Apollo Global Management (APO-PA) 8-K Regulation FD Disclosure

EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA

    The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the three and nine months ended September 30, 2021. 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, Inc.’s financial statements for the relevant periods.

	As of September 30, 2021
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Global Management, Inc. Consolidated
Statement of Financial Data	(dollars in thousands)
Assets:
Cash and cash equivalents	$	2,086,517	$	3,352	$	328	$	2,090,197
Restricted cash and cash equivalents	17,687		1,035,095		—		1,052,782
U.S. Treasury securities, at fair value	—		817,226		—		817,226
Investments (includes performance allocations of $2,598,693 as of September 30, 2021)	8,210,364		457		(224,215)		7,986,606
Assets of consolidated variable interest entities:
Cash and cash equivalents	—		672,619		—		672,619
Investments, at fair value	—		13,568,170		(380,042)		13,188,128
Other assets	—		500,595		(481)		500,114
Incentive fees receivable	4,124		—		—		4,124
Due from related parties	650,299		(4,704)		(126,376)		519,219
Deferred tax assets, net	3,358		—		463,541		466,899
Other assets	493,810		3,193		(484)		496,519
Lease assets	379,251		—		—		379,251
Goodwill	117,553		—		(595)		116,958
Total Assets	$	11,962,963	$	16,596,003	$	(268,324)	$	28,290,642
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	159,602	$	3,319	$	46,391	$	209,312
Accrued compensation and benefits	239,242		—		—		239,242
Deferred revenue	175,204		—		—		175,204
Due to related parties	31,009		10,800		592,661		634,470
Profit sharing payable	1,528,662		—		—		1,528,662
Debt	3,153,181		—		—		3,153,181
Liabilities of consolidated variable interest entities:
Debt, at fair value	—		8,170,997		(148,250)		8,022,747
Notes payable	—		2,600,639		(102,505)		2,498,134
Other liabilities	—		761,732		(58,632)		703,100
Due to related parties	—		31,815		(31,815)		—
Other liabilities	338,496		119,512		16,954		474,962
Lease liabilities	427,529		—		—		427,529
Total Liabilities	6,052,925		11,698,814		314,804		18,066,543
Redeemable non-controlling interests:
Redeemable non-controlling interests	—		1,742,302		7,752		1,750,054
Stockholders’ Equity:
Apollo Global Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of September 30, 2021	264,398		—		—		264,398
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of September 30, 2021	289,815		—		—		289,815
Additional paid in capital	—		(78,389)		1,096,328		1,017,939
Retained earnings (accumulated deficit)	2,345,109		425,937		(1,692,190)		1,078,856
Accumulated other comprehensive income (loss)	(3,108)		(4,976)		4,982		(3,102)
Total Apollo Global Management, Inc. Stockholders’ Equity	2,896,214		342,572		(590,880)		2,647,906
Non-Controlling Interests in consolidated entities	6,532		2,812,315		—		2,818,847
Non-Controlling Interests in Apollo Operating Group	3,007,292		—		—		3,007,292
Total Stockholders’ Equity	5,910,038		3,154,887		(590,880)		8,474,045
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	$	11,962,963	$	16,596,003	$	(268,324)	$	28,290,642

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

	For the Three Months Ended September 30, 2021
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other(1)		Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data	(dollars in thousands)
Revenues:
Management fees	$	493,186	$	—	$	(18,649)	$	474,537
Advisory and transaction fees, net	64,556		—		(1,725)		62,831
Investment income (loss):
Performance allocations	466,569		—		(8,358)		458,211
Principal investment income (loss)	79,991		—		(1,708)		78,283
Total investment income (loss)	546,560		—		(10,066)		536,494
Incentive fees	5,436		—		—		5,436
Total Revenues	1,109,738		—		(30,440)		1,079,298
Expenses:
Compensation and benefits:
Salary, bonus and benefits	182,576		—		—		182,576
Equity-based compensation	56,218		—		—		56,218
Profit sharing expense	262,874		—		—		262,874
Total compensation and benefits	501,668		—		—		501,668
Interest expense	34,807		3		10		34,820
General, administrative and other	107,772		3,825		—		111,597
Placement fees	822		—		—		822
Total Expenses	645,069		3,828		10		648,907
Other Income (Loss):
Net gains (losses) from investment activities	160,287		29,230		(16,719)		172,798
Net gains from investment activities of consolidated variable interest entities	—		128,885		13,570		142,455
Interest income (loss)	2,287		132		(305)		2,114
Other income (loss), net	(14,778)		(146)		17		(14,907)
Total Other Income (Loss)	147,796		158,101		(3,437)		302,460
Income (loss) before income tax provision	612,465		154,273		(33,887)		732,851
Income tax provision	(11,213)		—		(90,221)		(101,434)
Net Income (Loss)	601,252		154,273		(124,108)		631,417
Net income attributable to Non-controlling Interests	(262,392)		(110,703)		—		(373,095)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	338,860		43,570		(124,108)		258,322
Series A Preferred Stock Dividends	(4,382)		—		—		(4,382)
Series B Preferred Stock Dividends	(4,782)		—		—		(4,782)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$	329,696	$	43,570	$	(124,108)	$	249,158

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

	For the Nine Months Ended September 30, 2021
	Total Apollo Operating Group Consolidated		Consolidated Funds & VIEs		Other (1)		Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data	(dollars in thousands)
Revenues:
Management fees	$	1,458,546	$	—	$	(56,732)	$	1,401,814
Advisory and transaction fees, net	210,015		—		(4,485)		205,530
Investment income (loss):
Performance allocations	2,617,009		—		(28,312)		2,588,697
Principal investment income (loss)	554,538		—		(17,864)		536,674
Total investment income (loss)	3,171,547		—		(46,176)		3,125,371
Incentive fees	23,608		—		—		23,608
Total Revenues	4,863,716		—		(107,393)		4,756,323
Expenses:
Compensation and benefits:
Salary, bonus and benefits	538,505		—		—		538,505
Equity-based compensation	165,664		—		—		165,664
Profit sharing expense	1,279,601		—		—		1,279,601
Total compensation and benefits	1,983,770		—		—		1,983,770
Interest expense	104,405		5		23		104,433
General, administrative and other	313,904		13,369		12		327,285
Placement fees	1,950		—		—		1,950
Total Expenses	2,404,029		13,374		35		2,417,438
Other Income:
Net gains (losses) from investment activities	1,429,188		27,807		(17,652)		1,439,343
Net gains from investment activities of consolidated variable interest entities	—		348,943		51,509		400,452
Interest income (loss)	4,112		392		(947)		3,557
Other income (loss), net	(29,746)		(370)		1,990		(28,126)
Total Other Income	1,403,554		376,772		34,900		1,815,226
Income (loss) before income tax provision	3,863,241		363,398		(72,528)		4,154,111
Income tax provision	(24,695)		—		(474,036)		(498,731)
Net Income (Loss)	3,838,546		363,398		(546,564)		3,655,380
Net income attributable to Non-controlling Interests	(1,765,479)		(294,962)		—		(2,060,441)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	2,073,067		68,436		(546,564)		1,594,939
Series A Preferred Stock Dividends	(13,148)		—		—		(13,148)
Series B Preferred Stock Dividends	(14,344)		—		—		(14,344)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$	2,045,575	$	68,436	$	(546,564)	$	1,567,447

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