Apollo Global Management, Inc. - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - Apollo Global Management, Inc.	erex9913q2020.htm
8-K - 8-K - Apollo Global Management, Inc.	apo-20201029.htm

Exhibit 99.2 A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, Inc. Third Quarter 2020 Earnings October 29, 2020

Apollo 3Q'20 Financial Results Highlights ($ in millions, except per share data) 3Q'20 Per Share YTD'20 Per Share GAAP • Net Income (loss) $676.1 N/A ($608.7) N/A Results • Net Income (loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $263.2 $1.11 ($305.0) ($1.41) ($ in millions, except per share data) 3Q'20 Per Share YTD'20 Per Share • Distributable Earnings (“DE”) $205.1 $0.47 $575.4 $1.30 Financial • Fee Related Earnings (“FRE”) $277.4 $0.63 $764.7 $1.74 Measures • Net Performance Fee Receivable of $465 million ($1.05 per share) and Net Clawback Payable of $211 million & Dividend ($0.48 per share) as of 3Q'20 • Declared 3Q'20 dividend of $0.51 per share of Class A Common Stock and equivalent (payout ratio of 109%), bringing LTM dividends to $2.31 per share of Class A Common Stock (payout ratio of 96%) • Total Assets Under Management (“AUM”) of $433.1 billion Assets Under • Fee-Generating AUM (“FGAUM”) of $336.1 billion Management • Performance Fee-Eligible AUM (“PFEAUM”) of $129.7 billion • Dry powder of $45.8 billion available for investment • Inflows: $13.0 billion of capital inflows ($118.6 billion LTM) 1 Business • Deployment : $20.9 billion ($90.3 billion LTM) Drivers • Drawdown Deployment1: $2.0 billion ($18.0 billion LTM) • Realizations: $1.7 billion of capital returned to investors ($10.7 billion LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 30 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). “LTM” as used throughout this presentation refers to the twelve months ended September 30, 2020 unless the context otherwise provides. YTD’20 DE and FRE per share amounts represent the sum of the last three quarters. 1. Effective 3Q’20, the Company modified the definition of deployment to include net purchases, certain originations and net syndications to provide a more accurate representation of market activity across all the funds and accounts the Company manages. Prior period deployment numbers have been recast to conform to this change in definition. The prior definition of deployment was limited to purchases in our commitment based funds and SIAs that have a defined maturity date. This metric has been renamed “drawdown deployment”. Refer to definitions of deployment and drawdown deployment on page 32. 1

GAAP Consolidated Statements of Operations (Unaudited) Net Income was $676.1 million for the quarter ended September 30, 2020; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was $263.2 million for the quarter ended September 30, 2020 ($ in thousands, except share data) 3Q'19 2Q'20 3Q'20 YTD'19 YTD'20 Revenues: Management fees $394,547 $409,953 $433,570 $1,162,788 $1,240,127 Advisory and transaction fees, net 16,440 61,957 73,449 67,133 172,369 Investment income (loss): Performance allocations 254,103 924,599 459,241 682,462 (350,483) Principal investment income (loss) 33,393 111,621 50,722 99,020 (25,506) Total investment income (loss) 287,496 1,036,220 509,963 781,482 (375,989) Incentive fees 4,238 205 1,292 5,674 21,016 Total Revenues 702,721 1,508,335 1,018,274 2,017,077 1,057,523 Expenses: Compensation and benefits: Salary, bonus and benefits 126,695 151,019 163,197 369,527 453,485 Equity-based compensation 42,665 59,420 49,726 132,404 161,268 Profit sharing expense 88,610 375,959 191,809 280,335 (68,230) Total compensation and benefits 257,970 586,398 404,732 782,266 546,523 Interest expense 27,833 32,291 34,889 70,243 98,422 General, administrative and other 85,313 83,729 90,822 238,814 259,073 Placement fees 256 359 612 591 1,380 Total Expenses 371,372 702,777 531,055 1,091,914 905,398 Other Income (Loss): Net gains (losses) from investment activities (19,790) 268,667 144,472 44,099 (851,412) Net gains (losses) from investment activities of consolidated variable interest entities 10,631 57,862 122,119 24,728 14,061 Interest income 10,152 3,994 1,485 25,938 13,413 Other income (loss), net (43,144) 3,327 10,161 (36,451) (3,019) Total Other Income (Loss) (42,151) 333,850 278,237 58,314 (826,957) Income (loss) before income tax (provision) benefit 289,198 1,139,408 765,456 983,477 (674,832) Income tax (provision) benefit 231,896 (140,323) (89,357) 195,345 66,173 Net Income (Loss) 521,094 999,085 676,099 1,178,822 (608,659) Net (income) loss attributable to Non-Controlling Interests (157,824) (552,756) (403,700) (501,672) 331,169 Net Income (Loss) Attributable to Apollo Global Management, Inc. 363,270 446,329 272,399 677,150 (277,490) Series A Preferred Stock Dividends (4,382) (4,383) (4,382) (13,148) (13,148) Series B Preferred Stock Dividends (4,782) (4,782) (4,781) (14,344) (14,344) Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $354,106 $437,164 $263,236 $649,658 ($304,982) Net Income (Loss) Per Share of Class A Common Stock: Net Income (Loss) Available to Class A Common Stock – Basic $1.64 $1.84 $1.11 $3.07 ($1.41) Net Income (Loss) Available to Class A Common Stock – Diluted $1.63 $1.84 $1.11 $3.06 ($1.41) Weighted Average Number of Class A Common Stock Outstanding – Basic 205,797,643 227,653,988 227,771,678 202,087,827 227,395,847 Weighted Average Number of Class A Common Stock Outstanding – Diluted 207,641,323 227,653,988 227,771,678 203,745,454 227,395,847 2

Total Segments ($ in thousands, except per share data) 3Q'19 2Q'20 3Q'20 YTD'19 YTD'20 Management fees $378,372 $401,822 $426,452 $1,103,306 $1,210,642 Advisory and transaction fees, net 16,562 61,749 72,362 66,684 170,843 Performance fees1 6,449 3,440 2,204 16,371 8,048 Total Fee Related Revenues 401,383 467,011 501,018 1,186,361 1,389,533 Salary, bonus and benefits (116,859) (134,999) (144,939) (332,853) (403,959) General, administrative and other (70,740) (71,803) (77,335) (196,929) (217,491) Placement fees (256) (358) (613) (591) (1,384) Total Fee Related Expenses (187,855) (207,160) (222,887) (530,373) (622,834) Other income (loss), net of Non-Controlling Interest (738) (606) (698) 5,079 (1,965) Fee Related Earnings $212,790 $259,245 $277,433 $661,067 $764,734 Per share2 $0.52 $0.59 $0.63 $1.61 $1.74 Realized performance fees 67,434 10,837 17,445 164,558 94,028 Realized profit sharing expense (23,823) (10,837) (17,445) (78,268) (94,028) Net Realized Performance Fees 43,611 — — 86,290 — Realized principal investment income, net3 14,374 5,219 2,882 37,091 13,684 Net interest loss and other (18,251) (29,050) (34,806) (45,957) (100,990) Segment Distributable Earnings $252,524 $235,414 $245,509 $738,491 $677,428 Taxes and related payables (20,895) (21,040) (31,257) (50,409) (74,490) Preferred dividends (9,164) (9,165) (9,163) (27,492) (27,492) Distributable Earnings $222,465 $205,209 $205,089 $660,590 $575,446 Per share2 $0.54 $0.46 $0.47 $1.60 $1.30 Net dividend per share2 $0.50 $0.49 $0.51 $1.46 $1.42 Payout ratio 93% 107% 109% 91% 109% 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap. 2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. YTD per share amounts represent the sum of the last three quarters. See page 22 for details regarding the stockholder dividend and page 27 for the share reconciliation. 3. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program. 3

