Analysts peg Apollo’s fee-related earnings (FRE) at approximately $560 million for the quarter ended December 31, 2025, reflecting a modest 4% sequential gain driven by continued growth in credit and real assets. Performance fees are forecast at $120 million, down 15% from a year ago but in line with reduced realizations from private equity exits during the period. Distributable earnings per share (DEPS) are estimated at $0.53, versus $0.49 in Q3, as a larger FRE base offsets softer performance fee contributions. Total assets under management are expected to inch up to $928 billion by quarter-end, building on $908 billion as of September 30, 2025, with the largest inflows projected in the investment-grade credit platform (+$8 billion) and real assets (+$6 billion).

Apollo President Jim Zelter will deliver a fireside chat at the BofA Securities Financial Services Conference on February 11, 2026, at 8:50 a.m. ET. The live webcast on Apollo’s Investor Relations site will cover the firm’s strategic priorities: expanding private credit origination capabilities, accelerating real-asset deployments in infrastructure and renewables, and integrating Athene’s retirement services products. As of September 30, 2025, Apollo managed $908 billion of AUM, split roughly $550 billion in credit strategies, $180 billion in private equity, and $178 billion in real assets. Management is expected to update its 2026 target of $950 billion in AUM and outline plans to leverage digital platforms to enhance fee margins.