Apollo (APO) Q1 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, May 6, 2026 astatine 12:06 PM CDT 69 min read

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DATE

Wednesday, May 6, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Marc Rowan

• President — James Zelter

• Chief Financial Officer — Martin Kelly

• Head of Investor Relations — Noah Gunn

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Full Conference Call Transcript

Noah Gunn: Great. Thanks, operator, and invited again, everyone, to our telephone this morning. Joining maine to sermon our results and the momentum we're seeing crossed the concern are Marc Rowan, CEO; Jim Zelter, President; and Martin Kelly, CFO. Earlier this morning, we published our net merchandise and fiscal supplement connected the Investor Relations information of our website. As you tin see, our archetypal 4th results acceptable a beardown code for the year. We generated grounds fee-related net of $728 cardinal oregon $1.17 per share, dispersed related net of $719 cardinal oregon $1.15 per stock and full net oregon adjusted nett income of $1.2 cardinal oregon $1.94 per share.

We besides declared a communal dividend astatine our caller higher complaint annualizing to $2.25 per stock and reflecting a 10% maturation complaint year-on-year. Lastly, I would emblem that we published respective presentations connected Athene's website past Friday, that supply in-depth insightful accusation astir the plus portfolio. This effort highlights our continued committedness to pb with transparency and beryllium responsive to marketplace feedback. And with that, I'll crook the telephone implicit to Marc.

Marc Rowan: Thanks, Noah. Let maine commencement wherever Noah ended. Strong results acceptable a code for a beardown year. FRE of $728 was up 30% year-over-year and 6% quarter-over-quarter. ACS fees, $246 cardinal for the quarter, the 4th consecutive 4th implicit $200 million. And conscionable to walk a 2nd there, ACS fees being beardown means origination has been strong, not conscionable successful the quantity of origination but successful the prime of origination. No 1 pays a interest for a mean halfway CLO, which galore radical number arsenic origination. Origination for america comes from our syndication activities which is besides however we grow our lawsuit basal and galore of our syndication partners crook into absorption interest implicit clip erstwhile they spot repeatable transactions.

We proceed to physique businesses connected this ground and usage ACS fees and origination arsenic a diagnostic of conscionable however beardown the concern is. SRE of $719 astatine our semipermanent Altreturn of 11% would person been $907. On that basis, 2% quarter-over-quarter, 6% year-over-year, beardown integrated maturation and in-line halfway spreads, the alts portfolio, debased for the quarter, but doing precisely what it is expected to do. The 4th -- S&P was disconnected 17%. The Russell was disconnected 16%. Levered equity, backstage equity, which is the strategy that astir of our manufacture uses successful their alts portfolio would person been worse down northbound of 20%. We were up 6% for the quarter.