Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 175

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 175
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 meeting.

Equity market performance was mixed during the first quarter of 2025. In the U.S., the S&P 500 Index decreased by 4.6% during the first quarter of 2025, following an increase of 2.1% in the fourth quarter of 2024. However, global equity markets 

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increased during the quarter, with the MSCI All Country World ex USA Index increasing by 6.4%, following a decrease of 7.4% in the fourth quarter of 2024.

Conditions in the credit markets also have a significant impact on our business. Credit markets were positive in the first quarter of 2025, with the BofAML HY Master II Index increasing by 0.9%, while the Morningstar/LSTA Leveraged Loan Index increased by 0.4%.

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP contracted at an annual rate of 0.3% in the first quarter of 2025, following an increase of 2.4% in the fourth quarter of 2024. As of April 2025, the International Monetary Fund estimated the U.S. economy will expand by 1.8% in 2025 and 1.7% in 2026. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate increased to 4.2% as of March 31, 2025.

Foreign exchange rates can materially impact the valuations of our investments and those of the funds we manage that are denominated in currencies other than the U.S. dollar. The U.S. dollar weakened in the first quarter of 2025 compared to the euro and the British pound. Relative to the U.S. dollar, the euro appreciated 4.5% during the first quarter of 2025, after depreciating 7.0% in the fourth quarter of 2024, while the British pound appreciated 3.2% during the first quarter of 2025, after depreciating 6.4% in the fourth quarter of 2024. Oil finished the first quarter of 2025 down 0.3% from the fourth quarter of 2024.

We are actively monitoring the developments in Ukraine resulting from the Russia/Ukraine conflict and the economic sanctions and restrictions imposed against Russia, Belarus, and certain Russian and Belarussian entities and individuals. The Company continues to (i) identify and assess any exposure to designated persons or entities