Fee Related Earnings Rollforward FRE increased 30% year-over-year and 7% quarter-over-quarter driven by higher management fees and advisory and transaction fees Quarterly Trailing FRE FRE Bridge ($ in millions) FRE Margin1 $10.6 $24.6 $277.4 $259.2 ($10.0) ($5.8) $241.1 Advisory & ($1.2) Transaction $228.1 Mgmt Comp Non-Comp Performance Fees $212.8 Fees Fees 55% 56% • 54% 53% 54% 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 Per Share $0.52 $0.59 $0.52 $0.59 $0.06 $0.02 $(0.02) $(0.02) $— $0.63 “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 Dividend per share increased to $0.51 cents quarter-over-quarter, fueled by strong FRE growth Distributable Earnings per Share1 Dividend per Share1 $1.10 $0.89 $0.54 $0.51 $0.50 $0.49 $0.46 $0.47 $0.42 $0.37 $0.40 Minimum Quarterly Dividend 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 3Q'19 4Q'19 1Q'20 2Q'20 3Q'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 $433.1 billion during the quarter, primarily driven by growth in Athora and Athene and appreciation in our funds’ private equity portfolio Gross Inflows were $13.0 billion during the quarter and $118.6 billion over the twelve months ended September 30, 2020 Dry powder was $45.8 billion as of quarter-end, of which $21.9 billion was dry powder with future management fee potential Total AUM Fee-Generating AUM ($ in billions) ($ in billions) $433.1 $433.1 $413.6 $44.2 $44.2 $39.9 $76.8 $76.8 $336.1 $336.1 $322.7 $73.3 $329.8 CAGR $31.6 $35.5 $35.5 $37.2 22% $43.8 $43.9 CAGR $43.9 $243.0 $77.9 21% $28.2 $46.7 $161.8 $312.1 $312.1 $300.4 $19.5 $131.1 $254.4 $256.7 $256.7 $46.8 $14.8 $207.6 $33.7 $168.1 $95.5 $82.6 3Q'19 2Q’20 3Q'20 3Q'15 3Q'20 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 Credit Private Equity Real Assets Credit Private Equity Real Assets 6

