阿波罗全球管理 2024年度报告

APOLLO GLOBAL MANAGEMENT, INC.(Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐Nox Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.Yesx No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yesx No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company oran emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerxAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm thatprepared or issued its audit report.x Table of Contents If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐Nox The aggregate market value of the common stock of the registrant held by non-affiliates as of June 30, 2024 was approximately $48,057,705,400. As of February19, 2025, there were570,480,465shares of the registrant’s common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this report tothe extent described therein. TABLE OF CONTENTS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities63Item 6.[Reserved]65Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations66Item 7A.Quantitative and Qualitative Disclosures About Market Risk124Item 8.Financial Statements and Supplementary Data133Item 8A.Unaudited Supplemental Presentation of Statements of Financial Condition253Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure257Item 9A.Controls and Procedures257Item 9B.Other Information258Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections258 PART III Item 10.Directors, Executive Officers and Corporate Governance259Item 11.Executive Compensation259Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters259Item 13.Certain Relationships and Related Transactions, and Director Independence259Item 14.Principal Accountant Fees and Services259 PART IV Item 15.Exhibits, Financial Statement Schedules260Item 16.Form 10-K Summary274SIGNATURES Forward-Looking Statements This report may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, asamended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Thesestatements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, itsliquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statementsare based on management’s beliefs, as well as assumptions made by, and information currently