Apollo Global Management (APO-PA) 8-K Apollo to Offer Senior Notes

Exhibit 99.2

CAPITALIZATION

The following table sets forth our capitalization as of December 31, 2018 for the Apollo Operating Group on a historical basis and as adjusted to give effect to this offering and the use of proceeds therefrom. The information below regarding our financial results for the fiscal quarter and the fiscal year ended December 31, 2018 is preliminary and has not been audited or reviewed by Deloitte & Touche LLP, our independent registered public accountants, nor have any other review procedures been performed by Deloitte & Touche LLP, with respect to these results. See “Summary—Recent Developments—Preliminary Financial Results for the Fiscal Quarter and the Fiscal Year Ended December 31, 2018 (unaudited).” You should read this table in conjunction with the sections titled “Summary—Recent Developments—Preliminary Financial Results for the Fiscal Quarter and the Fiscal Year Ended December 31, 2018 (unaudited),” Summary—Recent Developments—Unaudited Reconciliation of Financial Data” and “Unaudited Reconciliation of Financial Data” included in this offering memorandum, and with the financial statements and the related notes and reconciliations incorporated by reference in this offering memorandum.

	As of December 31, 2018
	Actual			As Adjusted
	(dollars in millions)
4.000% Senior Notes Due 2024	$	496.5		$	496.5
4.400% Senior Notes due 2026		496.2			496.2
5.000% Senior Notes due 2048		296.4			296.4
Notes offered hereby(1)		—
Revolving Facility(2)		—			—
2014 AMI Term Facilities		33.3			33.3
2016 AMI Term Facility		38.1			38.1
Series A Preferred Shares		264.4			264.4
Series B Preferred Shares		289.8			289.8
Additional paid in capital		1,299.4			1,299.4
Accumulated deficit		(473.3	)		(473.3	)
Accumulated other comprehensive loss		(4.2	)		(4.2	)
Non-controlling interests in consolidated entities		271.5			271.5
Non-controlling interests in Apollo Operating Group		804.1			804.1
Total capitalization	$	3,812.2		$

(1) As adjusted reflects gross proceeds of $                million, net of original issue discount of approximately $                million. The discount will be amortized into interest expense over the term of the notes, resulting in the accretion of $                million to par value of $                million.

(2) As of December 31, 2018, we had no outstanding borrowings under the revolving facility.

UNAUDITED RECONCILIATION OF FINANCIAL DATA

The following tables present the preliminary unaudited financial information for the Apollo Operating Group as of and for the fiscal year ended December 31, 2018. 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 Global Management, LLC’s preliminary unaudited financial information for the relevant period. Such financial data remain subject to adjustment and could differ based on Apollo Global Management, LLC’s actual results that will be reflected in Apollo Global Management, LLC’s Annual Report onForm 10-K for the year ended December 31, 2018.

	For the Year ended December 31, 2018
	Total Apollo Operating Group Consolidated			VIE & Consolidated Funds Total			Other(1)			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Operations
Revenues:
Management fees from related parties	$	1,349,234		$	—		$	(3,982	)	$	1,345,252
Advisory and transaction fees from related parties, net		112,278			—			—			112,278
Investment Income (loss):
Performance allocations		(392,061	)		—			(8,244	)		(400,305	)
Principal investment income		9,282			—			(4,160	)		5,122
Total investment income (loss)		(382,779	)		—			(12,404	)		(395,183	)
Incentive fees		30,718			—			—			30,718
Total Revenues		1,109,451			—			(16,386	)		1,093,065
Expenses:
Compensation and benefits:
Salary, bonus and benefits		459,604			—			—			459,604
Equity-based compensation		173,228			—			—			173,228
Profit sharing expense		(57,833	)		—			—			(57,833	)
Total compensation and benefits		574,999			—			—			574,999
Interest expense		59,369			—			5			59,374
General, administrative and other		266,105			—			339			266,444
Placement fees		2,122			—			—			2,122
Total Expenses		902,595			—			344			902,939
Other Income (Loss):
Net losses from investment activities		(186,426	)		(23	)		—			(186,449	)
Net gains from investment activities of consolidated variable interest entities		—			39,840			5,272			45,112
Interest income		21,882			11			(1,239	)		20,654
Other income, net		418			—			35,411			35,829
Total Other Income (Loss)		(164,126	)		39,828			39,444			(84,854	)
Income before income tax provision		42,730			39,828			22,714			105,272
Income tax provision		(9,764	)		—			(76,257	)		(86,021	)
Net Income		32,966			39,828			(53,543	)		19,251
Net income attributable toNon-controlling Interests		(2,156	)		(27,471	)		—			(29,627	)
Net Income (Loss) Attributable to Apollo Global Management, LLC		30,810			12,357			(53,543	)		(10,376	)
Net income attributable to Series A Preferred Shareholders		(17,531	)		—			—			(17,531	)
Net income attributable to Series B Preferred Shareholders		(14,131	)		—			—			(14,131	)
Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders	$	(852	)	$	12,357		$	(53,543	)	$	(42,038	)

(1) Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.

