Company: APO
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119946
Chunk: 123

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-14
Form: 424B3
Chunk 123
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 traded equity securities and were deemed to be relevant because of similarities to Bridge in one or more business, operating, regional or end-marketcharacteristics. Lazard’s analyses were based on selected large diversified alternative asset managers (“Large Diversified Alts”) and real asset exposure managers (“Real Asset Exposure Managers” and, together with the Large Diversified Alts, the “Selected Alternative Asset Managers”). The selected Large Diversified Alts were:

| • |     | Apollo Global Management, Inc. |

| • |     | Ares Management Corporation |

| • |     | Blackstone Inc. |

| • |     | Blue Owl Capital Inc. |

| • |     | Brookfield Asset Management Ltd. |

| • |     | The Carlyle Group Inc. |

| • |     | KKR & Co. Inc. |

| • |     | TPG Inc. |

The selected Real Asset Exposure Managers were:

| • |     | Antin Infrastructure Partners SAS |

| • |     | Cohen & Steers, Inc. |

| • |     | DigitalBridge Group, Inc. |

| • |     | Rithm Capital Corp. |

| • |     | The RMR Group Inc. |

Lazard reviewed and analyzed various publicly available financial information, market trading data, implied multiples and ratios of Bridge and the Selected Alternative Asset Managers. As part of its selected trading

| 1 | All Bridge valuation methodologies reflect the net present value of potential cash tax savings per share of                                                                                      
 Bridge Class A common stock, based on the December Baseline Projections, which may be realized by Bridge pursuant to the Existing Tax Receivable Agreement (the “Value of the TRA Tax Savings”). |

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comparables analysis, Lazard reviewed and analyzed, among other things, each company’s ratio of its share price as of February 20, 2025 to its estimated total after-taxdistributable earnings per share (“DE,” and such ratio commonly referred to as a price to distributable earnings per share ratio, or “P/DE”) for the fiscal year 2025 (which we refer to herein as FY25E). All of these calculations were performed and based on the December Baseline Projections, 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 as of February 20, 2025. The FY25E P/DE for the Selected Alternative Asset Managers and Bridge were: