Company: APO
Filing Date: 2025-07-01
Form Type: 8-K
Source: 0001858681-25-000077
Chunk: 1

Company: Apollo Global Management, Inc.
Filing Date: 2025-07-01
Form: 8-K
Item: Item 7.01
Chunk 1
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Item 7.01

Regulation FD Disclosure.

Preliminary Estimates for Alternative Net Investment Income

Apollo Global Management, Inc. (the “ Company”, “ Apollo”, “we”, and “our”) and Athene Holding Ltd. (“ Athene”), a subsidiary of Apollo, are reporting preliminary estimates for the Company’s alternative net investment income for the second quarter ended June 30, 2025. This information is being reported prior to the availability of the Company’s quarterly earnings release and quarterly financial supplement for the second quarter, scheduled for release on August 5, 2025.

The Company estimates that alternative net investment income will be approximately $305 million (pre-tax) for the second quarter ended June 30, 2025, which equates to an estimated 10% annualized return on alternative net investments. Within these alternative net investments, the Company estimates that the annualized return on Athene’s investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio, equates to an estimated 10% for the second quarter ended June 30, 2025 and the annualized return on Athene’s investments in other alternative investments including Athene's investments in retirement services platforms equates to an estimated 8% for the second quarter ended June 30, 2025. Excluded from these figures is alternative investment income attributable to non-controlling interests. Alternative net investment income is a component of Spread Related Earnings used to assess the performance of the Company's Retirement Services segment. Spread Related Earnings is a component of Segment Income which is the key performance measure used by management in evaluating the performance of its operating segments. Refer to the Company's earnings release, which may be accessed at ir. apollo. com, for detailed definitions and reconciliations of the Company's segment measures.

The preliminary financial results presented above are the responsibility of management and have been prepared in good faith on a basis consistent with prior periods. However, we have not completed our financial closing procedures for the period ended June 30, 2025, and our actual results may differ, possibly materially, from these preliminary financial results due to a variety of factors. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results and does not express an opinion or provide any other form of assurance with respect to these preliminary financial results or their achievability. During the course of the preparation of our consolidated financial statements and related notes as of and