8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 11, 2022

Apollo Asset Management, Inc.

(Exact name of registrant as specified in its charter)

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

  9 West 57th Street, 43rd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant's telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐ 

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

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

Item 2.02     Results of Operations and Financial Condition.

On February 11, 2022, Apollo Global Management, Inc. ("Apollo") issued a summary press release and a detailed earnings presentation announcing its financial results for the fourth quarter and full year ended December 31, 2021.

A copy of the summary press release and the earnings presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.

    (d)    Exhibits

Exhibit No.	Description
99.1	Summary press release of Apollo Global Management, Inc., dated February 11, 2022
99.2	Earnings presentation of Apollo Global Management, Inc., dated February 11, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information included in Item 2.02 “Results of Operations and Financial Condition” and Item 9.01 “Financial Statements and Exhibits” of this Current Report on Form 8-K (including the exhibits hereto) is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

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

	APOLLO ASSET MANAGEMENT, INC.
Date: February 11, 2022	By:	/s/ Martin Kelly
		Martin Kelly
		Chief Financial Officer

EX-99.1

                                              Exhibit 99.1

Apollo Reports Fourth Quarter and Full Year 2021 Results

New York, February 11, 2022 — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and full year ended December 31, 2021.

Marc Rowan, Chief Executive Officer of Apollo said, “2021 was an exceptional year for Apollo. We generated record annual distributable earnings, underpinned by record fee-related earnings that grew 15% year-over-year despite significant investments in our talented team to capture the massive growth opportunity in front of us. We remain highly confident in our ability to execute the strategic vision and financial plan we presented at Investor Day in October. Since then, we’ve demonstrated meaningful progress on our three key bets, including expanding asset origination, establishing product and distribution capabilities to serve retail investors, and growing our capital solutions business. Upon completing the merger with Athene on January 1st, we enter 2022 with great momentum, fully-aligned and well-positioned to deliver differentiated growth and returns.”

Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2021 results, which can be viewed through the Stockholders section of Apollo’s website at https://www.apollo.com/stockholders.

Dividends

Apollo Global Management, Inc. has declared a cash dividend of $0.40 per share of its Common Stock for the fourth quarter ended December 31, 2021. This dividend will be paid on February 28, 2022 to holders of record at the close of business on February 18, 2022. Apollo intends to distribute to its common stockholders an annual dividend of $1.60 per share of common stock, with increases based on growth of the business, as determined by the board of directors.

Apollo Asset Management, Inc. has declared a cash dividend of $0.398438 per share of each of its Series A Preferred Stock and Series B Preferred Stock, which will be paid on March 15, 2022 to holders of record at the close of business on March 1, 2022.

The declaration and payment of dividends on Common Stock, Series A Preferred Stock and Series B Preferred Stock are at the sole discretion of the Apollo Global Management, Inc.’s and Apollo Asset Management, Inc.'s respective board of directors, as applicable. Apollo cannot assure its stockholders that they will receive any dividends in the future.

Audio Webcast

Apollo will host a public audio webcast on Friday, February 11, 2022 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo’s senior management team will review Apollo’s financial results for the fourth quarter and full year ended December 31, 2021. The webcast may be accessed athttps://www.apollo.com/stockholders/events-and-presentations. For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event.

Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at https://www.apollo.com/stockholders/press-releases.

About Apollo

Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients,

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businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2021, Apollo had approximately $498 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release 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 and expectations regarding benefits anticipated to be derived from the merger with Athene Holding Ltd. (“Athene”). 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 press release, 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 funds, the impact of COVID-19, the impact of energy market dislocation, market conditions and interest rate fluctuations, generally, our ability to manage our growth, fund performance, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, litigation risks and Apollo’s ability to recognize the benefits expected to be derived from the merger with Athene, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the joint proxy statement/prospectus filed by Apollo Global Management, Inc. (formerly known as Tango Holdings, Inc.) with the filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2021, Apollo Asset Management Inc.’s (“AAM,” formerly known as Apollo Global Management, Inc.) Annual Report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, and Athene’s Annual Report on Form 10-K filed with the SEC on February 19, 2021, amendment to its Annual Report on Form 10-K/A filed with the SEC on April 20, 2021 and Quarterly Report on Form 10-Q filed with the SEC on November 8, 2021, as such factors may be updated from time to time in Apollo’s, AAM’s or Athene’s 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 press release and in 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 press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

For investors please contact:

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

212-822-0540

IR@apollo.com

For media inquiries please contact:

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

212-822-0491

Communications@apollo.com

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EX-99.2

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 

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Cover Page	Feb. 11, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 11, 2022
Entity Registrant Name	Apollo Asset Management, Inc.
Entity Central Index Key	0001411494
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35107
Entity Tax Identification Number	20-8880053
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	43rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
6.375% Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Preferred Stock
Trading Symbol	AAM.PR A
Security Exchange Name	NYSE
6.375% Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series B Preferred Stock
Trading Symbol	AAM.PR B
Security Exchange Name	NYSE