Apollo Global Management, Inc.

Previous wording

Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the United States through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. As of June 30, 2025, Apollo had a team of 5,333 employees, including 2,008 employees of Athene.

Current wording

Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the United States through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. As of September 30, 2025, Apollo had a team of 6,104 employees, including 1,997 employees of Athene and 609 employees of Bridge.

Previous wording

Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage which enables the funds to invest opportunistically across a company’s capital structure. We raise, invest and manage funds, accounts and other vehicles on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. As of June 30, 2025, we had total AUM of $840 billion.

Current wording

Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage which enables the funds to invest opportunistically across a company’s capital structure. We raise, invest and manage funds, accounts and other vehicles on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. As of September 30, 2025, we had total AUM of $908 billion.

Previous wording

Credit is our largest asset management strategy with $690 billion of AUM as of June 30, 2025. Our credit strategy spans third-party strategies and Apollo’s retirement services business across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit. Our credit strategy provides flexible, scaled and diverse capital solutions across the entire credit risk-return spectrum, with a focus on generating excess returns through high-quality credit underwriting and origination. Beyond participation in the traditional issuance and secondary credit markets, through our origination platforms and corporate solutions capabilities we seek to originate attractive and safe-yielding assets for the investors in the funds we manage.

Current wording

Credit is our largest asset management strategy with $723 billion of AUM as of September 30, 2025. Our credit strategy spans third-party strategies and Apollo’s retirement services business across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit. Our credit strategy provides flexible, scaled and diverse capital solutions across the entire credit risk-return spectrum, with a focus on generating excess returns through high-quality credit underwriting and origination. Beyond participation in the traditional issuance and secondary credit markets, through our origination platforms and corporate solutions capabilities we seek to originate attractive and safe-yielding assets for the investors in the funds we manage.

Previous wording

Our equity strategy managed $150 billion of AUM as of June 30, 2025. Across our equity strategy, we maintain our focus on creative structuring and sourcing while working with the management teams of the portfolio companies of the Apollo-managed funds to help transform and grow their businesses. Our flexible mandate and purchase price discipline allow us to embrace complexity and seek attractive outcomes for our stakeholders. Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, impact investing, infrastructure and clean transition equity strategies. We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through June 30, 2025.

Current wording

Our equity strategy managed $185 billion of AUM as of September 30, 2025. Across our equity strategy, we maintain our focus on creative structuring and sourcing while working with the management teams of the portfolio companies of the Apollo-managed funds to help transform and grow their businesses. Our flexible mandate and purchase price discipline allow us to embrace complexity and seek attractive outcomes for our stakeholders. Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, impact investing, infrastructure and clean transition equity strategies. We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through September 30, 2025.

Previous wording

We carefully monitor economic and market conditions that could potentially give rise to global market volatility and affect our business operations, investment portfolios and derivatives, which include global inflation. U.S. inflation remains elevated with the U.S. Bureau of Labor Statistics reporting the annual U.S. inflation rate at 2.7% as of June 30, 2025, compared to 2.4% as of March 31, 2025. The U.S. Federal Reserve finished the quarter with a benchmark interest rate target range of 4.25% to 4.50%, unchanged from its December 2024 meeting.

Current wording

We carefully monitor economic and market conditions that could potentially give rise to global market volatility and affect our business operations, investment portfolios and derivatives, which include global inflation. U.S. inflation remains elevated with the U.S. Bureau of Labor Statistics reporting the annual U.S. inflation rate at 3.0% as of September 30, 2025, compared to 2.7% as of June 30, 2025. The U.S. Federal Reserve has a current benchmark interest rate target range of 3.75% to 4.00%, following a rate cut of 25 basis points at both its September and October meetings.

Previous wording

Equity market performance was strong during the second quarter of 2025. In the U.S., the S&P 500 Index increased by 10.6% during the second quarter of 2025, following a decrease of 4.6% in the first quarter of 2025. Global equity markets increased during the quarter, with the MSCI All Country World ex USA Index increasing by 12.3%, following an increase of 6.4% in the first quarter of 2025.

