AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 1/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Withdrawal restrictions establish friction, and distribution reach and AUM establish scale, but their ability to sustain superior competitive economics is not established.
durability · — · The coverage and duration of contractual protection are unquantified, and perpetual vehicle agreements remain terminable under certain circumstances.
customer dependency · — · Capital withdrawal limits do not establish dependence on Apollo's services or difficulty replacing its capabilities across the business.
erosion resilience · — · Strong inflows and earnings are favorable operating evidence, but do not establish resilience of a specific moat against competition or weaker investment performance.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Management fee growth is attributed to particular vehicles, acquisitions and higher fee-generating assets. Actual changes in comparable fee rates or exercised annuity repricing are not disclosed.
retention · 2/4 · Withdrawal restrictions and $182 billion of 2025 organic inflows support capital persistence and continuing demand. This is indirect operating evidence; repeat-investor commitments and realized redemption experience are not supplied, and agreements can terminate.
margin resilience · 2/4 · Asset Management FRE rose 27.6% in the first half of 2026 while disclosed fee-related expenses grew more slowly than the combined revenue streams. This demonstrates operating resilience in that segment, but acquisitions affect comparability, FRE excludes costs, and retirement spread-margin evidence is insufficient for a stronger companywide assessment.
contractual freedom · 2/4 · Athene may reset rates on a significant majority of deferred annuities after guarantees expire, subject to competitive constraints. Funding agreements and other investment-type contracts provide little or no rate discretion, while asset management fees follow contractual bases.
Predictability—
Five consecutive annual periods are required for predictability; the accepted history is incomplete.
Financial strength—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 98.22
Capital allocation—
Missing required inputs: operatingReturn, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- 0.27
- 3-year average SBC / revenue (%)
- 2.79
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual cash generation, dividends and repurchases support demonstrated capital management. Rising debt-related interest expense, completed issuance of 14.6 million conversion shares and predominantly award-related second-quarter repurchases temper the assessment. The passages do not establish acquisition returns or value creation from repurchases.
incentive alignment · 3/4 · Disclosed carried interest requires investment hurdles and generally includes clawbacks and personal capital commitments; granted executive RSUs include multiyear service and performance conditions. Actual alternative-investment underperformance produced no payout for that objective. These are demonstrated mechanisms, although discretion and incomplete ownership coverage limit conclusions.
execution · 3/4 · Reported origination, organic inflows and fee earnings growth demonstrate strong operating execution through 2025 and the first half of 2026. This assessment uses indirect business outcomes rather than attributing all growth to management skill. Acquisition effects and alternative-investment benchmark underperformance qualify the result.
governance · 2/4 · A majority-independent board, independent committees and one-share-one-vote rights provide concrete safeguards. Litigation challenging independence survived a dismissal motion, and the board formed a Special Litigation Committee. These procedural facts warrant caution but do not prove the allegations or establish governance failure.
Evidence
Assets under management of certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period.
Definitions / perpetual capital withdrawal restrictions · Filed 10/08/2026
The investment management, advisory or other service agreements with our perpetual capital vehicles may be terminated under certain circumstances.
Definitions / perpetual capital agreement termination · Filed 10/08/2026
36 Table of Contents 2025 BUSINESS HIGHLIGHTS Meaningful Progress on Our Three Strategic Growth Pillars Origination ➣ Origination volume totaled $309 billion in 2025 driven by significant contributions from core credit and origination platforms Global Wealth ➣ Raised a record $18 billion of capital during 2025 driven by sustained momentum in signature semi-liquid products and growing demand towards fixed income replacement-focused products Capital Solutions ➣ Record full-year capital solutions fees of $808 million demonstrates Apollo’s differentiated and flexible capital solutions at scale across a broad range of market conditions, geographies, and sectors Strategically Allocated Capital to Drive Stockholder Value Buybacks ➣ Repurchased approximately $1.4 billion of common stock in 2025, including $313 million of opportunistic share repurchases Dividends ➣ Distributed more than $1 billion of common stock dividends in 2025 Strong Execution Across Key Performance Indicators 2025 Result YoY Growth Asset Management Fee Related Earnings $2.5B 23% Retirement Services Spread Related Earnings $3.4B 4% Principal Investing Principal Investing Income $0.3B 25% Origination & Capital Formation Origination $309B 39% Total Organic Inflows $182B 20% Global Wealth Fundraising $18B 50% 37 Table of Contents Compensation Philosophy Our Compensation Philosophy Attract and retain outstanding professionals in a competitive market Align long-term interests of employees with stockholders and fund investors Encourage firmwide orientation and ownership mindset Link pay to long-term performance and fund outcomes Discourage excessive risk-taking and support sustainable value creation Our principal compensation philosophy is to align the long-term interests of our named executive officers and other key employees with those of our stockholders and the investors in the funds we manage.
2025 business highlights / inflows, earnings and capital returns · Filed 24/04/2026
Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements.
Revenue recognition / management fee contractual bases · Filed 25/02/2026
The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients.
