Apollo Global Management, Inc. 8-K

What Happened
Apollo Global Management, Inc. (Apollo) filed an 8-K (Items 2.02 and 7.01) on April 1, 2026 to furnish preliminary results for the quarter ended March 31, 2026. The company estimates alternative net investment income of approximately $205 million (pre-tax) for Q1 2026, which it says equates to an estimated 6% annualized return on alternative net investments. Apollo and its subsidiary Athene report these figures ahead of the company’s full quarterly earnings release and financial supplement scheduled for May 6, 2026. The filing notes the results are preliminary, unaudited, and may change.

Key Details

• Alternative net investment income estimate: ≈ $205 million pre-tax for Q1 ended March 31, 2026 (≈ 6% annualized).
• Athene pooled investment vehicle: estimated ≈ 7% annualized return for the quarter; other Athene alternative investments (including retirement services platforms and Athora) ≈ 3% annualized.
• Market context: S&P 500 returned an approximately (17)% annualized total return in Q1 2026; the pooled vehicle delivered differentiated returns despite weaker equity markets.
• Process and cautions: figures exclude alternative income attributable to non‑controlling interests; results are preliminary, unaudited by Apollo’s independent auditor, and may be materially adjusted.

Why It Matters
Alternative net investment income feeds into Spread Related Earnings and the Retirement Services segment, key components of Apollo’s segment income used by management and investors to evaluate performance. The $205M preliminary figure gives an early view into how Apollo’s private/alternative portfolio (especially Athene’s pooled vehicle) performed versus public markets in Q1. Because the numbers are preliminary and unaudited, investors should treat them as indicative only and await the May 6, 2026 earnings release and financial supplement for finalized, GAAP‑aligned results.