Apollo Global Management 8-K

Summary

Q3 2026 results. Record origination and client inflows supported fee-related activity, while higher interest rates drove unrealized mark-to-market losses in Retirement Services and a GAAP loss attributable to common stockholders. Apollo said its core earnings power is growing, with record pipelines and momentum across the business.

Key Figures

• Retirement Services reported $3.42B of investment-related losses in Q3, versus $2.25B of gains a year earlier, primarily reflecting higher-rate mark-to-market losses. YTD GAAP results also included a $1.7B one-time tax expense related to ACRA’s Bermuda tax election and a valuation allowance against deferred tax assets.
• Assets under management (AUM) reached $1.07T, up 18% Y/Y, with $53B of Q3 inflows and $270B over the last twelve months; origination was a quarterly record of $114B. Record fee-related earnings (FRE), Apollo’s Asset Management earnings measure, were $802M, up 23% Y/Y; spread-related earnings excluding notable items were $909M, up 7.4% Y/Y.
• Apollo repurchased $143M of common stock, or 1.12M shares, at an average $127.71 per share. Common shares outstanding rose from 576M at Q2-end to 591M at Q3-end, including conversion of the mandatory convertible preferred stock and acquisition-related issuance. The board declared a $0.5625-per-share dividend, payable 11/30/2026 to holders of record 11/18/2026.

Guidance

• Management described core earnings power as growing and said Apollo was “poised for a robust close to 2026” with a strong setup for 2027; no figures were provided.

Investor Takeaways

• Watch whether client inflows and origination sustain their Q3 pace; continued capital formation would support AUM and fee-related earnings growth.
• Track Retirement Services investment-related gains and losses alongside spread-related earnings; reduced mark-to-market volatility would narrow the gap between GAAP results and operating earnings.