Current wording

Equity market performance was strong during the third quarter of 2025. In the U.S., the S&P 500 Index increased by 7.8% during the third quarter of 2025, following an increase of 10.6% in the second quarter of 2025. Global equity markets increased during the quarter, with the MSCI All Country World ex USA Index increasing by 5.4%, following an increase of 12.3% in the second quarter of 2025.

Previous wording

Conditions in the credit markets also have a significant impact on our business. Credit markets were positive in the second quarter of 2025, with the BofAML HY Master II Index increasing by 3.6%, while the Morningstar/LSTA Leveraged Loan Index increased by 2.8%.

Current wording

Conditions in the credit markets also have a significant impact on our business. Credit markets were positive in the third quarter of 2025, with the BofAML HY Master II Index increasing by 2.4%, while the Morningstar/LSTA Leveraged Loan Index increased by 2.0%.

Previous wording

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 3.0% in the second quarter of 2025, following a decrease of 0.5% in the first quarter of 2025. As of July 2025, the International Monetary Fund estimated the U.S. economy will expand by 1.9% in 2025 and 2.0% in 2026. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate decreased to 4.1% as of June 30, 2025.

Current wording

In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased 3.8% in the second quarter of 2025, the latest date this data is available. As of October 2025, the International Monetary Fund estimated the U.S. economy will expand by 2.0% in 2025 and 2.1% in 2026. The U.S. Bureau of Labor Statistics reported the U.S. unemployment rate increased to 4.3% as of August 31, 2025, the latest date this data is available.

Previous wording

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 second quarter of 2025 compared to the euro and the British pound. Relative to the U.S. dollar, the euro appreciated 9.0% during the second quarter of 2025, after appreciating 4.5% in the first quarter of 2025, while the British pound appreciated 6.3% during the second quarter of 2025, after appreciating 3.2% in the first quarter of 2025. Oil finished the second quarter of 2025 down 8.9% from the first quarter of 2025.

Current wording

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 strengthened in the third quarter of 2025 compared to the euro and the British pound. Relative to the U.S. dollar, the euro depreciated 0.5% during the third quarter of 2025, after appreciating 9.0% in the second quarter of 2025, while the British pound depreciated 2.1% during the third quarter of 2025, after appreciating 6.3% in the second quarter of 2025. Oil finished the third quarter of 2025 down 4.2% from the second quarter of 2025.

Previous wording

Medium and long-term rates experienced some volatility during the second quarter of 2025 before ending the quarter relatively flat, with the U.S. 10-year Treasury yield at 4.24% as of June 30, 2025, compared to 4.23% as of March 31, 2025. Short-term rates were generally flat during the second quarter of 2025, with the 3-month secured overnight financing rate at 4.29% as of each of June 30, 2025 and March 31, 2025, respectively.

Current wording

Medium and long-term rates decreased during the third quarter of 2025 with the U.S. 10-year Treasury yield at 4.16% as of September 30, 2025, compared to 4.24% as of June 30, 2025. Short-term rates decreased during the third quarter of 2025, with the 3-month secured overnight financing rate at 3.98% as of September 30, 2025 compared to 4.29% as of June 30, 2025.

Previous wording

With respect to Retirement Services, Athene’s investment portfolio consists predominantly of fixed maturity investments. If prevailing interest rates were to rise, we believe the yield on Athene’s new investment purchases may also rise and its investment income from floating rate investments would increase, while the value of its existing investments may decline. If prevailing interest rates were to decline significantly, the yield on Athene’s new investment purchases may decline and its investment income from floating rate investments would decrease, while the value of its existing investments may increase.

