Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 128

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 128
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as outlined below), publicly available financial data (including Wall Street equity analysts’ research estimates, FactSet Research Systems Inc. and S&P Global, Inc.) and the closing stock prices of Bridge and the Large Diversified Alts as of February 20, 2025.

|                     |     | December Baseline Projections |      |     | Including SBC Tax Benefit |      |
|:--------------------|:----|:------------------------------|-----:|:----|:--------------------------|-----:|
| FY25E FRE Per Share |     | $                             | 0.62 |     | $                         | 0.71 |
| FY25E PRE Per Share |     | $                             | 0.05 |     | $                         | 0.05 |

The following table represents the results of the Sum-of-the-PartsMultiples Based Trading Comparables Analysis:

| FY25E FRE                                              
 FY25E PRE                                              
 9/30/2024 BSI                                          
 9/30/2024 Net Debt                                     |     | Multiple | FRE Multiple 
 PRE Multiple 
 P/NAV        
 P/NAV        |     | Selected Multiple Range 
 Low                     | 12.0x 
  6.0x 
  0.9x 
  1.0x |     | High | 14.0x 
  7.0x 
  1.0x 
  1.0x |
|:-------------------------------------------------------|:----|:---------|:-------------|:----|:------------------------|------:|:----|:-----|------:|
| Implied Value per Share of Bridge Class A Common Stock |     |          |              |     | $                       |  6.94 |     | $    |  8.50 |

As reflected in the table above, the analyses resulted in a range of implied values per share of Bridge Class A common stock of $6.94 – $8.50, as compared to (i) the closing price per share of Bridge Class A common stock of $8.07 as of February 20, 2025 and (ii) the implied merger consideration of $11.50 per share of Bridge Class A common stock. Discounted Cash Flow Analysis Lazard performed a discounted cash flow analysis of Bridge by calculating the estimated net present value (“NPV”) of the projected after-taxlevered free cash flows 2per share based on the December Baseline Projections (such