Core Insights - Apollo Global Management, Inc. (APO) and its subsidiary Athene Holding Ltd. reported preliminary estimates of alternative net investment income for Q4 2025, which is a key metric for assessing the performance of the Retirement Services segment [1][7] Group 1: Preliminary Net Investment Income - The estimated alternative net investment income for Q4 2025 is approximately $325 million (pre-tax), indicating a 10% annualized return on alternative net investments [2][7] - Athene's pooled investment vehicle, which holds the majority of alternative assets, is projected to deliver a 10% annualized return for Q4 2025, while other alternative investments are expected to yield nearly 7% [3][7] Group 2: Growth Expectations - The alternative investment income for Q4 2025 is expected to surpass the $269 million reported in Q4 2024, with steady growth anticipated due to global economic expansion, technological advancements, and rising demand for capital raising [4][7] Group 3: Stock Performance - APO's shares have increased by 20% over the past three months, significantly outperforming the industry average growth of 3.5% [5][7]