A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, Inc. Fourth Quarter and Full Year 2021 Earnings Exhibit 99.2 February 11, 2022
GAAP Results Financial Measures & Dividend Assets Under Management Business Drivers ($ in millions, except per share data) 4Q'21 Per Share FY'21 Per Share • Distributable Earnings (“DE”) $483.0 $1.05 $2,031.5 $4.56 • Fee Related Earnings (“FRE”) $309.1 $0.67 $1,198.4 $2.68 Apollo 4Q'21 Financial Results Highlights • Total Assets Under Management (“AUM”) of $497.6 billion • Fee-Generating AUM (“FGAUM”) of $369.1 billion • Performance Fee-Eligible AUM (“PFEAUM”) of $144.0 billion • Dry powder of $47.2 billion available for investment • Inflows: $23.6 billion ($67.5 billion FY'21) • Deployment: $34.6 billion ($115.6 billion FY'21) • Drawdown deployment: $5.6 billion ($22.3 billion FY'21) • Realizations: $4.2 billion ($25.7 billion FY'21) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 30 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. FY’21 DE and FRE per share amounts represent the sum of the last four quarters. AUM totals may not add due to rounding. “NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. On January 1, 2022, Apollo Global Management, Inc. completed the previously announced merger transactions with Athene Holding Ltd. (the “Merger”). Upon the closing of the Merger, Apollo Global Management, Inc. was renamed Apollo Asset Management, Inc. and became a direct wholly-owned subsidiary of Tango Holdings, Inc., and Tango Holdings, Inc. was renamed “Apollo Global Management, Inc.” This presentation includes the financial results for Apollo Global Management, Inc. prior to the Merger. In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc.) and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, and references to “Apollo Global Management, Inc.” for periods (i) on or before December 31, 2021 refer to Apollo Asset Management, Inc (f/k/a Apollo Global Management, Inc.) and (ii) subsequent to December 31, 2021 refer to Apollo Global Management, Inc. (f/k/a Tango Holdings, Inc.). 1 • Net Performance Fee Receivable of $1.4 billion ($3.10 per share) • Apollo Global Management, Inc. declared 4Q'21 dividend of $0.40 per share of Common Stock and equivalent ($ in millions, except per share data) 4Q'21 Per Share FY'21 Per Share • Net Income $612.5 N/A $4,267.9 N/A • Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $234.4 $0.91 $1,801.8 $7.32
($ in thousands, except share data) 4Q'20 3Q'21 4Q'21 FY'20 FY'21 Revenues: Management fees $446,846 $474,537 $519,132 $1,686,973 $1,920,946 Advisory and transaction fees, net 77,113 62,831 96,849 249,482 302,379 Investment income: Performance allocations 660,962 458,211 461,395 310,479 3,050,092 Principal investment income 107,208 78,283 112,443 81,702 649,117 Total investment income 768,170 536,494 573,838 392,181 3,699,209 Incentive fees 4,367 5,436 5,456 25,383 29,064 Total Revenues 1,296,496 1,079,298 1,195,275 2,354,019 5,951,598 Expenses: Compensation and benefits: Salary, bonus and benefits 174,572 182,576 240,293 628,057 778,798 Equity-based compensation 51,872 56,218 1,014,999 213,140 1,180,663 Profit sharing expense 315,731 262,874 254,318 247,501 1,533,919 Total compensation and benefits 542,175 501,668 1,509,610 1,088,698 3,493,380 Interest expense 34,817 34,820 34,657 133,239 139,090 General, administrative and other 95,144 111,597 149,713 354,217 476,998 Placement fees 430 822 2,812 1,810 4,762 Total Expenses 672,566 648,907 1,696,792 1,577,964 4,114,230 Other Income (Loss): Net gains (losses) from investment activities 395,925 172,798 1,171,560 (455,487) 2,610,903 Net gains from investment activities of consolidated variable interest entities 183,308 142,455 156,837 197,369 557,289 Interest income 1,586 2,114 698 14,999 4,255 Other income (loss), net 23,851 (14,907) (119,415) 20,832 (147,541) Total Other Income (Loss) 604,670 302,460 1,209,680 (222,287) 3,024,906 Income before income tax provision 1,228,600 732,851 708,163 553,768 4,862,274 Income tax provision (153,139) (101,434) (95,648) (86,966) (594,379) Net Income 1,075,461 631,417 612,515 466,802 4,267,895 Net income attributable to Non-Controlling Interests (641,357) (373,095) (368,963) (310,188) (2,429,404) Net Income Attributable to Apollo Global Management, Inc. 434,104 258,322 243,552 156,614 1,838,491 Series A Preferred Stock Dividends (4,383) (4,382) (4,383) (17,531) (17,531) Series B Preferred Stock Dividends (4,781) (4,782) (4,781) (19,125) (19,125) Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $424,940 $249,158 $234,388 $119,958 $1,801,835 Net Income Per Share of Class A Common Stock: Net Income Available to Class A Common Stock – Basic $1.80 $1.01 $0.91 $0.44 $7.32 Net Income Available to Class A Common Stock – Diluted $1.80 $1.01 $0.91 $0.44 $7.32 Weighted Average Number of Class A Common Stock Outstanding – Basic 227,931,929 239,451,921 245,553,950 227,530,600 236,567,691 Weighted Average Number of Class A Common Stock Outstanding – Diluted 227,931,929 239,451,921 245,553,950 227,530,600 236,567,691 Net Income was $612.5 million for the quarter ended December 31, 2021; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was $234.4 million for the quarter ended December 31, 2021 GAAP Consolidated Statements of Operations (Unaudited) 2 Expenses for the quarter ended December 31, 2021 include recognition of a one-time non-cash charge of $0.9 billion related to Apollo’s previously announced reset of its compensation structure
($ in thousands, except per share data) 4Q'20 3Q'214 4Q'21 FY'20 FY'21 Management fees $437,322 $472,483 $483,010 $1,647,964 $1,878,210 Advisory and transaction fees, net 80,677 65,077 94,301 251,520 298,108 Performance fees1 1,788 19,856 20,163 9,836 56,865 Total Fee Related Revenues 519,787 557,416 597,474 1,909,320 2,233,183 Salary, bonus and benefits (157,028) (169,581) (185,716) (560,987) (686,353) General, administrative and other (86,392) (85,907) (98,873) (303,883) (341,795) Placement fees (430) (782) (2,495) (1,814) (4,343) Total Fee Related Expenses (243,850) (256,270) (287,084) (866,684) (1,032,491) Other income (loss), net of Non-Controlling Interest (144) (585) (1,314) (2,109) (2,280) Fee Related Earnings $275,793 $300,561 $309,076 $1,040,527 $1,198,412 Per share2 $0.63 $0.68 $0.67 $2.37 $2.68 Realized performance fees 186,895 608,130 405,434 280,923 1,589,074 Realized profit sharing expense (96,279) (295,886) (216,822) (190,307) (817,017) Net Realized Performance Fees 90,616 312,244 188,612 90,616 772,057 Realized principal investment income, net3 9,167 291,169 21,207 22,851 409,151 Net interest loss and other (33,524) (34,075) (33,556) (134,514) (138,197) Segment Distributable Earnings $342,052 $869,899 $485,339 $1,019,480 $2,241,423 Taxes and related payables (15,499) (108,157) 6,844 (89,989) (173,274) Preferred dividends (9,164) (9,164) (9,164) (36,656) (36,656) Distributable Earnings $317,389 $752,578 $483,019 $892,835 $2,031,493 Per share2 $0.72 $1.71 $1.05 $2.02 $4.56 Net dividend per share2 $0.60 $0.50 $0.40 $2.02 $1.90 Payout ratio 83% 29% 38% 100% 42% Total Segments 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap. 2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. FY per share amounts represent the sum of the last four quarters. See page 22 for details regarding the stockholder dividend and page 27 for the share reconciliation. 3. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program. 4. Reflects amended and restated fee agreement with Athora Holding, Ltd. (“Athora”), effective January 1, 2021. The impact of the restated fee agreement was accounted for as an increase in revenues and expenses. Prior periods in 2021 have been recast to conform to this change. 3
