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.”
- 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:|
|Investment in Athene||26.1|
|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.
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.
Gary M. Stein (New York) +1 (212) 822 0467
A presentation will be available on the company’s website at http://www.apolloalternativeassets.com/ ReportsAndFilings/AdditionalDocuments.aspx in connection with this press release.
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.
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
|For the Three Months Ended June 30,||For the Six Months Ended June 30,|
|NET INVESTMENT LOSS (ALLOCATED FROM AAA INVESTMENTS, L.P.)|
|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
Financial Schedule II
| AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF ASSETS AND LIABILITIES
(in thousands, except per unit amounts)
| As of June 30,
| As of December 31,
|Investment in AAA Investments, L.P.||$||26,166||$||26,650|
|Accounts payable and accrued liabilities||569||571|
|Due to affiliates||4,551||4,131|
|NET ASSETS CONSIST OF|
|Partners’ capital contribution (76,328,950 common units outstanding at June 30, 2019 and December 31, 2018)||$||1,621,541||$||1,621,541|
|Partners’ capital distributions||(3,967,667)||(3,967,667)|
|Accumulated increase in net assets resulting from operations||2,367,172||2,368,243|
|Net asset value per common unit||$||0.28||$||0.29|
|Market price per common unit||$||0.13||$||0.14|
Financial Schedule III
| AAA INVESTMENTS, L.P. CONSOLIDATED
STATEMENT OF OPERATIONS (unaudited)
|For the Three Months Ended June 30,|| For the Six Months Ended
|General and administrative expenses||(269)||(189)||(580)||(463)|
|NET INVESTMENT LOSS||(1,112)||(1,032)||(2,265)||(2,148)|
|REALIZED AND UNREALIZED GAIN (LOSS)
|Net realized gains from
sales/dispositions on investments
|Net increase (decrease) in unrealized
appreciation on investments
|NET GAIN (LOSS) FROM INVESTMENTS||1,367||(2,404)||1,954||(66,226)|
|NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS||$||255||$||(3,436)||$||(311)||$||(68,374)|
Financial Schedule IV
| AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
As of June 30, 2019
As of December 31, 2018
|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|
|Due from affiliates||4,551||4,131|
|Accounts payable and accrued liabilities||490||224|
|Due to affiliates||–||135|
|Line of Credit due to affiliates||8,225||6,700|
|NET ASSETS CONSIST OF:|
|Accumulated increase in net assets resulting from operations||2,708,941||2,709,252|
- AAA Earnings Release Q2’19