Performance Fee Assets Under Management Performance Fee-Generating AUM increased to $47.3 billion during the quarter driven by growth in permanent capital vehicles and appreciation in our funds’ private equity and principal finance portfolios Performance Fee-Eligible AUM1 Performance Fee-Generating AUM ($ in billions) ($ in billions) $129.7 $129.7 $125.1 $124.8 $10.8 $10.8 $10.0 $9.8 $65.0 $4.3 $56.3 $59.2 $59.2 $62.6 $81.5 $24.3 $47.3 $47.3 $6.3 $5.5 $5.5 $40.0 $3.8 $40.6 $20.7 $28.1 $20.7 $18.0 $3.1 $10.5 $58.7 $59.7 $59.7 $36.4 $52.5 $34.6 $18.2 $21.1 $21.1 $14.5 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 Credit Private Equity Real Assets 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 Fee-Generating AUM Rollforward1 4 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 2Q'20 $300,454 $73,301 $39,851 $413,606 2Q'20 $254,332 $43,840 $31,606 $329,778 Inflows 7,110 1,701 4,147 12,958 Inflows 5,552 277 4,059 9,888 3 Outflows (4,959) (108) — (5,067) Outflows3 (7,069) (229) (185) (7,483) Net Flows 2,151 1,593 4,147 7,891 Net Flows (1,517) 48 3,874 2,405 Realizations (419) (1,082) (227) (1,728) Realizations (211) (130) (167) (508) Market Activity 9,919 2,989 468 13,376 Market Activity 4,067 163 240 4,470 3Q'20 $312,105 $76,801 $44,239 $433,145 3Q'20 $256,671 $43,921 $35,553 $336,145 QoQ Change 4% 5% 11% 5% QoQ Change 1% —% 12% 2% 1 LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward 4 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 3Q'19 $207,658 $77,863 $37,153 $322,674 3Q'19 $168,096 $46,698 $28,235 $243,029 2 Inflows2 106,045 4,366 8,157 118,568 Inflows 99,403 1,981 8,281 109,665 3 Outflows3 (13,601) (184) (517) (14,302) Outflows (17,143) (3,508) (897) (21,548) Net Flows 92,444 4,182 7,640 104,266 Net Flows 82,260 (1,527) 7,384 88,117 Realizations (2,360) (6,519) (1,849) (10,728) Realizations (991) (1,652) (633) (3,276) Market Activity2 14,363 1,275 1,295 16,933 Market Activity 7,306 402 567 8,275 3Q'20 $312,105 $76,801 $44,239 $433,145 3Q'20 $256,671 $43,921 $35,553 $336,145 YoY Change 50% (1%) 19% 34% YoY Change 53% (6%) 26% 38% 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 3Q'20 outflows for both Total AUM and FGAUM are $0.7 billion of redemptions. Included in the LTM outflows for Total AUM and FGAUM are $2.5 billion and $2.4 billion of redemptions, respectively. 4. As of 3Q'20, Credit AUM includes $22.2 billion of CLOs, $12.7 billion of which Apollo earns fees based on gross assets and $9.5 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 Performance Fee-Eligible AUM ($ in billions) ($ in billions) Currently Real Uninvested Generating Credit Performance Assets Performance Fee-Eligible AUM Fees $3.7 $14.5 $41.9 $47.3 $46 $129.7 billion Other PE $6.7 billion $2.3 Fund VIII $18.6 Private Equity $40.5 Not Currently $27.6 Generating Fund IX Performance Fees Deployment1 Invested AUM Not Investment Appreciation Strategy / Fund Currently Generating Period Active Required to Achieve 2 3,4 ($ in billions) Performance Fees >24 Months Performance Fees Corporate Credit $21.7 $19.5 3% 3Q'20 LTM Structured Credit 3.5 3.5 17% Real Real Direct Origination 3.8 3.7 4% Assets Assets Credit 29.0 26.7 5% $10.6 Fund IX 5.6 5.6 8% Private $3.9 Private ANRP II 1.5 1.5 20% Equity Equity $12.3 $0.8 $21 billion $90 billion Hybrid Capital 1.2 1.2 148% Other PE 2.6 1.2 91% 5 $67.4 Private Equity 10.9 9.5 38% $16.2 Credit Credit Real Assets 0.6 0.3 > 250bps Total $40.5 $36.5 1. For the three months ended September 30, 2020, drawdown deployment was $1.1 billion, $0.1 billion and $0.8 billion for credit, private equity and real assets, respectively. For the twelve months ended September 30, 2020, drawdown deployment was $8.9 billion, $7.2 billion and $1.9 billion for credit, private equity and real assets, respectively. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of September 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 Supplemental Information ($ in billions) $258 ($ in billions) 2Q'20 3Q'20 Athene2 $165.1 $173.0 Athora 60.2 65.0 $136 60% MidCap 8.6 8.1 $87 49% $72 47% ARI 7.0 6.9 45% $25 AINV/Other1 4.5 4.5 22% 2012 2014 2016 2018 3Q'20 AFT/AIF 0.7 0.7 Period Ending Permanent Capital AUM % of Total AUM Total AUM in Permanent Capital Vehicles $246.1 $258.2 Fee Related Revenue from Permanent Capital Athene and Athora AUM ($ in billions) ($ in millions) $230 2Q'20 3Q'20 Athene2 $165.1 $173.0 $206 Core Assets 45.4 48.6 $189 $190 $184 Core Plus Assets 36.2 40.0 Yield Assets 55.5 56.9 High Alpha 5.8 6.8 Cash, Treasuries, Equities and Alternatives 22.3 20.7 Athora $60.2 $65.0 Non-Sub-Advised 55.6 59.4 Sub-Advised 4.6 5.6 3Q’19 4Q’19 1Q’20 2Q’20 3Q’20 Total Athene and Athora AUM $225.3 $238.0 1. Amounts are as of June 30, 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. 2. Includes $39.2 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $2.5 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 $1.05 per share as the fair values of certain funds appreciated meaningfully during the quarter, while net clawback payable remained at $0.48 per share as certain funds remained in clawback Net Performance Fee Receivable1 Net Clawback Payable2 (Per Share) $1.93 $1.85 Net Net Realized Performance Performance Fees/Other3 Fees +$0.59 $— $1.05 ($0.48) ($0.48) $0.46 $0.07 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 2Q'20 3Q'20 ($ in millions) $795 $762 $31 $205 $262 ($2) $465 ($212) ($211) 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 September 30, 2020, certain funds had $385.9 million in general partner obligations to return previously distributed performance fees offset, in part, by $174.6 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 50% over the twelve months ended September 30, 2020 to $312 billion, primarily driven by Advisory and ($ in billions) client transactions and robust capital raising Other • Fee-generating inflows excluding acquisitions of $5.4 billion during the quarter driven by strong growth in insurance $74.6 assets under management and deployment in Corporate Credit funds • FRE increased 57% year-over-year, driven by growth in management fees from permanent capital vehicles and Direct $312bn fundraising, and increased advisory and transaction fees driven by a long-term strategic investment in a $5.5 billion Origination $24.6 AUM $156.4 real estate portfolio • Deployment of $16.2 billion during the quarter and $67.4 billion during the twelve months ended September 30, $56.5 2020. Deployment for the quarter driven by strong growth in core insurance, corporate credit funds and middle Structured Corporate market lending activity Credit Credit • Drawdown deployment of $1.1 billion during the quarter and $8.9 billion during the twelve months ended $226.3bn from September 30, 2020 Permanent Capital Vehicles Financial Results Summary 3 % Change % Change Corporate Credit ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3.5% / 4.6% Management fees $198,867 $246,159 24% 571,884 679,109 19% Advisory and transaction fees, net 5,530 51,376 NM 13,888 80,399 479% Structured Credit Performance fees2 6,449 2,204 (66%) 16,371 8,048 (51%) 4.1% / (1.0)% Total Fee Related Revenues 210,846 299,739 42% 602,143 767,556 27% Salary, bonus and benefits (51,746) (61,975) 20% (146,515) (171,789) 17% Direct Origination Non-compensation expenses (33,593) (40,792) 21% (92,588) (114,080) 23% 3.7% / 4.2% Total Fee Related Expenses (85,339) (102,767) 20% (239,103) (285,869) 20% Other income (loss), net of NCI (597) (780) 31 967 (2,167) NM 3Q'20 / LTM Credit Gross Return1 Fee Related Earnings $124,910 $196,192 57% $364,007 $479,520 32% Realized performance fees 3,530 7,614 116% 24,887 37,834 52% $5.4bn / $24.8bn Realized profit sharing expense (1,674) (7,614) 355% (13,069) (37,530) 187% 3Q'20 / LTM Realized principal investment income, net 5,845 928 (84)% 16,803 4,112 (76)% Fee-generating inflows Net interest loss and other (6,106) (14,010) 129% (15,148) (42,981) 184% (excludes acquisitions) Segment Distributable Earnings $126,505 $183,110 45% $377,480 $440,955 17% 1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 3Q'20 Net Returns for corporate credit, structured credit and direct origination were 3.2%, 4.1% and 2.8%, respectively. The LTM Net Returns for corporate credit, structured credit and direct origination were 3.4%, (1.5)% and 0.2%, respectively. 2. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 3. CLOs are included within corporate credit. The 3Q'20 and LTM gross returns for CLOs were 3.7% and 1.9%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. 13

