EX-99.1 2 agmdebt8-k1q2022exhibit991.htm EX-99.1 Document

EXHIBIT 99.1

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

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




 As of March 31, 2022
Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Asset Management, Inc. Consolidated
Statement of Financial Data(dollars in thousands)
Assets:
Cash and cash equivalents$1,244,288 $943 $375 $1,245,606 
Restricted cash and cash equivalents2,167 1,035,506 — 1,037,673 
Investments (includes performance allocations of $3,062,672 as of March 31, 2022)6,226,357 818,275 (74,147)6,970,485 
Assets of consolidated variable interest entities:
Cash and cash equivalents— 19,353 — 19,353 
Investments, at fair value— 455,621 — 455,621 
Other assets— 5,612 (5,601)11 
Due from related parties(500,601)(7,715)878,750 370,434 
Deferred tax assets, net19,597 — 653,598 673,195 
Other assets795,043 2,058 4,950 802,051 
Lease assets606,961 — — 606,961 
Goodwill129,966 — 146 130,112 
Total Assets$8,523,778 $2,329,653 $1,458,071 $12,311,502 
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses$125,875 $8,438 $3,769 $138,082 
Accrued compensation and benefits110,537 — — 110,537 
Deferred revenue132,079 — — 132,079 
Due to related parties992,673 11,800 720,498 1,724,971 
Profit sharing payable1,623,854 — — 1,623,854 
Debt2,815,348 — — 2,815,348 
Liabilities of consolidated variable interest entities:
Debt, at fair value— 162 — 162 
Notes payable— — — — 
Other liabilities— 1,755 — 1,755 
Due to related parties— 370 (370)— 
Other liabilities358,763 138,970 14,074 511,807 
Lease liabilities671,613 — — 671,613 
Total Liabilities6,830,742 161,495 737,971 7,730,208 
Redeemable non-controlling interests:
Redeemable non-controlling interests— 1,782,262 7,752 1,790,014 
Stockholders’ Equity:
Apollo Asset Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of March 31, 2022264,398 — — 264,398 
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of March 31, 2022289,815 — — 289,815 
Additional paid in capital— (118,349)1,088,847 970,498 
Retained earnings244,274 154,294 (398,568)— 
Accumulated other comprehensive income (loss)(5,168)(19,428)22,069 (2,527)
Total Apollo Asset Management, Inc. Stockholders’ Equity793,319 16,517 712,348 1,522,184 
Non-Controlling Interests in consolidated entities5,241 369,379 — 374,620 
Non-Controlling Interests in Apollo Operating Group894,476 — — 894,476 
Total Stockholders’ Equity1,693,036 385,896 712,348 2,791,280 
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity$8,523,778 $2,329,653 $1,458,071 $12,311,502 
(1)    Includes eliminations for VIE, fund consolidation and entities not included in the Apollo Operating Group



For the Three Months Ended March 31, 2022
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Asset Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
       Management fees $543,147 $— $(20,211)$522,936 
       Advisory and transaction fees, net 62,873 — 2,913 65,786 
Investment income (loss) 754,169 — (51,854)702,315 
       Incentive fees 6,694 — (844)5,850 
Total Revenues1,366,883  (69,996)1,296,887 
Expenses:
       Compensation and benefits 734,105 — — 734,105 
       Interest expense 32,898 91 32,993 
       General, administrative and other 133,620 6,622 121 140,363 
Total Expenses900,623 6,626 212 907,461 
 Other Income (Loss):
       Net gains (losses) from investment activities 771,898 4,869 (5,505)771,262 
       Net gains from investment activities of consolidated variable interest entities — 112,101 167,354 279,455 
       Interest income (loss) 2,649 662 (475)2,836 
       Other income (loss), net (10,815)(146)(14,222)(25,183)
                Total Other Income (Loss) 763,732 117,486 147,152 1,028,370 
       Income (loss) before income tax provision 1,229,992 110,860 76,944 1,417,796 
       Income tax provision (8,460)— (125,714)(134,174)
                 Net Income (Loss) 1,221,532 110,860 (48,770)1,283,622 
       Net income attributable to Non-controlling Interests (477,902)(208,752)— (686,654)
 Net Income (Loss) Attributable to Apollo Asset Management, Inc. 743,630 (97,892)(48,770)596,968 
       Series A Preferred Stock Dividends (4,383)  (4,383)
       Series B Preferred Stock Dividends (4,781)— — (4,781)
Net Income (Loss) Attributable to Apollo Asset Management, Inc. Class A Common Stockholders$734,466 $(97,892)$(48,770)$587,804 
(1)    Includes eliminations for VIE, fund consolidation and entities not included in the Apollo Operating Group