Apollo's Private Credit Fund Faces Liquidity Crisis Amid Withdrawal Restrictions.

Apollo Global Management reported full-year 2025 revenue of $32B (+22.73%) and Q4 adjusted EPS of $2.47, beating $2.04 consensus. The company raised its 2026 dividend by 10% to $2.25 per share. However, shares fell 22.06% YTD after Apollo honored only 5% of $25B in withdrawal requests, capping redemptions due to a structural liquidity mismatch in the private credit industry. Blue Owl has declined 41% this year, and Blackstone's credit fund recorded net withdrawals for the first time.