Apollo Global Management (APO) risk factors: FY2025 10-K

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

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1. A portion of our revenues, earnings and cash flow is highly variable, which may make it difficult for us to achieve steady earnings growth on a quarterly basis, which may cause the price of our shares to be volatile.
2. We may not be successful in expanding into new investment strategies, geographic markets and businesses and in attracting new types of investors, each of which may result in additional risks and uncertainties in our businesses.reworded
3. We have increasingly undertaken business initiatives to increase the number and type of products offered to individual investors, which could expose us to new and greater levels of risk.
4. We operate in highly competitive industries, which could limit our ability to achieve our growth strategies and could materially and adversely affect our businesses, financial condition, results of operations, cash flows and prospects.
5. Our business, financial condition, results of operations, liquidity and cash flows depend on the accuracy of our management’s assumptions and estimates, and we could experience significant gains or losses if these assumptions and estimates differ significantly from actual results.
6. We depend on certain key personnel and the loss of their services could have a material adverse effect on us.
7. 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.reworded
8. We rely on technology and information systems, many of which are controlled by third-party vendors, to maintain the security of our information and technology networks and to conduct our businesses, and any failures or interruptions of these systems could adversely affect our businesses and results of operations.
9. AI Technologies could increase competitive, operational, legal and regulatory risks to our businesses in ways that we cannot predict.rewordedAI
10. Many of the funds we manage invest in illiquid assets and many of the investments of our retirement services business are relatively illiquid and we may fail to realize profits from these assets for a considerable period of time, or lose some or all of the principal amount we invest in these assets if we are required to sell our invested assets at a loss at inopportune times or in response to changes in applicable rules and regulations.
11. We rely on the financing markets for the operation of our business.
12. We are subject to operating and financial restrictions arising from our indebtedness.new

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1. We may experience a decline in revenue from our asset management business.
2. We depend on investors in the funds we manage for the continued success of our asset management business.
3. Historical performance metrics are unreliable indicators of our current or future results of operations.
4. Valuations for the funds we manage entail significant complications and are not an indicator for actual realizations.
5. Investments made by the funds we manage entail significant risks and uncertainties.
6. The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest.
7. The funds that we manage in our credit strategy are subject to numerous additional risks.

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1. A financial strength rating downgrade, potential downgrade or any other negative action by a rating agency could make our product offerings less attractive, inhibit our ability to acquire future business through acquisitions or reinsurance and increase our cost of capital, which could have a material adverse effect on our business.
2. If we are unable to attract and retain IMOs, banks and broker-dealers, sales of our retirement services products may be adversely affected.
3. As a financial services company, we are exposed to liquidity risk, which is the risk that we are unable to meet near-term obligations as they come due.
4. The amount of statutory capital that our insurance and reinsurance subsidiaries have, or that they are required to hold, can vary significantly from time to time and is sensitive to a number of factors outside of our control.
5. Repurchase agreement programs subject us to potential liquidity and other risks.
6. Our retirement services business is subject to the credit risk of its counterparties, including ceding companies, reinsurers, plan sponsors, and derivative counterparties.
7. The investment portfolio of our retirement services business may be subject to concentration risk, particularly with respect to single issuers, including Athora, among others; industries, including financial services; and asset classes, including real estate.

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1. Our failure to deal appropriately with conflicts of interest could damage our reputation and adversely affect our businesses.

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1. Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. Increased regulatory focus would result in additional burdens on our businesses.reworded
2. We have been and may be the target or the subject of third-party litigation from time to time that could result in significant liabilities and/or reputational harm, which could have a material adverse effect on our results of operations, financial condition and liquidity.
3. Climate change-related risks and regulatory and other efforts to address climate change could adversely affect our business.

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1. The tax treatment of our structure is complex and may be subject to change as a result of new laws or regulations or differing interpretations of existing laws and regulations, under audit or otherwise, potentially on a retroactive basis.
2. Our structure is subject to a number of minimum tax regimes, the implementation of which remains uncertain. These regimes may not be compatible with one another and may cause us adverse tax consequences.reworded
3. Certain of our non-U.S. subsidiaries may be subject to U.S. federal income taxation in an amount greater than expected.
4. Our ownership of certain non-U.S. entities could cause us to be subject to U.S. federal income tax in amounts greater than expected, which could adversely affect the value of your investment.
5. Changes in tax law could adversely impact our earnings.

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1. The market price and trading volume of our shares may be volatile, which could result in rapid and substantial losses for our stockholders.
2. An investment in our shares is not an investment in any of the funds we manage, and the assets and revenues of such funds are not directly available to us.
3. Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain legal actions between us and our stockholders, which could limit our stockholders’ ability to obtain a judicial forum viewed by the stockholders as more favorable for disputes with us or our directors, officers or employees, and the enforceability of the exclusive forum provision may be subject to uncertainty.
4. Declaration, payment and amounts of dividends, if any, to holders of our shares will be uncertain.

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Headings in the FY2024 10-K with no match this year.

1. 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.
2. 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.
3. 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.