Apollo Global Management

Apollo is a large alternative asset manager. It has three segments. Asset Management raises and manages credit and equity funds for pension funds, insurers, sovereign wealth funds and individual investors, and it earns fees. Retirement Services is Athene, which sells annuities and other retirement products and invests the money, mostly in investment grade credit, to earn a spread.

Principal Investing holds the realized performance fees and Apollo's own investments. Apollo had about $1.07 trillion of assets under management at September 30, 2026. In September 2025, Apollo bought Bridge Investment Group, a real estate manager, for stock. Apollo measures its results with fee related earnings (FRE), spread related earnings (SRE) and adjusted net income.

The market fears that private credit will have more losses and more withdrawals, and that Athene's spread will become smaller. Apollo is one of the largest managers of private credit, and Athene holds much of it. In its Q2 2026 report, Apollo said that redemption requests increased across the industry in perpetual non-traded business development companies, which slows the growth of these products. Total AUM had $7.3 billion of redemptions in Q2 2026, compared with $1.4 billion a year earlier, and $3.0 billion in Q3 2026.

At Athene, the cost of funds rises faster than investment income. Net spread fell to 1.06% in Q3 2026 from 1.24% a year earlier, and SRE fell 3% to $844 million. Higher interest rates also caused unrealized losses on Athene's investments and a GAAP net loss of $1.06 billion in Q3 2026. For the gap to close, three things must be true.

FRE must keep growing near the 23% rate of Q3 2026, from new inflows and the Bridge and Athora fees. SRE must stay stable or grow as Athene adds new annuity business. Credit losses in Apollo's funds and in Athene's portfolio must stay small. The full-year 2026 report, expected in early February 2027, gives the next test.

If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a credit cycle that causes losses in private credit, because that hurts both the fees and Athene's capital.

1. Nov 3, 2026Failed

   Q3 2026 earnings: fees and spreadFRE growth near 20% or more from a year earlier, SRE at or above the $877 million of Q2 and no large credit losses pass; falling SRE, large redemptions or credit write-downs fail.Outcome: FRE grew 23% and redemptions fell to $3.0 billion, but SRE fell to $844 million from $877 million in Q2 after a $65 million actuarial charge, so the SRE condition missed.
2. Feb 3, 2027 · est.Pending

   Full-year 2026 report and 2027 targetsRecord FRE for 2026, stable Athene capital ratios and targets for 2027 that keep the growth plan pass; lower targets or a rise in credit losses fail.

Every passed and failed checkpoint across all picks

• November 9, 2026Apollo priced $600 million of 7.550% fixed-rate resettable junior subordinated notes due 2056. It will use the money for general purposes, which include the investment in Mubadala Capital.
• November 3, 2026Apollo reported Q3 2026 results. FRE was a record $802 million, up 23% from a year earlier. SRE was $844 million, down 3%, after a $65 million charge from Athene's yearly review of actuarial assumptions; without it, SRE was a record $909 million, up 7%. Adjusted net income was $1.29 billion, or $2.07 per share. Apollo had a GAAP net loss of $1.06 billion, mainly because higher interest rates caused unrealized losses on investments at Athene. Inflows were $53 billion, origination was a record $114 billion and AUM was about $1.07 trillion. Apollo declared a dividend of $0.5625 per share.
• October 26, 2026Apollo agreed to make a $1.25 billion equity investment in Mubadala Capital, the alternative asset management arm of Mubadala Investment Company. Apollo expects the deal to close in Q4 2026, after regulatory approvals, and will pay in 2026 and 2027.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · apo-20260930
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled October 30, 2026 · apo-20261030
• 8-KChange of directors or officers and Investor disclosureFiled October 20, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled October 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 21, 2026 · apo-20260921
• 8-KInvestor disclosureFiled August 24, 2026 · apo-20260824
• 8-KInvestor disclosureFiled August 13, 2026 · apo-20260813
• 8-KInvestor disclosureFiled August 11, 2026 · apo-20260811
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 10, 2026 · apo-20260630

Every filing on SEC EDGAR (CIK 1858681)

• Apollo and Athene hold large amounts of private credit. A recession or a rise in defaults can cause losses in the funds, lower performance fees and reduce Athene's capital. Private credit assets are also harder to value than traded bonds.
• Redemption requests increased across the industry in perpetual non-traded business development companies in 2026. Apollo's total AUM had $15.7 billion of redemptions in the 12 months to September 30, 2026, of which $3.0 billion came in Q3 2026. More withdrawals can slow the growth of fee paying AUM.
• Athene earns a spread between its investment income and its cost of funds. In the first nine months of 2026, the cost of funds grew 22% while fixed income and other net investment income grew 17%, and net spread fell to 1.06% in Q3 2026 from 1.24% a year earlier. Lower interest rates, more competition for annuities or more surrenders can reduce SRE.
• Higher interest rates lower the market value of Athene's bonds. In Q3 2026, unrealized losses caused a GAAP net loss of $1.06 billion. Apollo's stockholders' equity fell to $15.9 billion at September 30, 2026 from $23.3 billion at December 31, 2025, and its accumulated other comprehensive loss grew to $7.0 billion from $2.6 billion.
• Athene is a regulated insurer in the United States and Bermuda. Changes in capital rules or tax rules can reduce its returns. In Q1 2026, a Bermuda tax change caused a $1.7 billion charge.

Apollo reports two businesses with separate balance sheets. The figures show only the asset management business. Read more

Yield at the current rate

1.8% (current annual rate, at today’s price)

Dividend yield

1.7% (last 12 months, at today’s price of $122.95)

Paid per share

$2.146 in the last 12 months (4 payments)

Current annual rate

$2.252 ($0.563 × 4 a year)

Payout ratio

36% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 19, 2026, $0.563 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 2.9% a year. From 2015 to 2025, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.