Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

76K characters. Original on sec.gov · Markdown

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following documents are filed as part of this report:


1.	Financial Statements—Item 8. Financial Statements and Supplementary Data	140

2.	Financial Statement Schedules

	Schedule I—Condensed Financial Information of Registrant (Parent Company Only)	271
	Schedule I—Statements of Financial Condition as of December 31, 202 5 and 20 24	271
	Schedule I—Statements of Operations for the years ended December 31, 202 5 , 202 4 and 202 3	272
	Schedule I—Statements of Cash Flows for the years ended December 31, 202 5 , 202 4 and 202 3	273
	Schedule I—Notes to Condensed Financial Information for the years ended December 31, 202 5 , 202 4 and 202 3	274
	Schedule II—Valuation and Qualifying Accounts for the years ended December 31, 202 5 , 202 4 and 202 3	275
	Any remaining schedules are omitted because they are inapplicable.

3.	Exhibits
	See the accompanying Exhibit Index.	276

APOLLO GLOBAL MANAGEMENT, INC.

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Statements of Financial Condition



(In millions, except share data)	As of December 31, 2025		As of December 31, 2024
Assets
Cash	$	1,201	$	657
Investments	26,858		19,124
Due from subsidiaries	29		148
Goodwill	1		1
Other assets	282		355
Total Assets	$	28,371	$	20,285
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities	$	124	$	234
Due to subsidiaries	1,359		487
Debt	3,547		2,311
Total Liabilities	5,030		3,032
Equity
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,398		1,398





Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 578,981,398 and 565,738,933 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	—		—
Additional paid in capital	16,954		15,327
Retained earnings (accumulated deficit)	7,634		6,022
Accumulated other comprehensive income (loss)	(2,645)		(5,494)
Total Equity	23,341		17,253
Total Liabilities and Equity	$	28,371	$	20,285

See accompanying notes to condensed financial information of registrant (parent company only)

APOLLO GLOBAL MANAGEMENT, INC.

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Statements of Operations


	Years ended December 31,
(In millions)	2025		2024		2023
Revenues
Investment income (loss)	$	4,119	$	4,932	$	4,646
Total Revenues	4,119		4,932		4,646
Expenses
Interest expense	209		128		27
General, administrative and other	79		32		26
Total Expenses	288		160		53
Other income (loss)
Other income (loss), net	(146)		13		41
Total Other income (loss)	(146)		13		41
Income (loss) before income tax (provision) benefit	3,685		4,785		4,634
Income tax (provision) benefit	(193)		(208)		413
Net income (loss) attributable to Apollo Global Management, Inc.	3,492		4,577		5,047
Preferred stock dividends	(97)		(97)		(46)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders	$	3,395	$	4,480	$	5,001

See accompanying notes to condensed financial information of registrant (parent company only)

APOLLO GLOBAL MANAGEMENT, INC.

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Statements of Cash Flows


	Years ended December 31,
(In millions)	2025		2024		2023
Cash Flows from Operating Activities
Net cash used in operating activities	$	(228)	$	(23)	$	(63)
Cash Flows from Investing Activities
Contributions to subsidiaries	—		(71)		(1,250)
Distributions from subsidiaries	750		453		1,166
Purchase of investments	(444)		—		—
Sale of investments	444		—		—
Due from subsidiaries, net	148		209		147
Net cash provided by investing activities	898		591		63
Cash Flows from Financing Activities
Preferred stock dividends	(97)		(97)		(22)
Common stock dividends	(1,201)		(1,092)		(1,012)
Issuance of debt	1,250		1,250		1,100
Payment of debt issuance cost	(16)		(17)		(25)
Issuance of Mandatory Convertible Preferred stock, net of issuance costs	—		—		1,398
Repurchase of common stock	(773)		(890)		(561)

Due to subsidiaries, net	711		(52)		109
Net cash provided by (used in) financing activities	(126)		(898)		987
Net Increase (Decrease) in Cash and Cash Equivalents	544		(330)		987
Cash and Cash Equivalents, Beginning of Period	657		987		—
Cash and Cash Equivalents, End of Period	$	1,201	$	657	$	987

Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$	87	$	37	$	37
Cash paid for interest	157		100		14

See accompanying notes to condensed financial information of registrant (parent company only)

APOLLO GLOBAL MANAGEMENT, INC.