Asset Management overview / determinants of fees · Filed 10/08/2026
Athene has developed a suite of retirement savings products, distributed through its network of 41 independent marketing organizations (“IMOs”), 18 banks and 163 broker-dealers, collectively representing approximately 152,000 independent agents 20 Table of Contents in all 50 states.
Business / Athene retail distribution · Filed 25/02/2026
As of June 30, 2026, we had total AUM of $1.05 trillion.
Asset Management overview / June 2026 AUM · Filed 10/08/2026
We also compete with financial institutions and other market participants in connection with acquisitions, investments, financings, originations, syndications and other strategic transactions, and competitive pressures in these areas may affect pricing, transaction terms, investment returns and our ability to deploy capital efficiently.
Competition / investment pricing and deployment · Filed 25/02/2026
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.
Retirement Services / deferred annuity rate resets · Filed 10/08/2026
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.
Retirement Services / competitive constraints on rate resets · Filed 10/08/2026
Athene’s funding agreements and other investment-type contracts provide little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution.
Retirement Services / limited rate discretion on other contracts · Filed 10/08/2026
Three months ended June 30, Total Change Percentage Change Six months ended June 30, Total Change Percentage Change (In millions, except percentages) 2026 2025 2026 2025 Asset Management Management fees – Credit $ 722 $ 605 $ 117 19.3% $ 1,403 $ 1,174 $ 229 19.5% Management fees – Equity 279 211 68 32.2 550 412 138 33.5 Management fees 1,001 816 185 22.7 1,953 1,586 367 23.1 Capital solutions fees and other, net 277 216 61 28.2 523 370 153 41.4 Fee-related performance fees 65 63 2 3.2 129 117 12 10.3 Fee-related compensation (343) (279) 64 22.9 (676) (538) 138 25.7 Non-compensation expenses (215) (189) 26 13.8 (416) (349) 67 19.2 Fee Related Earnings $ 785 $ 627 $ 158 25.2% $ 1,513 $ 1,186 $ 327 27.6% Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.
Segment analysis / Fee Related Earnings and expenses · Filed 10/08/2026
The increase in management fees was primarily attributable to $269 million of aggregate management fees earned from Bridge funds, Atlas, Athora, ADS, Redding Ridge Holdings, ABF and Credit Strategies Absolute Return Fund, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $26 million.
Results of operations / management fee growth attribution · Filed 10/08/2026
The increase in management fees earned from Bridge funds was due to the Bridge acquisition, while the increase from Atlas was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities.
Results of operations / acquisition and fee-generating asset effects · Filed 10/08/2026
Years ended December 31, (In millions) 2025 2024 2023 Net cash provided by the Company's operating activities $ 7,263 $ 3,781 $ 6,519 Net cash used in the Consolidated Funds and VIEs operating activities (17) (528) (197) Net cash provided by operating activities 7,246 3,253 6,322 Net cash used in the Company's investing activities (62,250) (60,547) (39,834) Net cash used in the Consolidated Funds and VIEs investing activities (1,722) (1,254) (2,573) Net cash used in investing activities (63,972) (61,801) (42,407) Net cash provided by the Company's financing activities 58,010 55,577 42,021 Net cash provided by the Consolidated Funds and VIEs financing activities 2,190 2,395 617 Net cash provided by financing activities $ 60,200 $ 57,972 $ 42,638 Operating Activities The Company’s operating activities support its Asset Management, Retirement Services and Principal Investing activities.
Liquidity and capital resources / historical cash flows · Filed 25/02/2026
An aggregate of 14,587,300 shares of common stock were issued following June 30, 2026, including early conversions and shares issued as part of the Conversion.
Equity / completed preferred stock conversions and common issuance · Filed 10/08/2026
Interest expense was $165 million in 2026, an increase of $45 million from $120 million in 2025.
Results of operations / increased interest expense · Filed 10/08/2026
The increase in 2026 was primarily driven by higher interest rates from additional debt issuances in the full year 2025 and 2026.
