Apollo Global Management estimated $375 million in alternative income

Apollo Global Management filed Form 8-K with the SEC on 2026-10-05. The filing reported under Item 2.02: Results of Operations and Financial Condition. In the filing, the Company estimated alternative net investment income at approximately $375 million (pre-tax) for the third quarter ended September 30, 2026.

That estimate equated to an estimated 10% annualized return on alternative net investments. Within these alternative net investments, Athene held the large majority of its alternative investments portfolio through Athene’s investment in a pooled investment vehicle. The annualized return on that pooled investment was an estimated 9% for the third quarter ended September 30, 2026, while other alternative investments including Athene’s investments in retirement services platforms returned an estimated 11% for the third quarter ended September 30, 2026.

According to the company, alternative net investment income was a component of Spread Related Earnings used to assess the performance of the Company’s Retirement Services segment. Spread Related Earnings was a component of Segment Income which was the key performance measure used by management in evaluating the performance of its operating segments.

For private investors, that connection explained where the income figure belonged within reported earnings. It showed that the estimate concerned the retirement business rather than a complete view of company performance.

The independent registered public accounting firm had not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results. The Company stated these preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP and should not be interpreted as indicative of future performance.