Apollo Global Management Investor Day Presentation Deck

Providing Originators with Flexible Capital at Favorable Attachment Point Illustrative Warehouse to Securitization Risk What is a Warehouse? A line of credit given to originators and / or sponsors that generates contractual, predictable cashflows ● Facilities are secured with a pool of collateral that meets pre- defined eligibility criteria ● Creates higher-rated debt by legally separating the credit of the assets from the originator's and/or sponsor's credit Why Would a Company Need a Warehouse Loan? Private Market Solution Lower Borrowing Costs Securitization Customized funding via private markets for companies that may not have access to the broadly syndicated market Reduces borrowing costs for companies with pools of high-quality assets relative to credit priced on corporate risk Provides bridge financing to loan originators that may need to syndicate out risk to the broader market Asset (i.e., the house) Underlying Asset Value 100% Asset Value Loan (i.e., the mortgage) 1. Ratings for illustrative purposes only and based on credit equivalents. 2. Illustrative tranching; not all securitizations have AAA - Equity tranches. Underlying Loan Exposure 60-80% LTV provided by specialty lender to end borrower End Borrower Equity Warehouse Risk Facility Holder Senior Debt Blend of AAA/AA/A risk Mezz BBB down to Equity Equity End Borrower Equity ATLAS SP is credit-enhanced by two layers of protection ATLAS SP Risk¹ Originator and /or others End borrower ATLAS SP ABS Securitization AAA AA A BBB B Equity Bondholder Risk² End Borrower Equity 83

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