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 25, 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 7.01     Regulation FD Disclosure.

    On February 25, 2022, Apollo Asset Management, Inc. (the “Company”) filed its annual report on Form 10-K as of and for the fiscal year ended December 31, 2021. 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: February 25, 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 fiscal year ended December 31, 2021. 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 Global Management, Inc.’s (n/k/a Apollo Asset Management, Inc.) financial statements for the relevant periods, prior to the merger with Athene.

	As of December 31, 2021
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Global Management, Inc. Consolidated
Statement of Financial Data	(dollars in thousands)
Assets:
Cash and cash equivalents	$	915,051	$	1,802	$	330	$	917,183
Restricted cash and cash equivalents	17,680		690,205		—		707,885
U.S. Treasury securities, at fair value	524,806		1,162,299		—		1,687,105
Investments (includes performance allocations of $2,731,733 as of December 31, 2021)	9,878,068		451		(212,044)		9,666,475
Assets of consolidated variable interest entities:
Cash and cash equivalents	—		463,266		—		463,266
Investments, at fair value	—		15,133,176		(396,125)		14,737,051
Other assets	—		253,003		(1,422)		251,581
Incentive fees receivable	4,236		—		—		4,236
Due from related parties	(387,535)		(9,346)		886,471		489,590
Deferred tax assets, net	3,668		—		420,464		424,132
Other assets	569,756		2,627		13,518		585,901
Lease assets	450,531		—		—		450,531
Goodwill	117,553		—		(595)		116,958
Total Assets	$	12,093,814	$	17,697,483	$	710,597	$	30,501,894
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	142,642	$	2,361	$	51	$	145,054
Accrued compensation and benefits	130,107		—		—		130,107
Deferred revenue	119,688		—		—		119,688
Due to related parties	513,258		10,800		698,344		1,222,402
Profit sharing payable	1,444,652		—		—		1,444,652
Debt	3,134,396		—		—		3,134,396
Liabilities of consolidated variable interest entities:
Debt, at fair value	—		8,067,556		(125,048)		7,942,508
Notes payable	—		2,713,811		(102,792)		2,611,019
Other liabilities	—		834,715		(53,233)		781,482
Due to related parties	—		31,829		(31,829)		—
Other liabilities	347,446		143,777		9,757		500,980
Lease liabilities	505,206		—		—		505,206
Total Liabilities	6,337,395		11,804,849		395,250		18,537,494
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,762,282		7,752		1,770,034
Stockholders’ Equity:
Apollo Global Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2021	264,398		—		—		264,398
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2021	289,815		—		—		289,815
Additional paid in capital	—		(98,369)		2,194,772		2,096,403
Retained earnings (accumulated deficit)	2,610,433		433,644		(1,900,178)		1,143,899
Accumulated other comprehensive income (loss)	(5,406)		(12,969)		13,001		(5,374)
Total Apollo Global Management, Inc. Stockholders’ Equity	3,159,240		322,306		307,595		3,789,141
Non-Controlling Interests in consolidated entities	5,839		3,808,046		—		3,813,885
Non-Controlling Interests in Apollo Operating Group	2,591,340		—		—		2,591,340
Total Stockholders’ Equity	5,756,419		4,130,352		307,595		10,194,366
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	$	12,093,814	$	17,697,483	$	710,597	$	30,501,894

(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.

	For the Year Ended December 31, 2021
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data	(dollars in thousands)
Revenues:
Management fees	$	1,997,396	$	—	$	(76,450)	$	1,920,946
Advisory and transaction fees, net	306,864		—		(4,485)		302,379
Investment income (loss):
Performance allocations	3,091,516		—		(41,424)		3,050,092
Principal investment income (loss)	671,847		—		(22,730)		649,117
Total investment income (loss)	3,763,363		—		(64,154)		3,699,209
Incentive fees	29,064		—		—		29,064
Total Revenues	6,096,687		—		(145,089)		5,951,598
Expenses:
Compensation and benefits:
Salary, bonus and benefits	778,798		—		—		778,798
Equity-based compensation	1,180,663		—		—		1,180,663
Profit sharing expense	1,533,919		—		—		1,533,919
Total compensation and benefits	3,493,380		—		—		3,493,380
Interest expense	139,014		8		68		139,090
General, administrative and other	457,971		19,014		13		476,998
Placement fees	4,762		—		—		4,762
Total Expenses	4,095,127		19,022		81		4,114,230
Other Income:
Net gains (losses) from investment activities	2,615,685		3,562		(8,344)		2,610,903
Net gains from investment activities of consolidated variable interest entities	—		496,822		60,467		557,289
Interest income (loss)	6,302		545		(2,592)		4,255
Other income (loss), net	(156,673)		(520)		9,652		(147,541)
Total Other Income	2,465,314		500,409		59,183		3,024,906
Income (loss) before income tax provision	4,466,874		481,387		(85,987)		4,862,274
Income tax provision	(32,516)		—		(561,863)		(594,379)
Net Income (Loss)	4,434,358		481,387		(647,850)		4,267,895
Net income attributable to Non-controlling Interests	(2,017,845)		(411,559)		—		(2,429,404)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	2,416,513		69,828		(647,850)		1,838,491
Series A Preferred Stock Dividends	(17,531)		—		—		(17,531)
Series B Preferred Stock Dividends	(19,125)		—		—		(19,125)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$	2,379,857	$	69,828	$	(647,850)	$	1,801,835

(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.

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Cover Page	Feb. 25, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 25, 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 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