Current wording

With respect to Retirement Services, Athene’s investment portfolio predominantly consists of fixed maturity investments. If prevailing interest rates were to rise, we believe the yield on Athene’s new investment purchases may also rise and its investment income from floating rate investments would increase, while the value of its existing investments may decline. If prevailing interest rates were to decline significantly, the yield on Athene’s new investment purchases may decline and its investment income from floating rate investments would decrease, while the value of its existing investments may increase.

Previous wording

Athene addresses interest rate risk through managing the duration of the liabilities it sources with assets it acquires through asset liability management (“ALM”) modeling. As part of its investment strategy, Athene purchases floating rate investments, which are expected to perform well in a rising interest rate environment and are expected to underperform in a declining rate environment. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position. As of June 30, 2025, Athene’s net invested asset portfolio included $55.9 billion of floating rate investments, or 20% of its net invested assets, and its net reserve liabilities included $40.8 billion of floating rate liabilities at notional, or 15% of its net invested assets, resulting in $15.1 billion of net floating rate assets, or 5% of its net invested assets.

Current wording

Athene addresses interest rate risk through managing the duration of the liabilities it sources with assets it acquires through asset liability management (“ALM”) modeling. As part of its investment strategy, Athene purchases floating rate investments, which are expected to perform well in a rising interest rate environment and are expected to underperform in a declining rate environment. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position. As of September 30, 2025, Athene’s net invested asset portfolio included $49.8 billion of floating rate investments, or 17% of its net invested assets, and its net reserve liabilities included $43.8 billion of floating rate liabilities at notional, or 15% of its net invested assets, resulting in $6.0 billion of net floating rate assets, or 2% of its net invested assets.

Previous wording

If prevailing interest rates were to rise, we believe Athene’s products would be more attractive to consumers and its sales would likely increase. If prevailing interest rates were to decline, it is likely that Athene’s products would be less attractive to consumers and its sales would likely decrease. In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent that Athene is unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions. A significant majority of Athene’s deferred annuity products have crediting rates that it may reset annually upon renewal, following the expiration of the current guaranteed period. While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum levels at renewal, its willingness to do so may be limited by competitive pressures. Athene’s funding agreements and other investment-type products, the latter of which is comprised of immediate annuities without significant mortality risk (including pension group annuities without life contingencies) and assumed endowments without significant mortality risks, provide little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution.

Current wording

If prevailing interest rates were to rise, we believe Athene’s products would be more attractive to consumers and its sales would likely increase. If prevailing interest rates were to decline, it is likely that Athene’s products would be less attractive to consumers and its sales would likely decrease. In periods of prolonged low interest rates, the net investment spread may be negatively impacted by reduced investment income to the extent that Athene is unable to adequately reduce policyholder crediting rates due to policyholder guarantees in the form of minimum crediting rates or otherwise due to market conditions. A significant majority of Athene’s deferred annuity products have crediting rates that it may reset annually upon renewal, following the expiration of the current guaranteed period. While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum levels at renewal, its willingness to do so may be limited by competitive pressures. Athene’s funding agreements and other investment-type products, the latter of which is comprised of immediate annuities without significant mortality risk (including pension group annuities without life contingencies), guaranteed investment contracts, and assumed endowments without significant mortality risks, provide little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution.

Previous wording

As of June 30, 2025, approximately 41% of the value of the investments of the funds we manage, on a gross basis, was determined using market-based valuation methods (i.e., reliance on broker or listed exchange quotes) and the remaining 59% was determined primarily by comparable company and industry multiples or discounted cash flow models. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest” in the 2024 Annual Report for discussion regarding certain industry-specific risks that could affect the fair value of certain of the portfolio company investments of the funds we manage.

Current wording

As of September 30, 2025, approximately 39% of the value of the investments of the funds we manage, on a gross basis, was determined using market-based valuation methods (i.e., reliance on broker or listed exchange quotes) and the remaining 61% was determined primarily by comparable company and industry multiples or discounted cash flow models. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest” in the 2024 Annual Report for discussion regarding certain industry-specific risks that could affect the fair value of certain of the portfolio company investments of the funds we manage.

