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  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 119 slides",
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  "presentationDate": "2023-11-01 00:00:00",
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  "notes": "The slide uses a waterfall-style logic to bridge portfolio yield to net income.",
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      "text": "MidCap has outperformed in 2023, generating a ~17% return on equity",
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      "text": "Stable, recurring fee and interest income from ~$13B on-balance sheet portfolio; 11.4% yield on gross assets YTD, or 5.0% net interest margin net of debt financing; Fees and other income streams, including syndication fees, sidecar management fees, and other fees from servicing managed commitments; 70-80 bps budgeted provision for credit losses in a volatile year with high interest rates",
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      "text": "MidCap generates income from (1) net interest income from on-balance sheet portfolio, and (2) other operating income from originating, syndicating, and administering loans plus management fees from sidecars",
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      "text": "Source: MidCap and Apollo Analysts. Provided for illustrative and discussion purposes only.",
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      "text": "Portfolio Yield $1,495M; Interest Expense (845M); Net Interest Margin $650M; Other Operating Income 165M; Bad Debt Expense (95M); Operating Expenses & Taxes (240M); Net Income ~480M; Return on Equity ~17%",
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      "text": "MidCap's Economic Model",
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