Private Equity Commentary • Total AUM increased 5% quarter-over-quarter to $77 billion, primarily driven by market activity and inflows Natural Resources ($ in billions) • Realization activity primarily driven by sales of Verallia and ADT shares, and distributions from OneMain Financial Hybrid Capital and Apollo Education $4.9 $10.8 • Deployment of $0.8 billion during the quarter and $12.3 billion during the twelve months ended September 30, 2020 • Drawdown deployment of $0.1 billion and committed to invest an additional $0.3 billion during the quarter; total $77bn committed but not yet deployed capital1 at quarter end was $1.8 billion (excluding co-investments) of which $1.1 AUM billion related to energy asset build-ups expected to be deployed over time Private 2 $61.1 • Private equity fund appreciation during the quarter of 8.0% , primarily driven by public and private portfolio Equity company holdings • Held first close of the second vintage of our Hybrid Value strategy, accepting $1.9 billion in commitments $1.7bn from Permanent Capital Vehicles Financial Results Summary % Change % Change 8.0% / (1.6%) ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3Q'20 / LTM Management fees $131,643 $128,446 (2)% $391,777 $381,306 (3)% Private Equity Fund Appreciation/ (Depreciation)2 Advisory and transaction fees, net 10,655 20,108 89% 47,048 85,253 81% 3 Total Fee Related Revenues 142,298 148,554 4% 438,825 466,559 6% Public Investments Salary, bonus and benefits (45,807) (53,451) 17% (129,307) (149,133) 15% Shares Held (mm) Non-compensation expenses (26,668) (25,287) (5%) (75,975) (69,158) (9%) ADT Security Services (NYSE: ADT) Total Fee Related Expenses (72,475) (78,738) 9% (205,282) (218,291) 6% Fund VIII 263.7 Other income, net (135) 23 NM 4,024 48 (99%) Rackspace (NASDAQ: RXT) Fund VIII 60.0 Fee Related Earnings $69,688 $69,839 —% $237,567 $248,316 5% Verallia (EPA: VRLA) Realized performance fees 63,742 2,025 (97)% 136,429 6,717 (95)% Fund VIII 57.8 Realized profit sharing expense (22,084) (2,025) (91)% (63,900) (7,021) (89)% OneMain (NYSE: OMF) Realized principal investment income, net 8,114 1,598 (80)% 18,079 5,544 (69)% Fund VIII 26.5 Net interest loss and other (8,911) (14,580) 64% (22,694) (41,940) 85% Watches of Switzerland (LSE: WSOG) Fund VII 64.6 Segment Distributable Earnings $110,549 $56,857 (49)% $305,481 $211,616 (31)% 1. Represents capital committed to investments as of September 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 19% of private equity investments’ value was determined using broker or listed exchange prices. 14

Real Assets Commentary Infrastructure ($ in billions) • Total AUM increased 11% quarter-over-quarter to $44 billion driven by inflows in infrastructure equity, real estate Principal equity funds and the debt managed accounts Finance $4.7 • Realized performance fees in the quarter relating to infrastructure equity and the U.S. real estate equity funds $6.9 • AIOF II, the second infrastructure equity fund, and Asia RE Fund II, the second Asia focused real estate equity fund, had $44bn their initial closes and made their first investments during the quarter AUM • Real assets gross return of 3.4% during the quarter ended September 30, 2020 primarily driven by appreciation in our principal finance, infrastructure equity and Asia real estate funds $32.6 Real Estate • FRE and DE decreased year-over-year driven primarily by increase in headcount and allocated compensation, partially offset by higher management fees $30.3bn from Permanent Capital Vehicles Financial Results Summary % Change % Change ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3.4% / 8.7% Management fees $47,862 $51,847 8% $139,645 $150,227 8% 3Q'20 / LTM Advisory and transaction fees, net 377 878 133% 5,748 5,191 (10%) Combined 1 Total Fee Related Revenues 48,239 52,725 9% 145,393 155,418 7% Gross Return Salary, bonus and benefits (19,306) (29,513) 53% (57,031) (83,037) 46% Non-compensation expenses (10,735) (11,869) 11% (28,957) (35,637) 23% Total Fee Related Expenses (30,041) (41,382) 38% (85,988) (118,674) 38% $3.9bn / $10.6bn Other income, net of NCI (6) 59 NM 88 154 75% 3Q'20 / LTM Fee Related Earnings $18,192 $11,402 (37)% $59,493 $36,898 (38)% Deployment Realized performance fees 162 7,806 NM 3,242 49,477 NM Realized profit sharing expense (65) (7,806) NM (1,299) (49,477) NM $0.8bn / $1.9bn Realized principal investment income, net 415 356 (14)% 2,209 4,028 82% Net interest loss and other (3,234) (6,216) 92% (8,115) (16,069) 98% 3Q'20 / LTM Drawdown Deployment CapitalSegment Distributable Earnings DeploymentC111 $15,470 $5,542 (64)% $55,530 $24,857 (55)% 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 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. The 3Q'20 and LTM real assets net returns for were 2.5% and 7.2%, respectively.

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited) As of As of ($ in thousands, except share data) September 30, 2020 December 31, 2019 Assets: Cash and cash equivalents $1,838,646 $1,556,202 Restricted cash 17,694 19,779 U.S. Treasury securities, at fair value — 554,387 Investments (includes performance allocations of $1,128,160 and $1,507,571 as of September 30, 2020 and December 31, 2019, respectively) 3,977,069 3,609,859 Assets of consolidated variable interest entities 10,889,720 1,300,186 Incentive fees receivable 1,028 2,414 Due from related parties 487,453 415,069 Deferred tax assets, net 678,799 473,165 Other assets 318,724 326,449 Lease assets 301,779 190,696 Goodwill 116,958 93,911 Total Assets $18,627,870 $8,542,117 Liabilities and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $143,664 $94,364 Accrued compensation and benefits 221,185 64,393 Deferred revenue 120,075 84,639 Due to related parties 712,186 501,387 Profit sharing payable 666,734 758,669 Debt 3,151,247 2,650,600 Liabilities of consolidated variable interest entities 8,917,484 929,719 Other liabilities 169,522 210,740 Lease liabilities 336,769 209,479 Total Liabilities 14,438,866 5,503,990 Stockholders’ Equity: Apollo Global Management, Inc. stockholders’ equity: Series A Preferred Stock, 11,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019 264,398 264,398 Series B Preferred Stock, 12,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019 289,815 289,815 Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 228,747,302 and 222,994,407 shares issued and outstanding as of September 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 September 30, 2020 and December 31, 2019 — — Class C Common Stock, $0.00001 par value, 1 share authorized, 1 share issued and outstanding as of September 30, 2020 and December 31, 2019 — — Additional paid in capital 929,524 1,302,587 Accumulated earnings (deficit) (396,895) — Accumulated other comprehensive loss 2,722 (4,578) Total Apollo Global Management, Inc. Stockholders’ Equity 1,089,564 1,852,222 Non-Controlling Interests in consolidated entities 1,688,906 281,904 Non-Controlling Interests in Apollo Operating Group 1,410,534 904,001 Total Stockholders’ Equity 4,189,004 3,038,127 Total Liabilities and Stockholders’ Equity $18,627,870 $8,542,117 17

