Apollo Global Management (APO) 10-K risk factor changes: FY2025 vs FY2024

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, inflation rates (including persistent inflation), economic uncertainty, changes in laws (including laws relating to taxation), changes in governmental policy and regulatory reform, changes in trade or immigration policy, tariffs and trade sanctions on goods, trade wars, U.S.-China relations, commercial and trading relations between the [removed: United States,] [added: U.S.,] Canada, Mexico and the European Union, imposition or maintenance of trade barriers (including tariffs), labor shortages, the ongoing Russia-Ukraine conflict, the conflicts in the Middle East, the tensions between China and Taiwan, supply chain disruptions, economic, political, fiscal and/or other developments in or affecting Eurozone countries, commodity prices, currency exchange rates and controls, wars, other national and international political circumstances (including terrorist acts or security operations), natural disasters, climate change, [removed: pandemics] [added: pandemics, epidemics, disease outbreaks] or other severe public health crises and [added: related governmental actions, and] other events outside of our control.

Although the Federal Reserve in the U.S. and central banks in various other countries have [removed: started to] cut interest rates as the rate of inflation slowly weakened, they may again [removed: raise] [added: raise, and some countries, such as Japan, have already raised,] interest rates in response to concerns about inflation in the future, which, coupled with reduced government spending and volatility in financial markets, may have the effect of further increasing economic uncertainty and heightening these risks.

Interest rate risk poses a significant market risk to us as a result of interest rate-sensitive assets (*e.g.*, fixed income assets) and liabilities (*e.g.*, fixed deferred and immediate annuities) held by [removed: us] [added: us, the funds we manage] and by the portfolio companies of the funds we manage.

[removed: The] [added: Past,] ongoing [added: and potential armed conflicts and military hostilities in various regions, such as the] conflict between Russia and Ukraine and the conflict in the Middle [removed: East] [added: East, and heightened political and economic uncertainty across certain emerging markets and certain regions of strategic geopolitical significance,] have [removed: increased] [added: increased, and may continue to increase in the future,] global economic and political uncertainty.

[removed: Furthermore,] [added: For example,] governments in the U.S., U.K., and EU have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia, and additional controls and sanctions could be enacted in the future.

We are continuing to actively monitor [removed: the situations in Russia, Ukraine and the Middle East] [added: geopolitical developments] and assess their impact on our business and the business and operations of the portfolio companies of the funds we manage (particularly the impact on portfolio companies that operate in industries such as chemicals, oil and gas and aviation).

[removed: Any] [added: For example, any] global energy crisis, including as a result of restrictions on [removed: Russia's] [added: Russia’s] energy exports or any future continuation or expansion of the Middle East conflicts, could similarly have an adverse impact on certain of the geographies where we do business and certain business and operations of the portfolio companies of the funds we manage.

We and the funds we manage could have significant concentrations of real estate investments and collateral underlying investments linked to real estate in areas of the [removed: United States] [added: U.S.] prone to severe weather and climate [removed: events,] [added: events (such as wildfires, droughts, hurricanes and floods),] including California, sections of the [removed: northeastern] [added: Northeastern] U.S., the South Atlantic states and the Gulf Coast.

A portion of our revenues, earnings and cash flow is highly variable, primarily due to the fact that performance fees from our asset management business and the transaction, [added: structuring,] advisory and other fees that we receive, can vary significantly from quarter to quarter and year to year.

Our future results will also be significantly dependent on the success of the larger funds we manage (*e.g.*, Fund [removed: VIII, Fund] IX, Fund X and AAA), changes in the value of which may result in fluctuations in our results.

We may not be successful in expanding into new investment strategies, geographic markets and businesses and [added: in attracting] new types of investors, each of which may result in additional risks and uncertainties in our businesses.

[added: Accordingly, we may pursue growth through acquisitions] of other investment management [removed: companies,] [added: companies (such as our acquisition of Bridge Investment Group Holdings Inc. in 2025),] acquisitions of critical business partners or other strategic initiatives, including entering into new lines of business.

[removed: Additionally, any expansion of] our [removed: businesses could result in significant increases in our] outstanding indebtedness and debt service requirements, which would increase the risks of investing in our shares, and may adversely impact our results of operations and financial condition.

The prevalence of these accounts may also present [removed: conflicts and] [added: conflicts,] introduce complexity in the deployment of [removed: capital.][added: capital and result in additional costs and expenses.]

We [added: also] may be subject to claims related to matters such as the adequacy of disclosures, appropriateness of fees, suitability and board of directors’ oversight, each which could result in civil lawsuits, regulatory penalties and enforcement actions.

In addition, regulations applicable to our arrangements with such distributors and channels increase the compliance [added: burden associated with onboarding new distributors or pursuing new distribution channels, resulting in increased cost and complexity.]

We operate in highly competitive markets and compete with a large number of investment management [added: and alternative asset management] firms, private equity, credit and real assets fund sponsors, U.S. and non-U.S. insurance and reinsurance companies, broker-dealers, financial advisors, asset managers and other financial institutions.

These competitive pressures may [removed: have a material and adverse effect] [added: materially adversely affect] on our growth, business, financial condition, results of operations, cash flows and prospects.

We may also not succeed in recruiting additional personnel because the market for qualified professionals is [added: extremely competitive.]

[removed: Misconduct] [added: 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 ability to attract and retain investors and by subjecting us to significant legal liability, regulatory scrutiny and reputational harm.

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 [removed: misconduct] [added: actual] or [added: perceived misconduct, unethical behavior or] fraud [added: and/or participate in outside activities] that creates [added: reputational harm and/or] legal exposure for us and adversely affects our businesses.

If anyone associated or affiliated with us, or the portfolio companies of the funds we manage, were to engage, or be accused of engaging, in [removed: illegal] [added: illegal, unethical] or suspicious activities, sexual harassment, impermissible discrimination, improper use or disclosure of confidential information, fraud, payment or solicitation of bribes, misrepresentation of products and services or any other type of similar misconduct or violation of other laws and regulations, [added: regardless of whether such activity is related to our business, management’s resources and attention could be diverted, and] we could [added: receive negative publicity,] suffer serious harm to our [removed: brand,] [added: brand and] reputation, be subject to [added: increased regulatory scrutiny,] penalties or sanctions, face difficulties in raising [removed: funds,] [added: funds or generating business, experience a broader backlash against the company and its affiliated entities,] suffer serious harm to our financial position and current and future business relationships, as well as face potentially significant litigation or investigations.

Although we are not currently aware of any [removed: cyberattacks or other] [added: security] incidents [added: or cyberattacks] that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect, our operations or financial condition, there can be no assurance that the various procedures and controls we utilize to mitigate these threats will be sufficient to prevent disruptions to our systems, especially because the cyberattack techniques used change frequently and are not recognized until launched, the full scope of a cyberattack may not be realized until an investigation has been performed and cyberattacks can originate from a wide variety of sources.

The rapid evolution and increasing prevalence of [removed: artificial intelligence technologies] [added: AI Technologies] may also increase our cybersecurity [removed: risks.][added: risks, and we may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts as a result of the use of AI Technologies.]

We [removed: also] rely on third-party service providers for certain aspects of our businesses, including for certain information systems, technology and administration of the funds we manage and compliance matters.

While we require our critical third-party suppliers to implement and maintain what we believe to be effective cybersecurity and data protection measures, we cannot guarantee that third parties and infrastructure in our supply chain or our partners’ supply chains have not been compromised or that they do not contain exploitable defects or bugs [removed: 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.]

As new technologies, including tools that harness generative artificial intelligence and other machine learning techniques, rapidly develop and become even more accessible, the use of such new technologies by us, our affiliates and our [removed: third party] [added: third-party] service providers will present additional known and unknown risks, including, among others, the risk that confidential information may be stolen, misappropriated or disclosed and the risk that we and/or [removed: third party] [added: third-party] service providers may rely on incorrect, unclear or biased outputs generated by such technologies, any of which could have an adverse impact on [removed: us] [added: us, our reputation] and our business.

The ability of many funds, particularly the private equity funds, to dispose of investments is heavily dependent on the capital markets and in particular the public equity [added: markets, including hybrid equity and hybrid credit] markets.

In the event that funds we manage are unable to obtain committed debt financing for potential investments, including acquisitions, or can only obtain debt at an increased interest rate or otherwise on unfavorable terms, such funds may be forced to find alternative sources of financing (including equity), may have difficulty completing otherwise profitable investments or may generate profits that [added: are lower than would otherwise be the case, any of which could lead to a decrease in the investment income earned by us.]

[removed: Calculations of] required insurance capital may move with market movements and result in greater capital needs during economic downturns.

[removed: Artificial intelligence] [added: AI Technologies] could increase competitive, operational, legal and regulatory risks to our businesses in ways that we cannot predict.

Technological developments in [removed: artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”)] [added: 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 within which they operate, are rapidly evolving.

The full extent of current or future risks related thereto is not possible to [removed: predict.][added: predict and we may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes.]

AI Technologies could significantly disrupt the [added: business models, investment strategies, operational processes, and] markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, which could have a material and adverse effect on our business, financial condition, results of operations, liquidity and cash flows.

[removed: We intend to] [added: Through our use of AI Technologies, we] avail ourselves of the potential benefits, insights and efficiencies [removed: that are available through the use of AI Technologies, which presents a number of potential risks that cannot be fully mitigated.][added: resulting from these technologies.]

If the data we, [added: our affiliates] or third parties whose services we rely on, use in connection with the possible development or deployment of AI Technologies [added: (including employee data and data related to, or used in, workplace operations)] is incomplete, incorrect, inadequate or biased in some way, it may result in flawed algorithms, reduce the effectiveness of AI [removed: Technologies and] [added: Technologies,] adversely impact us and our [removed: operations.][added: operations, and could subject us to legal and regulatory investigations and/or actions.]

The misuse or misappropriation of our data, including material non-public information, [added: unavoidable deficiencies in the practices associated with data collection, training AI technology on large data sets and big data analytics and difficulties in validating data] could have an adverse impact on our reputation, subject us to legal and regulatory investigations and/or actions and create competitive risk.

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 Technologies, including intellectual property infringement and misappropriation claims, [removed: that could have a material] and [removed: adverse impact on our business, financial condition, results] [added: claims related to alleged misuse or misappropriation] of [removed: operations, liquidity and cash flows.][added: our data.]

Any decline in the pace at which the funds we manage make investments would reduce our origination, syndication, arranger, [added: placement,] structuring, sourcing and other similar fees and could make it more difficult for us to raise capital.

Likewise, any increase in the pace at which the funds we manage exit investments would reduce origination, syndication, arranger, [added: placement,] structuring, sourcing and other similar fees to the extent additional investment opportunities are not available to redeploy all or a portion of the proceeds.

Evolving political, market and economic conditions, including increased policy uncertainty and market volatility, may adversely affect our businesses and financial results.

Recent macroeconomic conditions have been shaped by increasingly fragmented global growth and a more volatile and transactional policy environment.

Economic performance has diverged across regions, with relatively resilient demand in the U.S. offset by weaker growth in parts of Europe and a slowdown in China, while global trade and investment flows have been influenced by heightened geopolitical tensions and a shift toward trade nationalism and industrial policy.

Governments have increasingly relied on tariffs, export controls, investment screening and other policy tools to advance domestic economic and national security objectives, contributing to supply-chain reconfiguration, front-loading of imports, higher costs and reduced visibility into cross-border activity.

These developments have increased uncertainty around global demand, pricing, capital allocation and exit environments, which could adversely affect portfolio company operating results and valuations, the availability and cost of financing, the timing and execution of asset sales and refinancings, and the investment performance of the funds we manage.

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

While inflation has moderated in certain economies, it has remained elevated or proven more persistent in others due to services inflation, labor market tightness, fiscal spending and tariff-related cost pressures, leading central banks to pursue increasingly divergent policy paths.

As a result, interest rates may remain elevated for longer than in prior cycles or increase further in certain markets, contributing to volatility in interest rates, foreign exchange markets and financial conditions.

These conditions may increase financing costs, pressure valuations and liquidity, and disproportionately affect interest-rate-sensitive assets and liabilities held by us and the portfolio companies of the funds we manage, particularly in an environment of slowing growth or heightened market uncertainty.

In response to such conflicts, hostilities and uncertainties, governments may impose a range

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

In addition, certain investments by funds or vehicles we manage may be based, in part, on assumptions regarding the availability, amount or duration of federal, state, local or foreign government programs, incentives, subsidies, regulatory frameworks or tax credits applicable to particular industries, assets or business activities.

Such programs or incentives are often available only for limited periods, may be subject to phase-outs, caps or eligibility requirements, and may depend on continued legislative, regulatory or budgetary support.

As a result, such programs or incentives may not be available for the full anticipated investment horizon, or on the terms initially expected, and may be delayed, modified, not renewed or eliminated.

Any such developments could adversely affect the anticipated profitability, cash flows, valuation or exit opportunities of these investments, which in turn could negatively affect the performance of the funds or vehicles we manage, and our results of operations and cash flows.

Additionally, any expansion of our businesses could result in significant increases in

As the number and complexity of our investment products and vehicles increases, the operational demands and complexity of our business has also increased, which could strain the sufficiency of our systems, infrastructure, and personnel required to manage the volume and complexity of this growth.

Moreover, as individual investor targeted initiatives continue to grow across the alternative asset management industry, there may be the introduction of new regulatory, oversight or disclosure requirements that make our initiatives to expand our individual investor base more difficult to achieve.

In particular, competition in our asset management business is based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, investor availability of capital and willingness to invest, fund terms (including fees and liquidity terms), brand recognition, types of products offered and business reputation.

Our investment business, as well as our investment funds, compete with a number of private funds, specialized investment funds, funds structured for individual investors, hedge funds and other sponsors managing pools of capital, as well as corporate buyers and traditional asset managers.

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 across private equity, private credit, real assets and other alternative strategies.

We also compete with financial institutions and other market participants in connection with acquisitions, investments, financings, originations, syndications and other strategic transactions, and competitive pressures in these areas may affect pricing, transaction terms, investment returns and our ability to deploy capital efficiently.

In addition, our retirement services business faces significant competition from traditional insurers and reinsurers, asset managers and other financial institutions offering annuity, pension risk transfer and other retirement products, as well as from alternative capital providers seeking exposure to similar long-duration liabilities or asset classes.

In these markets, competition is based on factors such as pricing, product design and structure, underwriting standards, investment performance, financial strength, financial strength ratings, credit ratings, scale, distribution capabilities, regulatory capital considerations and the ability to source and manage assets aligned with retirement and insurance liabilities.

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 than we do.

Some competitors may be willing or able to pursue opportunities or strategies or retirement-related transactions on more aggressive terms, including by accepting lower returns or greater risk, which could reduce the availability of attractive opportunities or require us to adjust pricing, structure or terms.

As a result of these competitive dynamics across our asset management and retirement services businesses, we may experience increased difficulty in attracting and retaining investors, originating or executing transactions on favorable terms, maintaining or increasing fees, deploying capital effectively or achieving our growth objectives.

