Apollo Global Management, Inc. Reports Second Quarter 2020 Results

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

"Despite a continued volatile market backdrop during the second quarter, Apollo once again delivered strong growth for our investors, reinforcing the value of our integrated global investment platform," said Leon Black, Founder, Chairman and Chief Executive Officer. "Following the completion of two significant transactions which reflect our continued leadership in insurance solutions, combined with other inflows and market appreciation, Apollo's total assets under management grew by nearly $100 billion during the second quarter and have surpassed $400 billion for the first time in our history. Over the last twelve months, Apollo's total AUM has grown by 33% to reach $414 billion as of June 30, 60% of which is in permanent capital vehicles."

"Against a challenging and volatile backdrop, we have demonstrated the tenacity and resilience of our team as well as the durability of our FRE growth and stability of our margins," said Josh Harris, Co-Founder. "I am proud of what our organization has accomplished this quarter, including investing over $45 billion across our platform and the addition of our stock to the Russell 1000 and MSCI Global indices. As one of the world's leading institutional investment managers, we are committed to enhancing the liquidity and accessibility of our stock and believe this is a great next step toward the realization of that continued pledge to our current and future shareholders."

Apollo issued a full detailed presentation of its second quarter ended June 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 $0.49 per share of its Class A Common Stock for the second quarter ended June 30, 2020. This dividend will be paid on August 31, 2020 to holders of record at the close of business on August 18, 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 September 15, 2020 to holders of record at the close of business on August 31, 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, July 30, 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 second quarter ended June 30, 2020. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +1 (615) 800-6914 (international), and providing conference call ID 5581374 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 (800) 585-8367 (U.S. callers) or +1 (404) 537-3406(non-U.S. callers), passcode 5581374. 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 $414 billion as of June 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

Ann Dai

Joanna Rose

Head of Investor Relations

Investor Relations Manager

Global Head of Corporate Communications

Apollo Global Management, Inc.

Apollo Global Management, Inc.

Apollo Global Management, Inc.

212-822-0467

212-822-0678

212-822-0491

gstein@apollo.com

adai@apollo.com

jrose@apollo.com

2

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.

Second Quarter 2020 Earnings

July 30, 2020

Apollo 2Q'20 Financial Results Highlights

($ in millions, except per share data)2Q'20 Per Share YTD'20 Per Share

GAAP

Net Income (loss)

$999.1

N/A

($1,284.8)

N/A

Results

Net Income (loss) Attributable to Apollo Global Management, Inc.

$437.2

$1.84

($568.2)

($2.55)

Class A Common Stockholders

($ in millions, except per share data)

2Q'20

Per Share

YTD'20

Per Share

Distributable Earnings ("DE")

$205.2

$0.46

$370.4

$0.83

Financial

Fee Related Earnings ("FRE")

$259.2

$0.59

$487.3

$1.11

Measures

Net Performance Fee Receivable of $205 million ($0.46 per share) and Net Clawback Payable of $212 million

& Dividend

($0.48 per share) as of 2Q'20

• Declared 2Q'20 dividend of

$0.49 per share of Class A Common Stock and equivalent (payout ratio of 107%),

bringing LTM dividends to $2.30 per share of Class A Common Stock (payout ratio of 93%)

$413.6 billion

Total Assets Under Management ("AUM") of

Assets Under

$329.8 billion

Fee-Generating AUM ("FGAUM") of

Management

$124.8 billion

Performance Fee-Eligible AUM ("PFEAUM") of

Dry powder of $47.4 billion available for investment

Inflows:$89.2 billion of capital inflows ($118.6 billion LTM)

Business

Deployment: $7.2 billion invested ($19.0 billion LTM)

Drivers

Realizations:$1.4 billion of capital returned to investors ($11.0 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 June 30, 2020 unless the context otherwise provides. YTD'20 DE and FRE per share amounts represent the sum of the last two quarters.

1

GAAP Consolidated Statements of Operations (Unaudited)

Net Income was $1.0 billion for the quarter ended June 30, 2020; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was $437.2 million for the quarter ended June 30, 2020

($ in thousands, except share data)

2Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Revenues:

Management fees

$388,215

$396,604

$409,953

$768,241

$806,557

Advisory and transaction fees, net

31,124

36,963

61,957

50,693

98,920

Investment income (loss):

Performance allocations

176,862

(1,734,323)

924,599

428,359

(809,724)

Principal investment income (loss)

39,602

(187,849)

111,621

65,627

(76,228)

Total investment income (loss)

216,464

(1,922,172)

1,036,220

493,986

(885,952)

Incentive fees

776

19,519

205

1,436

19,724

Total Revenues

636,579

(1,469,086)

1,508,335

1,314,356

39,249

Expenses:

Compensation and benefits:

Salary, bonus and benefits

123,669

139,269

151,019

242,832

290,288

Equity-based compensation

44,662

52,122

59,420

89,739

111,542

Profit sharing expense

68,278

(635,998)

375,959

191,725

(260,039)

Total compensation and benefits

236,609

(444,607)

586,398

524,296

141,791

Interest expense

23,302

31,242

32,291

42,410

63,533

General, administrative and other

81,839

84,522

83,729

153,501

168,251

Placement fees

775

409

359

335

768

Total Expenses

342,525

(328,434)

702,777

720,542

374,343

Other Income (Loss):

Net gains (losses) from investment activities

45,060

(1,264,551)

268,667

63,889

(995,884)

Net gains (losses) from investment activities of consolidated variable interest entities

4,631

(165,920)

57,862

14,097

(108,058)

Interest income

8,710

7,934

3,994

15,786

11,928

Other income (loss), net

6,603

(16,507)

3,327

6,693

(13,180)

Total Other Income (Loss)

65,004

(1,439,044)

333,850

100,465

(1,105,194)

Income (loss) before income tax (provision) benefit

359,058

(2,579,696)

1,139,408

694,279

(1,440,288)

Income tax (provision) benefit

(16,897)

295,853

(140,323)

(36,551)

155,530

Net Income (Loss)

342,161

(2,283,843)

999,085

657,728

(1,284,758)

Net (income) loss attributable to Non-Controlling Interests

(177,338)

1,287,625

(552,756)

(343,848)

734,869

Net Income (Loss) Attributable to Apollo Global Management, Inc.

164,823

(996,218)

446,329

313,880

(549,889)

Series A Preferred Stock Dividends

(4,383)

(4,383)

(4,383)

(8,766)

(8,766)

Series B Preferred Stock Dividends

(4,781)

(4,781)

(4,782)

(9,562)

(9,563)

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common

$155,659

($1,005,382)

$437,164

$295,552

($568,218)

Stockholders

Net Income (Loss) Per Share of Class A Common Stock:

Net Income (Loss) Available to Class A Common Stock - Basic

$0.75

($4.47)

$1.84

$1.41

($2.55)

Net Income (Loss) Available to Class A Common Stock - Diluted

$0.75

($4.47)

$1.84

$1.41

($2.55)

Weighted Average Number of Class A Common Stock Outstanding - Basic

199,578,950

226,757,519

227,653,988

200,202,174

227,205,866

Weighted Average Number of Class A Common Stock Outstanding - Diluted

199,578,950

226,757,519

227,653,988

200,202,174

227,205,866

2

Total Segments

($ in thousands, except per share data)

2Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Management fees

$366,311

$382,368

$401,822

$724,934

$784,190

Advisory and transaction fees, net

31,062

36,732

61,749

50,122

98,481

Performance fees1

9,261

2,404

3,440

9,922

5,844

Total Fee Related Revenues

406,634

421,504

467,011

784,978

888,515

Salary, bonus and benefits

(110,269)

(124,021)

(134,999)

(215,994)

(259,020)

General, administrative and other

(63,156)

(68,353)

(71,803)

(126,189)

(140,156)

Placement fees

(775)

(413)

(358)

(335)

(771)

Total Fee Related Expenses

(174,200)

(192,787)

(207,160)

(342,518)

(399,947)

Other income (loss), net of Non-Controlling Interest

6,087

(661)

(606)

5,817

(1,267)

Fee Related Earnings

$238,521

$228,056

$259,245

$448,277

$487,301

Per share2

$0.58

$0.52

$0.59

$1.09

$1.11

Realized performance fees

33,335

65,746

10,837

97,124

76,583

Realized profit sharing expense

(13,306)

(65,746)

(10,837)

(54,445)

(76,583)

Net Realized Performance Fees

20,029

-

-

42,679

-

Realized principal investment income, net3

11,281

5,583

5,219

22,717

10,802

Net interest loss and other

(15,014)

(37,134)

(29,050)

(27,706)

(66,184)

Segment Distributable Earnings

$254,817

$196,505

$235,414

$485,967

$431,919

Taxes and related payables

(14,878)

(22,193)

(21,040)

(29,514)

(43,233)

Preferred dividends

(9,164)

(9,164)

(9,165)

(18,328)

(18,329)

Distributable Earnings

$230,775

$165,148

$205,209

$438,125

$370,357

Per share2

$0.56

$0.37

$0.46

$1.06

$0.83

Net dividend per share2

$0.50

$0.42

$0.49

$0.96

$0.91

Payout ratio

89%

114%

107%

91%

110%

  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 two 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.