Results of operations / debt issuance and interest expense explanation · Filed 10/08/2026
42 Table of Contents Why Performance Fees are a Key Long-Term Incentive Feature Description Key Driver of Stockholder Value Carried interest is aligned with stockholders because growth in performance fees is a key driver of stockholder value Generating performance fees requires successful fundraising and strong investment performance, which supports future growth in performance fees and is accretive to stockholder value Specific and Predetermined Performance Requirements with Clear Payout Determination Process Carried interest is performance-based and fully at-risk because amounts are paid only after achieving predetermined performance hurdles (an 8% preferred return for most of the investment funds we manage), meaning that fund returns must exceed this threshold before payments to participants are made Amounts paid are generally determined by overall fund performance rather than the outcome of a single investment and are paid only after profitable investments have actually been realized, rewarding sustainable value creation for the Company, our stockholders and the investors in the funds we manage, rather than short-term gains Cap on Payouts Carried interest awards are subject to two implicit caps: (i) aggregate amount of carry generally cannot exceed 20% of the profits realized by the funds we manage, with the remaining 80% or more distributed to fund investors; and (ii) employees generally receive a specified percentage of the aggregate carry, limiting the amount each employee may receive Structure preserves the full incentive to maximize returns for investors Risk Management and Safeguard Features (Clawback and Personal Investment) Amounts paid on drawdown-style funds are generally subject to performance-based clawback, typically net of tax, if future fund performance declines below a specified hurdle (an 8% preferred return for most of the investment funds we manage), causing amounts paid to remain at risk for the entire life of the fund, which tends to be substantially longer than the three- to five-year performance periods that typically apply to performance-based compensation Individuals are generally required to commit personal capital to the funds, ensuring alignment with investors and reinforcing our principal mindset These mechanics discourage short-term decision making that could negatively affect long-term outcomes and prioritize the return of capital to investors before paying employees We target sharing 65% to 75% of the performance fees that are earned from investment funds we manage with Apollo employees across all groups, in connection with our multi-year initiative to shift our compensation mix for senior employees generally, toward greater performance fee income.
Executive compensation / carried interest hurdles, clawbacks and personal capital · Filed 24/04/2026
In December 2021, the Company awarded one-time grants to the then Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics.
Equity compensation / granted executive RSUs and vesting conditions · Filed 10/08/2026
For the investment portfolio total return performance objective based on AHL’s non-alternative investment performance, the Compensation Committee compared AHL’s results of 5.84% for the 33-month period ending September 30, 2025, to 4.18% for the Barclays US Aggregate Bond Index, which pursuant to the formula resulted in a payout of 100% of the award for this objective.
Executive compensation / non-alternative investment performance and payout · Filed 24/04/2026
For the investment portfolio total return 46 Table of Contents performance objective based on AHL’s alternative investment performance, the Compensation Committee compared AHL’s results of 7.77% for the 33-month period ending September 30, 2025, to 15.80% for the 50-50 blended index described above, which pursuant to the formula resulted in no payout for this objective.
Executive compensation / alternative investment underperformance and zero payout · Filed 24/04/2026
✓ Majority Independent Board: Nine of thirteen of our directors are independent.
Corporate governance / board independence · Filed 24/04/2026
✓ Independent Committees: All members of the audit committee, compensation committee, nominating and corporate governance committee and sustainability and corporate responsibility committee are independent and such committees are led by independent committee chairs.
Corporate governance / independent committees · Filed 24/04/2026
✓ One Share, One Vote: We have only one class of common stock outstanding, with each share entitled to one vote.
Corporate governance / common stock voting rights · Filed 24/04/2026
The Original Complaint alleged that pre-suit demand was futile because a majority of AGM’s board is either not independent from the Former Managing Partners or face a substantial likelihood of liability in light of the challenges to the transaction.
Legal proceedings / allegations concerning board independence · Filed 10/08/2026
On September 20, 2024, the Court of Chancery denied the defendants’ motion to dismiss.
Legal proceedings / denial of motion to dismiss · Filed 10/08/2026
On October 28, 2024, the AGM board of directors adopted resolutions forming a Special Litigation Committee (the “SLC”) comprising directors whom the board determined to be independent and disinterested.
Legal proceedings / formation of Special Litigation Committee · Filed 10/08/2026
In 2025, the Compensation Committee approved a peer group consisting of Ares, BlackRock, Blackstone, Blue Owl, Brookfield Asset Management, Carlyle, Goldman Sachs, KKR, Morgan Stanley and TPG.
Executive compensation / compensation peer group · Filed 24/04/2026
Period Total number of shares of common stock purchased Average price paid per share Total number of shares of common stock purchased as part of publicly announced plans or programs1 Approximate dollar value of common stock that may yet be purchased under the plans or programs April 1, 2026 through April 30, 2026 Opportunistic repurchases — — Equity award-related repurchases2 6,002 6,002 Total 6,002 $ 111.42 6,002 $ 3,133,320,128 May 1, 2026 through May 31, 2026 Opportunistic repurchases 31,772 31,772 Equity award-related repurchases2 543,477 543,477 Total 575,249 $ 133.57 575,249 $ 3,056,486,601 June 1, 2026 through June 30, 2026 Opportunistic repurchases 200,445 200,445 Equity award-related repurchases2 — — Total 200,445 $ 124.76 200,445 $ 3,031,478,576 Total Opportunistic repurchases 232,217 232,217 Equity award-related repurchases2 549,479 549,479 Total 781,696 781,696 1 Effective February 9, 2026, the AGM board of directors terminated the Company's prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Equity Plan.
Issuer purchases / actual second-quarter 2026 repurchases · Filed 10/08/2026
RMBS Residential mortgage-backed securities RML Residential mortgage loan RSUs Restricted share units SIA Strategic investment account 9 Table of Contents Spread Related Earnings, or SRE Component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, and equity-based compensation, as well as other items.
Definitions / exclusions from Spread Related Earnings · Filed 10/08/2026
