Apollo Global Management, Inc. (NYSE: APO)

Apollo is a high growth, global alternative asset manager and a retirement services provider. The company operates primarily in the United States through three reportable segments: Asset Management, Retirement Services, and Principal Investing.

Apollo generates revenue mainly from fees for investment management services, capital solutions fees, and performance related income. In the Asset Management segment, it earns management fees based on assets under advisory and capital solutions fees from its growing capital solutions business. The Retirement Services segment, conducted through Athene, derives income from the spread between investment returns on supporting assets and the cost of funds for its annuity and funding agreement products. The Principal Investing segment contributes realized performance fee income, investment income from the company's balance sheet, and certain allocable corporate expenses.

The company operates through the following segments: Asset Management, Retirement Services, and Principal Investing.

• Asset Management: This segment focuses on credit and equity investing strategies, providing investment management and capital solutions services to clients. As of December 31, 2025, it managed approximately $938.4 billion of assets under management, with a team of about 4,130 employees worldwide, and earns fees that are measured as Fee Related Earnings after expenses.

• Retirement Services: Conducted by Athene, this segment offers annuities and funding agreements to individuals and institutions, generating spread income by pairing long duration liabilities with assets sourced or originated through the asset management platform. As of December 31, 2025, the segment employed roughly 2,010 people and emphasized risk management through liability driven investing.

• Principal Investing: This segment comprises realized performance fee income, realized investment income from balance sheet investments, and certain allocable expenses related to corporate functions. It also includes the company's growth capital and liquidity resources, which may be deployed into strategic investments to support the Asset Management segment.

Within the alternative asset management industry, Apollo holds a strong position due to its integrated platform that combines credit and equity capabilities across a global scale. It competes with other large alternative asset managers on investment performance, service quality, reputation, and fee levels, while its differentiated model of cross sector collaboration aims to produce superior risk adjusted returns. In retirement services, Athene leverages its scale, broad distribution network, and expertise in liability driven investing to compete effectively against both traditional insurers and newer entrants.

Apollo's customer base includes institutional investors such as pension funds, sovereign wealth funds, endowments, and foundations; high net worth individuals and family offices; insurance companies; traditional asset managers; and participants in defined contribution and 401(k) plans. The retirement services business serves individuals seeking retirement savings products and institutions that purchase group annuities, funding agreements, or guaranteed investment contracts.