Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity and real estate markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions. The firm provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients. It also manages real estate funds and private equity funds for its clients. The firm invests in the fixed income and alternative investment markets across the globe. Its fixed income investments include income-oriented senior loans, bonds, collateralized loan obligations, structured credit, opportunistic credit, non-performing loans, distressed debt, mezzanine debt, and value oriented fixed income securities. The firm seeks to invest in chemicals, commodities, consumer and retail, oil and gas, metals, mining, agriculture, commodities, distribution and transportation, financial and business services, manufacturing and industrial, media distribution, cable, entertainment and leisure, telecom, technology, natural resources, energy, packaging and materials, and satellite and wireless industries. It also focuses on clean energy, sustainable industry, climate solutions, energy transition, industrial decarbonization, sustainable mobility, sustainable resource use, and sustainable real estate. It seeks to invest in companies based in across Africa, North America with a focus on United States, and Europe. The firm also makes investments outside North America, primarily in Western Europe and Asia. It employs a combination of contrarian, value, and distressed strategies to make its investments. The firm seeks to make investments in the range of $75 million and $1500 million. The firm seeks to invest in companies with Enterprise value between $750 million to $2500 million. The firm conducts in-house research to create its investment portfolio. It seeks to acquire minority and majority positions in its portfolio companies. Apollo Global Management, Inc. was founded in 1990 and is headquartered in New York, New York with additional offices in North America, Asia, India and Europe.

Apollo Global Management выглядит качественным бизнесом, но текущая оценка уже заметно опережает фундаментальную динамику. Сильная сторона — масштаб: выручка, активы и собственный капитал за последние годы выросли, а денежная позиция остаётся комфортной, что поддерживает устойчивость. Долговая нагрузка по debt/equity выглядит умеренной и лучше отраслевой медианы, поэтому баланс не выглядит перегруженным. При этом ликвидность по quick ratio формально нулевая, что для финансовой модели Apollo не редкость, но всё же добавляет осторожности к оценке. Рентабельность смешанная: ROE, ROA и net profit margin ниже отраслевых ориентиров и в динамике ослабли относительно прошлогодних уровней, что говорит о некотором давлении на качество прибыли. Операционная маржа тоже снизилась по сравнению с более сильными значениями прошлого года, хотя остаётся приемлемой. EPS и прогноз EPS выглядят сильнее рынка и подтверждают способность компании генерировать прибыль, но это уже частично отражено в цене. Главный сдерживающий фактор — мультипликаторы: P/E, P/S, P/B и особенно P/FCF находятся выше медианы отрасли, причём P/FCF выглядит наиболее напряжённым. Это означает, что инвесторы уже платят премию за бренд, масштаб и устойчивость бизнеса, и пространство для дальнейшего расширения оценки ограничено. Дивидендная доходность растёт, что поддерживает total return, но сам по себе дивидендный поток пока не настолько высок, чтобы полностью компенсировать премиальность мультипликаторов. В целом фундаментал остаётся хорошим, однако сочетание дорогой оценки и ослабления части рентабельности не оправдывает агрессивного повышения целевой цены. Для инвестора это скорее история качественного, но уже не дешёвого финансового актива с умеренным потенциалом и повышенной чувствительностью к пересмотру ожиданий по прибыли и денежному потоку.

Apollo Global Management, Inc. (New)

Сильный индекс, незначительно упал. Быки в растерянности.

Strong index, slightly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Слабый индекс, незначительно вырос

Качественный и масштабный бизнес с ростом выручки и капитала, но дорогими мультипликаторами и ослаблением рентабельности; оценка выглядит немного завышенной.

Key Points
Realty Income's mission is to grow its monthly dividend.
The REIT has now raised its dividend payment 135 times since its public market listing in 1994.
It's in a strong position to continue growing its high-yielding dividend.
Realty Income's (NYSE: O) mission is to "deliver dependable monthly dividends that increase over time." With the real estate investment trust (REIT) recently declaring its 135th dividend increase since its public market listing in 1994, it's safe to say the company is achieving its mission.
The REIT is in a strong position to continue increasing its monthly dividend, which now yields over 5%. That makes it an excellent option for those desiring to make passive income.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
The growth continues
Realty Income is increasing its monthly dividend from $0.2705 per share ($3.246 annualized) to $0.2710 ($3.252 annualized), a modest 0.2% increase. That's its second raise this year already. As the chart below showcases, the REIT has now increased its dividend for 115 consecutive quarters, while growing it at a 4.1% compound annual rate over the last 31 years:
The company can easily afford its rising payout. Realty Income's dividend payout ratio stood at 71.7% of its adjusted funds from operations (AFFO) in the first quarter, a reasonable level for a REIT. That enabled it to produce $245.4 million of free cash flow after paying dividends in the period, or about $981.6 million annualized. That excess free cash flow provides the REIT with funding for new income-generating real estate investments.
Multiple growth catalysts
Realty Income is in a strong position to continue growing its real estate portfolio and dividend. The REIT estimates its total addressable market for investing in net-leased real estate across the U.S. and Europe is $14 trillion. It has been steadily expanding its opportunity set by adding new investment verticals. For example, it entered the $500 billion U.S. data center market in 2023 through its up to $800 million build-to-suit joint venture with leading data center REIT Digital Realty. Realty Income has also steadily expanded into new international markets, including making its first investment in Mexico earlier this year.
The company typically sources more opportunities than it can fund. For example, last year it sourced $120.5 billion in investment opportunities but closed only $6.2 billion in new investments, or about 5% of its sourced volume. That has led it to build a private capital management platform. It launched the U.S. Core Plus Fund, which generates fee-based income for the REIT, boosting its returns and ability to make new investments. It also formed joint ventures with Apollo and GIC that provide it with additional growth capital. This strategy positions it to deliver higher AFFO per-share growth going forward, supporting dividend growth.
An income stock for the long haul
Realty Income continues to successfully execute its mission of paying a steadily rising monthly dividend. The REIT is in a strong position to continue growing its high-yielding payout, given its solid financial profile, robust investment opportunities, and expanding private capital platform. These features make it an ideal income stock to buy and hold for the long term.
Should you buy stock in Realty Income right now?
Before you buy stock in Realty Income, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $438,283!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,427!*
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Matt DiLallo has positions in Digital Realty Trust and Realty Income. The Motley Fool has positions in and recommends Digital Realty Trust and Realty Income. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

