Отчётный звонок Apollo Global Management, Inc. (New)

Apollo provided a massive bridge financing to support Paramount's acquisition of Warner Brothers, indicating a large-scale M&A financing event that will impact Paramount's near-term cash flows.

As the target of the acquisition, Warner Brothers will be acquired by Paramount, a major corporate transaction that will redefine its capital structure.

AB InBev has fully repaid its financing from Apollo, completing a full cycle of an investment-grade private credit transaction.

Intel utilized Apollo's capital as a bridge, fully repaid the financing, and generated a substantial gain for Apollo, suggesting the company's financial position has improved enough to refinance.

Apollo is positioning itself to finance the massive capital expenditures of hyperscalers like Microsoft, which is a key part of the AI infrastructure buildout.

Apollo sees Google among the five primary hyperscalers as a key source of demand for its investment-grade private credit and for its data center infrastructure financing.

Management highlights Athene's strong capital base and transparency, indicating a defensive and well-capitalized position for the insurance subsidiary.

The acquisition of PIC significantly scales Athora's platform and opens up the UK pension market for Apollo's retirement solutions.

Apollo will provide daily pricing for 100% of its credit business (which includes direct lending) by September 30, a move that could compress the illiquidity premium for the entire asset class. — This is a first for the private credit industry and could set a new standard for transparency, potentially forcing other private credit managers like closely-traded BDCs to adopt similar practices and put pressure on fees.

Apollo is now originating $71 billion in a quarter, and it has a pipeline for Q2 that could approach its record of $97 billion, indicating a surge in investment-grade private credit origination to finance the AI and industrial renaissance. — The record origination volume signals a competitive, gold-rush dynamic in private credit, and the industry's ability to source and deploy capital at this scale is a key driver of growth for major players.

Apollo notes that the $2 trillion 'levered lending' market (often called private credit) has benefited from a rational de-risking shift as investors sold equity positions to buy first-lien loans, not from moving out of treasuries or IG credit. — This reframing by the largest player suggests that the massive flows into private credit are a risk-off trade rather than a hunt for yield, potentially altering how the systemic risk of the sector is perceived.