Apollo Global Management (NYSE: APO) projects 10% Q4 return on alternative investments

Rhea-AI Filing Summary

Apollo Global Management provided an early look at its fourth-quarter 2025 performance from alternative investments. The company estimates alternative net investment income of about $325 million (pre-tax) for the quarter ended December 31, 2025, which it says equates to an annualized return of 10% on alternative net investments.

Within this, Apollo estimates Athene’s pooled investment vehicle, which holds most of its alternative portfolio, also earned an annualized return of 10% in the quarter, while Athene’s other alternative investments, including retirement services platforms, earned an estimated 7% annualized return. Management emphasizes these are preliminary, unaudited figures that may change once full closing procedures and the external review process are completed, and they are a component of the company’s internal performance metrics for its Retirement Services segment.

Insights

Alternative asset and insurance analyst

Apollo signals solid preliminary Q4 alternative investment returns, led by Athene.

Apollo Global Management estimates Q4 2025 alternative net investment income of about $325 million pre-tax, implying an annualized return of 10% on alternative net investments. This line item feeds into Spread Related Earnings, the key profitability measure for the Retirement Services segment, so it gives an early read on that business before full results on February 9, 2026.

Athene’s capital deployment appears diversified across a pooled investment vehicle and other alternative assets. The pooled vehicle, which holds the large majority of Athene’s alternative portfolio, is also estimated to earn a 10% annualized return for the quarter, while Athene’s other alternative investments, including retirement services platforms, are estimated at a 7% annualized return. The mix suggests different risk/return profiles within Athene’s alternatives exposure.

The company stresses these numbers are preliminary, unaudited, and subject to potentially material revision as closing procedures for the period ended December 31, 2025 are completed. Future disclosures in the upcoming quarterly earnings release and financial supplement will provide full U.S. GAAP financials and segment reconciliations, which will clarify how these estimated returns translate into overall segment income and company-wide profitability.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 2, 2026

Apollo Global Management, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-41197

86-3155788

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

  9 West 57th Street, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant's telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

APO

New York Stock Exchange

6.75% Series A Mandatory Convertible Preferred Stock

APO.PRA

New York Stock Exchange

7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053

APOS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 2.02     Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

Item 7.01     Regulation FD Disclosure.

Apollo Global Management, Inc. (the “Company”, “Apollo”, “we”, and “our”) and Athene Holding Ltd. (“Athene”), a subsidiary of Apollo, are reporting preliminary estimates for the Company’s alternative net investment income for the fourth quarter ended December 31, 2025. This information is being reported prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the fourth quarter, scheduled for release on February 9, 2026.

The Company estimates that alternative net investment income will be approximately $325 million (pre-tax) for the fourth quarter ended December 31, 2025, which equates to an estimated 10% annualized return on alternative net investments. Within these alternative net investments, the Company estimates that the annualized return on Athene’s investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio, equates to an estimated 10% for the fourth quarter ended December 31, 2025 and the annualized return on Athene’s investments in other alternative investments including Athene's investments in retirement services platforms equates to an estimated 7% for the fourth quarter ended December 31, 2025. Excluded from these figures is alternative investment income attributable to non-controlling interests. Alternative net investment income is a component of Spread Related Earnings used to assess the performance of the Company's Retirement Services segment. Spread Related Earnings is a component of Segment Income which is the key performance measure used by management in evaluating the performance of its operating segments. Refer to the Company's earnings release, which may be accessed at ir.apollo.com, for detailed definitions and reconciliations of the Company's segment measures.

The preliminary financial results presented above are the responsibility of management and have been prepared in good faith on a basis consistent with prior periods. However, we have not completed our financial closing procedures for the period ended December 31, 2025, and our actual results may differ, possibly materially, from these preliminary financial results due to a variety of factors. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results and does not express an opinion or provide any other form of assurance with respect to these preliminary financial results or their achievability. During the course of the preparation of our consolidated financial statements and related notes as of and for the period ended December 31, 2025, we may identify items that would require us to make material adjustments to the preliminary financial results presented above. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. In addition, these preliminary financial results should not be interpreted as indicative of future performance.

The foregoing information is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing or document, except as shall be expressly set forth by specific reference in such a filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			APOLLO GLOBAL MANAGEMENT, INC.
Date: January 2, 2026			By:			/s/ Martin Kelly
						Martin Kelly
						Chief Financial Officer

FAQ

What preliminary Q4 2025 alternative net investment income did Apollo Global Management (APO) report?

Apollo Global Management estimates its alternative net investment income for the fourth quarter ended December 31, 2025 will be approximately $325 million (pre-tax), based on preliminary internal figures.

What return does Apollo Global Management (APO) expect on its alternative net investments for Q4 2025?

The company estimates that its Q4 2025 alternative net investment income equates to an annualized return of about 10% on its alternative net investments.

How did Athene’s pooled alternative investment vehicle perform in Apollo’s Q4 2025 preliminary results?

Apollo estimates that Athene’s investment in a pooled investment vehicle, which holds the large majority of its alternative investments portfolio, earned an annualized return of about 10% for the fourth quarter of 2025.

What is the estimated return on Athene’s other alternative investments for Q4 2025?

For Athene’s other alternative investments, including its investments in retirement services platforms, Apollo estimates an annualized return of about 7% for the fourth quarter of 2025.

Are Apollo Global Management’s Q4 2025 alternative income figures final and audited?

No. Apollo states these Q4 2025 figures are preliminary and unaudited; financial closing procedures are not complete, the auditor has performed no procedures on them, and the final results for the period could differ, possibly materially.

How does alternative net investment income fit into Apollo Global Management’s performance metrics?

Apollo explains that alternative net investment income is a component of Spread Related Earnings, which is part of Segment Income, the key performance measure management uses to evaluate the performance of its operating segments, including Retirement Services.

When will Apollo Global Management release full Q4 2025 financial results?

Apollo indicates that its quarterly earnings release and quarterly financial supplement for the fourth quarter ended December 31, 2025 are scheduled for release on February 9, 2026.