阿波罗全球管理 2025年季度报告

APOLLO GLOBAL MANAGEMENT, INC.(Exact name of registrant as specified in its charter) 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. Non-accelerated filer☐Smaller reporting 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐Nox As of May5, 2025, there were571,494,234shares of the registrant’s common stock outstanding. TABLE OF CONTENTS PARTIFINANCIAL INFORMATIONITEM 1.Financial Statements11ITEM 1A.Unaudited Supplemental Presentation of Statements of Financial Condition87ITEM2.Management’s Discussion and Analysis of Financial Condition and Results of Operations91ITEM3.Quantitative and Qualitative Disclosures about Market Risk141ITEM4.Controls and Procedures141PARTIIOTHER INFORMATIONITEM1.Legal Proceedings143ITEM1A.Risk Factors143ITEM2.Unregistered Sales of Equity Securities and Use of Proceeds143ITEM3.Defaults upon Senior Securities144ITEM4.Mine Safety Disclosures144ITEM5.Other Information144ITEM6.Exhibits145Signatures 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 available to, management. When usedin this report, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target” or future or conditional verbs, such as “will,”“should,” “could,” or “may,” and variations of such words and similar expressions are intended to identify forward-looking statements.Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give noassurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties andassumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers,domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, theimpact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, theperformance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, theaccuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance ourbusinesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact ofAthene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry,changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are notlimited to those described under the section entitled “Risk Factors” in the Company’s annual report on Form 10-K filed with theUnited States Securities and Exchange Commission (“SEC”) on February24, 2025 (the “2024 Annual Report”), as such factors maybe updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Thesefactors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements tha