Schedule I—Condensed Financial Information of Registrant (Parent Company Only) - Notes to Financial Statements

1. Basis of Presentation

The accompanying condensed financial statements of Apollo Global Management Inc. (“AGM”) should be read in conjunction with the consolidated financial statements and notes of AGM and its subsidiaries (“consolidated financial statements”).

For purposes of these condensed financial statements, AGM’s wholly owned and majority owned subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded on the condensed statements of financial condition. The income from subsidiaries is reported on a net basis as equity earnings of subsidiaries on the condensed statements of operations.

2. Intercompany Transactions

Unsecured Revolving Notes Receivable – AGM has unsecured revolving notes receivable from its subsidiaries Apollo Asset Management (“AAM”) and Athene Holding Ltd. (“AHL”). The note from AAM accrues interest at a rate per annum equal to the U.S. short-term federal rate applicable at the time the proceeds are loaned and the balance is due at AGM’s request. The note from AAM had an outstanding net receivable balance of $0 million and $121 million as of December 31, 2025 and 2024, respectively. The note from AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2028, or earlier at AGM’s request. There was no outstanding balance on the note from AHL as of December 31, 2025 and 2024.

Unsecured Revolving Note Payable – In addition to the unsecured revolving notes receivable described above, AGM has unsecured revolving notes payable to its subsidiaries AAM and AHL. The note to AAM accrues interest at a rate per annum equal to the U.S. short-term federal rate applicable at the time the proceeds are loaned and the balance is due at AAM’s request. The note to AAM had an outstanding net payable balance of $685 million and $0 million as of December 31, 2025 and 2024, respectively. The note payable to AHL has a borrowing capacity of $500 million. Interest accrues at a rate per annum, equal to the U.S. mid-term applicable federal rate, and the balance is due on December 13, 2028, or earlier at AHL’s request. The note had an outstanding balance of $227 million and $142 million as of December 31, 2025 and 2024, respectively.

3. Dividends

During the years ended December 31, 2025, 2024 and 2023, AGM received $750 million, $452 million and $1,082 million, respectively, of cash dividends from its subsidiaries. See note 20 – “Statutory Requirements” to the consolidated financial statements for additional information on subsidiary dividend restrictions.

4. Debt and Guarantees

See note 14 – “Debt” and note 19 – “Commitments and Contingencies” to the consolidated financial statements for additional information on the Company’s debt and guarantees.

5. Equity

See note 16 – “Equity” to the consolidated financial statements for additional information on the Company’s 6.75% Series A Mandatory Convertible Preferred Stock.

APOLLO GLOBAL MANAGEMENT, INC.

Schedule II—Valuation and Qualifying Accounts


(In millions)			Additions
Description	Balance at beginning of year		Charged to costs and expenses		Assumed through acquisitions		Deductions		Balance at end of year
Reserves deducted from assets to which they apply
Year ended December 31, 2025
Valuation allowance on deferred tax assets	$	75	$	170	$	6	$	—	$	251

Year ended December 31, 2024
Valuation allowance on deferred tax assets	33		42		—		—		75
Year ended December 31, 2023
Valuation allowance on deferred tax assets	105		156		—		(228)		33

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


Exhibit Number						Exhibit Description

2.1						Agreement and Plan of Merger, dated as of March 8, 2021, by and among Apollo Global Management, Inc., Athene Holding Ltd., Tango Holdings, Inc., Blue Merger Sub, Ltd., and Green Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 to Apollo Asset Management, Inc.’s Form 8-K filed on March 8, 2021 (File No. 001-35107)).

3.1						Amended and Restated Certificate of Incorporation of Tango Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).

3.2						Amendment to the Amended and Restated Certificate of Incorporation of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).

3.3						Certificate of Designations of 6.75% Series A Mandatory Convertible Preferred Stock of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197)).

