Apollo Global Management, Inc.APO
Apollo Global Management, Inc. Debt Disclosure
14. Debt
The Company’s debt consisted of the following:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||
| (In millions, except percentages) | Maturity Date | Outstanding Balance | Fair Value | Outstanding Balance | Fair Value | |||||||||||||||||||||||||||
| Asset Management | ||||||||||||||||||||||||||||||||
4.40% 2026 Senior Notes1,2 | May 27, 2026 | $ | 500 | $ | 500 | 3 | $ | 499 | $ | 496 | 3 | |||||||||||||||||||||
4.87% 2029 Senior Notes1,2 | February 15, 2029 | 675 | 686 | 3 | 675 | 670 | 3 | |||||||||||||||||||||||||
2.65% 2030 Senior Notes1,2 | June 5, 2030 | 497 | 464 | 3 | 497 | 439 | 3 | |||||||||||||||||||||||||
4.60% 2031 Senior Notes1,2 | January 15, 2031 | 396 | 402 | 3 | — | — | 3 | |||||||||||||||||||||||||
6.38% 2033 Senior Notes1,2 | November 15, 2033 | 493 | 550 | 3 | 492 | 542 | 3 | |||||||||||||||||||||||||
5.15% 2035 Senior Notes1,2 | August 12, 2035 | 839 | 853 | 3 | — | — | 3 | |||||||||||||||||||||||||
5.00% 2048 Senior Notes1,2 | March 15, 2048 | 297 | 273 | 3 | 297 | 271 | 3 | |||||||||||||||||||||||||
5.80% 2054 Senior Notes1,2 | May 21, 2054 | 741 | 738 | 3 | 741 | 753 | 3 | |||||||||||||||||||||||||
7.63% 2053 Subordinated Notes1,2 | September 15, 2053 | 585 | 628 | 4 | 584 | 642 | 4 | |||||||||||||||||||||||||
6.00% 2054 Subordinated Notes1,2 | December 15, 2054 | 493 | 496 | 3 | 494 | 494 | 3 | |||||||||||||||||||||||||
| 5,516 | 5,590 | 4,279 | 4,307 | |||||||||||||||||||||||||||||
| Retirement Services | ||||||||||||||||||||||||||||||||
4.13% 2028 AHL Senior Notes1 | January 12, 2028 | 1,034 | 999 | 3 | 1,050 | 976 | 3 | |||||||||||||||||||||||||
6.15% 2030 AHL Senior Notes1 | April 3, 2030 | 565 | 531 | 3 | 579 | 519 | 3 | |||||||||||||||||||||||||
3.50% 2031 AHL Senior Notes1 | January 15, 2031 | 517 | 473 | 3 | 520 | 452 | 3 | |||||||||||||||||||||||||
6.65% 2033 AHL Senior Notes1 | February 1, 2033 | 396 | 434 | 3 | 395 | 425 | 3 | |||||||||||||||||||||||||
5.88% 2034 AHL Senior Notes1 | January 15, 2034 | 585 | 623 | 3 | 584 | 608 | 3 | |||||||||||||||||||||||||
3.95% 2051 AHL Senior Notes1 | May 25, 2051 | 543 | 351 | 3 | 544 | 360 | 3 | |||||||||||||||||||||||||
3.45% 2052 AHL Senior Notes1 | May 15, 2052 | 504 | 317 | 3 | 504 | 322 | 3 | |||||||||||||||||||||||||
6.25% 2054 AHL Senior Notes1 | April 1, 2054 | 983 | 975 | 3 | 983 | 1,003 | 3 | |||||||||||||||||||||||||
6.63% 2055 AHL Senior Notes1 | May 19, 2055 | 979 | 1,019 | 3 | — | — | ||||||||||||||||||||||||||
6.63% 2054 AHL Subordinated Notes1 | October 15, 2054 | 592 | 600 | 3 | 592 | 598 | 3 | |||||||||||||||||||||||||
6.88% 2055 AHL Subordinated Notes1 | June 28, 2055 | 592 | 600 | 3 | — | — | ||||||||||||||||||||||||||
7.25% 2064 AHL Subordinated Notes1 | March 30, 2064 | 558 | 576 | 4 | 558 | 581 | 4 | |||||||||||||||||||||||||
| 7,848 | 7,498 | 6,309 | 5,844 | |||||||||||||||||||||||||||||
| Total Debt | $ | 13,364 | $ | 13,088 | $ | 10,588 | $ | 10,151 | ||||||||||||||||||||||||
1 Interest rate is calculated as weighted average annualized. | ||||||||||||||||||||||||||||||||
2 Includes note discounts, as applicable. Outstanding balance is presented net of unamortized debt issuance costs totaling $53 million and $44 million as of December 31, 2025 and December 31, 2024, respectively. | ||||||||||||||||||||||||||||||||
3 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. | ||||||||||||||||||||||||||||||||
4 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Asset Management – Notes Issued and Repayments
