AddedRisk Factors
Evolving political, market and economic conditions, including increased policy uncertainty and market volatility, may adversely affect our businesses and financial results.
APOApollo Global Management
- Employees
- 6,140
- Headquarters
- New York, NY
- CEO
- Marc J. Rowan
- Next results
- around Jan 1, 2027
10-K 0001858681-26-000013 (2026-02-25) vs 10-K 0001858681-25-000034 (2025-02-24)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 27,638 | 19.7% |
| MD&A | Item 7 | 32,288 | 18.8% |
| Legal Proceedings | Item 3, via Note 19 – Commitments and Contingencies | 3,368 | 29.7% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 14,102 | 7.7% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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.
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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Past, ongoing and potential armed conflicts and military hostilities in various regions, such as the conflict between Russia and Ukraine and the conflict in the Middle East, and heightened political and economic uncertainty across certain emerging markets and certain regions of strategic geopolitical significance, have increased, and may continue to increase in the future, global economic and political uncertainty. In response to such conflicts, hostilities and uncertainties, governments may impose a range
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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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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. These competitive pressures may materially adversely affect on our growth, business, financial condition, results of operations, cash flows and prospects.
AddedRisk Factors
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.
AddedRisk Factors
Through our use of AI Technologies, we avail ourselves of the potential benefits, insights and efficiencies resulting from these technologies. For example, our employees can utilize internal generative AI-powered applications to help summarize, search or
AddedRisk Factors
Regulations related to AI Technologies continue to evolve and may also impose on us certain obligations and costs related to monitoring and compliance. The costs of preparing for, monitoring and complying with laws and regulations related to AI Technologies, and any claims or penalties as the result of any use of or reliance on AI Technologies, could, if applicable, adversely affect us, us and/or third parties connected to us (whether directly or indirectly), which could adversely affect our business and results of operations.
AddedRisk Factors
We are subject to operating and financial restrictions arising from our indebtedness.
AddedRisk Factors
We are subject to operating and financial restrictions arising from our indebtedness, which include restrictive covenants that, subject to certain exceptions, limit certain operational, financial or structural decisions we can make. As a result of these restrictions, we may be limited in how we conduct our operations and may be unable to raise additional debt financing to compete effectively or to take advantage of new business opportunities. Any future indebtedness we incur may also contain significant operating and financial restrictions.
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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 illegal 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, regardless of whether such activity is related to our business, management’s resources and attention could be diverted, and we could receive negative publicity, suffer serious harm to our brand, brand and reputation, be subject to increased regulatory scrutiny, penalties or sanctions, face difficulties in raising funds, 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.
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Department of Labor; the Internal Revenue Service (“IRS”); the Office of the Comptroller of the Currency; IRS; the Federal Communications Commission; insurance law and regulations by regulators in U.S. states, the EU, Bermuda, U.K., Ireland, Italy, Switzerland, Germany, Belgium, the Netherlands, Australia, Singapore, Canada, Cayman Islands and Malaysia; banking regulators in Germany, Slovenia and Spain; as well as rules and regulations regarding CLO risk retention, real estate investment trusts, broker-dealers, “over the counter” derivatives markets, commodity pool operators, commodity trading advisors, gaming companies, and natural resources companies.
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Data Protection (Use and Access) Act 2018 2025) and potentially various new and emerging EU and U.K. cybersecurity laws; and digital operational resilience laws, such as the EU Digital Operational Resilience Act; the Cayman Islands Data Protection Act; the Gramm-Leach-Bliley Act; the California Consumer Privacy Act of 2018 and a variety of other U.S. and international state privacy privacy, cybersecurity and cybersecurity laws; the Regulation on OTC Derivatives, Central Counterparties AI laws and Trade Repositories; regulations; as well as by the Financial Stability Oversight Council and similar non-U.S. regulators; the Federal Reserve; the SEC;
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Inclusive Framework members have been moving forward on the BEPS agenda and significant aspects of the proposals have been implemented or are scheduled for implementation but, because the timing of implementation and the specific measures adopted vary among participating member countries, significant uncertainty remains regarding the full impact of the BEPS project for our business.
RewordedRisk Factors
Where an investment fund uses borrowings under a subscription line facility, a net asset value-based finance fund facility or other financing arrangement in advance or in lieu of receiving capital contributions from investors to repay any such borrowings and related interest expenses, the use of such facility or arrangement will result in a different (and perhaps higher) reported internal rate of return than if the facility had not been utilized and instead capital contributions from investors had been contributed at the inception of an investment.