3

Fee Related Earnings Rollforward

FRE increased 9% year-over-year and 14% quarter-over-quarter driven by higher management fees and advisory and transaction fees. FRE margin increased to 56% for the quarter.

Quarterly Trailing FRE

FRE Bridge

($ in millions)

FRE Margin1

$19

$1

Comp

Non-Comp

$259.2

$25

Performance

$238.5

$241.1

($11)

($3)

$228.1

Mgmt

Fees

$212.8

Advisory &

Fees

Transaction

Fees

58%

56%

54%

54%

53%

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

Per

$0.58

$0.52

$0.59

$0.52

$0.06

$0.04

$-

$(0.02)

$(0.01)

$0.59

Share

"NM" as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides.

1. FRE Margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees and certain performance fees), as well as other income attributable to FRE.

4

Distributable Earnings and Dividend

DE per share increased 24% quarter-over-quarter, fueled by strong FRE growth

Distributable Earnings per Share1

$1.10

$0.56

$0.54

$0.46

$0.37

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

Dividend per Share1

$0.89

$0.50

$0.50

$0.49

$0.42

$0.40 Minimum

Quarterly Dividend

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. The declaration and payment of any dividends are at the sole discretion of the executive committee of AGM Inc.'s board of directors, which may change the policy at any time, including, without limitation, to eliminate the dividend entirely.

5

Assets Under Management

Total AUM increased to $413.6 billion during the quarter, principally from client transactions which increased insurance assets under management and strong inflows

Gross Inflows were $89.2 billion during the quarter and $118.6 billion over the twelve months ended June 30, 2020

Dry powder was $47.4 billion as of quarter-end, of which $18.3 billion was dry powder with future management fee potential

($ in billions)

Total AUM

$413.6

$413.6

$39.9

$39.9

$311.9

$315.5

$73.3

$73.3

CAGR

$33.5

$38.1

21%

$77.2

$67.7

$162.3

$300.4

$19.4

$300.4

$201.2

$209.7

$47.2

$95.7

2Q'19

1Q'20

2Q'20

2Q'15

2Q'20

Credit

Private Equity

Real Assets

($ in billions)

Fee-Generating AUM

$329.8

$329.8

$31.6

$31.6

$43.8

CAGR

$43.8

$236.1

$241.7

$29.4

21%

$25.9

$47.1

$44.0

$254.4

$128.3

$254.4

$15.0

$163.1

$168.3

$32.4

$80.9

2Q'19

1Q'20

2Q'20

2Q'15

2Q'20

Credit

Private Equity

Real Assets

6

Performance Fee Assets Under Management

Performance Fee-Generating AUM increased to $40.0 billion during the quarter driven by appreciation in our funds' private equity portfolio

Performance Fee-Eligible AUM1

($ in billions)

$122.7

$119.3

$124.8

$124.8

$9.8

$9.8

$9.7

$9.8

$62.3

$53.7

$56.3

$80.8

$56.3

$6.4

$41.1

$50.7

$55.8

$58.7

$58.7

$33.3

2Q'19

1Q'20

2Q'20

2Q'15

2Q'20

Credit

Private Equity

Real Assets

Performance Fee-Generating AUM

($ in billions)

$62.2

$2.8

$23.8

$40.0

$36.5

$40.0

$3.8

$3.8

$3.1

$22.8

$18.0

$13.4

$18.0

$35.6

$3.7

$2.2

$16.9

$18.2

$20.0

$18.2

2Q'19

1Q'20

2Q'20

2Q'15

2Q'20

Credit

Private Equity

Real Assets

1. Effective 2Q'20, performance fee-eligible AUM for Athora includes only capital commitments. Prior period performance fee-eligible AUM has been conformed to reflect this change in presentation.

7

Total AUM & Fee-Generating AUM

Total AUM Rollforward1

($ in millions)

Credit4

Private

Real Assets

Total

Equity

1Q'20

$209,745

$67,669

$38,097

$315,511

Inflows

85,347

1,768

2,122

89,237

Outflows3

(5,788)

(51)

(283)

(6,122)

Net Flows

79,559

1,717

1,839

83,115

Realizations

(653)

(536)

(224)

(1,413)

Market Activity

11,803

4,451

139

16,393

2Q'20

$300,454

$73,301

$39,851

$413,606

QoQ Change

43%

8%

5%

31%

LTM Total AUM Rollforward1

Credit

4

Private

Real Assets

Total

($ in millions)

Equity

2Q'19

$201,216

$77,148

$33,498

$311,862

Inflows2

107,530

3,183

7,915

118,628

Outflows3

(12,289)

(90)

(517)

(12,896)

Net Flows

95,241

3,093

7,398

105,732

Realizations

(2,555)

(6,427)

(1,978)

(10,960)

Market Activity2

6,552

(513)

933

6,972

2Q'20

$300,454

$73,301

$39,851

$413,606

YoY Change

49%

(5%)

19%

33%

Fee-Generating AUM Rollforward1

Credit

Private

Real Assets

Total

($ in millions)

Equity

1Q'20

$168,262

$43,976

$29,412

$241,650

Inflows

80,745

829

2,535

84,109

Outflows3

(5,664)

(977)

(278)

(6,919)

Net Flows

75,081

(148)

2,257

77,190

Realizations

(75)

(203)

(134)

(412)

Market Activity

11,064

215

71

11,350

2Q'20

$254,332

$43,840

$31,606

$329,778

QoQ Change

51%

-%

7%

36%

LTM Fee-Generating AUM Rollforward1

Credit

Private

Real Assets

Total

($ in millions)

Equity

2Q'19

$163,089

$47,082

$25,965

$236,136

Inflows2

100,406

1,798

6,877

109,081

Outflows3

(13,957)

(3,545)

(954)

(18,456)

Net Flows

86,449

(1,747)

5,923

90,625

Realizations

(1,045)

(1,773)

(546)

(3,364)

Market Activity2

5,839

278

264

6,381

2Q'20

$254,332

$43,840

$31,606

$329,778

YoY Change

56%

(7%)

22%

40%

  1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
  2. Effective 1Q'20, market activity includes mark-to-market changes and investment income of Athene, which had previously been reported as inflows. Prior periods in the LTM Total and Fee-Generating AUM Rollforwards have been conformed to reflect this change in presentation.
  3. Included in the 2Q'20 outflows for both Total AUM and FGAUM are $0.7 billion of redemptions. Included in the LTM outflows for both Total AUM and FGAUM are $2.1 billion of redemptions.
  4. As of 2Q'20, Credit AUM includes $21.5 billion of CLOs, $12.8 billion of which Apollo earns fees based on gross assets and $8.7 billion of which relates to Redding Ridge, from which Apollo earns fees based on net asset value.

8

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM

Dry Powder Composition

($ in billions)

Real

Credit

Assets

$5.0

$14.6

Other PE

$6.8

$47

billion

Fund VIII

$2.3

$18.7

Private Equity

Fund IX

$27.8

Capital Deployment1

($ in billions)

2Q'20

LTM

Real

Real

Assets

Assets

$0.4

Credit

$1.7

Credit

$2.9

$7 billion

$19 billion

$9.3

$8.0

Private $3.9

Private

Equity

Equity

Performance Fee-Eligible AUM

($ in billions)

Currently

Uninvested

Generating

Performance

Performance

Fee-Eligible AUM

Fees

$40.0

$39.5

$124.8 billion

$45.3

Not Currently

Generating

Performance Fees

Strategy / Fund

Invested AUM Not

Investment

Appreciation

Currently Generating

Period Active

Required to Achieve

Performance Fees

>24 Months2

Performance Fees3,4

Corporate Credit

$22.0

$19.9

5%

Structured Credit

3.5

3.5

22%

Direct Origination

4

3.9

4%

Advisory and Other

2.3

2.4

1%

Credit

31.8

29.7

7%

Fund IX

5.3

5.3

10%

ANRP II

1.4

1.4

30%

Hybrid Capital

2.0

2.0

93%

Other PE

3.5

2.5

39%

Private Equity5

12.2

11.2

34%

Real Assets

1.3

0.7

> 250bps

Total

$45.3

$41.6

1. Reflects capital deployment activity from commitment based funds and accounts that have a defined maturity date. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of June 30, 2020. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are "N/A" 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 5. The private equity funds disclosed in the table above have greater than $500 million of AUM and/or form part of a flagship series of funds.