Previous wording

Below is a discussion of our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

Current wording

Below is a discussion of our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:

Previous wording

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, Freedom Parent Holdings, Credit Strategies, HVF II, ANRP II and Redding Ridge Holdings of $123 million, $29 million, $25 million, $23 million, $18 million and $16 million, respectively, partially offset by performance allocation losses from Fund IX of $122 million.

Current wording

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, Credit Strategies, HVF II, Fund IX, Redding Ridge Holdings and Accord+ II of $109 million, $62 million, $42 million, $37 million, $32 million and $23 million, respectively.

Previous wording

The performance allocations earned from Credit Strategies in 2025 were driven by the net income generated by the fund’s investments.

Current wording

The performance allocations earned from Credit Strategies in 2025 were primarily driven by the net income generated by the fund’s investments.

Previous wording

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) media, telecom and technology sectors.

Current wording

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) manufacturing and industrial, (ii) transportation and logistics and (iii) consumer and retail sectors.

Previous wording

The performance allocation losses from Fund IX in 2025 were primarily driven by the depreciation of the fund’s investments in the (i) business service, (ii) leisure and (iii) media, telecom and technology sectors.

Current wording

The performance allocations earned from Fund IX in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) leisure and (ii) financial services sectors.

Previous wording

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, the acquisition of Irradiant Partners LP, new consulting contracts and the net income generated by the vehicle’s strategic investments.

Current wording

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, new consulting contracts and the net income generated by the vehicle’s strategic investments.

Previous wording

Advisory and transaction fees, net increased by $10 million to $277 million in 2025 from $267 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) natural resources, (ii) financial services, (iii) manufacturing and industrial and (iv) consumer services sectors.

Current wording

Advisory and transaction fees, net increased by $197 million to $378 million in 2025 from $181 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) financial services, (ii) manufacturing and industrial, (iii) leisure and (iv) natural resources sectors.

Previous wording

Management fees increased by $191 million to $1,091 million in 2025 from $900 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, S3 Equity and Hybrid Solutions and ADS of $67 million, $39 million, and $38 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $19 million and $8 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas, S3 Equity and Hybrid Solutions and ADS was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities, catch-up management fees on additional closes and an increase in subscriptions, respectively. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Current wording

Management fees increased by $130 million to $606 million in 2025 from $476 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, Bridge funds, ADS and AIOF III of $30 million, $20 million, $20 million and $9 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $7 million and $4 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas, ADS and AIOF III was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities, an increase in subscriptions, and catch-up management fees for additional closes, respectively. Additionally, management fees increased due to the Bridge acquisition. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Previous wording

Total compensation and benefits were $602 million in 2025, a decrease of $2 million from $604 million in 2024, primarily due to a decrease in profit sharing expense of $54 million, partially offset by increases in salary, bonus and benefits and equity-based compensation of $39 million and $13 million, respectively. The decrease in profit sharing expense of $54 million was correlated with the corresponding lower investment income in 2025. In any period, the blended profit sharing percentage is impacted by the respective profit sharing ratios of the funds generating performance allocations in the period. The increase in salary, bonus and benefits of $39 million was primarily driven by the growth in revenues and increased headcount in 2025. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

Current wording

Total compensation and benefits were $761 million in 2025, an increase of $156 million from $605 million in 2024, primarily due to increases in salary, bonus and benefits and equity-based compensation of $85 million and $71 million, respectively. The increase in salary, bonus and benefits of $85 million was primarily driven by the growth in revenues and increased headcount in 2025. The increase in equity-based compensation of $71 million was primarily due to the issuance of restricted stock awards that did not require future service in connection with the Bridge acquisition. Equity-based compensation expense, in any given period, is generally comprised of: (i) performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods and are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable, and (ii) the impact of the 2021 one-time grants awarded to the then Co-Presidents of AAM, all of which vest on a cliff basis subject to continued employment over five years, and a portion of which also vest on the Company’s achievement of FRE and SRE per share metrics.