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(ii) non-compliance of portfolio companies with corporate sustainability-related regulations, such as the EU’s Corporate Sustainability Reporting Directive and/or Corporate Sustainability Due Diligence Directive, (iii) misrepresentations of the investment strategies of the funds and other vehicles we manage as well as about our, the funds’ or other vehicles’, and their investments’ performance against environmental, social and/or governance-related sustainability-related measures and/or initiatives; or (iii) (iv) breaches of fiduciary duty in relation to the funds and other vehicles we manage and other violations of law related to the management of environmental, social and/or governance-related sustainability-related risks.
RewordedRisk Factors
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.
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Prior to the enactment of the Bermuda CIT, certain of our subsidiaries had received from the Bermuda Minister of Finance, under the Exempted Undertakings Tax Protection Act 1966 of Bermuda, as amended, Tax Assurance Certificates that they generally would not be subject to income or estate tax until March 31, 2035.
RewordedRisk Factors
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, that could have a material and adverse impact on claims related to alleged misuse or misappropriation of our business, financial condition, results of operations, liquidity and cash flows. data.
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The full extent of current or future risks related thereto is not possible to predict. predict and we may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes.
Quiet changesRisk Factors
In addition, our retirement services business is may be exposed to credit loss in the event of nonperformance by its derivative agreement counterparties.
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Commencing on January 1, 2025, the Bermuda CIT generally will impose imposes a 15% corporate income tax on entities that are tax residents in Bermuda or have a Bermuda permanent establishment and are members of multi-national groups with consolidated revenues in excess of €750 million for at least two of the last four fiscal years.
AddedMD&A
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.
AddedMD&A
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.
AddedMD&A
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.
AddedMD&A
Advisory and transaction fees increased by $380 million to $1.2 billion in 2025 from $822 million in 2024. 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.
AddedMD&A
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.
AddedMD&A
NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 13 to the consolidated financial statements for further details regarding the Company’s income tax provision.
AddedMD&A
Capital solutions fees earned in 2025 were primarily attributable to fees earned from our corporate private equity, direct origination, asset-backed finance, infrastructure and clean transition equity, and opportunistic credit strategies.
AddedMD&A
The increase in fee-related performance fees in 2025 was primarily driven by the sustained growth across a variety of perpetual capital vehicles.
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1 Gross capital deployment for 2024 was updated to include an additional $9 billion for Atlas related to the fourth quarter of 2024.
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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 as of December 31, 2025:
AddedMD&A
Years ended December 31, (In millions) 2025 2024 2023 GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. $ 3,395 $ 4,480 $ 5,001 Preferred dividends 97 97 46 Net income (loss) attributable to non-controlling interests 1,909 1,796 1,462 GAAP Net Income (Loss) 5,401 6,373 6,509 Income tax provision (benefit) 1,276 1,062 (923) GAAP Income (Loss) Before Income Tax Provision (Benefit) 6,677 7,435 5,586 Asset Management Adjustments: Equity-based profit sharing expense1 211 321 239 Equity-based compensation 439 308 662 Net (income) loss attributable to non-controlling interests in consolidated entities (2,157) (1,840) (1,556) Unrealized performance fees 64 (264) (127) Unrealized profit sharing expense (34) 145 179 HoldCo interest and other financing costs2 143 80 88 Unrealized principal investment (income) loss (25) 9 (88) Unrealized net (gains) losses from investment activities 362 (46) (37) Transaction-related costs, restructuring and other non-operating expenses3 487 184 147 Retirement Services Adjustments: Investment (gains) losses, net of offsets (19) (217) (170) Non-operating change in insurance liabilities and related derivatives4 (91) (846) (182) Integration, restructuring and other non-operating items 121 239 130 Equity-based compensation 49 50 88 Segment Income 6,227 5,558 4,959 HoldCo interest and other financing costs2 (143) (80) (88) Taxes and related payables (889) (913) (789) Adjusted Net Income $ 5,195 $ 4,565 $ 4,082 1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment. 2 Represents interest and other financing costs related to AGM not attributable to any specific segment. 3 Transaction-related costs, restructuring and other non-operating expenses includes; (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with the Company’s merger with Athene; and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the year ended December 31, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025. 4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
AddedMD&A
On December 27, 2023, the Government of Bermuda enacted the Bermuda CIT in response to the OECD’s Pillar Two initiative. In connection with the enactment of the Bermuda CIT, the Company made interim elections to align the membership of the Company’s Bermuda CIT tax group with the membership of the Company’s Pillar Two Bermuda tax group, and recorded a deferred tax asset of $2.0 billion as of December 31, 2024 for entry into the Bermuda CIT regime. As of December 31, 2025, the Company had $1.7 billion of net Bermuda deferred tax assets and concluded that it was more likely than not that sufficient future taxable income would be generated to realize these deferred tax assets.