Quarterly Trailing FRE Quarterly FRE Bridge Annual FRE $29.2 $10.5 ($16.1) ($15.1) $— $309.1 Fee Related Earnings 1. FRE Margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, advisory and transaction fees and certain performance fees), as well as other income attributable to FRE. 2. Represents, primarily, the effect of the issuance of one-time equity compensation awards as part of the previously announced reset of Apollo’s compensation structure during the fourth quarter of 2021. ($ in millions) FRE increased 3% and 15% sequentially for the quarter-over-quarter and year-over-year periods ended December 31, 2021 FRE growth during the quarter was driven by higher advisory & transaction fees, as well as higher management fees, partially offset by an increase in compensation and non-compensation expenses, primarily due to headcount growth 4Q'21 Per Share $0.63 $0.65 $0.68 $0.68 $0.06 $0.02 ($0.03) ($0.03) ($0.03) $0.67 $2.37 $2.68 FRE Margin1 4 $275.8 $286.9 $301.9 $300.6 53% 55% 54% 54% 4Q'20 1Q'21 2Q'21 3Q'21 Advisory & Transaction Fees Mgmt Fees • 52% Share Dilution2 Comp Non-Comp & Other $1,040.5 $1,198.4 54% 54% FY'20 FY'21
Full year DE increased 128% in 2021, primarily due to higher realized performance fees from both Fund VIII and Fund IX, as well as higher FRE Distributable Earnings $317.4 $294.1 $501.8 $752.6 $483.0 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Distributable Earnings 5 1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. $892.8 $2,031.5 FY'20 FY'21 Per Share1 $0.72 $0.66 $1.14 $1.71 $1.05 $2.02 $4.56 ($ in millions)
Total AUM Total AUM increased to $497.6 billion during the quarter, driven by growth of retirement services clients and strong third-party fundraising Gross Inflows were $23.6 billion during the quarter and $67.5 billion over the twelve months ended December 31, 2021 Dry powder was $47.2 billion as of quarter-end, of which $26.3 billion was dry powder with future management fee potential Fee-Generating AUM $348.7 $361.3 $369.1 $150.8 $369.1 $269.7 $279.5 $285.5 $98.7 $285.5 $41.8 $39.2 $40.0 $35.3 $40.0 $37.2 $42.6 $43.6 $16.8 $43.6 4Q’20 3Q'21 4Q'21 4Q'16 4Q'21 Credit Assets Under Management Private Equity $455.5 $481.1 $497.6 $191.7 $497.6 $328.6 $340.9 $350.1 $117.5 $350.1 $80.7 $86.1 $86.6 $52.4 $86.6 $46.2 $54.1 $60.8 $21.9 $60.8 4Q'20 3Q’21 4Q'21 4Q'16 4Q'21 CAGR 20% Real Assets Credit Private Equity Real Assets CAGR 21% 6 ($ in billions) ($ in billions)
Performance Fee-Generating AUMPerformance Fee-Eligible AUM $68.9 $92.5 $92.9 $55.6 $92.9 $34.7 $48.4 $50.2 $29.1 $50.2 $29.3 $38.5 $36.3 $22.6 $36.3$4.9 $5.6 $6.4 $3.9 $6.4 4Q'20 3Q'21 4Q'21 4Q'16 4Q'21 Performance Fee-Generating AUM increased 35% year-over-year primarily due to deployment across the credit and private equity platforms, and strong performance in traditional private equity and credit funds Performance Fee Assets Under Management $134.3 $141.0 $144.0 $88.9 $144.0 $61.3 $65.2 $67.3 $37.7 $67.3 $61.5 $63.2 $62.4 $42.9 $62.4 $11.4 $12.5 $14.4 $8.3 $14.4 4Q'20 3Q'21 4Q'21 4Q'16 4Q'21 Credit Private Equity Real Assets Credit Private Equity Real Assets 7 ($ in billions) ($ in billions)
FY’21 Total AUM Rollforward1 ($ in millions) Credit3 Private Equity Real Assets Total 4Q'20 $328,560 $80,716 $46,210 $455,486 Inflows 43,884 9,130 14,460 67,474 Outflows2 (15,801) (1,083) — (16,884) Net Flows 28,083 8,047 14,460 50,590 Realizations (5,322) (19,079) (1,326) (25,727) Market Activity (1,219) 16,943 1,479 17,203 4Q'21 $350,102 $86,627 $60,823 $497,552 YoY Change 7% 7% 32% 9% 1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Included in the 4Q'21 outflows for Total AUM and FGAUM are $0.8 billion and $0.7 billion of redemptions, respectively. Included in the FY'21 outflows for Total AUM and FGAUM are $2.7 billion and $2.5 billion of redemptions, respectively. 3. As of 4Q'21, Credit AUM includes $22.7 billion of CLOs, $7.6 billion of which Apollo earns fees based on gross assets and $15.1 billion of which relates to Redding Ridge, from which Apollo earns fees based on net asset value. Total AUM & Fee-Generating AUM 4Q’21 Total AUM Rollforward1 ($ in millions) Credit3 Private Equity Real Assets Total 3Q'21 $340,869 $86,058 $54,137 $481,064 Inflows 15,167 1,900 6,530 23,597 Outflows2 (4,393) (362) — (4,755) Net Flows 10,774 1,538 6,530 18,842 Realizations (635) (3,205) (310) (4,150) Market Activity (906) 2,236 466 1,796 4Q'21 $350,102 $86,627 $60,823 $497,552 QoQ Change 3% 1% 12% 3% 4Q’21 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total 3Q'21 $279,490 $39,185 $42,618 $361,293 Inflows 13,099 1,868 3,053 18,020 Outflows2 (5,468) (327) (2,114) (7,909) Net Flows 7,631 1,541 939 10,111 Realizations (366) (579) (93) (1,038) Market Activity (1,219) (132) 86 (1,265) 4Q'21 $285,536 $40,015 $43,550 $369,101 QoQ Change 2% 2% 2% 2% FY’21 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total 4Q'20 $269,658 $41,826 $37,190 $348,674 Inflows 38,028 4,025 9,167 51,220 Outflows2 (17,811) (1,906) (2,532) (22,249) Net Flows 20,217 2,119 6,635 28,971 Realizations (2,603) (3,850) (421) (6,874) Market Activity (1,736) (80) 146 (1,670) 4Q'21 $285,536 $40,015 $43,550 $369,101 YoY Change 6% (4%) 17% 6% 8
Deployment1 $82.9 $17.3 $15.4 $24.8 $3.1 $6.7 Dry Powder Composition $21.1 $12.7 $8.4 $5.0 Performance Fee-Eligible AUM 1. For the three months ended December 31, 2021, drawdown deployment was $2.3 billion, $2.2 billion and $1.1 billion for credit, private equity and real assets, respectively. For the twelve months ended December 31, 2021, drawdown deployment was $6.2 billion, $13.3 billion and $2.8 billion for credit, private equity and real assets, respectively. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of December 31, 2021. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are “N/A” 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 5. The private equity funds disclosed in the table above have greater than $500 million of AUM and/or form part of a flagship series of funds. Strategy / Fund Invested AUM Not Currently Generating Performance Fees Investment Period Active >24 Months2 Appreciation Required to Achieve Performance Fees3,4 Corporate Credit $2.9 $2.4 1% Structured Credit 2.1 1.9 11% Direct Origination 0.1 0.1 30% Credit 5.1 4.4 6% Hybrid Capital 1.3 0.7 >250bps Other PE 3.5 2.2 54% Private Equity5 4.8 2.9 106% Real Assets 1.0 0.7 >250bps Total $10.9 $8.0 ($ in billions) Real Assets Private Equity $21.1 Credit $47B $40.2 $92.9 $10.9 Uninvested Performance Fee-Eligible AUM Currently Generating Performance Fees Not Currently Generating Performance Fees ($ in billions) $35B $116B 4Q'21 FY'21 $144BOther PE Fund IX ($ in billions) Real AssetsPrivate EquityCredit Capital Deployment, Dry Powder & Performance Fee-Eligible AUM 9
($ in millions) Period Ending $25 $72 $87 $136 $273 $296 49% 60% 59% 2012 2014 2016 2018 2020 2021 Permanent Capital AUM Fee Related Revenue from Permanent Capital4 $244 $260 $262 $281 $285 4Q’20 1Q’21 2Q’21 3Q’21 4Q’21 Permanent Capital Vehicles, Athene, and Athora 1. Includes $54.7 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $1.9 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program. 2. Includes $1.8 billion of AUM related to a publicly traded business development company. 3. Other Assets include cash, treasuries, equities and alternatives. 4. Effective 1Q’21, fee related revenue includes revenues related to a publicly traded business development company. Prior periods have been recast to conform to this change. ($ in billions) Permanent Capital AUM by Vehicle ($ in billions) 3Q'21 4Q'21 Athene1 $203.6 $212.6 Athora 61.0 59.0 MidCap 9.9 10.5 ARI 8.0 8.4 AINV/Other2 4.7 4.6 AFT/AIF 0.8 0.8 Total AUM in Permanent Capital Vehicles $288.0 $295.9 10 Permanent Capital AUM % of Total AUM 47% Athene and Athora AUM ($ in billions) 3Q'21 4Q'21 Athene1 $203.6 $212.6 Core Assets 50.5 45.6 Core Plus Assets 45.6 46.6 Yield Assets 78.1 86.5 High Alpha 7.5 7.6 Other Assets3 21.9 26.3 Athora $61.0 $59.0 Non-Sub-Advised 49.3 46.0 Sub-Advised 11.7 13.0 Total Athene and Athora AUM $264.6 $271.6 45% 22%
