Apollo previews $350M Q2 alternative investment income

Apollo Global Management released preliminary estimates for alternative net investment income for the second quarter ended June 30, 2026.

Rhea-AI Filing Summary

Apollo Global Management released preliminary estimates for alternative net investment income for the second quarter ended June 30, 2026. Management expects alternative net investment income of approximately $350 million pre-tax, which equates to an estimated 9% annualized return on alternative net investments.

Within this, Athene’s investment in a pooled vehicle that holds most of its alternative portfolio is estimated to earn an annualized return of about 10%, while other alternative investments, including retirement services platforms, are estimated at about 6%, both for the same quarter.

The company stresses these figures are preliminary, subject to completion of closing procedures, potential material adjustments, and review in its full U.S. GAAP financial statements. The quarterly earnings release and financial supplement are scheduled for August 4, 2026, and these estimates are not intended to predict future performance.

Insights

Alternative asset management analyst

Apollo previews Q2 2026 alternative income, emphasizing preliminary status.

Apollo estimates Q2 alternative net investment income of about $350 million pre-tax, implying a 9% annualized return on alternative assets. Athene’s pooled alternative vehicle is estimated at a stronger 10% annualized return, while other alternative holdings, including retirement platforms, are around 6%.

Management highlights that this metric feeds into Spread Related Earnings and ultimately Segment Income for the Retirement Services segment, so it is an early read on segment performance. However, they clearly state financial closing procedures are incomplete and external auditors have not reviewed these figures.

Actual results for the period ended June 30, 2026 may differ, including potentially materially, once full accounting and any adjustments are completed. More comprehensive detail is expected in the scheduled earnings release and financial supplement on August 4, 2026, which will place these preliminary returns in broader financial context.

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: $350 million pre-tax Return on alternative net investments: 9% annualized Athene pooled vehicle return: 10% annualized +2 more

5 metrics

Alternative net investment income $350 million pre-tax Estimated for Q2 ended June 30, 2026

Return on alternative net investments 9% annualized Estimated for Q2 ended June 30, 2026

Athene pooled vehicle return 10% annualized Estimated for Q2 ended June 30, 2026

Other Athene alternatives return 6% annualized Estimated for Q2 ended June 30, 2026

Earnings release date August 4, 2026 Scheduled release of full Q2 2026 earnings

Key Terms

alternative net investment income, Spread Related Earnings, Segment Income, non-controlling interests, +1 more

5 terms

alternative net investment income financial

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

Spread Related Earnings financial

"Alternative net investment income is a component of Spread Related Earnings used to assess the performance"

Segment Income financial

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

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.

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.

Retirement Services segment financial

"Alternative net investment income is a component of Spread Related Earnings used to assess the performance of the Company’s Retirement Services segment."

Earnings Snapshot

Alternative net investment income: $350 million pre-tax

Q2 2026

Alternative net investment income $350 million pre-tax

Return on alternative net investments 9% annualized

FAQ

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

What preliminary Q2 2026 alternative net investment income did Apollo (APO) report?

Apollo estimates Q2 2026 alternative net investment income of about $350 million pre-tax. This corresponds to an estimated 9% annualized return on its alternative net investments and provides an early indication of performance in its alternatives portfolio for the quarter.

How did Athene’s alternative investments perform within Apollo’s Q2 2026 estimates?

Apollo estimates Athene’s pooled alternative investment vehicle earned about a 10% annualized return in Q2 2026. Athene’s other alternative investments, including retirement services platforms, are estimated at a 6% annualized return for the same quarter, highlighting differing performance across alternative strategies.

How does alternative net investment income fit into Apollo (APO)’s performance metrics?

Alternative net investment income is a component of Apollo’s Spread Related Earnings, used to assess the Retirement Services segment. Spread Related Earnings feeds into Segment Income, which management cites as the key measure for evaluating performance across the company’s operating segments.

Are Apollo’s Q2 2026 alternative income figures audited or final?

No. Apollo states these Q2 2026 alternative income figures are preliminary. Financial closing procedures are not complete, and the independent registered public accounting firm has not audited or reviewed them, so actual results may differ, potentially materially, once full U.S. GAAP statements are prepared.

When will Apollo (APO) release full Q2 2026 earnings and details?

Apollo plans to release its full quarterly earnings and financial supplement for the second quarter on August 4, 2026. Those materials are expected to provide complete U.S. GAAP financial statements and fuller context for the preliminary alternative net investment income disclosed here.

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

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Accepted by SEC EDGAR 07/01/2026 - 04:30 PM EDT Learn about SEC filing dates

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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): July 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 second quarter ended June 30, 2026. This information is being reported prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the second quarter, scheduled for release on August 4, 2026.

The Company estimates that alternative net investment income will be approximately $350 million (pre-tax) for the second quarter ended June 30, 2026, which equates to an estimated 9% 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 second quarter ended June 30, 2026 and the annualized return on Athene’s investments in other alternative investments including Athene’s investments in retirement services platforms equates to an estimated 6% for the second quarter ended June 30, 2026.

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 June 30, 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 June 30, 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: July 1, 2026			By:			/s/ Martin Kelly
						Martin Kelly
						Chief Financial Officer

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