# EDGAR Filing Document

**Accession Number:** 0001411494
**File Stem:** 0001411494-23-000012
**Filing Date:** 2023-3
**Character Count:** 21061
**Document Hash:** 9c71b9c5e34f0610869254a43633214c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001411494-23-000012.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001411494-23-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Asset Management, Inc.
- **CENTRAL INDEX KEY:** 0001411494
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 208880053
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35107
- **FILM NUMBER:** 23689525

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** new York
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** new York
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Apollo Global Management, Inc.
- **DATE OF NAME CHANGE:** 20190905

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Apollo Global Management LLC
- **DATE OF NAME CHANGE:** 20070904

?xml version="1.0" ? apo-20230228

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): February 28, 2023** 

**Apollo Asset Management, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35107** | **20-8880053** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**9 West 57th Street, 42nd Floor** 

**New York, New York 10019** 

**(Address of principal executive offices) (Zip Code)**

**(212) 515-3200** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **6.375% Series A Preferred Stock** | **AAM.PR A** | **New York Stock Exchange** |
| **6.375% Series B Preferred Stock** | **AAM.PR B** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 7.01** &nbsp;&nbsp;&nbsp;&nbsp;**Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;On February 28, 2023, Apollo Asset Management, Inc. (the "Company") filed its annual report on Form 10-K as of and for the year ended December 31, 2022. Pursuant to that certain indenture, dated as of May 30, 2014, as supplemented, among Apollo Management Holdings, L.P. ("AMH"), the guarantors party thereto (collectively with AMH, the "Credit Parties") and Wells Fargo Bank, National Association, as trustee, attached as Exhibit 99.1 is a copy of the unaudited reconciliation indicating the differences between the financial information of the Company and the financial information of the Credit Parties and their subsidiaries on a combined and consolidated basis, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 7.01 "Regulation FD Disclosure" and Item 9.01 "Financial Statements and Exhibits" of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

**(d)**&nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Unaudited reconciliation of financial data.](agmdebt8-k4q2022exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | APOLLO ASSET MANAGEMENT, INC. | APOLLO ASSET MANAGEMENT, INC. |
| Date: February 28, 2023 | By: | &nbsp;&nbsp;&nbsp;/s/ Louis-Jacques Tanguy |
|  |  | Louis-Jacques Tanguy |
|  |  | Chief Accounting Officer  |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**UNAUDITED RECONCILIATION OF FINANCIAL DATA** 

On January 1, 2022, Apollo Global Management, Inc. completed the previously announced merger transactions with Athene Holding Ltd. ("Athene"). Upon the closing of the merger with Athene, Apollo Global Management, Inc. was renamed Apollo Asset Management, Inc., and became a subsidiary of Tango Holdings, Inc., and Tango Holdings, Inc. was renamed "Apollo Global Management, Inc."

