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December 5, 2025  | In this issue of The Institutional Risk Analyst , we recap the week’s key events and add our own insights and observations. We’ll be discussing some of these topics in our weekly conversation with Julia LaRoche , “The Wrap.” And for subscribers to our Premium Service , the audio file for our quarterly conference call is at the end of this comment.

important article Friday about UBS AG (UBS) subsidiary Credit Suisse unwinding its relationships with Apollo q=Apollo Credit Suisse owns a substantial Ginnie Mae MSR that so far the bank has been unable to sell These decreases were partially offset by a gain from the Apollo transaction of CHF 726 million in 6M23 Credit Suisse and Apollo entered into various ancillary agreements related to the transaction, including “The sale of Bank assets to certain entities of Apollo and related financing provided by the Bank to

Take the example of Apollo Commercial Real Estate (ARI) . Athene was no longer an independently traded public company and became a wholly owned subsidiary of Apollo Athene previously traded under the ticker "ATH" but it merged with Apollo to create a combined company The transaction allows Apollo to conceal distressed commercial real estate loans inside an insurer, which But like the Apollo investments in commercial real estate sold to insurer Athene, BX puts the debt from

The institutional credit managers including BX, Apollo (APO) and Ares Management (ARES) are all sensitive "The SEC’s decision to publicly voice concerns about State Street Global Advisors’ and Apollo’s private "The SEC questioned the fund’s liquidity management, valuation practices, and the use of Apollo’s brand in its name, SPDR SSGA Apollo IG Public & Private Credit ETF."

issuer Market Financial Solutions threatens a £930 million shortfall in collateral backing loans to Apollo

If this sounds like the public statements of Marc Rowan , CEO of Apollo (APO) , you are right. of dangerous thinking is visible in the leaders of major private equity and credit sponsors such as Apollo Apollo or Ares or Blackrock can suspend redemptions on a fund, but you cannot stop a run on reputation

is not to suggest that they don’t matter to the markets or the economy, but the typical nonbank like Apollo

Citigroup, and JPM, with banks increasingly partnering with non-bank credit shops, like Citi's deal with Apollo

Insurance companies led by Apollo Global (APO) insurance unit Athene (ATH) have been buyers of credit Imagine the conflict-of-interest risks for the very large insurers which Apollo, Blackstone, KKR, Carlyle

WAL's big connection with residential mortgage is a function of the purchase of AmeriHome mortgage from Apollo Many of the firm’s comps are non-bank giants such as Black Rock (BLK)  and Apollo Global Management (

debt stack comprised of Treasury and municipal debt heads for the waste bin, it is not surprising that Apollo Apollo Commercial Real Estate Finance, the real estate investment trust arm of APO, wrote off a junior

When Apollo (APO)  CEO Marc Rowan  said that this past week is "a shake out," we hope he is not talking