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

For example, the use and implementation of artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”), and products and platforms involving digital assets and distributed ledger technologies also have the potential to significantly disrupt the way financial institutions, including investment managers and asset managers, do business or attract and address investor demands and strategies, resulting in further competitive pressures for our business.

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.

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 have other inherent technological weaknesses.

We and the funds we manage are exposed to risks, and may become exposed to additional risks, related to distributed ledger technology and the financial products that use it, such as blockchain, cryptocurrencies and other digital assets, or decentralized finance (DeFi) and related applications, including through our offering funds and other products, facilitating clients’ activities and investing in financial products that use blockchain, cryptocurrencies or other digital assets; our reliance on companies that use, develop or rely on distributed ledger technology; use of distributed ledger technology by third-party vendors, clients, counterparties, clearinghouses and other financial intermediaries with whom we transact; and the receipt of cryptocurrencies or other digital assets as collateral.

Market volatility of financial products using distributed ledger technology may increase these risks and may also expose us to increased compliance risks.

Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets, a sector to which certain of our investment strategies have significant exposure.

For example, our employees can utilize internal generative AI-powered applications to help summarize, search or

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

However, these technologies also present a number of potential risks that cannot be fully mitigated.

Additionally, the volume and reliance on data and algorithms also make AI Technologies, and in turn us, more susceptible to cybersecurity threats, including compromising underlying models, training data, or other intellectual property.

We could be exposed to risks to the extent of our use or third-party service providers, or any counterparties use of AI Technologies in their business activities.

While we expect, from time to time, to adopt and adjust usage policies and procedures governing the use of AI Technologies by our personnel, there is a risk of misuse of such AI Technologies, failure of such AI Technologies to be available or to perform, or data leakage on account of use of such AI Technologies, any of which could cause a material harm to us or our portfolio companies.

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 condition.

Market uncertainty and volatility could also be magnified as a result of the new U.S. administration and resulting uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies, such as threatened or imposed tariffs on imports from various countries, including China, Mexico, and Canada.

Both domestic and international markets continued to experience significant inflationary pressures in fiscal year 2024 and inflation rates in the U.S., as well as in other countries in which we operate, could continue at elevated levels for the near term.

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.

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

Such public health crises could adversely affect our business in a number of ways, including by adversely impacting the valuations of the

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; preventing us from capitalizing on certain market opportunities; causing prolonged asset price inflation and hampering our asset management business’ ability to deploy capital or to deploy capital as profitably; interrupting global or regional supply chains; hurting consumer confidence and economic activity; reducing opportunities for our asset management business to successfully exit existing investments; straining our liquidity, which may impact our credit ratings and limit the availability of future financing; impairing our asset management business’ equity investments and impacting the ability of the portfolio companies of our asset management business to meet their respective financial obligations and comply with existing covenants; increasing the rate at which policyholders of our insurance products withdraw their policies; and reducing our ability to understand and foresee trends and changes in the markets in which we operate.

Accordingly, we may pursue growth through acquisitions

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

In particular, our asset management business faces intense competition in the pursuit of outside investors for the funds we manage, and our retirement services business faces intense competition with respect to both the products it offers and the acquisition and block reinsurance transactions it pursues.

extremely competitive.

are lower than would otherwise be the case, any of which could lead to a decrease in the investment income earned by us.

Certain institutional investors have publicly criticized compensation arrangements, including management consulting fees and merger and acquisition transaction advisory fees.

management fees and performance fees to terminate.

In addition,

In addition, certain investments by funds or vehicles we manage may have been based in part on projections regarding the availability of government programs encouraging the development of alternative energy sources and products, and changes to such programs may affect the anticipated profitability of those investments.

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 imposed by the indentures to which it is a party.

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”).

Also on June 28, 2024, AHL and ALRe entered into a new revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (the “AHL liquidity facility”), which replaced the previous revolving credit agreement dated as of June 30, 2023.

The AHL credit facility, the AHL liquidity facility and certain AHL letters of credit also entered into contain various covenants, which restrict the operations of our retirement services business.

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 covenants pursuant to the indentures, dated January 12, 2018 and March 7, 2024, by and between AHL and U.S. Bank National Association, as trustee, as supplemented by the applicable supplemental indentures, by and among us and U.S. Bank National Association, as trustee, (the “AHL Indentures”).

The AHL Indentures contain restrictive covenants which limit, subject to certain exceptions, AHL’s and, in certain instances, some or all of its subsidiaries’ ability to make fundamental changes, create liens on any capital stock of certain of AHL’s subsidiaries, and sell or dispose of the stock of certain of AHL’s subsidiaries.

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

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.

These conflicts may include: (i) the allocation of investment opportunities between Apollo and the funds and accounts Apollo manages; (ii) the allocation of investment opportunities among funds and accounts

In addition, certain entities in which Apollo

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

and further identified Athene as the head of the IAIG.

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

We are continuing to evaluate the impact of the Bermuda CIT on certain of our subsidiaries, including the transitional provisions and elections that are intended to mitigate the risk of an incremental cash tax burden.

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 Rules.

While the full implications of the January 2025 guidance is not yet clear, we do not anticipate significant adverse consequences for our business or the business of companies in which we invest as a result of this guidance.

Inclusive Framework members have been moving forward on the BEPS agenda and significant aspects of the proposals have been

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

The following discussion should be read in conjunction with Apollo Global Management, Inc.’s consolidated financial statements and the related notes as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

Apollo conducts its business primarily in the [removed: United States] [added: U.S.] through the following three reportable segments: Asset Management, Retirement Services and Principal Investing.

As of December 31, [removed: 2024,] [added: 2025,] we had total AUM of [removed: $751] [added: $938] billion.

We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our [removed: sizeable] private equity franchise.

Credit is our largest asset management strategy with [removed: $616] [added: $749] billion of AUM as of December 31, [removed: 2024.][added: 2025.]

Our equity strategy managed [removed: $135] [added: $189] billion of AUM as of December 31, [removed: 2024.][added: 2025.]

Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, [removed: impact investing,] infrastructure and clean transition equity strategies.

We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through December 31, [removed: 2024.][added: 2025.]

Athene’s primary product line is annuities, which include [removed: fixed,] [added: fixed rate, indexed,] payout and group annuities issued in [removed: conjunction] [added: connection] with pension group annuity [removed: transactions.][added: transactions and defined contribution plans.]

[removed: Athene also offers funding agreements, which] [added: Funding agreements] are comprised of funding agreements issued under its FABN program, secured and other funding agreements, [added: which include Athene’s FABR program and direct] funding [added: agreements, funding] agreements issued to the FHLB and repurchase agreements with an original maturity exceeding one year.

Our asset management business provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset [removed: diligence] [added: diligence,] and certain operational support [removed: services,] [added: services] including investment compliance, tax, legal and risk management support.

Our Principal Investing segment is comprised of our realized performance fee income, realized investment income [added: earned] from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.

Over time, we may deploy capital into strategic investments [removed: over time] that will help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the [added: scalability and/or] efficiency of our [added: existing] operations.

Given the cyclical nature of [added: realized] performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments.

We earn fees based on the investment performance of the [removed: funds] [added: funds, partnerships and accounts] we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with [removed: the] investors [removed: in the funds] [added: whose capital] we manage and incentivize them to deliver strong investment performance over time.

To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over [removed: the last few years.][added: time.]

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Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, changes to U.S. and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the [removed: United States] [added: U.S.] and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.

U.S. inflation eased [added: slightly] in [removed: 2024] [added: 2025] with the U.S. Bureau of Labor Statistics reporting [removed: that] the annual U.S. inflation rate decreased to [removed: 2.9%] [added: 2.7%] as of December 31, [removed: 2024,] [added: 2025,] compared to [removed: 3.4%] [added: 2.9%] as of December 31, [removed: 2023.][added: 2024.]

Equity market performance was strong in [removed: 2024.][added: 2025.]

In the U.S., the S&P 500 Index increased by [removed: 23.3%] [added: 16.4%] in [removed: 2024,] [added: 2025,] following an increase of [removed: 24.2%] [added: 23.3%] in [removed: 2023.][added: 2024.]

Global equity markets also increased in [removed: 2024,] [added: 2025,] with the MSCI All Country World ex USA Index increasing by [removed: 5.3%,] [added: 32.6%,] following an increase of [removed: 18.6%] [added: 5.3%] in [removed: 2023.][added: 2024.]

Credit markets were positive in [removed: 2024,] [added: 2025,] with the BofAML HY Master II Index increasing by [removed: 8.2%,] [added: 8.5%,] while the [removed: S&P/LSTA] [added: Morningstar/LSTA] Leveraged Loan Index increased by [removed: 8.7%.][added: 7.2%.]

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of [removed: 2.8%] [added: 2.2%] in [removed: 2024,] [added: 2025,] following an increase of [removed: 2.9%] [added: 2.8%] in [removed: 2023.][added: 2024.]

As of January [removed: 2025,] [added: 2026,] the International Monetary Fund estimated [removed: that] the U.S. economy will expand by [removed: 2.7%] [added: 2.4%] in [removed: 2025] [added: 2026] and [removed: 2.1%] [added: 2.0%] in [removed: 2026.][added: 2027.]

The U.S. Bureau of Labor Statistics reported [removed: that] the U.S. unemployment rate increased to [removed: 4.1%] [added: 4.4%] as of December 31, [removed: 2024,] [added: 2025,] compared to [removed: 3.8%] [added: 4.1%] as of December 31, [removed: 2023.][added: 2024.]

The U.S. dollar [removed: strengthened] [added: weakened] in [removed: 2024] [added: 2025] compared to the euro and the British pound.

Relative to the U.S. dollar, the euro [removed: depreciated 6.2%] [added: appreciated 13.4%] in [removed: 2024,] [added: 2025,] after [removed: appreciating 3.1%] [added: depreciating 6.2%] in [removed: 2023,] [added: 2024,] while the British pound [removed: depreciated 1.7% during 2024,] [added: appreciated 7.7% in 2025,] after [removed: appreciating 5.4%] [added: depreciating 1.7%] in [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] the funds we manage have no investments that would cause Apollo or any Apollo managed fund to be in violation of current international sanctions, and we believe the direct exposure of investment portfolios of the funds we manage to Russia and Ukraine is insignificant.

Medium and long-term rates [removed: increased] [added: decreased] in [removed: 2024,] [added: 2025,] with the U.S. 10-year Treasury yield at [removed: 4.58%] [added: 4.18%] as of December 31, [removed: 2024] [added: 2025,] compared to [removed: 3.88%] [added: 4.58%] as of December 31, [removed: 2023.][added: 2024.]

Short-term rates decreased in [removed: 2024,] [added: 2025,] with the 3-month secured overnight financing rate at [removed: 4.31%] [added: 3.65%] as of December 31, [removed: 2024] [added: 2025] compared to [removed: 5.33%] [added: 4.31%] as of December 31, [removed: 2023.][added: 2024.]

With respect to Retirement Services, Athene’s investment portfolio [removed: consists] predominantly [added: consists] of fixed maturity investments.

As of December 31, [removed: 2024,] [added: 2025,] Athene’s net invested asset portfolio included [removed: $50.6] [added: $48.6] billion of floating rate investments, or [removed: 20%] [added: 17%] of its net invested assets, and its net reserve liabilities included [removed: $33.6] [added: $45.1] billion of floating rate liabilities at notional, or [removed: 13%] [added: 16%] of its net invested assets, resulting in [removed: $17.0] [added: $3.5] billion of net floating rate assets, or [removed: 7%] [added: 1%] of its net invested assets.

In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent [removed: that] Athene is unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions.

While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum [removed: levels,] [added: levels at renewal,] its willingness to do so may be limited by competitive pressures.

Athene’s funding [removed: agreements,] [added: agreements and] other investment-type products, [added: the latter of which is comprised of] immediate [removed: annuities,] [added: annuities without significant mortality risk (which includes] pension group [removed: annuity obligations and] [added: annuities without] life [added: contingencies), guaranteed investment] contracts [added: and assumed endowments without significant mortality risks,] provide little to no discretionary ability to change the rates of interest [added: that determine the amounts] payable to the respective policyholder or institution.

See [removed: “Item] [added: “Part II—Item] 7A.

Financial Measures under U.S. GAAP [removed: -] [added: –] Asset Management

The following discussion of financial measures under U.S. GAAP is based on Apollo’s asset management business as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 40%] [added: 36%] of the value of [removed: the] [added: our funds’] investments [removed: of the funds we manage,] on a gross [removed: basis,] [added: basis] was determined using market-based valuation methods [removed: (*i.e.*,] [added: (i.e.,] reliance on broker or listed exchange quotes) and the remaining [removed: 60%] [added: 64%] was determined primarily by comparable company and industry multiples or discounted cash flow models.

As of December 31, 2025, Apollo had a team of approximately 6,140 employees, including 2,010 employees supporting our Retirement Services segment and 600 employees of Bridge.

Acquisition of Bridge

On September 2, 2025, we completed the previously announced acquisition of Bridge in an all-stock transaction.

As a result, Bridge became a consolidated subsidiary of AAM, and its results are included in the consolidated financial statements commencing from the Acquisition Date.

Athene also offers funding agreements and guaranteed investment contracts issued in connection with defined contribution plans.

Guaranteed investment contracts support stable value investment options within defined contribution plans and allow the contract holder to earn a guaranteed return of principal plus interest.

The ongoing uncertainty regarding trade policy poses a downside risk to the current economic outlook, with lower growth and higher inflationary pressures increasing the risk of a stagflationary environment.

Tariffs, which are inflationary in nature, remain in place and may have a negative impact on GDP growth.

The potential impact of tariffs on corporate earnings remains uncertain and will depend on the duration and outcome of related trade negotiations.

The U.S. Federal Reserve has a current benchmark interest rate target range of 3.50% to 3.75%, following a rate cut of 25 basis points at each of its three meetings to end 2025, before holding rates constant at its January 2026 meeting.

Oil finished 2025 down 19.9% from 2024.

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Bridge Funds | | | 148 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | (30) | | | | | | 9 | | | | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| ANRP I, II and III | | | 53 | | | | | | 206 | | | | | | 259 | | | | | | 10 | | | | | | 113 | | |

| Credit Strategies | | | 126 | | | | | | 486 | | | | | | 612 | | | | | | — | | | | | | 124 | | |

| EPF Funds | | | 32 | | | | | | 577 | | | | | | 609 | | | | | | 111 | | | | | | 45 | | |

| Fund X | | | 480 | | | | | | 143 | | | | | | 623 | | | | | | — | | | | | | 561 | | |

| Fund IX | | | 1,134 | | | | | | 1,680 | | | | | | 2,814 | | | | | | — | | | | | | 1,982 | | |

| Fund VIII | | | — | | | | | | 1,789 | | | | | | 1,789 | | | | | | 68 | | | | | | 1,168 | | |

| HVF I | | | 81 | | | | | | 256 | | | | | | 337 | | | | | | — | | | | | | 206 | | |

| HVF II | | | 190 | | | | | | 111 | | | | | | 301 | | | | | | — | | | | | | 239 | | |

| MidCap FinCo | | | 38 | | | | | | 166 | | | | | | 204 | | | | | | — | | | | | | 38 | | |

| Bridge Funds | | | 148 | | | | | | 8 | | | | | | 156 | | | | | | — | | | | | | 59 | | |

| Other5 | | | 857 | | | | | | 2,799 | | | | | | 3,656 | | | | | | 22 | | | | | | 977 | | |

| Total | | | $ | 3,770 | | | | | $ | 15,481 | | | | | $ | 19,251 | | | | | $ | 212 | | | | | $ | 5,984 | |

| 2 Amounts exclude certain performance fees from business development companies and Redding Ridge Holdings, an affiliate of Redding Ridge. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

*Property Management, Development and Other Fees*

Apollo provides property management services through Bridge.

