Company: APO
Filing Date: 2025-11-06
Form Type: 424B5
Source: 0001193125-25-269713
Chunk: 23

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-06
Form: 424B5
Chunk 23
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 effect on the market price of any series of notes. Credit rating agencies also continually review their ratings for debt securities of companies that they follow, including us. Negative changes in our ratings could have an adverse effect on the market price of any series of notes. The effect of any credit rating downgrade would be to increase our costs of borrowing in the future. Redemption may adversely affect your return on the notes. The Issuer has the right to redeem some or all of the notes of either or both series prior to maturity, as described under “Description of the Notes—Optional Redemption of the Notes.” The Issuer may redeem the notes of either or both series at times when prevailing interest rates may be relatively low. Accordingly, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the notes of a series. There will be limited covenants and protections in the indentures. While the indentures and the notes will contain terms intended to provide protection to holders upon the occurrence of certain events involving significant corporate transactions and our creditworthiness, these terms S-18

will be limited and may not be sufficient to protect your investment in the notes. For example, there will be no financial covenants in the indentures. Credit ratings may not reflect all risks. One or more credit rating agencies are expected to assign credit ratings to the notes of each series. Any such ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above and incorporated by reference herein and other factors that may affect the value of the notes of a series. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. The rating agencies may change their practices for rating the notes, which change may affect the market price of the notes of either or both series. The rating agencies that currently publish a rating for us, including Fitch Ratings, Ltd., a division of Fitch Inc., Moody’s Investor Service, Inc., a subsidiary of Moody’s Corporation, and S&P Global Ratings, a division of S&P Global Inc., may, from time to time in the future, change the way they analyze securities with features similar to the notes. This may include, for example, changes to the relationship between ratings assigned to an issuer’s subordinated securities and ratings assigned to securities with features similar to either or both series of notes. If the rating agencies change their criteria or practices for rating these types of securities in