Apollo Global Management, Inc. (APO) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Apollo Global Management, Inc. surfaced in its latest filing.

• The company acquired Bridge Investment Group Holdings Inc. in 2025.2025
• The company's retirement services business, Athene, is subject to putative class actions filed in U.S. federal courts beginning in March 2024, alleging ERISA violations in connection with the transfer of pension obligations and purchase of pension group annuity contracts from Athene.March 2024
• ACRA revoked its election to be subject to Bermuda Corporate Income Tax, expected to reduce equity by net Bermuda deferred tax assets of $1.7 billion.
• The Bermuda Corporate Income Tax Act 2023 became effective January 1, 2025, imposing a 15% corporate income tax on certain entities.January 1, 2025
• The UK enacted a multinational top-up tax for accounting periods beginning on or after December 31, 2023, and a UTPR rule for periods beginning on or after December 31, 2024.December 31, 2023
• The UK announced measures on January 7, 2026 to implement new Pillar Two provisions effective January 1, 2026.January 1, 2026
• On January 5, 2026, the Inclusive Framework agreed on safe harbors that may exclude certain U.S. headquartered MNEs from IIR and UTPR for financial years starting on or after January 1, 2026.January 1, 2026
• The OBBBA was enacted on July 4, 2025, making permanent many TCJA provisions and modifying international tax rules.July 4, 2025
• The company issued 28,750,000 shares of Mandatory Convertible Preferred Stock on August 11, 2023, with a dividend rate of 6.75% per annum on the liquidation preference of $50 per share, expected to be subject to mandatory conversion on July 31, 2026.August 11, 2023
• The Mandatory Convertible Preferred Stock is expected to be subject to mandatory conversion on July 31, 2026.July 31, 2026
• The NAIC recently adopted principles-based bond project changes effective January 1, 2025 affecting asset-backed securities classification.January 1, 2025
• The NAIC adopted interim life RBC formula changes for year-end 2023 and 2024 increasing the RBC base factor for residual tranches of structured securities.2023
• The BMA published revised rules and new guidance notes in March 2024 enhancing the regulatory regime for commercial insurers.March 2024
• The NAIC adopted amendments to the Insurance Holding Company System Regulatory Act and Model Regulation requiring a confidential annual group capital calculation and annual liquidity stress test.
• IID identified AGM as meeting the criteria as an IAIG and further identified Athene as the head of the IAIG in February 2024.February 2024
• The IRA enacted on August 16, 2022 imposes a 15% CAMT on certain large corporations and an excise tax on stock repurchases; final regulations on the excise tax were released on November 21, 2025.August 16, 2022
• Third-party suppliers have suffered security breaches in the past.
• A significant portion of AUM is referred to as perpetual or permanent capital with indefinite duration, and the investment management agreements may be terminated under certain circumstances.
• The governing documents of substantially all funds with third-party investors provide that a simple majority-in-interest of unaffiliated investors have the right to liquidate the fund.
• Management agreements of the managed funds would terminate upon a change of control without fund investor consent.
• Certain fund governing agreements allow investors to terminate the investment period or dissolve the fund if certain key persons fail to devote requisite time or engage in misconduct, or upon a specified affirmative vote.
• Investors in some funds may redeem their investments on an annual, semiannual, quarterly or monthly basis following a lock-up period of one to five years.
• The retirement services business engages in repurchase agreement transactions, primarily with major brokerage firms or commercial banks, and may be required to deliver additional securities or cash as margin.
• Athene assumes pension obligations from plan sponsors, exposing it to credit risk of the plan sponsor.
• The company has significant single issuer concentration exposure to Athora, an insurance holding company focused on the European life insurance market.
• Apollo's affiliated broker-dealer executes securities trades on behalf of the funds and accounts it manages.
• Funds managed by Apollo hold interests in origination platforms that create investment opportunities and generate fees payable to affiliated service providers, including capital solutions fees.
• Apollo's affiliated broker-dealer is registered with the SEC and is a member of FINRA, the U.K. Financial Conduct Authority, and the European Securities and Market Authority.
• Certain subsidiaries hold Tax Assurance Certificates from the Bermuda Minister of Finance providing exemption from income or estate tax until March 31, 2035, subject to Bermuda CIT changes.March 31, 2035
• Article XIV of the Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain derivative actions, fiduciary duty claims, DGCL claims, and internal affairs claims.