Apollo estimates about $375 million of third-quarter alternative investment income, a 10% annualized return

Apollo Global Management gave investors an early look at investment returns in its retirement business. The company said in a regulatory filing late Monday that it expects alternative net investment income of approximately $375 million, pre-tax, for the third quarter ended Sept. 30.

That equates to an estimated 10% annualized return on alternative net investments, according to the 8-K, in which Apollo and its Athene subsidiary reported the preliminary estimates.

Most of that portfolio sits inside a single pooled investment vehicle, through which Athene holds the large majority of its alternative investments. Apollo estimated that vehicle's annualized third-quarter return at 9%. Athene's other alternative investments, including its stakes in retirement services platforms, returned an estimated 11% annualized.

Why it matters: alternative net investment income feeds into spread related earnings, which Apollo uses to measure its Retirement Services segment. That figure, in turn, is a component of segment income, the key performance measure management uses to evaluate its operating segments, the filing said.

The numbers are preliminary. Apollo said it has not completed its closing procedures, its auditor has not reviewed the figures, and actual results may differ, possibly materially. The company's full third-quarter earnings release and financial supplement are scheduled for Nov. 3.

By the numbers

• Q3 alternative net investment income (est.): about $375 million pre-tax
• Annualized return on alternative net investments: about 10%
• Pooled investment vehicle return: about 9% annualized
• Other alternative investments return: about 11% annualized
• Full Q3 results: scheduled Nov. 3, 2026

Sources

1. Apollo Global Management, Inc. Form 8-K (Items 2.02 and 7.01), filed Oct. 5, 2026, accession 0001858681-26-000054

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