9

Permanent Capital Vehicles, Athene, and Athora

Permanent Capital AUM

($ in billions)

$246

$136

60%

$72

$87

49%

47%

$25

45%

22%

2012

2014

2016

2018

2Q'20

Period Ending

% of Total AUM

Permanent Capital AUM

Fee Related Revenue from Permanent Capital

($ in millions)

$206

$184

$189

$190

$175

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

Supplemental Information

($ in billions)

1Q'20

2Q'20

Athene3

$124.5

$165.1

Athora

15.5

60.2

MidCap

9.2

8.6

ARI1

7.2

7.0

AINV/Other2

5.0

4.6

AFT/AIF

0.6

0.7

Total AUM in Permanent Capital Vehicles

$162.0

$246.2

Athene and Athora AUM

($ in billions)

1Q'20

2Q'20

Athene3

$124.5

$165.1

Core Assets

29.0

45.4

Core Plus Assets

29.7

36.2

Yield Assets

44.3

55.5

High Alpha

5.4

5.8

Cash, Treasuries, Equities and Alternatives

16.1

22.3

Athora

$15.5

$60.2

Non-Sub-Advised

11.6

55.6

Sub-Advised

3.9

4.6

Total Athene and Athora AUM

$140.0

$225.3

1. Amounts are as of March 31, 2020. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI's website is not part of this presentation. 2. Amounts are as of March 31, 2020. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV's website is not part of this presentation. Includes $1.7 billion of AUM related to a non-traded business development company. 3. Includes $39.5 billion of gross assets related to ACRA Re Ltd. and $2.4 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program.

10

Net Performance Fee Receivable Rollforward & Net Clawback Payable

Net performance fee receivable increased to $0.46 per share as the fair values of certain funds previously in clawback appreciated meaningfully during the quarter, while net clawback payable declined to $0.48 per share as certain funds remained in clawback

Net Performance Fee Receivable1

Net Clawback Payable2

(Per Share)

$1.93

$1.85

$1.55

($1.31)

Net

Performance

Fees/Other3

Net Realized

Performance

Fees

($0.48)

+$0.40

$0.46

($0.01)

$0.07

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

1Q'20

2Q'20

($ in millions)

$637

$795

$762

$31

$177

($3)

$205

($577)

($212)

Note: All per share figures calculated using Distributable Earnings Shares Outstanding.

  1. Net Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments.
  2. As of June 30, 2020, certain funds had $386.8 million in general partner obligations to return previously distributed performance fees offset, in part, by $174.7 million in clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions. These general partner obligations and potential return of profit sharing distributions are included in due to related parties and due from related parties, respectively, on the consolidated statements of financial condition.
  3. Net Performance Fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed performance fees.

11

Segment Highlights

Credit

Commentary

Total AUM increased $91 billion or 43% quarter-over-quarter to $300 billion, primarily driven by client transactions which increased insurance assets

under management and robust capital raising

Advisory and

Other

($ in billions)

Fee-generating inflows of $80.7 billion during the quarter and $100.4 billion during the twelve months ended June 30, 2020; organic fee-generating

inflows of $8.6 billion during the quarter driven by deployment in corporate credit and direct origination funds, organic growth in our insurance

assets under management, and subscriptions into our corporate credit and direct origination funds

FRE increased 21% year-over-year, driven by growth in management fees from permanent capital vehicles and fundraising and increased advisory

and transaction fees

Capital deployment2 from commitment-based funds of $2.9 billion for the quarter driven by opportunistic investments in consumer discretionary,

industrials, communications services, and utilities sectors and investments in structured credit, direct lending, longevity assets, and aviation assets

In April 2020, Athora closed on its acquisition of VIVAT N.V. ("VIVAT") from Anbang Group Holdings Co Limited

Athene closed its reinsurance transaction with Jackson National Life Insurance Company during the quarter, adding another $28 billion of AUM; also,

Apollo raised an additional $6 billion of new commitments for Apollo Strategic Origination Partners, a new origination platform expected to provide

approximately $12 billion in financings over the next three years

$74.3

$300bn

Direct

$24.4

AUM

$147.0

Origination

$54.8

Corporate

Structured

Credit

Credit

$217.4bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

Corporate Credit4

($ in thousands)

2Q'19

2Q'20

vs. 2Q'19

YTD'19

YTD'20

vs. YTD'19

7.7% / 2.9%

Management fees

$190,275

$224,721

18%

373,017

432,950

16%

Advisory and transaction fees, net

5,510

13,756

150%

8,358

29,023

247%

Performance fees3

9,261

3,440

(63%)

9,922

5,844

(41%)

Total Fee Related Revenues

205,046

241,917

18%

391,297

467,817

20%

Structured Credit

8.9% / (3.2)%

Salary, bonus and benefits

(50,465)

(52,806)

5%

(94,769)

(109,814)

16%

Non-compensation expenses

(31,804)

(37,609)

18%

(58,995)

(73,288)

24%

Direct Origination

2.7% / 3.4%

Total Fee Related Expenses

(82,269)

(90,415)

10%

(153,764)

(183,102)

19%

2Q'20 / LTM

Other income (loss), net of NCI

1,968

(724)

NM

1,564

(1,387)

NM

Credit Gross Return1

Fee Related Earnings

$124,745

$150,778

21%

$239,097

$283,328

18%

Realized performance fees

18,030

4,359

(76)%

21,357

30,220

41%

$8.6bn / $23.2bn

Realized profit sharing expense

(7,877)

(4,359)

(45)%

(11,395)

(29,916)

163%

2Q'20 / LTM

Realized principal investment income, net

7,909

1,810

(77)%

10,958

3,184

(71)%

Fee-generating inflows

Net interest loss and other

(4,656)

(11,857)

155%

(9,042)

(28,971)

220%

(excludes acquisitions)

Segment Distributable Earnings

$138,151

$140,731

2%

$250,975

$257,845

3%

1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 2Q'20 Net Returns for corporate credit, structured credit and direct origination were 7.2%, 8.7% and 1.4%, respectively. The LTM Net Returns for corporate credit, structured credit and direct origination were 1.7%, (4.0)% and (0.6)%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment accounts ("SIAs") that have a defined maturity date. 3. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 4. CLOs are included within corporate credit. The 2Q'20 and LTM gross returns for CLOs were 8.7% and (0.4)%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge.

13

Private Equity

Commentary

Natural

Resources

Total AUM increased 8% quarter-over-quarter to $73 billion, primarily driven by market activity and inflows

Hybrid

($ in billions)

Realization activity primarily driven by the sale of Aleris International, interest and sales proceeds from debt

investments, and distributions from Apollo Education and CareerBuilder

Deployed $3.9 billion and committed to invest an additional $1.7 billion during the quarter; total committed

but not yet deployed capital1 at quarter end was $1.6 billion (excluding co-investments) of which $1.1 billion

related to energy asset build-ups expected to be deployed over time

Private equity fund appreciation during the quarter of 11.7%2, primarily driven by public portfolio company

holdings

Capital $4.5

$9.1

$73bn

AUM

$59.7 Private

Equity

$1.5bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

11.7% / (5.6%)

($ in thousands)

2Q'19

2Q'20

vs. 2Q'19

YTD'19

YTD'20

vs. YTD'19

Management fees

$129,638

$127,592

(2)%

$260,134

$252,860

(3)%

2Q'20 / LTM

Advisory and transaction fees, net

20,257

44,802

121%

36,393

65,145

79%

Private Equity Fund Appreciation/

Total Fee Related Revenues

149,895

172,394

15%

296,527

318,005

7%

(Depreciation)2

Public Investments3

Salary, bonus and benefits

(40,267)

(53,202)

32%

(83,500)

(95,682)

15%

Non-compensation expenses

(23,580)

(21,770)

(8%)

(49,307)

(43,871)

(11%)

Shares Held (mm)

Total Fee Related Expenses

(63,847)

(74,972)

17%

(132,807)

(139,553)

5%

ADT Security Services (NYSE: ADT)

Other income, net

3,963

2

(100%)

4,159

25

(99%)

Fund VIII

282.3

Fee Related Earnings

$90,011

$97,424

8%

$167,879

$178,477

6%

Watches of Switzerland (LSE: WSOG)

Realized performance fees

12,231

3,549

(71)%

72,687

4,692

(94)%

Fund VII

96.1

Realized profit sharing expense

(4,089)

(3,549)

(13)%

(41,816)

(4,996)

(88)%

Verallia (EPA: VRLA)

Fund VIII

65.5

Realized principal investment income, net

1,877

3,404

81%

9,965

3,946

(60)%

OneMain (NYSE: OMF)

Net interest loss and other

(7,650)

(11,686)

53%

(13,783)

(27,360)

99%

Fund VIII

26.5

Segment Distributable Earnings

$92,380

$89,142

(4)%

$194,932

$154,759

(21)%

1. Represents capital committed to investments as of June 30, 2020 by Apollo's private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 2. Represents private equity fund appreciation/depreciation as defined in the non-GAAP financial information and definitions section of this presentation. 3. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. Approximately 18% of private equity investments' value was determined using broker or listed exchange prices.

