And ultimately, we expect there to be a lot of action there. And that's part of what Martin is talking about, or pretty much all of what Martin's talking about on the $0.26. The next question will come from the line of Gerry O'Hara with Jefferies. To our existing shareholders, we are grateful that you have been along for the ride and to our prospective new shareholders, we look forward to engaging with you. The next question comes from the line of Adam Beatty with UBS. Mr. Hunt earned a bachelor’s degree in accounting and finance from the University of Vermont and is a Certified Public Accountant. Are we in a U or an L or maybe pick the letter that best describes what you think? So that base fee is in place. Thank you for taking the question. I actually experienced one myself. I think, this speaks to the tenacity and spirit of our employees, as well as the collaborative and adventive culture we have at Apollo. Apollo has both raised its own SPACs and exited its position in companies through the blank check vehicles, Harris said. And what is both the risk to existing investments and the opportunities to deploy against that? I'd like to briefly highlight the two notable transactions that reflect our continued market leadership in serving our insurance clients. (5) Based on corporate lending portfolio. Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager, serves as our investment adviser. As public markets have recovered, driven by massive but unnecessary federal stimulus, instead of fundamentals, it's been more challenging to find these attractive risk reward opportunities. And by that we mean that -- in that instance Prudential, Athene, and Apollo stocks all outperformed their respective peers on the announcement of a transaction. Turning to fundraising. Total inflows during the second quarter were a robust $89 billion, inclusive of Athene and Athora growth. A private equity team member that might be calling on a company now knows, well, maybe you don't want to go private, maybe you don't want to sell your company but we've got this other opportunity to offer you. And we created this investment in an attractive creation multiple of approximately 7 times EBITDA prior to cost savings. Solvency II is problematic for some back books, the old books of companies. So your question somewhat relates to, I think Glenn asked it earlier, about the comparative advantages in these transactions are there common themes. And we are now in the market for the next series of the Accord strategies. Yes. Hi. And a big headline, of course, is that in Europe, roughly 50% of an insurer's balance sheet is going to be sovereign governments. These investments were focused on energy or were heavily impacted by COVID. These initiatives were well supported by our employee base. During today's presentation, all callers will be placed in a listen-only mode, and following management's prepared remarks, the conference call will be open for questions. How much of the wanted to get a sense of how much of the deployment so far this year has been with companies that you already owned and kind of the outlook on that. November 7, 2019. B y Chibuike Oguh. Craig Siegenthaler -- Credit Suisse -- Analyst. Mr. Joshi previously worked as a Senior Audit Manager in the Alternative Investments Group at Ernst & Young (“EY”) from January 2008 to September 2013. ADIP of course still has quite a lot of capacity and Athora also has about a 0.5 billion of capacity of equity. Mr. Widra holds a J.D., Cum Laude, from the Harvard Law School and a BA from the University of Michigan. And then, how important are your proprietary origination platforms for them to choose Apollo over the others in the space? In real assets, our overall return for the quarter was positive 1.4%. Is this a bigger picture succession plan effort or is this more of a temporary change and Marc will be looking to reengage? Apollo is not opposed to the traditional IPO process either, and Rackspace, one of its portfolio companies, took that route in August. And by that, we mean that in that instance, Prudential, Athene and Apollo stocks all outperformed their respective peers on the announcement of the transaction. Apollo Global Management LLC (NYSE:APO)Q2 2020 Earnings CallJul 30, 2020, 1:00 p.m. And so it's going to be a really interesting capability that not a lot of other people have. And that's just a part of managing asset liability in Solvency II, so that's not something that we do or apply. Moving on to investment performance during the second quarter. In your supplements you mentioned that only 18 of the $47 billion of dry powder has a potential or management fees. And so, there continues to be value-oriented opportunities and sweet spot. As it relates to discreet pipeline, private equity pipeline is actually picking up. However, we have been able to successfully navigate these markets to date and are increasingly focused on providing bespoke capital solutions for brand name franchises, facing liquidity constraints or looking to capitalize on growth opportunities. Mr. Puleo became a partner of Milbank, Tweed, Hadley & McCloy LLP in 1978 and Co-Chair of the firm’s Global Finance Group in 1995 until retiring at the end of 2006. Through these transactions, Athene and Athora have added $73 billion of assets, and we believe that substantial consolidation opportunities remain across the insurance industry. As leaders in their industry, we need to be honest in acknowledging that we can do more to help combat these inequities, and we are committed to enhancing our diversity and inclusion strategy in all aspects of our business. The portfolio remains in good shape overall, despite the challenging economic environment. The next question will come from the line of Gerry O'Hara with Jefferies. Good morning, thanks for taking the question. So, the next set of realizations that are required to fill or cover that impairment are devoted exclusively to the LPs and thereafter it would then flow back into DE and the distribution. This quarter marks the achievement of a significant milestone as Apollo's AUM grew by approximately $100 billion to surpass $400 billion for the first time in our history. Our common stock is quoted on The Nasdaq Global Select Market under the symbol “AINV.”