Net Performance Fee Receivable1 $1.82 $3.04 $3.03 $2.70 4Q'20 1Q'21 2Q'21 3Q'21 +$0.87 ($0.32) ($0.15) $3.10 Net Performance Fee Receivable Rollforward Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1. Net Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Net Unrealized Performance Fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed performance fees. 3. Represents, primarily, the effect of the issuance of one-time equity compensation awards as part of the previously announced reset of Apollo’s compensation structure during the fourth quarter of 2021. 4Q'21 (Per Share) Net Realized Performance Fees Net Unrealized Performance Fees/Other2 11 ($ in millions) $802 $1,346 $1,335 $1,191 $380 ($140) $— $1,431 Net performance fee receivable increased 15% quarter-over-quarter and 70% year-over-year to $3.10 per share, primarily driven by the appreciation in Fund IX and strong performance across the Credit platform Share Dilution3
Segment Highlights
Commentary • Total AUM increased 3% quarter-over-quarter to $350 billion, primarily driven by growth of retirement services clients, direct lending franchises, and opportunistic credit funds • Fee-generating inflows during the quarter of $13.1 billion were driven by growth of retirement services clients, capital invested by our direct lending franchises, and subscriptions to corporate credit funds • FRE increased 38% year-over-year and 31% for the full year 2021, driven by strong growth in management and performance fees from retirement services clients, partially offset by an increase in fee related expenses due to growth in headcount and related investment costs • Deployment of $24.8 billion during the quarter and $82.9 billion during the twelve months ended December 31, 2021; deployment for the quarter primarily driven by growth of retirement services clients, direct lending activity, and corporate credit funds • Overall credit performance was solid in 2021, notably in structured credit (+16.7% gross / +14.6% net) and direct origination (+16.3% gross / +12.5% net) strategies Financial Results Summary $170.1 $87.5 $30.6 $61.9 13 $350B AUM Direct Origination Structured Credit Corporate Credit $250.5bn from Permanent Capital Vehicles Advisory and Other % Change % Change ($ in thousands) 4Q'20 4Q'21 vs. 4Q'20 FY'20 FY'21 vs. FY’20 Management fees $255,743 $290,451 14% 934,852 1,128,994 21% Advisory and transaction fees, net 37,135 56,130 51% 117,534 151,665 29% Performance fees2 1,788 20,163 NM 9,836 56,865 478% Total Fee Related Revenues 294,666 366,744 24% 1,062,222 1,337,524 26% Salary, bonus and benefits (74,707) (70,412) (6)% (246,496) (301,692) 22% Non-compensation expenses (43,551) (50,730) 16% (157,631) (173,865) 10% Total Fee Related Expenses (118,258) (121,142) 2% (404,127) (475,557) 18% Other income (loss), net of NCI (112) (1,777) NM (2,279) (4,753) 109% Fee Related Earnings $176,296 $243,825 38% $655,816 $857,214 31% Realized performance fees 150,607 121,253 (19)% 188,441 262,677 39% Realized profit sharing expense (91,312) (48,920) (46)% (128,842) (141,898) 10% Realized principal investment income, net 4,263 2,109 (51)% 8,375 255,408 NM Net interest loss and other (13,219) (15,746) 19% (56,200) (56,088) —% Segment Distributable Earnings $226,635 $302,521 33% $667,590 $1,177,313 76% Credit Corporate Credit3 0.9% / 7.4% Structured Credit 3.0% / 16.7% Direct Origination 3.1% / 16.3% 4Q'21 / FY'21 Credit Gross Return1 1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 4Q'21 Net Returns for corporate credit, structured credit and direct origination were 0.7%, 2.5% and 2.3%, respectively. The FY'21 Net Returns for corporate credit, structured credit and direct origination were 6.1%, 14.6% and 12.5%, respectively. 2. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 3. CLOs are included within corporate credit. The 4Q'21 and FY'21 gross returns for CLOs were 0.6% and 4.2%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. $13.1bn / $38.0 bn 4Q'21 / FY'21 Fee-generating inflows
Commentary • Another quarter of strong monetization activity drove full year 2021 realizations to $19.1 billion, an annual record. Realizations in the fourth quarter consisted of activity across public and private portfolio companies • Deployment of $3.1 billion during the quarter and $17.3 billion during the twelve months ended December 31, 2021 • Drawdown deployment of $2.2 billion and committed to invest an additional $2.1 billion during the quarter; total committed but not yet deployed capital1 at quarter end was $6.0 billion (excluding co-investments); Fund IX was 78% committed and invested as of December 31, 2021 • Held follow-on closing for second vintage of Hybrid Value strategy during the quarter, bringing total commitments to $4.0 billion • Private equity fund appreciation during the quarter of 5.2%2 driven by private portfolio company holdings while public portfolio company performance of 0.4% was softer in the quarter. For the full year, private equity portfolio performance was very strong, appreciating 47.6% vs. 27.0% for the S&P 500 Financial Results Summary 1. Represents capital committed to investments as of December 31, 2021 by Apollo’s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 2. Represents private equity fund appreciation/depreciation as defined in the non-GAAP financial information and definitions section of this presentation. 3. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. Approximately 19% of private equity investments’ value was determined using broker or listed exchange prices. 14 $67.1 $14.6 $4.9 $87B AUM Natural Resources Hybrid Capital $3.4bn from Permanent Capital Vehicles Private Equity % Change % Change ($ in thousands) 4Q'20 4Q'21 vs. 4Q'20 FY'20 FY'21 vs. FY’20 Management fees $125,200 $119,795 (4)% $506,506 $484,885 (4)% Advisory and transaction fees, net 39,444 22,392 (43)% 124,697 126,567 1% Total Fee Related Revenues 164,644 142,187 (14)% 631,203 611,452 (3)% Salary, bonus and benefits (55,078) (74,817) 36% (204,211) (255,291) 25% Non-compensation expenses (27,522) (33,831) 23% (96,680) (114,242) 18% Total Fee Related Expenses (82,600) (108,648) 32% (300,891) (369,533) 23% Other income (loss), net (123) 324 NM (75) 1,852 NM Fee Related Earnings $81,921 $33,863 (59)% $330,237 $243,771 (26)% Realized performance fees 22,970 261,302 NM 29,687 1,259,754 NM Realized profit sharing expense (12,644) (156,388) NM (19,665) (641,066) NM Realized principal investment income, net 3,197 17,718 454% 8,741 147,943 NM Net interest loss and other (13,256) (12,002) (9)% (55,196) (51,103) (7)% Segment Distributable Earnings $82,188 $144,493 76% $293,804 $959,299 227% Private Equity 5.2% / 47.6% 4Q'21 / FY'21 Private Equity Fund Appreciation2 Shares Held (mm) TD SYNNEX (NYSE: SNX) Fund IX 26.7 ADT Security Services (NYSE: ADT) Fund VIII 263.7 Hilton Grand Vacations (NYSE: HGV) Fund VIII 22.6 Rackspace (NASDAQ: RXT) Fund VIII 60.0 Sun Country Airlines (NASDAQ: SNCY) Fund VIII 24.9 Ventia Services Group (ASX: VNT) Fund VIII 280.4 Public Investments3
Commentary • Total AUM increased 12% quarter-over-quarter and 32% year-over-year to $61 billion driven by inflows into the debt managed accounts, principal finance funds, infrastructure equity funds, real estate equity funds, and net lease funds, as well as fund appreciation • Significant fundraising during the quarter including the 4th European principal finance fund, which held its first close for $1.7 billion, and the second infrastructure opportunity fund having its final close for $1.0 billion, bringing the total raised to $2.5 billion • FRE and DE increased year-over-year driven by higher management fees primarily due to inflows into the debt managed accounts and additional closings of the second infrastructure opportunity fund and third U.S.-focused real estate equity fund • Deployment of $6.7 billion during the quarter and $15.4 billion during the twelve months ended December 31, 2021, an annual record • Drawdown deployment of $1.1 billion during the quarter and $2.8 billion during the twelve months ended December 31, 2021 • Real assets gross return of 6.2% during the quarter and 21.3% for full year 2021 primarily driven by appreciation in our principal finance, infrastructure opportunity, and real estate equity funds Financial Results Summary Capital DeploymentC111 1. Represents gross return for real estate equity funds and their co-investment capital, the European principal finance funds and infrastructure equity funds. 15 $44.2 $8.6 $8.1 $61B AUM Infrastructure Real Estate $42.0bn from Permanent Capital Vehicles Principal Finance % Change % Change ($ in thousands) 4Q'20 4Q'21 vs. 4Q'20 FY'20 FY'21 vs. FY’20 Management fees $56,379 $72,764 29% $206,606 $264,331 28% Advisory and transaction fees, net 4,098 15,779 285% 9,289 19,876 114% Total Fee Related Revenues 60,477 88,543 46% 215,895 284,207 32% Salary, bonus and benefits (27,243) (40,487) 49% (110,280) (129,370) 17% Non-compensation expenses (15,749) (16,807) 7% (51,386) (58,031) 13% Total Fee Related Expenses (42,992) (57,294) 33% (161,666) (187,401) 16% Other income, net of NCI 91 139 53% 245 621 153% Fee Related Earnings $17,576 $31,388 79% $54,474 $97,427 79% Realized performance fees 13,318 22,879 72% 62,795 66,643 6% Realized profit sharing expense 7,677 (11,514) NM (41,800) (34,053) (19)% Realized principal investment income, net 1,707 1,380 (19)% 5,735 5,800 1% Net interest loss and other (7,049) (5,808) (18)% (23,118) (31,006) 34% Segment Distributable Earnings $33,229 $38,325 15% $58,086 $104,811 80% 6.2% / 21.3% 4Q'21 / FY'21 Combined Gross Return1 Real Assets $6.7bn / $15.4bn 4Q'21 / FY'21 Deployment $1.1bn / $2.8bn 4Q'21 / FY'21 Drawdown Deployment
