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Financials · Asset Management · NYSE

APOApollo Global Management

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The 10-K against last year's

276 changes: 37 added, 33 removed, 201 reworded, 5 quiet changes

10-K Feb 25, 2026 vs Feb 24, 2025
Risk FactorsRedline ↓
19.7%
of the text changed · 27,638 words now
18.8%
of the text changed · 32,288 words now
Legal ProceedingsRedline ↓
29.7%
of the text changed · 3,368 words now
Accounting PoliciesRedline ↓
7.7%
of the text changed · 14,102 words now

10-K 0001858681-26-000013 (2026-02-25) vs 10-K 0001858681-25-000034 (2025-02-24)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 330 words changed in this paragraph; it is 44% similar to last year's version.
Net investment earnings increased $2.1 billion, were $14.3 billion in 2025, an increase of $2.6 billion from $11.7 billion in 2024, primarily driven by $25.3 $39.1 billion of growth in Athene’s average net invested assets, higher rates on new deployment compared to Athene’s existing portfolio related to the higher interest rate environment and environment, an increase in alternative net investment income, income and earlier deployment into assets during the year compared to 2024, partially offset by an increase in lower floating rate income attributable to the ACRA non-controlling interests following the sale and prepayment of a 50% interest in ACRA 2 to ADIP II effective July 1, 2023 and the subsequent increases in the ADIP II ownership of ACRA 2 to 60% effective December 31, 2023 and 63% effective October 1, 2024. higher yielding assets. The increase in alternative net investment income compared to 2023 2024 was primarily driven by more favorable performance within origination and retirement services and strategic origination platforms, platforms as well as credit, equity funds, partially offset by less favorable performance within equity. credit funds. The increase in income from origination platforms was mainly attributable to an initial mark from cost to fair value and origination outperformance on Atlas in 2025, robust deployment following a capital raise within Apterra Infrastructure Capital, LLC (“Apterra”) in 2025 and strong growth from origination partnerships within Aqua Finance, Inc. (“Aqua Finance”) in 2025 compared to a valuation decrease in 2024, partially offset by stronger growth from Redding Ridge in 2024. The increase in income from retirement services platforms was primarily related to underperformance from FWD Group Holdings Limited (“FWD”) and a decrease valuation increase on Venerable in 2025 related to the announcement of a reinsurance transaction with Corebridge Financial, Inc. (“Corebridge”), unfavorable returns on Athene’s investment in Catalina in 2024 not recurring in 2025 due to the distribution of its Catalina common equity interests as a dividend in the share price third quarter of 2024 and realized losses from the sale of Challenger Limited (“Challenger”) common equity shares in 2023, 2024. These impacts were partially offset by increased expenses capital requirements related to expanded solvency requirements and lower growth competitive dynamics within the pension market impacting the valuation of Athora in 2024. 2025. The increase in income from strategic origination platforms equity funds was mainly attributable to unfavorable performance from Aqua Finance in 2023 related to macroeconomic headwinds for consumer loan origination, more favorable performance within structured equity in 2025 compared to 2024. The decrease in income from Foundation Home Loans credit funds was primarily driven by increased origination volumes more favorable credit spread tightening in 2024 and strong growth within other strategic origination platforms related compared to the funding of investments in 2024, partially offset by outsized performance from MidCap Financial in 2023. 2025.

Source: Item 7, 10-K 0001858681-26-000013 vs Item 7, 10-K 0001858681-25-000034

Risk Factors 287 words changed in this paragraph; it is 53% similar to last year's version.
We intend to avail ourselves translate documents or gather information on a wide variety of the potential benefits, insights and efficiencies that are available through the use of AI Technologies, which presents topics. However, these technologies also present a number of potential risks that cannot be fully mitigated. If the data we, our affiliates or third parties whose services we rely on, use in connection with the possible development or deployment of AI Technologies (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 Technologies and Technologies, adversely impact us and our operations. operations, and could subject us to legal and regulatory investigations and/or actions. There is also a risk that AI Technologies and data used therewith may be misused or misappropriated by our employees or third-party service providers or other third parties. Further, we may not be able to control how third-party AI Technologies that we choose to use are developed or maintained, or how data we input is used or disclosed, even where we have sought contractual protections with respect to these matters. The misuse or misappropriation of our data, including material non-public information, 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. 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. In addition, some of our competitors may be more successful than us in the development and implementation of new technologies, including services and platforms based on artificial intelligence, to address investor demands or improve operations. If we are unable to adequately advance our capabilities in these areas, or do so at a slower pace than others in our industry, we may be at a competitive disadvantage.

