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Back of Napkin

Apollo Global Management, Inc. APO

Three-pass checkedFresh as companies report

Apollo lost $1.91B in the March quarter and earned $1.36B in the June one, and neither number describes the business.

The two that do went up in both: fee-related earnings reached $785M and spread-related earnings $877M, each a record.

APO · price with moving averages

Daily · 6MWeekly · 3Y
$63$94$125$156$186 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Apollo is two companies that feed each other. The asset manager runs $1.05 trillion, mostly in credit, and charges fees on it. Athene sells annuities to Americans who want a guaranteed retirement income, invests the money, and keeps the difference between what it earns and what it promised.

The connection is the whole design. Athene's balance sheet gives Apollo permanent capital to deploy into the private credit its funds originate, so the asset manager never has to raise money for those strategies again.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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