On August 12, 2025, AGM issued $500 million aggregate principal amount of its 5.150% Senior Notes due 2035 (the “2035 Senior Notes”). The 2035 Senior Notes bear interest at a rate of 5.150% per annum and interest is payable semi-annually in arrears on February 12 and August 12 of each year, which commenced on February 12, 2026. The 2035 Senior Notes will mature on August 12, 2035. On November 7, 2025, AGM issued an additional $350 million aggregate principal of its 2035 Senior Notes.
Also on November 7, 2025, AGM issued $400 million aggregate principal of its 4.600% Senior Notes due 2031 (the “2031 Senior Notes”). The 2031 Senior Notes will bear interest at a rate of 4.600% per annum and interest is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2026. The 2031 Senior Notes will mature on January 15, 2031.
In connection with the Bridge acquisition, Apollo assumed the outstanding debt of Bridge, including its outstanding senior notes. On September 12, 2025, AGM repaid in full $375 million of aggregate principal amount of the Bridge notes, and no amounts remained outstanding under the Bridge notes as of September 30, 2025.
The indentures governing the Asset Management notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.
Retirement Services – Notes Issued
AHL Senior Notes – AHL’s senior unsecured notes are callable by AHL at any time. If called prior to a defined period before the scheduled maturity date, typically three or six months, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread (as defined in the applicable prospectus supplement) and any accrued and unpaid interest.
During the second quarter of 2025, AHL issued $1.0 billion of 6.625% Senior Notes due May 19, 2055 (the “2055 AHL Senior Notes”). AHL will accrue interest quarterly and pay interest on the 2055 AHL Senior Notes semi-annually, which commenced on November 19, 2025.
AHL Subordinated Notes – AHL has fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year U.S. Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. AHL may defer interest payments on the subordinated notes for up to consecutive years.
During the second quarter of 2025, AHL issued $600 million of 6.875% Fixed-Rate Reset Junior Subordinated Debentures due June 28, 2055 (the “2055 AHL Subordinated Notes”). Athene will accrue interest quarterly and pay interest semi-annually at an annual fixed rate of 6.875% on the 2055 AHL Subordinated Notes, which commenced on December 28, 2025 until June 28, 2035. On June 28, 2035, and every fifth annual anniversary thereafter, the interest rate will reset to the Five-Year U.S. Treasury Rate (as defined in the applicable prospectus supplement) plus 2.582%. AHL may defer interest payments on the 2055 AHL Subordinated Notes for up to consecutive years.
Credit and Liquidity Facilities
The following table represents the Company’s credit and liquidity facilities as of December 31, 2025:
| Instrument/Facility | Maturity Date | Administrative Agent | Key terms | ||||||||
Asset Management – AGM credit facility | November 21, 2029 | Citibank | The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total. | ||||||||
Retirement Services – AHL credit facility | June 30, 2028 | Citibank | The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total. | ||||||||
Retirement Services – AHL liquidity facility | June 26, 2026 | Wells Fargo Bank | The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total. | ||||||||
Asset Management – Credit Facility
On November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). As of December 31, 2025, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00.