With 135 Dividend Increases (And Counting), This High-Yield Stock Remains a Top Passive Income Investment for the Long-Term

Key Points
Bloom Energy's first-quarter revenue soared 130% year over year.
GE Vernova's gas turbine backlog and slot reservations reached 100 gigawatts last quarter.
Vistra has signed long-term nuclear power agreements with Amazon and Meta Platforms.
The numbers behind the artificial intelligence (AI) build-out keep getting bigger. On Tuesday, chip designer Broadcom announced a financing platform with investment giants Apollo Global Management and Blackstone designed to enable more than 20 gigawatts of AI compute capacity through 2028, launching with an initial $35 billion tranche.
Even automakers want in. General Motors said this week it is developing a sodium-ion battery (a chemistry built on abundant sodium rather than scarcer lithium) aimed at energy storage for data centers and the grid.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
All of this demand is landing on an electric grid that can take years to expand. Securing a grid connection for a large data center campus can be a multiyear wait, and the equipment needed to build new power plants is in short supply. That mismatch is where Bloom Energy (NYSE: BE), GE Vernova (NYSE: GEV), and Vistra (NYSE: VST) come in.
Here's a closer look at how each company is positioned to power the build-out.
1. Bloom Energy
Bloom makes solid oxide fuel cells -- systems that generate electricity on-site from natural gas without combustion -- letting data centers skip the wait for a grid hookup. Bloom's first-quarter revenue soared 130% year over year to $751.1 million, driven by a 208% jump in product revenue. The company also posted net income of $70.7 million, reversing a year-ago loss. And management raised its full-year outlook, now expecting 2026 revenue of $3.4 billion to $3.8 billion -- about 80% growth at the midpoint, up from prior guidance of about 60%.
In April, Oracle said Bloom fuel cells will fully power Project Jupiter, its AI data center campus in New Mexico, with up to 2.45 gigawatts of capacity, replacing the gas turbines and diesel generators originally planned for the site. Notably, management said more than half of Bloom's data center backlog comes from customers other than Oracle.
"Bloom is rapidly becoming the standard and go-to choice for on-site power," said Bloom founder and CEO KR Sridhar during the company's first-quarter earnings call.
2. GE Vernova
While Bloom helps data centers bypass the grid, GE Vernova supplies the grid itself -- along with the gas turbines utilities are waiting in line to order. The power equipment maker's first-quarter orders surged 71% on an organic basis to $18.3 billion, pushing its total backlog to $163 billion. Its gas turbine backlog and slot reservation agreements grew from 83 gigawatts to 100 gigawatts in a single quarter, and management now expects to reach at least 110 gigawatts by the end of 2026.
GE Vernova's electrification segment, which makes grid equipment like transformers and switchgear, booked $2.4 billion of equipment orders to support data centers during the first quarter -- more than in all of 2025. Further, the company's free cash flow more than quadrupled year over year to $4.8 billion, and management raised its 2026 guidance.
3. Vistra
Vistra is one of the largest competitive power producers in the U.S., with a generation fleet spanning natural gas and nuclear. And AI's biggest spenders are locking up that fleet years in advance. Last year, the company signed a 20-year power purchase agreement with Amazon's cloud unit for up to 1,200 megawatts of nuclear power from its Comanche Peak plant in Texas. It also signed 20-year agreements to supply Meta Platforms with 2,609 megawatts of nuclear energy and capacity from its plants in the eastern U.S.
The company is adding natural gas capacity, too, with its pending acquisition of about 5,500 megawatts of generation from Cogentrix, targeted to close in the second half of this year. Last month, Vistra reported first-quarter ongoing operations adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $1.5 billion and reaffirmed its full-year forecast of $6.8 billion to $7.6 billion.
What could trip up the power trade
Of course, these stocks face risks. Project timing, for instance, is one. In fact, Bloom Energy shares fell this week after a partner reportedly paused work on a data center site in Wyoming. Additionally, these companies operate in highly regulated markets.
The bigger risk may be the demand side itself. All three stocks have rallied on the assumption that AI capital expenditures keep climbing, and AI infrastructure stocks have pulled back recently on concerns about the pace of that spending. If the build-out decelerates meaningfully, backlogs could stop growing and these valuations could compress quickly.
Still, the demand signals keep arriving week after week, and from new directions -- financiers one day, automakers the next. For investors who believe the electricity bottleneck is real and durable, these three companies arguably offer a more grounded way to invest in the AI boom than chasing the chipmakers themselves.
Should you buy stock in Bloom Energy right now?
Before you buy stock in Bloom Energy, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bloom Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $438,283!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,427!*
Now, it’s worth noting Stock Advisor’s total average return is 938% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 12, 2026.
Daniel Sparks and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Blackstone, Bloom Energy, Broadcom, GE Vernova, Meta Platforms, and Oracle. The Motley Fool recommends General Motors and Vistra. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The AI Boom's Next Bottleneck Is Electricity. These 3 Stocks Are Positioned to Power the Build-Out.

