Apollo Global Management LLC : Q3 2020 Earnings Release

Apollo Global Management, Inc. Reports Third Quarter 2020 Results

New York, October 29, 2020 - Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the third quarter ended September 30, 2020.

"We are pleased that Apollo has delivered another strong quarter of financial results," said Leon Black, Founder, Chairman and Chief Executive Officer. "This quarter, Apollo's total assets under management grew to $433 billion, representing an increase of $102 billion since the end of 2019. This robust growth has translated to dividends of $0.51 for the third quarter and $1.42 year-to-date for our shareholders."

"This quarter, Apollo has once again demonstrated the durability and resilience of our FRE. Our strong asset growth has been driven by meaningful transactions and organic growth for our insurance clients, as well as capital raising for existing strategies and the launch of new growth initiatives," said Josh Harris, Co-Founder. "In a year that has been clouded with market turbulence, our deep bench of talent has enabled stability and strength across our globally integrated platform."

Apollo issued a full detailed presentation of its third quarter ended September 30, 2020 results, which can be viewed through the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

Dividends

Apollo has declared a cash dividend of $0.51 per share of its Class A Common Stock for the third quarter ended September 30, 2020. This dividend will be paid on November 30, 2020 to holders of record at the close of business on November 20, 2020. Apollo intends to distribute to its Class A common stockholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by the executive committee of its board of directors to be necessary or appropriate to provide for the conduct of its business and, at a minimum, a quarterly dividend of $0.40 per share.

Apollo has declared a cash dividend of $0.398438 per share of each of its Series A Preferred Stock and Series B Preferred Stock, which will be paid on December 15, 2020 to holders of record at the close of business on November 30, 2020.

The declaration and payment of dividends on Class A Common Stock, Series A Preferred Stock and Series B Preferred Stock are at the sole discretion of the executive committee of Apollo Global Management, Inc.'s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.

Conference Call

Apollo will host a conference call on Thursday, October 29, 2020 at 10:00 a.m. Eastern Time. During the call, members of Apollo's senior management team will review Apollo's financial results for the third quarter ended September 30, 2020. The conference call may be accessed by dialing [phone] (U.S. domestic) or [phone] (international), and providing conference call ID 9488248 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing [phone] (U.S. callers) or [phone](non-U.S. callers), passcode 9488248. To access the audio webcast, please visit Events in the Stockholders section of Apollo's website at http://www.apollo.com/stockholders.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $433 billion as of September 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

Forward-Looking Statements

Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC ("AGM LLC") to a Delaware corporation named Apollo Global Management, Inc. ("AGM Inc." and such conversion, the "Conversion"). This press release includes the results for AGM LLC prior to the Conversion and the results for AGM Inc. following the Conversion. In this press release, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to (a) AGM Inc. and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, following the Conversion and (b) AGM LLC and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, prior to the Conversion, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. While we are unable to accurately predict the full impact that COVID-19 will have on our results from operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and containment measures, our compliance with these measures has impacted our day-to-day operations and could disrupt our business and operations, as well as that of the Apollo funds and their portfolio companies, for an indefinite period of time. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 21, 2020 and quarterly report on Form 10-Q filed with the SEC on May 11, 2020, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

Gary M. Stein

Head of Investor Relations Apollo Global Management, Inc. 212-822-0467 [e-mail]

Ann Dai	Joanna Rose
Investor Relations Manager	Global Head of Corporate Communications
Apollo Global Management, Inc.	Apollo Global Management, Inc.
212-822-0678	212-822-0491
[e-mail]	[e-mail]

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Exhibit 99.2

A P O L L O G L O B A L M A N A G E M E N T

Apollo Global Management, Inc.

