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): November 8, 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, 42nd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant's telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

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

Item 7.01     Regulation FD Disclosure.

    On November 8, 2022, Apollo Asset Management, Inc. (the “Company”) filed its quarterly report on Form 10-Q as of and for the three and nine months ended September 30, 2022. Pursuant to that certain indenture, dated as of May 30, 2014, as supplemented, among Apollo Management Holdings, L.P. (“AMH”), the guarantors party thereto (collectively with AMH, the “Credit Parties”) and Wells Fargo Bank, National Association, as trustee, attached as Exhibit 99.1 is a copy of the unaudited reconciliation indicating the differences between the financial information of the Company and the financial information of the Credit Parties and their subsidiaries on a combined and consolidated basis, taken as a whole.

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

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.	Description
99.1	Unaudited reconciliation of financial data.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

	APOLLO ASSET MANAGEMENT, INC.
Date: November 8, 2022	By:	/s/ Louis-Jacques Tanguy
		Louis-Jacques Tanguy
		Chief Accounting Officer

EX-99.1

EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA

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

The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the three and nine months ended September 30, 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 September 30, 2022
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Asset Management, Inc. Consolidated
Statement of Financial Data	(dollars in thousands)
Assets:
Cash and cash equivalents	$	1,117,471	$	674	$	160	$	1,118,305
Restricted cash and cash equivalents	2,130		694,582		—		696,712
Investments (includes performance allocations of $2,502,446 as of September 30, 2022)	5,594,525		347,575		148,838		6,090,938
Assets of consolidated variable interest entities:
Cash and cash equivalents	—		84,132		—		84,132
Investments, at fair value	—		1,016,819		—		1,016,819
Other assets	—		55,335		(36,160)		19,175
Due from related parties	(597,257)		15		1,284,929		687,687
Deferred tax assets, net	(3,035)		—		662,697		659,662
Other assets	1,046,593		11,244		26,584		1,084,421
Lease assets	596,487		—		—		596,487
Goodwill	264,339		—		(595)		263,744
Total Assets	$	8,021,253	$	2,210,376	$	2,086,453	$	12,318,082
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	121,238	$	3,251	$	2,114	$	126,603
Accrued compensation and benefits	262,804		—		—		262,804
Deferred revenue	134,949		—		—		134,949
Due to related parties	286,382		8,300		1,386,331		1,681,013
Profit sharing payable	1,497,780		—		—		1,497,780
Debt	2,810,055		—		—		2,810,055
Liabilities of consolidated variable interest entities:
Debt, at fair value	—		—		—		—
Notes payable	—		49,990		—		49,990
Other liabilities	—		607,636		—		607,636
Due to related parties	—		370		(370)		—
Other liabilities	216,656		41,519		47,035		305,210
Lease liabilities	669,081		—		—		669,081
Total Liabilities	5,998,945		711,066		1,435,110		8,145,121
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,019,223		4,484		1,023,707
Stockholders’ Equity:
Apollo Asset Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of June 30, 2022	264,398		—		—		264,398
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of June 30, 2022	289,815		—		—		289,815
Additional paid in capital	—		(63,909)		1,306,527		1,242,618
Retained earnings	(36,534)		251,124		(218,491)		(3,901)
Accumulated other comprehensive income (loss)	(17,090)		(72,345)		79,529		(9,906)
Total Apollo Asset Management, Inc. Stockholders’ Equity	500,589		114,870		1,167,565		1,783,024
Non-Controlling Interests in consolidated entities	6,222		365,217		—		371,439
Non-Controlling Interests in Apollo Operating Group	1,515,497		—		(520,706)		994,791
Total Stockholders’ Equity	2,022,308		480,087		646,859		3,149,254
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	$	8,021,253	$	2,210,376	$	2,086,453	$	12,318,082

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

	For the Nine Months Ended September 30, 2022
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Asset Management, Inc. Consolidated
Statement of Operating Data	(dollars in thousands)
Revenues:
Management fees	$	1,686,107	$	14	$	(20,510)	$	1,665,611
Advisory and transaction fees, net	268,111		—		18,308		286,419
Investment income (loss)	532,208		—		(51,319)		480,889
Incentive fees	17,934		—		(844)		17,090
Total Revenues	2,504,360		14		(54,365)		2,450,009
Expenses:
Compensation and benefits	1,429,155		—		—		1,429,155
Interest expense	94,573		16		2,055		96,644
General, administrative and other	444,596		6,625		1,071		452,292
Total Expenses	1,968,324		6,446		3,126		1,978,091
Other Income (Loss):
Net gains (losses) from investment activities	901,925		20,250		(21,007)		901,168
Net gains from investment activities of consolidated variable interest entities	—		159,635		167,824		327,459
Interest income (loss)	17,829		6,769		(599)		23,999
Other income (loss), net	5,237		(294)		(14,423)		(9,480)
Total Other Income (Loss)	924,991		186,360		131,795		1,243,146
Income (loss) before income tax provision	1,461,027		179,733		74,304		1,715,064
Income tax provision	(35,003)		(179)		(128,688)		(163,870)
Net Income (Loss)	1,426,024		179,554		(54,384)		1,551,194
Net income attributable to Non-controlling Interests	(588,845)		(273,830)		—		(862,675)
Net Income (Loss) Attributable to Apollo Asset Management, Inc.	837,179		(94,276)		(54,384)		688,519
Series A Preferred Stock Dividends	(13,149)		—		—		(13,149)
Series B Preferred Stock Dividends	(14,344)		—		—		(14,344)
Net Income (Loss) Attributable to Apollo Asset Management, Inc. Class A Common Stockholders	$	809,686	$	(94,276)	$	(54,384)	$	661,026

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

	For the Three Months Ended September 30, 2022
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Asset Management, Inc. Consolidated
Statement of Operating Data	(dollars in thousands)
Revenues:
Management fees	$	582,735	$	14	$	(84)	$	582,665
Advisory and transaction fees, net	102,520		—		7,621		110,141
Investment income (loss)	(25,851)		—		(3,397)		(29,248)
Incentive fees	9,287		—		—		9,287
Total Revenues	668,691		14		4,140		672,845
Expenses:
Compensation and benefits	386,146		—		—		386,146
Interest expense	30,613		7		1,599		32,219
General, administrative and other	159,366		884		958		161,208
Total Expenses	576,125		891		2,557		579,573
Other Income (Loss):
Net gains (losses) from investment activities	(13,261)		3,364		(6,251)		(16,148)
Net gains from investment activities of consolidated variable interest entities	—		25,717		(14,330)		11,387
Interest income (loss)	10,430		5,008		(61)		15,377
Other income (loss), net	3,742		(95)		(114)		3,533
Total Other Income (Loss)	911		33,994		(20,756)		14,149
Income (loss) before income tax provision	93,477		33,117		(19,173)		107,421
Income tax provision	(17,672)		(179)		(4,218)		(22,069)
Net Income (Loss)	75,805		32,938		(23,391)		85,352
Net income attributable to Non-controlling Interests	(44,393)		(17,529)		—		(61,922)
Net Income (Loss) Attributable to Apollo Asset Management, Inc.	31,412		15,409		(23,391)		23,430
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	$	22,248	$	15,409	$	(23,391)	$	14,266

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

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Cover Page	Nov. 08, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 08, 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	42nd 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 shares
Entity 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 shares
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series B Preferred Stock
Trading Symbol	AAM.PR B
Security Exchange Name	NYSE