Source: Item 1A, 10-K 0001858681-26-000013 vs Item 1A, 10-K 0001858681-25-000034

Legal Proceedings 207 words changed in this paragraph; it is 62% similar to last year's version.
On December 21, 2017, several entities referred to collectively as “Harbinger” commenced an action in New York Supreme Court captioned Harbinger Capital Partners II LP et al. v. Apollo Global Management LLC, et al. (No. 657515/2017). The complaint named as defendants AAM, and funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”), among others. The complaint alleged that during the period of Harbinger’s various equity and debt investments in SkyTerra from 2004 to 2010, the defendants concealed from Harbinger material defects in SkyTerra technology. The complaint further alleged that Harbinger would not have made investments in SkyTerra totaling approximately $1.9 billion had it known of the defects, and that the public disclosure of these defects ultimately led to SkyTerra filing for bankruptcy in 2012 (after it had been renamed LightSquared). The complaint sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice. On June 8, 2020, Harbinger refiled its litigation in New York Supreme Court, captioned Harbinger Capital Partners II, LP et al. v. Apollo Global Management, LLC et al. (No. 652342/2020). The complaint adds eight new defendants and three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV One Four Holdings, LLC (“CCTV”) to support SkyTerra’s network even though they allegedly knew that the network had material defects. On November 23, 2020, Defendants refiled a bankruptcy motion, and on November 24, 2020, filed in the state court a motion to stay the state court proceedings pending a ruling by the bankruptcy court on the bankruptcy motion. On February 1, 2021, the bankruptcy court denied the bankruptcy motion. Defendants filed their motions to dismiss the New York Supreme Court action on March 31, 2021, which were granted in part and denied in part on May 23, 2023. The court granted in full the Defendants’ motion to dismiss Harbinger’s complaint as time-barred and denied as moot the Defendants’ motion to dismiss the complaint for failure to state a claim. Plaintiffs have appealed the court’s decision. Apollo believes the claims in this action are without merit. No reasonable estimate of possible loss, if any, can be made at this time.

Source: Item 3, via Note 19 – Commitments and Contingencies, 10-K 0001858681-26-000013 vs Item 3, via Note 19 – Commitments and Contingencies, 10-K 0001858681-25-000034

Accounting Policies 85 words changed in this paragraph; it is 77% similar to last year's version.
Interest sensitive contract liabilities are typically associated with universal life-type policies and investment contracts. Universal life-type policies and investment contracts include traditional deferred annuities; indexed annuities consisting of fixed indexed, index-linked variable annuities in the accumulation phase, and assumed indexed universal life without significant mortality risk; funding agreements; immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies); universal life insurance; and other investment contracts inclusive of guaranteed investment contracts and assumed endowments without significant mortality risk. Athene carries liabilities for traditional deferred annuities, indexed annuities, funding agreements annuities and universal life insurance at the account balances without reduction for potential surrender or withdrawal charges, except for a block of universal life business ceded to Global Atlantic Financial Group Limited (together with its subsidiaries, “Global Atlantic”), which it carries at fair value. Liabilities for immediate annuities without significant mortality risk (which include pension group annuities and structured settlements without life contingencies), funding agreements, assumed endowments without significant mortality risk and guaranteed investment contracts are calculated as the present value of future liability cash flows and policy maintenance expenses expenses, if any, discounted at contractual interest rates. Certain of Athene’s universal life-type policies and investment contracts are offered with additional contract features that meet the definition of a market risk benefit. See “Market Risk Benefits” below for further information.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001858681-26-000013 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001858681-25-000034

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of APO's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-24. Each links to the text at sec.gov.

RemovedRisk Factors
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

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

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
extremely competitive. Efforts to retain or attract key personnel may result in significant additional expenses, which could adversely affect our profitability.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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. As a result of these restrictions, our retirement services business may be limited in how it conducts its operations and may be unable to raise additional debt financing to compete effectively or to take advantage of new business opportunities.

Read it in 10-K 2025-02-24 at sec.gov ↗

Show the other 16
RemovedRisk Factors
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedRisk Factors
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

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
In addition, certain professionals and selected other individuals have a profit sharing interest in the performance fees earned in order to better align their interests with our own and with those of the investors in the funds we manage. Profit sharing expense is part of our compensation and benefits expense and is generally based upon a fixed percentage of performance fees. Certain of

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
In managing its business, Athene analyzes net invested assets, which does not correspond to total Athene investments, including investments in related parties, as disclosed in the consolidated statements of financial condition and notes thereto. Net invested

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
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.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
unlocking, partially offset by $252 million of unfavorable negative VOBA and deferred profit liability unlocking. The favorable unlocking primarily related to higher interest rates and favorable mortality experience lowering future benefit payments.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
The increase in fee-related performance fees in 2024 was primarily attributable to fees earned from ADS of $54 million, reflecting the growing contribution from Apollo’s wealth-focused products.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
underperformance from FWD and a decrease in the share price of Challenger in 2023, partially offset by increased expenses and lower growth impacting the valuation of Athora in 2024. The higher returns from strategic origination platforms was mainly attributable to unfavorable performance from Aqua Finance in 2023 related to macroeconomic headwinds for consumer loan origination and favorable performance from Foundation Home Loans driven by increased origination volumes in 2024, partially offset by outsized performance from MidCap Financial in 2023.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
Realized investment income in 2024 primarily benefited from realized gains earned on the transfer of certain of Apollo’s general partner investments to Athene. Realized investment income in 2023 was negatively impacted by $42 million of losses related to the liquidations of Apollo Strategic Growth Capital II and Acropolis Infrastructure Acquisition Corp., special purpose acquisition companies sponsored by Apollo.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
The following table summarizes the investment record for distressed investments made in our traditional private equity fund portfolios since the Company’s inception. All amounts are as of December 31, 2024.

Read it in 10-K 2025-02-24 at sec.gov ↗

RemovedMD&A
The following tables provide additional detail on the composition of the Fund X, Fund IX and Fund VIII private equity portfolios based on investment strategy. Amounts for Fund I, II, III, IV, V, VI and VII are included in the table above but not presented below as their remaining value is less than $100 million, the fund has been liquidated or the fund commenced investing capital less than 24 months prior to December 31, 2024 and such information was deemed not meaningful. All amounts are as of December 31, 2024.

Read it in 10-K 2025-02-24 at sec.gov ↗

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