Apollo earns property management fees over time as the related services are provided under the terms of the respective property management agreements.

Apollo also earns leasing commission revenue associated with the leasing of commercial assets, which is recognized upon the execution of the applicable lease agreements, and records development fees as the services are provided under the terms of the applicable development agreements.

Other fees are primarily composed of interest on catch-up management fees, fees related to accounting, in-house legal and tax professional services.

Interest sensitive contract liabilities are typically associated with universal life-type policies and investment contracts.

| Property management, development and other fees | | | | | | | | | | | | | | | | | | | | | | | | | | | 32 | | | | | | — | | | | | | 32 | | | | | | NM | | | | | | — | | | | | | — | | | | | | — | | | | | | NM | | |

Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts.

Additionally, management fees increased due to the Bridge acquisition.

The increase in management fees earned from ADS was primarily driven by an increase in subscriptions.

The increase in management fees earned from S3 Equity and Hybrid Solutions and AIOF III was primarily driven by catch-up management fees on additional closes.

The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from our corporate private equity, direct origination, asset-backed finance, infrastructure and clean transition equity, opportunistic credit and multi-credit strategies.

Incentive fees increased by $95 million to $245 million in 2025 from $150 million in 2024, primarily attributable to sustained growth across a variety of perpetual capital vehicles.

As of December 31, 2024, Apollo had a team of 5,108 employees, including 1,983 employees of Athene.

The U.S. Federal Reserve finished the year with a benchmark interest rate target range of 4.25% to 4.50%, marking the second sequential quarter with a significant cut in rates since the COVID-19 pandemic.

Oil finished 2024 in line with 2023, increasing 0.1% from 2023.

fund; thereafter, the Company participates in returns from the fund at the performance fee rate.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| ANRP I, II and III | | | 48 | | | | | | 186 | | | | | | 234 | | | | | | 12 | | | | | | 94 | | |

| Credit Strategies | | | 113 | | | | | | 373 | | | | | | 486 | | | | | | — | | | | | | 106 | | |

| EPF Funds | | | 21 | | | | | | 527 | | | | | | 548 | | | | | | 110 | | | | | | 35 | | |

| Fund X | | | 199 | | | | | | — | | | | | | 199 | | | | | | — | | | | | | 199 | | |

| Fund IX | | | 1,597 | | | | | | 1,297 | | | | | | 2,894 | | | | | | — | | | | | | 2,320 | | |

| Fund VIII | | | 23 | | | | | | 1,783 | | | | | | 1,806 | | | | | | 70 | | | | | | 1,162 | | |

| HVF I | | | 60 | | | | | | 252 | | | | | | 312 | | | | | | — | | | | | | 183 | | |

| HVF II | | | 168 | | | | | | — | | | | | | 168 | | | | | | — | | | | | | 168 | | |

| MidCap Financial | | | 43 | | | | | | 166 | | | | | | 209 | | | | | | — | | | | | | 43 | | |

| Other5 | | | 617 | | | | | | 2,638 | | | | | | 3,255 | | | | | | 20 | | | | | | 700 | | |

| Total | | | $ | 3,467 | | | | | $ | 14,401 | | | | | $ | 17,868 | | | | | $ | 213 | | | | | $ | 5,515 | |

| 2 Amounts in “Distributed by Fund and Recognized” for the Citi Property Investors (“CPI”), Gulf Stream Asset Management, LLC (“Gulf Stream”), Stone Tower Capital LLC and its related companies (“Stone Tower”) funds and SIAs are presented for activity subsequent to the respective acquisition dates. Amounts exclude certain performance fees from business development companies and Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

losses” below for further information.

Net invested

Investment income increased $273 million in 2024 to $1,305 million compared to $1.0 billion in 2023.

Moreover, the fund achieved its annualized hurdle rate in 2024.

The performance allocations earned from HVF II in 2024 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer services, (ii) consumer and retail and (iii) manufacturing and industrial sectors.

Advisory and transaction fees earned during 2024 were primarily attributable to advisory and transaction fees earned from companies in the (i) media, telecom and technology, (ii) financial services, (iii) manufacturing and industrial, (iv) business services and (v) natural resources sectors.

The decrease in management fees earned from Fund X of $21 million was primarily related to the catch-up management fees earned in 2023.

The increase in 2024 was primarily driven by $72 million related to equity interests issued by a subsidiary as part of a restructuring of such entity, as well as $18 million of fund merger-related costs.

Additionally, increases in professional fees, higher travel and entertainment expenses and placement fees also contributed to the higher general, administrative and other expenses in 2024.

The decrease in equity-based compensation of $267 million was primarily due to special fully vested RSUs that were granted to certain senior leaders in 2023.

Additionally, there was an increase in profit sharing expense of $40 million resulting from the corresponding higher investment income during 2024.

In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period.

Other revenues were $19 million in 2024, a decrease of $572 million from $591 million in 2023, primarily due to the $555 million gain on the settlement of the VIAC recapture agreement in 2023.

The favorable change in the provision for credit losses of $154 million was primarily driven by intent-to-sell impairments in 2023 related to the timing of the recapture of certain business by VIAC and impacts from the Silicon Valley Bank failure.

Revenues of consolidated VIEs were $1.8 billion in 2024, an increase of $381 million from $1.4 billion in 2023, primarily driven by gains within AAA related to favorable returns on the underlying assets.

The favorable unlocking primarily related to favorable projected mortality lowering future benefit payments, partially offset by an increase in the lump sum payment utilization assumption.

Unlocking in 2023 was $45 million favorable consisting of $297 million of favorable future policy benefit reserve

The favorable unlocking primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.

This impact was partially offset by an unfavorable change in the fair value of market risk benefits of $25 million related to less favorable equity market performance compared to 2023.

This was partially offset by the favorable performance of the equity indices to which Athene’s FIA policies are linked, with the 2024 impact amplified by the strong growth in Athene’s FIA block of business over the previous twelve months.

Additionally, policy and other operating expenses increased due to an increase in policy acquisition expenses related to significant volume growth in 2024.

The change to the provision was primarily related to the increase in pretax income subject to income tax and a one-time deferred tax benefit resulting from the enactment of the Bermuda CIT in the fourth quarter of 2023.

The Company does not expect a material increase to its consolidated effective tax rate or earnings and results of operations as a result of the utilization of the deferred tax assets, though the Company can provide no assurance that the impacts will not be material in future years.

[removed: Included in market] [added: Potential] risk [removed: are potential losses in value due to] [added: exposures include] credit and counterparty risk, interest rate risk, currency risk, commodity price risk, equity price risk and inflation risk.

Athene’s primary market risk exposures are to credit risk, interest rate [removed: risk, equity price] risk and [removed: inflation] [added: equity price] risk.

The AAM Global Risk Committee [removed: (“AGRC”)] is tasked with assisting AAM in monitoring and managing enterprise risk for the asset management business.

The [removed: AGRC] [added: AAM Global Risk Committee] is chaired by [removed: a Co-President] [added: the President] of [removed: AAM] [added: AGM] and includes other members of senior management of Apollo’s asset management business.

On a periodic basis, risk [removed: owners] [added: management groups] also provide analyses of select market and credit risk components to various members of senior management.

In addition, the business and risk leaders of the Company’s asset management business review specific investments from the perspective of risk mitigation and discuss such analysis with the [removed: AGRC] [added: AAM Global Risk Committee] or other members of senior [removed: management] [added: management,] when needed.

The risk management team at Athene consists of [removed: eight] [added: seven] teams: [added: Strategic, Liability and Model Risk; Market, Credit and ALM Risk; Liquidity,] Business and Operational [removed: Risk, ALM, Regulatory and Risk Analytics,] [added: Risk;] Risk [removed: Policy] [added: Platform] and [removed: Derivatives Risk,] [added: Analytics;] Derivatives and Structured [removed: Solutions, Asset Risk Management, Strategic and Emerging] [added: Solutions; Derivatives] Risk [added: Management;] and Risk Operations and Change Management.

AHL’s risk management team is comprised of more than [removed: 50] [added: 60] dedicated, full-time employees.

- providing appropriate risk reports that show consolidated risk exposures from assets and [removed: liabilities] [added: liabilities,] as well as the economic consequences of stress events and scenarios.

As of December 31, [removed: 2024,] [added: 2025,] we do not expect any counterparty to default on its obligations and therefore do not expect to incur any loss due to counterparty default.

The funds we manage also invest in [removed: the securities] [added: equity or debt] of companies which are located in non-U.S. jurisdictions.

Athene manages credit risk by [removed: avoiding] [added: evaluating and calibrating] idiosyncratic risk concentrations, understanding and managing its systematic exposure to economic and market conditions through stress testing, monitoring investment activity [removed: daily] and distinguishing between price and default risk from credit exposures.

[added: rate durations and convexity) and employs quarterly cash flow testing requirements across all of its insurance companies to] assure the asset and liability portfolios are managed to maintain net interest rate exposures at levels that are consistent with its risk appetite.

*Equity Risk—*Athene’s [removed: FIAs] [added: indexed annuities] require it to make payments to policyholders that are dependent on the performance of equity market indices.

Athene [removed: currently] [added: generally] targets fund investments that have characteristics resembling fixed income [added: or hybrid] investments versus those resembling pure equity investments, but as holders of partnership positions, Athene’s investments are generally held as equity positions.

Athene’s alternatives portfolio also includes [removed: strategic] equity investments in origination platforms, insurance platforms and others.

Since alternative investments are marked-to-market on the consolidated statements of financial condition, risk analyses focus on potential changes in [removed: market value] [added: valuation] across a variety of market stresses.

*Scenario [removed: Analysis—* Athene] [added: Analysis—*Athene] evaluates exposure to credit risk by analyzing its portfolio’s performance during simulated periods of economic stress.

In the event that interest rates were to increase by one percentage point, we estimate that management fees earned that were dependent upon estimated fair value would decrease by approximately [removed: $21] [added: $25] million and $21 million during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

In the event that credit spreads were to increase by one percentage point, we estimate that management fees earned that were dependent upon estimated fair value would decrease by approximately [removed: $21] [added: $32] million and [removed: $22] [added: $21] million during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

We estimate for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in the following declines in management fees and investment income (loss):

| *(In millions)* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | |

| Management fees | | | $ | [removed: 29] [added: 31] | | | | | $ | [removed: 24] [added: 29] | | | | |

| Investment income (loss) | | | [removed: 3] [added: 7] | | | | | | [removed: 1] [added: 3] | | | [removed: 1] | | |

Management fees earned that were dependent upon estimated fair value during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] would decrease by approximately [removed: $75] [added: $90] million and [removed: $58] [added: $75] million, respectively, if the fair values of the investments held by such funds were 10% lower during the same respective periods.

We anticipate that a 10% decline in the fair values of investments held by all of the funds we manage would decrease performance allocations by approximately [removed: $1.9] [added: $2.0] billion and [removed: $1.2] [added: $1.9] billion at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

*Principal Investment [removed: Income —*For] [added: Income—*For] select funds managed by Apollo, our share of income from equity method investments as a general partner in such funds is derived from unrealized gains or losses on investments in funds included in the consolidated financial statements.

We anticipate that a 10% decline in the fair value of investments at December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] would result in an [removed: approximate $230] [added: approximately $278] million and [removed: $247] [added: $230] million decrease in principal investment income and net gains (losses) from investment activities in our consolidated financial statements, respectively.

Assuming all other factors are constant, if there was an immediate parallel increase in interest rates of 100 basis points from levels as of December 31, [removed: 2024,] [added: 2025,] Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of [removed: $3.0] [added: $4.2] billion, net of offsets.

If there was a similar parallel increase in interest rates from levels as of December 31, [removed: 2023,] [added: 2024,] Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of [removed: $2.5] [added: $3.0] billion, net of offsets.

The increase in sensitivity to point-in-time [removed: pre-tax] income [added: (loss) before income tax (provision) benefit] from changes in the fair value of these financial instruments as of December 31, [removed: 2024,] [added: 2025,] when compared to December 31, [removed: 2023, was] [added: 2024, is] primarily driven by the growth experienced in [removed: 2024.][added: 2025.]

Assuming a 25 basis point increase in interest rates that persists for a 12-month period, the estimated impact to spread related earnings due to the change in net investment spread from floating rate assets and liabilities would be an increase of approximately [removed: $30 – $40] [added: $10 to $15] million, and a 25 basis point decrease would generally result in a similar decrease.

As of December 31, [removed: 2024] [added: 2025] the balance in cash and cash equivalents plus restricted cash, net investment payables and receivables, reinsurance impacts and the net derivative collateral offsetting the related cash positions, was [removed: $6.8] [added: $10.5] billion, net of the amount attributable to the non-controlling interests.

[removed: The decrease in sensitivity to spread related earnings due to the change in net] investment spread from floating rate assets and liabilities as of December 31, [removed: 2024,] [added: 2025,] when compared to December 31, [removed: 2023,] [added: 2024,] was [added: driven by the decrease in Athene’s net floating rate position primarily related to hedging actions undertaken in 2025.]

Changes in the fair value of market risk benefits due to current period movement in the interest rate curve used to discount the reserve are reflected in net income [removed: (loss)] but excluded from spread related earnings.

Assuming a parallel increase in interest rates of 25 basis points, the estimated impact to spread related earnings over a 12-month period related to market risk benefits would be an increase of approximately $30 [removed: –] [added: to] $50 million, and a parallel decrease in interest rates of 25 basis points would generally result in a similar decrease.

Athene is unable to make forward-looking estimates regarding the impact on net income [removed: (loss)] of changes in interest rates that persist for a longer period of time, or changes in the shape of the yield curve over time, as a result of an inability to determine how such changes will affect certain of the items that Athene characterizes as “adjustments to income [removed: (loss)] before income taxes” in its reconciliation between net income [removed: (loss)] available to [removed: AHL] [added: Athene Holding Ltd.] common stockholder and spread related earnings.

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Non-U.S. GAAP Measures” for the reconciliation of net income (loss) attributable to [removed: AGM] [added: Apollo Global Management, Inc.] common stockholders to adjusted net income, of which spread related earnings is a component.

See above for a discussion regarding the estimated impact on income (loss) before income tax (provision) benefit of an immediate, parallel increase in interest rates of 100 basis points from levels as of December 31, [removed: 2024,] [added: 2025,] which discussion encompasses the impact of such an increase on certain of the adjustment items.

