Company: APO
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119946
Chunk: 114

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-14
Form: 424B3
Chunk 114
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x |     |               | 15.5x |
| Blue Owl                    |     |               | 26.2x |     |               | NA    |
| TPG                         |     |               | 28.5x |     |               | 8.9x  |
| The Carlyle Group           |     |               | 14.5x |     |               | 8.7x  |
| Antin                       |     |               | 19.0x |     |               | 10.2x |
| DigitalBridge               |     |               | 24.8x |     |               | NA    |
| Median                      |     |               | 32.5x |     |               | 11.7x |

J.P. Morgan then calculated a sum-of-the-partsvaluation for Bridge’s earnings predictions of calendar year 2025. Taking the range of Bridge’s post-stock based compensation FRE valuation of $585 million to $808 million, adding to it the post-stock based compensation PRE valuation with a range of $48 to $58 million, balance sheet investments of $96 million (assuming a 10% discount to balance sheet investments), $6 million in net present value of net tax benefit (assuming a marginal tax rate of 25% and a discount rate of 10%) and $397 million in net debt, the analysis indicated Bridge’s overall sum-of-theparts valuation range of $338 million to $571 million with a mid-pointvaluation at $454 million. Under this analysis, the 2025 sum-of-the-partsvaluation for Bridge is $2.39 to $4.04 per share. Discounted Cash Flow Analysis J.P. Morgan conducted a sum-of-the-partsdiscounted cash flow analysis for the purpose of determining an implied equity value per share for Bridge Class A common stock based on information provided to J.P. Morgan by Bridge’s management and as directed by Bridge’s management. J.P. Morgan calculated the unlevered free cash flows, as of December 31, 2024, that Bridge’s FRE and PRE were forecasted to generate from calendar years 2025 through 2029, assuming a tax rate of 25% at the direction of Bridge’s management. J.P. Morgan also calculated a range of terminal asset values for Bridge at the end of the four-year-period by applying perpetual growth rates ranging from of 1.5% to 2.5%, at the direction of Bridge’s management, to estimates of the