Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 116

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 116
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 |          | 25.1x |
| Median                      |     |          | 24.8x |

Using a reference range of 10.0-12.5xfor Bridge’s price to distributable earnings multiple (“P/DE”), J.P. Morgan calculated a price to distributable earnings ratio (after-taxand before-stock based compensation) for the 2025 calendar year. J.P. Morgan’s analysis then indicated a range of implied values per share of Bridge Class A common stock of approximately $6.36 to $7.94. Sum-of-the-Parts—SelectedCompanies Analysis J.P. Morgan conducted a sum-of-the-partsanalysis that disaggregated distributable earnings into fee-relatedearnings (“FRE”), performance-related earnings (“PRE”) and net investment income (“NII”). In conducting its sum-of-the-partsanalysis, J.P. Morgan utilized a projected earnings mix for the 2025 calendar year. Based on the results of this analysis and other factors which J.P. Morgan considered appropriate based on its experience and professional judgment, J.P. Morgan selected a multiple reference range of 10.5-14.5xfor the after-taxenterprise value of FRE in 2025 and a multiple reference range of 7.0-8.5xfor the after-taxenterprise value of PRE in 2025. Multiples were calculated based on Bridge’s earnings complexion and the implied discount applied to PRE multiples relative to FRE multiples by brokers. 68

Using publicly available information as of February 14, 2025, J.P. Morgan calculated and compared for each selected company listed above and for Bridge:

| • |     | The multiple of after-tax enterprise value to FRE, for the calendar year        
 2025, which is referred to below as “2025E implied after-tax FRE multiple;” and |

| • |     | The multiple of after-tax enterprise value to PRE, for the calendar year    
 2025, which is referred to below as “2025E implied after-tax PRE multiple.” |

This analysis indicated the following:

| Alternative Asset Managers  |     | 2025E implied 
 after-tax FRE 
 multiple      |       |     | 2025E implied 
 after-tax PRE 
 multiple      |       |
| Bridge                      |     |               | 10.3x |     |               | 7.1x  |
| Blackstone Group            |     |               | 37.7x |     |               | 12.2x |