Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 185

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 185
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 examining certain subsidiaries’ tax returns for tax years 2015 to 2022. There are other examinations ongoing in other state, local, and foreign jurisdictions in which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above. On June 28, 2025, the Group of Seven (“G7”)—comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—released a joint statement supporting the exclusion of U.S. parented multinational groups from the Pillar Two Income Inclusion Rule (“IIR”) and Undertaxed Profits Rule (“UTPR”), with respect to both domestic and foreign profits. While such an exclusion would likely apply to the Company’s wholly-owned entities, its applicability to ACRA remains 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

uncertain due to ACRA’s partial ownership by the Company. Additionally, it is unclear whether Bermuda will amend its corporate income tax (“CIT”) regime in response to the G7’s statement. The Company continues to monitor these developments closely. The Company’s financial results continue to reflect the impacts of both Pillar Two and the Bermuda CIT on U.S. and non-U.S. income. Any future changes to either regime could affect the Company’s financial statements. 

On July 4, 2025, President Donald J. Trump signed into law H.R. 1, the One Big Beautiful Bill Act (the “OBBBA”). The OBBBA includes a broad range of tax reform provisions, including extending and modifying certain key provisions from the Tax Cuts and Jobs Act of 2017 and expanding certain incentives from the Inflation Reduction Act of 2022 while accelerating the phase-out of others. Certain provisions are effective starting in 2025, while others are not effective until 2026. The OBBBA is not currently anticipated to have a material impact on the Company’s income tax provision. 

12. DebtCompany debt consisted of the following:September 30, 2025December 31, 2024(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair ValueAsset Management4.40% 2026 Senior Notes1,2May 27, 2026$500 $500 3$499 $496 34.87% 2029 Senior Notes1,