APO · Apollo Global Management, Inc.

Apollo Global Management, Inc. delivered robust Q1 2026 results highlighted by record Fee Related Earnings (FRE) of $728 million, reflecting 30% year-over-year growth fueled by 29% higher fee-related revenues to $1.26 billion, including 24% growth in management fees to $952 million and 60% surge in capital solutions fees to $246 million. This was achieved through operating leverage, with FRE margin expanding to 57.7%. Spread Related Earnings (SRE) of $719 million were driven by Athene's net investment spread, though impacted by lower alternative net investment income; management noted a 6% portfolio return versus a long-term 11% target, implying potential upside. Combined FRE and SRE totaled $1.45 billion, underscoring earnings stability. GAAP results showed a $1.9 billion net loss, or $(3.27) per share, largely from a $1.7 billion one-time tax expense tied to Bermuda deferred tax asset valuation allowance. Adjusted Net Income of $1.21 billion, or $1.94 per share, captures core performance. AUM hit $1.03 trillion, up 31% year-over-year, propelled by $115 billion inflows including Athora's Pension Insurance Corporation acquisition and resilient global wealth demand, with 60% perpetual capital providing scalability. Strategic capital allocation included $1.5 billion in share repurchases and over $1 billion in dividends over LTM. CEO Marc Rowan emphasized record FRE, trillion-dollar AUM, and innovation in credit origination and retirement solutions as setting a strong yearly tone, with no forward guidance provided.