(RTTNews) - The Board of Bodycote plc (BOY.L) noted Apollo Management X, L.P's statement, made on behalf of certain of its managed investment funds, that it does not intend to make a firm offer for the company.
BOY.L closed Friday's regular trading at 715.50p down 107.50p or 13.06%.
Despite Apollo's withdrawal, the Board expressed strong confidence in Bodycote's potential and its strategy to build a high-performing, resilient business with attractive growth prospects. The company continues to execute well on its Optimise, Perform and Grow initiatives, with trading in 2026 beginning positively as highlighted in the AGM update on 27 May 2026.
Last month, Bodycote confirmed it had received a conditional cash proposal from Apollo Management X, L.P. Under the proposal, shareholders would have received an offer price of 885 pence per share in cash, along with a proposed final dividend of 16.1 pence per share for the 2025 financial year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Bodycote Shares Down After Apollo Withdraws Offer

The global private credit market, long praised for delivering attractive yields in a low-interest-rate environment, is facing a significant stress test as rising investor withdrawal requests expose a fundamental challenge: the mismatch between illiquid assets and periodic liquidity promises.
The concerns intensified after a Seeking Alpha report published on MSN revealed that Cliffwater’s Corporate Lending Fund, which manages approximately $31 billion in assets, received second-quarter redemption requests totaling about 17% of outstanding shares. Under its standard quarterly liquidity program, the fund repurchased only 5% of shares, leaving a substantial portion of investors unable to fully withdraw their capital. The surge in redemption requests, up from roughly 14% in the first quarter, underscores growing caution among investors toward private-credit vehicles.
The news weighed on shares of major alternative asset managers, including KKR & Co. KKR, Blackstone, Inc. BX, Blue Owl Capital OWL, Apollo Global Management APO and BlackRock BLK. Yesterday, KKR shares fell 4.2%, Blackstone declined 4%, Apollo Global fell 3.4%, and Blue Owl and BlackRock plunged 3.8% and 2.8%, respectively.
Private Credit: Redemption Wave and Rising Investor Anxiety
Private credit expanded rapidly in recent years as investors sought higher yields and asset managers pushed products beyond traditional institutional buyers into the wealth-management channel. However, the industry-wide wave of withdrawals stems from lingering market unease over loan quality, as well as investor fears surrounding exposure to software and middle-market companies vulnerable to artificial intelligence disruptions.
While many private-credit funds offer periodic redemption windows to enhance accessibility, their portfolios consist largely of privately negotiated loans that cannot be readily sold without potential discounts. As a result, elevated withdrawal requests are highlighting liquidity constraints that have remained largely untested during the industry's growth phase.
The pressure is not limited to Cliffwater. Earlier this year, BlackRock restricted withdrawals from a flagship private-credit fund after redemption requests surged, while Blackstone increased its redemption cap from 5% to 7% in response to rising investor demand for liquidity. These steps have intensified scrutiny of semi-liquid private-market vehicles and raised questions about whether such structures are suitable for investors seeking regular access to capital.
The recent surge in redemption requests has put the private-credit industry under increased scrutiny, forcing leading alternative asset managers, including BLK, BX, APO, OWL and KKR, to navigate a more cautious investor environment. The trend has reignited concerns about whether direct-lending vehicles are well-suited for investors who expect periodic liquidity despite the illiquid nature of the underlying assets.
Going forward, a key question will be whether redemption activity moderates or spreads more broadly across the sector. Sustained outflows could compel asset managers to maintain larger cash reserves, slow the pace of new lending, or rethink fund structures to better align liquidity terms with portfolio holdings. Such adjustments could weigh on returns and temper growth in a market that has emerged as a major profit driver for Wall Street.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Alternative Managers Shares Slip as Cliffwater Redemption Fears Mount