Previous wording

Other income (loss) was a loss of $251 million in 2025, a decrease of $255 million from income of $4 million in 2024. This decrease was primarily driven by decreases in net gains (losses) from investment activities and other income (loss), net of $247 million and $11 million, respectively.

Current wording

Other income (loss) was $146 million in 2025, an increase of $17 million from income of $129 million in 2024. This increase was primarily driven by an increase in net gains (losses) from investment activities of $63 million, partially offset by a decrease in other income (loss), net of $37 million, respectively.

Previous wording

Retirement Services revenues were $5.7 billion in 2025, an increase of $743 million from $5.0 billion in 2024. The increase was primarily driven by an increase in net investment income, an increase in revenues of consolidated VIEs and an increase in investment related gains (losses), partially offset by a decrease in premiums.

Current wording

Retirement Services revenues were $8.3 billion in 2025, an increase of $1.5 billion from $6.9 billion in 2024. The increase was primarily driven by an increase in net investment income, an increase in investment related gains (losses) and an increase in revenues of consolidated VIEs, partially offset by a decrease in premiums.

Previous wording

Net investment income was $4.8 billion in 2025, an increase of $972 million from $3.8 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months, higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment, earlier deployment into assets during the quarter compared to 2024 and more favorable investment fund performance in 2025. These impacts were partially offset by lower floating rate income.

Current wording

Net investment income was $5.0 billion in 2025, an increase of $912 million from $4.1 billion in 2024, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows during the previous twelve months and higher rates on new deployment in comparison to Athene’s existing portfolio related to the higher interest rate environment. These impacts were partially offset by lower floating rate income.

Previous wording

Investment related gains (losses) were $(833) million in 2025, a decrease of $2.4 billion from $1.5 billion in 2024, primarily driven byunfavorable net foreign exchange impacts, an unfavorable change in fair value of FIA hedging derivatives and an increase in realized losses on AFS securities, partially offset by the favorable change in fair value of mortgage loans, reinsurance assets and trading securities. The unfavorable net foreign exchange impacts were primarily related to the weakening of the U.S. dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of FIA hedging derivatives decreased $1.9 billion, primarily driven by less favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 5.5% in 2025, compared to an increase of 14.5% in 2024. The change in fair value of mortgage loans increased $1.0 billion, the change in fair value of reinsurance assets increased $386 million and the change in fair value of trading securities increased $131 million primarily driven by a decrease in U.S. Treasury rates in 2025 compared to an increase in 2024.

Current wording

Investment related gains (losses) were $2.3 billion in 2025, an increase of $715 million from $1.5 billion in 2024, primarily driven bya favorable change in fair value of FIA hedging derivatives, favorable net foreign exchange impacts and a decrease in realized losses on the sale of mortgage loans and AFS securities, partially offset by an unfavorable change in fair value of mortgage loans and reinsurance assets. The change in fair value of FIA hedging derivatives increased$1.1 billion, primarily driven by more favorable performance of the equity indices upon which Athene’s call options are based. The largest percentage of Athene’s call options are based on the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The favorable net foreign exchange impacts were primarily related to the strengthening of the U.S. dollar against foreign currencies in 2025 compared to 2024, including the impact from derivatives not designated as a hedge where the foreign exchange impact on the related asset is reported through AOCI. The change in fair value of mortgage loans decreased $607 million, primarily driven by a smaller decrease in U.S. Treasury rates in 2025 compared to 2024. The change in fair value of reinsurance assets decreased$598 million, primarily driven bya smaller decrease in U.S. Treasury rates in 2025 compared to

Previous wording

Revenues of consolidated VIEs were $550 million in 2025, an increase of $184 million from $366 million in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets as well as underperformance from certain investment funds held in VIEs in 2024 that were subsequently deconsolidated.

