Apollo Global Management (APO) Financial History

We are subject to operating and financial restrictions arising from our indebtedness, which include restrictive covenants that, subject to certain exceptions, limit certain operational, financial or structural decisio…

We are subject to risks associated with pandemics, epidemics, disease outbreaks and other public health crises.

In addition, on August 11, 2023, we issued 28,750,000 shares of Mandatory Convertible Preferred Stock with a dividend rate of 6.75% per annum on the liquidation preference of $50 per share.

based on a number of considerations, including our results of operations and capital management plans and the market price of our shares, the availability of funds, our access to capital markets as well as industry pr…

Article XIV of our Certificate of Incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitt…

decisions, which is expected to result in significant and unpredictable variations in our quarterly returns; our creditworthiness, results of operations and financial condition; the credit ratings of the shares; dilut…

In addition, several of the BEPS measures, including measures covering treaty abuse, the deductibility of interest expense, local nexus requirements, transfer pricing and hybrid mismatch arrangements, are relevant to…

subsidiaries are non-U.S.

It is likely that other countries or jurisdictions will continue to implement the recommended model GloBE Rules (including either or both of the IIR or UTPR) as drafted or in a modified form, although some countries m…

The ultimate application of Pillar Two as implemented by jurisdictions which may seek to assert taxing rights with respect to our business remains uncertain and subject to legislative and interpretative change.

Our effective tax rate and tax liability is based on the application of current income tax laws, regulations and treaties as interpreted and applied by various jurisdictions.

We cannot predict whether any particular proposed legislation will be enacted or, if enacted, what the specific provisions or the effective date of any such legislation would be, or whether it would have any effect on…

In addition, our business has been, and may continue to be, the subject of litigation between third parties that could negatively impact us.

Guaranty associations may also subject member insurers, including Athene, to assessments that require the insurers to pay funds to cover contractual obligations under insurance policies issued by insurance companies t…

In addition to the foregoing risks, the financial services and insurance industry is the focus of increased regulatory scrutiny as various U.S.

We are or may be subject to new initiatives and additional rules and regulations relating to sustainable finance and/or other sustainability-related matters, including but not limited to: in the EU, the EU Regulation…

We are subject to extensive regulation, including periodic examinations, inquiries and investigations and requirements to obtain and maintain licenses and/or other approvals, by government agencies and self-regulatory…

Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties.

reported internal rate of return than if the facility had not been utilized and instead capital contributions from investors had been contributed at the inception of an investment.

In addition to such finance arrangements, we also opportunistically invest or otherwise deploy the assets on our balance sheet.

financing (or similar instrument) as one charge it is incurring as part of our financing package to them and therefore doesn’t distinguish between (x) the fees paid to our affiliates and (y) returns earned by the fund…

In addition, there are a variety of circumstances inherent in our business that give rise to the potential for conflicts of interest, which have, in certain instances, resulted in actual conflicts between us and the f…

In addition, “anti-ESG” sentiment has also gained momentum across the U.S., with several states and federal authorities having enacted or proposed “anti-ESG” policies, legislation or issued executive orders and legal…

Certain investors have placed increased importance on the impact of investments made by the funds to which they commit capital on sustainability-related issues and, conversely, certain other investors may sell to mini…

We continue to depend on investors in the funds we manage even after the capital-raising phase of any fund.

Certain institutional investors have publicly criticized compensation arrangements, including management consulting fees and merger and acquisition transaction advisory fees, as well as additional types of fees paid t…

It could become increasingly difficult for the funds we manage to raise capital as funds compete for investments from a limited number of qualified investors.

required insurance capital may move with market movements and result in greater capital needs during economic downturns.

Additionally, certain investments by the funds we manage rely heavily on the use of leverage.

Many of the funds we manage utilize subscription lines of credit, net asset value-based fund finance facilities or similar financing arrangements, margin loans or other derivative financing arrangements to fund operat…

The use of AI Technologies also requires our compliance with legal or regulatory frameworks that are not fully developed or tested, and we may face litigation and regulatory actions related to our use of AI Technologi…

translate documents or gather information on a wide variety of topics.