The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the year ended December 31, 2022. The Apollo Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Apollo Operating Group has been reconciled to Apollo Asset Management, Inc.'s (f/k/a Apollo Global Management, Inc.) financial statements for the relevant periods.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
| | **Total Apollo Operating Group Consolidated** | **Consolidated Funds & VIEs** | **Other** <sup>(1)</sup> | **Total Apollo Asset Management, Inc. Consolidated** |
| **Statement of Financial Data** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1199740 | $535 | $460 | $1200735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash and cash equivalents | 2153 | 1045976 |  | 1048129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (includes performance allocations of $2,635,180 as of December 31, 2022) | 5502123 | 402 | 141642 | 5644167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets of consolidated variable interest entities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 109578 |  | 109578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  | 2370884 |  | 2370884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | 87667 | (57357) | 30310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from related parties | (666001) | 1264 | 1390990 | 726253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets, net | 17763 |  | 615897 | 633660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1098841 | 11674 | 65240 | 1175755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease assets | 590732 |  |  | 590732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 264339 |  | (595) | 263744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**8009690** | $**3627980** | $**2156277** | $**13793947** |
| **Liabilities, Redeemable non-controlling interests and Stockholders' Equity** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | $139699 | $13274 | $14791 | $167764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation and benefits | 111152 | 3710 |  | 114862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 172720 |  |  | 172720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 211312 | 8300 | 1357882 | 1577494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit sharing payable | 1412452 |  | (1) | 1412451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt | 2814117 |  |  | 2814117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities of consolidated variable interest entities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable |  | 49990 |  | 49990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  | 1898840 | 1 | 1898841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties |  | 456 | (456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 328765 | 43844 | 49832 | 422441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 664366 |  |  | 664366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **5854583** | **2018414** | **1422049** | **9295046** |
| **Redeemable non-controlling interests:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable non-controlling interests |  | 1027429 | 4485 | 1031914 |
| **Stockholders' Equity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Asset Management, Inc. Stockholders' Equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2022 | 264398 |  |  | 264398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2022 | 289815 |  |  | 289815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital |  | (72117) | 1376495 | 1304378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | (44344) | 216302 | (171958) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (11971) | (34179) | 35810 | (10340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Apollo Asset Management, Inc. Stockholders' Equity | 497898 | 110006 | 1240347 | 1848251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests in consolidated entities | 5676 | 472131 | 10102 | 487909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests in Apollo Operating Group | 1651533 |  | (520706) | 1130827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | **2155107** | **582137** | **729743** | **3466987** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities, Redeemable non-controlling interests and Stockholders' Equity** | $**8009690** | $**3627980** | $**2156277** | $**13793947** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** | **For the Year Ended December 31, 2022** |
| | **Total Apollo Operating Group Consolidated** | **Consolidated Funds & VIEs** | **Other** <sup>(1)</sup> | **Total Apollo Asset Management, Inc. Consolidated** |
| **Statement of Operating Data** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Revenues:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | $2299840 | $1264 | $(20596) | $2280508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory and transaction fees, net | 421099 |  | 22392 | 443491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income | 856676 |  | (56542) | 800134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incentive fees | 28066 |  | (843) | 27223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | 3605681 | 1264 | (55589) | 3551356 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | 1939479 | 3710 |  | 1943189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 125761 | 33 | 4715 | 130509 |
| &nbsp;&nbsp;&nbsp;&nbsp; General, administrative and other | 638225 | 7933 | 1901 | 648059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2703465 | 11676 | 6616 | 2721757 |
| **Other Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains from investment activities | 939776 | 19569 | (24581) | 934764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains from investment activities of consolidated variable interest entities |  | 234042 | 171047 | 405089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 37263 | 13025 | (534) | 49754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income (loss), net | 11783 | (399) | (26350) | (14966) |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income** | 988822 | 266237 | 119582 | 1374641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income tax provision | 1891038 | 255825 | 57377 | 2204240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax provision | (31869) | (21159) | (156892) | (209920) |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income** | 1859169 | 234666 | (99515) | 1994320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to non-controlling interests | (724731) | (306608) | (29114) | (1060453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Income Attributable to Apollo Asset Management, Inc.** | 1134438 | (71942) | (128629) | 933867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock Dividends | (17531) |  |  | (17531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Stock Dividends | (19125) |  |  | (19125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders** | $1097782 | $(71942) | $(128629) | $897211 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** | **For the Three Months Ended December 31, 2022** |
| | **Total Apollo Operating Group Consolidated** | **Consolidated Funds & VIEs** | **Other** <sup>(1)</sup> | **Total Apollo Asset Management, Inc. Consolidated** |
| **Statement of Operating Data** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Revenues:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | $582735 | $14 | $(84) | $582665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory and transaction fees, net | 102520 |  | 7621 | 110141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (loss) | (25851) |  | (3397) | (29248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 9287 |  |  | 9287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | **668691** | **14** | **4140** | **672845** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | **386146** | **—** | **—** | **386146** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 30613 | 7 | 1599 | 32219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General, administrative and other | 159366 | 884 | 958 | 161208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | **576125** | **891** | **2557** | **579573** |
| **Other Income (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) from investment activities | (13261) | 3364 | (6251) | (16148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains from investment activities of consolidated variable interest entities |  | 25717 | (14330) | 11387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (loss) | 10430 | 5008 | (61) | 15377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (loss), net | 3742 | (95) | (114) | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Income (Loss)** | **911** | **33994** | **(20756)** | **14149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax provision | 93477 | 33117 | (19173) | 107421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | (17672) | (179) | (4218) | (22069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income (Loss)** | **75805** | **32938** | **(23391)** | **85352** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Non-controlling Interests | (44393) | (17529) |  | (61922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income (Loss) Attributable to Apollo Asset Management, Inc.** | **31412** | **15409** | **(23391)** | **23430** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Preferred Stock Dividends | (4383) |  |  | (4383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B Preferred Stock Dividends | (4781) |  |  | (4781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Income (Loss) Attributable to Apollo Asset Management, Inc. Class A Common Stockholders** | $**22248** | $**15409** | $**(23391)** | $**14266** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.

<br>