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -0.74%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.29%. June E-mini S&P futures (ESM26) fell -0.78%, and June E-mini Nasdaq futures (NQM26) fell -0.32%.
Stock indexes retreated on Wednesday, with the Nasdaq 100 falling from a new record high. The broader market was under pressure on Wednesday as the US and Iran clashed overnight, sending WTI crude oil prices up more than +2% to a 1.5-week high and putting peace plans in doubt. In addition, weakness in software companies, cybersecurity, and private credit stocks on Wednesday weighed on the overall market.
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Crude oil price jumped more than +2% on Wednesday after US forces intercepted Iranian ballistic missiles and drones aimed at neighboring Gulf states, escalating tensions and reducing chances that the Strait of Hormuz will open any time soon. The Tasnim news agency reported that Iranian Foreign Minister Abbas Araghchi said that “Communications between Iran and the US have not been cut off, but no tangible progress has been achieved in the negotiating process.”
On the positive side, AI-infrastructure spending continues to support technology stocks. Marvell Technology rose more than +3% on Wednesday, adding to Tuesday’s 32% surge, to lead chipmakers higher after Nvidia CEO Huang predicted the company would be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Signs of strength in the US economy are also supportive of stocks after Wednesday’s reports showed the May ADP employment change, the May ISM services index, and Apr factory orders rose more than expected.
The US May ADP employment change rose 122,000, slightly stronger than expectations of 120,000 and the biggest increase in 16 months.
The US May ISM services index rose +0.9 to 54.5, stronger than expectations of 53.8. The May ISM services prices paid sub-index rose +0.6 to a 3.75-year high of 71.3, although below expectations of 72.3.
US Apr factory orders rose +4.8% m/m, stronger than expectations of +4.6% m/m and the largest increase in 11 months.
US MBA mortgage applications fell -2.5% in the week ended May 29, with the purchase mortgage sub-index down -2.9% and the refinancing mortgage sub-index down -2.3%. The average 30-year fixed rate mortgage fell -8 bp to 6.57% from 6.65% in the prior week.
The Fed Beige Book was hawkish, stating slight to moderate economic growth across most Fed districts through May 27, with employment little changed and most of the 12 Fed districts reporting higher inflation than in the previous report.
New York Fed President John Williams said, "Monetary policy is exactly in the right place. I don't see any need to raise or lower interest rates right now."
The markets are discounting a 3% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
The generally favorable Q1 earnings season is winding down. As of Wednesday, 84% of the 485 S&P 500 companies that reported Q1 earnings have beaten estimates. Q1 S&P 500 earnings are projected to climb +12% y/y, according to Bloomberg Intelligence. Stripping out the technology sector, Q1 earnings are projected to increase around +3%, the weakest in two years.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed down -0.89%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock Average rallied to a new record high and closed up +2.50%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -8 ticks, and the 10-year T-note yield rose +4.6 bp to 4.489%. T-note prices were under pressure on Wednesday amid an escalation of US-Iran tensions, which lifted WTI crude oil by more than +2% to a 1.5-week high, boosting inflation expectations. T-notes added to their losses on Wednesday after US economic reports showed the May ADP employment change, the May ISM services index, and Apr factory orders rose more than expected, hawkish factors for Fed policy. The Fed Beige Book also reported rising inflation pressures and was bearish for T-notes.
European government bond yields moved higher on Wednesday. The 10-year German Bund yield climbed to a 1.5-week high of 3.042% and finished up +6.0 bp to 3.035%. The 10-year UK gilt yield rose to a 1.5-week high of 4.939% and finished up +7.2 bp to 4.931%.
The Eurozone May S&P composite PMI was revised upward by +1.0 to 48.5 from the previously reported 47.5.
Eurozone Apr PPI rose +4.9% y/y, right on expectations and the fastest pace of increase in more than 3 years.
The UK May S&P services PMI was revised upward by +1.4 to 49.3 from the previously reported 47.9.
Swaps are discounting a 98% chance of a +25 bp ECB rate hike at its next policy meeting on June 11.
US Stock Movers
Software stocks sold off on Wednesday, pressuring the broader market. Datadog (DDOG), Atlassian Corp (TEAM), and ServiceNow (NOW) closed down more than -7%, and International Business Machines (IBM) closed down more than -6% to lead losers in the Dow Jones Industrials. Also, Palantir Technologies (PLTR) closed down more than -6%, and Oracle (ORCL) closed down more than -5%. In addition, Salesforce (CRM) closed down more than -4%, and Autodesk (ADSK) and Intuit (INTU) closed more than -3%. Finally, Microsoft (MSFT) and Adobe Systems (ADBE) closed down more than -2%, and Workday (WDAY) closed down more than -1%.
Cybersecurity stocks retreated on Wednesday, led by a -7% decline in Okta (OKTA) and a -6% decline in Zscaler (ZS). Also, Palo Alto Networks (PANW) closed down more than -5% despite reporting better-than-expected Q3 earnings, as it failed to meet elevated buy-side expectations. In addition, Cloudflare (NET) and CrowdStrike Holdings (CRWD) closed down more than -2%, and Fortinet (FTNT) closed down more than -1%.
Private credit stocks faltered on Wednesday as the 17% redemption requests for Cliffwater’s private credit fund weighed on alternative asset stocks. Carlyle Group (CG) closed down more than -4%, and Ares Management (ARES), KKR & Co (KKR), Blackstone (BX), and Blue Owl Capital (OWL) closed down more than -3%. Also, Apollo Global Management (APO) and BlackRock (BLK) closed down more than -2%.
Chipmakers and AI-infrastructure stocks rallied on Wednesday, providing support to the overall market. Sandisk (SNDK) closed up more than +6% to lead gainers in the Nasdaq 100, and Western Digital (WDC) closed up more than +5%. Also, Intel (INTC), Advanced Micro Devices (AMD), and ON Semiconductor (ON) closed up more than +4%,and Analog Devices (ADI), KLA Corp (KLAC), and Qualcomm (QCOM) closed up more than +3%. In addition, Applied Materials (AMAT), ARM Holdings Plc (ARM), and Lam Research (LRCX) closed up more than +2%.
Global Payments (GPN) closed down more than -8% after Susquehanna cut its price target on the stock to $111 from $119, noting that Middle East travel exposure will remain a “burden.”
Ulta Beauty (ULTA) closed down more than -4% after analysts noted the company’s annual guidance implies the outlook for the second half of the year is weaker than expected.
Gitlab (GTLB) closed down more than -2% after announcing that it will cut about 14% of its workforce and exit 22 countries as part of a restructuring.
Medtronic Plc (MDT) closed up more than +6% after reporting Q4 revenue of $9.81 billion, above the consensus of $9.64 billion.
GameStop (GME) closed up more than +6% after reporting Q1 net sales rose +14% y/y to $835.3 million and said its board of directors approved a $2 billion share repurchase authorization.
Meta Platforms (META) closed up more than +4% after announcing it is selling access to an artificial intelligence agent called Meta Business Agent, which will chat with a business’s customers over WhatsApp, Messenger, and Instagram.
Marvel Technology (MRVL) closed up more than +3% today, adding to Tuesday’s +32% surge, after Nvidia CEO Huang predicted that the company will be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Sherwin-Williams (SHW) closed up more than +1% after the company and Nippon Paint abandoned efforts to jointly acquire Akzo Nobel.
Earnings Reports(6/4/2026)
Brown-Forman Corp (BF/B), Ciena Corp (CIEN), Cooper Cos Inc/The (COO), Docusign Inc (DOCU), Guidewire Software Inc (GWRE), Lululemon Athletica Inc (LULU), Rubrik Inc (RBRK), Samsara Inc (IOT), Toro Co/The (TTC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat as US-Iran Peace Hopes in Doubt