14

Real Assets

Commentary

  • Total AUM increased 5% quarter-over-quarter to $40 billion driven by inflows in the debt managed accounts
  • Realized performance fees in the quarter relating to Infrastructure Equity and EPF I
  • U.S. RE Fund III commenced its investment period, closing on its first investments during the quarter
  • Real assets gross return of 1.4% during the quarter ended June 30, 2020 primarily driven by appreciation in our principal finance, infrastructure equity and Asia funds

Infrastructure

($ in billions)

Principal

$2.2

Finance

$6.7

$40bn

AUM

$30.9

Real Estate

$27.3bn from

Permanent Capital Vehicles

Financial Results Summary

% Change

% Change

1.4% / 10.1%

($ in thousands)

2Q'19

2Q'20

vs. 2Q'19

YTD'19

YTD'20

vs. YTD'19

2Q'20 / LTM

Management fees

$46,398

$49,509

7%

$91,783

$98,380

7%

Advisory and transaction fees, net

5,295

3,191

(40%)

5,371

4,313

(20%)

Combined

Gross Return1

Total Fee Related Revenues

51,693

52,700

2%

97,154

102,693

6%

Salary, bonus and benefits

(19,537)

(28,991)

48%

(37,725)

(53,524)

42%

$2.5bn / $6.9bn

Non-compensation expenses

(8,547)

(12,782)

50%

(18,222)

(23,768)

30%

Total Fee Related Expenses

(28,084)

(41,773)

49%

(55,947)

(77,292)

38%

2Q'20 / LTM

Other income, net of NCI

156

116

(26%)

94

95

1%

Fee-generating inflows

Fee Related Earnings

$23,765

$11,043

(54)%

$41,301

$25,496

(38)%

Realized performance fees

3,074

2,929

(5)%

3,080

41,671

NM

Realized profit sharing expense

(1,340)

(2,929)

119%

(1,234)

(41,671)

NM

$39.9bn

Realized principal investment income, net

1,495

5

(100)%

1,794

3,672

105%

Net interest loss and other

(2,708)

(5,507)

103%

(4,881)

(9,853)

102%

Total AUM up 5% QoQ

Segment Distributable Earnings

$24,286

$5,541

(77)%

$40,060

$19,315

(52)%

1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European principal finance funds and infrastructure equity funds.

15

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited)

($ in thousands, except share data)

As of

As of

June 30, 2020

December 31, 2019

Assets:

Cash and cash equivalents

$939,824

$1,556,202

Restricted cash

81,378

19,779

U.S. Treasury securities, at fair value

764,923

554,387

Investments (includes performance allocations of $691,022 and $1,507,571 as of June 30, 2020 and December 31, 2019, respectively)

3,346,435

3,609,859

Assets of consolidated variable interest entities

10,891,820

1,300,186

Incentive fees receivable

864

2,414

Due from related parties

485,374

415,069

Deferred tax assets, net

744,733

473,165

Other assets

277,934

326,449

Lease assets

308,165

190,696

Goodwill

116,958

93,911

Total Assets

$17,958,408

$8,542,117

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable and accrued expenses

$119,934

$94,364

Accrued compensation and benefits

139,750

64,393

Deferred revenue

63,156

84,639

Due to related parties

711,705

501,387

Profit sharing payable

486,936

758,669

Debt

3,147,276

2,650,600

Liabilities of consolidated variable interest entities

8,550,442

929,719

Other liabilities

158,300

210,740

Lease liabilities

338,972

209,479

Total Liabilities

13,716,471

5,503,990

Stockholders' Equity:

Apollo Global Management, Inc. stockholders' equity:

Series A Preferred Stock, 11,000,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019

264,398

264,398

Series B Preferred Stock, 12,000,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019

289,815

289,815

Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 229,189,715 and 222,994,407 shares issued and outstanding as of

-

-

June 30, 2020 and December 31, 2019, respectively

Class B Common Stock, $0.00001 par value, 999,999,999 shares authorized, 1 share issued and outstanding as of June 30, 2020 and December 31,

-

-

2019

Class C Common Stock, $0.00001 par value, 1 share authorized, 1 share issued and outstanding as of June 30, 2020 and December 31, 2019

-

-

Additional paid in capital

1,032,442

1,302,587

Accumulated earnings (deficit)

(653,745)

-

Accumulated other comprehensive loss

(3,879)

(4,578)

Total Apollo Global Management, Inc. Stockholders' Equity

929,031

1,852,222

Non-Controlling Interests in consolidated entities

2,107,870

281,904

Non-Controlling Interests in Apollo Operating Group

1,205,036

904,001

Total Stockholders' Equity

4,241,937

3,038,127

Total Liabilities and Stockholders' Equity

$17,958,408

$8,542,117

17

Segment Balance Sheet Highlights

Total net value increased to $1.4 billion as we recorded mark-to-market gains on our GP & Other Investments and fund investment portfolios

On June 2, 2020, Apollo issued $500 million of 10-year notes at 2.65% coupon

Summary Balance Sheet1

($ in millions)

1Q'20

Cash and cash equivalents

$648

U.S. Treasury securities, at fair

865

value

GP & Other Investments3,4

2,281

Debt

(2,651)

Net performance fees

31

receivable2

Net clawback payable 9

(577)

Total Net Value

$597

Unfunded Future Commitments

$1,067

Share Repurchase Activity - 1Q'16 through 2Q'205

Supplemental Details

2Q'20

($ and share amounts in millions)

Inception to

Date

A-/A

$940

Open Market Share Repurchases

8.5

Rated by S&P and Fitch

765

Reduction of Shares Issued to Participants6

8.9

$750 million

2,853

Total Shares Purchased

17.4

(3,147)

Undrawn Revolving Credit

Facility (Expiring in 2023)

205

Total Capital Used for Share Purchases

$500

(212)

$1.7 billion

Share Repurchase Plan Authorization

$420

$1,404

Remaining 7

Cash and cash equivalents

$828

Average Price Paid Per Share8

$28.73

and U.S. Treasury securities

Undrawn Revolving Credit Facility

$750

$750

1. Amounts are presented on an unconsolidated basis. 2. Net performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo's general partner investments in the funds it manages and other balance sheet investments. 4. Investment in Athene primarily comprises Apollo's direct investment of 54.6 million shares (subject to a discount due to a lack of marketability) of Athene Holding valued at $25.70 per share as of June 30, 2020. 5. Since 1Q'16, the Company in its discretion has elected to repurchase 1.8 million shares of Class A Common Stock for $56.0 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the March 2020 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in shares of Class A Common Stock to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company's equity incentive plan (the "Plan"), which the Company refers to as "net share settlement." 7. On March 12, 2020, the Company announced a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A Common Stock. This new authorization increases the capacity to repurchase shares from $80 million of unused capacity under the previously approved share repurchase plan. The share repurchase plan may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 9. Net clawback payable includes general partner obligations to return previously distributed performance fees offset by clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions.