3.4						Amended and Restated Bylaws of Apollo Global Management, Inc. (incorporated by reference to Exhibit 3.3 to the Registrant’s Form 8-K12B filed on January 3, 2022 (File No. 001-41197)).

4.1						Form of 6.75% Series A Mandatory Convertible Preferred Stock Certificate (included in Exhibit 3.1 to the Registrant’s Form 8-K filed on August 11, 2023 (File No. 001-41197), which is incorporated by reference).

4.2						Indenture, dated as of August 23, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197)).

4.3						Form of 7.625% Fixed-Rate Resettable Junior Subordinated Notes due 2053 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on August 23, 2023 (File No. 001-41197), which is incorporated by reference).

4.4						Indenture, dated as of November 13, 2023, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197)).

4.5						Form of 6.375% Senior Notes due 2033 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on November 13, 2023 (File No. 001-41197), which is incorporated by reference).

4.6						Indenture, dated as of May 21, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197)).

4.7						Form of 5.800% Senior Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on May 21, 2024 (File No. 001-41197), which is incorporated by reference).

4.8						Indenture, dated as of October 10, 2024, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


4.9						Form of 6.000% Fixed-Rate Resettable Junior Subordinated Notes due 2054 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on October 10, 2024 (File No. 001-41197), which is incorporated by reference).

4.10						Indenture, dated as of August 12, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on August 12, 2025 (File No. 001-41197)).

4.11						First Supplemental Indenture, dated as of November 7, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197)).

4.12						Form of 5.150% Senior Notes due 2035 (included in Exhibit 4.3 to the Registrant’s Form 8-K filed on November 7 , 2025 (File No. 001-41197), which is incorporated by reference).

4.13						Indenture, dated as of November 7, 2025, among Apollo Global Management, Inc., the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197)).

4.14						Form of 4.600% Senior Notes due 2031 (included in Exhibit 4.1 to the Registrant’s Form 8-K filed on November 7, 2025 (File No. 001-41197), which is incorporated by reference).

4.15						Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of any such instruments.

*4.16						Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.

+10.1						Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan, as amended and restated as of January 26, 2022 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

+10.2						Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles, as amended and restated as of January 26, 2022 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

+10.3						Athene Holding Ltd. 2014 Share Incentive Plan (incorporated by reference to Exhibit 10.16.3 to Athene Holding Ltd.’s Form S-1 filed on October 25, 2016 (File No. 333-211243)).

+10.4						Amendment No. 1 to 2014 Share Incentive Plan (incorporated by reference to Exhibit 10.16.4 to Athene Holding Ltd.’s Form S-1 filed on October 25, 2016 (File No. 333-211243)).

+10.5						Athene Holding Ltd. 2016 Share Incentive Plan (incorporated by reference to Exhibit 10.16.5 to Athene Holding Ltd.’s Form S-1 filed on October 25, 2016 (File No. 333-211243)).

+10.6						Athene Holding Ltd. 2019 Share Incentive Plan (incorporated by reference to Exhibit 10.2 to Athene Holding Ltd.’s Form 8-K filed on June 10, 2019 dated June 4, 2019).

+10.7						Amendment to the Athene Holding Ltd. 2014 Share Incentive Plan, Athene Holding Ltd. 2016 Share Incentive Plan and Athene Holding Ltd. 2019 Share Incentive Plan, effective as of January 1, 2022 (incorporated by reference to Exhibit 10.7 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


+10.8						Form of Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

+10.9						Form of Director Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.9 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

+10.10						Form of Incentive Program Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to Apollo Asset Management, Inc.’s Form S-8 filed on September 5, 2019 (File No. 333-232797)).

+10.11						Form of Performance Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.4 to Apollo Asset Management, Inc.’s Form S-8 filed on September 5, 2019 (File No. 333-232797)).

+10.12						Form of Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.6 to Apollo Asset Management, Inc.’s Form S-8 filed on September 5, 2019 (File No. 333-232797)).

+10.13						Form of Restricted Share Award Grant Notice and Restricted Share Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan or Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles (inc orp orated by reference to Exhibit 10.13 to the Registrant ’s Form 10-K for the period ended December 31, 2024 (File No . 001-41197)).