Key Points
Blackstone maintains a dominant position in the alternative asset market with massive scale in real estate and credit.
Apollo Global Management utilizes a unique integrated model that pairs asset management with its Athene retirement services.
Which alternative asset manager is the better bet for investors in 2026?
Alternative asset management has shifted from a highly profitable niche on Wall Street to a central pillar of modern portfolios. Choosing between Blackstone (NYSE:BX) and Apollo Global Management (NYSE:APO) requires understanding two distinct approaches to private capital.
Blackstone is a massive, diversified manager known for its dominant real estate presence, while Apollo focuses heavily on credit and its integrated retirement services business. They are frequently compared because they both seek to provide high-yielding alternatives to traditional stock and bond investments for a global client base.
The case for Blackstone
Blackstone operates as the world’s largest alternative asset manager, overseeing a portfolio that includes real estate, private equity, and infrastructure that total more than $1.3 trillion AUM. The company serves institutional and individual investors through its massive scale, which includes nearly 12,500 real estate assets and over 250 portfolio companies.
In FY 2025, the company demonstrated the strength of its diversified platform within the financial stocks sector. Revenue reached more than $14.4 billion, representing growth of approximately 12.2% compared to the previous year. This performance resulted in a net margin of close to 21.8%, which measures how much profit a company keeps from every dollar of sales. Consolidated net income for the period was roughly $3.0 billion.
As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.61x. This metric shows the total debt used to finance assets relative to the value of shareholder equity. The current ratio, which measures the ability to cover short-term debts with assets, was nearly 0.7x. Free cash flow, calculated as cash from operations minus capital expenditures, was close to $4.6 billion in fiscal year 2025.
The case for Apollo Global Management
Apollo Global Management distinguishes itself by integrating retirement income solutions with traditional alternative asset management. The firm operates a robust retirement services business through its subsidiary, Athene, which provides a steady stream of capital for investment. This strategy allows Apollo to serve a broad spectrum of clients, including institutions and individuals seeking long-term retirement security. The firm manages assets across global wealth and principal investing markets without reporting concentration among specific major customers.
For FY 2025, Apollo reported revenue of roughly $32.5 billion, an increase of approximately 22.7% over the prior fiscal period. This higher revenue base relative to its peers supported a net margin of 11%. The company generated consolidated net income of approximately $3.5 billion during this period. These figures highlight the significant scale of its combined asset management and insurance operations.
According to its December 2025 balance sheet, Apollo maintains a debt-to-equity ratio of approximately 0.3x. This indicates a lower level of total debt relative to its equity base compared to many industry peers. The current ratio for financial stocks was roughly 0.8x. Free cash flow for the period reached nearly $7.3 billion, providing significant capital for reinvestment or shareholder returns.
Risk profile comparison
Blackstone faces risks related to the volatility of performance revenues, which are incentive fees that depend on unpredictable investment realizations. The company is also highly dependent on fundraising from third-party investors, which can be hindered by economic shifts or fee compression. Regulatory scrutiny and intense competition from firms like KKR can limit growth opportunities. Furthermore, the loss of key personnel like co-founder Stephen A. Schwarzman could impact the firm’s ability to execute its long-term strategy.
Apollo Global Management deals with earnings variability driven by the timing of transaction fees and investment returns. A major risk factor is its reliance on Athene, where any credit rating downgrade or regulatory capital change could harm the broader business. Like its competitors, including Brookfield Asset Management, Apollo must navigate complex global regulations regarding sustainable finance and artificial intelligence. Reputational risks stemming from potential employee misconduct also pose a threat to its ability to attract institutional capital.
Valuation comparison
Apollo Global Management appears to be the more affordable option based on future earnings estimates, trading at a lower Forward P/E and P/S ratio than Blackstone.
Forward P/E
19.5x
14.2x
16.6x
P/S ratio
7.3x
2.4x
Sector benchmark uses the SPDR XLF sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Alternative asset managers like Blackstone and Apollo Global Management have thrived because they offer investors—usually institutions like pension funds, insurance companies, and endowments—two things: a hedge against stock and bond market turmoil and outsize returns compared to both. The companies then earn fees and a cut of profits on the money investors give them.
A key for investors to look at is fee-earning assets under management. Blackstone’s is massive, ending fiscal 2025 at around $922 billion. Apollo Global Management ended its most recent year about a third the size, at $322 billion. Both of those provide a good base for long-term revenue to continue.
I like Apollo for the pace of growth in its asset base. Fee-earning AUM jumped 44% last year compared to Blackstone’s 11% rise. A key difference in the firms’ strategies likely feeds into that: Apollo has focused on growing retirement assets through Athene, while Blackstone leans heavily on credit and insurance and real estate, each roughly one-third of its AUM. That means Blackstone is more exposed to interest rate hikes than Apollo’s retirement business. Apollo’s price-to-sales ratio and forward price-to-earnings is more attractive too.
Given the world of retirement planning opens up Apollo more to the wealth of individuals’ retirement funds, it looks to be the better bet for 2026.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone vs. Apollo Global: Which Alternative Asset Giant Is a Better Buy in 2026?