Segment Balance Sheet Highlights Total net value increased to $2.0 billion as we recorded mark-to-market gains on our GP & Other Investments and funds’ investment portfolios Repurchased 0.6 million shares of Class A Common Stock in open market transactions for $27.4 million Summary Balance Sheet1 Share Repurchase Activity - 1Q’16 through 3Q’205 Supplemental Details Inception to ($ in millions) 2Q’20 3Q'20 ($ and share amounts in millions) Date A-/A Cash and cash equivalents $940 $1,839 Open Market Share Repurchases 9.0 Rated by S&P and Fitch U.S. Treasury securities, at fair value 765 — Reduction of Shares Issued to Participants6 9.1 GP & Other Investments3,4 2,853 3,053 $750 million Debt (3,147) (3,151) Total Shares Purchased 18.1 Undrawn Revolving Credit Facility (Expiring in 2023) Net performance fees 2 205 465 receivable Total Capital Used for Share Purchases $533 Net clawback payable 9 (212) (211) Share Repurchase Plan Authorization 7 $1.8 billion Remaining $387 Total Net Value $1,404 $1,995 Cash and cash equivalents 8 and U.S. Treasury securities Unfunded Future Commitments $950 $1,006 Average Price Paid Per Share $29.44 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 $28.35 per share as of September 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 $57.0 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 September 30, 2020 3Q'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 $152,204 $37,063 $6,436 $43,499 $133,590 $22,777 $156,367 Structured Credit 125,366 (5,061) — (5,061) (65,276) 13,846 (51,430) Direct Origination 54,772 7,002 3,381 10,383 (9,967) 9,258 (709) Advisory and Other 27,360 27,360 — 27,360 27,360 — 27,360 Total Credit $359,702 $66,364 $9,817 $76,181 $85,707 $45,881 $131,588 Total Credit, net of profit sharing payable/expense 51,558 33,553 2,204 35,757 43,150 8,352 51,502 Private Equity Fund VIII $532,239 $328,709 $— $328,709 ($183,292) $— ($183,292) Fund VII1,2 46 2,702 28 2,730 (111,531) 499 (111,032) Fund VI2 17,595 (90) 37 (53) (180) 646 466 Fund IV and V1 — (43) — (43) (204) — (204) ANRP I and II1,2 166 — 15 15 (21,418) 275 (21,143) Hybrid Value Fund 49,535 20,346 — 20,346 49,535 — 49,535 Other1,3 10,688 4,251 1,945 6,196 (110,538) 5,297 (105,241) Total Private Equity $610,269 $355,875 $2,025 $357,900 ($377,628) $6,717 ($370,911) Total Private Equity, net of profit sharing payable/expense 366,908 227,837 — 227,837 (230,714) (304) (231,018) Real Assets Principal Finance1 $112,942 $27,413 $— $27,413 ($98,820) $35,025 ($63,795) U.S. RE Fund I and II1 8,783 (8,067) 3,514 (4,553) (29,592) 8,138 (21,454) AIOF I 17,063 (2,174) 4,292 2,118 (1,126) 6,314 5,188 Other1,3 6,961 486 — 486 (27,829) — (27,829) Total Real Assets $145,749 $17,658 $7,806 $25,464 ($157,367) $49,477 ($107,890) Total Real Assets, net of profit sharing payable/expense 46,440 10,554 — 10,554 (92,522) — (92,522) Total $1,115,720 $439,897 $19,648 $459,545 ($449,288) $102,075 ($347,213) Total, net of profit sharing payable4/expense $464,906 $271,944 $2,204 $274,148 ($280,086) $8,048 ($272,038) 1. As of September 30, 2020, certain credit funds, certain private equity funds, and certain real asset funds had $0.8 million, $348.4 million, and $36.7 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 $0.8 million, $2,804.2 million and $70.1 million, respectively, as of September 30, 2020. 2. As of September 30, 2020, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 41%, 34%, 21% and 76% 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 September 30, 2020, Fund VII had $128.5 million of gross performance fees, or $73.2 million net of profit sharing, in escrow. As of September 30, 2020, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of September 30, 2020, ANRP I had $40.2 million of gross performance fees, or $26.0 million net of profit sharing, in escrow. As of September 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 VII, Fund VI, ANRP II and ANRP I, 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 September 30, 2020 and realized performance fees for 3Q'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 $650.8 million as of September 30, 2020, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $103.3 million. 20

Segment Results Credit ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees $198,867 $207,382 $208,229 $224,721 $246,159 $571,884 $679,109 Advisory and transaction fees, net 5,530 30,228 15,267 13,756 51,376 13,888 80,399 Performance fees1 6,449 4,739 2,404 3,440 2,204 16,371 8,048 Total Fee Related Revenues 210,846 242,349 225,900 241,917 299,739 602,143 767,556 Salary, bonus and benefits (51,746) (49,628) (57,008) (52,806) (61,975) (146,515) (171,789) General, administrative and other (33,403) (39,118) (35,373) (37,251) (40,367) (92,546) (112,991) Placement fees (190) (230) (306) (358) (425) (42) (1,089) Total Fee Related Expenses (85,339) (88,976) (92,687) (90,415) (102,767) (239,103) (285,869) Other income (loss), net of Non-Controlling Interest (597) (913) (663) (724) (780) 967 (2,167) Credit Fee Related Earnings $124,910 $152,460 $132,550 $150,778 $196,192 $364,007 $479,520 Realized performance fees 3,530 144,724 25,861 4,359 7,614 24,887 37,834 Realized profit sharing expense (1,674) (80,606) (25,557) (4,359) (7,614) (13,069) (37,530) Net Realized Performance Fees 1,856 64,118 304 — — 11,818 304 Realized principal investment income, net 5,845 (8,039) 1,374 1,810 928 16,803 4,112 Net interest loss and other (6,106) (6,849) (17,114) (11,857) (14,010) (15,148) (42,981) Credit Segment Distributable Earnings $126,505 $201,690 $117,114 $140,731 $183,110 $377,480 $440,955 Private Equity ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees $131,643 $131,417 $125,268 $127,592 $128,446 $391,777 $381,306 Advisory and transaction fees, net 10,655 24,276 20,343 44,802 20,108 47,048 85,253 Total Fee Related Revenues 142,298 155,693 145,611 172,394 148,554 438,825 466,559 Salary, bonus and benefits (45,807) (55,096) (42,480) (53,202) (53,451) (129,307) (149,133) General, administrative and other (26,603) (23,671) (21,994) (21,770) (25,099) (75,427) (68,863) Placement fees (65) (264) (107) — (188) (548) (295) Total Fee Related Expenses (72,475) (79,031) (64,581) (74,972) (78,738) (205,282) (218,291) Other income (loss), net (135) 282 23 2 23 4,024 48 Private Equity Fee Related Earnings $69,688 $76,944 $81,053 $97,424 $69,839 $237,567 $248,316 Realized performance fees 63,742 292,723 1,143 3,549 2,025 136,429 6,717 Realized profit sharing expense (22,084) (131,240) (1,447) (3,549) (2,025) (63,900) (7,021) Net Realized Performance Fees 41,658 161,483 (304) — — 72,529 (304) Realized principal investment income, net 8,114 35,703 542 3,404 1,598 18,079 5,544 Net interest loss and other (8,911) (9,110) (15,674) (11,686) (14,580) (22,694) (41,940) Private Equity Segment Distributable Earnings $110,549 $265,020 $65,617 $89,142 $56,857 $305,481 $211,616 Real Assets ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees $47,862 $48,965 $48,871 $49,509 $51,847 $139,645 $150,227 Advisory and transaction fees, net 377 1,702 1,122 3,191 878 5,748 5,191 Total Fee Related Revenues 48,239 50,667 49,993 52,700 52,725 145,393 155,418 Salary, bonus and benefits (19,306) (25,739) (24,533) (28,991) (29,513) (57,031) (83,037) General, administrative and other (10,734) (13,286) (10,986) (12,782) (11,869) (28,956) (35,637) Placement fees (1) — — — — (1) — Total Fee Related Expenses (30,041) (39,025) (35,519) (41,773) (41,382) (85,988) (118,674) Other income (loss), net of Non-Controlling Interest (6) 89 (21) 116 59 88 154 Real Assets Fee Related Earnings $18,192 $11,731 $14,453 $11,043 $11,402 $59,493 $36,898 Realized performance fees 162 101 38,742 2,929 7,806 3,242 49,477 Realized profit sharing expense (65) (138) (38,742) (2,929) (7,806) (1,299) (49,477) Net Realized Performance Fees 97 (37) — — — 1,943 — Realized principal investment income, net 415 942 3,667 5 356 2,209 4,028 Net interest loss and other (3,234) (3,410) (4,346) (5,507) (6,216) (8,115) (16,069) Real Assets Segment Distributable Earnings $15,470 $9,226 $13,774 $5,541 $5,542 $55,530 $24,857 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 21

