Company: APO
Filing Date: 2025-09-02
Form Type: 424B7
Source: 0000950142-25-002341
Chunk: 41

Company: Apollo Global Management, Inc.
Filing Date: 2025-09-02
Form: 424B7
Chunk 41
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 of any guarantee by our subsidiaries or any other persons.

Notwithstanding the foregoing, unless otherwise
provided in the prospectus supplement relating to a series of guaranteed debt securities, the applicable indenture may contain provisions
to the effect that the obligations of each guarantor under its guarantee may be limited to the maximum amount that will not result in
such guarantee obligations constituting a fraudulent conveyance or fraudulent transfer under federal or state law, after giving effect
to all other contingent and fixed liabilities of that subsidiary and any collections from or payments made by or on behalf of any other
guarantor in respect to its obligations under its guarantee.

Ranking and Subordination

Ranking

The senior debt securities will be our unsecured,
senior obligations, and will rank equally with our other unsecured and unsubordinated obligations. Any guarantees of the senior debt securities
will be unsecured and senior obligations of each of the guarantors, and will rank equally with all other unsecured and unsubordinated
obligations of such guarantor. The subordinated debt securities will be our unsecured, subordinated obligations and the guarantees of
the subordinated debt securities will be unsecured and subordinated obligations of each of the guarantors.

The debt securities and the related guarantees
will effectively rank junior in right of payment to any of our or the guarantors’ existing and future secured obligations to the
extent of the value of the assets securing such obligations. The debt securities and the guarantees will be effectively subordinated to
all existing and future liabilities, including indebtedness and trade payables, of our non-guarantor subsidiaries. Unless otherwise set
forth in the prospectus supplement relating to such series of debt securities, the indentures will not limit the amount of indebtedness
or other liabilities that can be incurred by our non-guarantor subsidiaries.

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Furthermore, we are a holding company with no material
business operations. Our ability to service our respective indebtedness and other obligations is dependent primarily upon the earnings
and cash flow of our subsidiaries and the distribution or other payment to us of such earnings or cash flow. In addition, certain indebtedness
of our subsidiaries contains, and future agreements relating to any indebtedness of our subsidiaries may contain, significant restrictions
on the ability of our subsidiaries to pay dividends or otherwise make distributions to us.

Subordination

If issued, the indebtedness evidenced by the
subordinated debt securities will be subordinate to the prior payment in full of all our Senior Indebtedness (as defined