Balance Sheet Highlights
($ in thousands, except share data) As of December 31, 2021 As of December 31, 2020 Assets: Cash and cash equivalents $917,183 $1,555,517 Restricted cash and cash equivalents 707,885 17,708 U.S. Treasury securities, at fair value 1,687,105 816,985 Investments (includes performance allocations of $2,731,733 and $1,624,156 as of December 31, 2021 and December 31, 2020, respectively) 9,666,475 4,995,411 Assets of consolidated variable interest entities 15,451,898 14,499,586 Incentive fees receivable 4,236 5,231 Due from related parties 489,590 462,383 Deferred tax assets, net 424,132 539,244 Other assets 585,901 364,963 Lease assets 450,531 295,098 Goodwill 116,958 116,958 Total Assets $30,501,894 $23,669,084 Liabilities and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $145,054 $119,982 Accrued compensation and benefits 130,107 82,343 Deferred revenue 119,688 30,369 Due to related parties 1,222,402 608,469 Profit sharing payable 1,444,652 842,677 Debt 3,134,396 3,155,221 Liabilities of consolidated variable interest entities 11,335,009 11,905,531 Other liabilities 500,980 295,612 Lease liabilities 505,206 332,915 Total Liabilities 18,537,494 17,373,119 Redeemable non-controlling interests: Redeemable non-controlling interests 1,770,034 782,702 Stockholders’ Equity: Apollo Global Management, Inc. stockholders’ equity: Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020 264,398 264,398 Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020 289,815 289,815 Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 248,896,649 and 228,873,449 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively — — Class B Common Stock, $0.00001 par value, 999,999,999 shares authorized, 0 and 1 share issued and outstanding as of December 31, 2021 and December 31, 2020, respectively — — Class C Common Stock, $0.00001 par value, 1 share authorized, 0 and 1 share issued and outstanding as of December 31, 2021 and December 31, 2020, respectively — — Additional paid in capital 2,096,403 877,173 Retained earnings 1,143,899 — Accumulated other comprehensive loss (5,374) (2,071) Total Apollo Global Management, Inc. Stockholders’ Equity 3,789,141 1,429,315 Non-Controlling Interests in consolidated entities 3,813,885 2,275,728 Non-Controlling Interests in Apollo Operating Group 2,591,340 1,808,220 Total Stockholders’ Equity 10,194,366 5,513,263 Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $30,501,894 $23,669,084 GAAP Consolidated Statements of Financial Condition (Unaudited) 17
Summary Balance Sheet1 ($ in millions) 3Q’21 4Q'21 Cash and cash equivalents $2,087 $915 U.S. Treasury securities, at fair value — 525 GP & Other Investments3,4 5,562 7,078 Debt (3,153) (3,134) Net performance fees receivable2 1,191 1,431 Net clawback payable 9 (30) (17) Total Net Value $5,657 $6,798 Unfunded Future Commitments $877 $1,039 Undrawn Revolving Credit Facility $750 $750 Supplemental Details Segment Balance Sheet Highlights 1. Amounts presented are for Apollo Global Management, Inc. and consolidated subsidiaries and excludes consolidated VIEs and SPACs. 2. Net performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo’s general partner investments in the funds it manages and other balance sheet investments. 4. Investment in Athene primarily comprises Apollo’s direct investment of 54.6 million shares of Athene Holding valued at $83.33 per share as of December 31, 2021. 5. Since 1Q’16, the Company in its discretion has elected to repurchase 3.3 million shares of Class A Common Stock for $148.4 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the March 2020 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in shares of Class A Common Stock to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s equity incentive plan (the “Plan”), which the Company refers to as “net share settlement.” 7. On March 12, 2020, the Company announced a share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A Common Stock. This authorization increased the capacity to repurchase shares from $80 million of unused capacity under the previously approved share repurchase plan. The share repurchase plan may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 9. Net clawback payable includes general partner obligations to return previously distributed performance fees offset by clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions. A-/A Rated by S&P and Fitch $750 million Undrawn Revolving Credit Facility (Expiring in 2025) $1.4 billion Cash and cash equivalents and U.S. Treasury securities 18 Share Repurchase Activity - 1Q’16 through 4Q’215 ($ and share amounts in millions) Inception to Date Open Market Share Repurchases 12.4 Reduction of Shares Issued to Participants6 11.5 Total Shares Purchased 23.9 Total Capital Used for Share Purchases $885 Share Repurchase Plan Authorization Remaining 7 $34 Average Price Paid Per Share8 $37.03 Total net value increased to $6.8 billion primarily due to gains in our investment in Athene During the quarter, the Company repurchased 0.8 million shares of Class A Common Stock in open market transactions and net share settled6 0.6 million shares of Class A Common Stock to satisfy associated employee tax obligations for a total of $100.2 million as part of the publicly announced share repurchase program7
Supplemental Details
1. As of December 31, 2021, certain private equity funds and certain real asset funds had $53.7 million and $27.5 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain private equity funds and certain real asset funds was $1.2 billion and $99.5 million, respectively, as of December 31, 2021. 2. As of December 31, 2021, the remaining investments and escrow cash of Fund VII and ANRP II were valued at 112% and 109% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, the funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of December 31, 2021, Fund VII and ANRP II had $128.5 million and $59.4 million of gross performance fees, or $73.2 million and $36.8 million net of profit sharing, respectively, in escrow. With respect to Fund VII and ANRP II, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of December 31, 2021 and realized performance fees for 4Q'21 include interest earned on escrow balances that is not subject to contingent repayment. 3. Other includes certain SIAs. 4. There was a corresponding profit sharing payable of $1.3 billion as of December 31, 2021, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $125.9 million. 