Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 126

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 126
---
 of the BSI was calculated by applying a 0.9x – 1.0x multiple to the September 30, 2024 net asset value 76

(“NAV”) per share. The selected share price to NAV (“P/NAV”) multiple ranges were informed by the perceived relative illiquidity of these investment positions and the discounts typically ascribed to publicly listed investment holding companies and closed-endfunds as well as Lazard’s professional judgment. The analysis further valued Bridge’s outstanding debt, net of cash and cash equivalents (“Net Debt”) on a per share basis as of September 30, 2024 at 1.00x NAV. The calculations for the sum-of-the-partsmultiples based analysis were performed and based on the December Baseline Projections adjusted to reflect the SBC Tax Benefit (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