Assuming all other factors are constant, if there was a decline in public equity market prices of 10% as of December 31, [removed: 2024,] [added: 2025,] Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of [removed: $617] [added: $833] million.

Concentration Risk

Athene monitors ALM metrics (such as key-

*Inflation Risk—*Exposure to inflation-linked outflows (liabilities) is not a significant risk.

These liabilities generally have caps on the amount of inflation applied to annual growth of payments.

Additionally, inflation-linked liabilities are priced to parity with other payout options available to the policyholders accounting for the forward-looking risk.

| | | | | | | | | | | | | | | |

The decrease in sensitivity to spread related earnings due to the change in net

Athene monitors ALM metrics (such as key-rate durations and convexity) and employs quarterly cash flow testing requirements across all of its insurance companies to

*Inflation Risk—*Athene manages its inflation risk to maintain minimal exposure to changes in purchasing power.

In general, it attempts to match inflation exposure of assets and liabilities.

When the inflation exposure profiles of assets and liabilities do not match, Athene generally undertakes hedging activities to eliminate or mitigate inflation mismatch risk.

| 1 We estimate a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in increases in performance fees, included within investment income (loss), during the year ended December 31, 2023. As a result, such increases are not included within the decline in investment income (loss). | | | | | | | | | | | | | | |

driven by the decrease in Athene’s net floating rate position related to hedging actions as well as additional issuances of floating rate funding agreements in 2024.

| | | | [Regulatory and Compliance [removed: Matters](#iae235f15d4dc4934af946424d69e7944_478)] [added: Matters](#i0bd455c94e4f472ca7a71fc93b20f2f8_409)] | | | | | | [removed: [24](#iae235f15d4dc4934af946424d69e7944_478)] [added: [26](#i0bd455c94e4f472ca7a71fc93b20f2f8_409)] | | |

Apollo conducts its business primarily in the [removed: United States] [added: U.S.] through the following three reportable segments: Asset Management, Retirement Services and Principal Investing.

The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, [removed: ultimately] [added: ultimately,] our ability to generate returns for our clients.

As of December 31, [removed: 2024,] [added: 2025,] we had total AUM of [removed: $751.0] [added: $938.4] billion.

Our Asset Management segment had a team of [removed: 3,125] [added: approximately 4,130 employees, including 600] employees [added: of Bridge] as of December 31, [removed: 2024,] [added: 2025,] with offices throughout the world.

Credit is our largest asset management strategy with [removed: $616.4] [added: $749.2] billion of AUM as of December 31, [removed: 2024.][added: 2025.]

The investment portfolios of the credit-oriented funds Apollo manages include several asset [removed: classes,] [added: classes] as described [removed: below:][added: below as of December 31, 2025:]

- *Direct Origination* [removed: ($251.3] [added: ($302.1] billion of AUM), includes large corporate direct origination, middle-market direct lending, and investment grade and performing credit mandates across managed accounts and CLOs.

- *Asset-Backed Finance* [removed: ($229.1] [added: ($282.7] billion of AUM), includes instruments that are supported first by the contractual cash flows of a pool of assets, and second by the liquidation value of those assets.

- *Opportunistic Credit* [removed: ($40.3] [added: ($50.0] billion of AUM), seeks to optimize both near- and longer-term relative value across market cycles by capitalizing on investment opportunities across the credit spectrum, spanning private and public markets as well as corporate and asset-backed credit.

- *Multi-Credit* [removed: ($25.2] [added: ($40.9] billion of AUM), targets investment grade and high yield performing credit, including income-oriented, senior loan and bond corporate [removed: credit] [added: credit,] as well as asset-backed finance investments.

Our equity strategy represents [removed: $134.7] [added: $189.2] billion of AUM as of December 31, [removed: 2024.][added: 2025.]

[removed: Apollo’s] [added: Our] equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, [removed: impact investing,] infrastructure and clean transition equity strategies.

We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through December 31, [removed: 2024.][added: 2025.]

Our equity strategy focuses on several investing strategies as described [removed: below:][added: below as of December 31, 2025:]

- *Corporate Private Equity* [removed: ($76.8] [added: ($78.8] billion of AUM)*,* which refers to our investment strategy focused on creating investment opportunities with attractive risk-adjusted returns across industries and geographies and throughout market cycles, utilizing our value-oriented investment approach.

Corporate Private Equity also includes our secondaries equity [removed: (“Secondaries”)] [added: strategy (“Secondaries”), which offers a comprehensive set of secondary] and [removed: impact investing (“Impact”) strategies.][added: liquidity solutions;]

- *Hybrid Value* [removed: ($14.7] [added: ($17.7] billion of AUM), which refers to our strategy that focuses on investments that share features with both private credit and traditional private equity investments.

[added: Hybrid Value offers creative, partnership-driven] solutions to counterparties seeking to fund growth initiatives, acquisitions, liquidity events for shareholders and balance sheet deleveraging.

- *AAA* [removed: ($19.5] [added: ($25.6] billion of AUM), which offers investors access to Apollo’s flagship private market strategy in a perpetual capital, semi-liquid structure.

The strategy seeks to deliver [added: consistent,] equity-like returns with lower risk and more downside protection than both public equity and traditional private equity buyout strategies.

- *Real Estate Equity* [removed: ($16.6] [added: ($47.9] billion of AUM), which refers to our real estate income strategies encompassing core plus and net lease investments in the non-traded REIT and public and private real estate funds we manage, as well as our value add and opportunistic investments strategies that target investments in real estate assets, portfolios and platforms in regionally focused private funds in both the [removed: United States and Asia;] [added: U.S.] and [added: Asia.]

[removed: *•Infrastructure] [added: - *Infrastructure and Clean Transition] Equity* [removed: ($13.6] [added: ($21.6] billion of AUM), which refers to the investment strategy of certain funds managed by Apollo that focus on investing in a broad range of infrastructure assets, including digital infrastructure, energy transition, [removed: transportation/logistics,] [added: transportation/logistics] and sustainable [removed: living.][added: living, as well as our clean transition equity strategy, our dedicated energy transition and decarbonization-focused private equity strategy.]

Included within our investing strategies above is [removed: $446.5] [added: $535.6] billion of perpetual capital, out of the [removed: $751.0] [added: $938.4] billion of AUM as of December 31, [removed: 2024.][added: 2025.]

[removed: As of December 31, 2024, perpetual] [added: Perpetual] capital includes, without limitation, certain assets in our credit strategy, including assets relating to publicly traded and non-traded vehicles, certain origination platform assets and assets managed for certain of our retirement services clients.

As of December 31, [removed: 2024,] [added: 2025,] Apollo managed or advised [removed: $331.5] [added: $392.2] billion of AUM, of which [removed: $325.7] [added: $386.5] billion was Fee-Generating AUM, in accounts owned by or related to Athene (“Athene Accounts”).

As of December 31, [removed: 2024,] [added: 2025,] Apollo, through its subsidiaries, managed or advised [removed: $52.4] [added: $57.2] billion of AUM and [removed: $50.5] [added: $55.2] billion of Fee-Generating AUM in Athora Accounts.

This category includes the Athora assets [removed: which are managed by] [added: that] Apollo [added: manages] but [added: are] not sub-advised by Apollo nor invested in Apollo funds or investment vehicles.

We refer to these assets collectively as “Athora Non-Sub-Advised Assets.” Our AUM within the Athora Non-Sub-Advised category totaled [removed: $32.4] [added: $34.7] billion as of December 31, [removed: 2024,] [added: 2025,] of which [removed: $30.6] [added: $32.3] billion was Fee-Generating AUM.

Our capital solutions business focuses on (i) sourcing investment opportunities for asset management clients and their respective portfolio investments, (ii) maintaining relationships with the capital markets community in an effort to help clients and their respective portfolio investments to raise debt and equity capital, provide secondary market support and optimize capital structures through creative financing solutions, and (iii) structuring capital solutions in an effort to enhance our ability to syndicate, [removed: place] [added: place, trade] or otherwise transfer loans, securities and other financial instruments arising from financings in an effort to drive positive outcomes for our asset management clients and their respective portfolio investments.

Our capital solutions business also provides a variety of services with respect to both security and non-security financial instruments, including loans, such as originating, arranging, structuring, [removed: and] syndicating [added: and trading] loans and private debt, as well as providing corporate finance advisory services and other similar services.

We [removed: raise private] [added: source] capital from [removed: prominent institutional investors, including] [added: a diverse base that includes] public and private pension funds, sovereign wealth funds, endowments and foundations, [added: insurance companies,] private wealth platforms, family offices, high net worth individuals, [removed: and] other institutional investors, [removed: and from] [added: as well as] public market [removed: investors, as in the case of MFIC and ARI.][added: investors through certain perpetual capital vehicles.]

[removed: Our investment] [added: Investment] committees for [added: the] relevant [removed: funds] [added: funds, vehicles or accounts we manage] review [removed: the analyses of prospective investments,] and [removed: ultimately] approve [removed: recommended investments and dispositions.][added: investment decisions.]

As a limited partner, general partner and manager of the Apollo funds, Apollo had unfunded capital commitments as of December 31, [removed: 2024] [added: 2025] of [removed: $564] [added: $553] million.

Our asset management business provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset [removed: diligence] [added: diligence,] and certain operational support [removed: services,] [added: services] including investment compliance, tax, legal and risk management support.

A cornerstone of Athene’s investment philosophy is that given the operating leverage inherent in its business, [removed: modest investment outperformance can translate to outsized return performance.]

Athene is invested in a diverse array of primarily high-grade fixed income assets including corporate bonds, structured [removed: securities] [added: securities,] and commercial and residential real estate loans, among others.

These direct origination strategies include investments sourced by (1) affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly [added: through its ownership of the origination platform and/or securitizations of assets originated by the origination platform, and (2) our asset management team’s extensive network of direct relationships with predominantly investment-grade counterparties.]

Athene uses, and may continue to use, derivatives, including swaps, options, futures and forward [removed: contracts] [added: contracts,] and reinsurance [removed: contracts] [added: contracts,] to hedge risks such as current or future changes in the fair value of assets and liabilities, current or future changes in cash flows and changes in interest rates, equity markets, currency fluctuations and longevity.

Athene’s primary product line is annuities, which include [removed: FIAs, Fixed Rate Annuities, Registered Index-Linked Annuities (“RILAs”), Payout Annuities] [added: fixed rate, indexed, payout] and [removed: Group Annuities.][added: group annuities issued in connection with pension group annuity transactions and defined contribution plans.]

| | | | [Overview](#i0bd455c94e4f472ca7a71fc93b20f2f8_352) | | | | | | [13](#i0bd455c94e4f472ca7a71fc93b20f2f8_352) | | |

| | | | [Our Businesses](#i0bd455c94e4f472ca7a71fc93b20f2f8_355) | | | | | | [13](#i0bd455c94e4f472ca7a71fc93b20f2f8_355) | | |

| | | | [Asset Management](#i0bd455c94e4f472ca7a71fc93b20f2f8_358) | | | | | | [13](#i0bd455c94e4f472ca7a71fc93b20f2f8_358) | | |

| | | | [Retirement Services](#i0bd455c94e4f472ca7a71fc93b20f2f8_379) | | | | | | [17](#i0bd455c94e4f472ca7a71fc93b20f2f8_379) | | |

| | | | [Principal Investing](#i0bd455c94e4f472ca7a71fc93b20f2f8_397) | | | | | | [23](#i0bd455c94e4f472ca7a71fc93b20f2f8_397) | | |

| | | | [Competition](#i0bd455c94e4f472ca7a71fc93b20f2f8_400) | | | | | | [24](#i0bd455c94e4f472ca7a71fc93b20f2f8_400) | | |

| | | | [Human Capital](#i0bd455c94e4f472ca7a71fc93b20f2f8_403) | | | | | | [25](#i0bd455c94e4f472ca7a71fc93b20f2f8_403) | | |

| | | | | | | | | | | | |

| | | | [Available Information](#i0bd455c94e4f472ca7a71fc93b20f2f8_412) | | | | | | [32](#i0bd455c94e4f472ca7a71fc93b20f2f8_412) | | |

In September 2025, we completed the acquisition of Bridge, a real estate fund manager with a core focus on residential and industrial properties in the U.S., further expanding our real estate equity product offerings.

Our real estate strategy is supported by our vertically integrated approach to asset management, which provides a full suite of services spanning investment management and transaction advisory services, as well as property management, leasing, development and construction management functions and is led by specialized and experienced real estate professionals who bring deep sector knowledge across economic cycles; and

This investing strategy also includes the legacy natural resources-focused private equity funds we manage.

Origination

Apollo’s integrated approach to origination is designed to provide scaled, long-term capital across market cycles.

Our origination capabilities span asset classes, geographies, and multiple levels of the capital structure enabling us to structure solutions to our clients, including the funds we manage, Athene and third parties.

We originate assets through multiple channels including core credit, origination platforms, high grade capital solutions, and hybrid and equity strategies.

For the year ended December 31, 2025, origination volumes were $309 billion, of which core credit and origination platforms represented approximately 45% and 40%, respectively, of total origination volumes.

Core credit origination at Apollo primarily consists of directly originated, predominantly investment-grade assets, including corporate lending and asset-backed finance.

We also generate assets through a diversified ecosystem of 16 origination platforms across corporate credit, asset-backed finance, real estate, infrastructure and other private market asset classes.

Our origination activities are primarily focused on investment-grade and high-quality credit exposures, with transactions evaluated and structured using Apollo’s disciplined underwriting and risk management frameworks.

Origination supports our asset management and retirement services businesses primarily by facilitating capital deployment and portfolio construction.

In our asset management business, origination enhances our ability to source assets in line with targeted returns.

In our retirement services business, origination supports the creation of assets aligned with the long-duration liabilities.

These integrated capabilities allow Apollo to provide flexible, bespoke capital solutions to support evolving financing needs across a range of capital formation clients.

Capital Formation

Capital formation serves as the foundation to our asset management and retirement services businesses and origination activities.

Within our asset management business, over the last 35 years, our capital formation has historically been focused on serving institutional investors through their respective alternatives portfolio allocation.

Over time, our capabilities have expanded to address new sources of demand through discrete pools of capital, each encapsulating specific investment objectives, liquidity and other considerations.

Capital formation aligns origination and structuring capabilities to support credit and equity investment opportunities for a diverse range of buyers.

We view the capital formation opportunity across the following discrete buyer pools:

- Institutional investors (alternative allocation)

In addition, we are increasingly focused on expanding to:

- Institutional investors (fixed income and equity replacement)

- Individuals

- Insurance (Athene and third-party clients)

- Traditional asset managers

- Defined contribution / 401(k)

Across these pools of capital, we raise, allocate and manage capital across a range of structures, including closed-end funds, open-ended and evergreen vehicles, perpetual capital vehicles, publicly listed entities, insurance and retirement solutions and separately managed accounts.

Capital deployment requirements may vary by vehicle structure.