Technological developments in AI Technologies and their current and potential future applications, including in the private investment, financial and insurance sectors, as well as the legal and regulatory frameworks w…

AI Technologies could increase competitive, operational, legal and regulatory risks to our businesses in ways that we cannot predict.

that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support our services.

Although we are not currently aware of any security incidents or cyberattacks that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, our operations or f…

There is a risk that our employees, directors, advisers, third-party service providers or others affiliated with us could engage, including deliberately or recklessly, in actual or perceived misconduct, unethical beha…

Actual or alleged misconduct, unethical behavior and other activities by our current and former employees, directors, advisers, third-party service providers or others affiliated with us could harm us by impairing our…

The success of our businesses depends on the efforts, judgment, business relationships, personal reputations and continued service of our key personnel.

In addition, our initiatives to expand our individual investor base, including outside of the U.S., requires the investment of significant time, effort and resources, including the potential hiring of additional perso…

We continue to distribute products through new channels and markets, including through unaffiliated third-party firms, and we may not be able to effectively monitor or control the manner of distribution, which could r…

Accessing individual investors and selling products directed at such investors exposes us to new and greater levels of risk, including heightened litigation and regulatory enforcement risks, an increased compliance bu…

We may not be successful in any such attempted expansion.

We actively consider the opportunistic expansion of our businesses, both geographically and into new investment strategies and platforms, and intend, to the extent that market conditions warrant, to grow our businesse…

of trade, export control, investment, financial or other restrictions affecting certain countries, regions, industries or counterparties.

At the same time, inflation dynamics and monetary policy have become more uneven across jurisdictions.

forum for such claims unless the Company consents in writing to an alternative forum.

In addition, several of the BEPS measures, including measures covering treaty abuse, the deductibility of interest expense, local nexus requirements, transfer pricing and hybrid mismatch arrangements, are relevant to…

On January 15, 2025, the OECD released further administrative guidance which clarifies, amongst other matters, certain limitations and exclusions when computing deferred tax balances upon transitioning to the GloBE Ru…

As noted above, on December 27, 2023, the Government of Bermuda enacted the Bermuda CIT.

adjustment to our income tax provision that could increase our effective tax rate and/or have other unforeseen adverse tax consequences.

and further identified Athene as the head of the IAIG.

broker-dealers, “over the counter” derivatives markets, commodity pool operators, commodity trading advisors, gaming companies, and natural resources companies.

has made a balance sheet investment also may provide services to Apollo, the funds we manage or their portfolio companies, which may give rise to conflicts of interest.

In addition to the potential for conflict among the funds and accounts we manage, we face the potential for conflict between us and the funds and accounts we manage.

The terms of any future indebtedness of our retirement services business may contain additional restrictive covenants.

In addition to the covenants to which our retirement services business is subject pursuant to the AHL credit facility, AHL liquidity facility and certain letters of credit, AHL is also subject to certain limited coven…

On June 30, 2023, AHL, ALRe, AUSA and AARe, as borrowers, entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A., as administrative agent (the “AHL credit facility”).

Our retirement services business is subject to significant operating and financial restrictions imposed by its credit agreements and certain letters of credit and it is also subject to certain operating restrictions i…

Conversely, so-called “anti-ESG” and “anti-DEI” sentiment has also gained momentum across the U.S., with several states and federal authorities having enacted or proposed “anti-ESG” policies, legislation or issued exe…

management fees and performance fees to terminate.

Additionally, certain investments by the funds we manage rely heavily on the use of leverage.

extremely competitive.

We operate in highly competitive markets and compete with a large number of investment management firms, private equity, credit and real assets fund sponsors, U.S.

burden associated with onboarding new distributors or pursuing new distribution channels, resulting in increased cost and complexity.

of other investment management companies, acquisitions of critical business partners or other strategic initiatives, including entering into new lines of business.

investments made by our asset management and retirement services businesses, which are generally correlated to the performance of the relevant equity and debt markets; increasing volatility in the financial markets; p…

We are subject to risks associated with pandemics, epidemics, disease outbreaks and other public health crises, which could impact our business, financial condition and results of operations in the future.

