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# Apollo's Athene Alternatives Earned About $375 Million In Third Quarter, 8-K Estimate Shows
- URL: https://www.bullished.co/apollos-athene-alternatives-earned-about-375-million-in-third-quarter-8-k-estimate-shows-cafa1e9f/
- Published: 2026-10-05T20:51:05.000Z
- Updated: 2026-10-05T20:51:05.000Z
- Description: The unaudited figure equates to a 10% annualized return, and full results are due November 3.
- Author: Matteo Parrino
- Tags: Earnings, APO, Industry: Financials

Apollo Global Management estimated that alternative investments at its Athene insurance unit earned about [$375 million](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000054/apo-20261005.htm?ref=bullished.co) before taxes in the third quarter, according to an 8-K filed Monday after the market closed. The figure equates to a 10% annualized return and arrives a month before the full earnings report.

## What the 8-K says

The filing covers the quarter ended September 30, 2026\. Apollo calls the number alternative net investment income and puts it at roughly [$375 million](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000054/apo-20261005.htm?ref=bullished.co) pre-tax, or an estimated 10% annualized return on alternative net investments.

The filing splits that return in two. Athene's stake in a pooled investment vehicle, which holds the large majority of its alternative portfolio, equates to an estimated 9% annualized. Its other alternative holdings, including retirement services platforms, equate to 11%.

Apollo chose to release the estimate ahead of its regular schedule. Its full earnings release and financial supplement are set for November 3, 2026.

## The caveats Apollo attached

The company said it has not finished its financial closing procedures, and actual results "may differ, possibly materially." Its outside auditor has not audited, reviewed or performed any procedures on the numbers.

Apollo also warned that investors ["should exercise caution in relying on this information"](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000054/apo-20261005.htm?ref=bullished.co) and should not draw inferences about data the filing does not provide. The estimate is not a substitute for full financial statements and is not indicative of future performance, the filing said. The information is furnished, not formally filed, under SEC rules.

## Why the number matters to the stock

Alternative net investment income is a component of spread-related earnings, which Apollo uses to judge its Retirement Services segment. That segment earned [$877 million](https://finance.yahoo.com/markets/stocks/articles/apollo-vs-kkr-much-investors-235916241.html?ref=bullished.co) in spread-related earnings in the June quarter, according to a Yahoo Finance commentary by Habib Ur Rehman.

The same commentary put fee-related earnings growth at roughly 25% year over year and spread-related earnings growth at about 7%. It framed insurance-driven returns as a key piece of how investors value Apollo against KKR.

Apollo shares closed at $115.35 in Monday's regular session, up 1.17%, before the filing became public after the close.

The November 3 earnings release and financial supplement will show whether the final figure matches this preliminary estimate.

### Sources

- [8-K Filing — Apollo Global Management, Inc. (APO)](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000054/apo-20261005.htm?ref=bullished.co) — SEC EDGAR
- [Apollo vs. KKR: How Much Should Investors Pay to Rely Less on Insurance?](https://finance.yahoo.com/markets/stocks/articles/apollo-vs-kkr-much-investors-235916241.html?ref=bullished.co) — Yahoo Finance
- [Leadership Changes Hit 2 Apollo Real Estate Funds](https://www.bisnow.com/news/national/capital-markets/leadership-changes-hit-2-apollo-real-estate-funds?.tsrc=rss&ref=bullished.co) — bisnow.com