For closed-end funds we manage, investors generally provide capital through capital calls once investment opportunities are identified.

| | | | [Overview](#iae235f15d4dc4934af946424d69e7944_418) | | | | | | [12](#iae235f15d4dc4934af946424d69e7944_418) | | |

| | | | [Our Businesses](#iae235f15d4dc4934af946424d69e7944_421) | | | | | | [12](#iae235f15d4dc4934af946424d69e7944_421) | | |

| | | | [Asset Management](#iae235f15d4dc4934af946424d69e7944_424) | | | | | | [12](#iae235f15d4dc4934af946424d69e7944_424) | | |

| | | | [Retirement Services](#iae235f15d4dc4934af946424d69e7944_448) | | | | | | [16](#iae235f15d4dc4934af946424d69e7944_448) | | |

| | | | [Principal Investing](#iae235f15d4dc4934af946424d69e7944_466) | | | | | | [21](#iae235f15d4dc4934af946424d69e7944_466) | | |

| | | | [Competition](#iae235f15d4dc4934af946424d69e7944_469) | | | | | | [22](#iae235f15d4dc4934af946424d69e7944_469) | | |

| | | | [Human Capital](#iae235f15d4dc4934af946424d69e7944_472) | | | | | | [23](#iae235f15d4dc4934af946424d69e7944_472) | | |

| | | | [Sustainable Investing and Corporate Responsibility](#iae235f15d4dc4934af946424d69e7944_475) | | | | | | [24](#iae235f15d4dc4934af946424d69e7944_475) | | |

| | | | [Available Information](#iae235f15d4dc4934af946424d69e7944_481) | | | | | | [30](#iae235f15d4dc4934af946424d69e7944_481) | | |

Secondaries offers a comprehensive set of secondary and liquidity solutions while Impact pursues private equity-like opportunities that aim to generate attractive risk-adjusted returns while also generating positive, measurable social and/or environmental impact;

Hybrid Value offers creative, partnership-driven

Infrastructure Equity also includes the legacy natural resources private equity funds we manage, as well as our clean transition equity strategy, which is our dedicated energy transition and decarbonization-focused private equity strategy that invests in energy transition, sustainable mobility, industrial decarbonization and sustainable resource use.

Fundraising and Investor Relations

Within the asset management business, our fundraising strategy consists of credit and equity strategies.

In our equity strategy and certain funds in our credit strategy, fundraising activities for new funds begin once the investor capital commitments for the current fund are largely invested or committed to be invested.

The investor base includes new investors and investors from prior funds, which in many instances have increased their commitments to subsequent funds.

In addition, many of our investment professionals commit their own capital to each corporate private equity fund.

We maintain a rigorous investment process for credit and equity investments, and have in place procedures to allocate investment opportunities among the funds we manage.

We have professionals responsible for selecting, evaluating, structuring, performing due diligence on, negotiating, executing, monitoring and exiting investments for our traditional equity funds and credit funds we manage, respectively, as well as for pursuing operational improvements in the funds’ portfolio companies through management consulting arrangements in case of equity funds.

The processes by which the funds we manage receive and invest capital vary by investing strategy and type of fund.

However, in all types of funds we manage, investors deliver capital when called by us as investment opportunities become available.

We also have several perpetual capital vehicles with unlimited duration that raise capital by issuing equity securities in the public markets and can also issue debt.

Our hedge fund style credit funds, generally structured as limited partnerships with customary redemption rights, continuously offer and sell shares or limited partner interests via private placements through monthly subscriptions, which are payable in full upon a fund’s acceptance of an investor’s subscription.

The general partner’s capital commitment is determined through negotiation with the fund’s underlying investor base, and commitments are generally available for approximately six years.

Generally, as each investment is realized, these funds first return the capital and expenses related to that investment and any previously realized investments to fund investors and then distribute any profits (which are typically shared 80% to the investors in equity funds and 20% to us, so long as the investors receive at least an 8% compounded annual return on their investment).

Allocation of profits between fund investors and us, and the amount of the preferred return, among other provisions, varies for credit funds.

Ownership interests in equity funds are not subject to redemption prior to termination of the funds.

Our aim has been to build value in the portfolio companies of the credit and equity funds we manage.

We are actively engaged with the management teams of these portfolio companies to maximize the underlying value of the business, by taking a holistic approach to value-creation and concentrating on both the asset side and liability side of the balance sheet of a company.

For example, these portfolio companies may seek to capture discounts on publicly traded debt securities through exchange offers and potential debt buybacks.

In addition, our established group purchasing program helps the funds' portfolio companies leverage the combined corporate spending among Apollo and portfolio companies of the funds it manages in order to seek to reduce costs, optimize payment terms and improve service levels for all program participants.

The value of the investments that have been made by funds are typically realized through either an initial public offering of common stock on a nationally recognized exchange or through the private sale of the companies in which funds have invested.

As of December 31, 2024, Athene had 1,983 employees.

through its ownership of the origination platform and/or securitizations of assets originated by the origination platform, and (2) our asset management team’s extensive network of direct relationships with predominantly investment-grade counterparties.

securities posted and prepayment penalties.

Effective July 1, 2023, ALRe sold 50% of its non-voting, economic interests in ACRA 2 to ADIP II for $640 million, while maintaining all of ACRA 2’s voting interests.

Effective December 31, 2023, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 60%, with ALRe owning the remaining 40% of the economic interests.

Effective October 1, 2024, ACRA 2 repurchased a portion of its shares held by ALRe, which increased ADIP II’s ownership of economic interests in ACRA 2 to 63%, with ALRe owning the remaining 37% of the economic interests.

Within the reinsurance market, Athene competes with other insurance and reinsurance companies.

companies and financial institutions and as the already substantial consolidation in the financial services industry continues.

FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2024] [added: 2025] OR

[removed: ][added: ]

See the definitions of “large accelerated [removed: filer”,] [added: filer,”] “accelerated [removed: filer”,] [added: filer,”] “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

The aggregate market value of the common stock of the registrant held by non-affiliates as of June 30, [removed: 2024] [added: 2025] was approximately [removed: $48,057,705,400.][added: $58,394,760,022.]

As of February [removed: 19, 2025,] [added: 20, 2026,] there were [removed: 570,480,465] [added: 578,247,338] shares of the registrant’s common stock outstanding.

Portions of the registrant’s proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described therein.

| Item 1A. | | | [Risk [removed: Factors](#iae235f15d4dc4934af946424d69e7944_289)] [added: Factors](#i0bd455c94e4f472ca7a71fc93b20f2f8_304)] | | | [removed: [31](#iae235f15d4dc4934af946424d69e7944_289)] [added: [33](#i0bd455c94e4f472ca7a71fc93b20f2f8_304)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#iae235f15d4dc4934af946424d69e7944_484)] [added: Comments](#i0bd455c94e4f472ca7a71fc93b20f2f8_415)] | | | [removed: [59](#iae235f15d4dc4934af946424d69e7944_484)] [added: [64](#i0bd455c94e4f472ca7a71fc93b20f2f8_415)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#iae235f15d4dc4934af946424d69e7944_487)] [added: [Cybersecurity](#i0bd455c94e4f472ca7a71fc93b20f2f8_418)] | | | [removed: [59](#iae235f15d4dc4934af946424d69e7944_487)] [added: [64](#i0bd455c94e4f472ca7a71fc93b20f2f8_418)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#iae235f15d4dc4934af946424d69e7944_283)] [added: Proceedings](#i0bd455c94e4f472ca7a71fc93b20f2f8_298)] | | | [removed: [62](#iae235f15d4dc4934af946424d69e7944_283)] [added: [67](#i0bd455c94e4f472ca7a71fc93b20f2f8_298)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#iae235f15d4dc4934af946424d69e7944_301)] [added: Disclosures](#i0bd455c94e4f472ca7a71fc93b20f2f8_316)] | | | [removed: [62](#iae235f15d4dc4934af946424d69e7944_301)] [added: [67](#i0bd455c94e4f472ca7a71fc93b20f2f8_316)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iae235f15d4dc4934af946424d69e7944_295)] [added: Securities](#i0bd455c94e4f472ca7a71fc93b20f2f8_310)] | | | [removed: [63](#iae235f15d4dc4934af946424d69e7944_295)] [added: [68](#i0bd455c94e4f472ca7a71fc93b20f2f8_310)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iae235f15d4dc4934af946424d69e7944_175)] [added: Operations](#i0bd455c94e4f472ca7a71fc93b20f2f8_190)] | | | [removed: [66](#iae235f15d4dc4934af946424d69e7944_175)] [added: [71](#i0bd455c94e4f472ca7a71fc93b20f2f8_190)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#iae235f15d4dc4934af946424d69e7944_265)] [added: Risk](#i0bd455c94e4f472ca7a71fc93b20f2f8_337)] | | | [removed: [124](#iae235f15d4dc4934af946424d69e7944_265)] [added: [131](#i0bd455c94e4f472ca7a71fc93b20f2f8_337)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#iae235f15d4dc4934af946424d69e7944_28)] [added: Data](#i0bd455c94e4f472ca7a71fc93b20f2f8_25)] | | | [removed: [133](#iae235f15d4dc4934af946424d69e7944_28)] [added: [140](#i0bd455c94e4f472ca7a71fc93b20f2f8_25)] | | |

| Item 8A. | | | [Unaudited Supplemental Presentation of Statements of Financial [removed: Condition](#iae235f15d4dc4934af946424d69e7944_172)] [added: Condition](#i0bd455c94e4f472ca7a71fc93b20f2f8_187)] | | | [removed: [253](#iae235f15d4dc4934af946424d69e7944_172)] [added: [263](#i0bd455c94e4f472ca7a71fc93b20f2f8_187)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#iae235f15d4dc4934af946424d69e7944_358)] [added: Disclosure](#i0bd455c94e4f472ca7a71fc93b20f2f8_340)] | | | [removed: [257](#iae235f15d4dc4934af946424d69e7944_358)] [added: [267](#i0bd455c94e4f472ca7a71fc93b20f2f8_340)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#iae235f15d4dc4934af946424d69e7944_274)] [added: Procedures](#i0bd455c94e4f472ca7a71fc93b20f2f8_289)] | | | [removed: [257](#iae235f15d4dc4934af946424d69e7944_274)] [added: [267](#i0bd455c94e4f472ca7a71fc93b20f2f8_289)] | | |

| Item 9B. | | | [Other [removed: Information](#iae235f15d4dc4934af946424d69e7944_304)] [added: Information](#i0bd455c94e4f472ca7a71fc93b20f2f8_319)] | | | [removed: [258](#iae235f15d4dc4934af946424d69e7944_304)] [added: [268](#i0bd455c94e4f472ca7a71fc93b20f2f8_319)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iae235f15d4dc4934af946424d69e7944_361)] [added: Inspections](#i0bd455c94e4f472ca7a71fc93b20f2f8_343)] | | | [removed: [258](#iae235f15d4dc4934af946424d69e7944_361)] [added: [268](#i0bd455c94e4f472ca7a71fc93b20f2f8_343)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#iae235f15d4dc4934af946424d69e7944_364)] [added: Governance](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | | [removed: [259](#iae235f15d4dc4934af946424d69e7944_364)] [added: [269](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | |

| Item 11. | | | [Executive [removed: Compensation](#iae235f15d4dc4934af946424d69e7944_364)] [added: Compensation](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | | [removed: [259](#iae235f15d4dc4934af946424d69e7944_364)] [added: [269](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iae235f15d4dc4934af946424d69e7944_364)] [added: Matters](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | | [removed: [259](#iae235f15d4dc4934af946424d69e7944_364)] [added: [269](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iae235f15d4dc4934af946424d69e7944_364)] [added: Independence](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | | [removed: [259](#iae235f15d4dc4934af946424d69e7944_364)] [added: [269](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#iae235f15d4dc4934af946424d69e7944_364)] [added: Services](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | | [removed: [259](#iae235f15d4dc4934af946424d69e7944_364)] [added: [269](#i0bd455c94e4f472ca7a71fc93b20f2f8_424)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#iae235f15d4dc4934af946424d69e7944_385)] [added: Schedules](#i0bd455c94e4f472ca7a71fc93b20f2f8_445)] | | | [removed: [260](#iae235f15d4dc4934af946424d69e7944_385)] [added: [270](#i0bd455c94e4f472ca7a71fc93b20f2f8_445)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#iae235f15d4dc4934af946424d69e7944_409)] [added: Summary](#i0bd455c94e4f472ca7a71fc93b20f2f8_469)] | | | [removed: [274](#iae235f15d4dc4934af946424d69e7944_409)] [added: [285](#i0bd455c94e4f472ca7a71fc93b20f2f8_469)] | | |

These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, [added: international trade barriers,] domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others.

- [removed: Difficult] [added: Evolving] political, market [removed: or] [added: and] economic conditions;

- Our ability to expand into new investment strategies, geographic markets and businesses and [added: attract] new types of investors;

- Harm caused by [removed: misconduct] [added: actual or alleged misconduct, unethical behavior and other activities] by our current and former employees, directors, or others affiliated with us;

- Increased regulatory focus on our businesses [removed: or] [added: and] legislative or regulatory changes;

- The impact of [removed: the] [added: a] number of new minimum tax regimes and their implementation; and

Any [removed: AGM] [added: Apollo] entity (including any Athene entity) referenced herein is responsible for its own financial, contractual and legal obligations.

