Apollo Global Management, Inc.

Market and investment · Interest rate and yield curve risk

Interest rate risk poses a significant market risk to us as a result of interest rate-sensitive assets (e.g., fixed income assets) and liabilities (e.g., fixed deferred and immediate annuities) held by us, the funds we manage and by the portfolio companies of the funds we manage.

Market and investment · Market volatility and economic cycles

Volatility and general economic trends are also likely to impact the performance of portfolio companies in many industries, particularly industries that are more affected by changes in consumer demand.

Capital structure and performance · Credit rating and cost of capital

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.

International and currency · International operations and emerging markets

Additionally, investing in securities and other financial instruments of companies organized or based outside the U.S. and operating outside the U.S. may also expose us to increased compliance risks, as well as higher compliance costs to comply with U.S. and non-U.S. anti-corruption, anti-money laundering and sanctions laws and regulations.

Capital structure and performance · Debt management and refinancing

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.

Credit and liquidity · Debt service and covenant compliance

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.

Credit and liquidity · Banking relationships and credit facilities

Many of the funds we manage utilize subscription lines of credit, net asset value-based fund finance facilities or similar financing arrangements, margin loans or other derivative financing arrangements to fund operations and investments.

Digital transformation and innovation · Technology obsolescence and evolution

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 do business.

Technology infrastructure · Disaster recovery and business continuity

A disaster, disruption or compromise in technology or infrastructure that supports our businesses, including a disruption involving electronic communications or other services used by us, our vendors or third parties with whom we conduct business, may have an adverse impact on our ability to continue to operate our businesses without interruption.

Tax and financial reporting · Financial reporting and accounting standards

The NAIC has recently adopted changes to certain statements of statutory accounting principles in connection with its principles-based bond project, which became effective on January 1, 2025.

Tax and financial reporting · Tax compliance and changes in tax law

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.

Natural and catastrophic events · Natural disasters and extreme weather

Our businesses are materially affected by conditions in the political environment and financial markets and economic conditions throughout the world... natural disasters, climate change, pandemics, epidemics, disease outbreaks or other severe public health crises and related governmental actions.

Economic and market conditions · Inflation and deflation pressures

Recent macroeconomic conditions have been shaped by increasingly fragmented global growth... inflation has remained elevated or proven more persistent in others due to services inflation, labor market tightness, fiscal spending and tariff-related cost pressures.

Social and demographic · Public perception and reputation

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.

Strategic execution · Strategic transformation and turnaround risks

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.

Market position and competition · Market cyclicality and demand volatility

The timing of performance fees generated by the funds and other vehicles we manage is uncertain and will contribute to the volatility of our results.

Supply chain and procurement · Supplier operation and dependance

In addition, portfolio companies of the funds we manage across a wide range of industries experienced in the past significant challenges in their global supply chain, including shortages in supply, or disruptions or delays in shipments.

Corporate governance · Ethics and compliance culture

There is a risk that our employees, directors, advisers, third-party service providers or others affiliated with us could engage, including deliberately or recklessly, in actual or perceived misconduct, unethical behavior or fraud and/or participate in outside activities that creates reputational harm and/or legal exposure for us.

Reputation and brand · Brand damage and negative publicity

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, unethical or suspicious activities... we could receive negative publicity, suffer serious harm to our brand and reputation.

Reputation and brand · Esg environmental social governance performance

Certain investors have placed increased importance on the impact of investments made by the funds to which they commit capital on sustainability-related issues... Certain investors may also condition capital commitments in a way that may constrain a fund's capital deployment opportunities.