APOApollo Global Management

Financials · Asset Management · NYSE

Employees: 6,140
Headquarters: New York, NY
CEO: Marc J. Rowan
Next results: around Jan 1, 2027

What the 10-K filed 2026-02-25 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-24.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

4 new

Pending cases, settlements and what the company has set aside for them.

New “acquisition, the Company recorded a $383 million TRA liability due under the Bridge TRA, which is measured in accordance with ASC 450-20, Loss Contingencies.”
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New “On November 23, 2020, Defendants filed in bankruptcy court a motion to reopen LightSquared’s bankruptcy proceedings, 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.”
Read it in the 10-K ↗

New “On April 17, 2025, plaintiffs filed a motion for re-argument or, in the alternative, leave to appeal to the Court of Appeals, which the First Department denied on July 24, 2025.”
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New “On August 25, 2025, Harbinger filed a motion for leave to appeal to the Court of Appeals.”
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“On August 17, 2023, a purported stockholder of AGM filed a shareholder derivative complaint (the “Original Complaint”) in the Court of Chancery of the State of Delaware against current AGM directors Marc Rowan, Scott Kleinman, and James Zelter, former AGM directors Alvin Krongard, Michael Ducey, and Pauline Richards, Apollo Former Managing Partners Leon Black and Joshua Harris, and, as a nominal defendant, AGM.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

“1 As of December 31, 2025 and December 31, 2024, includes $63 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.”
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“Apollo recorded an indemnification liability of $0.4 million and $0.4 million as of December 31, 2025 and December 31, 2024, respectively.”
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New “As of December 31, 2025, the aggregate notional amount of loans that Bridge provided contingent performance guarantees for under these arrangements is $758 million, and the Company’s liabilities for these matters would require a claim to be made against the Company in the future.”
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“In connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The AHL credit facility contains various standard covenants with which Athene must comply, including maintaining a consolidated debt-to-capitalization ratio of not greater than 35%, maintaining a minimum consolidated net worth of no less than $14.8 billion and restrictions on the ability to incur liens, with certain exceptions.”
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“The AHL liquidity facility also contains various standard covenants with which Athene must comply, including maintaining an AARe minimum consolidated net worth of no less than $23.2 billion and restrictions on the ability to incur liens, with certain exceptions.”
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“As of December 31, 2025, the Company was not aware of any instances of non-compliance with any of these covenants.”
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“As of December 31, 2025 and December 31, 2024, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facility.”
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“The AHL credit facility contains various standard covenants with which Athene must comply, including the following:”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“This decrease was primarily driven by decreases in net gains (losses) from investment activities and other income (loss), net of $309 million and $291 million, respectively, partially offset by an increase in net gains (losses) from investment activities of consolidated variable interest entities of $214 million.”
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“Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period $ 20,591 $ 17,112 $ 17,691”
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“Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities $ 20,591 $ 17,112 $ 17,691”
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“Net gains (losses) from investment activities of consolidated variable interest entities $ 304 $ 90 $ 130”
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“Revenues of consolidated variable interest entities $ 2,470 $ 1,822 $ 1,441”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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