Company: APO
Filing Date: 2025-11-06
Form Type: 424B5
Source: 0001193125-25-269713
Chunk: 20

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-06
Form: 424B5
Chunk 20
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 credit quality of what would otherwise be holding company debt by effectively eliminating structural subordination of the parent’s debt obligation to the trade and other

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creditors of the operating businesses. By contrast, the guarantees of the notes are issued by intermediate holding companies and, therefore, the notes and guarantees will remain structurally
subordinated to the creditors of our most significant fee generating businesses. Accordingly, the credit quality of the notes and related guarantees is more similar to holding company debt securities than traditional guaranteed debt securities.

The reason we elected to have the Guarantors guarantee the Issuer’s payment obligations under the indentures was to ensure that the
payment obligation was at a level in our organizational structure that owns a significant portion of our fee generating businesses.

AHL is not liable for payments of amounts due under the notes being offered herein.

AHL is a direct subsidiary of the Issuer. The notes being offered herein are obligations only of the Issuer and are unconditionally and
irrevocably guaranteed by the Guarantors. AHL and its direct and indirect subsidiaries will not be Guarantors of the notes and will not be liable for the payment of amounts due under the notes. AHL and its direct and indirect subsidiaries are
subsidiaries of the Issuer and are obligors under certain credit agreements and notes with aggregate indebtedness of $7,856 million as of September 30, 2025. In addition, AHL and its subsidiaries will not be subject to the covenants set
forth in each applicable indenture.

Your right to receive payments on the notes is effectively subordinated to the rights of those lenders who have a security interest in the assets of the Issuer, the Guarantors and the subsidiaries of the Issuer and the Guarantors.

The Issuer’s obligations under the notes are unsecured. In the future, the Issuer, the Guarantors or the subsidiaries of the Issuer or
the Guarantors may incur indebtedness that is secured by certain or substantially all of their respective tangible and intangible assets, including the equity interests of each of their existing and future subsidiaries. If the Issuer, the Guarantors
or the subsidiaries of the Issuer or the Guarantors were unable to repay any such secured indebtedness, the creditors of such obligations could foreclose on the pledged or charged assets to the exclusion of holders of the notes, even if an event of
default exists under an indenture or obligations under the notes are otherwise due and payable at such time. In