Current wording

Revenues of consolidated VIEs were $654 million in 2025, an increase of $102 million from $552 million in 2024, primarily driven by growth and investment performance within AAA related to favorable returns on the underlying assets.

Previous wording

Premiums were $107 million in 2025, a decrease of $566 million from $673 million in 2024, primarily driven by a $576 million decrease in pension group annuity premiums compared to 2024.

Current wording

Premiums were $117 million in 2025, a decrease of $272 million from $389 million in 2024, primarily driven by a $294 million decrease in pension group annuity premiums compared to 2024.

Previous wording

Retirement Services expenses were $4.7 billion in 2025, an increase of $1.1 billion from $3.6 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits, an increase in policy and other operating expenses and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in future policy and other policy benefits and a decrease in market risk benefits remeasurement (gains) losses.

Current wording

Retirement Services expenses were $5.8 billion in 2025, an increase of $1.0 billion from $4.8 billion in 2024. The increase was primarily driven by an increase in interest sensitive contract benefits and an increase in the amortization of DAC, DSI and VOBA, partially offset by a decrease in market risk benefits remeasurement (gains) losses, a decrease in future policy and other policy benefits and a decrease in policy and other operating expenses. Athene’s annual unlocking of assumptions resulted in a decrease in total benefits and expenses of $55 million compared to an increase of $31 million in 2024. The 2025 unlocking was driven by a decrease of $90 million in interest sensitive contract benefits and a decrease of $59 million in market risk benefits, partially offset by an increase of $53 million related to DAC, DSI and VOBA amortization and an increase of $41 million in future policy and other policy benefits. The 2024 unlocking was driven by an increase of $62 million in market risk benefits, an increase of $21 million related to DAC, DSI and VOBA amortization and an increase of $8 million in interest sensitive contract benefits, partially offset by a decrease of $60 million in future policy and other policy benefits.

Previous wording

Interest sensitive contract benefits were $3.4 billion in 2025, an increase of $1.6 billion from $1.8 billion in 2024, primarily driven by an increase in the change in FIA reserves, significant growth in Athene’s deferred annuity and funding agreement blocks of business, higher rates on new deferred annuity and funding agreement issuances in comparison to its existing blocks of business and earlier origination of new business within the quarter compared to 2024. These impacts were partially offset by lower rates on floating rate funding agreements. The change in Athene’s FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $1.1 billion was primarily due to the performance of the equity indices to which Athene’s FIA policies are linked. The largest percentage of Athene’s FIA policies are linked to the S&P 500 Index, which increased 10.6% in 2025, compared to an increase of 3.9% in 2024. The change in fair value of FIA embedded derivatives was also driven by the unfavorable change in discount rates used in Athene’s embedded derivative calculations as 2025 experienced a decrease in discount rates compared to an increase in 2024.

Current wording

Interest sensitive contract benefits were $4.2 billion in 2025, an increase of $1.6 billion from $2.6 billion in 2024, primarily driven by an increase in the change in FIA reserves, significant growth in Athene’s deferred annuity and funding agreement blocks of business and higher rates on new deferred annuity and funding agreement issuances, as well as runoff of lower rate business, in comparison to its existing blocks of business. These impacts were partially offset by lower rates on floating rate funding agreements and a favorable change in unlocking. The change in Athene’s FIA reserves includes the impact from changes in the fair value of FIA embedded derivatives. The increase in the change in fair value of FIA embedded derivatives of $985 million was primarily due to the performance of the equity indices to which Athene’s FIA policies are linked. The largest percentage of Athene’s FIA policies are linked to the S&P 500 Index, which increased 7.8% in 2025, compared to an increase of 5.5% in 2024. The change in fair value of FIA embedded derivatives was also driven by an unfavorable impact of rates on policyholder projected benefits in comparison to 2024. These impacts were partially offset by a favorable change in discount rates used in Athene’s embedded derivative calculations as 2025 experienced a smaller decrease in discount rates compared to 2024. The fair value of FIA embedded derivative and investment contract provision unlocking in 2025 was $79 million favorable primarily due to changes to projected interest crediting, partially offset by changes in policyholder behavior and mortality assumptions, while 2024 unlocking was $67 million unfavorable primarily due to changes to projected interest crediting. The negative VOBA unlocking related to Athene’s interest sensitive contract liabilities in 2025 was $11 million favorable mainly due to changes in policyholder behavior, partially offset by updated economic assumptions, while 2024 unlocking was $59 million favorable mainly due to updated economic assumptions and changes in policyholder behavior.