Stockholder Dividend Generated $0.47 of Distributable Earnings per Share during the quarter Apollo declared a quarterly dividend of $0.51 per share of Class A Common Stock to holders of record as of November 20, 2020, which is payable on November 30, 2020 ($ in thousands, except per share data) 3Q'19 2Q'20 3Q'20 YTD’19 YTD’20 Segment Distributable Earnings $252,524 $235,414 $245,509 $738,491 $677,428 Taxes and Related Payables (20,895) (21,040) (31,257) (50,409) (74,490) Preferred Dividends (9,164) (9,165) (9,163) (27,492) (27,492) Distributable Earnings $222,465 $205,209 $205,089 $660,590 $575,446 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 18,765 17,776 14,678 44,017 51,698 DE Before Certain Payables1 241,230 222,985 219,767 704,607 627,144 Percent to Common & Equivalents 56 % 54 % 54 % 56 % 54 % DE Before Other Payables Attributable to Common & Equivalents 135,089 120,412 118,674 394,580 338,658 Less: Taxes & Related Payables Attributable to Common & Equivalents (18,765) (17,776) (14,678) (44,017) (51,698) DE Attributable to Common & Equivalents2 $116,324 $102,636 $103,996 $350,563 $286,960 Per Share3 $0.54 $0.46 $0.47 $1.60 $1.30 (Retained) Contributed Capital per Share3 (0.04) 0.03 0.04 (0.14) 0.12 Net Dividend per Share3 $0.50 $0.49 $0.51 $1.46 $1.42 Payout Ratio 93 % 107 % 109 % 91 % 109 % 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 September 30, 2020 Committed Total Invested Realized Remaining Unrealized Total ($ in millions) Vintage Year Total AUM Gross IRR Net IRR Capital Capital Value Cost Value Value Private Equity: Fund IX 2018 $24,600 $24,729 $5,571 $691 $5,175 $5,829 $6,520 19 % (2) % Fund VIII 2013 18,221 18,377 16,048 10,166 10,098 14,387 24,553 15 10 Fund VII 2008 2,953 14,677 16,461 31,838 2,459 679 32,517 33 24 Fund VI 2006 647 10,136 12,457 21,132 405 3 21,135 12 9 Fund V 2001 261 3,742 5,192 12,721 120 2 12,723 61 44 2 Funds I, II, III, IV & MIA Various 13 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds3 $46,695 $78,981 $64,482 $93,948 $18,257 $20,900 $114,848 39 % 24 % ANRP II 2016 2,446 3,454 2,667 1,393 2,005 1,657 3,050 9 1 ANRP I 2012 319 1,323 1,149 1,014 615 110 1,124 (1) (5) AION 2013 568 826 690 328 442 461 789 6 — Hybrid Value Fund 2019 3,441 3,238 1,911 241 1,779 2,004 2,245 27 21 Total Private Equity $53,469 $87,822 $70,899 $96,924 $23,098 $25,132 $122,056 Credit: FCI III 2017 $2,718 $1,906 $2,607 $1,374 $1,908 $1,982 $3,356 22 % 17 % FCI II 2013 2,249 1,555 2,957 1,989 1,726 1,602 3,591 7 5 FCI I 2012 — 559 1,516 1,975 — — 1,975 11 8 SCRF IV6 2017 2,180 2,502 4,604 2,504 2,178 2,033 4,537 (1) (3) 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 IV 2020 1,057 1,052 26 — 27 31 31 NM1 NM1 Accord IIIB 2020 1,789 1,761 520 197 352 347 544 NM1 NM1 1 1 Accord III 2019 800 886 2,331 2,229 316 351 2,580 NM NM Accord II11 2018 — 781 801 821 — — 821 16 12 11 Accord I 2017 — 308 111 113 — — 113 10 5 Total Credit $10,793 $12,770 $18,290 $14,515 $6,507 $6,346 $20,861 Real Assets: European Principal Finance Funds EPF III4 2017 $4,944 $4,576 $3,217 $1,220 $2,266 $2,873 $4,093 21 % 10 % EPF II4 2012 1,315 3,485 3,552 4,434 676 609 5,043 14 8 EPF I4 2007 244 1,518 1,995 3,356 — 9 3,365 23 17 U.S. RE Fund III 2020 527 527 43 — 43 47 47 NM1 NM1 U.S. RE Fund II5 2016 1,086 1,243 893 515 642 676 1,191 13 10 U.S. RE Fund I5 2012 216 652 635 805 147 129 934 13 10 Asia RE Fund II 2020 279 278 71 — 71 74 74 NM1 NM1 Asia RE Fund5 2017 686 719 442 206 288 386 592 17 12 AIOF II 2020 864 865 92 — 92 93 93 NM1 NM1 AIOF I 2018 1,125 897 801 334 561 732 1,066 NM1 NM1 Total Real Assets $11,286 $14,760 $11,741 $10,870 $4,786 $5,628 $16,498 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 September 30, 2020 - Continued Permanent Capital Vehicles Total Returns7 8 ($ in millions) IPO Year Total AUM 3Q'20 YTD'20 3Q'19 YTD'19 FY’19 Credit: MidCap9 N/A $8,124 4% 3 % 4 % 13 % 17 % AIF 2013 332 4 (11) 5 17 19 AFT 2011 362 5 (11) 1 9 14 AINV/Other10 2004 4,475 (10) (45) 5 41 57 Real Assets: ARI 2009 6,964 (5%) (44%) 7% 24% 21 % Total $20,257 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 $1.17 as of September 30, 2020. 5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $156 million, $771 million and $375 million of co-investment commitments as of September 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 $1.29 as of September 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 2%, 0%, 3% , 9% and 11% for 3Q'20, YTD'20, 3Q'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 June 30, 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. 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) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD’19 YTD'20 GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $354,106 $156,879 ($1,005,382) $437,164 $263,236 $649,658 ($304,982) Preferred dividends 9,164 9,164 9,164 9,165 9,163 27,492 27,492 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 7,083 9,616 (164,409) 41,068 100,021 20,888 (23,320) Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group 150,741 182,362 (1,123,216) 511,688 303,679 480,784 (307,849) GAAP Net Income (Loss) $521,094 $358,021 ($2,283,843) $999,085 $676,099 $1,178,822 ($608,659) Income tax provision (benefit) (231,896) 66,351 (295,853) 140,323 89,357 (195,345) (66,173) GAAP Income (Loss) Before Income Tax Provision (Benefit) $289,198 $424,372 ($2,579,696) $1,139,408 $765,456 $983,477 ($674,832) Transaction related charges1 5,201 20,414 (21,399) 32,110 10,835 28,799 21,546 Charges associated with corporate conversion 6,994 4,987 1,064 — 2,829 17,000 3,893 (Gains) losses from changes in tax receivable agreement liability 38,575 11,732 — — — 38,575 — Net (income) loss attributable to Non-Controlling Interests in consolidated entities (7,083) (9,616) 164,409 (41,068) (100,021) (20,888) 