Apollo Global Management (APO) Investor presentation summary

Market context and growth

• CLO markets have grown significantly, now capturing most of the U.S. leveraged loan market, with spreads tightening materially over the past decade.

• CLO share of the U.S. leveraged loan market has reached around 90%, indicating high institutionalization.

AMAPS structure and investment approach

• AMAPS is a diversified, rated vehicle designed as a replacement for CLO allocations, offering exposure to multiple credit asset classes.

• The structure features a thicker equity tranche (10% vs. 8% in typical CLOs), daily pricing, and full collateral transparency.

• AMAPS invests in higher-quality collateral at lower leverage (9x vs. 12x for BSL CLOs) and greater diversification (1,000+ obligors).

• Portfolio breakdown includes 40-50% investment grade, 50-60% high yield, and 80% senior exposure.

Performance and allocation impact

• AMAPS offers higher spreads at the same credit rating compared to typical CLOs, with investment grade debt yielding S+212bps vs. S+136bps for CLOs.

• Athene is actively reducing CLO allocations and increasing AMAPS allocations in its portfolio.