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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.

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			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.

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			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.