	As of December 31, 2018
	Total Apollo Operating Group Consolidated			VIE & Consolidated Funds Total			Other(1)			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Financial Data
Assets:
Cash and cash equivalents	$	608,181			4			1,562			609,747
Restricted cash		3,457			—			—			3,457
U.S. Treasury securities, at fair value		392,932			—			—			392,932
Investments (includes performance allocations of $912,182 as of December 31, 2018)		2,811,445			558			(89,391	)		2,722,612
Assets of consolidated variable interest entities:
Cash and cash equivalents		—			49,671			—			49,671
Investments, at fair value		—			1,175,985			(308	)		1,175,677
Other assets		—			65,543			—			65,543
Incentive Fee receivable		6,792			—			—			6,792
Due from related parties		522,122			—			(144,014	)		378,108
Deferred tax assets		5,999			—			300,095			306,094
Other assets		174,087			—			(817	)		173,270
Goodwill		88,852			—			—			88,852
Intangible assets, net		18,899			—			—			18,899
Total Assets	$	4,632,766		$	1,291,761		$	67,127		$	5,991,654
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	70,791		$	—		$	87		$	70,878
Accrued compensation and benefits		73,583			—			—			73,583
Deferred revenue		111,097			—			—			111,097
Due to related parties		139,537			—			285,898			425,435
Profit sharing payable		452,141			—			—			452,141
Debt		1,360,448			—			—			1,360,448
Liabilities of consolidated variable interest entities:		—			—
Debt, at fair value		—			899,651			(44,190	)		855,461
Other liabilities		—			79,244			(267	)		78,977
Due to affiliates		—			1,787			(1,787	)		—
Other liabilities		111,794			—			—			111,794
Total Liabilities		2,319,391			980,682			239,741			3,539,814
Shareholders’ Equity:
Apollo Global Management, LLC shareholders’ equity:
Series A Preferred shares, 11,000,000 shares issued and outstanding as of December 31, 2018		264,398			—			—			264,398
Series B Preferred shares, 12,000,000 shares issued and outstanding as of December 31, 2018		289,815			—			—			289,815
Additional paid in capital		—			—			1,299,418			1,299,418
Accumulated deficit		953,366			17,673			(1,444,315	)		(473,276	)
Accumulated other comprehensive loss		(4,043	)		(2,479	)		2,363			(4,159	)
Total Apollo Global Management, LLC shareholders’ equity		1,503,536			15,194			(142,534	)		1,376,196
Non-Controlling Interests in consolidated entities		5,717			295,885			(30,080	)		271,522
Non-Controlling Interests in Apollo Operating Group		804,122			—			—			804,122
Total Shareholders’ Equity		2,313,375			311,079			(172,614	)		2,451,840
Total Liabilities and Shareholders’ Equity	$	4,632,766		$	1,291,761		$	67,127		$	5,991,654

(1) Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.

TOTAL AUM ANDFEE-GENERATING AUM FOR CREDIT SEGMENT

The following table presents Total AUM andFee-Generating AUM amounts for our credit segment by category type:

	As of December 31, 2018
	Total AUM		Fee-Generating AUM
	(dollars in millions)
Liquid/Performing	$	54,825	$	40,323
Hedge Funds		7,159		2,896
CLOs		14,371		8,852
SIAs/Other		33,295		28,575
Drawdown		25,988		14,124
Credit Opportunity Funds		2,029		1,206
European Principal Finance Funds		7,050		5,468
Structured Credit Funds – FCI and SCRF		8,099		4,317
Permanent Capital Vehicles – Credit		131,604		129,831
Permanent Capital Vehicles – MidCap, AINV, AFT, AIF		14,831		13,524
Permanent Capital Vehicles – MidCap		8,771		8,599
Athene		108,790		108,790
AtheneNon-Sub-Advised Assets		85,575		85,575
Athora		7,984		7,517
AthoraNon-Sub-Advised Assets		4,952		4,485
Advisory		7,065		—