$APO earnings report

This is a preliminary alternative-investment update rather than Apollo's full third-quarter earnings release. The company estimates alternative net investment income of approximately $375 million (pre-tax) for the third quarter ended September 30, 2026. It states that this amount equates to an estimated 10% annualized return on alternative net investments.

The disclosure centers on Athene's alternative-investment portfolio and the Retirement Services segment. Athene's investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio, is estimated to have generated an annualized return of 9%. Athene's other alternative investments, including its investments in retirement services platforms, are estimated to have generated an annualized return of 11%.

The metric matters because alternative net investment income is a component of Spread Related Earnings, which Apollo uses to assess Retirement Services performance. Spread Related Earnings is also identified as a component of Segment Income, the key performance measure management uses in evaluating operating segments. The filing does not provide the amount of Spread Related Earnings, Segment Income, Retirement Services revenue, or any comparison with prior periods.

The reported figures remain subject to financial closing procedures. Apollo says actual results may differ, possibly materially, and its independent registered public accounting firm has not performed procedures on the preliminary results. The full quarterly earnings release and financial supplement are scheduled for release on November 3, 2026, when investors should receive the broader revenue, profitability, cash flow, balance-sheet, segment and reconciliation data needed to assess the quarter.

Apollo reported strong second-quarter operating results across its Asset Management and Retirement Services earnings streams. Fee Related Earnings reached a record $785 million, up 25.2% year-over-year, while Spread Related Earnings reached a record $877 million. Fee and Spread Related Earnings were $1,662 million, and Adjusted Net Income was $1,314 million, or $2.11 per share. GAAP net income attributable to Apollo Global Management, Inc. common stockholders was $1,336 million, or $2.18 per basic share and $2.15 per diluted share.

Asset Management fee generation was the principal operating driver. Fee Related Revenues were $1,343 million, up 22.6% year-over-year, including $1,001 million of management fees and a quarterly-record $277 million of capital solutions fees and other, net. Management fees benefited from Athora's acquisition of PIC, third-party capital formation from institutional and Global Wealth channels, the Bridge acquisition, and continued organic growth from Athene. FRE margin was 58.5%, compared with 57.3% in 2Q'25, and the company attributed the expansion to record quarterly fee related revenue and positive operating leverage.

Scale and capital formation remained prominent. Total AUM was $1,047 billion and Fee-Generating AUM was $858 billion. Apollo stated that total AUM increased $208 billion, or 25% year-over-year, while FGAUM increased $220 billion, or 34% year-over-year. Quarterly inflows were $60 billion, comprising $38 billion in Asset Management and $22 billion in Retirement Services. Quarterly origination was $74 billion and gross capital deployment was $111 billion. The AUM narrative also identifies normal course run-off at Athene and realization activity as offsets to inflows and market appreciation.

GAAP results included substantial investment-related volatility. Investment related gains were $2,989 million in 2Q'26 after a $(2,078) million loss in 1Q'26. Total revenue was $11,153 million and total expenses were $(8,741) million. The $396 million income-tax provision compares with a $(1,694) million provision in 1Q'26, which included the disclosed one-time $1.7 billion tax expense tied to ACRA's Bermuda tax election and a valuation allowance. Principal Investing Income was $16 million, below both $47 million in 2Q'25 and $75 million in 1Q'26, making the recurring FRE and SRE streams the clearer source of reported earnings strength.

Capital allocation continued to combine growth investment and shareholder distributions. Apollo allocated approximately $485 million of strategic capital over the last twelve months, repurchased approximately $1.6 billion of common stock including $285 million of opportunistic repurchases, and distributed more than $1 billion of common stock dividends. The filing provided no forward financial guidance, so the key reported operating markers for subsequent periods are conversion of signed not yet closed origination activity, continued capital formation, net spread, and fee-related margin performance.