Company: APO
Filing Date: 2025-09-02
Form Type: 424B7
Source: 0000950142-25-002341
Chunk: 8

Company: Apollo Global Management, Inc.
Filing Date: 2025-09-02
Form: 424B7
Chunk 8
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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.

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

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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 Transactions

Bridge Acquisition

On February 23, 2025, the Company, 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 Company (“Merger Sub Inc.”) and Aspen Second Merger Sub, LLC, a Delaware limited liability company and wholly owned
subsidiary of the Company (“Merger Sub LLC”) and, solely for