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Achieved record fee-related earnings (FRE) of $728 million, up 30% year-over-year, driven by strong management fees and consistent Capital Solutions (ACS) performance exceeding $200 million for four straight quarters.

Origination volume reached $71 billion in Q1, characterized by high-quality investment-grade assets averaging 350 basis points over treasuries, reflecting a shift toward defensive, upmarket positioning.

Management attributes performance to the 'global industrial renaissance,' focusing on capital-intensive sectors like AI infrastructure, energy transition, and advanced manufacturing rather than traditional software-heavy portfolios.

Maintained a defensive equity posture with zero exposure to software in private or hybrid equity strategies, resulting in 6% growth for the alts portfolio during a period of significant market volatility.

Emphasized a 'principal versus agent' mindset, where Apollo uses its own capital to solve complex client needs (e.g., Intel and AB InBev) before syndicating, which secures better spreads and long-term management fees.

Asserted that private credit is primarily a $38 trillion investment-grade opportunity, dismissing the market's 'failure of imagination' in focusing solely on the $2 trillion levered lending slice.

Reaffirmed 2026 outlook of 20% FRE growth and 10% spread-related earnings (SRE) growth, supported by a robust origination pipeline expected to potentially approach record levels in Q2.

Projecting significant expansion in the 'new markets' segment for Athene, expecting volume to grow from less than $1 billion in 2025 to over $5 billion in 2026.

Anticipating a doubling of Apollo Multi-Asset Prime Securities (AMAPS) exposure at Athene to approximately $22 billion by year-end as legacy CLO tranches naturally run off.

Expects the Athora acquisition of Pension Investment Corp (PIC) to contribute approximately 20 basis points of annualized management fees starting in Q2, with further upside as the portfolio is repositioned.

Management is shifting focus toward building the strategic framework for post-2029 growth, prioritizing organic innovation and technology-driven productivity over large-scale M&A.

Identified a 'geopolitical reset' and inflationary pressures as primary macro risks, prompting a continued defensive investment stance to protect capital through expected market corrections.

Flagged 'irrational competition' in the retirement services market during Q1, where some competitors accepted business at unsustainable spreads; Athene chose to maintain discipline over volume.

Noted that SRE was impacted by idiosyncratic impairments at Atlas and costs associated with Athora's capital raise, totaling a 3.5 to 4 percentage point drag on annualized returns.

Expressed concern regarding 'contagion' from poor industry practices, specifically targeting the lack of transparency in offshore jurisdictions like the Cayman Islands and 'day 1 markups' in evergreen funds.

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Apollo is moving to 100% daily pricing for its credit business by 9:30 AM to provide transparency comparable to public markets.

Management believes enhanced liquidity and transparency will ultimately result in tremendous growth for the asset class and attract new types of institutional buyers.

The firm is partnering with ICE to standardize data, assigning ICE IDs to private assets to facilitate market-making and consistent valuation.

The bar for acquisitions is 'really high' because the cost of building challenger businesses internally has dropped due to technology.

Management prefers share buybacks over 'buying more of the same' asset management firms, which they believe adds noise without strategic value.

Capital will be prioritized for organic growth and maintaining the firm's dividend policy of growing at half the rate of FRE.

While there was an uptick in redemption requests for the ADS fund, 94% of investors did not submit requests, and the fund saw net flat flows for the quarter.

Management views the current period of volatility as an opportunity for differentiation, as investors move away from managers who 'stretched' for yield using high leverage.

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