The S&P 500 Index ($SPX) (SPY) today is down -0.40%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.74%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.08%. June E-mini S&P futures (ESM26) are down -0.48%, and June E-mini Nasdaq futures (NQM26) are down -0.08%.
Stock indexes are sliding today, with the Nasdaq 100 falling from a new record high. The broader market is under pressure today as the US and Iran clashed overnight, sending WTI crude oil prices up more than +1% to a 1.5-week high. Shortly after disabling an empty oil tanker heading back to Iran, the US military said it came under missile and drone attacks as Iran targeted the US’s Bahrain naval base and the Ali Al-Salem airbase in Kuwait. US forces struck a communications tower on the Iranian island of Qeshm near the Strait of Hormuz as part of the skirmishes. In addition, weakness in software companies, cybersecurity, and private credit stocks today is weighing on the overall market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side, AI-infrastructure spending continues to support technology stocks. Marvell Technology is up more than +7% today, adding to Tuesday’s 32% surge, to lead chipmakers higher after Nvidia CEO Huang predicted the company would be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Signs of strength in the US economy are also supportive of stocks after today’s reports showed the May ADP employment change, the May ISM services index, and Apr factory orders rose more than expected.
The US May ADP employment change rose 122,000, slightly stronger than expectations of 120,000 and the biggest increase in 16 months.
The US May ISM services index rose +0.9 to 54.5, stronger than expectations of 53.8. The May ISM services prices paid sub-index rose +0.6 to a 3.75-year high of 71.3, although below expectations of 72.3.
US Apr factory orders rose +4.8% m/m, stronger than expectations of +4.6% m/m and the largest increase in 11 months.
US MBA mortgage applications fell -2.5% in the week ended May 29, with the purchase mortgage sub-index down -2.9% and the refinancing mortgage sub-index down -2.3%. The average 30-year fixed rate mortgage fell -8 bp to 6.57% from 6.65% in the prior week.
The markets are discounting a 3% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
The generally favorable Q1 earnings season is winding down. As of today, 84% of the 485 S&P 500 companies that reported Q1 earnings have beaten estimates. Q1 S&P 500 earnings are projected to climb +12% y/y, according to Bloomberg Intelligence. Stripping out the technology sector, Q1 earnings are projected to increase around +3%, the weakest in two years.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.66%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock Average rallied to a new record high and closed up +2.50%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -6 ticks, and the 10-year T-note yield is up +3.7 bp to 4.481%. T-note prices are under pressure today as an escalation of US-Iran tensions lifted WTI crude oil by more than +1% to a 1.5-week high, boosting inflation expectations. T-notes added to their losses today after US economic reports showed the May ADP employment change, the May ISM services index, and Apr factory orders rose more than expected, hawkish factors for Fed policy.
European government bond yields are moving higher today. The 10-year German Bund yield is up +4.5 bp to 3.019%. The 10-year UK gilt yield is up +5.2 bp to 4.911%.
The Eurozone May S&P composite PMI was revised upward by +1.0 to 48.5 from the previously reported 47.5.
Eurozone Apr PPI rose +4.9% y/y, right on expectations and the fastest pace of increase in more than 3 years.
The UK May S&P services PMI was revised upward by +1.4 to 49.3 from the previously reported 47.9.
Swaps are discounting a 97% chance of a +25 bp ECB rate hike at its next policy meeting on June 11.
US Stock Movers
Software stocks are sliding today, pressuring the broader market. Datadog (DDOG) is down more than -8% to lead losers in the Nasdaq 100, and International Business Machines (IBM) is down more than -6% to lead losers in the Dow Jones Industrials. Also, Atlassian Corp (TEAM) is down more than -6%, and Oracle (ORCL) is down more than -5%. In addition, ServiceNow (NOW), Salesforce (CRM), and Palantir Technologies (PLTR) are down more than -4%, and Microsoft (MSFT) and Intuit (INTU) are down more than -3%. Finally, Workday (WDAY), Autodesk (ADSK), and Adobe Systems (ADBE) are down more than -2%.
Cybersecurity stocks are retreating today, led by a -6% decline in Palo Alto Networks (PANW) despite reporting better-than-expected Q3 earnings, as it failed to meet elevated buy-side expectations. Also, Okta (OKTA) is down more than -6%, and Zscaler (ZS) is down more than -5%. In addition, Cloudflare (NET) is down more than -3%, CrowdStrike Holdings (CRWD) is down more than -1%, and Fortinet (FTNT) is down -0.45%.
Private credit stocks are faltering today as the 17% redemption requests for Cliffwater’s private credit fund weighed on alternative asset stocks. Ares Management (ARES) and KKR & Co (KKR) are down more than -5%, and Carlyle Group (CG) and Blackstone (BX) are down more than -4%. Also, Apollo Global Management (APO) is down more than -3%, and Blue Owl Capital (OWL) and BlackRock (BLK) are down more than -2%.
Chipmakers and AI-infrastructure stocks are climbing today, providing support to the overall market. Western Digital (WDC) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Sandisk (SNDK), Intel (INTC), and Qualcomm (QCOM) are up more than +4%. Also, Applied Materials (AMAT), ON Semiconductor (ON), and Seagate Technology Holdings Plc are up more than +3%, and Advanced Micro Devices (AMD), Lam Research (LRCX), Analog Devices (ADI), and KLA Corp (KLAC) are up more than +2%.
Ulta Beauty (ULTA) is down more than -4% after analysts noted the company’s annual guidance implies the outlook for the second half of the year is weaker than expected.
Gitlab (GTLB) is down more than -3% after announcing that it will cut about 14% of its workforce and exit 22 countries as part of a restructuring.
GameStop (GME) is up more than +7% after reporting Q1 net sales rose +14% y/y to $835.3 million and said its board of directors approves a $2 billion share repurchase authorization.
Marvel Technology (MRVL) is up more than +6% today, adding to Tuesday’s +32% surge, after Nvidia CEO Huang predicted that the company will be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Medtronic Plc (MDT) is up more than +4% after reporting Q4 revenue of $9.81 billion, above the consensus of $9.64 billion.
Sherwin-Williams (SHW) is up more than +2% after the company and Nippon Paint abandoned efforts to jointly acquire Akzo Nobel.
IREN Ltd (IREN) is up more than +1% after signing a transmission connection agreement to support a planned 800-megawatt data center campus in Bundey, South Australia.
Earnings Reports(6/3/2026)
Broadcom Inc (AVGO), CrowdStrike Holdings Inc (CRWD), Five Below Inc (FIVE), Macy's Inc (M), Medtronic PLC (MDT), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Thor Industries Inc (THO), Veeva Systems Inc (VEEV).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fall on Escalation of US-Iran Hostilities