. Direct origination encompasses an array of origination verticals including financial sponsors and select niche markets with high barriers to entry. Quick follow-up on Bill's question just to make sure we've got the understanding right. And therefore, we think there's just going to be volatility as the market absorbs earnings that are coming in a little softer than maybe they would have expected as well as obviously you have significant volatility around COVID, around the political environment here in the U.S. and so, and then the U.S.-China relationship. I was just hoping maybe you could elaborate a little bit more on your aspirations there longer term, and maybe talk about how you're approaching planning to originate in this larger part of the marketplace. And so private equity, for the first time, we are looking at other than Tech Data which we announced, most of what we've done all of what we've done has been in debt in our private equity businesses. And in quarters of more meaningful transaction fees the dividend can be substantially higher, even without the benefit of performance fees. And most of the SPACs that have been done have been more emerging growth SPACs, less cash flow more growth. And then, ultimately, the face to face interaction that you need when you're partnering with the team, that gets more limited, but it has to be done carefully. With $414 billion of AUM as of June 30th, we are well on our way towards the $600 billion goal that we provided at Investor Day this past November. Good morning, everybody. Yes. Click here for webcast. Quick follow-up on Bill's question, just to make sure we've got the understanding right. Mr. Ryan co-founded the Cardinal Scholarships and is a Member of the Wesleyan University Athletic Advisory Council. I was just hoping maybe you could elaborate a little bit more on your aspirations there longer term and maybe talk about how you're approaching planning to originate in this larger part of the marketplace, maybe what are you building out in terms of headcount? And so, we are building up unique people to do this, but it's across our platform. We continue to see robust demand for Apollo products and a strong pipeline for insurance transactions over the next few years. I mean, the realization outlook is just difficult to predict. Good morning. She became the Chief Compliance Officer of Apollo Investment Corporation in January 2020. And, we have hundreds of investors and originators and originators, and we have a really significant capital base. Okay, thank you very much for taking the questions. I mean, obviously, a and sort of so we expect the portfolio to improve from here, subject to in and head in a very positive direction, subject to, obviously, kind of an economic downturn that goes the other way, which we don't really forecast right now. Our private equity funds portfolio appreciated by 12%, primarily due to strong performance across our fund's public holdings. Managing financial risk while delivering superior patient outcomes. Since its founding in 1990, Apollo Global has grown to become one of the world's largest alternative investment managers. Yes, I'd be happy to. For many years, we've been making four key points about how our business would perform during a period of severe market dislocation or a recession: number one, our FRE growth and margins would be durable and stable; two, our fundraising would be resilient and potentially accelerate, driving AUM growth; three, we would find attractive risk-reward investment opportunities for our investors; and four, the majority of our markdowns in our funds portfolios would be transient. And that did not serve us well as well in a risk on environment. How are you approaching that? And so certainly, we're not for the world, obviously, we're not we hope that we're wrong and that the economy does as well as the stock market thinks it will do, but we're not planning for that in terms of how we invest. Together, with Gary Parr, Gernot Lohr, Matt Michelini and Jasjit Singh, they will lead a broad team of over a 100 professionals who are dedicated to our insurance clients. Marc has just quarter back, two transactions in the quarter, the second quarter, which we've talked to you a bunch about, which you're aware of. Fund VIII is now out of clawback, having appreciated by 17% during the quarter. One of you all actually wrote about that. And it also includes an impairment that we referenced two quarters ago on our Q4 call. So, it's Martin. Following these two transactions, our insurance clients continue to have a strong capital position with over $85 billion of buying power in aggregate. (6) Excludes select investments where debt-to-EBITDA on interest charge is not a relevant or appropriate metric, or data is not available. And to our employees who have continued to work tirelessly on behalf of our clients and our shareholders, I'd like to convey my appreciation and gratitude. 2. Our reliable FRE stream supports the dividend at a level above our stated minimum of $0.40 per quarter. Great. He also sits on the board of Math for America and is a member of the Academy of Motion Picture Arts and Sciences. So first, maybe just to touch on Marc's decision to step away from the business on a sabbatical, Leon, I guess, as you described. And whether there's any kind of efficiencies that are being learned today that may last beyond the pandemic? From 2006 to 2014, Mr. Puleo was a Director of CIFC Corp. (formerly known as CIFC Deerfield Corp.), a credit asset manager. And we’ve left ourselves 24 months or so to get there. Can you guys maybe give us an update on trends you're seeing in your underlying portfolio? "There's a real need for quick, confidential capital and price certainty and for sponsorship in the markets. It looks like the line has dropped off, he has to reconnect. Do you see it being sort of early days or later days with regard to bespoke solution opportunities? First, maybe what kind of economic recovery do you see?