Apollo’s Strategic Moves: Balancing Major Deals Ahead of Earnings

As Apollo Global Management prepares to release its full-year 2025 results, the alternative asset manager is making headlines with significant, yet contrasting, strategic transactions. These developments set the stage for its upcoming financial report, highlighting both expansion and caution within its diverse portfolio.

Earnings Schedule: The company is scheduled to announce its Q4 and full-year 2025 figures on Monday, February 9, 2026, before U.S. markets open. A detailed conference call with analysts will follow at 2:30 PM CET.

In a notable move for its European operations, funds managed by Apollo have successfully arranged a senior-secured financing facility worth approximately €900 million. This capital is earmarked for a pan-European portfolio of logistics and industrial properties. The assets are owned by a joint venture between Cerberus Capital Management and Arrow Capital Partners.

The financing will primarily be used to refinance existing debt held by the Strategic Industrial Real Estate (SIRE) platform. Ben Eppley, Apollo’s Head of European Real Estate Credit, characterized the deal as a customized solution for a high-quality portfolio that benefits from stable underlying market fundamentals.

Strengthening the Balance Sheet with an Internal Shift

In a related credit development, S&P Global Ratings revised its outlook on Apollo Commercial Real Estate Finance (ARI) from "stable" to "positive" this Wednesday. This upgrade was triggered by an agreement for Apollo partners and affiliated funds to acquire nearly the entirety of ARI's commercial real estate loan portfolio.

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The purchase price represents 99.7% of the total loan commitments. Analysts view this internal transaction as a strategic maneuver that substantially mitigates ARI's near-term exposure to potential credit losses, thereby strengthening its balance sheet.

A Setback in Private Credit Lending

Counterbalancing these positive signals, Apollo recorded a loss in its private credit segment on Tuesday. Reports indicate the firm has completely written down to zero an asset-based financing facility extended to Perch, an Amazon brand aggregator.

This default affects a portion of an original $170 million loan that Apollo had issued in conjunction with its insurance subsidiary, Athene. Market observers interpret this full write-off as a rare but clear warning sign within a market segment typically known for its resilience.

The forthcoming earnings release will provide a comprehensive view of whether Apollo's robust new credit business has been sufficient to offset these isolated write-downs. Investors will be watching closely to see how these opposing dynamics—major European financing and a significant U.S. credit impairment—have influenced the annual results.