The S&P 500 Index ($SPX) (SPY) today is down -0.57%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.60%. June E-mini S&P futures (ESM26) are down -0.50%, and June E-mini Nasdaq futures (NQM26) are down -0.52%.
Stock indexes are under pressure today, with the Nasdaq 100 falling from a new record high. The broader market is under pressure today as the US and Iran clashed overnight, sending WTI crude oil prices up more than +1% to a 1.5-week high. Shortly after disabling an empty oil tanker heading back to Iran, the US military said it came under missile and drone attacks as Iran targeted the US’s Bahrain naval base and the Ali Al-Salem airbase in Kuwait. US forces struck a communications tower on the Iranian island of Qeshm near the Strait of Hormuz as part of the skirmishes. In addition, weakness in software companies and private credit stocks today is weighing on the overall market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side, AI-infrastructure spending continues to support technology stocks. Marvell Technology is up more than +6% today, adding to Tuesday’s 32% surge, to lead chipmakers higher after Nvidia CEO Huang predicted the company would be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Signs of strength in the US labor market are also supportive of economic growth and stocks, after the May ADP employment change rose 122,000, slightly stronger than expectations of 120,000 and the biggest increase in 16 months.
US MBA mortgage applications fell -2.5% in the week ended May 29, with the purchase mortgage sub-index down -2.9% and the refinancing mortgage sub-index down -2.3%. The average 30-year fixed rate mortgage fell -8 bp to 6.57% from 6.65% in the prior week.
The markets are discounting a 3% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
The generally favorable Q1 earnings season is winding down. As of today, 84% of the 485 S&P 500 companies that reported Q1 earnings have beaten estimates. Q1 S&P 500 earnings are projected to climb +12% y/y, according to Bloomberg Intelligence. Stripping out the technology sector, Q1 earnings are projected to increase around +3%, the weakest in two years.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.63%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock Average rallied to a new record high and closed up +2.50%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -10 ticks, and the 10-year T-note yield is up +4.5 bp to 4.489%. T-note prices are under pressure today as an escalation of US-Iran tensions lifted WTI crude oil by more than +1% to a 1.5-week high, boosting inflation expectations. T-notes added to their losses today after the May ADP employment change rose more than expected and posted its largest increase in 16 months, a hawkish factor for Fed policy.
European government bond yields moved lower on Tuesday. The 10-year German Bund yield is up +3.5 bp to 3.009%. The 10-year UK gilt yield is up +4.8 bp to 4.907%.
The Eurozone May S&P composite PMI was revised upward by +1.0 to 48.5 from the previously reported 47.5.
Eurozone Apr PPI rose +4.9% y/y, right on expectations and the fastest pace of increase in more than 3 years.
The UK May S&P services PMI was revised upward by +1.4 to 49.3 from the previously reported 47.9.
Swaps are discounting a 97% chance of a +25 bp ECB rate hike at its next policy meeting on June 11.
US Stock Movers
Software stocks are sliding today, pressuring the broader market. Atlassian Corp (TEAM) and Datadog (DDOG) are down more than -7%, and International Business Machines (IBM) is down more than -6% to lead losers in the Dow Jones Industrials. Also, Oracle (ORCL) and ServiceNow (NOW) are down more than -5%, and Palantir Technologies (PLTR) is down more than -4%. In addition, Workday (WDAY) and Salesforce (CRM) are down more than -3%, and Intuit (INTU), Autodesk (ADSK), and Adobe Systems (ADBE) are down more than -2%.
Private credit stocks are faltering today as the 17% redemption requests for Cliffwater’s private credit fund weighed on alternative asset stocks. Ares Management (ARES) and Carlyle Group (CG) are down more than -4%, and Blackstone (BX), KKR & Co (KKR), and Blue Owl Capital (OWL) are down more than -3%. Also, Apollo Global Management (APO) and BlackRock (BLK) are down more than -2%.
Chipmakers and AI-infrastructure stocks are climbing today, providing support to the overall market. Intel (INTC) is up more than +7% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +5%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), and Seagate Technology Holdings Plc are up more than +2%. In addition, Lam Research (LRCX), ON Semiconductor (ON), and ASML Holding NV (ASML) are up more than +1%.
Gitlab (GTLB) is down more than -7% after announcing that it will cut about 14% of its workforce and exit 22 countries as part of a restructuring.
Ulta Beauty (ULTA) is down more than -6% after analysts noted the company’s annual guidance implies the outlook for the second half of the year is weaker than expected.
Palo Alto Networks (PANW) is down more than -5% despite reporting better-than-expected Q3 earnings, as it failed to meet elevated buy-side expectations.
GameStop (GME) is up more than +8% after reporting Q1 net sales rose +14% y/y to $835.3 million and said its board of directors approves a $2 billion share repurchase authorization.
Marvel Technology (MRVL) is up more than +4% today, adding to Tuesday’s +32% surge, after Nvidia CEO Huang predicted that the company will be the next to hit a $1 trillion valuation, more than five times its current market capitalization.
Medtronic Plc (MDT) is up more than +4% after reporting Q4 revenue of $9.81 billion, above the consensus of $9.64 billion.
IREN Ltd (IREN) is up more than +3% after signing a transmission connection agreement to support a planned 800-megawatt data center campus in Bundey, South Australia.
Sherwin-Williams (SHW) is up more than +2% after the company and Nippon Paint abandoned efforts to jointly acquire Akzo Nobel.
Earnings Reports(6/3/2026)
Broadcom Inc (AVGO), CrowdStrike Holdings Inc (CRWD), Five Below Inc (FIVE), Macy's Inc (M), Medtronic PLC (MDT), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Thor Industries Inc (THO), Veeva Systems Inc (VEEV).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured as Middle East Flare-Ups Boost Crude Oil