| AAA | | | Apollo Aligned Alternatives Aggregator, [removed: LP] [added: L.P.] | | | | | |

| Capital solutions fees and other, net | | | Primarily includes transaction fees earned by [removed: our capital solutions business which we refer to as] Apollo Capital Solutions (“ACS”) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio [removed: operations] [added: operations, directors' fees, as well as fees] and [removed: directors’ fees.] [added: earnings related to property management activities.] These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized (“management fee [removed: offset”)] [added: offset”),] and other additional revenue sharing [removed: arrangements.] [added: arrangements, including with certain subsidiaries and other affiliates.] | | | | | |

| Consolidated RBC | | | The consolidated risk-based capital ratio of Athene’s non-U.S. reinsurance and U.S. insurance subsidiaries calculated by aggregating U.S. RBC and Bermuda [removed: RBC.] [added: RBC, with immaterial adjustments for net assets at the holding company.] | | | | | |

| Cost of funds | | | Cost of funds includes liability costs related to cost of crediting on [removed: both] deferred annuities, including, with respect to Athene's [removed: fixed] indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests. Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, [removed: premiums and certain] [added: premiums,] product [removed: charges] [added: charges, excluding market value adjustments,] and [added: certain] other revenues. Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions. Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods. | | | | | |

| FCI Funds | | | Financial Credit Investment I, L.P., Financial Credit Investment II, L.P., together with its feeder funds, Financial Credit Investment Fund III L.P., [added: and] Financial Credit Investment IV, L.P., together with its feeder [removed: funds, and Apollo/Athene Dedicated Investment Program (A), L.P., together with its parallel funds, a series of] funds [removed: managed by Apollo including third-party capital that, through ACRA, invests alongside Athene in certain investments] | | | | | |

| Gross IRR of a traditional private equity or hybrid value fund | | | The cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on December 31, [removed: 2024] [added: 2025] or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. | | | | | |

| Item 1. | | | [Business](#i0bd455c94e4f472ca7a71fc93b20f2f8_349) | | | [12](#i0bd455c94e4f472ca7a71fc93b20f2f8_349) | | |

| Item 2. | | | [Properties](#i0bd455c94e4f472ca7a71fc93b20f2f8_421) | | | [66](#i0bd455c94e4f472ca7a71fc93b20f2f8_421) | | |

| Item 6. | | | [\[Reserved\]](#i0bd455c94e4f472ca7a71fc93b20f2f8_334) | | | [70](#i0bd455c94e4f472ca7a71fc93b20f2f8_334) | | |

| [SIGNATURES](#i0bd455c94e4f472ca7a71fc93b20f2f8_472) | | | | | | | | |

| AAA Lux | | | Apollo Aligned Alternatives Lux Aggregator, L.P. | | | | | |

| Accord VII | | | Apollo Accord Fund VII, L.P., together with its parallel funds and alternative investment vehicles | | | | | |

| Alternative investments | | | Alternative investments, including investment funds and certain VIEs, adjusted for reinsurance impacts and to include Athene's proportionate share of ACRA alternative investments based on its economic ownership | | | | | |

| AOG Units | | | Units of the Apollo Operating Group | | | | | |

| Apollo DAF | | | The donor-advised fund established by Apollo | | | | | |

| Bridge | | | Bridge Investment Group Holdings Inc. | | | | | |

| Bridge funds | | | Funds, vehicles and accounts managed by subsidiaries of Bridge | | | | | |

| Bridge TRA | | | The tax receivable agreement with certain equity holders of Bridge | | | | | |

| CIBC | | | Canadian Imperial Bank of Commerce | | | | | |

| GDP | | | Gross Domestic Product | | | | | |

| HVF III | | | Apollo Hybrid Value Fund III, L.P., together with its parallel funds and alternative investment vehicles | | | | | |

| MidCap FinCo | | | MidCap FinCo LLC, together with its subsidiaries | | | | | |

| Remaining Cost | | | Total Invested Capital, reduced for any return of capital proceeds received to date. | | | | | |

| S3 Equity and Hybrid Solutions | | | Apollo S3 Equity and Hybrid Solutions Fund, L.P. | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| Unlocking | | | Assumption unlocking is the annual process of revising current assumptions that impact the projection of benefits to align with recent experience. This may result in an immediate impact that may be favorable, resulting in a reduction in reserves or an increase in VOBA, or unfavorable, resulting in an increase in reserves or a decrease in VOBA. | | | | | |

| | | | | | | | | |

| Item 1. | | | [Business](#iae235f15d4dc4934af946424d69e7944_415) | | | [12](#iae235f15d4dc4934af946424d69e7944_415) | | |

| Item 2. | | | [Properties](#iae235f15d4dc4934af946424d69e7944_490) | | | [62](#iae235f15d4dc4934af946424d69e7944_490) | | |

| Item 6. | | | [\[Reserved\]](#iae235f15d4dc4934af946424d69e7944_355) | | | [65](#iae235f15d4dc4934af946424d69e7944_355) | | |

| [SIGNATURES](#iae235f15d4dc4934af946424d69e7944_319) | | | | | | | | |

- Climate change-related risks and regulatory and other efforts to address climate change;

| AADE | | | Athene Annuity & Life Assurance Company | | | | | |

| Alternative investments | | | Alternative investments, including investment funds, VIEs and certain equity securities due to their underlying characteristics | | | | | |

| AOG Unit Payment | | | On December 31, 2021, holders of units of the Apollo Operating Group (“AOG Units”) (other than Athene and the Company) sold and transferred a portion of such AOG Units to APO Corp., a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction. | | | | | |

| MidCap Financial | | | MidCap FinCo LLC (f/k/a MidCap FinCo Designated Activity Company) | | | | | |

| Remaining Cost | | | The initial investment of a fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment | | | | | |

- *Collaborative Approach.* The Company utilizes a cross-functional approach involving stakeholders across multiple departments, including Compliance, Legal, Technology, Operations, Risk and others, aimed at identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for [removed: the prompt escalation of potentially material cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.]

In our asset management business, our board of directors’ oversight of cybersecurity risk management is supported by the audit committee of the AGM Board of Directors (the “AGM Audit Committee”), the AAM Global Risk [removed: Committee (“AGRC”),] [added: Committee,] the Operational Risk Forum (the “ORF”), the Cybersecurity Working Group and management.

Our board of directors, the AGM Audit Committee, the [removed: AGRC,] [added: AAM Global Risk Committee,] the ORF and the Cyber Security Working Group receive regular updates on Apollo’s information technology, cybersecurity risk profile and strategy, and risk mitigation plans from the Company’s risk management professionals, the Company’s [removed: Chief Security Officer (“CSO”),] CISO, other members of management and relevant management committees and working groups.

The group [added: generally] meets at least once a quarter to discuss cybersecurity and risk mitigation activities, among other topics.

The CISO regularly reports to the ORF regarding cyber risk, and the ORF in turn [added: generally] reports to the [removed: AGRC] [added: AAM Global Risk Committee] on a quarterly basis, noting any cyber updates when necessary or appropriate.

In turn, the AGM board and/or the AGM Audit Committee receive quarterly risk updates from our risk management professionals, as well as at least annual updates on [added: cyber risk specifically.]

The full AGM board or the AGM Audit Committee receives presentations and reports on cybersecurity risks from AGM’s [removed: CSO or] CISO, as well as from AHL’s CISO, at least annually, and they address a wide range of topics including recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties.

AHL’s Chief Information Officer (“CIO”), CISO, General Counsel and certain other members of AHL’s senior management meet periodically with the audit, [removed: risk, and legal and regulatory committees of AHL’s board of directors to review AHL’s information technology and cybersecurity risk profile and to discuss risk mitigation plans.]

AHL’s information security program implements a detailed cyber incident response plan that provides controls and procedures for handling cyber incidents and incorporates a cross-functional approach to addressing [removed: cyber] [added: cybersecurity] risk, with engagement among internal working groups.

AHL’s CISO is responsible for managing [removed: Athene’s] [added: our] information security program.

AHL’s CISO has over 25 years of information technology experience and over 20 years of information security experience; is a Certified Information Systems Security Professional, a Certified Information Systems [removed: Manager;] [added: Manager,] and holds a Bachelor of Arts in statistical science, a Bachelor of Science in computer science, and a Master of Business Administration in business.

the prompt escalation of potentially material cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.

risk, and legal and regulatory committees of AHL’s board of directors to review AHL’s information technology and cybersecurity risk profile and to discuss risk mitigation plans.

cyber risk specifically.

AGM’s CSO holds an undergraduate degree in Management Information Systems and Business Administration, which he received magna cum laude.

He has over 25 years of cyber-related experience, having served in various roles in technology and cybersecurity, including as Head of IT Risk Management, Executive Director of IT & Risk Compliance, and Global IT Risk Evaluation Lead at large financial institutions and consulting firms.

He was also previously AGM’s CISO for nearly eight years.

In our asset management business, Apollo also leases the space for our offices in New York, [removed: Los Angeles,] El Segundo, Irvine, Houston, Bethesda, Greenwich, Miami, Palm Beach, [added: Salt Lake City, Orlando, Atlanta, Charlotte,] London, Frankfurt, Luxembourg, [added: Amsterdam, Zurich,] Mumbai, [removed: New Delhi,] Singapore, Hong Kong, Shanghai, Seoul, Tokyo and Sydney, among other locations throughout the world.

The retirement services business operations primarily include Athene’s Iowa and Bermuda offices.

PART II – OTHER INFORMATION

PART II

The number of holders of record of our common stock as of February [removed: 19, 2025] [added: 20, 2026] was [removed: 442.][added: 923.]

The following graph depicts the total return to holders of our common stock from the closing price on December 31, [removed: 2019] [added: 2020] through December 31, [removed: 2024,] [added: 2025,] relative to the performance of the S&P 500 Index and the Dow Jones U.S. Asset Managers Index.

The graph assumes $100 invested on December 31, [removed: 2019] [added: 2020] and dividends received reinvested in the security or index.

[removed: ][added: ]

The quarterly cash [removed: dividend] [added: dividends] previously paid to our common stockholders can be found in note 16 to our consolidated financial statements.

We have also declared a cash dividend of [removed: $0.4625] [added: $0.51] per share of common [removed: stock in respect to the fourth quarter of 2024] [added: stock,] which will be paid on February [removed: 28, 2025] [added: 27, 2026] to holders of record at the close of business on February [removed: 18, 2025.][added: 19, 2026.]

Our current intention is to pay an annual cash dividend of [removed: $2.04] [added: $2.25] per share of common stock.

We have also declared and set aside for payment a cash dividend of $0.8438 per share of our Mandatory Convertible Preferred Stock, which will be paid on April 30, [removed: 2025] [added: 2026] to holders of record at the close of business on April 15, [removed: 2025.][added: 2026.]

The declaration and payment of any dividends on our common stock or Mandatory Convertible Preferred Stock are at the sole discretion of our board of directors, which may change the dividend policy at any time, including, without limitation, to eliminate the dividend on common stock entirely, and will depend upon many factors, including general economic and business [added: conditions, our strategic plans and prospects, our businesses and investment opportunities, our financial condition and operating results, working capital requirements and anticipated cash needs, contractual restrictions and obligations, legal, tax and regulatory restrictions, restrictions and other implications on the payment of dividends by us or by our subsidiaries to us and such other factors as our board of directors may deem relevant.]

Unregistered [removed: Sale] [added: Sales] of Equity Securities

On November [removed: 14, 2024,] [added: 13, 2025,] the Company issued [removed: 54,898] [added: 41,166] restricted shares under the 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles and [removed: 7,937] [added: 14,310] restricted shares under the 2019 Omnibus Equity Incentive Plan to certain holders of vested performance fee rights.

[removed: Issuer Purchases] [added: Purchases] of Equity [removed: Securities][added: Securities by the Issuer and Affiliated Purchasers]

The following table sets forth information regarding repurchases of shares of common stock during the fiscal quarter ended December 31, [removed: 2024.][added: 2025.]

| October 1, [removed: 2024] [added: 2025] through October 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| November 1, [removed: 2024] [added: 2025] through November 30, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Equity award-related repurchases2 | | | | | | [removed: 172,336] [added: 1,828,097] | | | | | | | | | | | | [removed: 172,336] [added: 1,828,097] | | | | | | | | |

| December 1, [removed: 2024] [added: 2025] through December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Equity award-related repurchases2 | | | | | | [removed: 578,000] [added: 183,029] | | | | | | | | | | | | [removed: 578,000] [added: 183,029] | | | | | | | | |

| Equity award-related repurchases2 | | | | | | [removed: 750,336] [added: 2,011,126] | | | | | | | | | | | | [removed: 750,336] [added: 2,011,126] | | | | | | | | |

| 1 On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the [added: Equity Plan. Effective February 9, 2026, the AGM board of directors terminated the Company's prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the] Company’s [removed: equity incentive plans.] [added: share count or offset the dilutive impact of share issuances under the Equity Plan.] Under the share repurchase program, repurchases may be of outstanding shares of common stock occurring from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the [removed: Company’s] Equity Plan in order to satisfy associated tax obligations. The share repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended. The program may be suspended, extended, modified or discontinued at any time. | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2 Represents repurchases of shares of common stock in order to offset the dilutive impact of share issuances under the Equity Plan including reductions of shares of common stock that otherwise would have been issued to participants under the [removed: Company’s] Equity Plan in order to satisfy associated tax obligations. | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 678,224,196 | |

| Total | | | | | | 1,828,097 | | | | | | $ | 128.74 | | | | | 1,828,097 | | | | | | $ | 442,874,505 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 183,029 | | | | | | $ | 136.62 | | | | | 183,029 | | | | | | $ | 417,868,692 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 2,011,126 | | | | | | | | | | | | 2,011,126 | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

conditions, our strategic plans and prospects, our businesses and investment opportunities, our financial condition and operating results, working capital requirements and anticipated cash needs, contractual restrictions and obligations, legal, tax and regulatory restrictions, restrictions and other implications on the payment of dividends by us or by our subsidiaries to us and such other factors as our board of directors may deem relevant.

| Total | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,901,969,206 | |

| Total | | | | | | 172,336 | | | | | | $ | 163.67 | | | | | 172,336 | | | | | | $ | 1,873,763,011 | |

| Total | | | | | | 578,000 | | | | | | $ | 176.24 | | | | | 578,000 | | | | | | $ | 1,771,896,394 | |

| Total | | | | | | 750,336 | | | | | | | | | | | | 750,336 | | | | | | | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#iae235f15d4dc4934af946424d69e7944_31)] [added: Firm](#i0bd455c94e4f472ca7a71fc93b20f2f8_28)] (PCAOB ID [removed: No.34[)](#iae235f15d4dc4934af946424d69e7944_31)] [added: No.34[)](#i0bd455c94e4f472ca7a71fc93b20f2f8_28)] | | | | | | [removed: [134](#iae235f15d4dc4934af946424d69e7944_31)] [added: [141](#i0bd455c94e4f472ca7a71fc93b20f2f8_28)] | | |

| | | | [Consolidated Statements of Financial [removed: Condition](#iae235f15d4dc4934af946424d69e7944_34)] [added: Condition](#i0bd455c94e4f472ca7a71fc93b20f2f8_31)] | | | | | | [removed: [138](#iae235f15d4dc4934af946424d69e7944_34)] [added: [145](#i0bd455c94e4f472ca7a71fc93b20f2f8_31)] | | |

| | | | [Consolidated Statements of [removed: Operations](#iae235f15d4dc4934af946424d69e7944_40)] [added: Operations](#i0bd455c94e4f472ca7a71fc93b20f2f8_37)] | | | | | | [removed: [140](#iae235f15d4dc4934af946424d69e7944_40)] [added: [147](#i0bd455c94e4f472ca7a71fc93b20f2f8_37)] | | |

| | | | [Consolidated Statements of Comprehensive Income [removed: (Loss)](#iae235f15d4dc4934af946424d69e7944_46)] [added: (Loss)](#i0bd455c94e4f472ca7a71fc93b20f2f8_43)] | | | | | | [removed: [141](#iae235f15d4dc4934af946424d69e7944_46)] [added: [148](#i0bd455c94e4f472ca7a71fc93b20f2f8_43)] | | |

| | | | [Consolidated Statements of [removed: Equity](#iae235f15d4dc4934af946424d69e7944_52)] [added: Equity](#i0bd455c94e4f472ca7a71fc93b20f2f8_49)] | | | | | | [removed: [142](#iae235f15d4dc4934af946424d69e7944_52)] [added: [149](#i0bd455c94e4f472ca7a71fc93b20f2f8_49)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#iae235f15d4dc4934af946424d69e7944_58)] [added: Flows](#i0bd455c94e4f472ca7a71fc93b20f2f8_55)] | | | | | | [removed: [145](#iae235f15d4dc4934af946424d69e7944_58)] [added: [152](#i0bd455c94e4f472ca7a71fc93b20f2f8_55)] | | |