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As of December 31, Performance Fees for the Year Ended December 31, 2025 Performance Fees for the Year Ended December 31, 2024 Performance Fees for the Year Ended December 31, 2023 Performance Fees for the Year Ended December 31, 2022 2025 2024 2023 (In millions) Performance Fees Receivable on an Unconsolidated Basis Unrealized Realized Total Unrealized Realized Total Unrealized Realized Total Accord and Accord+ Funds $ 139 $ 93 $ 59 (28) $ 103 $ 75 $ 34 $ 20 $ 54 $ 59 $ — $ 59 $ — $ — $ — AIOF I I, II and II III 50 57 18 (7) 23 16 39 — 39 8 5 13 (5) 27 22 ANRP I, II and III1 53 48 47 6 19 25 36 25 61 (12) 2 (10) (66) 3 Athora 22 84 (63) Athora 84 100 — (63) (15) — (15) (18) — (18) 40 — 40 Credit Strategies 126 113 87 1 125 126 1 112 113 4 83 87 (4) 4 — EPF Funds1 32 21 15 17 6 23 — 19 19 (121) 34 (87) (79) 48 (31) FCI Funds 90 109 86 (19) — (19) 23 — 23 10 — 10 (1) — (1) Freedom Parent Holdings 77 40 63 (10) 77 67 (53) 117 64 63 — 63 — — — Fund X 480 199 1 281 143 424 198 — 198 1 — 1 — — — Fund IX 1,134 1,597 1,714 (463) 382 (81) (117) 419 302 453 288 741 494 200 694 Fund VIII2 — 23 111 (20) 6 (14) (158) 4 (154) (259) 118 (141) (357) 22 (335) Fund VII — 27 — — — — (26) 27 1 (13) 18 5 (38) 44 6 Fund VI 39 31 22 — 8 8 — 9 9 (3) 8 5 (1) 3 2 Fund IV and Fund V1 — — — — — — — — 30 (30) — — — — HVF I 81 60 45 21 4 25 15 9 24 1 41 42 (62) 116 54 HVF II 190 168 — 22 111 133 168 — 168 — — — MidCap FinCo 38 43 — — — MidCap Financial 43 38 24 24 5 38 43 (143) 57 (86) 36 19 55 Redding Ridge Holdings 214 164 118 50 35 85 45 35 80 27 34 61 (8) 23 15 Bridge Funds 148 — (30) 9 (21) — — — — — — Other1,3 857 617 521 173 389 562 69 294 363 31 230 261 49 158 207 Total $ 3,770 $ 3,467 $ 3,072 (69) $ 1,464 $ 1,395 $ 264 $ 1,128 $ 1,392 $ 118 $ 888 $ 1,006 $ (2) $ 667 $ 665 Total, net of profit sharing payable4/expense $ 1,840 $ 1,684 $ 1,507 (30) $ 630 $ 600 $ 118 $ 516 $ 634 $ (54) $ 335 $ 281 $ (17) $ 130 $ 113 1 As of December 31, 2024, 2025, certain funds had $213 $212 million in general partner obligations to return previously distributed performance fees.
