Company: APO
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001193125-25-177032
Chunk: 48

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-08
Form: 424B5
Chunk 48
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 gain realized on the taxable disposition of the notes. The remainder of this discussion assumes that the notes will not be treated as
contingent payment debt instruments. You are urged to consult your own tax advisors regarding the possible application of the contingent payment debt instrument rules to the notes.

Certain U.S. Federal Income Tax Considerations for U.S. Holders

The following is a summary of certain U.S. federal income tax consequences that will apply if you are a U.S. holder.

Stated Interest. Generally, subject to the following paragraph, any stated interest payments on the notes to you will be taxable as
ordinary interest income at the time they accrue or are received, in accordance with your regular method of tax accounting for U.S. federal income tax purposes.

Original Issue Discount. The notes will be considered issued with original issue discount (“OID”) if the stated redemption
price at maturity of the notes exceeds its issue price by more than the de minimis amount of 1/4 of 1 percent of the “stated redemption price at maturity” multiplied by the number of complete years from the issue date of the notes to
its maturity. The “issue price” of the notes is generally the first price at which a substantial amount of the notes included in the issue of which the notes are a part is sold to persons other than bond houses, brokers, or similar persons
or organizations acting in the capacity of underwriters, placement agents or wholesalers. The “stated redemption price at maturity” of the notes is the total of all payments provided by the notes that are not payments of “qualified
stated interest.” Generally, an interest payment on the notes is “qualified stated interest” if it is one of a series of stated interest payments on the notes that are unconditionally payable at least annually at a single fixed rate,
with certain exceptions for lower rates paid during some periods, applied to the outstanding principal amount of the notes.

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It is not expected that the notes will be issued with OID. If, however, the stated redemption price of the notes exceeds its issue price by more than a de minimis amount, you will be required to treat such excess amount as OID, which is treated for U.S. federal income tax purposes as accruing over the term of the notes as interest income to you. Your adjusted tax basis in the notes would be increased by the amount of any OID included in your gross income. In compliance with U.S. Treasury regulations, if we determine that the notes have OID, we