Apollo posts $205M Q1 alternative income estimate

Apollo Global Management, Inc. is providing preliminary estimates for its alternative net investment income for the first quarter ended March 31, 2026.

Accepted by SEC EDGAR 04/01/2026 - 04:30 PM EDT

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

8-K

Rhea-AI Filing Summary

Apollo Global Management, Inc. is providing preliminary estimates for its alternative net investment income for the first quarter ended March 31, 2026. Management currently expects alternative net investment income of approximately $205 million pre-tax, which represents an estimated 6% annualized return on alternative net investments.

Within this, Athene’s pooled investment vehicle, which holds the large majority of its alternative investments portfolio, is estimated to have delivered a 7% annualized return for the quarter. Other Athene alternative investments, including retirement services platforms and Athora Holding Ltd., are estimated to have generated a 3% annualized return. This performance comes amid lower equity market returns, including an approximately (17)% annualized total return for the S&P 500 in the first quarter of 2026.

The company emphasizes these figures are preliminary, prepared before completion of financial closing procedures and without review or audit by its independent registered public accounting firm. Actual results for the quarter may differ, possibly materially, from these estimates once full U.S. GAAP financial statements are prepared and released, which is scheduled on May 6, 2026.

Positive

Resilient alternative investment performance: Preliminary Q1 2026 alternative net investment income is estimated at about $205 million pre-tax, a 6% annualized return, with Athene’s main pooled vehicle at 7%, despite an approximately (17)% annualized total return for the S&P 500.

Negative

None.

Insights

Apollo signals solid Q1 alternative returns, but numbers are still preliminary.

Apollo and its subsidiary Athene estimate about $205 million of pre-tax alternative net investment income for Q1 2026, implying a 6% annualized return on alternative assets. Athene’s main pooled vehicle is estimated at a stronger 7% annualized return, while other alternative holdings are at 3%.

The filing highlights that this performance occurred during an approximately (17)% annualized total return for the S&P 500, underscoring resilience in the alternative portfolio. Management also notes a lower contribution from origination platforms, including ATLAS SP Partners, suggesting some mix shift within alternative income sources.

All figures are clearly labeled as preliminary, with closing procedures for the period ended March 31, 2026 still incomplete and no audit or review performed. The company explicitly warns that results may change, possibly materially. More detail on segment performance and Spread Related Earnings is expected in the full Q1 earnings release scheduled for May 6, 2026.

8-K Event Classification

2 items: 2.02, 7.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

Alternative net investment income: $205 million pre-tax Annualized return on alternative net investments: 6% Annualized return for Athene pooled vehicle: 7% +3 more

6 metrics

Alternative net investment income $205 million pre-tax Estimated for Q1 2026; component of alternative net investments

Annualized return on alternative net investments 6% Estimated for Q1 2026 across Apollo’s alternative net investments

Annualized return for Athene pooled vehicle 7% Estimated Q1 2026 return on Athene’s main pooled alternative vehicle

Annualized return on other Athene alternatives 3% Estimated Q1 2026 return on other Athene alternative investments

S&P 500 annualized total return (17)% Approximate annualized total return for S&P 500 in Q1 2026

Q1 2026 earnings release date May 6, 2026 Scheduled date for Apollo’s full Q1 2026 earnings release

Key Terms

alternative net investment income, Spread Related Earnings, Segment Income, Regulation FD Disclosure, +1 more

5 terms

alternative net investment income financial

"are reporting preliminary estimates for the Company’s alternative net investment income for the first quarter"

Segment Income financial

"Spread Related Earnings is a component of Segment Income which is the key performance measure"

Segment income is the profit or loss attributed to a specific business unit, product line, or geographic area after the direct revenues and expenses for that part are counted. Think of it like checking how much each store in a chain actually earns after its own costs; it helps investors see which parts of a company are driving profits, which are dragging performance, and where future growth or cuts might matter.

Regulation FD Disclosure regulatory

"Item 7.01 Regulation FD Disclosure. Apollo Global Management, Inc. (the “Company”"

Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.

non-controlling interests financial

"Excluded from these figures is alternative investment income attributable to non-controlling interests."

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

Earnings Snapshot

Alternative net investment income (pre-tax): $205 million

Q1 2026

Alternative net investment income (pre-tax) $205 million

Annualized return on alternative net investments 6%

Annualized return on Athene pooled vehicle 7%

Annualized return on other Athene alternatives 3%

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What preliminary Q1 2026 alternative net investment income did APO report?

Apollo estimates alternative net investment income of about $205 million pre-tax for Q1 2026. This represents an estimated 6% annualized return on alternative net investments and will be refined once full quarterly closing procedures are completed and reported.

How did Athene’s main alternative investment vehicle perform in Q1 2026 for APO?

Athene’s pooled investment vehicle is estimated to have delivered a 7% annualized return in Q1 2026. This vehicle holds the large majority of Athene’s alternative portfolio and outperformed the approximate (17)% annualized total return seen in the S&P 500.

What return did Apollo’s other Athene alternative investments generate in Q1 2026?

Other Athene alternative investments, including retirement services platforms and Athora Holding Ltd., are estimated to have generated a 3% annualized return in Q1 2026. These results are part of Athene’s broader alternative net investment income contribution to Apollo.

How do Apollo’s preliminary Q1 2026 returns compare with the S&P 500?

Apollo reports preliminary alternative returns against an approximately (17)% annualized total return for the S&P 500 in Q1 2026. Its pooled alternative vehicle’s estimated 7% annualized return indicates differentiated performance versus broad equity market conditions.

Are Apollo’s Q1 2026 alternative income figures final and audited?

No. Apollo states these Q1 2026 alternative income figures are preliminary and unaudited. Financial closing procedures are not complete, and the independent registered public accounting firm has not reviewed the estimates or provided any assurance on these figures.

When will Apollo release full Q1 2026 financial results?

Apollo indicates that its full quarterly earnings release and financial supplement for Q1 2026 are scheduled for May 6, 2026. Those materials will provide complete U.S. GAAP financial statements and more detail on segment performance, including Spread Related Earnings.

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

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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): April 1, 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 first quarter ended March 31, 2026. This information is being reported prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the first quarter, scheduled for release on May 6, 2026.

The Company estimates that alternative net investment income will be approximately $205 million (pre-tax) for the first quarter ended March 31, 2026, which equates to an estimated 6% 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 7% for the first quarter ended March 31, 2026. The investment income in the quarter reflects a lower contribution from origination platforms, including ATLAS SP Partners. Amid lower equity market returns, including an approximately (17)% annualized total return for the S&P 500 in the first quarter of 2026, this pooled investment vehicle continued to deliver differentiated returns for Athene.

Athene’s alternative net investment income also includes the annualized return on Athene’s investments in other alternative investments including Athene’s investments in retirement services platforms, which equates to an estimated 3% for the first quarter ended March 31, 2026. This return includes Athene’s investment in Athora Holding Ltd., which raised capital during the period at a valuation consistent with its book value per share at 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 March 31, 2026, 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 March 31, 2026, 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: April 1, 2026	By:	/s/ Martin Kelly
		Martin Kelly
		Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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Apollo posts $205M Q1 alternative income estimate