Company: APO
Filing Date: 2025-09-02
Form Type: 424B7
Source: 0000950142-25-002341
Chunk: 7

Company: Apollo Global Management, Inc.
Filing Date: 2025-09-02
Form: 424B7
Chunk 7
---
 a full suite of services for Athene’s investment portfolio, including
direct investment management, asset allocation, mergers and acquisitions asset diligence and certain operational support services, including
investment compliance, tax, legal and risk management support.

Our retirement services business focuses on
generating spread income by combining the two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global
scale and reach of our asset management business to actively source or originate assets with Athene’s preferred risk and return
characteristics. Athene’s investment philosophy is to invest a portion of its assets in securities that earn an incremental yield
by taking measured liquidity and complexity risk and capitalize on its long-dated, persistent liability profile to prudently achieve higher
net investment earned rates, rather than assuming incremental credit risk. A cornerstone of Athene’s investment philosophy is that
given the operating leverage inherent in its business, modest investment outperformance can translate to outsized return performance.
Because Athene maintains discipline in underwriting attractively priced liabilities, it has the ability to invest in a broad range of
high-quality assets to generate attractive earnings.

Our asset management expertise supports the
sourcing and underwriting of assets for Athene’s portfolio. Athene is invested in a diverse array of primarily high-grade fixed
income assets, including corporate bonds, structured securities and commercial and residential real estate loans, among others. Athene
establishes risk thresholds which in turn define risk tolerance across a wide range of factors, including credit risk, liquidity risk,
concentration risk and caps on specific asset classes. In addition to other efforts, Athene manages the risk of rising interest rates
by strategically allocating a meaningful portion of its investment portfolio into floating rate securities, though it has materially reduced
its net floating rate exposure recently. Athene manages its interest rate risk in a declining rate environment through hedging activity
or the issuance of additional floating rate liabilities to lower its overall floating rate position. Athene also maintains holdings in
less interest rate-sensitive investments, including collateralized loan obligations, non-agency residential mortgage-backed securities
and various types of structured products, consistent with its strategy of pursuing incremental yield by assuming liquidity and complexity
risk, rather than assuming incremental credit risk.

Rather than increase its allocation to higher
risk securities to increase yield, Athene pursues the direct origination of high-quality, predominantly senior secured assets, which it
believes possess greater alpha-generating qualities than securities that would otherwise be readily available in public markets. These