18

Supplemental Details

Segment Performance Fees

As of June 30, 2020

2Q'20

YTD'20

Performance Fees

Unrealized

Realized

Total

Unrealized

Realized

Total

Receivable on an

Performance

Performance

Performance

Performance

Performance

Performance

($ in thousands)

Unconsolidated Basis

Fees

Fees

Fees

Fees

Fees

Fees

Credit

Corporate Credit1

$114,427

$85,541

$4,359

$89,900

$96,527

$16,341

$112,868

Structured Credit

130,427

14,022

-

14,022

(60,215)

13,846

(46,369)

Direct Origination

47,108

4,797

3,440

8,237

(16,969)

5,877

(11,092)

Total Credit

$291,962

$104,360

$7,799

$112,159

$19,343

$36,064

$55,407

Total Credit, net of profit sharing payable/expense

23,938

57,059

3,440

60,499

9,597

6,148

15,745

Private Equity

Fund VIII1,2

$203,530

$745,109

$-

$745,109

($512,001)

$-

($512,001)

Fund VII1,2

17

43,535

61

43,596

(114,233)

471

(113,762)

Fund VI2

17,649

(12)

77

65

(90)

609

519

Fund IV and V1

-

(57)

-

(57)

(161)

-

(161)

ANRP I and II1,2

203

184

33

217

(21,418)

260

(21,158)

Hybrid Value Fund2

29,189

29,189

-

29,189

29,189

-

29,189

Other1,3

7,125

(314)

3,378

3,064

(114,789)

3,352

(111,437)

Total Private Equity

$257,713

$817,634

$3,549

$821,183

($733,503)

$4,692

($728,811)

Total Private Equity, net of profit sharing payable/expense

140,007

517,910

-

517,910

(458,551)

(304)

(458,855)

Real Assets

Principal Finance1

$88,602

($10,878)

$907

($9,971)

($126,233)

$35,025

($91,208)

U.S. RE Fund I and II1

12,288

(7,532)

-

(7,532)

(21,525)

4,624

(16,901)

Infrastructure Equity Fund

19,237

(514)

2,022

1,508

1,048

2,022

3,070

Other1,3

6,473

4,371

-

4,371

(28,315)

-

(28,315)

Total Real Assets

$126,600

($14,553)

$2,929

($11,624)

($175,025)

$41,671

($133,354)

Total Real Assets, net of profit sharing payable/expense

41,292

(8,001)

-

(8,001)

(103,076)

-

(103,076)

Total

$676,275

$907,441

$14,277

$921,718

($889,185)

$82,427

($806,758)

Total, net of profit sharing payable4/expense

$205,237

$566,968

$3,440

$570,408

($552,030)

$5,844

($546,186)

  1. As of June 30, 2020, certain credit funds, certain private equity funds, and certain real asset funds had $1.0 million, $351.3 million, and $34.5 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds, certain private equity funds and certain real asset funds was $9.2 million, $2,953.7 million and $110.5 million, respectively, as of June 30, 2020.
  2. As of June 30, 2020, the remaining investments and escrow cash of Fund VIII, Hybrid Value Fund, Fund VII, Fund VI, ANRP I and ANRP II were valued at 113%, 109%, 40%, 34%, 25% and 69% of the fund's unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of June 30, 2020, Fund VII had $128.5 million of gross performance fees, or $73.2 million net of profit sharing, in escrow. As of June 30, 2020, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of June 30, 2020, ANRP I had $40.2 million of gross performance fees, or $26.0 million net of profit sharing, in escrow. As of June 30, 2020, ANRP II had $31.2 million of gross performance fees, or $18.7 million net of profit sharing, in escrow. With respect to Fund VIII, Fund VII, Fund VI, ANRP II, ANRP I and Hybrid Value Fund, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds' partnership agreements. Performance fees receivable as of June 30, 2020 and realized performance fees for 2Q'20 include interest earned on escrow balances that is not subject to contingent repayment.
  3. Other includes certain SIAs.
  4. There was a corresponding profit sharing payable of $471.0 million as of June 30, 2020, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $99.1 million.

20

Segment Results

Credit ($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Management fees

$190,275

$198,867

$207,382

$208,229

$224,721

$373,017

$432,950

Advisory and transaction fees, net

5,510

5,530

30,228

15,267

13,756

8,358

29,023

Performance fees1

9,261

6,449

4,739

2,404

3,440

9,922

5,844

Total Fee Related Revenues

205,046

210,846

242,349

225,900

241,917

391,297

467,817

Salary, bonus and benefits

(50,465)

(51,746)

(49,628)

(57,008)

(52,806)

(94,769)

(109,814)

General, administrative and other

(31,647)

(33,403)

(39,118)

(35,373)

(37,251)

(59,143)

(72,624)

Placement fees

(157)

(190)

(230)

(306)

(358)

148

(664)

Total Fee Related Expenses

(82,269)

(85,339)

(88,976)

(92,687)

(90,415)

(153,764)

(183,102)

Other income (loss), net of Non-Controlling Interest

1,968

(597)

(913)

(663)

(724)

1,564

(1,387)

Credit Fee Related Earnings

$124,745

$124,910

$152,460

$132,550

$150,778

$239,097

$283,328

Realized performance fees

18,030

3,530

144,724

25,861

4,359

21,357

30,220

Realized profit sharing expense

(7,877)

(1,674)

(80,606)

(25,557)

(4,359)

(11,395)

(29,916)

Net Realized Performance Fees

10,153

1,856

64,118

304

-

9,962

304

Realized principal investment income, net

7,909

5,845

(8,039)

1,374

1,810

10,958

3,184

Net interest loss and other

(4,656)

(6,106)

(6,849)

(17,114)

(11,857)

(9,042)

(28,971)

Credit Segment Distributable Earnings

$138,151

$126,505

$201,690

$117,114

$140,731

$250,975

$257,845

Private Equity ($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Management fees

$129,638

$131,643

$131,417

$125,268

$127,592

$260,134

$252,860

Advisory and transaction fees, net

20,257

10,655

24,276

20,343

44,802

36,393

65,145

Total Fee Related Revenues

149,895

142,298

155,693

145,611

172,394

296,527

318,005

Salary, bonus and benefits

(40,267)

(45,807)

(55,096)

(42,480)

(53,202)

(83,500)

(95,682)

General, administrative and other

(22,962)

(26,603)

(23,671)

(21,994)

(21,770)

(48,824)

(43,764)

Placement fees

(618)

(65)

(264)

(107)

-

(483)

(107)

Total Fee Related Expenses

(63,847)

(72,475)

(79,031)

(64,581)

(74,972)

(132,807)

(139,553)

Other income (loss), net

3,963

(135)

282

23

2

4,159

25

Private Equity Fee Related Earnings

$90,011

$69,688

$76,944

$81,053

$97,424

$167,879

$178,477

Realized performance fees

12,231

63,742

292,723

1,143

3,549

72,687

4,692

Realized profit sharing expense

(4,089)

(22,084)

(131,240)

(1,447)

(3,549)

(41,816)

(4,996)

Net Realized Performance Fees

8,142

41,658

161,483

(304)

-

30,871

(304)

Realized principal investment income, net

1,877

8,114

35,703

542

3,404

9,965

3,946

Net interest loss and other

(7,650)

(8,911)

(9,110)

(15,674)

(11,686)

(13,783)

(27,360)

Private Equity Segment Distributable Earnings

$92,380

$110,549

$265,020

$65,617

$89,142

$194,932

$154,759

Real Assets ($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Management fees

$46,398

$47,862

$48,965

$48,871

$49,509

$91,783

$98,380

Advisory and transaction fees, net

5,295

377

1,702

1,122

3,191

5,371

4,313

Total Fee Related Revenues

51,693

48,239

50,667

49,993

52,700

97,154

102,693

Salary, bonus and benefits

(19,537)

(19,306)

(25,739)

(24,533)

(28,991)

(37,725)

(53,524)

General, administrative and other

(8,547)

(10,734)

(13,286)

(10,986)

(12,782)

(18,222)

(23,768)

Placement fees

-

(1)

-

-

-

-

-

Total Fee Related Expenses

(28,084)

(30,041)

(39,025)

(35,519)

(41,773)

(55,947)

(77,292)

Other income (loss), net of Non-Controlling Interest

156

(6)

89

(21)

116

94

95

Real Assets Fee Related Earnings

$23,765

$18,192

$11,731

$14,453

$11,043

$41,301

$25,496

Realized performance fees

3,074

162

101

38,742

2,929

3,080

41,671

Realized profit sharing expense

(1,340)

(65)

(138)

(38,742)

(2,929)

(1,234)

(41,671)

Net Realized Performance Fees

1,734

97

(37)

-

-

1,846

-

Realized principal investment income, net

1,495

415

942

3,667

5

1,794

3,672

Net interest loss and other

(2,708)

(3,234)

(3,410)

(4,346)

(5,507)

(4,881)

(9,853)

Real Assets Segment Distributable Earnings

$24,286

$15,470

$9,226

$13,774

$5,541

$40,060

$19,315

1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap.

