EX-99.1 2 agmdebt8-k1q2023exhibit991.htm EX-99.1 Document

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 ConsolidatedConsolidated 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 Liabilities6,026,542 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, 2023264,398 — — 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’ Equity860,558 281,119 641,944 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’ Equity2,104,798 693,980 756,496 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 ConsolidatedConsolidated 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 income448,832 — (7,247)441,585 
       Incentive fees 15,465 — — 15,465 
Total Revenues1,238,790 859 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 Expenses883,102 785 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 income17,986 13,397 901 32,284 
Other loss, net(7,370)(101)55 (7,416)
Total Other Income8,368 86,252 (37,251)57,369 
Income before income tax provision364,056 86,326 (36,421)413,961 
Income tax provision(13,011)(13,745)(34,716)(61,472)
Net Income351,045 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.