Apollo Sent the Following Letter to Clients and Partners

Rhea-AI Summary

Apollo Global Management (NYSE:APO) issued a letter to clients and partners on Feb 18, 2026 addressing recent media coverage about ties to Jeffrey Epstein. The firm reiterated that it opened an independent investigation in 2020 and said key findings remain unchanged.

Apollo stated that Marc Rowan and other employees (excluding Leon Black) had no business or personal relationship with Epstein, while Leon Black left the firm in 2021 and previously retained Epstein for personal tax advice. Apollo emphasized transparency and investor focus amid market volatility.

Positive

• Independent investigation launched in 2020
• Marc Rowan asserted to have no business or personal Epstein ties
• Firm emphasizes readiness to be on offense amid volatile markets

Negative

• Ongoing media and social scrutiny creating reputational pressure
• Leon Black compensated Jeffrey Epstein for personal tax advice
• Former CEO departure in 2021 linked to Epstein matters

News Market Reaction – APO

-5.60%

47 alerts

-5.60% Session close to close

-2.5% Trough in 3 hr 44 min

$69.26B Market Cap

1.1x Rel. Volume

In the Feb 19 session, APO declined 5.60%, reflecting a notable negative market reaction. Argus tracked a trough of -2.5% from its starting point during tracking. Our momentum scanner triggered 47 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.6% in the session following this news. A negative reaction despite the clarifying...

Analysis

The stock moved -5.6% in the session following this news. A negative reaction despite the clarifying tone would fit a pattern where controversy headlines outweigh fundamentals in the short term. The letter reiterates prior investigative findings and distances current leadership from Jeffrey Epstein. With the stock at 125.36 and below its 200-day MA, historical divergences around newsflow suggest that sentiment shocks have previously produced outsized moves compared to underlying business trends.

Key Figures

Investigation year: 2020 Departure year: 2021 Transparency commitment: 100% +1 more

4 metrics

Investigation year 2020 Year Apollo initiated independent investigation into Epstein relationships

Departure year 2021 Year Leon Black left the firm as referenced in the letter

Transparency commitment 100% Leadership team described as 100% committed to transparency

Letter date Feb. 18, 2026 Date of Apollo’s letter to clients and partners

Historical Context

5 past events · Latest: Feb 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 12	Earnings results	Positive	-1.2%	Full year results with revenue growth, higher EBITDA, dividend and buyback.
Feb 09	Leadership change	Positive	-1.1%	Appointment of new Head of EMEA to drive regional expansion.
Feb 09	Earnings results	Positive	+0.7%	Record origination and inflows driving record fee and spread earnings.
Feb 09	Strategic partnership	Positive	+0.7%	Schroders partnership to launch hybrid public‑private wealth solutions.
Feb 04	Conference appearance	Neutral	+4.7%	Investor conference fireside chat with President Jim Zelter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent Apollo-specific news, including strategic hires, partnerships, and earnings, has more often aligned positively with price than not, though there are notable divergences on some earnings events.

Recent Company History

Over the last weeks, Apollo has reported several notable developments. On Feb 9, 2026, it posted fourth quarter and full-year 2025 results with record origination exceeding $300 billion and inflows over $225 billion, plus declared common and preferred dividends. The same day, Apollo announced a strategic multi‑channel partnership with Schroders targeting multi‑billion‑dollar flows. Earlier, it highlighted a conference appearance and named a new Head of EMEA to support expansion. Today’s reputational-focused letter contrasts with those growth and capital markets updates.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. today released the following statement:

To Our Partners,

In light of the variety of media and social traffic we feel compelled to again reach out. Despite the flurry of coverage and certain constituents pushing their own agendas, the facts remain the same. In 2020 Apollo initiated an independent, transparent, and thorough investigation in regard to any relationships with Jeffrey Epstein. The publicly released report can be found here.

The facts matter. From an Apollo perspective, there’s nothing new in these documents. Neither Marc Rowan nor anyone else at Apollo (excluding Leon Black) had either a business or personal relationship with Jeffrey Epstein.

Mr. Black, who left the firm in 2021, previously retained and compensated Mr. Epstein for personal tax advice. In select instances, Mr. Rowan and other Apollo employees provided information to Epstein in connection with his tax work for Mr. Black. While Mr. Epstein sought to do work with the Apollo co-founders other than Mr. Black, it was declined at every turn.

Transparency and accessibility are hallmarks of who we are, and we will not be dissuaded from speaking out.  

Day in and day out, we are focused on delivering for our investors.  With the markets in a volatile period, we are well prepared to be on offense.

If you have any questions our leadership team is available and 100% committed to transparency.

Best regards,

James C. Zelter
President
Apollo Global Management, Inc.

Contacts
Noah Gunn
Global Head of Investor Relations
+1 (212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
+1 (212) 822-0491
Communications@apollo.com

FAQ

What did Apollo (APO) say about its investigation into Jeffrey Epstein ties on Feb 18, 2026?

Apollo said the firm initiated an independent investigation in 2020 and that findings remain unchanged. According to Apollo, the review found no new relationships between most employees and Jeffrey Epstein, and the firm reasserted its transparency to investors.

Does Apollo (APO) confirm any employees had business or personal relationships with Jeffrey Epstein?

Apollo stated Marc Rowan and other employees had no business or personal relationship with Epstein. According to Apollo, only Leon Black previously retained and compensated Epstein for personal tax advice, and that work was separate from Apollo operations.

What did Apollo (APO) say about Leon Black and his connection to Jeffrey Epstein?

Apollo acknowledged that Leon Black retained and compensated Epstein for personal tax advice and that Black left the firm in 2021. According to Apollo, those were personal arrangements and did not involve other Apollo leadership.

How is Apollo (APO) responding to media scrutiny and investor concerns after the Feb 18, 2026 letter?

Apollo emphasized transparency and accessibility and offered leadership availability to answer questions. According to Apollo, management remains focused on delivering for investors and is prepared to be on offense during market volatility.

Will Apollo (APO) provide further documentation or contact points for investors after its Feb 18, 2026 letter?

Yes. Apollo provided investor relations and communications contacts for follow-up questions. According to Apollo, Noah Gunn and Joanna Rose are the listed contacts for investor and media inquiries respectively.

Does Apollo (APO) say the 2020 investigation changed its view of internal conduct related to Jeffrey Epstein?

No. Apollo said the facts remain the same and that there is nothing new in the disclosed documents. According to Apollo, the investigation and public report continue to support its stated conclusions about staff relationships.