21

Stockholder Dividend

Generated $0.46 of Distributable Earnings per Share during the quarter

Apollo declared a quarterly dividend of $0.49 per share of Class A Common Stock to holders of record as of August 18, 2020, which is payable on August 31, 2020

($ in thousands, except per share data)

2Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Segment Distributable Earnings

$254,817

$196,505

$235,414

$485,967

$431,919

Taxes and Related Payables

(14,878)

(22,193)

(21,040)

(29,514)

(43,233)

Preferred Dividends

(9,164)

(9,164)

(9,165)

(18,328)

(18,329)

Distributable Earnings

$230,775

$165,148

$205,209

$438,125

$370,357

Add Back: Taxes & Related Payables Attributable to Common & Equivalents

12,777

19,244

17,776

25,252

37,020

DE Before Certain Payables1

243,552

184,392

222,985

463,377

407,377

Percent to Common & Equivalents

51%

54%

54%

51%

54%

DE Before Other Payables Attributable to Common & Equivalents

124,212

99,572

120,412

236,322

219,984

Less: Taxes & Related Payables Attributable to Common & Equivalents

(12,777)

(19,244)

(17,776)

(25,252)

(37,020)

DE Attributable to Common & Equivalents2

$111,435

$80,328

$102,636

$211,070

$182,964

Per Share3

$0.56

$0.37

$0.46

$1.06

$0.83

(Retained) Contributed Capital per Share3

(0.06)

0.05

0.03

(0.10)

0.08

Net Dividend per Share3

$0.50

$0.42

$0.49

$0.96

$0.91

Payout Ratio

89%

114%

107%

91%

110%

  1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo's tax receivable agreement.
  2. "Common & Equivalents" consists of total shares of Class A Common Stock outstanding and RSUs that participate in dividends.
  3. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. See page 27 for the share reconciliation.

22

Investment Records as of June 30, 2020

($ in millions)

Vintage Year

Total AUM

Committed

Total Invested

Realized

Remaining

Unrealized

Total

Gross IRR

Net IRR

Capital

Capital

Value

Cost

Value

Value

Private Equity:

Fund IX

2018

$24,343

$24,729

$5,571

$621

$5,175

$5,542

$6,163

16%

(8)%

Fund VIII

2013

17,586

18,377

16,017

9,587

10,224

13,596

23,183

13

9

Fund VII

2008

2,939

14,677

16,461

31,539

2,459

967

32,506

33

24

Fund VI

2006

647

10,136

12,457

21,132

405

3

21,135

12

9

Fund V

2001

260

3,742

5,192

12,721

120

2

12,723

61

44

Funds I, II, III, IV & MIA2

Various

13

7,320

8,753

17,400

-

-

17,400

39

26

Traditional Private Equity Funds3

$45,788

$78,981

$64,451

$93,000

$18,383

$20,110

$113,110

39%

24 %

ANRP II

2016

2,291

3,454

2,647

1,384

1,984

1,477

2,861

6

(2)

ANRP I

2012

349

1,323

1,149

1,011

618

139

1,150

-

(4)

AION

2013

609

826

689

327

442

503

830

9

2

Hybrid Value Fund

2019

3,396

3,238

1,897

130

1,833

1,970

2,100

NM1

NM1

Total Private Equity

$52,433

$87,822

$70,833

$95,852

$23,260

$24,199

$120,051

Credit:

FCI III

2017

$2,734

$1,906

$2,544

$1,267

$1,890

$1,973

$3,240

23%

17 %

FCI II

2013

2,260

1,555

2,894

1,940

1,689

1,588

3,528

8

5

FCI I

2012

-

559

1,516

1,975

-

-

1,975

11

8

SCRF IV6

2017

2,048

2,502

4,534

2,417

2,151

1,891

4,308

(6)

(7)

SCRF III

2015

-

1,238

2,110

2,428

-

-

2,428

18

14

SCRF II

2012

-

104

467

528

-

-

528

15

12

SCRF I

2008

-

118

240

357

-

-

357

33

26

Accord IIIB

2020

1,768

1,761

408

85

352

331

416

NM1

NM1

Accord III

2019

961

886

2,184

1,850

586

567

2,417

NM1

NM1

Accord II12

2018

-

781

801

821

-

-

821

16

12

Accord I12

2017

-

308

111

113

-

-

113

10

5

Total Credit

$9,771

$11,718

$17,809

$13,781

$6,668

$6,350

$20,131

Real Assets:

European Principal Finance Funds

EPF III4

2017

$4,737

$4,513

$2,802

$1,068

$1,993

$2,419

$3,487

21%

10 %

EPF II4

2012

1,349

3,442

3,408

4,319

658

583

4,902

14

9

EPF I4

2007

234

1,455

1,912

3,217

-

8

3,225

23

17

U.S. RE Fund III

2020

442

442

31

0

31

31

31

NM1

NM1

U.S. RE Fund II5

2016

1,127

1,243

878

480

629

700

1,180

14

11

U.S. RE Fund I5

2012

230

649

632

791

147

143

934

13

10

Asia RE Fund5

2017

678

719

434

206

281

368

574

18

13

Infrastructure Equity Fund

2018

1,107

897

801

218

658

824

1,042

NM1

NM1

Total Real Assets

$9,904

$13,360

$10,898

$10,299

$4,397

$5,076

$15,375

Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds.

23

Investment Records as of June 30, 2020 - Continued

Permanent Capital Vehicles

Total Returns

7

($ in millions)

IPO Year

8

Total AUM

2Q'20

YTD'20

2Q'19

YTD'19

FY'19

Credit:

MidCap9

N/A

$8,552

4%

- %

5%

8%

17%

AIF

2013

320

12

(14)

3

12

19

AFT

2011

350

9

(15)

3

8

14

AINV/Other

10

2004

4,551

49

(39)

7

35

57

Real Assets:

ARI11

2009

7,193

37%

(41%)

4%

16%

21%

Total

$20,966

Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation.

  1. Data has not been presented as the fund's effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful.
  2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo's Managing Partners and other investment professionals.
  3. Total IRR is calculated based on total cash flows for all funds presented.
  4. Includes funds denominated in Euros with historical figures translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of June 30, 2020.
  5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $152 million, $771 million and $375 million of co-investment commitments as of June 30, 2020, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.24 as of June 30, 2020.
  6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments.
  7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission.
  8. An initial public offering ("IPO") year represents the year in which the vehicle commenced trading on a national securities exchange.
  9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 1%, (2)%, 3% , 6% and 11% for 2Q'20, YTD'20, 2Q'19, YTD'19, and FY'19, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation.
  10. All amounts are as of March 31, 2020 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV's website is not part of this presentation. Included within Total AUM of AINV/Other is $1.7 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM.
  11. All amounts are as of March 31, 2020 except for total returns. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI's website is not part of this presentation.
  12. Gross and Net IRR have been presented for these funds as they have a defined maturity date of less than 24 months and have substantially liquidated.

24

Reconciliations and Disclosures

Reconciliation of GAAP to Non-GAAP Financial Measures

($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

GAAP Net Income (Loss) Attributable to Apollo Global Management,

$155,659

$354,106

$156,879

($1,005,382)

$437,164

$295,552

($568,218)

Inc. Class A Common Stockholders

Preferred dividends

Net income (loss) attributable to Non-Controlling Interests in consolidated entities

Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group

GAAP Net Income (Loss)

Income tax provision (benefit)

9,164

9,164

9,164

9,164

9,165

18,328

18,329

5,143

7,083

9,616

(164,409)

41,068

13,805

(123,341)

172,195

150,741

182,362

(1,123,216)

511,688

330,043

(611,528)

$342,161

$521,094

$358,021

($2,283,843)

$999,085

$657,728

($1,284,758)

16,897

(231,896)

66,351

(295,853)

140,323

36,551

(155,530)

GAAP Income (Loss) Before Income Tax Provision (Benefit)

$359,058

$289,198

$424,372

($2,579,696)

$1,139,408

$694,279

($1,440,288)

Transaction related charges1

18,135

5,201

20,414

(21,399)

32,110

23,598

10,711

Charges associated with corporate conversion

10,006

6,994

4,987

1,064

-

10,006

1,064

(Gains) losses from changes in tax receivable agreement liability

-

38,575

11,732

-

-

-

-

Net (income) loss attributable to Non-Controlling Interests in consolidated

(5,143)

