EX-99.1 2 agmdebt8-k3q2022exhibit991.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 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 ConsolidatedConsolidated 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 equivalents2,130 694,582 — 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 assets1,046,593 11,244 26,584 1,084,421 
Lease assets596,487 — — 596,487 
Goodwill264,339 — (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 benefits262,804 — — 262,804 
Deferred revenue134,949 — — 134,949 
Due to related parties286,382 8,300 1,386,331 1,681,013 
Profit sharing payable1,497,780 — — 1,497,780 
Debt2,810,055 — — 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 liabilities216,656 41,519 47,035 305,210 
Lease liabilities669,081 — — 669,081 
Total Liabilities5,998,945 711,066 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, 2022264,398 — — 264,398 
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of June 30, 2022289,815 — — 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’ Equity500,589 114,870 1,167,565 1,783,024 
Non-Controlling Interests in consolidated entities6,222 365,217 — 371,439 
Non-Controlling Interests in Apollo Operating Group1,515,497 — (520,706)994,791 
Total Stockholders’ Equity2,022,308 480,087 646,859 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 ConsolidatedConsolidated 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 Revenues2,504,360 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 Expenses1,968,324 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 ConsolidatedConsolidated 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, net102,520 — 7,621 110,141 
Investment income (loss)(25,851)— (3,397)(29,248)
Incentive fees9,287 — — 9,287 
Total Revenues668,691 14 4,140 672,845 
Expenses:
Compensation and benefits386,146 — — 386,146 
Interest expense30,613 7 1,599 32,219 
General, administrative and other159,366 884 958 161,208 
Total Expenses576,125 891 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), net3,742 (95)(114)3,533 
Total Other Income (Loss)911 33,994 (20,756)14,149 
Income (loss) before income tax provision93,477 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.