Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 363

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 363
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 Reserve has a current benchmark interest rate target range of 3.75% to 4.00%, following a rate cut of 25 basis points at both its September and October meetings.

Equity market performance was strong during the third quarter of 2025. In the U.S., the S&P 500 Index increased by 7.8% during the third quarter of 2025, following an increase of 10.6% in the second quarter of 2025. Global equity markets increased 

109

during the quarter, with the MSCI All Country World ex USA Index increasing by 5.4%, following an increase of 12.3% in the second quarter of 2025.

Conditions in the credit markets also have a significant impact on our business. Credit markets were positive in the third quarter of 2025, with the BofAML HY Master II Index increasing by 2.4%, while the Morningstar/LSTA Leveraged Loan Index increased by 2.0%.

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased 3.8% in the second quarter of 2025, the latest date this data is available. As of October 2025, the International Monetary Fund estimated the U.S. economy will expand by 2.0% in 2025 and 2.1% in 2026. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate increased to 4.3% as of August 31, 2025, the latest date this data is available.

Foreign exchange rates can materially impact the valuations of our investments and those of the funds we manage that are denominated in currencies other than the U.S. dollar. The U.S. dollar strengthened in the third quarter of 2025 compared to the euro and the British pound. Relative to the U.S. dollar, the euro depreciated 0.5% during the third quarter of 2025, after appreciating 9.0% in the second quarter of 2025, while the British pound depreciated 2.1% during the third quarter of 2025, after appreciating 6.3% in the second quarter of 2025. Oil finished the third quarter of 2025 down 4.2% from the second quarter of 2025.

We are actively monitoring the developments in Ukraine resulting from the Russia/Ukraine conflict and the economic sanctions and restrictions imposed against Russia, Belarus,