Apollo Global Management (APO) is trading higher today as the market continues to price in an upbeat, SEC-filed preliminary snapshot of first-quarter alternative investment performance. In an April 1 Form 8-K update, Apollo said it expects alternative net investment income of approximately $205 million pre-tax for Q1 2026, equating to an estimated 6% annualized return on alternative net investments, with Athene’s pooled vehicle estimated at a 7% annualized return for the quarter.

The filing emphasized that these returns were achieved during a difficult quarter for public equities, citing an approximately (17)% annualized total return for the S&P 500 in Q1 2026. That contrast is feeding a “defensive earnings mix” narrative around Apollo’s retirement-services engine and its ability to generate spread-related earnings even when traditional markets are weak.

Apollo flagged that the figures are preliminary and unaudited, with actual results potentially differing once quarter-close procedures are complete. The company said it is scheduled to release full first-quarter results on May 6, 2026, which is likely to be the next major catalyst for the stock as investors look for confirmation of spread-related earnings momentum and updated outlook commentary.

Separately, Apollo recently priced $750 million of 5.700% senior notes due 2036, with proceeds intended for general corporate purposes including retiring $500 million of 4.400% notes due 2026. The refinancing activity adds context to how Apollo is managing funding costs and maturities while it pursues growth in fee and spread-related earnings.