Third Quarter 2020 Earnings

October 29, 2020

Apollo 3Q'20 Financial Results Highlights

GAAP

Results

($ in millions, except per share data)	3Q'20	Per Share	YTD'20	Per Share
•	Net Income (loss)	$676.1	N/A	($608.7)	N/A
•	Net Income (loss) Attributable to Apollo Global Management, Inc.	$263.2	$1.11	($305.0)	($1.41)
	Class A Common Stockholders

Financial

Measures

& Dividend

($ in millions, except per share data)	3Q'20	Per Share	YTD'20	Per Share
•	Distributable Earnings ("DE")	$205.1	$0.47	$575.4	$1.30
•	Fee Related Earnings ("FRE")	$277.4	$0.63	$764.7	$1.74

• Net Performance Fee Receivable of $465 million ($1.05 per share) and Net Clawback Payable of $211 million ($0.48 per share) as of 3Q'20
• Declared 3Q'20 dividend of$0.51 per share of Class A Common Stock and equivalent (payout ratio of 109%), bringing LTM dividends to $2.31 per share of Class A Common Stock (payout ratio of 96%)

Assets Under Management

• Total Assets Under Management ("AUM") of$433.1 billion
• Fee-GeneratingAUM ("FGAUM") of$336.1 billion
• Performance Fee-Eligible AUM ("PFEAUM") of$129.7 billion
• Dry powder of $45.8 billion available for investment

Business

Drivers

• Inflows:$13.0 billion of capital inflows ($118.6 billion LTM)
• Deployment1: $20.9 billion ($90.3 billion LTM)
• Drawdown Deployment1:$2.0 billion ($18.0 billion LTM)
• Realizations:$1.7 billion of capital returned to investors ($10.7 billion LTM)

Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 30 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the "Conversion"). "LTM" as used throughout this presentation refers to the twelve months ended September 30, 2020 unless the context otherwise provides. YTD'20 DE and FRE per share amounts represent the sum of the last three quarters.

1. Effective 3Q'20, the Company modified the definition of deployment to include net purchases, certain originations and net syndications to provide a more accurate representation of market activity across all the funds and accounts the Company manages. Prior period deployment numbers have been recast to conform to this change in definition. The prior definition of deployment was limited to purchases in our commitment based funds and SIAs that have a defined maturity date. This metric has been renamed "drawdown deployment". Refer to definitions of deployment and drawdown deployment on page 32.

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GAAP Consolidated Statements of Operations (Unaudited)

Net Income was $676.1 million for the quarter ended September 30, 2020; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was $263.2 million for the quarter ended September 30, 2020

($ in thousands, except share data)	3Q'19	2Q'20	3Q'20		YTD'19	YTD'20
Revenues:
Management fees	$394,547	$409,953	$433,570	$1,162,788	$1,240,127
Advisory and transaction fees, net	16,440	61,957	73,449		67,133	172,369
Investment income (loss):
Performance allocations	254,103	924,599	459,241		682,462	(350,483)
Principal investment income (loss)	33,393	111,621	50,722		99,020	(25,506)
Total investment income (loss)	287,496	1,036,220	509,963		781,482	(375,989)
Incentive fees	4,238	205	1,292		5,674	21,016
Total Revenues	702,721	1,508,335	1,018,274		2,017,077	1,057,523
Expenses:
Compensation and benefits:
Salary, bonus and benefits	126,695	151,019	163,197		369,527	453,485
Equity-based compensation	42,665	59,420	49,726		132,404	161,268
Profit sharing expense	88,610	375,959	191,809		280,335	(68,230)
Total compensation and benefits	257,970	586,398	404,732		782,266	546,523
Interest expense	27,833	32,291	34,889		70,243	98,422
General, administrative and other	85,313	83,729	90,822		238,814	259,073
Placement fees	256	359	612		591	1,380
Total Expenses	371,372	702,777	531,055		1,091,914	905,398
Other Income (Loss):
Net gains (losses) from investment activities	(19,790)	268,667	144,472		44,099	(851,412)
Net gains (losses) from investment activities of consolidated variable interest entities	10,631	57,862	122,119		24,728	14,061
Interest income	10,152	3,994	1,485		25,938	13,413
Other income (loss), net	(43,144)	3,327	10,161		(36,451)	(3,019)
Total Other Income (Loss)	(42,151)	333,850	278,237		58,314	(826,957)
Income (loss) before income tax (provision) benefit	289,198	1,139,408	765,456		983,477	(674,832)
Income tax (provision) benefit	231,896	(140,323)	(89,357)		195,345	66,173
Net Income (Loss)	521,094	999,085	676,099		1,178,822	(608,659)
Net (income) loss attributable to Non-Controlling Interests	(157,824)	(552,756)	(403,700)		(501,672)	331,169
Net Income (Loss) Attributable to Apollo Global Management, Inc.	363,270	446,329	272,399		677,150	(277,490)
Series A Preferred Stock Dividends	(4,382)	(4,383)	(4,382)		(13,148)	(13,148)
Series B Preferred Stock Dividends	(4,782)	(4,782)	(4,781)		(14,344)	(14,344)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common	$354,106	$437,164	$263,236		$649,658	($304,982)
Stockholders
Net Income (Loss) Per Share of Class A Common Stock:
Net Income (Loss) Available to Class A Common Stock - Basic	$1.64	$1.84	$1.11		$3.07	($1.41)
Net Income (Loss) Available to Class A Common Stock - Diluted	$1.63	$1.84	$1.11		$3.06	($1.41)
Weighted Average Number of Class A Common Stock Outstanding - Basic	205,797,643	227,653,988	227,771,678		202,087,827	227,395,847
Weighted Average Number of Class A Common Stock Outstanding - Diluted	207,641,323	227,653,988	227,771,678	203,745,454	227,395,847

