Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Apollo Global Management — Investor Presentation (August 2026)
18 slides from Apollo Global Management, Inc. (new)'s investor presentation, August 2026
Slide 1: Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation
Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation August 2026 Not an advertisement. For informational purposes only.
Slide 2: CLO Markets Have Been Too Successful, and Spreads Have Compressed
CLO Markets Have Been Too Successful, and Spreads Have Compressed 1 2 The CLO Market Has Seen Massive Growth Spreads Have Tightened Materially CLO MARKET ($TR) SHARE OF U.S. LL MARKET (%) U.S. BSL CLO S : WA PRICING OF BLENDED IG TRANCHE (BPS) 1.8 $1.6T 90% 300bps COVID (Global Market) 1.6 74% 80% 2
Slide 3: AMAPS is Designed to Act as a Replacement Asset for CLO Allocations
AMAPS is Designed to Act as a Replacement Asset for CLO Allocations AMAPS Fixed Income Replacement Warehouses, Private IG, & Multi-Credit High-Conviction IG One diversified, rated vehicle Consumer, Residential, Commercial, Asset-Backed Finance Financial, Hard Assets, Capital Solutions Loans, Direct
Slide 4: Comparison of AMAPS to BSL CLOs
Comparison of AMAPS to BSL CLOs U.S. CLO Market AMAPS Underlying Mostly broadly syndicated loans to Highly diversified pool of Collateral companies with >$250M EBITDA multi-credit assets Collateral >95% B, ≤5% CCC, 0% IG ~40-50% IG collateral Rating Structural Leverage 12x Debt / Equity Leverage1 9x
Slide 5: Illustrative Example: AMAPS Structure
Illustrative Example: AMAPS Structure Illustrative Structure Commentary UNDERLYING APOLLO STRATEGIES CAPITAL STACK1 • AMAPS invests in a selection of ASSETS diversified credit Asset Backed – IG Allocation: ~40-50% ~40-50% Investment Grade – Tenor: 5-year reinvestment period IG credit2 Levered Loan f
Slide 6: Illustrative Example: AMAPS Portfolio Breakdown
Illustrative Example: AMAPS Portfolio Breakdown Asset Class Look-through (%) Ratings Look-through (%) Seniority Breakdown (%) Not Rated Alts/Equity CML RML ~5-10% Cash Non- Senior Public Direct ~20% Corporates Lending1 Investment Grade2 High Yield ~40-50% ~50-60% Asset Backed Loans Private Senior Co
Slide 7: With AMAPS, We Believe Insurers Can Improve Returns vs. CLOs at Same Credit Rating
With AMAPS, We Believe Insurers Can Improve Returns vs. CLOs at Same Credit Rating Typical BSL CLO1 AMAPS Structure2 Debt & Capital Return Thickness Debt & Capital Return Thickness AMAPS allows Athene AAA Tranche S+121bps 62.0% to be in the top 75% of AA Tranche S+145bps 14.0% the structure, equival
Slide 8: As a Result, Athene is Reducing CLO Allocation and Replacing with AMAPS
As a Result, Athene is Reducing CLO Allocation and Replacing with AMAPS 12% % OF ATHE N E ’ S G ROSS I N VE STE D A SSE TS 10% 8% 6% 4% 2% 0% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 CLO AMAPS Athene’s CLO and AMAPS Allocations Note: The above includes the directly held CLO and AMAPS investment-gra
Slide 9: Key Risk-Reducing Features of AMAPS
Key Risk-Reducing Features of AMAPS AMAPS Transparency Detailed reporting and look-through disclosure Correlation Highly diverse underlying pool of exposures Leverage Low leverage at ~9x Capital Model Capital model incorporates severe stress scenarios Equity Cushion Thick equity cushion (10% Equity
Slide 10: AMAPS Has Undergone Rigorous Third-Party Review Since Inception
AMAPS Has Undergone Rigorous Third-Party Review Since Inception Rating Third-Party Regulators Agencies Investors Extensive engagement with Obtained multiple public Ensured that AMAPS regulators around ratings from third-party meets rigorous diligence regulatory policies for agencies (including requi
Slide 11: Many Multi-Asset Vehicles in Market; Transparency is Key
Many Multi-Asset Vehicles in Market; Transparency is Key Multi-Asset Look-Through Diversification? Transparency? Look-Through CLOs Transparency Facilitates Appropriate Risk AMAPS Management and Oversight, Regardless of Mutual Funds Asset Class or Investment Vehicle 11
Slide 12: AMAPS Offers Multiple Layers of Transparency to Regulators and Investors
AMAPS Offers Multiple Layers of Transparency to Regulators and Investors PAYMENT DATE REPORT PORTFOLIO REPORT INTEX • Debt balances, cash balance, proceeds • Portfolio breakdown (sector, asset class, for distribution rating, etc.) • To be available via Intex, the industry • Portfolio-level tests (e.
Slide 13: AMAPS Issuances Have Consistent and Transparent Third-Party Ratings
AMAPS Issuances Have Consistent and Transparent Third-Party Ratings AMAPS 3 AMAPS 4 AMAPS 5 Class A Class B Class C Class A Class B Class C Class A Class B Class C A BBB+ BB+ A BBB+ BB+ A BBB+ BB+ A2 Baa2 Ba3 A2 Baa2 Ba3 A2 Baa2 Ba3 A BBB BB A BBB BB A BBB BB A+ BBB BB A+ BBB BB A+ BBB BB % OF TOTAL
Slide 14: Syndication Provides Additional Third-Party Validation
Syndication Provides Additional Third-Party Validation IG Debt Holders % Athene % Other Apollo Entities % Third Party Consistent interest from (Inc. sidecar1) third parties, validating structure and guardrails AMAPS 1 57% 3% 40% KEY SYNDICATION BUYERS AMAPS 2 71% 0% 29% 68% 9% 23% Key Insurance Asse
Slide 15: Pillars of AMAPS Structural Resilience
Pillars of AMAPS Structural Resilience Governance Investment and risk committees oversee AMAPS, supported by stress testing and risk management governance Automatic Deleveraging Collateral Guardrails Valuation Subordination Leverage self-corrects before Portfolio quality & Rigorous valuation Enhance
Slide 16: We Have Implemented Thorough Guardrails to Prevent Circularity in AMAPS
We Have Implemented Thorough Guardrails to Prevent Circularity in AMAPS WHAT IS CIRCULARITY? CIRCULARITY PREVENTION • One AMAPS issuance AMAPS vehicles have restrictions preventing circularity and formalized policies and procedures invests in another AMAPS governing investments either directly or in
Slide 17: We Support Regulatory Efforts to Address Risk Potential Across Asset Classes
We Support Regulatory Efforts to Address Risk Potential Across Asset Classes We have implemented We are supportive of In addition, we regularly file pre-trade procedures the NAIC’s efforts, and detailed reports on internal designed to prevent we continue to work connections with our regulators circu
Slide 18: Important Information
Important Information This presentation has been prepared by Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”). References to “Apollo” include Athene Holding Ltd. and its subsidiaries (collectively, “Athene”). The information herein is provided for informational purposes only
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