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): May 9, 2023

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 May 9, 2023, Apollo Asset Management, Inc. (the “Company”) filed its quarterly report on Form 10-Q as of and for the three months ended March 31, 2023. 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: May 9, 2023	By:	/s/ Louis-Jacques Tanguy
		Louis-Jacques Tanguy
		Chief Accounting Officer

EX-99.1

EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA

The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the three months ended March 31, 2023. 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, 2023
	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	$	1,253,618	$	429	$	155	$	1,254,202
Restricted cash and cash equivalents	2,163		1,059,047		—		1,061,210
Investments (includes performance allocations of $2,867,512 as of March 31, 2023)	5,520,428		402		129,416		5,650,246
Assets of consolidated variable interest entities:
Cash and cash equivalents	—		123,362		—		123,362
Investments	—		1,811,972		(49,016)		1,762,956
Other assets	—		109,977		(78,323)		31,654
Due from related parties	(705,659)		(6)		1,480,780		775,115
Deferred tax assets, net	11,436		—		598,680		610,116
Other assets	1,161,236		1,641		49,400		1,212,277
Lease assets	623,779		—		—		623,779
Goodwill	264,339		—		(595)		263,744
Total Assets	$	8,131,340	$	3,106,824	$	2,130,497	$	13,368,661
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	141,048	$	27,096	$	17,141	$	185,285
Accrued compensation and benefits	148,193		—		—		148,193
Deferred revenue	205,381		—		—		205,381
Due to related parties	174,109		8,400		1,305,130		1,487,639
Profit sharing payable	1,533,624		—		—		1,533,624
Debt	2,813,926		—		—		2,813,926
Liabilities of consolidated variable interest entities:
Notes payable	—		42,916		—		42,916
Other liabilities	—		1,253,854		(2,391)		1,251,463
Due to related parties	—		374		(374)		—
Other liabilities	302,455		43,094		50,009		395,558
Lease liabilities	707,806		—		—		707,806
Total Liabilities	6,026,542		1,375,734		1,369,515		8,771,791
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,037,111		4,485		1,041,596
Stockholders’ Equity:
Apollo Asset Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of March 31, 2023	264,398		—		—		264,398
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of March 31, 2023	289,815		—		—		289,815
Additional paid in capital	—		(81,595)		1,321,812		1,240,217
Retained earnings	318,734		391,121		(709,855)		—
Accumulated other comprehensive loss	(12,389)		(28,407)		29,987		(10,809)
Total Apollo Asset Management, Inc. Stockholders’ Equity	860,558		281,119		641,944		1,783,621
Non-controlling interests in consolidated entities	6,561		412,861		114,552		533,974
Non-controlling interests in Apollo Operating Group	1,237,679		—		—		1,237,679
Total Stockholders’ Equity	2,104,798		693,980		756,496		3,555,274
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	$	8,131,340	$	3,106,825	$	2,130,496	$	13,368,661

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

	For the Three Months Ended March 31, 2023
	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	$	628,039	$	859	$	2,942	$	631,840
Advisory and transaction fees, net	146,454		—		8,145		154,599
Investment income	448,832		—		(7,247)		441,585
Incentive fees	15,465		—		—		15,465
Total Revenues	1,238,790		859		3,840		1,243,489
Expenses:
Compensation and benefits	669,567		—		—		669,567
Interest expense	31,472		13		2,817		34,302
General, administrative and other	182,063		772		193		183,028
Total Expenses	883,102		785		3,010		886,897
Other Income:
Net gains (losses) from investment activities	(2,248)		993		(281)		(1,536)
Net gains from investment activities of consolidated variable interest entities	—		71,963		(37,926)		34,037
Interest income	17,986		13,397		901		32,284
Other loss, net	(7,370)		(101)		55		(7,416)
Total Other Income	8,368		86,252		(37,251)		57,369
Income before income tax provision	364,056		86,326		(36,421)		413,961
Income tax provision	(13,011)		(13,745)		(34,716)		(61,472)
Net Income	351,045		72,581		(71,137)		352,489
Net income attributable to non-controlling interests	(108,123)		(24,426)		(2,557)		(135,106)
Net Income Attributable to Apollo Asset Management, Inc.	242,922		48,155		(73,694)		217,383
Series A Preferred Stock Dividends	(4,383)		—		—		(4,383)
Series B Preferred Stock Dividends	(4,781)		—		—		(4,781)
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders	$	233,758	$	48,155	$	(73,694)	$	208,219

(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	May 09, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	May 09, 2023
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