Apollo delivered record fee earnings and deal origination in the third quarter, but rising interest rates hit the value of investments held by its Athene retirement business.
The firm reported a net loss attributable to common stockholders of $1.06bn, or $1.78 a share, compared with a profit of $1.71bn a year earlier. Apollo attributed the swing mainly to unrealised mark-to-market losses on certain investments in its Retirement Services segment, which recorded $3.4bn of investment-related losses for the quarter.
On Apollo's preferred measure, the picture was steadier. Adjusted net income was $1.29bn, or $2.07 a share, against $2.17 a year earlier. Excluding notable items, it was $2.15 a share.
Subscribe for free to continue reading Enter your email and get every post from Private Equity Insights.
Source: PE Insights · Summarized by HeadlinesBriefing