Company: APO
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001193125-25-177032
Chunk: 9

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-08
Form: 424B5
Chunk 9
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 than securities that would otherwise be readily available in public markets. These direct origination strategies
include investments sourced by (1) affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of
assets originated by the origination platform, and (2) our asset management team’s extensive network of direct relationships with predominantly investment-grade counterparties.

Athene uses, and may continue to use, derivatives, including swaps, options, futures and forward contracts and reinsurance contracts to hedge
risks such as current or future changes in the fair value of assets and liabilities, current or future changes in cash flows and changes in interest rates, equity markets, currency fluctuations and longevity.

S-5

Principal Investing

Our Principal Investing segment is comprised of our realized performance fee income, realized investment income from our balance sheet
investments, and certain allocable expenses related to corporate functions supporting the entire company. The Principal Investing segment also includes our growth capital and liquidity resources at AGM. Over time, we may deploy capital into
strategic investments that help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the efficiency of our operations. We believe these investments will
translate into greater compounded annual growth of Fee Related Earnings.

Given the cyclical nature of performance fees, earnings from our
Principal Investing segment, or Principal Investing Income (“PII”), are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments. We earn fees based on the investment performance of the
funds we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with the investors in the funds we manage and incentivize them to deliver strong investment performance
over time. To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over the last few years.

The Bridge Acquisition

On February 23, 2025, the Issuer, Bridge Investment Group Holdings Inc. (“Bridge”), Bridge Investment Group Holdings LLC, a
Delaware limited liability company and subsidiary of Bridge (“Bridge LLC”), Aspen PubCo Merger Sub 1, Inc., a Delaware corporation and a wholly owned, direct subsidiary of the Issuer (“Merger Sub Inc.”) and Aspen Second Merger
Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Issuer (“Merger Sub LLC”) and, solely