8-KEarnings & ResultsRegulation FD

Apollo Global Management, Inc. 8-K Report, Financial Results (Apr 1, 2026)

Filed April 1, 2026For Securities:APOAPOSAPO-PA

Summary

Apollo Global Management, Inc. (APO) has released preliminary estimates for its alternative net investment income for the first quarter ended March 31, 2026. The company anticipates reporting approximately $205 million in pre-tax alternative net investment income, representing an estimated 6% annualized return on its alternative net investments. This disclosure, provided ahead of the official quarterly earnings release on May 6, 2026, offers an early look at performance drivers within its key subsidiary, Athene. The reported figures indicate that Athene's pooled investment vehicle, which houses a significant portion of its alternative assets, is estimated to have achieved an annualized return of approximately 7% for the quarter. This performance is notable given the challenging equity market environment, evidenced by a roughly (17)% annualized total return for the S&P 500 during the same period. Athene's other alternative investments, including retirement services platforms, contributed an estimated 3% annualized return, with its investment in Athora Holding Ltd. reflecting a valuation consistent with its year-end book value.

Key Highlights

  • 1Preliminary Q1 2026 alternative net investment income estimated at $205 million (pre-tax).
  • 2Estimated annualized return on alternative net investments for Q1 2026 is 6%.
  • 3Athene's pooled investment vehicle achieved an estimated 7% annualized return in Q1 2026, outperforming the S&P 500's negative return.
  • 4Athene's other alternative investments, including retirement services platforms, yielded an estimated 3% annualized return.
  • 5Athora Holding Ltd. investment valuation is consistent with its December 31, 2025 book value per share.
  • 6These preliminary figures exclude alternative investment income attributable to non-controlling interests.

Frequently Asked Questions

This 8-K filing is primarily to disclose preliminary estimates for Apollo Global Management's alternative net investment income for the first quarter ended March 31, 2026, ahead of its official earnings release. It also serves to inform investors about the performance of key segments, particularly within Athene.

Apollo estimates a 6% annualized return on its alternative net investments for Q1 2026. Notably, Athene's pooled investment vehicle achieved an estimated 7% annualized return, demonstrating resilience and differentiated performance despite an approximate (17)% annualized decline in the S&P 500 during the quarter.

Athene's estimated investment income in Q1 2026 reflects a lower contribution from origination platforms like ATLAS SP Partners. However, its pooled investment vehicle delivered an estimated 7% annualized return, and its investments in retirement services platforms yielded an estimated 3% annualized return, including its investment in Athora Holding Ltd.

Investors should exercise caution as these are preliminary estimates, and the company has not completed its financial closing procedures. Actual results could differ materially. These figures have not been audited or reviewed by an independent accounting firm and should not be considered a substitute for full U.S. GAAP financial statements or indicative of future performance.