Private credit, once one of the fastest-growing corners of asset management, is facing a tougher test in 2026. According to a Bloomberg article, published on Yahoo Finance, major firms, including KKR & Co. KKR, BlackRock BLK and Apollo Global Management APO, are taking steps to stabilize publicly traded business development companies or BDCs, pressured by falling asset values, rising troubled loans and weaker investor sentiment.
While these vehicles represent only a small part of broader private credit platforms, their public listings make them highly visible. Unlike private funds, BDCs trade daily, so shifts in confidence quickly show up in share prices, dividend expectations and discounts to net asset value.
As a result, stress in these public vehicles is being viewed as a broader test of the private credit industry’s underwriting standards, valuation practices and ability to manage credit deterioration in a more difficult market.
Why BDCs Matter & Pressure Is Building in Private Credit
BDCs are key parts of the private credit market because they provide financing to small and middle-market companies, particularly where traditional banks have reduced lending. Their publicly traded structure offers investors liquidity and transparency, but it also exposes managers to immediate market scrutiny and shareholder pressure. As a result, BDC performance is often viewed as an early indicator of broader trends in private credit.
The pressure on BDCs has intensified as higher interest rates increase borrowing costs for companies with floating-rate debt. Many middle-market borrowers are facing tighter margins, slower growth and weaker financial flexibility, while sectors such as software and technology-enabled services are dealing with disruption from artificial intelligence and changing market dynamics. These factors have contributed to rising credit stress and growing concerns over loan performance.
At the same time, investors are becoming more skeptical of private asset valuations. Unlike public bonds or syndicated loans, private credit assets do not trade frequently and are often valued using internal models rather than real-time market pricing. This has raised concerns that portfolio values may not fully reflect current market conditions. Because BDC share prices react immediately to investor sentiment, sharp discounts to net asset value can signal declining confidence in both portfolio quality and valuation practices across the broader private credit industry.
KKR, BLK & APO Move to Stabilize Pressured BDC Platforms
KKR & Co. has taken one of the most direct intervention measures through support initiatives for FS KKR Capital Corp., a $12.3-billion BDC that has faced pressure from declining portfolio valuations and a growing number of stressed loans. To reinforce confidence in the platform, KKR and its partner Future Standard announced a broad package of shareholder support measures, including a $300-million share repurchase authorization, a $150-million preferred equity investment from a KKR affiliate. The company also agreed to temporarily waive a portion of its incentive fees for four quarters, while maintaining the fund’s second-quarter distribution at 42 cents per share.
At the same time, BlackRock is pursuing a governance- and oversight-driven approach at BlackRock TCP Capital Corp., which has also experienced portfolio markdowns and a sharp decline in net asset value amid concerns around credit quality and loan valuation practices. Following BlackRock’s acquisition of HPS Investment Partners, the firm added HPS executives to TCP Capital’s investment committee, giving the private credit specialists a larger role in underwriting decisions, portfolio construction and risk management. The move suggests that large-scale consolidation within private credit may increasingly serve as a tool for stabilizing underperforming BDCs, as firms leverage broader credit platforms, experienced investment teams and more advanced risk systems to strengthen weaker portfolios.
Apollo is reportedly evaluating alternatives for MidCap Financial Investment Corp., a BDC valued at roughly $3 billion. Although MidCap has not traded at as severe a discount as some peers, the vehicle has still faced losses, declining net asset value and rising non-accrual loans, a key warning sign indicating that borrowers are no longer making required interest payments. Elevated non-accrual levels can weigh heavily on earnings, dividend sustainability and investor sentiment, particularly in income-focused vehicles like BDCs. Apollo’s willingness to consider a potential sale or broader strategic review signals that some managers may move beyond temporary support measures and reassess whether certain public vehicles continue to fit within their long-term strategic priorities.
Conclusion: Private Credit Faces a Critical Credibility Test
Private credit is not facing a collapse, but it is facing a credibility test. The industry remains large and deeply embedded in corporate financing. However, the easy-growth phase appears to be giving way to a more selective environment where performance matters more than scale.
The actions taken by KKR, BLK and APO show that major asset managers recognize the challenge. Whether those steps are enough to restore confidence will depend on future credit performance, borrower health, valuation transparency and the ability of managers to show that recent problems are isolated rather than systemic.
In the coming quarters, publicly traded BDCs may remain one of the clearest windows into the health of private credit. Their performance will likely influence not only sentiment toward individual funds but also confidence in the industry’s long-term growth story.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Private Credit Reckoning: KKR, BLK & Others Step In to Shore Up BDCs

(RTTNews) - Apollo Global Management, Inc. (APO), on Tuesday announced that Apollo-managed funds acquired a majority stake in Noble Environmental, Inc. for undisclosed consideration.
Noble Environmental was founded in 2016 and headquartered in Pittsburgh, Pennsylvania, is a vertically integrated waste management platform providing solid waste collection, hauling, transfer and disposal services across the Northeast, Mid-Atlantic and Midwest United States.
The company also operates a renewable natural gas business that captures and converts landfill gas into pipeline-quality fuel.
In the pre-market trading, Apollo is 0.01% higher at $130.45 on the New York Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	26.12 13.39
Price/Sales	2.69 2.12
P/B	1.53 1.20
P/FCF	25.57 10.76

Indicator	TTM Median
ROE	9.14 10.61
ROA	0.79 1.19
ROI	6.89 7.07
Net Worth	86.21 1.02
Quick Ratio	0.00 1.37
Current Ratio	1.31 0.97

Indicator	TTM Median
Net Profit Margin	10.59 17.41
Operating Margin	21.09 23.43
Gross Margin	100.00 70.31
Return on tangible equity	14.22 12.60

Indicator	TTM Median
EPS	2.18 0.64
EPS Forecast	1.91 0.66
Revenue	9.86B 80.00M
Gross Profit	9.86B —
EBITDA	3.17B —

Apollo Global Management, Inc. (New)

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue