Risk Sleuth
APO · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Apollo Global Management

25 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Athene

earns from · $392.2 billion of AUM
As of December 31, 2025, Apollo managed or advised $392.2 billion of AUM, of which $386.5 billion was Fee-Generating AUM, in accounts owned by or related to Athene (“Athene Accounts”).Business (Item 1)

Also named by JXN

Athora

earns from · $57.2 billion of AUM
As of December 31, 2025, Apollo, through its subsidiaries, managed or advised $57.2 billion of AUM and $55.2 billion of Fee-Generating AUM in Athora Accounts.Business (Item 1)

Partners and platforms

Independent marketing organizations, banks and broker-dealers

depends on · 41 independent marketing organizations (“IMOs”), 18 banks and 163 broker-dealersnamed as a risk
If we are unable to attract and retain sufficient marketers and agents to sell our products or if we are not successful in expanding our distribution channels within the bank and broker-dealer markets, our ability to compete and our sales volumes and results of operations could be adversely affected.Risk factors (Item 1A)

ACRA

depends on · $2.8 billion in available undrawn capital at ACRA
As of December 31, 2025, Athene estimates that it had approximately $8.6 billion in capital available to deploy, consisting of approximately $3.2 billion in excess equity capital, $2.6 billion in untapped leverage capacity (assuming an adjusted leverage ratio of not more than 30%, subject to maintaining a sufficient level of capital required to maintain Athene’s desired financial strength ratings from rating agencies), and $2.8 billion in available undrawn capital at ACRA.Business (Item 1)

Federal Home Loan Bank of Des Moines

depends on
Athene is also a member of the Federal Home Loan Bank of Des Moines and, through membership, has issued funding agreements to the FHLB in exchange for cash advances.Business (Item 1)

Also named by CASH, PFG

Other companies

Athora

concentrated innamed as a risk
The most significant concentration risk exposures of our retirement services business arising in the context of alternative investments, on a risk-adjusted basis, is its investment in Athora, an insurance holding company focused on the European life insurance market.Risk factors (Item 1A)

Fund IX, Fund X and AAA

earns fromnamed as a risk
Our future results will also be significantly dependent on the success of the larger funds we manage (e.g., Fund IX, Fund X and AAA), changes in the value of which may result in fluctuations in our results.Risk factors (Item 1A)

Nonbank lenders / financial services industry

concentrated innamed as a risk
Our retirement services business also has significant investments in nonbank lenders focused on providing financing to individuals or entities.Risk factors (Item 1A)

Bridge Investment Group

In September 2025, we completed the acquisition of Bridge, a real estate fund manager with a core focus on residential and industrial properties in the U.S., further expanding our real estate equity product offerings.Business (Item 1)

Places

Germany

operates in
Apollo is deemed to hold an indirect qualifying holding in Athora Deutschland Verwaltungs GmbH, Athora Deutschland Holding GmbH & Co. KG, Athora Deutschland GmbH, Athora Lebensversicherung AG and Athora Pensionskasse AG, which are either German regulated insurance undertakings or German insurance holding companies.Business (Item 1)

Also named by AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY, KRYS and 12 more

Bermuda

concentrated in
As a result of its internal reinsurance structure and third-party direct to Bermuda business, a significant majority of Athene’s aggregate capital is held by its Bermuda reinsurance subsidiaries.Business (Item 1)

Also named by AJG, KKR, PGR, WTM

Hazards

California, Northeastern U.S., South Atlantic states and Gulf Coast severe weather

concentrated innamed as a risk
We and the funds we manage could have significant concentrations of real estate investments and collateral underlying investments linked to real estate in areas of the U.S. prone to severe weather and climate events (such as wildfires, droughts, hurricanes and floods), including California, sections of the Northeastern U.S., the South Atlantic states and the Gulf Coast.Risk factors (Item 1A)

Commodities and inputs

Equity market indices

exposed to its price · $833 millionnamed as a risk
Assuming all other factors are constant, if there was a decline in public equity market prices of 10% as of December 31, 2025, Athene estimates a net decrease to its point-in-time income (loss) before income tax (provision) benefit from changes in the fair value of these financial instruments of $833 million.Market risk (Item 7A)

Commercial real estate (office and retail)

exposed to its pricenamed as a risk
Specifically, through the investments of our retirement services business in CML and CMBS, we have exposure to certain categories of commercial property, including office buildings and retail, that have been adversely affected by the continuing work from home trend.Risk factors (Item 1A)

Also named by AFL, AUB, BAC, C, CFR, FSUN, GBCI, JPM and 11 more

Oil and natural gas

exposed to its pricenamed as a risk
The performance of the investments of the funds we manage in the commodities markets is substantially dependent upon prevailing prices of oil and natural gas.Risk factors (Item 1A)

Also named by ARES, BX, FDUS, GAIN, HON, MMM, RF, SOLV and 3 more

Regulators

Bermuda Monetary Authority (BMA)

subject tonamed as a risk
Similarly, the Bermuda reinsurance subsidiaries of our retirement services business are subject to MCR imposed by the BMA through the BMA’s Enhanced Capital Requirement (“ECR”) and minimum margin of solvency.Risk factors (Item 1A)

Also named by AFL, AIG, ARES, CAT, CB, CG, COIN, FNF and 8 more

Iowa Insurance Division

subject tonamed as a risk
In February 2024, the IID, in its capacity as the group-wide supervisor for Apollo, identified Apollo as meeting the criteria as an IAIG and further identified Athene as the head of the IAIG.Business (Item 1)

Also named by FNF, PFG

Laws and programs

State insurance guaranty associations

subject to · 2% of the insurer’s average annual premiumnamed as a risk
Most states limit assessments in any year to 2% of the insurer’s average annual premium for the three years preceding the calendar year in which the impaired insurer became impaired or insolvent.Risk factors (Item 1A)

Also named by AMP

Bermuda Corporate Income Tax Act 2023

subject to · $1.7 billionnamed as a risk
As discussed in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Retirement Services Liquidity—Bermuda Corporate Income Tax”, we expect the revocation of this election to result in a reduction to other assets and a corresponding increase to income tax provision, which results in a reduction to equity, equal to the net amount of the Bermuda deferred tax assets of $1.7 billion.Risk factors (Item 1A)

OECD Pillar Two

subject tonamed as a risk
The ultimate application of Pillar Two as implemented by jurisdictions which may seek to assert taxing rights with respect to our business remains uncertain and subject to legislative and interpretative change.Risk factors (Item 1A)

Also named by BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM, CW and 45 more

Employee Retirement Income Security Act of 1974 (ERISA)

named as a risk
Negative public perceptions of Athene and its business have adversely affected, and may continue to adversely affect, its ability to attract and retain customers in its pension group annuity business, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.Risk factors (Item 1A)

Also named by AMG, LMT, MYRG, TROW

Base Erosion and Anti-Abuse Tax (BEAT)

subject tonamed as a risk
These and any other “base erosion payments” may cause us to be subject to the BEAT.Risk factors (Item 1A)

Also named by KKR

NAIC risk-based capital framework

subject tonamed as a risk
Further to NAIC activities with respect to RBC calculation methodologies, the NAIC has recently adopted and is currently considering a variety of reforms to its RBC framework, which could increase the capital requirements for our U.S. insurance subsidiaries.Risk factors (Item 1A)

Investment Advisers Act

subject to
All of our SEC-registered investment advisers are subject to the requirements and regulations of the Investment Advisers Act, including, among other things, maintaining an effective compliance program reasonably designed for our business, maintaining a Code of Business Conduct and Ethics and other established policies for personal trading, record keeping, marketing, disclosure, custody, and acting consistently with each advisers’ fiduciary duty to its clients.Business (Item 1)

Also named by MSCI, NLY

Technology

Digital infrastructure

concentrated innamed as a risk
Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets, a sector to which certain of our investment strategies have significant exposure.Risk factors (Item 1A)

Also named by ARES