CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
APO delivered strong Q1 2026 results with record fee-related earnings of $728M (+30% Y/Y) and adjusted net income of $1.94 per share. Total AUM surpassed the $1T milestone at $1.026T (+31% Y/Y) due to record inflows of $115B, while fee-generating AUM was $836B (+40% Y/Y). We think the ALT investment cycle is accelerating with higher private equity monetization activity, positioning APO as a market leader in private credit. Even with negative media on private credit, APO's Credit segment realized $108B in quarterly inflows and outflow of $20B. APO did not provide specific 2026 guidance, but trends are favorable, in our view. Management fees grew 24% Y/Y to $952M, with perpetual capital representing 60% of total AUM. We think APO is well-positioned for accelerated performance fee monetization with $74B in dry powder and superior credit quality at 11 bps losses versus 12 bps industry average. The firm returned $1.5B to shareholders through dividends and repurchases while implementing a new $4.0B buyback program.