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Performance Fees Since Inception1 (In millions) Undistributed by Fund and Recognized Distributed by Fund and Recognized2 Total Undistributed and Distributed by Fund and Recognized3 General Partner Obligation3 Maximum Performance Fees Subject to Potential Reversal4 Accord and Accord+ Funds 93 47 140 $ 139 $ 75 $ 214 $ — 93 $ 115 AIOF I I, II and II 57 63 120 III 50 86 136 — 80 66 ANRP I, II and III 48 186 234 12 94 53 206 259 10 113 Athora 84 22 — 84 22 — 84 22 Credit Strategies 113 373 126 486 612 — 106 124 EPF Funds 21 527 548 110 35 32 577 609 111 45 FCI Funds 109 90 24 133 114 — 109 90 Freedom Parent Holdings 40 87 127 77 117 194 — 10 — Fund X 199 480 143 623 — 199 — 199 561 Fund IX 1,597 1,297 2,894 1,134 1,680 2,814 — 2,320 1,982 Fund VIII 23 1,783 1,806 70 1,162 — 1,789 1,789 68 1,168 Fund VII — 3,271 3,271 — — Fund VI 31 39 1,664 1,695 1,703 — — Fund IV and Fund V — 2,023 2,023 1 — HVF I 60 252 312 81 256 337 — 183 206 HVF II 168 190 111 301 — 168 239 MidCap FinCo 38 166 204 — 168 MidCap Financial 43 166 209 — 43 38 Redding Ridge Holdings 164 214 — 164 214 — 129 179 Bridge Funds 148 8 156 — 59 Other5 617 2,638 3,255 20 700 857 2,799 3,656 22 977 Total $ 3,467 3,770 $ 14,401 15,481 $ 17,868 19,251 $ 213 212 $ 5,515 5,984 1 Certain funds are denominated in euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.04 $1.17 as of December 31, 2024. 2025.
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(In millions) 2025 2026 2027 - 2027 2028 2029 - 2029 2030 2031 and Thereafter Total Asset Management Operating lease obligations1 $ 82 91 $ 160 188 $ 156 181 $ 430 481 $ 828 941 Other long-term obligations2 33 1 30 3 — — 34 33 AGM credit facility3 1 2 2 1 — 5 4 Debt obligations3 234 934 1,071 6,446 8,685 350 1,097 1,229 6,876 9,552 783 549 1,655 7,228 10,215 905 742 1,837 7,709 11,193 Retirement Services Interest sensitive contract liabilities 21,781 59,626 77,107 95,123 253,637 27,794 93,823 82,381 111,891 315,889 Future policy benefits 2,944 5,617 4,932 36,409 49,902 3,262 6,200 5,470 35,332 50,264 Market risk benefits — — — 6,219 6,219 7,489 7,489 Other policy claims and benefits 107 121 — — — 107 121 Dividends payable to policyholders 8 15 9 16 13 56 92 50 88 Debt obligations3 333 664 1,603 10,234 12,834 440 1,859 1,282 13,692 17,273 Securities to repurchase4 4,281 1,689 2,980 2,380 1,145 — — 5,970 29,454 67,611 83,655 148,041 328,761 6,505 34,606 104,278 90,291 168,454 397,629 Obligations $ 29,804 35,511 $ 68,708 105,020 $ 84,884 92,128 $ 154,917 176,163 $ 338,313 408,822 1 Operating lease obligations excludes $156 $141 million of other operating expenses associated with operating leases. 2 Includes (i) payments on management service agreements related to certain assets and (ii) payments with respect to certain consulting agreements entered into by the Company.
RewordedMD&A
Total Returns1 Returns (In millions) IPO Year2 Year1 Total AUM For the Year Ended December 31, 2024 2025 For the Year Ended December 31, 2023 MidCap Financial3 2024 ADS2 N/A $ 12,692 27,656 8% 11% MidCap FinCo3 N/A 13,152 15% 18% 24% MFIC4 ARI4,5 2009 9,572 23% (8)% MFIC4,5 2004 3,908 14% 35% ADS5 N/A 17,134 3,865 (4)% 11% 16% ARI4 2009 9,102 (8)% 24% ADREF6 N/A 5,691 4,769 1% 4% (3)% ADCF6 N/A 1,442 2,353 10% 12% 15% ARIS6 N/A 1,253 2,081 6% N/A 6% Other7 N/A 11,444 22,807 N/A N/A Total $ 62,666 86,255 1 Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. 2 An initial public offering (“IPO”) IPO year represents the year in which the vehicle commenced trading on a national securities exchange. 3 MidCap Financial 2 ADS is not a publicly traded vehicle and therefore IPO year is not applicable.
