OWL - Apollo Athene And Athene's Preferreds: Quarterly Update
2024-05-06 17:05:25 ET
Summary
- Apollo delivered a strong quarter growing FRE and SRE at more than 20% each.
- Its success is primarily caused by the rapid rise of Athene, its insurance business. The market still undervalues it.
- Within several years, credit agencies are likely to upgrade Athene's ratings. It will make the business even more profitable in my view.
- Athene's preferred Series D has returned ~24% over 14 months and is still worth holding.
This is my quarterly update on Apollo ( APO ) and its insurance (aka retirement) subsidiary Athene. We will summarize the last quarter, play with valuations, and dive deeper into Athene including its preferred stocks....
Apollo, Athene, And Athene's Preferreds: Quarterly Update