Apollo’s Aug. 4 Earnings Will Test Private-Credit Growth

Apollo Global Management is scheduled to report its second-quarter 2026 results before trading opens Tuesday, Aug. 4, as investors weigh the firm’s private-credit expansion against withdrawal pressure in at least one semi-liquid fund.

Apollo plans to release the results before the New York Stock Exchange opens and hold a management webcast at 8:30 a.m. Eastern. The full report will provide a more complete view than the company’s preliminary July 1 filing, including earnings, assets under management, capital flows, credit activity and retirement-services results.

What Apollo has already disclosed

In a July 1 Form 8-K filed with the Securities and Exchange Commission, Apollo estimated that alternative net investment income was approximately $350 million before taxes for the quarter ended June 30. The company said that figure represented an estimated 9% annualized return on alternative net investments.

Apollo emphasized that the estimate was preliminary and unaudited. The company had not completed its quarter-end closing procedures, and its independent accounting firm had not audited, reviewed, compiled or performed procedures on the figures. Apollo warned that material adjustments could still be required and said the estimate was not a substitute for financial statements prepared under U.S. generally accepted accounting principles.

The estimate is not the same as Apollo’s GAAP net income. Alternative net investment income is a component of spread-related earnings, a management-defined non-GAAP measure used in evaluating the company’s retirement-services segment.

The first-quarter baseline

Apollo reported approximately $1.03 trillion in assets under management as of March 31, 2026. Its first-quarter earnings materials reported total AUM of $1.026 trillion and fee-generating AUM of $836 billion. Those figures are first-quarter measures and should not be treated as Apollo’s final June 30 quarter-end AUM.

For the first quarter, Apollo reported $728 million in fee-related earnings, $719 million in spread-related earnings and $1.208 billion in adjusted net income. The company also reported $115 billion in quarterly inflows and $71 billion in origination.

Fee-related earnings generally reflect recurring fees and related expenses from Apollo’s asset-management activities. Spread-related earnings include investment-spread results and other items tied to the retirement-services business. Adjusted net income combines management-defined earnings measures and does not replace GAAP net income.

What investors will watch Tuesday

The earnings release should show whether the July estimate holds and how it fits into Apollo’s broader results. Key items include final alternative net investment income, fee-related earnings, spread-related earnings, adjusted net income, total AUM and fee-generating AUM.

Investors will also be looking for updated inflows, origination, capital deployment and credit performance. Details on credit marks or losses could help show how private-credit portfolios performed during the quarter. Results from Athene, Apollo’s retirement-services business, will also matter because investment returns in that business contribute to spread-related earnings.

Apollo says its credit platform spans investment-grade credit, direct lending and other private-credit strategies and manages more than $450 billion in credit assets. That scale means the results will be watched beyond the company’s stock, particularly by investors and customers evaluating private-market funds and retirement products.

Why fund liquidity is part of the story

Reuters reported June 22 that Apollo Debt Solutions, a private-credit fund with about $26 billion in assets, received redemption requests equal to approximately 16.8% of its shares. The fund limited withdrawals to 5%.

That reported cap is a fund-level liquidity-management action. It does not by itself mean Apollo has frozen all withdrawals, that all of the firm’s assets are unavailable or that the company has experienced a broader liquidity event. Customers and investors should review the specific terms and disclosures for the funds they own rather than assume that one fund’s limit applies across Apollo’s platform.

What happens next

Apollo’s scheduled Aug. 4 release and 8:30 a.m. Eastern webcast are the next key information points. The final numbers, financial supplement and management commentary should help show whether private-credit and retirement-services growth continued without a worsening of liquidity pressure in semi-liquid products.

Until those materials are released, the $350 million alternative net investment income figure remains an estimate, not a final earnings result.

Sources

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