01—Abstract
Summary
Summary of the 8-K filed January 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Apollo Global Management, Inc. (APO) has issued a Current Report (8-K) on January 2, 2026, providing preliminary estimates for its alternative net investment income for the fourth quarter of 2025.
The company anticipates approximately $325 milliona in pre-tax alternative net investment income, representing an estimated annualized return of 10% on its alternative net investments. This disclosure is being made prior to the official earnings release scheduled for February 9, 2026, and offers investors an early look at a key performance metric. Specifically, within its subsidiary Athene Holding Ltd., the estimated annualized return on Athene's pooled investment vehicle for alternative investments was approximately 10% for the quarter, while other alternative investments, including retirement services platforms, yielded an estimated 7%.
Investors should note that these are preliminary figures, subject to potential material adjustments following the completion of financial closing procedures and independent audit. These estimates are not a substitute for audited financial statements and should not be interpreted as indicative of future performance.
02—Key points
Key Highlights
- Apollo Global Management (APO) released preliminary Q4 2025 alternative net investment income estimates on January 2, 2026.
- Estimated Q4 2025 alternative net investment income is approximately $325 million (pre-tax).
- This translates to an estimated 10% annualized return on alternative net investments for Q4 2025.
- Athene's pooled investment vehicle for alternative investments is estimated to have an annualized return of 10% for Q4 2025.
- Athene's other alternative investments, including retirement services platforms, are estimated to have an annualized return of 7% for Q4 2025.
- These figures exclude alternative investment income attributable to non-controlling interests.
- Official earnings release with audited financials is scheduled for February 9, 2026.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to provide investors with preliminary estimates of Apollo Global Management's alternative net investment income for the fourth quarter of 2025, ahead of its official earnings release. This disclosure is made under Regulation FD to ensure timely and broad dissemination of material information.
Are these preliminary results audited?
No, these are preliminary financial results. They have not been audited, reviewed, or compiled by Apollo's independent registered public accounting firm. The company explicitly warns that actual results may differ materially from these preliminary estimates.
What is 'alternative net investment income' and why is it important?
Alternative net investment income is a component of Spread Related Earnings, which is used to assess the performance of Apollo's Retirement Services segment. Spread Related Earnings, in turn, is a component of Segment Income, a key performance measure management uses to evaluate operating segments. Therefore, this metric provides insight into the profitability and performance of a significant part of Apollo's business.
Should investors rely solely on these preliminary figures?
Investors should exercise caution and not rely solely on these preliminary figures. The company states that these results are not a substitute for full financial statements prepared in accordance with U.S. GAAP and should not be interpreted as indicative of future performance. The official, audited financial results will be released on February 9, 2026.
04—Continue