APO Filings — Apollo Global Management, Inc. - FilingSpy
APO
Apollo Global Management, Inc.
A global alternative asset manager and retirement services provider, Apollo invests in credit and equity on behalf of clients and, through its Athene arm, sells retirement savings products like fixed and indexed annuities. It was founded in 1990 by three former Drexel Burnham Lambert bankers—Leon Black, Josh Harris, and Marc Rowan—who named the firm after the Greek god Apollo to signal a fresh, stable start after their old employer's collapse. Its retirement arm, Athene, takes its name from the Greek goddess of wisdom.
Apollo Q2 net income rose 116% to $1.36B as Retirement Services investment gains swung $3B on equity market strength.
Retirement Services investment gains swung sharply positive, reversing a year of pressure. rose 64% to $11.2B and rose 117% to $2.15, driven by a $3.0B favorable swing in Retirement Services investment-related gains tied to the S&P 500's 14.9% rise. grew 25% to $785M, but the quarter's result turned on markets, not management fees.
Key takeaways
rose 116% to $1.36B, and rose 117% to $2.15, primarily because Retirement Services investment-related gains swung $3.0B favorable on indexed annuity hedging derivatives as the S&P 500 rose 14.9%.
Asset Management grew 25% to $785M, with management fees up 23% to $1.0B from , , and , and capital solutions fees up 28%.
Retirement Services rose 7% to $877M as a 15% increase in net investment earnings from portfolio growth and higher rates was partially offset by a 19% rise in cost of funds.
Section summaries
Management's Discussion and Analysis
Apollo's Q2 2026 net income rose to $1.3B driven by strong Asset Management fees and Retirement Services investment gains.
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Asset Management grew 25% to $785M, driven by a 23% increase in management fees to $1.0B from , , and , and a 28% rise in capital solutions fees.
Principal Investing Income fell 66% to $16M as realized performance fees declined by $89M, reflecting the volatile timing of monetizations.
Total reached $1.05 trillion, up 12% year to date, driven by $65B in inorganic inflows from 's acquisition of PIC and $46B in organic credit subscriptions.
The company recorded a $1.7B non-cash against Bermuda deferred tax assets in the first half of 2026, contributing to a 75.5% for the half.
What changed
The Retirement Services investment loss flagged in Q1 2026 reversed: after a $2.5B loss swing in Q1, Q2 saw a $3.0B favorable swing to gains as equity markets rose, settling the question of whether Q1's loss was a one-quarter event.
's rate sensitivity, flagged at $4.2B pre-tax at year-end 2025 and $4.7B in Q1 2026, rose further to $4.9B as of June 30, 2026, driven by purchases of longer-maturity assets and derivative activity.
Retirement Services returned to growth at 7% after the 11% decline in Q1 2026, though cost of funds continued to rise faster than net investment earnings.
Principal Investing Income fell to $16M from $75M in Q1 2026, confirming the pattern of cyclically light and lumpy monetizations flagged in prior quarters.
Total crossed $1 trillion for the first time, reaching $1.05T, after the $91.2B Q1 inflow was followed by $46B in organic credit subscriptions in Q2.
What to watch
's net investment spread next quarter after cost of funds rose 19% against 15% net investment earnings growth in Q2.
Principal Investing Income trajectory as realized performance fees fell 66% to $16M and monetization remains cyclically light.
Retirement Services investment gains next quarter after the $3.0B Q2 swing — whether the result reverses if equity markets decline.
Total organic net flows following the $46B Q2 credit subscriptions, to see if inflows sustain without the PIC contribution.
Retirement Services increased 7% to $877M, as a 15% rise in net investment earnings from portfolio growth and higher rates was partially offset by a 19% increase in .
Total reached $1.05 trillion, up 12% year-to-date, fueled by $65B in inorganic inflows from 's acquisition of PIC and $46B in organic credit subscriptions.
for Retirement Services surged due to a $3.0B favorable swing in investment-related gains, primarily from indexed annuity hedging derivatives tied to the 14.9% S&P 500 increase.
fell 66% to $16M, reflecting the volatile nature of realized , which decreased by $89M.
The company recorded a $1.7B non-cash against Bermuda deferred tax assets, contributing to a 75.5% for the first half of 2026.
Quantitative and Qualitative Disclosures About Market Risk
Retirement Services interest-rate sensitivity increased, with a 100bp parallel rise now estimated to reduce pre-tax income by $4.9B, net of offsets.
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’s primary market risks remain credit, interest rate, and equity price risk; no material changes from the 2025 Annual Report except as detailed.
A 100bp immediate parallel rate increase as of June 30, 2026 would cause a $4.9B net decrease in point-in-time pre-tax income from fair-valued instruments, up from $4.2B at year-end 2025.
The higher sensitivity is driven by purchases of longer-maturity assets and derivative activity during 2026.
A sustained 25bp rate increase is estimated to lift spread-related earnings by ~$10M from floating-rate instruments and by $30–$50M from of market-risk-benefit rider costs.
The company cannot estimate the longer-term impact of rate changes because it cannot determine how rates will affect certain adjustments used to reconcile net income to spread-related earnings.
See a summary of the Company’s legal proceedings set forth in note 17 to our condensed consolidated financial statements, which is incorporated by reference herein.
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See a summary of the Company’s legal proceedings set forth in note 17 to our condensed consolidated financial statements, which is incorporated by reference herein.
For a discussion of our potential risks and uncertainties, see the information under the heading “Item 1A. Risk Factors” in our 2025 Annual Report, which is accessible on the SEC's website at www.sec.gov. There have been no material changes to the risk factors disclosed in the 2…
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For a discussion of our potential risks and uncertainties, see the information under the heading “Item 1A. Risk Factors” in our 2025 Annual Report, which is accessible on the SEC's website at www.sec.gov. There have been no material changes to the risk factors disclosed in the 2025 Annual Report.
The risks described in our 2025 Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.