EX-99.1 2 agmdebt8-k4q2022exhibit991.htm EX-99.1 Document

EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA
On January 1, 2022, Apollo Global Management, Inc. completed the previously announced merger transactions with Athene Holding Ltd. ("Athene"). Upon the closing of the merger with Athene, Apollo Global Management, Inc. was renamed Apollo Asset Management, Inc., and became a subsidiary of Tango Holdings, Inc., and Tango Holdings, Inc. was renamed "Apollo Global Management, Inc."

The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the year ended December 31, 2022. The Apollo Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Apollo Operating Group has been reconciled to Apollo Asset Management, Inc.’s (f/k/a Apollo Global Management, Inc.) financial statements for the relevant periods.



 As of December 31, 2022
Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Asset Management, Inc. Consolidated
Statement of Financial Data(dollars in thousands)
Assets:
 Cash and cash equivalents $1,199,740 $535 $460 $1,200,735 
 Restricted cash and cash equivalents 2,153 1,045,976 — 1,048,129 
Investments (includes performance allocations of $2,635,180 as of December 31, 2022)5,502,123 402 141,642 5,644,167 
 Assets of consolidated variable interest entities:
 Cash and cash equivalents — 109,578 — 109,578 
 Investments, at fair value — 2,370,884 — 2,370,884 
 Other assets — 87,667 (57,357)30,310 
 Due from related parties (666,001)1,264 1,390,990 726,253 
 Deferred tax assets, net 17,763 — 615,897 633,660 
 Other assets 1,098,841 11,674 65,240 1,175,755 
 Lease assets 590,732 — — 590,732 
 Goodwill 264,339 — (595)263,744 
Total Assets$8,009,690 $3,627,980 $2,156,277 $13,793,947 
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
 Accounts payable and accrued expenses $139,699 $13,274 $14,791 $167,764 
 Accrued compensation and benefits 111,152 3,710 — 114,862 
 Deferred revenue 172,720 — — 172,720 
 Due to related parties 211,312 8,300 1,357,882 1,577,494 
 Profit sharing payable 1,412,452 — (1)1,412,451 
 Debt 2,814,117 — — 2,814,117 
 Liabilities of consolidated variable interest entities:
 Notes payable — 49,990 — 49,990 
 Other liabilities — 1,898,840 1 1,898,841 
 Due to related parties — 456 (456)— 
 Other liabilities 328,765 43,844 49,832 422,441 
 Lease liabilities 664,366 — — 664,366 
Total Liabilities5,854,583 2,018,414 1,422,049 9,295,046 
Redeemable non-controlling interests:
Redeemable non-controlling interests— 1,027,429 4,485 1,031,914 
Stockholders’ Equity:
 Apollo Asset Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2022264,398 — — 264,398 
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2022289,815 — — 289,815 
 Additional paid in capital — (72,117)1,376,495 1,304,378 
 Retained earnings (44,344)216,302 (171,958)— 
Accumulated other comprehensive loss(11,971)(34,179)35,810 (10,340)
Total Apollo Asset Management, Inc. Stockholders’ Equity497,898 110,006 1,240,347 1,848,251 
 Non-controlling interests in consolidated entities 5,676 472,131 10,102 487,909 
 Non-controlling interests in Apollo Operating Group 1,651,533 — (520,706)1,130,827 
Total Stockholders’ Equity2,155,107 582,137 729,743 3,466,987 
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity$8,009,690 $3,627,980 $2,156,277 $13,793,947 
(1)    Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.


 For the Year Ended December 31, 2022
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Asset Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
       Management fees $2,299,840 $1,264 $(20,596)$2,280,508 
       Advisory and transaction fees, net 421,099 — 22,392 443,491 
Investment income856,676 — (56,542)800,134 
       Incentive fees 28,066 — (843)27,223 
Total Revenues3,605,681 1,264 (55,589)3,551,356 
Expenses:
       Compensation and benefits 1,939,479 3,710 — 1,943,189 
       Interest expense 125,761 33 4,715 130,509 
       General, administrative and other 638,225 7,933 1,901 648,059 
Total Expenses2,703,465 11,676 6,616 2,721,757 
 Other Income:
       Net gains from investment activities 939,776 19,569 (24,581)934,764 
       Net gains from investment activities of consolidated variable interest entities — 234,042 171,047 405,089 
       Interest income 37,263 13,025 (534)49,754 
       Other income (loss), net 11,783 (399)(26,350)(14,966)
                Total Other Income988,822 266,237 119,582 1,374,641 
      Income before income tax provision 1,891,038 255,825 57,377 2,204,240 
       Income tax provision (31,869)(21,159)(156,892)(209,920)
                 Net Income1,859,169 234,666 (99,515)1,994,320 
       Net income attributable to non-controlling interests (724,731)(306,608)(29,114)(1,060,453)
 Net Income Attributable to Apollo Asset Management, Inc. 1,134,438 (71,942)(128,629)933,867 
       Series A Preferred Stock Dividends (17,531)— — (17,531)
       Series B Preferred Stock Dividends (19,125)— — (19,125)
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders$1,097,782 $(71,942)$(128,629)$897,211 
(1)    Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.




For the Three Months Ended December 31, 2022
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Asset Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
Management fees$582,735 $14 $(84)$582,665 
Advisory and transaction fees, net102,520 — 7,621 110,141 
Investment income (loss)(25,851)— (3,397)(29,248)
Incentive fees9,287 — — 9,287 
Total Revenues668,691 14 4,140 672,845 
Expenses:
Compensation and benefits386,146 — — 386,146 
Interest expense30,613 7 1,599 32,219 
General, administrative and other159,366 884 958 161,208 
Total Expenses576,125 891 2,557 579,573 
Other Income (Loss):
Net gains (losses) from investment activities(13,261)3,364 (6,251)(16,148)
Net gains from investment activities of consolidated variable interest entities— 25,717 (14,330)11,387 
Interest income (loss)10,430 5,008 (61)15,377 
Other income (loss), net3,742 (95)(114)3,533 
Total Other Income (Loss)911 33,994 (20,756)14,149 
Income (loss) before income tax provision93,477 33,117 (19,173)107,421 
Income tax provision(17,672)(179)(4,218)(22,069)
Net Income (Loss)75,805 32,938 (23,391)85,352 
Net income attributable to Non-controlling Interests(44,393)(17,529)— (61,922)
Net Income (Loss) Attributable to Apollo Asset Management, Inc.31,412 15,409 (23,391)23,430 
Series A Preferred Stock Dividends(4,383)— — (4,383)
Series B Preferred Stock Dividends(4,781)— — (4,781)
Net Income (Loss) Attributable to Apollo Asset Management, Inc. Class A Common Stockholders$22,248 $15,409 $(23,391)$14,266 
(1)    Includes eliminations for Variable Interest Entities (VIEs), fund consolidation and entities not included in the Apollo Operating Group.