+10.14						Form of Restricted Share Award Grant Notice and Restricted Share Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan or Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles (inc orporated by reference to Exhibit 10.14 to the Reg istrant ’s Form 10-K for the period ended December 31, 2024 (File No . 001-41197)).

+10.15						Form of Successor Performance Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.9 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2019 (File No. 001-35107)).

+10.16						Form of Credit Bonus Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.10 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2018 (File No. 001-35107)).

+10.17						Form of Restricted Share Award Grant Notice and Restricted Share Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles (incorporated by reference to Exhibit 10.11 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2019 (File No. 001-35107)).

+10.18						Form of Share Award Grant Notice and Share Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles (incorporated by reference to Exhibit 10.12 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2019 (File No. 001-35107)).

+10.19						Form of Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles (incorporated by reference to Exhibit 10.2 to Athene Holding Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2022 (File No. 001-37963)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


+10.20						Form of Notice of Restricted Share Unit Award and Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.20 to the Registrant ’s Form 10-K for the period ended December 31, 2024 (File No. 001-41197)).

+10.21						Form of Notice of Performance Restricted Share Unit Award and Performance Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.21 to the Registrant ’s Form 10 -K for the period ended December 31, 2024 (File No.001-41197)).

+10.22						Form of Notice of Cash Incentive Income Performance-based Restricted Share Unit Award and Cash Incentive Income Performance-based Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (incorporat ed by reference to Exhibit 10.22 to the Registrant ’s Form 10-K for the period ended December 31, 2024 (File No. 001-41197)).

+10.23						Form of Notice of Director Restricted Share Unit Award and Director Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Deferred Restricted Share Units) (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended June 30, 2024 (File No. 001-41197).

+10.24						Form of Notice of Director Restricted Share Unit Award and Director Restricted Share Unit Award Agreement under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (Non-Deferred Restricted Share Units) (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended June 30, 2024 (File No. 001-41197).

+10.25						Employment Agreement with Martin Kelly, dated July 2, 2012 (incorporated by reference to Exhibit 10.42 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2012 (File No. 001-35107)).

+10.26						Letter Agreement with Marc Rowan, dated January 3 0 , 202 5 (incorporated by reference to Exhibit 10.3 to the Registrant ’s Form 10-Q for the period ended March 31, 202 5 (File No. 001-41197 )).

+10.27						Letter Agreement with Scott Kleinman, dated December 1, 2021 (incorporated by reference to Exhibit 10.40 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.28						Restricted Share Unit Award Agreement with Scott Kleinman, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.41 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.29						Restricted Share Unit Award Agreement with Scott Kleinman, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.42 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.30						Restricted Share Unit Award Agreement with Scott Kleinman, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.43 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.31						Letter Agreement with James Zelter, dated December 1, 2021 (incorporated by reference to Exhibit 10.44 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.32						Restricted Share Unit Award Agreement with James Zelter, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.45 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


+10.33						Restricted Share Unit Award Agreement with James Zelter, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.46 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.34						Restricted Share Unit Award Agreement with James Zelter, dated as of December 1, 2021 (incorporated by reference to Exhibit 10.47 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.35						Roll-Up Agreement with Scott Kleinman, dated as of July 13, 2007 (incorporated by reference to Exhibit 10.44 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2018 (File No. 001-35107)).

+10.36						Amendment to Roll-Up Agreement with Scott Kleinman, dated July 29, 2020 (incorporated by reference to Exhibit 10.5 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2020 (File No. 001-35107)).

+10.37						Amendment to Roll-Up Agreement with Scott Kleinman, dated as of January 1, 2022 (incorporated by reference to Exhibit 10.51 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.38						Roll-Up Agreement with James Zelter, dated as of July 13, 2007 (incorporated by reference to Exhibit 10.30 to Apollo Asset Management, Inc.’s Registration Statement on Form S-1 (File No. 333-150141)).

+10.39						Amendment to Roll-Up Agreement with James Zelter, dated July 29, 2020 (incorporated by reference to Exhibit 10.4 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2020 (File No. 001-35107)).

