APOLLO GLOBAL MANAGEMENT, INC.

Red flags

• Net income attributable to common stockholders declined 24% to $3.395 billion in 2025 from $4.480 billion in 2024; diluted EPS fell to $5.54 from $7.33.
• Total debt rose 26% to $13.364 billion from $10.588 billion, while Retirement Services debt increased to $7.848 billion from $6.309 billion.
• Athene had $35.2 billion of investment commitments as of year-end, versus only $553 million of unfunded commitments related to Apollo-managed funds; these commitments could become due upon counterparty request.
• Performance allocations recognized to date could be reversed by approximately $6.0 billion if existing investments became worthless, exposing reported earnings to valuation and realization risk.
• Athene’s derivatives had $20.641 billion of liabilities at fair value, including $19.467 billion from derivatives not designated as hedges.
• Commercial mortgage exposure increased to $39.071 billion from $32.432 billion; office loans represented $4.530 billion, or 11.6%, and 80.1% of the portfolio was U.S.-based.