RewordedMD&A
December 31, 2024 2025 (In millions, except percentages) Total Level 1 Level 2 Level 3 Fixed maturity securities AFS securities Priced via commercial pricing services $ 116,317 166,398 $ 7,818 17,424 $ 108,495 148,974 $ 4 — Priced via independent broker-dealer quotations 37,582 2,542 — 34,896 2,686 6 2,536 Priced via models or other methods 30,268 49,704 — 278 29,990 5,081 44,623 Trading securities Priced via commercial pricing services 1,130 21 1,109 6,391 24 6,367 — Priced via independent broker-dealer quotations 453 1 430 22 5 — — 5 Priced via models or other methods 573 467 — — 573 467 Trading securities of consolidated VIEs 2,301 3,120 — 347 1,954 683 2,437 Total fixed maturity securities, including related parties and consolidated VIEs 188,624 7,840 145,555 35,229 228,627 17,448 161,111 50,068 Equity securities Priced via commercial pricing services 1,263 190 1,073 814 185 629 — Priced via independent broker-dealer quotations — — — — Priced via models or other methods 261 274 — — 261 274 Total equity securities, including related parties 1,524 190 1,073 261 1,088 185 629 274 Mortgage loans Priced via commercial pricing services 61,057 87,380 — — 61,057 87,380 Priced via independent broker-dealer quotations — — — — Priced via models or other methods 3,479 6,024 — — 3,479 6,024 Mortgage loans of consolidated VIEs 2,579 2,140 — — 2,579 2,140 Total mortgage loans, including related parties and consolidated VIEs 67,115 95,544 — — 67,115 95,544 Total fixed maturity securities, equity securities and mortgage loans, including related parties and consolidated VIEs $ 257,263 325,259 $ 8,030 17,633 $ 146,628 161,740 $ 102,605 145,886 Percentage of total 100.0 % 3.1 5.4 % 56.9 49.7 % 40.0 44.9 %
RewordedMD&A
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.
RewordedMD&A
Future policy and other policy benefits were $4.4 billion in 2025, an increase of $1.4 billion from $3.1 billion in 2024, a decrease of $11.4 billion from $14.4 billion in 2023, primarily driven by a $9.5 billion decrease in pension group annuity obligations compared to 2023, a decrease an increase in life reserves due to the execution of a $2.2 $1.3 billion whole life block reinsurance transaction in the fourth quarter of 2023 and a favorable 2025, an unfavorable change in unlocking, unlocking and an increase in the AmerUs Closed Block fair value liability, partially offset by a $207 $167 million increase decrease in accrued interest. pension group annuity obligations compared to 2024.
RewordedMD&A
Interest sensitive contract benefits were $12.1 billion in 2025, an increase of $3.1 billion from $8.9 billion in 2024, an increase of $2.7 billion from $6.2 billion in 2023, primarily driven by significant growth in Athene’s deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances issuances, as well as runoff of lower rate business, in comparison to its existing blocks of business, earlier origination of new business within the year compared to 2024 and an unfavorable change in unlocking, partially offset by a decrease increase in the change in fair value of FIA embedded derivatives. Athene’s indexed annuity reserves.
RewordedMD&A
RewordedMD&A
The net returns based on NAV were 13% and 15% and 26% for the years ended December 31, 2024 2025 and 2023, 2024, respectively. 4 Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. 5 AUM is presented on a three-month lag, as of September 30, 2024, 2025, based upon the availability of the information. 5 ADS is 6 ADREF, ADCF and ARIS are not a publicly traded vehicle vehicles and therefore IPO year is years are not applicable.
RewordedMD&A
The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits, compared to a decrease of $94 million in interest sensitive contract benefits and a decrease of $45 million in future policy and other policy benefits, partially offset by an increase of $81 million in market risk benefits and an increase of $36 million related to DAC, DSI and VOBA in 2023. benefits.
RewordedMD&A
Realized performance fees $ 1,198 $ 921 $ 277 30.1% $ 921 $ 742 $ 179 24.1% $ 742 $ 595 $ 147 24.7% Realized investment income (loss) 95 74 21 28.4 74 (2) 76 NM (2) 330 (332) NM Principal investing compensation (892) (664) 228 34.3 (664) (601) 63 10.5 (601) (585) 16 2.7 Other operating expenses (63) (60) 3 5.0 (60) (56) 4 7.1 (56) (56) — — Principal Investing Income (PII) $ 338 $ 271 $ 67 24.7% $ 271 $ 83 $ 188 226.5% $ 83 $ 284 $ (201) (70.8)%
Quiet changesMD&A
This general partner obligation due to the funds would generally be realized only when the fund is liquidated, which generally occurs at the end of the fund’s term.
Quiet changesMD&A
The performance allocations earned from Credit Strategies in 2024 2025 were primarily driven by the net income generated by the fund’s investments.
Work on APO in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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