+10.40						Amendment to Roll-Up Agreement with James Zelter, dated as of January 1, 2022 (incorporated by reference to Exhibit 10.54 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 (File No. 001-35107)).

+10.41						Amended and Restated Employment Agreement, dated as of June 16, 2022, between Athene Holding Ltd. and James R. Belardi (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q filed with the Securities and Exchange Commission on August 9, 2022 (File No. 001-41197)).

+10.42						Third Amended and Restated Limited Partnership Agreement of Apollo Advisors VII, L.P. dated as of July 1, 2008 and effective as of August 30, 2007 (incorporated by reference to Exhibit 10.42 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2013 (File No. 001-35107)).

+10.43						Third Amended and Restated Limited Partnership Agreement of Apollo Credit Opportunity Advisors I, L.P., dated January 12, 2011 and made effective as of July 14, 2009 (incorporated by reference to Exhibit 10.43 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2013 (File No. 001-35107)).

+10.44						Third Amended and Restated Limited Partnership Agreement of Apollo Credit Opportunity Advisors II, L.P., dated January 12, 2011 and made effective as of July 14, 2009 (incorporated by reference to Exhibit 10.44 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2013 (File No. 001-35107)).

+10.45						Form of Letter Agreement under the Amended and Restated Limited Partnership Agreement of Apollo Advisors VIII, L.P. effective as of January 1, 2014 (incorporated by reference to Exhibit 10.56 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2014 (File No. 001-35107)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


+10.46						Form of Award Letter under the Amended and Restated Limited Partnership Agreement of Apollo Advisors VIII, L.P. effective as of January 1, 2014 (incorporated by reference to Exhibit 10.57 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2014 (File No. 001-35107)).

+10.47						Amended and Restated Agreement of Limited Partnership of Apollo Global Carry Pool Aggregator, L.P., dated May 4, 2017 and effective as of July 1, 2016 (incorporated by reference to Exhibit 10.61 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2017 (File No. 001-35107)).

+10.48						Form of Award Agreement for Apollo Global Carry Pool Aggregator, L.P. (incorporated by reference to Exhibit 10.62 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2017 (File No. 001-35107)).

+10.49						Form of Letter Agreement under the Amended and Restated Limited Partnership Agreement of Apollo ANRP Advisors II, L.P. dated March 2, 2017 and effective as of August 21, 2015 (incorporated by reference to Exhibit 10.63 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2017 (File No. 001-35107)).

+10.50						Form of Award Letter under the Amended and Restated Limited Partnership Agreement of Apollo ANRP Advisors II, L.P. dated March 2, 2017 and effective as of August 21, 2015 (incorporated by reference to Exhibit 10.64 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2017 (File No. 001-35107)).

+10.51						Amended and Restated Agreement of Exempted Limited Partnership of Apollo Global Carry Pool Aggregator II, L.P., dated June 26, 2018 (incorporated by reference to Exhibit 10.68 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2018 (File No. 001-35107)).

+10.52						Form of Award Agreement for Apollo Global Carry Pool Aggregator II, L.P. (incorporated by reference to Exhibit 10.69 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2018 (File No. 001-35107)).

+10.53						Fourth Amended and Restated Exempted Limited Partnership Agreement of Apollo Advisors IX, L.P., dated August 8, 2018 and effective as of June 29, 2018 (incorporated by reference to Exhibit 10.70 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2018 (File No. 001-35107)).

+10.54						Form of Award Letter for Apollo Advisors IX, L.P. (incorporated by reference to Exhibit 10.71 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended September 30, 2018 (File No. 001-35107)).

+10.55						Amended and Restated Limited Partnership Agreement of Apollo Special Situations Advisors, L.P., dated as of February 15, 2017 and effective as of March 18, 2016 (incorporated by reference to Exhibit 10.80 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2018 (File No. 001-35107).

+10.56						Amended and Restated Agreement of Exempted Limited Partnership of Apollo Global Carry Pool Aggregator III, L.P., dated June 29, 2020 (incorporated by reference to Exhibit 10.6 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2020 (File No. 001-35107)).

