growth for 2026 (as guided/expressed on the call).

Defensive/“risk-off” investment positioning despite strong growth; cautious due to valuations + tight spreads: - Leadership argues valuations are high and risk is elevated, so they’re taking risk down: - Credit: moving up the stack toward senior secured and shifting from below-IG to IG; emphasis on “better spread + better safety.” - Equities: reducing leverage / moving toward less levered or unlevered and focusing on enduring franchises (examples: Atlantic Aviation, Pembina Gas, hydroelectric). - Potential headwind/risk framing: higher-rate environment, tight spreads, and rising risks; they emphasize prudence rather than chasing “FOMO.”