Our businesses are materially affected by conditions in the political environment and financial markets and economic conditions throughout the world, such as changes in interest rates, availability of credit, inflatio…

Difficult political, market or economic conditions may adversely affect our businesses in many ways which could materially reduce our revenue, net income and cash flow and adversely affect our financial prospects and…

It is expected that we will continue to pay an annual dividend on our common stock, with increases based on the growth of the business as determined by our board of directors.

The market price of our shares may be highly volatile and could be subject to wide fluctuations.

On July 4, 2025, the U.S.

Certain of our investments may be in foreign corporations or may be acquired through foreign subsidiaries that would be classified as corporations for U.S.

Exempted Undertakings Tax Protection Act 1966 of Bermuda, as amended, Tax Assurance Certificates that they generally would not be subject to income or estate tax until March 31, 2035.

As noted above, on December 27, 2023, the Government of Bermuda enacted the Bermuda CIT.

On January 5, 2026, members of the Inclusive Framework agreed on several new safe harbors as part of a package of measures on Pillar Two aimed at reducing compliance burdens and ensuring fair treatment of substance-ba…

release updates to its administrative guidance which may result in further amendments to the Pillar Two rules as they apply in relevant jurisdictions.

shares.

pension risk transfer industry may be reduced.

to such assessments.

As we and the funds we manage become more actively involved in digital asset markets, the regulatory risks described herein will be heightened and we will be subject to supplemental and/or increased regulation that ap…

and may see additional, legislation or regulation opposing investment strategies or opportunities that are guided by sustainability-related considerations, making it harder for vehicles that apply such criteria to ope…

Where an investment fund uses borrowings under a subscription line facility, a net asset value-based finance fund facility or other financing arrangement in advance or in lieu of receiving capital contributions from i…

In connection with the services rendered by our affiliates to the funds we manage and their portfolio companies, such affiliates and/or the portfolio companies receive fees from the funds we manage, portfolio companie…

•Certain of the funds we manage invest in private credit opportunities (including through direct origination), which may be illiquid, difficult to value and exit prior to maturity, and susceptible to credit deteriorat…

•Rapid and unforeseen technological transformations, such as the emergence of large language models and generative AI, and/or the anticipated impact of such transformations, may introduce operating risks to certain po…

•Certain of the funds we manage invest in cryptocurrencies, which may expose us and such funds to increased risks and liabilities that are inherent in the ownership, development and monetization of cryptocurrencies.

Conversely, so-called “anti-DEI” sentiment and related public policy actions have gained prominence in the U.S.

consummating their capital-raising efforts, or they may consummate them at investment levels lower than those currently anticipated.

We are subject to operating and financial restrictions arising from our indebtedness.

In addition, our retirement services business relies on access to lending and debt markets to provide capital and liquidity.

Regulations related to AI Technologies continue to evolve and may also impose on us certain obligations and costs related to monitoring and compliance.

Through our use of AI Technologies, we avail ourselves of the potential benefits, insights and efficiencies resulting from these technologies.

Additionally, although the prevalence and scope of applications of distributed ledger technology, cryptocurrency and similar technologies is growing, the technology is nascent and may be vulnerable to cyberattacks or…

We are also dependent on an increasingly concentrated group of third-party vendors that we do not control for hosting the information systems and hardware systems that are critical to our businesses.

In addition, we may face other competitive risks beyond those specific to the businesses in which we operate.

Our competitors may have greater financial, fundraising, technical, research, marketing and other resources, more established relationships, broader product offerings, lower costs of capital or higher risk tolerances…

Competition for our business extends beyond fundraising and includes competition to source, originate, structure, finance and syndicate investments, acquire portfolio companies and strategic assets and deploy capital…

We operate in highly competitive markets and compete with a large number of investment management and alternative asset management firms, private equity, credit and real assets fund sponsors, U.S.