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.