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北京时间·🕒 发布 18:37:18时区推断·⟳ 抓取 18:39:49·⚡ 决策 08-04 19:07:16 +27m27s·83.9 天前
Apollo二季度费用和保险收益创新高，但投资退出收益明显下滑
Apollo二季度调整后每股净利2.11美元、同比增长10%，费用相关收益785百万美元和保险资产利差877百万美元均创季度纪录。
📄 原文Reuters↗ 原文
Apollo Global Management (APO.N) posted a rise in earnings from fees and its insurance business in the second quarter,…
不做 Apollo Global Management（APO.US）
财报正负混合且预期差不干净：核心FRE/SRE创新高，但投资退出收益大幅下滑、EPS相对部分一致预期略低，且业绩电话会尚未开始，盘前不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Apollo提前公告将于2026-08-04盘前发布二季度业绩，财报本身是市场可预期事件。
- 公司提前披露二季度替代净投资收益约3.5亿美元，削弱本次财报部分新鲜度。
- Apollo正式发布二季度业绩，确认AUM约1.05万亿美元并宣布普通股每股0.5625美元股息。
- Reuters突出费用和保险收益增长，同时强调资产出售放缓、投资收益下滑。
- FT同样将事件解读为Apollo在资产出售变现上落后于KKR和Blackstone，但核心费用与保险业务韧性较强。
关键理由
- Apollo二季度调整后每股净利2.11美元、同比增长10%，费用相关收益785百万美元和保险资产利差877百万美元均创季度纪录。
- 负面在于principal investing income降至16百万美元，低于上一季度75百万美元和去年同期47百万美元，说明私募股权退出和资产出售环境仍拖累变现。
- 量级上，核心费用与利差收益合计约16.62亿美元，远大于16百万美元投资收益下滑项，但EPS相对2.15美元附近一致预期并非明确正向惊喜，盘前直接交易edge不足。
主要风险
- 8:30 ET业绩电话会尚未开始，管理层对退出延迟、AMAPS需求和Athene利差的解释可能改变市场方向。
- 业绩是预定盘前披露，且7月1日已披露二季度替代投资收益初步数据，新鲜度和预期差均有限。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-08-04 · 影响 weakens
发现EPS相对部分一致预期略低，且投资退出收益从上一季度75百万美元降至16百万美元，削弱追多。
检索:Apollo Q2 2026 earnings EPS consensus principal investing income asset sales delayed 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-08-04 · 影响 weakens
费用相关收益、保险利差和若干业务费用创纪录，AUM升至约1.05万亿美元，抵消单纯做空逻辑。
检索:Apollo Q2 2026 record fee related earnings spread related earnings AUM inflows 原文 ↗
原文全文
展开原文 · 2,296 字
Apollo Global Management (APO.N) posted a rise in earnings from fees and its insurance business in the second quarter, but cashed in less on its own investments in a tougher environment for asset sales, the company said on Tuesday.
The New York-based company posted adjusted net income of $2.11 per share, 10% higher than the same period last year.
Apollo started as a private equity firm in 1990 and has since pushed hard into credit and insurance, helping swell its total assets under management to $1.05 trillion at end-June.
CEO Marc Rowan has pledged to increase transparency and liquidity for private assets as valuations have come under scrutiny, with funds struggling to sell equity stakes and investors worrying about lending standards outside traditional banks.
Fee-related earnings from managing assets and arranging debt and equity deals rose 25% to $785 million, while the spread earned on insurance assets rose 7% to $877 million.
Apollo said those metrics broke quarterly records, as did fees from a unit which offers direct loans and asset-backed finance.
Principal investing income, which reflects profits from divestments, dipped to $16 million from $75 million in the previous quarter and $47 million in the same period of 2025.
Sales of assets from certain funds had been "prudently delayed", Apollo said, adding that some fees and income were lower "while market conditions are less accommodative for monetization activity".
Rising interest rates have weighed on so-called exit deals in private equity in recent years, although buyout pioneer KKR (KKR.N) last week reported a brisk quarter for such deals.
Apollo's asset management arm brought in $38 billion in fresh capital in the second quarter.
The company said that was driven in part by multi-asset securitization strategies, which include new vehicles pulling together different types of debt. The firm is marketing those vehicles, dubbed AMAPS, as a replacement for collateralized loan obligations.
Credit products for institutional investors and its latest flagship private equity fund also attracted inflows.
Wealthy individuals who have been staging a retreat from private credit this year pitched in $3 billion during the quarter, down from $4 billion in the previous three months.
The New York-based company posted adjusted net income of $2.11 per share, 10% higher than the same period last year.
Apollo started as a private equity firm in 1990 and has since pushed hard into credit and insurance, helping swell its total assets under management to $1.05 trillion at end-June.
CEO Marc Rowan has pledged to increase transparency and liquidity for private assets as valuations have come under scrutiny, with funds struggling to sell equity stakes and investors worrying about lending standards outside traditional banks.
Fee-related earnings from managing assets and arranging debt and equity deals rose 25% to $785 million, while the spread earned on insurance assets rose 7% to $877 million.
Apollo said those metrics broke quarterly records, as did fees from a unit which offers direct loans and asset-backed finance.
Principal investing income, which reflects profits from divestments, dipped to $16 million from $75 million in the previous quarter and $47 million in the same period of 2025.
Sales of assets from certain funds had been "prudently delayed", Apollo said, adding that some fees and income were lower "while market conditions are less accommodative for monetization activity".
Rising interest rates have weighed on so-called exit deals in private equity in recent years, although buyout pioneer KKR (KKR.N) last week reported a brisk quarter for such deals.
Apollo's asset management arm brought in $38 billion in fresh capital in the second quarter.
The company said that was driven in part by multi-asset securitization strategies, which include new vehicles pulling together different types of debt. The firm is marketing those vehicles, dubbed AMAPS, as a replacement for collateralized loan obligations.
Credit products for institutional investors and its latest flagship private equity fund also attracted inflows.
Wealthy individuals who have been staging a retreat from private credit this year pitched in $3 billion during the quarter, down from $4 billion in the previous three months.
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