[removed: | | | | [Notes to Consolidated Financial Statements](#iae235f15d4dc4934af946424d69e7944_64) | | | | | | [148](#iae235f15d4dc4934af946424d69e7944_64) | | |][added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS]

| | | | | | | [Note 2. Summary of Significant Accounting [removed: Policies](#iae235f15d4dc4934af946424d69e7944_70)] [added: Policies](#i0bd455c94e4f472ca7a71fc93b20f2f8_70)] | | | [removed: [148](#iae235f15d4dc4934af946424d69e7944_70)] [added: [154](#i0bd455c94e4f472ca7a71fc93b20f2f8_70)] | | |

| | | | | | | [Note 6. Variable Interest [removed: Entities](#iae235f15d4dc4934af946424d69e7944_94)] [added: Entities](#i0bd455c94e4f472ca7a71fc93b20f2f8_97)] | | | [removed: [185](#iae235f15d4dc4934af946424d69e7944_94)] [added: [191](#i0bd455c94e4f472ca7a71fc93b20f2f8_97)] | | |

| | | | | | | [Note 9. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business [removed: Acquired](#iae235f15d4dc4934af946424d69e7944_106)] [added: Acquired](#i0bd455c94e4f472ca7a71fc93b20f2f8_115)] | | | [removed: [209](#iae235f15d4dc4934af946424d69e7944_106)] [added: [215](#i0bd455c94e4f472ca7a71fc93b20f2f8_115)] | | |

| | | | | | | [Note 11. Long-duration [removed: Contracts](#iae235f15d4dc4934af946424d69e7944_112)] [added: Contracts](#i0bd455c94e4f472ca7a71fc93b20f2f8_124)] | | | [removed: [210](#iae235f15d4dc4934af946424d69e7944_112)] [added: [216](#i0bd455c94e4f472ca7a71fc93b20f2f8_124)] | | |

| | | | | | | [Note 12. Profit Sharing [removed: Payable](#iae235f15d4dc4934af946424d69e7944_118)] [added: Payable](#i0bd455c94e4f472ca7a71fc93b20f2f8_130)] | | | [removed: [220](#iae235f15d4dc4934af946424d69e7944_118)] [added: [228](#i0bd455c94e4f472ca7a71fc93b20f2f8_130)] | | |

| | | | | | | [Note 13. Income [removed: Taxes](#iae235f15d4dc4934af946424d69e7944_121)] [added: Taxes](#i0bd455c94e4f472ca7a71fc93b20f2f8_133)] | | | [removed: [220](#iae235f15d4dc4934af946424d69e7944_121)] [added: [228](#i0bd455c94e4f472ca7a71fc93b20f2f8_133)] | | |

| | | | | | | [Note 15. Equity-Based [removed: Compensation](#iae235f15d4dc4934af946424d69e7944_133)] [added: Compensation](#i0bd455c94e4f472ca7a71fc93b20f2f8_145)] | | | [removed: [227](#iae235f15d4dc4934af946424d69e7944_133)] [added: [237](#i0bd455c94e4f472ca7a71fc93b20f2f8_145)] | | |

| | | | | | | [Note 17. Earnings per [removed: Share](#iae235f15d4dc4934af946424d69e7944_145)] [added: Share](#i0bd455c94e4f472ca7a71fc93b20f2f8_157)] | | | [removed: [234](#iae235f15d4dc4934af946424d69e7944_145)] [added: [244](#i0bd455c94e4f472ca7a71fc93b20f2f8_157)] | | |

| | | | | | | [Note 18. Related [removed: Parties](#iae235f15d4dc4934af946424d69e7944_151)] [added: Parties](#i0bd455c94e4f472ca7a71fc93b20f2f8_163)] | | | [removed: [235](#iae235f15d4dc4934af946424d69e7944_151)] [added: [245](#i0bd455c94e4f472ca7a71fc93b20f2f8_163)] | | |

| | | | | | | [Note 19. Commitments and [removed: Contingencies](#iae235f15d4dc4934af946424d69e7944_157)] [added: Contingencies](#i0bd455c94e4f472ca7a71fc93b20f2f8_169)] | | | [removed: [240](#iae235f15d4dc4934af946424d69e7944_157)] [added: [250](#i0bd455c94e4f472ca7a71fc93b20f2f8_169)] | | |

| | | | | | | [Note 20. Statutory [removed: Requirements](#iae235f15d4dc4934af946424d69e7944_346)] [added: Requirements](#i0bd455c94e4f472ca7a71fc93b20f2f8_175)] | | | [removed: [245](#iae235f15d4dc4934af946424d69e7944_346)] [added: [254](#i0bd455c94e4f472ca7a71fc93b20f2f8_175)] | | |

| | | | | | | [Note 22. Subsequent [removed: Events](#iae235f15d4dc4934af946424d69e7944_169)] [added: Events](#i0bd455c94e4f472ca7a71fc93b20f2f8_184)] | | | [removed: [252](#iae235f15d4dc4934af946424d69e7944_169)] [added: [262](#i0bd455c94e4f472ca7a71fc93b20f2f8_184)] | | |

We have audited the accompanying consolidated statements of financial condition of Apollo Global Management, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), [removed: stockholders'] equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

[removed: A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and] dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit matters or on the accounts or disclosures to which they relate.

[added: These investments without readily determinable market] values, are valued using significant unobservable inputs that involve considerable judgment by management.

[added: |] February [removed: 24,] [added: 4,] 2025 [added: | | | | | | $ | 0.46 | | | | | February 28, 2025 | | | | | | $ | 264 | | | | | | | | | | | | | | | | | $ | 14 | |]

| *(In millions, except share data)* | | | As of December 31, [removed: 2024] [added: 2025] | | | | | | As of December 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 2,692] [added: 3,350] | | | | | $ | [removed: 2,748] [added: 2,692] | |

| Restricted cash and cash equivalents | | | [removed: 3] [added: 19] | | | | | | [removed: 2] [added: 3] | | |

| Investments | | | [removed: 6,086] [added: 6,226] | | | | | | [removed: 5,502] [added: 6,086] | | |

| Cash and cash equivalents | | | [removed: 158] [added: 327] | | | | | | [removed: 62] [added: 158] | | |

| Investments | | | [removed: 2,806] [added: 3,509] | | | | | | [removed: 1,640] [added: 2,806] | | |

| Other assets | | | [removed: 84] [added: 230] | | | | | | [removed: 177] [added: 84] | | |

| Due from related parties | | | [removed: 584] [added: 647] | | | | | | [removed: 449] [added: 584] | | |

| Goodwill | | | [removed: 264] [added: 1,848] | | | | | | 264 | | |

| Other assets | | | [removed: 2,579] [added: 3,376] | | | | | | [removed: 2,331] [added: 2,579] | | |

| Cash and cash equivalents | | | [removed: 12,733] [added: 14,994] | | | | | | [removed: 13,020] [added: 12,733] | | |

| Restricted cash and cash equivalents | | | [removed: 943] [added: 1,332] | | | | | | [removed: 1,761] [added: 943] | | |

| Investments | | | [removed: 262,283] [added: 321,081] | | | | | | [removed: 213,099] [added: 262,283] | | |

| | | | [Notes to Consolidated Financial Statements](#i0bd455c94e4f472ca7a71fc93b20f2f8_61) | | | | | | [154](#i0bd455c94e4f472ca7a71fc93b20f2f8_61) | | |

| | | | | | | [Note 1. Organization](#i0bd455c94e4f472ca7a71fc93b20f2f8_64) | | | [154](#i0bd455c94e4f472ca7a71fc93b20f2f8_64) | | |

| | | | | | | [Note 3. Business Combination](#i0bd455c94e4f472ca7a71fc93b20f2f8_76) | | | [175](#i0bd455c94e4f472ca7a71fc93b20f2f8_76) | | |

| | | | | | | [Note 4. Investments](#i0bd455c94e4f472ca7a71fc93b20f2f8_82) | | | [178](#i0bd455c94e4f472ca7a71fc93b20f2f8_82) | | |

| | | | | | | [Note 5. Derivatives](#i0bd455c94e4f472ca7a71fc93b20f2f8_91) | | | [187](#i0bd455c94e4f472ca7a71fc93b20f2f8_91) | | |

| | | | | | | [Note 7. Fair Value](#i0bd455c94e4f472ca7a71fc93b20f2f8_103) | | | [194](#i0bd455c94e4f472ca7a71fc93b20f2f8_103) | | |

| | | | | | | [Note 8. Reinsurance](#i0bd455c94e4f472ca7a71fc93b20f2f8_109) | | | [213](#i0bd455c94e4f472ca7a71fc93b20f2f8_109) | | |

| | | | | | | [Note 10. Goodwill](#i0bd455c94e4f472ca7a71fc93b20f2f8_121) | | | [216](#i0bd455c94e4f472ca7a71fc93b20f2f8_121) | | |

| | | | | | | [Note 14. Debt](#i0bd455c94e4f472ca7a71fc93b20f2f8_139) | | | [234](#i0bd455c94e4f472ca7a71fc93b20f2f8_139) | | |

| | | | | | | [Note 16. Equity](#i0bd455c94e4f472ca7a71fc93b20f2f8_151) | | | [239](#i0bd455c94e4f472ca7a71fc93b20f2f8_151) | | |

| | | | | | | [Note 21. Segments](#i0bd455c94e4f472ca7a71fc93b20f2f8_178) | | | [257](#i0bd455c94e4f472ca7a71fc93b20f2f8_178) | | |

As described in Management’s Report on Internal Control Over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Bridge Investment Group Holdings Inc. (“Bridge”), which was acquired on September 2, 2025, and whose financial statements constitute 0.5% of total assets, 0.3% of revenues, and (1.2)% of net income (loss) of the consolidated financial statement amounts as of and for the year ended December 31, 2025.

Accordingly, our audit did not include the internal control over financial reporting at Bridge.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

February 25, 2026

| | | | 19,548 | | | | | | 15,256 | | |

| | | | 441,401 | | | | | | 362,639 | | |

| *(In millions, except share data)* | | | As of December 31, 2025 | | | | | | As of December 31, 2024 | | |

| Accounts payable, accrued expenses, and other liabilities | | | 1,949 | | | | | | 1,363 | | |

| | | | 12,388 | | | | | | 9,968 | | |

| | | | 406,046 | | | | | | 336,947 | | |

| Property management, development and other fees | | | | | | | | | | | | | | | 32 | | | | | | — | | | | | | — | | |

| Balance at January 1, 2025 | | | 565,738,933 | | | | | | $ | 1,398 | | | | | $ | 15,327 | | | | | $ | 6,022 | | | | | $ | (5,494) | | | | | $ | 17,253 | | | | | $ | 13,711 | | | | | $ | 30,964 | |

| Acquisition of Bridge | | | 9,754,972 | | | | | | — | | | | | | 1,357 | | | | | | — | | | | | | — | | | | | | 1,357 | | | | | | 489 | | | | | | 1,846 | | |

| Other changes in equity of non-controlling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | (2) | | |

| Issuance of common stock to donor-advised fund | | | 1,213,003 | | | | | | — | | | | | | 200 | | | | | | — | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | |

| Dividends/distributions | | | — | | | | | | (97) | | | | | | — | | | | | | (1,201) | | | | | | — | | | | | | (1,298) | | | | | | (1,984) | | | | | | (3,282) | | |

| Stock option and warrant exercises | | | 1,559,812 | | | | | | — | | | | | | 19 | | | | | | — | | | | | | — | | | | | | 19 | | | | | | — | | | | | | 19 | | |

| Balance at December 31, 2025 | | | 578,981,398 | | | | | | $ | 1,398 | | | | | $ | 16,954 | | | | | $ | 7,634 | | | | | $ | (2,645) | | | | | $ | 23,341 | | | | | $ | 19,174 | | | | | $ | 42,515 | |

| Acquisition of subsidiaries, net of cash acquired | | | 99 | | | | | | — | | | | | | — | | |

| Purchase of investments | | | 61 | | | | | | 14 | | | | | | 10 | | |

| Issuance of common stock to donor-advise fund | | | 200 | | | | | | — | | | | | | — | | |

On September 2, 2025 (the “Acquisition Date”), Apollo completed the previously announced acquisition of Bridge in an all-stock transaction.

As a result, Bridge became a consolidated subsidiary of AAM.

Bridge’s results are included in the consolidated financial statements commencing from the Acquisition Date.

- CLOs.

reserves.

The actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market

The guidance is mandatorily effective for the Company for fiscal years beginning after December 15, 2026, including interim periods therein; early adoption is permitted.

*Business Combinations and Consolidation (ASU 2025-03)*

| | | | | | | [Note 1. Organization](#iae235f15d4dc4934af946424d69e7944_67) | | | [148](#iae235f15d4dc4934af946424d69e7944_67) | | |

| | | | | | | [Note 3. Merger with Athene](#iae235f15d4dc4934af946424d69e7944_331) | | | [169](#iae235f15d4dc4934af946424d69e7944_331) | | |

| | | | | | | [Note 4. Investments](#iae235f15d4dc4934af946424d69e7944_79) | | | [171](#iae235f15d4dc4934af946424d69e7944_79) | | |

| | | | | | | [Note 5. Derivatives](#iae235f15d4dc4934af946424d69e7944_88) | | | [181](#iae235f15d4dc4934af946424d69e7944_88) | | |

| | | | | | | [Note 7. Fair Value](#iae235f15d4dc4934af946424d69e7944_100) | | | [188](#iae235f15d4dc4934af946424d69e7944_100) | | |

| | | | | | | [Note 8. Reinsurance](#iae235f15d4dc4934af946424d69e7944_337) | | | [207](#iae235f15d4dc4934af946424d69e7944_337) | | |

| | | | | | | [Note 10. Goodwill](#iae235f15d4dc4934af946424d69e7944_343) | | | [210](#iae235f15d4dc4934af946424d69e7944_343) | | |

| | | | | | | [Note 14. Debt](#iae235f15d4dc4934af946424d69e7944_127) | | | [224](#iae235f15d4dc4934af946424d69e7944_127) | | |

| | | | | | | [Note 16. Equity](#iae235f15d4dc4934af946424d69e7944_139) | | | [229](#iae235f15d4dc4934af946424d69e7944_139) | | |

| | | | | | | [Note 21. Segments](#iae235f15d4dc4934af946424d69e7944_163) | | | [247](#iae235f15d4dc4934af946424d69e7944_163) | | |

