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AP Alternative Assets Releases Financial Results for the Three and Six Months Ended June 30, 2019

--Net Asset Value of $0.28 per unit as of June 30, 2019--

Guernsey, Channel Islands, July 30, 2019 (GLOBE NEWSWIRE) -- AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for three months ended June 30, 2019. AAA invests its capital through, and is the sole limited partner of, AAA Investments, L.P., which is referred to as the “Investment Partnership.”

Highlights

  • Net asset value at June 30, 2019 was $21.0 million, or $0.28 per unit, reflecting a net decrease in net assets of approximately $(0.1) million, or $(0.00) per common unit during the three months ended June 30, 2019. The decrease in net asset value for AAA was due to a decrease in net assets from operations.

Net Asset Value for AAA

At June 30, 2019, AAA had net assets of $21.0 million, including its share of the net assets of the Investment Partnership, as follows:

(in $ millions, except per unit amounts)   Net Asset Value as of June 30, 2019
Gross Asset Value:    
Cash $ 1.00
Investment in Athene   26.1
Other   (6.1)
Net Asset Value(1) $ 21.0
Net Asset Value per Unit(1) $ 0.28
Net Common Units Outstanding   76,328,950


(1)
The remaining Athene shares beneficially held by AAA are freely tradeable and are being held to satisfy various legal, administrative, carried interest obligations and other expenses that may be incurred by or on behalf of AAA. The net asset value does not include the accrual of these future expenses that may be incurred by AAA as they cannot be reasonably estimated at this time. If it is determined that any such Athene shares are no longer required for such expenses, the remaining Athene shares or cash equivalents will be distributed to AAA unitholders unless the number of such Athene shares or cash equivalents is de minimis, in which case they will be given to charity. The net asset value also includes $5.1 million of prepaid management fees that will continue to be amortized over the life of the service period through December 31, 2020. If a decision is made to wind up AAA prior to the end of the service period, AAA will accelerate the amortization of the prepaid management fee.

 

Financial Report

AAA's interim report, which includes its unaudited financial statements and the unaudited consolidated financial statements of the Investment Partnership is available and can be downloaded free of charge at its website at: www.apolloalternativeassets.com.

Contact

Gary M. Stein (New York)                                           +1 (212) 822 0467

Additional Information

A presentation will be available on the company’s website at http://www.apolloalternativeassets.com/ ReportsAndFilings/AdditionalDocuments.aspx in connection with this press release.

About AAA

AAA was established by Apollo Global Management, LLC and its subsidiaries (“Apollo”) and is a closed- end limited partnership established under the laws of Guernsey. Apollo is a leading global alternative investment manager with 28 years of experience investing across the capital structure of leveraged companies. AAA is managed by Apollo Alternative Assets, L.P. For more information about AAA, please visit www.apolloalternativeassets.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties because they relate to future events and circumstances. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results and developments to differ materially from the historical experience and expressed or implied expectations of AAA. Undue reliance should not be placed on such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and AAA does not undertake to update its forward-looking statements unless required by law.

Financial Schedules Follow

Financial Schedule I

AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF OPERATIONS
(unaudited)
(in thousands)
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2019   2018   2019   2018
   
NET INVESTMENT LOSS (ALLOCATED FROM AAA INVESTMENTS, L.P.)  
Investment expenses $ (1,112)  $ (1,031) $ (2,262)  $ (2,148)
   
EXPENSES  
General and administrative expenses   (268)   (186)   (587)   (538)
                 
NET INVESTMENT LOSS   (1,380)   (1,217)   (2,849)   (2,686)
                 
REALIZED AND UNREALIZED GAINS                
FROM INVESTMENTS (ALLOCATED FROM AAA INVESTMENTS, L.P.)

 
               
Net realized gains from sales/dispositions on investments         841,399
Net increase (decrease) in unrealized appreciation of investment    1,244   (2,184)   1,778   (900,690)
                 
NET GAIN (LOSS) FROM INVESTMENTS   1,244   (2,184)   1,778   (59,291)
                 
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$ (136) $ (3,401) $ (1,071) $ (61,977)
                 

Financial Schedule II

AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF ASSETS AND LIABILITIES
(in thousands, except per unit amounts)
  As of June 30,
2019 (unaudited)
As of December 31,
2018
ASSETS                
Investment in AAA Investments, L.P. $ 26,166 $ 26,650
Other assets     169
TOTAL ASSETS   26,166   26,819
 
LIABILITIES                
Accounts payable and accrued liabilities   569   571
Due to affiliates   4,551   4,131
TOTAL LIABILITIES   5,120   4,702
                 
NET ASSETS $ 21,046 $ 22,117
 
NET ASSETS CONSIST OF                
Partners’ capital contribution (76,328,950 common units outstanding at June 30, 2019 and December 31, 2018) $ 1,621,541 $ 1,621,541
Partners’ capital distributions   (3,967,667)   (3,967,667)
Accumulated increase in net assets resulting from operations   2,367,172   2,368,243
 
NET ASSETS  $ 21,046 $ 22,117
                 
Net asset value per common unit $ 0.28 $ 0.29
                 
Market price per common unit $ 0.13 $ 0.14
         

Financial Schedule III

AAA INVESTMENTS, L.P. CONSOLIDATED
STATEMENT OF OPERATIONS (unaudited)
(in thousands)
  For the Three Months  Ended June 30, For the Six Months Ended
June 30,
 
  2019 2018 2019 2018
EXPENSES    
Management fees $ (843) $ (843) $ (1,685) $ (1,685)
General and administrative expenses (269) (189) (580) (463)
 
NET INVESTMENT LOSS (1,112) (1,032) (2,265) (2,148)
 
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS:
   
Net realized gains from
sales/dispositions on investments
_ _ _ 841,858
Net increase (decrease) in unrealized
appreciation on investments
1,367 (2,404) 1,954 (908,084)
NET GAIN (LOSS) FROM INVESTMENTS 1,367 (2,404) 1,954 (66,226)
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 255 $ (3,436) $ (311) $ (68,374)
 
     

Financial Schedule IV 

AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(in thousands)
   

As of June 30, 2019
(unaudited)
 

As of December 31, 2018
 
ASSETS    
Investments:    
Investment in Opportunistic Investment at fair value (cost of $9,570 at June 30, 2019 and December 31, 2018, respectively) $ 26,074 $ 24,120
Cash and cash equivalents 997 174
Other assets 5,057 6,909
Due from affiliates 4,551 4,131
TOTAL ASSETS 36,679 35,334
 
LIABILITIES    
Accounts payable and accrued liabilities 490 224
Due to affiliates - 135
Line of Credit due to affiliates 8,225 6,700
TOTAL LIABILITIES 8,715 7,059
 
NET ASSETS $ 27,964 $ 28,275
 
NET ASSETS CONSIST OF:    
Partners' capital $ (2,680,977) $ (2,680,977)
Accumulated increase in net assets resulting from operations   2,708,941   2,709,252
 
NET ASSETS $ 27,964 $ 28,275
         
         

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