+10.57						Form of Award Agreement for Apollo Global Carry Pool Aggregator III, L.P. (incorporated by reference to Exhibit 10.7 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2020 (File No. 001-35107)).

+10.58						Amended and Restated Exempted Limited Partnership Agreement of Apollo Infra Equity Advisors (IH UT), L.P., dated as of February 25, 2020 and effective as of January 1, 2020 (incorporated by reference to Exhibit 10.105 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2020 (File No. 001-35107)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX



+10.59						Amended and Restated Exempted Limited Partnership Agreement of Apollo Infra Equity Advisors (APO DC UT), L.P., dated as of February 25, 2020 and effective as of January 1, 2020 (incorporated by reference to Exhibit 10.106 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2020 (File No. 001-35107)).

+10.60						Form of Award Agreement for Apollo Infra Equity Advisors (APO DC UT), L.P. and Apollo Infra Equity Advisors (IH UT), L.P (incorporated by reference to Exhibit 10.107 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2020 (File No. 001-35107)).

+10.61						Amended and Restated Exempted Limited Partnership Agreement of Apollo Global Carry Pool Aggregator IV, L.P., dated January 28, 2021 (incorporated by reference to Exhibit 10.4 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2021 (File No. 001-35107)).

+10.62						Form of Award Agreement for Apollo Global Carry Pool Aggregator IV, L.P. (incorporated by reference to Exhibit 10.5 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2021 (File No. 001-35107)).

†+10.63						Apollo Supplemental Partner Program Plan Document (incorporated by reference to Exhibit 10.7 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2022 (File No. 001-35107)).

†+10.64						Form of Apollo Supplemental Partner Program Award Letter (incorporated by reference to Exhibit 10.8 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended March 31, 2022 (File No. 001-35107)).

+10.65						Form of Apollo Supplemental Partner Program Award Letter (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended March 31, 2025 (File No. 001-41197)).

+10.66						Form of ADIP (Athene) Carry Plan, L.P. Award Letter (incorporated by reference to Exhibit 10.1 to Athene Holding Ltd.’s Form 10-Q for the period ended September 30, 2020 (File No. 001-37963)).

10.67						Form of Indemnification Agreement (incorporated by reference to Exhibit 10.25 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

10.68						Form of Independent Director Engagement Letter (incorporated by reference to Exhibit 10.26 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

10.69						Form of Independent Director Engagement Letter (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended March 31, 2025 (File No. 001-41197)).

10.70						Form of Lead Independent Director Engagement Letter (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended June 30, 2025 (File No. 001-41197)).

10.71						Stockholders Agreement, dated as of January 1, 2022, among Apollo Global Management, Inc., Leon D. Black, Marc J. Rowan, Joshua J. Harris and the other persons party thereto (incorporated by reference to Exhibit 10.27 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

10.72						Registration Rights Agreement, dated as of January 1, 2022, among Apollo Global Management, Inc., Scott M. Kleinman, James C. Zelter and the other persons party thereto (incorporated by reference to Exhibit 10.28 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX


10.73						Exchange Implementation Agreement, dated December 31, 2021, by and among Apollo Global Management, Inc. and certain other persons and certain holders of Apollo Operating Group (incorporated by reference to Exhibit 10.106 to Apollo Asset Management, Inc.’s Form 10-K for the period ended December 31, 2021 filed on February 25, 2022 (File No. 001-35107)).

10.74						Amended and Restated Tax Receivable Agreement, dated as of May 6, 2013, by and among APO Corp., Apollo Principal Holdings II, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings VI, Apollo Principal Holdings VIII, L.P., AMH Holdings (Cayman), L.P. and each Holder defined therein (incorporated by reference to Exhibit 10.10 to Apollo Asset Management, Inc.’s Form 10-Q for the period ended June 30, 2016 (File No. 001-35107)).

10.75						Amendment to Amended and Restated Tax Receivable Agreement, dated as of September 5, 2019, by and among APO Corp., Apollo Principal Holdings II, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings VI, L.P. Apollo Principal Holdings VIII, L.P., AMH Holdings (Cayman), L.P. and each Holder defined therein (incorporated by reference to Exhibit 99.2 to Apollo Asset Management, Inc.’s Form 8-K filed on September 5, 2019 (File No. 001-35107)).

