Apollo Global Management, Inc. 8-K

What Happened

• Apollo Global Management (APO) filed an 8-K (Items 2.02 and 7.01) on Jan 2, 2026, furnishing preliminary estimates of its alternative net investment income for the quarter ended December 31, 2025.
• The company estimates approximately $325 million (pre-tax) of alternative net investment income for Q4 2025, which it says equates to an estimated 10% annualized return on alternative net investments. Athene’s investment in a pooled investment vehicle is estimated at a 10% annualized return for the quarter, and Athene’s other alternative investments (including retirement services platforms) are estimated at a 7% annualized return.
• Apollo noted these results exclude alternative investment income attributable to non-controlling interests and are preliminary; the full quarterly earnings release and financial supplement are scheduled for February 9, 2026.

Key Details

• Preliminary alternative net investment income: ~$325 million (pre-tax) for Q4 2025.
• Estimated annualized returns: 10% overall; 10% for Athene’s pooled vehicle; 7% for Athene’s other alternative investments.
• Filing items: Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure).
• Caveats: figures are preliminary, unaudited, may change after close procedures, and are not a substitute for U.S. GAAP financial statements.

Why It Matters

• Alternative net investment income feeds into Spread Related Earnings and Segment Income for Apollo’s Retirement Services segment, so these preliminary figures give an early view of that segment’s performance for Q4 2025.
• Investors should treat this as preliminary guidance: the numbers are unaudited, subject to adjustment, and the company warns actual results may differ materially. Wait for the full, audited quarterly release and supplements on Feb 9, 2026 for final figures.