23,320 Unrealized performance fees (183,208) 62,688 1,800,181 (907,656) (440,310) (497,270) 452,215 Unrealized profit sharing expense 61,098 29,933 (681,183) 340,687 168,368 177,659 (172,128) Equity-based profit sharing expense and other2 22,203 32,368 34,488 38,463 27,681 63,840 100,632 Equity-based compensation 15,802 18,500 14,070 17,747 17,962 52,462 49,779 Unrealized principal investment (income) loss (20,411) (23,944) 201,570 (107,110) (49,406) (64,632) 45,054 Unrealized net (gains) losses from investment activities and other 24,155 (95,498) 1,263,001 (277,167) (157,885) (40,531) 827,949 Segment Distributable Earnings $252,524 $475,936 $196,505 $235,414 $245,509 $738,491 $677,428 Taxes and related payables (20,895) (11,891) (22,193) (21,040) (31,257) (50,409) (74,490) Preferred dividends (9,164) (9,164) (9,164) (9,165) (9,163) (27,492) (27,492) Distributable Earnings $222,465 $454,881 $165,148 $205,209 $205,089 $660,590 $575,446 Preferred dividends 9,164 9,164 9,164 9,165 9,163 27,492 27,492 Taxes and related payables 20,895 11,891 22,193 21,040 31,257 50,409 74,490 Realized performance fees (67,434) (437,548) (65,746) (10,837) (17,445) (164,558) (94,028) Realized profit sharing expense 23,823 211,984 65,746 10,837 17,445 78,268 94,028 Realized principal investment income, net (14,374) (28,606) (5,583) (5,219) (2,882) (37,091) (13,684) Net interest loss and other 18,251 19,369 37,134 29,050 34,806 45,957 100,990 Fee Related Earnings $212,790 $241,135 $228,056 $259,245 $277,433 $661,067 $764,734 1. Transaction-related charges 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-based profit 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 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 Total GAAP Class A Common Stock Outstanding 222,403,296 222,994,407 228,834,099 229,189,715 228,747,302 Non-GAAP Adjustments: Participating Apollo Operating Group Units 180,361,308 180,111,308 204,028,327 204,028,327 204,028,327 Vested RSUs 216,552 2,349,618 244,240 195,499 158,007 Unvested RSUs Eligible for Dividend Equivalents 8,770,229 6,610,369 8,114,841 8,128,861 8,086,467 Distributable Earnings Shares Outstanding 411,751,385 412,065,702 441,221,507 441,542,402 441,020,103 Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures ($ in thousands, except share data) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $354,106 $156,879 ($1,005,382) $437,164 $263,236 $649,658 ($304,982) Dividends declared on Class A Common Stock (100,355) (111,485) (205,602) (96,181) (112,075) (305,901) (413,858) Dividend on participating securities (4,450) (4,364) (7,247) (3,608) (4,008) (13,524) (14,863) Earnings allocable to participating securities (11,440) (1,722) — (13,947) (5,853) (16,003) — Undistributed income (loss) attributable to Class A Common Stockholders: Basic $237,861 $39,308 ($1,218,231) $323,428 $141,300 $314,230 ($733,703) GAAP weighted average number of Class A Common Stock outstanding: Basic 205,797,643 221,863,632 226,757,519 227,653,988 227,771,678 202,087,827 227,395,847 GAAP Net Income (Loss) per share of Class A Common Stock under the Two- Class Method: Basic $1.64 $0.68 ($4.47) $1.84 $1.11 $3.07 ($1.41) Distributed Income $0.50 $0.50 $0.89 $0.42 $0.49 $1.52 $1.80 Undistributed Income (Loss) $1.14 $0.18 ($5.36) $1.42 $0.62 $1.55 ($3.21) Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $354,106 $156,879 ($1,005,382) $437,164 $263,236 $649,658 ($304,982) Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders to Income (Loss) Before Income Tax (Provision) Benefit 1 Differences (64,908) 267,493 (1,574,314) 702,244 502,220 333,819 (369,850) Income (Loss) Before Income Tax (Provision) Benefit $289,198 $424,372 ($2,579,696) $1,139,408 $765,456 $983,477 ($674,832) Income (Loss) Before Income Tax (Provision) Benefit to Segment Distributable Earnings Differences1 (36,674) 51,564 2,776,201 (903,994) (519,947) (244,986) 1,352,260 Segment Distributable Earnings $252,524 $475,936 $196,505 $235,414 $245,509 $738,491 $677,428 Taxes and related payables (20,895) (11,891) (22,193) (21,040) (31,257) (50,409) (74,490) Preferred dividends (9,164) (9,164) (9,164) (9,165) (9,163) (27,492) (27,492) Distributable Earnings $222,465 $454,881 $165,148 $205,209 $205,089 $660,590 $575,446 Distributable Earnings Shares Outstanding 411,751,385 412,065,702 441,221,507 441,542,402 441,020,103 411,751,385 441,020,103 Distributable Earnings per Share $0.54 $1.10 $0.37 $0.46 $0.47 $1.60 $1.30 1 Distributable Earnings to Fee Related Earnings Differences (9,675) (213,746) 62,908 54,036 72,344 477 189,288 Fee Related Earnings $212,790 $241,135 $228,056 $259,245 $277,433 $661,067 $764,734 Distributable Earnings Shares Outstanding 411,751,385 412,065,702 441,221,507 441,542,402 441,020,103 411,751,385 441,020,103 Fee Related Earnings per Share $0.52 $0.59 $0.52 $0.59 $0.63 $1.61 $1.74 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) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Total Consolidated Revenues (GAAP) $702,721 $914,772 ($1,469,086) $1,508,335 $1,018,274 $2,017,077 $1,057,523 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (19,990) (29,706) (35,841) (24,847) (27,479) (72,966) (88,167) Adjustments related to consolidated funds and VIEs 4,079 7,053 (1,451) 16,165 22,084 5,801 36,798 Performance fees1 (250,642) (374,860) 1,734,435 (918,493) (457,754) (661,828) 358,188 Principal investment (income) loss (34,785) (68,550) 193,447 (114,149) (54,107) (101,723) 25,191 Total Fee Related Revenues $401,383 $448,709 $421,504 $467,011 $501,018 $1,186,361 $1,389,533 Realized performance fees 67,434 437,548 65,746 10,837 17,445 164,558 94,028 Realized principal investment income, net and other 13,532 27,764 4,741 4,376 1,198 34,564 10,315 Total Segment Revenues $482,349 $914,021 $491,991 $482,224 $519,661 $1,385,483 $1,493,876 Total Consolidated Expenses (GAAP) $371,372 $599,366 ($328,434) $702,777 $531,055 $1,091,914 $905,398 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (20,563) (30,022) (32,211) (21,662) (26,339) (73,270) (80,212) Reclassification of interest expense (27,833) (28,126) (31,242) (32,291) (34,889) (70,243) (98,422) Transaction-related charges (5,201) (20,414) 21,399 (32,110) (10,835) (28,799) (21,546) Charges associated with corporate conversion (6,994) (4,987) (1,064) — (2,829) (17,000) (3,893) Equity-based compensation (15,802) (18,500) (14,070) (17,747) (17,962) (52,462) (49,779) Total profit sharing expense2 (107,124) (274,285) 580,949 (389,987) (213,494) (319,767) (22,532) Dividend compensation program expense — (16,000) (2,540) (1,820) (1,820) — (6,180) Total Fee Related Expenses $187,855 $207,032 $192,787 $207,160 $222,887 $530,373 $622,834 Realized profit sharing expense 23,823 211,984 65,746 10,837 17,445 78,268 94,028 Total Segment Expenses $211,678 $419,016 $258,533 $217,997 $240,332 $608,641 $716,862 Total Consolidated Other Income (Loss) (GAAP) ($42,151) $108,966 ($1,439,044) $333,850 $278,237 $58,314 ($826,957) Adjustments related to consolidated funds and VIEs (10,338) (14,768) 166,465 (56,197) (121,425) (23,839) (11,157) (Gain) loss change in tax receivable agreement liability 38,575 11,732 — — — 38,575 — Net (gains) losses from investment activities 19,783 (94,022) 1,264,244 (270,112) (144,839) (44,095) 849,293 Interest income and other, net of Non-Controlling Interest (6,607) (12,450) 7,674 (8,147) (12,671) (23,876) (13,144) Other Income (Loss), net of Non-Controlling Interest (738) (542) (661) (606) (698) 5,079 (1,965) Net interest loss and other (17,409) (18,527) (36,292) (28,207) (33,122) (43,430) (97,621) Total Segment Other Loss ($18,147) ($19,069) ($36,953) ($28,813) ($33,820) ($38,351) ($99,586) 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) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees $378,372 $387,764 $382,368 $401,822 $426,452 $1,103,306 $1,210,642 Advisory and transaction fees, net 16,562 56,206 36,732 61,749 72,362 66,684 170,843 Performance fees1 6,449 4,739 2,404 3,440 2,204 16,371 8,048 Total Fee Related Revenues 401,383 448,709 421,504 467,011 501,018 1,186,361 1,389,533 Realized performance fees 67,434 437,548 65,746 10,837 17,445 164,558 94,028 Realized principal investment income. net and other 13,532 27,764 4,741 4,376 1,198 34,564 10,315 Total Segment Revenues $482,349 $914,021 $491,991 $482,224 $519,661 $1,385,483 $1,493,876 The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Salary, bonus and benefits $116,859 $130,463 $124,021 $134,999 $144,939 $332,853 $403,959 General, administrative and other 70,740 76,075 68,353 71,803 77,335 196,929 217,491 Placement fees 256 494 413 358 613 591 1,384 Total Fee Related Expenses 187,855 207,032 192,787 207,160 222,887 530,373 622,834 Realized profit sharing expense 23,823 211,984 65,746 10,837 17,445 78,268 94,028 Total Segment Expenses $211,678 $419,016 $258,533 $217,997 $240,332 $608,641 $716,862 The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Other income, net $144 $479 $133 $81 $126 $7,209 $340 Non-Controlling Interest (882) (1,021) (794) (687) (824) (2,130) (2,305) Other Income (Loss), net of Non-Controlling Interest (738) (542) (661) (606) (698) 5,079 (1,965) Net interest loss and other (17,409) (18,527) (36,292) (28,207) (33,122) (43,430) (97,621) Total Segment Other Loss ($18,147) ($19,069) ($36,953) ($28,813) ($33,820) ($38,351) ($99,586) 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. Specifically, certain deductions considered in the income tax provision under U.S. GAAP such as the deduction for transaction related charges and equity- based compensation are taken into account for purposes of the implied tax provision. 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 governing documents 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-Generating AUM” 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-Eligible AUM” 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-Generating AUM”, 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-Eligible AUM”, 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 LP (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” represents (i) the aggregate amount of capital that has been invested during a given period (including leverage) by our commitment based funds and SIAs that have a defined maturity date, (ii) purchases of investments (net of sales) by our subscription and contribution based funds and mandates (including leverage), (iii) investments originated by certain of our platform companies, net of syndications to our other funds and accounts, but including syndications to third parties, and (iv) third-party investment activity in opportunities sourced by our teams for which we earn a fee and in which we participate. Deployment excludes offsetting short positions, certain credit derivatives, certain short-dated government securities, and involuntary repayment of loans and bonds. • “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. • “Drawdown Capital deployed” or “Drawdown 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. • “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 September 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 September 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. 32

Non-GAAP Financial Information & Definitions Cont’d • “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. • “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 September 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. 34

Apollo Global Management, Inc. - FORM 8-K - EX-99.2 - October 29, 2020

Attached files

Apollo Global Management, Inc. Reports