5. FY’21 total performance fees includes $148.6 million of realized performance fees received in the form of shares. Segment Performance Fees As of December 31, 2021 4Q'21 FY'21 ($ in thousands) Performance Fees Receivable on an Unconsolidated Basis Unrealized Performance Fees Realized Performance Fees Total Performance Fees Unrealized Performance Fees Realized Performance Fees Total Performance Fees Credit Corporate Credit $174,301 ($100,506) $113,212 $12,706 ($1,224) $161,975 $160,751 Structured Credit 267,552 29,480 16,747 46,227 78,302 134,018 212,320 Direct Origination 115,117 8,553 11,457 20,010 53,830 23,549 77,379 Advisory and Other 77,081 33,755 — 33,755 51,739 — 51,739 Total Credit $634,051 ($28,718) $141,416 $112,698 $182,647 $319,542 $502,189 Total Credit, net of profit sharing payable/expense 210,689 (606) 89,432 88,826 98,809 174,580 273,389 Private Equity Fund IX $768,245 $176,430 $123,927 $300,357 $614,448 $389,135 $1,003,583 Fund VIII5 726,221 (151,230) 119,369 (31,861) (74,245) 820,230 745,985 Fund VII1,2 77,287 (181) 17 (164) 182,331 49,425 231,756 Fund VI 16,259 (764) 11 (753) (1,589) 44 (1,545) Fund IV and V1 — (143) — (143) (542) — (542) ANRP I, II and III1,2 89,883 8,979 13 8,992 109,861 51,757 161,618 Hybrid Value Fund 106,082 5,227 8,841 14,068 53,585 65,274 118,859 Other1,3 139,116 10,405 9,124 19,529 140,395 32,502 172,897 Total Private Equity $1,923,093 $48,723 $261,302 $310,025 $1,024,244 $1,408,367 $2,432,611 Total Private Equity, net of profit sharing payable/expense 1,100,529 94,823 47,215 142,038 649,046 635,280 1,284,326 Real Assets Principal Finance1 $135,231 $13,754 $18,827 $32,581 $57,345 $44,716 $102,061 Real Estate Equity Funds1 42,109 15,559 742 16,301 27,532 742 28,274 AIOF I and II 16,027 1,758 570 2,328 3,227 16,118 19,345 Other1,3 24,602 1,504 2,740 4,244 19,237 5,067 24,304 Total Real Assets $217,969 $32,575 $22,879 $55,454 $107,341 $66,643 $173,984 Total Real Assets, net of profit sharing payable/expense 119,744 25,593 3,105 28,698 63,633 24,330 87,963 Total $2,775,113 $52,580 $425,597 $478,177 $1,314,232 $1,794,552 $3,108,784 Total, net of profit sharing payable4/expense $1,430,962 $119,810 $139,752 $259,562 $811,488 $834,190 $1,645,678 20
Credit ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Management fees $255,743 $273,246 $279,904 $285,393 $290,451 $934,852 $1,128,994 Advisory and transaction fees, net 37,135 33,130 54,757 7,648 56,130 117,534 151,665 Performance fees1 1,788 8,771 8,075 19,856 20,163 9,836 56,865 Total Fee Related Revenues 294,666 315,147 342,736 312,897 366,744 1,062,222 1,337,524 Salary, bonus and benefits (74,707) (73,897) (80,308) (77,075) (70,412) (246,496) (301,692) General, administrative and other (43,121) (37,099) (44,896) (39,480) (48,275) (156,112) (169,750) Placement fees (430) (477) (589) (594) (2,455) (1,519) (4,115) Total Fee Related Expenses (118,258) (111,473) (125,793) (117,149) (121,142) (404,127) (475,557) Other income (loss), net of Non-Controlling Interest (112) (559) (990) (1,427) (1,777) (2,279) (4,753) Credit Fee Related Earnings $176,296 $203,115 $215,953 $194,321 $243,825 $655,816 $857,214 Realized performance fees 150,607 14,371 103,789 23,264 121,253 188,441 262,677 Realized profit sharing expense (91,312) (7,954) (71,970) (13,054) (48,920) (128,842) (141,898) Net Realized Performance Fees 59,295 6,417 31,819 10,210 72,333 59,599 120,779 Realized principal investment income, net 4,263 1,847 2,588 248,864 2,109 8,375 255,408 Net interest loss and other (13,219) (13,785) (11,869) (14,688) (15,746) (56,200) (56,088) Credit Segment Distributable Earnings $226,635 $197,594 $238,491 $438,707 $302,521 $667,590 $1,177,313 Segment Results 21 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. Private Equity ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Management fees $125,200 $122,268 $123,106 $119,716 $119,795 $506,506 $484,885 Advisory and transaction fees, net 39,444 21,331 27,047 55,797 22,392 124,697 126,567 Total Fee Related Revenues 164,644 143,599 150,153 175,513 142,187 631,203 611,452 Salary, bonus and benefits (55,078) (58,749) (58,856) (62,869) (74,817) (204,211) (255,291) General, administrative and other (27,522) (21,129) (27,546) (31,548) (33,831) (96,385) (114,054) Placement fees — — — (188) — (295) (188) Total Fee Related Expenses (82,600) (79,878) (86,402) (94,605) (108,648) (300,891) (369,533) Other income (loss), net (123) 723 696 109 324 (75) 1,852 Private Equity Fee Related Earnings $81,921 $64,444 $64,447 $81,017 $33,863 $330,237 $243,771 Realized performance fees 22,970 70,921 361,793 565,738 261,302 29,687 1,259,754 Realized profit sharing expense (12,644) (37,590) (173,191) (273,897) (156,388) (19,665) (641,066) Net Realized Performance Fees 10,326 33,331 188,602 291,841 104,914 10,022 618,688 Realized principal investment income, net 3,197 21,703 67,102 41,420 17,718 8,741 147,943 Net interest loss and other (13,256) (13,498) (13,738) (11,865) (12,002) (55,196) (51,103) Private Equity Segment Distributable Earnings $82,188 $105,980 $306,413 $402,413 $144,493 $293,804 $959,299 Real Assets ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Management fees $56,379 $58,370 $65,823 $67,374 $72,764 $206,606 $264,331 Advisory and transaction fees, net 4,098 1,034 1,431 1,632 15,779 9,289 19,876 Total Fee Related Revenues 60,477 59,404 67,254 69,006 88,543 215,895 284,207 Salary, bonus and benefits (27,243) (29,243) (30,003) (29,637) (40,487) (110,280) (129,370) General, administrative and other (15,749) (10,890) (15,455) (14,879) (16,767) (51,386) (57,991) Placement fees — — — — (40) — (40) Total Fee Related Expenses (42,992) (40,133) (45,458) (44,516) (57,294) (161,666) (187,401) Other income (loss), net of Non-Controlling Interest 91 53 (304) 733 139 245 621 Real Assets Fee Related Earnings $17,576 $19,324 $21,492 $25,223 $31,388 $54,474 $97,427 Realized performance fees 13,318 21,462 3,174 19,128 22,879 62,795 66,643 Realized profit sharing expense 7,677 (12,212) (1,392) (8,935) (11,514) (41,800) (34,053) Net Realized Performance Fees 20,995 9,250 1,782 10,193 11,365 20,995 32,590 Realized principal investment income, net 1,707 3,084 451 885 1,380 5,735 5,800 Net interest loss and other (7,049) (6,223) (11,453) (7,522) (5,808) (23,118) (31,006) Real Assets Segment Distributable Earnings $33,229 $25,435 $12,272 $28,779 $38,325 $58,086 $104,811
($ in thousands, except per share data) 4Q'20 3Q'21 4Q'21 FY'20 FY'21 Segment Distributable Earnings $342,052 $869,899 $485,339 $1,019,480 $2,241,423 Taxes and Related Payables (15,499) (108,157) 6,844 (89,989) (173,274) Preferred Dividends (9,164) (9,164) (9,164) (36,656) (36,656) Distributable Earnings $317,389 $752,578 $483,019 $892,835 $2,031,493 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 11,862 96,935 (17,952) 63,560 139,557 DE Before Certain Payables1 329,251 849,513 465,067 956,395 2,171,050 Percent to Common & Equivalents 54 % 57 % 60 % 54 % 60 % DE Before Other Payables Attributable to Common & Equivalents 177,796 484,222 279,040 516,453 1,302,630 Less: Taxes & Related Payables Attributable to Common & Equivalents (11,862) (96,935) 17,952 (63,560) (139,557) DE Attributable to Common & Equivalents2 $165,934 $387,287 $296,992 $452,893 $1,163,073 Per Share3 $0.72 $1.71 $1.05 $2.02 $4.56 (Retained) Contributed Capital per Share3 (0.12) (1.21) (0.65) — (2.66) Net Dividend per Share3 $0.60 $0.50 $0.40 $2.02 $1.90 Payout Ratio 83 % 29 % 38 % 100 % 42 % Generated $1.05 of Distributable Earnings per Share during the quarter Apollo Global Management, Inc. declared a quarterly dividend of $0.40 per share of Common Stock to holders of record as of February 18, 2022, which is payable on February 28, 2022 As previously announced, Apollo Global Management, Inc. intends to distribute an annual dividend of $1.60 per share of common stock in 20224 Stockholder Dividend 1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. 2. “Common & Equivalents” consists of total shares of Class A Common Stock outstanding and RSUs that participate in dividends. 3. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. See page 27 for the share reconciliation. 4. The declaration and payment of any dividends are at the sole discretion of the Apollo Global Management, Inc. board of directors, which may change the dividend policy at any time, including, without limitation, to eliminate the dividend entirely. 22