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Total Segments

($ in thousands, except per share data)	3Q'19	2Q'20		3Q'20		YTD'19		YTD'20
Management fees	$378,372	$401,822	$426,452	$1,103,306	$1,210,642
Advisory and transaction fees, net		61,749		72,362		66,684		170,843
16,562
Performance fees1	6,449	3,440	2,204	16,371	8,048
Total Fee Related Revenues	401,383	467,011		501,018		1,186,361		1,389,533
Salary, bonus and benefits	(116,859)	(134,999)	(144,939)	(332,853)	(403,959)
General, administrative and other		(71,803)		(77,335)		(196,929)		(217,491)
(70,740)
Placement fees	(256)	(358)	(613)	(591)	(1,384)
Total Fee Related Expenses		(207,160)		(222,887)		(530,373)		(622,834)
(187,855)
Other income (loss), net of Non-Controlling Interest	(738)	(606)	(698)	5,079	(1,965)
Fee Related Earnings		$259,245		$277,433		$661,067		$764,734
$212,790
Per share2	$0.52	$0.59		$0.63		$1.61		$1.74
Realized performance fees	67,434	10,837	17,445	164,558	94,028
Realized profit sharing expense		(10,837)		(17,445)		(78,268)		(94,028)
(23,823)
Net Realized Performance Fees	43,611	-		-	86,290		-
Realized principal investment income, net3		5,219		2,882		37,091		13,684
14,374
Net interest loss and other	(18,251)	(29,050)	(34,806)	(45,957)	(100,990)
Segment Distributable Earnings		$235,414		$245,509		$738,491		$677,428
$252,524
Taxes and related payables	(20,895)	(21,040)		(31,257)		(50,409)		(74,490)
Preferred dividends	(9,164)	(9,165)	(9,163)	(27,492)	(27,492)
Distributable Earnings		$205,209		$205,089		$660,590		$575,446
$222,465
Per share2	$0.54	$0.46		$0.47		$1.60		$1.30
Net dividend per share2	$0.50	$0.49	$0.51	$1.46	$1.42
Payout ratio	93%	107%		109%		91%		109%

1. Represents certain performance fees related to business development companies, Redding Ridge Holdings LP ("Redding Ridge Holdings"), an affiliate of Redding Ridge, and MidCap.
2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. YTD per share amounts represent the sum of the last three quarters. See page 22 for details regarding the stockholder dividend and page 27 for the share reconciliation.
3. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program.

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