Apollo Global Management Investor Day Presentation Deck
ATLAS SP is a Finance Company that Lends to Other Finance Companies
ATLAS SP VALUE CHAIN
Illustrative Loan
Originators
M&T Bank
Zillow
sunnova
ROCKET Mortgage
OCTANE
Originators lend to end-borrowers
and go to structured credit providers
for capital to fund their balance sheet
Warehouse
Facility
LEA
$
SA
With strict terms in place, the
facility lends against select
assets at a look-through LTV¹
(i.e. 70% on 70% LTV)
Securitization
Senior Secured
Investment Grade Debt
Mezzanine
Equity
Loans accumulate in the
warehouse until critical mass to
facilitate a securitization²
ATLAS SP
Capital
Markets
FR
راحی
ATLAS SP distributes select
tranches of the securitization
to investors leveraging
Apollo's ecosystem
ATLAS SP & Apollo earn warehouse financing fees, securitization structuring fees, and syndication fees
1. Look-through advance rate refers to ATLAS SP only taking risk on the senior tranche of the loan while third-party investors take on equity risk in the warehouse and the loan originator takes equity risk in the original loan. 2. Not all ATLAS SP warehouses lead to securitizations. In
cases where a securitization takeout does not take place, the client's loan cash flows paydown the warehouse facility or the client refinances the loan.
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