(7,083)

(9,616)

164,409

(41,068)

(13,805)

123,341

entities

Unrealized performance fees

(129,679)

(183,208)

62,688

1,800,181

(907,656)

(314,062)

892,525

Unrealized profit sharing expense

40,799

61,098

29,933

(681,183)

340,687

116,561

(340,496)

Equity-based profit sharing expense and other2

20,675

22,203

32,368

34,488

38,463

41,637

72,951

Equity-based compensation

18,237

15,802

18,500

14,070

17,747

36,660

31,817

Unrealized principal investment (income) loss

(31,893)

(20,411)

(23,944)

201,570

(107,110)

(44,221)

94,460

Unrealized net (gains) losses from investment activities and other

(45,378)

24,155

(95,498)

1,263,001

(277,167)

(64,686)

985,834

Segment Distributable Earnings

$254,817

$252,524

$475,936

$196,505

$235,414

$485,967

$431,919

Taxes and related payables

(14,878)

(20,895)

(11,891)

(22,193)

(21,040)

(29,514)

(43,233)

Preferred dividends

(9,164)

(9,164)

(9,164)

(9,164)

(9,165)

(18,328)

(18,329)

Distributable Earnings

$230,775

$222,465

$454,881

$165,148

$205,209

$438,125

$370,357

Preferred dividends

9,164

9,164

9,164

9,164

9,165

18,328

18,329

Taxes and related payables

14,878

20,895

11,891

22,193

21,040

29,514

43,233

Realized performance fees

(33,335)

(67,434)

(437,548)

(65,746)

(10,837)

(97,124)

(76,583)

Realized profit sharing expense

13,306

23,823

211,984

65,746

10,837

54,445

76,583

Realized principal investment income, net

(11,281)

(14,374)

(28,606)

(5,583)

(5,219)

(22,717)

(10,802)

Net interest loss and other

15,014

18,251

19,369

37,134

29,050

27,706

66,184

Fee Related Earnings

$238,521

$212,790

$241,135

$228,056

$259,245

$448,277

$487,301

  1. Transaction-relatedcharges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges.
  2. Equity-basedprofit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo.

26

Reconciliation of GAAP to Non-GAAP Financial Measures - Continued

Share Reconciliation

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

Total GAAP Class A Common Stock Outstanding

200,435,587

222,403,296

222,994,407

228,834,099

229,189,715

Non-GAAP Adjustments:

Participating Apollo Operating Group Units

202,245,561

180,361,308

180,111,308

204,028,327

204,028,327

Vested RSUs

269,726

216,552

2,349,618

244,240

195,499

Unvested RSUs Eligible for Dividend Equivalents

8,832,203

8,770,229

6,610,369

8,114,841

8,128,861

Distributable Earnings Shares Outstanding

411,783,077

411,751,385

412,065,702

441,221,507

441,542,402

Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures

($ in thousands, except share data)

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders

Dividends declared on Class A Common Stock

Dividend on participating securities

Earnings allocable to participating securities

Undistributed income (loss) attributable to Class A Common Stockholders: Basic

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

$155,659

$354,106

$156,879

($1,005,382)

$437,164

$295,552

($568,218)

(92,201)

(100,355)

(111,485)

(205,602)

(96,181)

(205,546)

(301,783)

(4,115)

(4,450)

(4,364)

(7,247)

(3,608)

(9,074)

(10,855)

(2,848)

(11,440)

(1,722)

-

(13,947)

(4,030)

-

$56,495

$237,861

$39,308

($1,218,231)

$323,428

$76,902

($880,856)

GAAP weighted average number of Class A Common Stock outstanding: Basic

199,578,950

205,797,643

221,863,632

226,757,519

227,653,988

200,202,174

227,205,866

GAAP Net Income (Loss) per share of Class A Common Stock under the Two-

Class Method: Basic

$0.75

$1.64

$0.68

($4.47)

$1.84

$1.41

($2.55)

Distributed Income

$0.46

$0.50

$0.50

$0.89

$0.42

$1.02

$1.31

Undistributed Income (Loss)

$0.29

$1.14

$0.18

($5.36)

$1.42

$0.39

($3.86)

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A

$155,659

$354,106

$156,879

($1,005,382)

$437,164

$295,552

($568,218)

Common Stockholders

Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A

Common Stockholders to Income (Loss) Before Income Tax (Provision) Benefit

203,399

(64,908)

267,493

(1,574,314)

702,244

398,727

(872,070)

Differences1

Income (Loss) Before Income Tax (Provision) Benefit

$359,058

$289,198

$424,372

($2,579,696)

$1,139,408

$694,279

($1,440,288)

Income (Loss) Before Income Tax (Provision) Benefit to Segment Distributable

(104,241)

(36,674)

51,564

2,776,201

(903,994)

(208,312)

1,872,207

Earnings Differences1

Segment Distributable Earnings

$254,817

$252,524

$475,936

$196,505

$235,414

$485,967

$431,919

Taxes and related payables

(14,878)

(20,895)

(11,891)

(22,193)

(21,040)

(29,514)

(43,233)

Preferred dividends

(9,164)

(9,164)

(9,164)

(9,164)

(9,165)

(18,328)

(18,329)

Distributable Earnings

$230,775

$222,465

$454,881

$165,148

$205,209

$438,125

$370,357

Distributable Earnings Shares Outstanding

411,783,077

411,751,385

412,065,702

441,221,507

441,542,402

411,783,077

441,542,402

Distributable Earnings per Share

$0.56

$0.54

$1.10

$0.37

$0.46

$1.06

$0.83

Distributable Earnings to Fee Related Earnings Differences1

7,746

(9,675)

(213,746)

62,908

54,036

10,152

116,944

Fee Related Earnings

$238,521

$212,790

$241,135

$228,056

$259,245

$448,277

$487,301

Distributable Earnings Shares Outstanding

411,783,077

411,751,385

412,065,702

441,221,507

441,542,402

411,783,077

441,542,402

Fee Related Earnings per Share

$0.58

$0.52

$0.59

$0.52

$0.59

$1.09

$1.11

1. See page 26 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders, Income (Loss) Before Income Tax (Provision) Benefit, Distributable Earnings and Fee Related Earnings.

27

Reconciliation of GAAP to Non-GAAP Financial Measures

($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Total Consolidated Revenues (GAAP)

$636,579

$702,721

$914,772

($1,469,086)

$1,508,335

$1,314,356

$39,249

Equity awards granted by unconsolidated related parties,

(23,847)

(19,990)

(29,706)

(35,841)

(24,847)

(52,976)

(60,688)

reimbursable expenses and other

Adjustments related to consolidated funds and VIEs

90

4,079

7,053

(1,451)

16,165

1,722

14,714

Performance fees1

(163,014)

(250,642)

(374,860)

1,734,435

(918,493)

(411,186)

815,942

Principal investment (income) loss

(43,174)

(34,785)

(68,550)

193,447

(114,149)

(66,938)

79,298

Total Fee Related Revenues

$406,634

$401,383

$448,709

$421,504

$467,011

$784,978

$888,515

Realized performance fees

33,335

67,434

437,548

65,746

10,837

97,124

76,583

Realized principal investment income, net and other

10,438

13,532

27,764

4,741

4,376

21,032

9,117

Total Segment Revenues

$450,407

$482,349

$914,021

$491,991

$482,224

$903,134

$974,215

Total Consolidated Expenses (GAAP)

$342,525

$371,372

$599,366

($328,434)

$702,777

$720,542

$374,343

Equity awards granted by unconsolidated related parties,

(23,865)

(20,563)

(30,022)

(32,211)

(21,662)

(52,707)

(53,873)

reimbursable expenses and other

Reclassification of interest expense

(23,302)

(27,833)

(28,126)

(31,242)

(32,291)

(42,410)

(63,533)

Transaction-related charges

(18,135)

(5,201)

(20,414)

21,399

(32,110)

(23,598)

(10,711)

Charges associated with corporate conversion

(10,006)

(6,994)

(4,987)

(1,064)

-

(10,006)

(1,064)

Equity-based compensation

(18,237)

(15,802)

(18,500)

(14,070)

(17,747)

(36,660)

(31,817)

Total profit sharing expense2

(74,780)

(107,124)

(274,285)

580,949

(389,987)

(212,643)

190,962

Dividend compensation program expense

-

-

(16,000)

(2,540)