As of December 31, 2025 and December 31, 2024, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facility.
Asset Management – Bridge Credit Facility
In connection with the Bridge acquisition, Apollo assumed outstanding debt of Bridge, including the amended revolving credit agreement with CIBC as administrative agent (“Bridge credit facility”). The Bridge credit facility provided for revolving credit commitments of up to $150 million, with the ability to increase aggregate commitments up to an additional $75 million, and had a maturity date of June 3, 2026. The Bridge credit facility was terminated on December 31, 2025, and as of that date there were no amounts outstanding under the facility.
Retirement Services – Credit and Liquidity Facilities
AHL Credit Facility—On June 30, 2023, AHL, ALRe, Athene USA Corporation (“AUSA”) and AARe entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (“AHL credit facility”). The AHL credit facility is unsecured and has a commitment termination date of June 30, 2028, subject to up to two one-year extensions, in accordance with the terms of the AHL credit facility. In connection with the AHL credit facility, AHL and AUSA guaranteed all of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of AHL, ALRe, AARe and AUSA under the AHL credit facility and the related loan documents. The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total on the terms described in the AHL credit facility.
The AHL credit facility contains various standard covenants with which Athene must comply, including the following:
1.Consolidated debt-to-capitalization ratio not to exceed 35%;
2.Minimum consolidated net worth of no less than $14.8 billion; and
3.Restrictions on Athene’s ability to incur liens, with certain exceptions.
Interest accrues on outstanding borrowings at either the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the AHL credit facility. As of December 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL credit facility and Athene was in compliance with all financial covenants under the facility.
AHL Liquidity Facility—On June 27, 2025, AHL, AARe, ALRe and AAIA entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent, (“AHL liquidity facility”), which replaced the previous credit agreement dated as of June 28, 2024 and the commitments under it, which expired on June 27, 2025. The AHL liquidity facility is unsecured and has a commitment termination date of June 26, 2026, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at Athene’s election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the AHL liquidity facility. In connection with the AHL liquidity facility, AARe guaranteed all of the obligations of each other borrower under the AHL liquidity facility and the related loan documents. The AHL liquidity facility will be used for liquidity and working capital needs to meet short-term cash flow and investment timing differences. The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the AHL liquidity facility. The AHL liquidity facility contains various standard covenants with which Athene must comply, including the following:
1.AARe minimum consolidated net worth of no less than $23.2 billion; and
2.Restrictions on Athene’s ability to incur liens, with certain exceptions.
Interest accrues on outstanding borrowings at the adjusted term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the AHL liquidity facility. As of December 31, 2025 and December 31, 2024, there were no amounts outstanding under the AHL liquidity facility and Athene was in compliance with all financial covenants under the facility.
Interest Expense
The following table presents the interest expense incurred related to the Company’s debt:
| Years ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Asset Management | $ | 256 | $ | 226 | $ | 145 | |||||||||||
Retirement Services1 | 362 | 248 | 123 | ||||||||||||||
| Total Interest Expense | $ | 618 | $ | 474 | $ | 268 | |||||||||||
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. | |||||||||||||||||
1 Interest expense for Retirement Services is included in policy and other operating expenses on the consolidated statements of operations. | |||||||||||||||||
Contractual Maturities
The table below presents the contractual maturities for the Company's debt arrangements:
| (In millions) | 2026 | 2027 - 2028 | 2029 - 2030 | 2031 and Thereafter | Total | ||||||||||||||||||||||||
| Asset Management | |||||||||||||||||||||||||||||
| Debt obligations | $ | 500 | $ | — | $ | 1,175 | $ | 3,900 | $ | 5,575 | |||||||||||||||||||
| Retirement Services | |||||||||||||||||||||||||||||
| Debt obligations | — | 1,000 | 500 | 6,275 | 7,775 | ||||||||||||||||||||||||
Total Obligations as of December 31, 2025 | $ | 500 | $ | 1,000 | $ | 1,675 | $ | 10,175 | $ | 13,350 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.