Previous wording

Amortization of DAC, DSI and VOBA was $292 million in 2025, an increase of$65 million from $227 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in Athene’s deferred annuity business.

Current wording

Amortization of DAC, DSI and VOBA was $355 million in 2025, an increase of$111 million from $244 million in 2024, primarily driven by an increase in acquisition costs that are deferred and amortized due to strong growth in Athene’s deferred annuity business as well asan unfavorable change in unlocking. Unlocking in 2025 was $53 million unfavorable mainly related to changes in policyholder behavior and projected interest crediting as well as updated economic and mortality assumptions, while unlocking in 2024 was$21 million unfavorable mainly related to changes to projected interest crediting and policyholder behavior.

Previous wording

Market risk benefits remeasurement (gains) losses were $(111) million in 2025, a decrease of $95 million from $(16) million in 2024. The larger gains in 2025 compared to 2024 were primarily driven by a favorable change in the fair value of market risk benefits. The change in fair value of market risk benefits was$60 million favorable due to an increase in risk-free discount rates across the long end of the curve compared to 2024, which is used in the fair value measurement of the liability for market risk benefits, and $42 million favorable related to favorable equity market performance compared to 2024.

Current wording

Market risk benefits remeasurement (gains) losses were $131 million in 2025, a decrease of $393 million from $524 million in 2024. The lower losses in 2025 compared to 2024 were primarily driven by a favorable change in the fair value of market risk benefits and a favorable change in unlocking. The change in fair value of market risk benefits was$205 million favorable due to a smaller decrease in risk-free discount rates across the long end of the curve compared to 2024, which are used in the fair value measurement of the liability for market risk benefits, and $72 million favorable related to more favorable equity market performance compared to 2024. The market risk benefits unlocking in 2025 was $59 million favorable primarily due to changes in policyholder behavior and updated mortality assumptions, partially offset by changes in projected interest crediting, while 2024 unlocking was $62 million unfavorable primarily due to changes in policyholder behavior, partially offset by updated economic assumptions.

Previous wording

Policy and other operating expenses were $550 million in 2025, an increase of $72 million from $478 million in 2024, primarily driven by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to an increase in host accretion on business ceded to Catalina, as well as interest related to additional issuances of long-term debt in the fourth quarter of 2024 and second quarter of 2025.

Current wording

Policy and other operating expenses were $573 million in 2025, a decrease of $97 million from $670 million in 2024, primarily driven by the recognition of $172 million of expense related to estimated guaranty association assessments levied against Athene in connection with the Bankers Life Insurance Company (“BLIC”) and Colorado Bankers Life Insurance Company (“CBLIC”) insolvencies in 2024, partially offset by an increase in interest expense and policy acquisition expenses related to significant growth. The increase in interest expense was primarily due to interest on additional issuances of long-term debt in the fourth quarter of 2024 and the second quarter of 2025 as well as an increase in host accretion on business ceded to Catalina.

Previous wording

The Company’s income tax provision totaled $246 million and $683 million in 2025 and 2024, respectively. The change to the provision was primarily related to the decline in pretax income subject to tax. The provision for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 12.1% and 18.8% for 2025 and 2024, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 10 to the condensed consolidated financial statements for further details regarding the Company’s income tax provision.

