Company: APO
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119946
Chunk: 125

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-14
Form: 424B3
Chunk 125
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 Projections, Bridge’s estimated after-taxearnings for FY25E, on a standalone basis, based on three distinct earnings streams composed of (i) fee-relatedearnings (“FRE”), (ii) performance-related earnings (“PRE”) and (iii) investment income from balance sheet investments and insurance general account, which represents the sum of marketable securities at fair value, other assets and other investments, net of insurance loss reserves (“BSI”), and Bridge’s outstanding debt obligations, net of cash and cash equivalents (“Net Debt”). As part of Lazard’s sum-of-the-partsmultiples based analysis, Lazard calculated, reviewed and analyzed, among other things, the ratio of (i) value embedded in each of the Large Diversified Alts’ share price as of February 20, 2025 attributable to FRE and PRE to (ii) each such Large Diversified Alt’s estimated FRE and PRE per share based on Wall Street equity analysts’ estimates (such ratios commonly referred to as an “FRE Multiple” and a “PRE Multiple,” respectively) for FY25E. Based on Lazard’s professional judgement, experience with alternative asset managers, and generally accepted methodology, Lazard calculated the value attributable to FRE and PRE embedded in each of the Large Diversified Alts’ share price under the assumption that each such Large Diversified Alt’s PRE multiple is equal to 0.5x its FRE multiple and certain other assumptions. Such FRE Multiple and PRE Multiple for each of the Large Diversified Alts and Bridge for FY25E were as follows:

| Large Diversified Alts            |     | FRE Multiple for FY25E |       |     | PRE Multiple for FY25E |       |
| Apollo Global Management, Inc.    |     |                        | 31.9x |     |                        | 16.0x |
| Ares Management Corporation       |     |                        | 37.3x |     |                        | 18.6x |
| Blackstone Inc.                   |     |                        | 35.7x |     |                        | 17.8x |
| Blue Owl Capital Inc.             |     |                        | 25.4x |     |                        | 12.7x |
| Brookfield Asset Management Ltd.1 |     |                        | —     |     |                        | —     |
| The Carlyle Group Inc.            |     |                        | 14.2x |     |                        | 7.