Apollo Global Management, Inc. (APO) SEC Filings & Earnings Calls

Preliminary results subject to change; not yet audited.

“Actual results may differ materially; independent auditor has not performed any procedures.”

Insider control risk

“the parties to the Stockholders Agreement, as a group, may be deemed to beneficially own an aggregate of 146,753,672 shares of Common Stock (approximately 24.9% of the Common Stock)” · word for word

Insider control risk

“the parties to the Stockholders Agreement, as a group, may be deemed to beneficially own an aggregate of 146,753,672 shares of Common Stock (approximately 24.9% of the Common Stock)” · word for word

Spread compression from rising funding costs

“Net investment spread was 1.41% in 2026, a decrease of 21 basis points compared to 1.62% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.” · word for word

Alternative investment return volatility

“The alternative net investment earned rate was 7.49% in 2026, a decrease from 10.05% in 2025, primarily driven by lower returns within origination and retirement services platforms, as well as within credit funds, partially offset by higher returns within equity funds.” · word for word

Unrealized losses on AFS securities

“The unrealized losses on investments during the six months ended June 30, 2026 included AFS securities of $1.7 billion, as well as unrealized losses on mortgage loans, attributable to an increase in U.S. Treasury rates in 2026.” · word for word

GAAP net income YTD negative due to one-time tax expense in Q1 2026 from ACRA tax election revocation.

“YTD'26 GAAP Net Income Attributable to Common Stockholders $(594) million vs $1,023 million in YTD'25, driven by $1.7B one-time tax expense in Q1 2026.”

Preliminary estimate subject to change; actual results may differ materially.

“actual results may differ, possibly materially, from these preliminary financial results” · word for word

No new risks identified; filing is boilerplate.

Spread Compression from Rising Cost of Funds

“Net investment spread was 1.34% in 2026, a decrease of 31 basis points compared to 1.65% in 2025, driven by higher cost of funds, partially offset by a higher net investment earned rate.” · word for word

Alternative Investment Income Volatility

“Alternative net investment income 210 ... 315 ... (105) (33.3)” · word for word

Unrealized Losses on Investment Portfolio

“The unrealized losses on investments during the three months ended March 31, 2026 included AFS securities of $2.1 billion, as well as unrealized losses on mortgage loans, reinsurance assets and trading securities, attributable to an increase in U.S. Treasury rates in 2026.” · word for word

GAAP net loss of $1.93B due to investment losses and market risk benefits remeasurement.

“Net Loss Attributable to Apollo Global Management, Inc. Common Stockholders $(1,930)” · word for word

Key person dependency on CEO Marc Rowan

“Mr. Rowan's compensation continues to be below the 25th percentile of our peer group.” · word for word

Concentrated ownership by founders

“Marc Rowan beneficially owns 5.9% of common stock; Leon Black 6.6%; Joshua Harris 6.0%.”

Potential for related party transactions

“Apollo made payments of $1,380,863 for the use of aircraft owned by an entity controlled by Mr. Rowan.” · word for word

Lower contribution from origination platforms; equity market volatility could impact returns.

“Lower contribution from origination platforms, including ATLAS SP Partners. Amid lower equity market returns, including an approximately (17)% annualized total return for the S&P 500 in the first quarter of 2026.” · word for word

Increased leverage from new debt issuance.

“Issuance of $750M senior notes increases debt obligations.”

Preliminary estimates subject to adjustment; actual results may differ materially

“We have not completed our financial closing procedures for the period ended December 31, 2025, and our actual results may differ, possibly materially, from these preliminary financial results” · word for word

Retention risk mitigated for key executives; no negative signal.

“grants intended to retain and align compensation with peer group”

No material financial information disclosed; presentation may contain forward-looking statements.

“Furnished under Item 7.01; not deemed filed.”

Spread compression from higher cost of funds

“Net investment spread was 1.61% in 2025, a decrease of 15 basis points compared to 1.76% in 2024, primarily driven by higher cost of funds.” · word for word

Principal Investing income volatility

“Principal Investing Income (PII) was $50 million in Q3 2025, down 35.9% from $78 million in Q3 2024.”

Increased leverage from $750M debt issuance may pressure credit metrics.

“Issued $400M 4.600% notes due 2031 and $350M 5.150% notes due 2035.”

Market risk benefits remeasurement losses of $131M in Q3

“Market risk benefits remeasurement gains (losses) of $(131) million”