Investment Records as of December 31, 2021 ($ in millions) Vintage Year Total AUM Committed Capital Total Invested Capital Realized Value Remaining Cost Unrealized Value Total Value Gross IRR Net IRR Private Equity: Fund IX 2018 $29,879 $24,729 $13,289 $5,507 $10,510 $15,410 $20,917 48 % 30 % Fund VIII 2013 14,729 18,377 16,091 19,267 6,451 10,949 30,216 18 13 Fund VII 2008 2,175 14,677 16,461 34,054 134 198 34,252 33 25 Fund VI 2006 639 10,136 12,457 21,135 405 2 21,137 12 9 Fund V 2001 259 3,742 5,192 12,721 120 2 12,723 61 44 Funds I, II, III, IV & MIA2 Various 9 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds3 $47,690 $78,981 $72,243 $110,084 $17,620 $26,561 $136,645 39 % 24 % ANRP III 2020 1,551 1,400 539 75 539 735 810 NM1 NM1 ANRP II 2016 2,102 3,454 2,923 2,726 1,325 1,529 4,255 19 11 ANRP I 2012 258 1,323 1,149 1,117 517 91 1,208 2 (2) AION 2013 448 826 700 437 352 388 825 6 1 Hybrid Value Fund II12 N/A 4,006 4,006 550 — 550 557 557 NM1 NM1 Hybrid Value Fund 2019 4,033 3,238 3,452 1,581 2,426 3,095 4,676 29 23 Impact Mission Fund12 N/A 825 831 454 — 454 454 454 NM1 NM1 Total Private Equity $60,913 $94,059 $82,010 $116,020 $23,783 $33,410 $149,430 Credit: AOP12 N/A 1,846 1,832 871 21 862 870 891 NM1 NM1 FCI IV 2021 1,108 1,123 154 2 154 165 167 NM1 NM1 FCI III 2017 2,694 1,906 2,921 2,012 1,858 1,844 3,856 18 % 14 % FCI II 2013 2,160 1,555 3,268 2,573 1,695 1,466 4,039 8 5 FCI I 2012 — 559 1,516 1,975 — — 1,975 12 8 SCRF IV6 2017 2,582 2,502 5,337 4,738 1,044 1,244 5,982 9 8 SCRF III 2015 — 1,238 2,110 2,428 — — 2,428 18 14 SCRF II 2012 — 104 467 528 — — 528 15 12 SCRF I 2008 — 118 240 357 — — 357 33 26 Accord+ 2021 1,459 1,461 85 — 85 85 85 NM1 NM1 Accord IV 2020 2,436 2,337 788 724 76 171 895 NM1 NM1 Accord IIIB11 2020 — 1,758 691 762 — — 762 23 18 Accord III11 2019 — 886 2,358 2,499 — — 2,499 22 18 Accord II11 2018 — 781 801 843 — — 843 16 12 Accord I11 2017 — 308 111 121 — — 121 10 5 Total Credit $14,285 $18,468 $21,718 $19,583 $5,774 $5,845 $25,428 Real Assets: European Principal Finance Funds EPF III4 2017 $5,282 $4,531 $4,308 $2,542 $2,349 $3,354 $5,896 21 % 12 % EPF II4 2012 970 3,454 3,512 4,601 541 299 4,900 13 8 EPF I4 2007 229 1,473 1,935 3,265 — — 3,265 23 17 U.S. RE Fund III5 2021 975 935 375 10 370 437 447 NM1 NM1 U.S. RE Fund II5 2016 1,226 1,264 1,020 577 749 944 1,521 15 12 U.S. RE Fund I5 2012 117 655 640 855 117 77 932 12 9 Asia RE Fund II5,12 N/A 956 947 450 91 373 383 474 NM1 NM1 Asia RE Fund I5 2017 728 691 459 230 289 478 708 18 14 AIOF II 2021 2,598 2,542 559 1 559 658 659 NM1 NM1 AIOF I 2018 761 897 802 873 294 367 1,240 25 20 Total Real Assets $13,842 $17,389 $14,060 $13,045 $5,641 $6,997 $20,042 23 Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds.
Investment Records as of December 31, 2021 - Continued Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation. 1. Data has not been presented as the fund’s effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful. 2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s Co-Founders and other investment professionals. 3. Total IRR is calculated based on total cash flows for all funds presented. 4. Includes funds denominated in Euros with historical figures translated into U.S. dollars at an exchange rate of €1.00 to $1.14 as of December 31, 2021. 5. U.S. RE Fund I, U.S. RE Fund II, U.S. RE Fund III, Asia RE Fund I, and Asia RE Fund II had $159 million, $792 million, $260 million, $348 million and $515 million of co-investment commitments as of December 31, 2021, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.35 as of December 31, 2021. 6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. 8. An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange. 9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 3%, 15%, 1%, and 1% for 4Q'21, FY'21, 4Q'20 and FY'20 respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. 10. The information contained on AINV’s website is not part of this presentation. Included within Total AUM of AINV/Other is $1.8 billion of AUM related to a publicly traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. 11. Gross and Net IRR have been presented for these funds as they have a defined maturity date of less than 24 months and have been liquidated. 12. Vintage Year is not yet applicable as these funds have not had their final closings. 24 Permanent Capital Vehicles Total Returns7 ($ in millions) IPO Year8 Total AUM 4Q'21 FY'21 4Q'20 FY'20 Credit: MidCap9 N/A $10,498 4 % 20 % 2 % 6 % AIF 2013 363 (1) 13 17 4 AFT 2011 389 4 19 15 3 AINV/Other10 2004 4,643 1 34 33 (27) Real Assets: ARI 2009 8,438 (9) % 30 % 28 % (29) % Total $24,331
Reconciliations and Disclosures
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 GAAP Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $424,940 $669,726 $648,563 $249,158 $234,388 $119,958 $1,801,835 Preferred dividends 9,164 9,164 9,164 9,164 9,164 36,656 36,656 Net income attributable to Non-Controlling Interests in consolidated entities 141,698 70,578 116,276 112,569 118,269 118,378 417,692 Net income attributable to Non-Controlling Interests in the Apollo Operating Group 499,659 769,035 731,457 260,526 250,694 191,810 2,011,712 GAAP Net Income $1,075,461 $1,518,503 $1,505,460 $631,417 $612,515 $466,802 $4,267,895 Income tax provision 153,139 203,246 194,051 101,434 95,648 86,966 594,379 GAAP Income Before Income Tax Provision $1,228,600 $1,721,749 $1,699,511 $732,851 $708,163 $553,768 $4,862,274 Transaction related charges1 17,640 9,325 18,657 (954) 7,563 39,186 34,591 Merger-related transaction and integration costs2 — 10,769 12,915 14,647 28,517 — 66,848 Charges associated with corporate conversion — — — — — 3,893 — Gains from change in tax receivable agreement liability (12,426) (1,941) — — (7,668) (12,426) (9,609) Net income attributable to Non-Controlling Interests in consolidated entities (141,698) (70,578) (116,276) (112,569) (118,269) (118,378) (417,692) Unrealized performance fees (487,011) (1,290,499) (279,750) 159,044 (53,297) (34,796) (1,464,502) Unrealized profit sharing expense 205,478 588,992 98,141 (40,991) 2,740 33,350 648,882 Equity-based profit sharing expense and other3 28,452 34,872 26,992 31,731 52,159 129,084 145,754 Equity-based compensation 18,073 16,158 19,491 19,538 24,590 67,852 79,777 One-time equity-based compensation and other charges4 — — — — 949,152 — 949,152 Unrealized principal investment (income) loss (107,539) (363,773) (8,620) 218,816 (68,068) (62,485) (221,645) Unrealized net (gains) losses from investment activities and other (407,517) (326,065) (913,885) (152,214) (1,040,243) 420,432 (2,432,407) Segment Distributable Earnings $342,052 $329,009 $557,176 $869,899 $485,339 $1,019,480 $2,241,423 Taxes and related payables (15,499) (25,786) (46,175) (108,157) 6,844 (89,989) (173,274) Preferred dividends (9,164) (9,164) (9,164) (9,164) (9,164) (36,656) (36,656) Distributable Earnings $317,389 $294,059 $501,837 $752,578 $483,019 $892,835 $2,031,493 Preferred dividends 9,164 9,164 9,164 9,164 9,164 36,656 36,656 Taxes and related payables 15,499 25,786 46,175 108,157 (6,844) 89,989 173,274 Realized performance fees (186,895) (106,754) (468,756) (608,130) (405,434) (280,923) (1,589,074) Realized profit sharing expense 96,279 57,756 246,553 295,886 216,822 190,307 817,017 Realized principal investment income, net (9,167) (26,634) (70,141) (291,169) (21,207) (22,851) (409,151) Net interest loss and other 33,524 33,506 37,060 34,075 33,556 134,514 138,197 Fee Related Earnings $275,793 $286,883 $301,892 $300,561 $309,076 $1,040,527 $1,198,412 Reconciliation of GAAP to Non-GAAP Financial Measures 1. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 2. Merger-related transaction and integration costs includes advisory services, technology integration, and other costs associated with the Company’s merger with Athene. 3. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo. 4. Includes one-time equity-based compensation expense and associated taxes related to the previously announced reset of the Company’s compensation structure. 26