These investments without readily determinable market

| | | | 15,256 | | | | | | 13,175 | | |

| | | | 362,639 | | | | | | 300,313 | | |

| | | | 9,968 | | | | | | 9,236 | | |

| | | | 336,947 | | | | | | 279,007 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2022 | | | 249 | | | | | | $ | 264 | | | | | $ | 290 | | | | | $ | 2,096 | | | | | $ | 1,144 | | | | | $ | (5) | | | | | $ | 3,789 | | | | | $ | 6,405 | | | | | $ | 10,194 | | | | | | | | | | | | | | | | | | | |

| Merger with Athene | | | 166 | | | | | | — | | | | | | — | | | | | | 13,050 | | | | | | — | | | | | | — | | | | | | 13,050 | | | | | | 4,942 | | | | | | 17,992 | | | | | | | | | | | | | | | | | | | | |

| Reclassification of preferred stock to non-controlling interests | | | — | | | | | | (264) | | | | | | (290) | | | | | | — | | | | | | — | | | | | | — | | | | | | (554) | | | | | | 554 | | | | | | — | | | | | | | | | | | | | | | | | | | | |

| Dividends/distributions | | | — | | | | | | — | | | | | | — | | | | | | (962) | | | | | | — | | | | | | — | | | | | | (962) | | | | | | (1,047) | | | | | | (2,009) | | | | | | | | | | | | | | | | | | | | |

| Transactions between entities under common control | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | — | | | | | | — | | | | | | 20 | | | | | | — | | | | | | 20 | | | | | | | | | | | | | | | | | | | | |

| Exchange of AOG Units for common stock | | | 156 | | | | | | — | | | | | | — | | | | | | 580 | | | | | | — | | | | | | — | | | | | | 580 | | | | | | (2,591) | | | | | | (2,011) | | | | | | | | | | | | | | | | | | | | |

| Net income (loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,961) | | | | | | — | | | | | | (1,961) | | | | | | (1,546) | | | | | | (3,507) | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2023 | | | 570 | | | | | | $ | — | | | | | $ | 14,982 | | | | | $ | (1,007) | | | | | $ | (7,335) | | | | | $ | 6,640 | | | | | $ | 7,726 | | | | | $ | 14,366 | |

CONSOLIDATED STATEMENTS OF CASH FLOWS

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | |

| Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | |

| Cash acquired through merger | | | — | | | | | | — | | | | | | 10,420 | | |

| Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | |

| Distributions from principal investments | | | 5 | | | | | | 1 | | | | | | 7 | | |

| Acquisition of goodwill and intangibles | | | — | | | | | | — | | | | | | 335 | | |

| Assets contributed to consolidated VIEs | | | — | | | | | | — | | | | | | 8,007 | | |

| Supplemental Disclosure of Cash Flow Information of Consolidated VIEs | | | | | | | | | | | | | | | | | |

| Purchases of investments - *Asset Management* | | | (5,591) | | | | | | (5,743) | | | | | | (7,190) | | |

| Proceeds from sale of investments - *Asset Management* | | | 4,714 | | | | | | 5,464 | | | | | | 4,192 | | |

| Purchases of investments - *Retirement Services* | | | (3,646) | | | | | | (4,224) | | | | | | (4,495) | | |

| Proceeds from sale of investments - *Retirement Services* | | | 1,244 | | | | | | 468 | | | | | | 1,763 | | |

| Purchase of U.S. Treasury Securities - *Asset Management* | | | — | | | | | | — | | | | | | (1,509) | | |

| Proceeds from maturities of U.S. Treasury Securities - *Asset Management* | | | — | | | | | | — | | | | | | 2,673 | | |

| *(In millions)* | | | Apollo Global Management, Inc. and Consolidated [removed: Subsidiaries] [added: Subsidiaries1] | | | | | | Consolidated Funds and VIEs | | | | | | Eliminations | | | | | | Consolidated | | |

| Cash and cash equivalents | | | $ | [removed: 2,748] [added: 3,350] | | | | | $ | — | | | | | $ | — | | | | | $ | [removed: 2,748] [added: 3,350] | |

| Restricted cash and cash equivalents | | | [removed: 2] [added: 19] | | | | | | — | | | | | | — | | | | | | [removed: 2] [added: 19] | | |

| Cash and cash equivalents | | | [removed: —] [added: 14,994] | | | | | | [removed: 62] [added: —] | | | | | | — | | | | | | [removed: 62] [added: 14,994] | | |

| Other assets | | | [removed: —] [added: 15,177] | | | | | | [removed: 204] [added: —] | | | | | | [removed: (27)] [added: (57)] | | | | | | [removed: 177] [added: 15,120] | | |

| Due from related parties | | | [removed: 464] [added: 16] | | | | | | — | | | | | | [removed: (15)] [added: —] | | | | | | [removed: 449] [added: 16] | | |

| Other assets | | | [removed: 2,331] [added: 3,376] | | | | | | — | | | | | | — | | | | | | [removed: 2,331] [added: 3,376] | | |

| Cash and cash equivalents | | | [removed: 13,020] [added: 5] | | | | | | [removed: —] [added: 322] | | | | | | — | | | | | | [removed: 13,020] [added: 327] | | |

| Restricted cash and cash equivalents | | | [removed: 1,761] [added: 1,332] | | | | | | — | | | | | | — | | | | | | [removed: 1,761] [added: 1,332] | | |

| Cash and cash equivalents | | | [removed: —] [added: 23] | | | | | | [removed: 98] [added: 546] | | | | | | — | | | | | | [removed: 98] [added: 569] | | |

| Reinsurance recoverable | | | [removed: 4,154] [added: 10,282] | | | | | | — | | | | | | — | | | | | | [removed: 4,154] [added: 10,282] | | |

| Deferred acquisition costs, deferred sales inducements and value of business acquired | | | [removed: 5,979] [added: 8,634] | | | | | | — | | | | | | — | | | | | | [removed: 5,979] [added: 8,634] | | |

| Accounts payable, accrued expenses, and other liabilities | | | $ | [removed: 3,333] [added: 3,861] | | | | | $ | [removed: 5] [added: —] | | | | | $ | — | | | | | $ | [removed: 3,338] [added: 3,861] | |

| Other liabilities | | | [removed: —] [added: 14,329] | | | | | | [removed: 1,145] [added: —] | | | | | | — | | | | | | [removed: 1,145] [added: 14,329] | | |

| Interest sensitive contract liabilities | | | [removed: 204,670] [added: 315,889] | | | | | | — | | | | | | — | | | | | | [removed: 204,670] [added: 315,889] | | |

| Future policy benefits | | | [removed: 53,287] [added: 50,264] | | | | | | — | | | | | | — | | | | | | [removed: 53,287] [added: 50,264] | | |

| Market risk benefits | | | [removed: 3,751] [added: 4,930] | | | | | | — | | | | | | — | | | | | | [removed: 3,751] [added: 4,930] | | |

| Payables for collateral on derivatives and securities to repurchase | | | [removed: 7,536] [added: 11,085] | | | | | | — | | | | | | — | | | | | | [removed: 7,536] [added: 11,085] | | |

| Other liabilities | | | [removed: 4,456] [added: 32] | | | | | | [removed: —] [added: 1,681] | | | | | | [removed: —] [added: (12)] | | | | | | [removed: 4,456] [added: 1,701] | | |

| Additional paid in capital | | | [removed: 15,282] [added: 16,914] | | | | | | [removed: (34)] [added: 40] | | | | | | [removed: 1] [added: —] | | | | | | [removed: 15,249] [added: 16,954] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (5,575)] [added: (2,636)] | | | | | | [removed: (19)] [added: 31] | | | | | | [removed: 19] [added: (40)] | | | | | | [removed: (5,575)] [added: (2,645)] | | |

| | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | |

| Investments | | | 6,750 | | | | | | — | | | | | | (524) | | | | | | 6,226 | | |

| Investments | | | 431 | | | | | | 3,211 | | | | | | (133) | | | | | | 3,509 | | |

| Other assets | | | 30 | | | | | | 325 | | | | | | (125) | | | | | | 230 | | |

| Due from related parties | | | 728 | | | | | | — | | | | | | (81) | | | | | | 647 | | |

| Goodwill | | | 1,848 | | | | | | — | | | | | | — | | | | | | 1,848 | | |

| | | | 16,553 | | | | | | 3,858 | | | | | | (863) | | | | | | 19,548 | | |

| Investments | | | 321,757 | | | | | | — | | | | | | (676) | | | | | | 321,081 | | |

| Investments in related parties | | | 52,251 | | | | | | — | | | | | | (17,272) | | | | | | 34,979 | | |

| Investments | | | 1,596 | | | | | | 28,578 | | | | | | (182) | | | | | | 29,992 | | |

| Other assets | | | 4 | | | | | | 342 | | | | | | — | | | | | | 346 | | |

| Goodwill | | | 4,072 | | | | | | — | | | | | | — | | | | | | 4,072 | | |

| | | | 430,122 | | | | | | 29,466 | | | | | | (18,187) | | | | | | 441,401 | | |

| Total Assets | | | $ | 446,675 | | | | | $ | 33,324 | | | | | $ | (19,050) | | | | | $ | 460,949 | |

| | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | |

| *(In millions)* | | | Apollo Global Management, Inc. and Consolidated Subsidiaries1 | | | | | | Consolidated Funds and VIEs | | | | | | Eliminations | | | | | | Consolidated | | |

| Due to related parties | | | 1,165 | | | | | | — | | | | | | (103) | | | | | | 1,062 | | |

| Debt | | | 5,516 | | | | | | — | | | | | | — | | | | | | 5,516 | | |

| Debt, at fair value | | | — | | | | | | 177 | | | | | | (177) | | | | | | — | | |

| Accounts payable, accrued expenses, and other liabilities | | | 141 | | | | | | 1,859 | | | | | | (51) | | | | | | 1,949 | | |

| | | | 10,683 | | | | | | 2,036 | | | | | | (331) | | | | | | 12,388 | | |

| Debt | | | 7,848 | | | | | | — | | | | | | — | | | | | | 7,848 | | |

| | | | 404,377 | | | | | | 1,681 | | | | | | (12) | | | | | | 406,046 | | |

| Total Liabilities | | | 415,060 | | | | | | 3,717 | | | | | | (343) | | | | | | 418,434 | | |

| Retained earnings (accumulated deficit) | | | 7,731 | | | | | | 18,784 | | | | | | (18,881) | | | | | | 7,634 | | |

| Total AGM Stockholders’ Equity | | | 23,407 | | | | | | 18,855 | | | | | | (18,921) | | | | | | 23,341 | | |

| Non-controlling interests | | | 8,208 | | | | | | 10,752 | | | | | | 214 | | | | | | 19,174 | | |

| Total Equity | | | 31,615 | | | | | | 29,607 | | | | | | (18,707) | | | | | | 42,515 | | |

| Total Liabilities and Equity | | | $ | 446,675 | | | | | $ | 33,324 | | | | | $ | (19,050) | | | | | $ | 460,949 | |

| 1 Certain investment managers and general partners of the funds managed by the Company are VIEs. Such investment managers and general partners have other equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations. The assets and liabilities of such VIEs are presented within Apollo Global Management, Inc. and Consolidated Subsidiaries. | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Goodwill | | | 264 | | | | | | — | | | | | | — | | | | | | 264 | | |

| Redeemable non-controlling interests: | | | | | | | | | | | | | | | | | | | | | | | |

| | | | December 31, 2023 | | | | | | | | | | | | | | | | | | | | |

| Investments | | | 5,673 | | | | | | — | | | | | | (171) | | | | | | 5,502 | | |

| Investments | | | — | | | | | | 1,690 | | | | | | (50) | | | | | | 1,640 | | |

| | | | 11,482 | | | | | | 1,956 | | | | | | (263) | | | | | | 13,175 | | |

| Investments | | | 213,099 | | | | | | — | | | | | | — | | | | | | 213,099 | | |

| Investments in related parties | | | 39,194 | | | | | | — | | | | | | (13,352) | | | | | | 25,842 | | |

| Investments | | | 1,453 | | | | | | 18,886 | | | | | | (107) | | | | | | 20,232 | | |

| Other assets | | | 9 | | | | | | 101 | | | | | | — | | | | | | 110 | | |

| Goodwill | | | 4,065 | | | | | | — | | | | | | — | | | | | | 4,065 | | |

| Other assets | | | 11,996 | | | | | | — | | | | | | (43) | | | | | | 11,953 | | |

| | | | 294,730 | | | | | | 19,085 | | | | | | (13,502) | | | | | | 300,313 | | |

| Total Assets | | | $ | 306,212 | | | | | $ | 21,041 | | | | | $ | (13,765) | | | | | $ | 313,488 | |

| Due to related parties | | | 897 | | | | | | — | | | | | | (27) | | | | | | 870 | | |

| Debt | | | 3,883 | | | | | | — | | | | | | — | | | | | | 3,883 | | |

| | | | 8,113 | | | | | | 1,150 | | | | | | (27) | | | | | | 9,236 | | |

| Debt | | | 4,209 | | | | | | — | | | | | | — | | | | | | 4,209 | | |

| Other liabilities | | | 38 | | | | | | 1,076 | | | | | | (16) | | | | | | 1,098 | | |

| | | | 277,947 | | | | | | 1,076 | | | | | | (16) | | | | | | 279,007 | | |

| Total Liabilities | | | 286,060 | | | | | | 2,226 | | | | | | (43) | | | | | | 288,243 | | |

| Redeemable non-controlling interests | | | — | | | | | | 12 | | | | | | — | | | | | | 12 | | |

| Retained earnings (accumulated deficit) | | | 2,948 | | | | | | 13,693 | | | | | | (13,669) | | | | | | 2,972 | | |

| Total AGM Stockholders’ Equity | | | 14,053 | | | | | | 13,640 | | | | | | (13,649) | | | | | | 14,044 | | |

| Non-controlling interests | | | 6,099 | | | | | | 5,163 | | | | | | (73) | | | | | | 11,189 | | |

| Total Equity | | | 20,152 | | | | | | 18,803 | | | | | | (13,722) | | | | | | 25,233 | | |

| Total Liabilities, Redeemable non-controlling interests and Equity | | | $ | 306,212 | | | | | $ | 21,041 | | | | | $ | (13,765) | | | | | $ | 313,488 | |

Management conducted an assessment of the effectiveness of Apollo’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework established in *Internal Control [removed: -] [added: –] Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this assessment, management has determined that Apollo’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] was effective.

Deloitte & Touche LLP, an independent registered public accounting firm, has audited Apollo’s financial statements included in this report and issued its report on the effectiveness of Apollo’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] which is included herein.

Management’s evaluation excluded internal controls over financial reporting related to Bridge, which was acquired on September 2, 2025.

Bridge represented 0.5% of total assets, 0.3% of total revenues and (1.2)% of net income (loss) of the Company’s consolidated financial statements as of and for the year ended December 31, 2025.

Management is in the process of integrating Bridge’s operations, accounting systems, and control environment into Apollo’s internal control framework and expects to include Bridge in its assessment of internal control over financial reporting for fiscal year 2026.

During the three months ended December 31, [removed: 2024,] [added: 2025,] no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of AGM adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

The information required by this item is incorporated by reference to the Company’s definitive Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders (the [removed: “2025] [added: “2026] Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days of December 31, [removed: 2024 (“2025 Proxy Statement”)] [added: 2025] under the captions “Board of Directors,” “Corporate Governance,” “Proposal 1—Election of Directors”, “Executive Officers” and “Insider Trading Policy for Employees, Officers and Directors.”

The information required by this item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement under the caption “Executive Compensation.”

The information required by this item is incorporated by reference to the [removed: 2025] [added: 2026] Proxy Statement under the captions “Security Ownership of Certain Beneficial Owners and Management.” and “Securities Authorized for Issuance under [added: the] Equity [removed: Compensation Plans.”][added: Plan.”]