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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 and six months ended June 30, 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 June 30, 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 $1,217,713 $322 $1,440 $1,219,475 
 Restricted cash and cash equivalents 2,170 267,551 — 269,721 
Investments (includes performance allocations of $2,866,463 as of June 30, 2023)5,427,671 402 121,556 5,549,629 
 Assets of consolidated variable interest entities:
 Cash and cash equivalents — 119,492 — 119,492 
 Investments 44 3,008,568 (35,542)2,973,070 
 Other assets 2,910 55,472 (38,270)20,112 
 Due from related parties (770,498)(8)1,613,933 843,427 
 Deferred tax assets, net 5,908 — 588,943 594,851 
 Other assets 1,194,938 2,871 29,479 1,227,288 
 Lease assets 614,508 — — 614,508 
 Goodwill 264,339 — (595)263,744 
Total Assets$7,959,703 $3,454,670 $2,280,944 $13,695,317 
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
 Accounts payable and accrued expenses $165,593 $4,430 $19,205 $189,228 
 Accrued compensation and benefits 229,799 — — 229,799 
 Deferred revenue 114,294 — — 114,294 
 Due to related parties (319,725)8,500 1,325,797 1,014,572 
 Profit sharing payable 1,617,961 — — 1,617,961 
 Debt 2,812,089 — — 2,812,089 
 Liabilities of consolidated variable interest entities:
 Notes payable — 975,554 — 975,554 
 Other liabilities 262 1,496,181 — 1,496,443 
 Due to related parties — 370 (370)— 
 Other liabilities 304,326 44,103 49,545 397,974 
 Lease liabilities 701,172 — — 701,172 
Total Liabilities5,625,771 2,529,138 1,394,177 9,549,086 
Redeemable non-controlling interests:
Redeemable non-controlling interests— 280,146 4,485 284,631 
Stockholders’ Equity:
 Apollo Asset Management, Inc. Stockholders' Equity:
 Series A Preferred Stock, 11,000,000 shares issued and outstanding as of June 30, 2023264,398 — — 264,398 
 Series B Preferred Stock, 12,000,000 shares issued and outstanding as of June 30, 2023 289,815 — — 289,815 
 Additional paid in capital — (87,517)1,441,447 1,353,930 
 Retained earnings 439,970 218,837 (585,750)73,057 
Accumulated other comprehensive loss(11,992)(25,390)26,585 (10,797)
Total Apollo Asset Management, Inc. Stockholders’ Equity982,191 105,930 882,282 1,970,403 
 Non-controlling interests in consolidated entities 8,894 539,456 — 548,350 
 Non-controlling interests in Apollo Operating Group 1,342,847 — — 1,342,847 
Total Stockholders’ Equity2,333,932 645,386 882,282 3,861,600 
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity$7,959,703 $3,454,670 $2,280,944 $13,695,317 
(1)    Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.


 For the Six Months Ended June 30, 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 $1,310,767 $490 $7,726 $1,318,983 
       Advisory and transaction fees, net 309,690 — 15,563 325,253 
Investment income (loss)590,209 — (11,423)578,786 
       Incentive fees 40,999 — — 40,999 
Total Revenues2,251,665 490 11,866 2,264,021 
Expenses:
       Compensation and benefits 1,186,106 — — 1,186,106 
       Interest expense 63,230 26 5,830 69,086 
       General, administrative and other 403,026 2,761 318 406,105 
Total Expenses1,652,362 2,787 6,148 1,661,297 
 Other Income:
Net gains from investment activities21,892 484 (4,038)18,338 
Net gains from investment activities of consolidated variable interest entities— 109,154 (65,764)43,390 
Interest income36,801 22,003 1,977 60,781 
Other income (loss), net4,942 (202)204 4,944 
Total Other Income63,635 131,439 (67,621)127,453 
Income before income tax provision662,938 129,142 (61,903)730,177 
Income tax provision(24,231)(18,725)(70,424)(113,380)
Net Income638,707 110,417 (132,327)616,797 
Net income attributable to non-controlling interests(213,502)(70,518)(2,558)(286,578)
Net Income Attributable to Apollo Asset Management, Inc.425,205 39,899 (134,885)330,219 
Series A Preferred Stock Dividends(8,766)— — (8,766)
Series B Preferred Stock Dividends(9,563)— — (9,563)
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders$406,876 $39,899 $(134,885)$311,890 
(1)    Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.


For the Three Months Ended June 30, 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$681,093 $1,268 $4,782 $687,143 
Advisory and transaction fees, net163,236 — 7,418 170,654 
Investment income (loss)141,383 (6)(4,176)137,201 
Incentive fees25,534 — — 25,534 
Total Revenues1,011,246 1,262 8,024 1,020,532 
Expenses:
Compensation and benefits515,061 1,478 — 516,539 
Interest expense31,758 13 3,013 34,784 
General, administrative and other220,798 2,141 138 223,077 
Total Expenses767,617 3,632 3,151 774,400 
Other Income:
Net gains from investment activities24,140 (509)(3,757)19,874 
Net gains from investment activities of consolidated variable interest entities— 37,192 (27,839)9,353 
Interest income18,816 8,606 1,075 28,497 
Other income (loss), net12,234 (101)227 12,360 
Total Other Income55,190 45,188 (30,294)70,084 
Income before income tax provision298,819 42,818 (25,421)316,216 
Income tax provision(10,499)(4,980)(36,429)(51,908)
Net Income288,320 37,838 (61,850)264,308 
Net income attributable to non-controlling Interests(105,380)(46,092)— (151,472)
Net Income Attributable to Apollo Asset Management, Inc.182,940 (8,254)(61,850)112,836 
Series A Preferred Stock Dividends(4,383)— — (4,383)
Series B Preferred Stock Dividends(4,782)— — (4,782)
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders$173,775 $(8,254)$(61,850)$103,671 
(1) Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.