Reconciliation of GAAP to Non-GAAP Financial Measures - Continued 1. See page 26 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders, Income (Loss) Before Income Tax (Provision) Benefit, Distributable Earnings and Fee Related Earnings. 27 Share Reconciliation 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Total GAAP Class A Common Stock Outstanding 228,873,449 232,222,572 231,366,321 245,393,192 248,896,649 Non-GAAP Adjustments: Participating Apollo Operating Group Units 204,028,327 202,098,812 201,208,132 187,406,688 184,787,638 Vested RSUs 1,833,332 153,379 359,592 253,953 17,700,688 Unvested RSUs Eligible for Dividend Equivalents 6,275,957 8,300,659 7,858,538 7,311,733 9,809,245 Distributable Earnings Shares Outstanding 441,011,065 442,775,422 440,792,583 440,365,566 461,194,220 Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures ($ in thousands, except share data) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $424,940 $669,726 $648,563 $249,158 $234,388 $119,958 $1,801,835 Dividends declared on Class A Common Stock (116,718) (139,180) (115,494) (121,983) (123,629) (530,576) (500,286) Dividend on participating securities (4,093) (5,102) (4,042) (3,860) (3,847) (18,956) (16,851) Earnings allocable to participating securities (11,595) (19,193) (19,774) (4,399) (6,211) — (54,283) Undistributed income (loss) attributable to Class A Common Stockholders: Basic $292,534 $506,251 $509,253 $118,916 $100,701 ($429,574) $1,230,415 GAAP weighted average number of Class A Common Stock outstanding: Basic 227,931,929 230,003,502 231,058,813 239,451,921 245,553,950 227,530,600 236,567,691 GAAP Net Income per share of Class A Common Stock under the Two-Class Method: Basic $1.80 $2.81 $2.70 $1.01 $0.91 $0.44 $7.32 Distributed Income $0.51 $0.60 $0.50 $0.50 $0.50 $2.31 $2.10 Undistributed Income (Loss) $1.29 $2.21 $2.20 $0.51 $0.41 ($1.87) $5.22 Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $424,940 $669,726 $648,563 $249,158 $234,388 $119,958 $1,801,835 Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders to Income Before Income Tax Provision Differences1 803,660 1,052,023 1,050,948 483,693 473,775 433,810 3,060,439 Income Before Income Tax Provision $1,228,600 $1,721,749 $1,699,511 $732,851 $708,163 $553,768 $4,862,274 Income (Loss) Before Income Tax Provision to Segment Distributable Earnings Differences1 (886,548) (1,392,740) (1,142,335) 137,048 (222,824) 465,712 (2,620,851) Segment Distributable Earnings $342,052 $329,009 $557,176 $869,899 $485,339 $1,019,480 $2,241,423 Taxes and related payables (15,499) (25,786) (46,175) (108,157) 6,844 (89,989) (173,274) Preferred dividends (9,164) (9,164) (9,164) (9,164) (9,164) (36,656) (36,656) Distributable Earnings $317,389 $294,059 $501,837 $752,578 $483,019 $892,835 $2,031,493 Distributable Earnings Shares Outstanding 441,011,065 442,775,422 440,792,583 440,365,566 461,194,220 441,011,065 461,194,220 Distributable Earnings per Share $0.72 $0.66 $1.14 $1.71 $1.05 $2.02 $4.56 Distributable Earnings to Fee Related Earnings Differences1 (41,596) (7,176) (199,945) (452,017) (173,943) 147,692 (833,081) Fee Related Earnings $275,793 $286,883 $301,892 $300,561 $309,076 $1,040,527 $1,198,412 Distributable Earnings Shares Outstanding 441,011,065 442,775,422 440,792,583 440,365,566 461,194,220 441,011,065 461,194,220 Fee Related Earnings per Share $0.63 $0.65 $0.68 $0.68 $0.67 $2.37 $2.68
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Total Consolidated Revenues (GAAP) $1,296,496 $2,294,700 $1,382,325 $1,079,298 $1,195,275 $2,354,019 $5,951,598 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (30,073) (28,340) (27,522) (28,475) (53,655) (118,240) (137,992) Adjustments related to consolidated funds and VIEs 41,498 42,424 32,609 33,176 38,171 78,296 146,380 Performance fees1 (673,907) (1,397,252) (748,508) (449,992) (458,960) (315,719) (3,054,712) Principal investment income (114,227) (393,382) (78,761) (76,591) (123,357) (89,036) (672,091) Total Fee Related Revenues $519,787 $518,150 $560,143 $557,416 $597,474 $1,909,320 $2,233,183 Realized performance fees 186,895 106,754 468,756 608,130 405,434 280,923 1,589,074 Realized principal investment income, net and other 9,167 26,634 70,141 291,169 21,207 19,482 409,151 Total Segment Revenues $715,849 $651,538 $1,099,040 $1,456,715 $1,024,115 $2,209,725 $4,231,408 Total Consolidated Expenses (GAAP) $672,566 $1,021,744 $746,787 $648,907 $1,696,792 $1,577,964 $4,114,230 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (30,457) (34,614) (31,571) (33,723) (59,424) (110,669) (159,332) Reclassification of interest expense (34,817) (34,799) (34,814) (34,820) (34,657) (133,239) (139,090) Transaction-related charges (17,640) (9,325) (18,657) 954 (7,563) (39,186) (34,591) Merger-related transaction and integration costs — (10,769) (12,915) (14,647) (28,517) — (66,848) Charges associated with corporate conversion — — — — — (3,893) — Equity-based compensation (18,073) (16,158) (19,491) (19,538) (24,590) (67,852) (79,777) One-time equity-based compensation and other charges — — — — (949,152) — (949,152) Total profit sharing expense2 (330,209) (681,620) (371,686) (286,626) (286,625) (352,741) (1,626,557) Dividend compensation program expense 2,480 (2,975) — (4,237) (19,180) (3,700) (26,392) Total Fee Related Expenses $243,850 $231,484 $257,653 $256,270 $287,084 $866,684 $1,032,491 Realized profit sharing expense 96,279 57,756 246,553 295,886 216,822 190,307 817,017 Total Segment Expenses $340,129 $289,240 $504,206 $552,156 $503,906 $1,056,991 $1,849,508 Total Consolidated Other Income (Loss) (GAAP) $604,670 $448,793 $1,063,973 $302,460 $1,209,680 ($222,287) $3,024,906 Adjustments related to consolidated funds and VIEs (182,711) (107,402) (147,661) (158,487) (141,860) (193,868) (555,410) Gain from change in tax receivable agreement liability (12,426) (1,941) — — (7,668) (12,426) (9,609) Net (gains) losses from investment activities (396,320) (355,149) (913,751) (156,460) (1,184,872) 452,973 (2,610,232) Interest income and other, net of Non-Controlling Interest (13,357) 15,916 (3,159) 11,902 123,406 (26,501) 148,065 Other Income (Loss), net of Non-Controlling Interest (144) 217 (598) (585) (1,314) (2,109) (2,280) Net interest loss and other (33,524) (33,506) (37,060) (34,075) (33,556) (131,145) (138,197) Total Segment Other Loss ($33,668) ($33,289) ($37,658) ($34,660) ($34,870) ($133,254) ($140,477) 1. Excludes certain performance fees related to business development companies, Redding Ridge Holdings and MidCap. 2. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other. 28 Reconciliation of GAAP to Non-GAAP Financial Measures - Continued
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Management fees $437,322 $453,884 $468,833 $472,483 $483,010 $1,647,964 $1,878,210 Advisory and transaction fees, net 80,677 55,495 83,235 65,077 94,301 251,520 298,108 Performance fees1 1,788 8,771 8,075 19,856 20,163 9,836 56,865 Total Fee Related Revenues 519,787 518,150 560,143 557,416 597,474 1,909,320 2,233,183 Realized performance fees 186,895 106,754 468,756 608,130 405,434 280,923 1,589,074 Realized principal investment income. net and other 9,167 26,634 70,141 291,169 21,207 19,482 409,151 Total Segment Revenues $715,849 $651,538 $1,099,040 $1,456,715 $1,024,115 $2,209,725 $4,231,408 ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Salary, bonus and benefits $157,028 $161,889 $169,167 $169,581 $185,716 $560,987 $686,353 General, administrative and other 86,392 69,118 87,897 85,907 98,873 303,883 341,795 Placement fees 430 477 589 782 2,495 1,814 4,343 Total Fee Related Expenses 243,850 231,484 257,653 256,270 287,084 866,684 1,032,491 Realized profit sharing expense 96,279 57,756 246,553 295,886 216,822 190,307 817,017 Total Segment Expenses $340,129 $289,240 $504,206 $552,156 $503,906 $1,056,991 $1,849,508 ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Other income, net $482 $870 $58 $856 $312 $822 $2,096 Non-Controlling Interest (626) (653) (656) (1,441) (1,626) (2,931) (4,376) Other Income (Loss), net of Non-Controlling Interest (144) 217 (598) (585) (1,314) (2,109) (2,280) Net interest loss and other (33,524) (33,506) (37,060) (34,075) (33,556) (131,145) (138,197) Total Segment Other Loss ($33,668) ($33,289) ($37,658) ($34,660) ($34,870) ($133,254) ($140,477) Total Segment Revenues, Expenses and Other Income (Loss) 29 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. The following table sets forth Apollo’s total segment expenses for the combined segments The following table sets forth Apollo’s total segment revenues for the combined segments The following table sets forth Apollo’s total segment other income (loss) for the combined segments
Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“Non-GAAP”): • “Segment Distributable Earnings”, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following: ▪ Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; ▪ Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; ▪ Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and ▪ Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUs that participate in dividends and holders of AOG Units. Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of the related funds and SPACs, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. • “Distributable Earnings” or “DE” represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo’s tax receivable agreement. DE is net of preferred dividends, if any, to the Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo’s consolidated statements of operations under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP such as the deduction for transaction related charges and equity- based compensation are taken into account for purposes of the implied tax provision. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates that may change due to changes in interpretations of tax law. • “Fee Related Earnings”, or “FRE”, is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to business development companies, Redding Ridge Holdings, and MidCap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. 30
Non-GAAP Financial Information & Definitions Cont’d • “Assets Under Management”, or “AUM”, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. the net asset value (“NAV”), plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; 2. the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity; 3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and 4. the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre- qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our governing documents or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, Capital deployed and Dry powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. • “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. • “Fee-Generating AUM” or “FGAUM” consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. • “Performance Fee-Eligible AUM” or “PFEAUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and • “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. 31
Non-GAAP Financial Information & Definitions Cont’d • “Athene Holding” refers to Athene Holding Ltd. (together with its subsidiaries, “Athene”), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance Solutions Group LP (formerly known as Athene Asset Management LLC) (“ISG”), provides asset management and advisory services • “Athora” refers to a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). The Company, through ISGI provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. • “Advisory” refers to certain assets advised by Apollo Asset Management Europe PC LLP (“AAME PC”), a wholly-owned subsidiary of Apollo Asset Management Europe LLP (“AAME”). AAME PC and AAME are subsidiaries of Apollo and are collectively referred to herein as “ISGI”. • “Capital deployed” or “deployment” represents (i) the aggregate amount of capital that has been invested during a given period (including leverage) by our commitment based funds and SIAs that have a defined maturity date, (ii) purchases of investments (net of sales) by our subscription and contribution based funds and mandates (including leverage), (iii) investments originated by certain of our platform companies, net of syndications to our other funds and accounts, but including syndications to third parties, and (iv) third-party investment activity in opportunities sourced by our teams for which we earn a fee and in which we participate. Deployment excludes offsetting short positions, certain credit derivatives, certain short-dated government securities, and involuntary repayment of loans and bonds. • “Co-Founders” refer to Messrs. Leon Black, Joshua Harris and Marc Rowan collectively and, when used in reference to holdings of interests in Apollo or AP Professional Holdings, L.P., includes certain related parties of such individuals. • “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding”, consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share. • “Drawdown capital deployed” or “drawdown deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment based funds, excluding certain funds in which permanent capital vehicles are the primary investor and (ii) SIAs that have a defined maturity date. • “Dry powder” represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from permanent capital vehicles. • “Gross IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross IRR” of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on December 31, 2021 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross IRR” of a real assets fund excluding the principal finance funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31, 2021 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross Return” of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Inflows” represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments. 32
Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net IRR” of a private equity fund means the Gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net IRR” of a real assets fund excluding the principal finance funds represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of December 31, 2021 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net Return” of a credit or real assets fund represents the Gross Return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene or Athora Holding Ltd. (“Athora Holding” and together with its subsidiaries, “Athora”), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between each of MidCap and Apollo, Athene and Apollo and Athora and Apollo, may also be terminated under certain circumstances. The agreement pursuant to which Apollo earns certain investment-related service fees from a non-traded business development company may be terminated under certain limited circumstances. • “Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations Fund, L.P., AION Capital Partners Limited (“AION”), Apollo Hybrid Value Fund, L.P. and Apollo Hybrid Value Fund II, L.P. for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time; • “Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. • “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests. • “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities. • “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments. • “Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and • “Vintage Year” refers to the year in which a fund’s final capital raise occurred, or, for certain funds, the year of a fund’s effective date or the year in which a fund’s investment period commences pursuant to its governing agreements. 33
Forward-Looking Statements In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Asset Management, Inc. (f/k/a Apollo Global Management, Inc.) and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, or as the context may otherwise require. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new credit, private equity or real assets funds, the impact of COVID-19, the impact of energy market dislocation, market conditions generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds, litigation risks and Apollo’s ability to recognize the benefits expected to be derived from the merger with Athene. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our other filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund. 34