Current wording

The Company’s income tax provision was $438 million and $317 million in 2025 and 2024, respectively. The change to the provision was primarily related to the increase in pretax income subject to tax. The (provision) for income taxes includes federal, state, local and foreign income taxes resulting in an effective income tax rate of 15.1% and 15.2% for 2025 and 2024, respectively. The most significant reconciling items between the U.S. federal statutory income tax rate and the effective income tax rate were due to the following: (i) foreign, state and local income taxes, including NYC UBT, (ii) income attributable to non-controlling interests, (iii) equity-based compensation net of the limiting provisions for executive compensation under IRC Section 162(m), and (iv) Bermuda CIT. See note 11 to the condensed consolidated financial statements for further details regarding the Company’s income tax (provision).

Previous wording

Revenues were $1,107 million in 2025, an increase of $53 million from $1,054 million in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net, partially offset by a decrease in investment income.

Current wording

Revenues were $3,640 million in 2025, an increase of $629 million from $3,011 million in 2024, primarily driven by an increase in management fees and advisory and transaction fees, net.

Previous wording

Management fees increased by $121 million to $583 million in 2025 from $462 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, Apollo S3 Equity and Hybrid Solutions Fund, L.P. ("S3 Equity and Hybrid Solutions") and ADS of $42 million, $23 million and $20 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $9 million and $4 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas, S3 Equity and Hybrid Solutions and ADS was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities, catch-up management fees for additional closes and an increase in subscriptions, respectively. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Current wording

Management fees increased by $321 million to $1,697 million in 2025 from $1,376 million in 2024. The increase in management fees was primarily attributable to management fees earned from Atlas, ADS, Apollo S3 Equity and Hybrid Solutions Fund, L.P. (“S3 Equity and Hybrid Solutions”), Bridge funds and AIOF III of $97 million, $58 million, $44 million, $20 million and $20 million, respectively, partially offset by decreases in management fees earned from Fund IX and Fund VIII of $26 million and $13 million, respectively. Management fees in 2025 also benefited from increased management fees earned from certain strategic separately managed accounts. The increase in management fees earned from Atlas and ADS was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities and an increase in subscriptions, respectively. The increase in management fees earned from S3 Equity and Hybrid Solutions and AIOF III was driven by catch-up management fees on additional closes. Additionally, management fees increased due to the Bridge acquisition. The decrease in management fees earned from Fund IX and Fund VIII were correlated with the fee rate step-down of Fund IX and the expiration of Fund VIII’s fee-paying period, respectively.

Previous wording

Advisory and transaction fees increased by $36 million to $472 million in 2025 from $436 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) financial services, (ii) natural resources, (iii) manufacturing and industrial and (iv) consumer services sectors.

Current wording

Advisory and transaction fees increased by $233 million to $850 million in 2025 from $617 million in 2024. Advisory and transaction fees earned during 2025 were primarily attributable to advisory and transaction fees earned from companies in the (i) financial services, (ii) manufacturing and industrial, (iii) media, telecom and technology, (iv) natural resources and (v) leisure sectors.

Previous wording

Investment income decreased $188 million in 2025 to $492 million compared to $680 million in 2024. The decrease in investment income in 2025 was primarily driven by a decrease in performance allocations of $181 million.

Current wording

Investment income increased $26 million in 2025 to $936 million compared to $910 million in 2024. The increase in investment income in 2025 was primarily driven by an increase in performance allocations of $36 million.

Previous wording

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, HVF II, Freedom Parent Holdings, Credit Strategies, Redding Ridge Holdings and ANRP II of $207 million, $56 million, $46 million, $46 million, $38 million and $30 million, respectively, partially offset by performance allocation losses from Fund IX of $90 million.

Current wording

Significant drivers for performance allocations in 2025 were performance allocations primarily earned from Fund X, Credit Strategies, HVF II, Redding Ridge Holdings, Freedom Parent Holdings, and Accord+ II of $315 million, $108 million, $98 million, $70 million, $58 million and $39 million, respectively, partially offset by performance allocation losses from Athora and Fund IX of $56 million and $53 million, respectively.