(1,820)

-

(4,360)

Total Fee Related Expenses

$174,200

$187,855

$207,032

$192,787

$207,160

$342,518

$399,947

Realized profit sharing expense

13,306

23,823

211,984

65,746

10,837

54,445

76,583

Total Segment Expenses

$187,506

$211,678

$419,016

$258,533

$217,997

$396,963

$476,530

Total Consolidated Other Income (Loss) (GAAP)

$65,004

($42,151)

$108,966

($1,439,044)

$333,850

$100,465

($1,105,194)

Adjustments related to consolidated funds and VIEs

(4,367)

(10,338)

(14,768)

166,465

(56,197)

(13,501)

110,268

(Gain) loss change in tax receivable agreement liability

-

38,575

11,732

-

-

-

-

Net (gains) losses from investment activities

(45,053)

19,783

(94,022)

1,264,244

(270,112)

(63,878)

994,132

Interest income and other, net of Non-Controlling Interest

(9,497)

(6,607)

(12,450)

7,674

(8,147)

(17,269)

(473)

Other Income (Loss), net of Non-Controlling Interest

6,087

(738)

(542)

(661)

(606)

5,817

(1,267)

Net interest loss and other

(14,171)

(17,409)

(18,527)

(36,292)

(28,207)

(26,021)

(64,499)

Total Segment Other Loss

($8,084)

($18,147)

($19,069)

($36,953)

($28,813)

($20,204)

($65,766)

  1. Excludes certain performance fees related to business development companies, Redding Ridge Holdings and MidCap.
  2. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other.

28

Total Segment Revenues, Expenses and Other Income (Loss)

The following table sets forth Apollo's total segment revenues for the combined segments

($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Management fees

$366,311

$378,372

$387,764

$382,368

$401,822

$724,934

$784,190

Advisory and transaction fees, net

31,062

16,562

56,206

36,732

61,749

50,122

98,481

Performance fees1

9,261

6,449

4,739

2,404

3,440

9,922

5,844

Total Fee Related Revenues

406,634

401,383

448,709

421,504

467,011

784,978

888,515

Realized performance fees

33,335

67,434

437,548

65,746

10,837

97,124

76,583

Realized principal investment income. net and other

10,438

13,532

27,764

4,741

4,376

21,032

9,117

Total Segment Revenues

$450,407

$482,349

$914,021

$491,991

$482,224

$903,134

$974,215

The following table sets forth Apollo's total segment expenses for the combined segments

($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Salary, bonus and benefits

$110,269

$116,859

$130,463

$124,021

$134,999

$215,994

$259,020

General, administrative and other

63,156

70,740

76,075

68,353

71,803

126,189

140,156

Placement fees

775

256

494

413

358

335

771

Total Fee Related Expenses

174,200

187,855

207,032

192,787

207,160

342,518

399,947

Realized profit sharing expense

13,306

23,823

211,984

65,746

10,837

54,445

76,583

Total Segment Expenses

$187,506

$211,678

$419,016

$258,533

$217,997

$396,963

$476,530

The following table sets forth Apollo's total segment other income for the combined segments

($ in thousands)

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

YTD'19

YTD'20

Other income, net

$6,731

$144

$479

$133

$81

$7,065

$214

Non-Controlling Interest

(644)

(882)

(1,021)

(794)

(687)

(1,248)

(1,481)

Other Income (Loss), net of Non-Controlling Interest

6,087

(738)

(542)

(661)

(606)

5,817

(1,267)

Net interest loss and other

(14,171)

(17,409)

(18,527)

(36,292)

(28,207)

(26,021)

(64,499)

Total Segment Other Loss

($8,084)

($18,147)

($19,069)

($36,953)

($28,813)

($20,204)

($65,766)

1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap.

29

Non-GAAP Financial Information & Definitions

Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("Non-GAAP"):

  • "Segment Distributable Earnings", or "Segment DE", is the key performance measure used by management in evaluating the performance of Apollo's credit, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following:
    • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires;
    • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses;
    • Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo's stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year; and
    • Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUs that participate in dividends and holders of AOG Units.

Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo's net realized earnings, excluding the effects of the consolidation of any of the related funds, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements.

  • "Distributable Earnings" or "DE" represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo's tax receivable agreement. DE is net of preferred dividends, if any, to the Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo's consolidated statements of operations under U.S. GAAP. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates that may change due to changes in interpretations of tax law.
  • "Fee Related Earnings", or "FRE", is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to business development companies, Redding Ridge Holdings, and MidCap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages.

30

Non-GAAP Financial Information & Definitions Cont'd

  • "Assets Under Management", or "AUM", refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of:
    1. the net asset value ("NAV"), plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOs"), collateralized debt obligations ("CDOs"), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets;
    2. the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity;
    3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and
    4. the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.

Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways.

We use AUM, Capital deployed and Dry powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.

  • "AUM with Future Management Fee Potential" refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
  • "Fee-GeneratingAUM" or "FGAUM" consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on "net asset value," "gross assets," "adjusted par asset value," "adjusted cost of all unrealized portfolio investments," "capital commitments," "adjusted assets," "stockholders' equity," "invested capital" or "capital contributions," each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.
  • "Performance Fee-EligibleAUM" or "PFEAUM" refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following:
    • "Performance Fee-GeneratingAUM", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements;
    • "AUM Not Currently Generating Performance Fees", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and
    • "Uninvested Performance Fee-EligibleAUM", which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner.

31

Non-GAAP Financial Information & Definitions Cont'd

  • "Athene Holding" refers to Athene Holding Ltd. (together with its subsidiaries, "Athene"), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance Solutions Group LLC (formerly known as Athene Asset Management LLC) ("ISG"), provides asset management and advisory services
  • "Athora" refers to a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the "Athora Accounts"). The Company, through ISGI provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages.
  • "Advisory" refers to certain assets advised by Apollo Asset Management Europe PC LLP ("AAME PC"), a wholly-owned subsidiary of Apollo Asset Management Europe LLP ("AAME"). AAME PC and AAME are subsidiaries of Apollo and are collectively referred to herein as "ISGI".
  • "Capital deployed" or "Deployment" is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment based funds and (ii) SIAs that have a defined maturity date.
  • "Distributable Earnings Shares Outstanding" or "DE Shares Outstanding", consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share.
  • "Dry powder" represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses.
  • "Gross IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated ("USD") fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross IRR" of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2020 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross IRR" of a real assets fund excluding the principal finance funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 2020 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.
  • "Gross Return" of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period's return over time.
  • "Inflows" represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments.
  • "Net IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
  • "Net IRR" of a private equity fund means the Gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund's subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

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Non-GAAP Financial Information & Definitions Cont'd

  • "Net IRR" of a real assets fund excluding the principal finance funds represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of June 30, 2020 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.
  • "Net Return" of a credit or real assets fund represents the Gross Return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period's return over time.
  • "Permanent Capital Vehicles" refers to (a) assets that are owned by or related to Athene or Athora Holding Ltd. ("Athora Holding" and together with its subsidiaries, "Athora"), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company ("MidCap") and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Tactical Income Fund Inc. ("AIF"), and Apollo Senior Floating Rate Fund Inc. ("AFT"), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and
    (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not "interested persons" as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days' written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI's board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI's independent directors. The investment management or advisory arrangements between each of MidCap and Apollo, Athene and Apollo and Athora and Apollo, may also be

terminated under certain circumstances. The agreement pursuant to which Apollo earns certain investment-related service fees from a non-traded business development company may be terminated under certain limited circumstances.

  • "Private Equity fund appreciation (depreciation)" refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations Fund, L.P., AION Capital Partners Limited ("AION") and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period's return over time;
  • "Realized Value" refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund.
  • "Redding Ridge" refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests.
  • "Remaining Cost" represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment.
  • "Total Invested Capital" refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities.
  • "Total Value" represents the sum of the total Realized Value and Unrealized Value of investments.
  • "Unrealized Value" refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and
  • "Vintage Year" refers to the year in which a fund's final capital raise occurred, or, for certain funds, the year in which a fund's investment period commences pursuant to its governing agreements.

33

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 presentation includes the results for AGM LLC prior to the Conversion and the results for AGM Inc. following the Conversion. In this presentation, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to (a) Apollo Global Management, 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 presentation 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 presentation, 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 presentation 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 presentation does not constitute an offer of any Apollo fund.

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Apollo Investment Corporation published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 12:20:09 UTC