10.76						Waiver to Amended and Restated Tax Receivable Agreement, dated May 2, 2022 (incorporated by reference to Exhibit 10.32 to the Registrant’s Form 10-Q for the period ended March 31, 2022 (File No. 001-41197)).

†10.77						Revolving Credit Facility, among ACMP Holdings, LLC, Apollo Capital Markets Management, L.P., Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd. and the lenders from time to time party thereto, dated as of April 1, 2022 (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed with the Securities and Exchange Commission on April 7, 2022 (File No. 001-41197)).

10.78						Second Amended and Restated Agreement of Exempted Limited Partnership of AISG Holdings LP, dated June 16, 2022 and effective as of January 1, 2019 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended June 30, 2022 (File No. 001-41197)).

+10.79						Letter Agreement with Whitney Chatterjee, dated February 20, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant ’s Form 10-Q for the period ended Septem ber 30, 2025 (File No. 001-41197)).

†+10.80						Form of Apollo Carry Award (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended March 31, 2023 (File No. 001-41197)).

†+10.81						Accord+ Notional Bonus Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended March 31, 2023 (File No. 001-41197)).

+10.82						Amended and Restated Exempted Limited Partnership Agreement of Apollo EPF Advisors IV, L.P., dated March 27, 2023 and effective as of December 31, 2021 (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q for the period ended March 31, 2023 (File No. 001-41197)).

+10.83						Amended and Restated Exempted Limited Partnership Agreement of Apollo Infrastructure Opportunities Advisors II, L.P., dated February 10, 2022 and effective as of July 10, 2020 (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 10-Q for the period ended March 31, 2023 (File No. 001-41197)).

+10.84						Amended and Restated Exempted Limited Partnership Agreement of Apollo Hybrid Value Advisors II, L.P., dated March 31, 2022 and effective as of September 29, 2020 (incorporated by reference to Exhibit 10.5 to the Registrant’s Form 10-Q for the period ended March 31, 2023 (File No. 001-41197)).

†+10.85						Form of Apollo Carry Award (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ended March 31, 2024 (File No. 001-41197)).

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX



+10.86						Amended and Restated Exempted Limited Partnership Agreement of Apollo Advisors X, L.P., dated as of August 18, 2023 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ended March 31, 2024 (File No. 001-41197)).

+10.87						Form of Award Letter for Apollo Advisors X, L.P. (incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q for the period ended March 31, 2024 (File No. 001-41197)).

+10.88						Second Amended and Restated Exempted Limited Partnership Agreement of Apollo ADIP Advisors, L.P., dated as of June 12, 2020 (incorporated by reference to Exhibit 10.4 to the Registrant’s Form 10-Q for the period ended March 31, 2024 (File No. 001-41197)).

*+10.89						Form of RSU / PSU Deferral Election.

*19.1						Insider Trading Policy.

*21.1						Subsidiaries of Apollo Global Management, Inc.

*22.1						List of Subsidiary Guarantors.

*23.1						Consent of Deloitte & Touche LLP.











*31.1						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).

*31.2						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).

*32.1						Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

*32.2						Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

97.1						Apollo Global Management, Inc. Statutory Recoupment Policy (incorporated by reference to Exhibit 97.1 to the Registrant’s Form 10-K for the period ended December 31, 2023 (File No. 001-41197).



101						Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition as of December 31, 2025 and December 31, 2024, (ii) the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, (iv) the Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, and (vi) the Notes to the Consolidated Financial Statements.









104						Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).


*			Filed herewith.
+			Management contract or compensatory plan or arrangement.
†			Certain information contained in this exhibit has been omitted because it is not material and is the type that the registrant treats as private or confidential.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

APOLLO GLOBAL MANAGEMENT, INC.

EXHIBIT INDEX

Previous: Item 14. Principal Accountant Fees and Services · Next: Item 16. FORM 10-K SUMMARY