--Net Asset Value of $0.13 per unit as of September 30, 2020--
Guernsey, Channel Islands , Oct. 29, 2020 (GLOBE NEWSWIRE) -- AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for three and nine months ended September 30, 2020. 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 September 30, 2020 was $10.3 million, or $0.13 per unit, reflecting a net increase in net assets of approximately $1.0 million, or $0.01 per common unit during the three months ended September 30, 2020.
- The increase in net asset value during the three months ended September 30, 2020 was driven by an increase in net assets from operations due to a realized gain on sale of 605,554 Athene shares by the Investment Partnership of $12.0, offset by the reversal of previously recognized unrealized gains of $(9.3) million.
Net Asset Value for AAA
At September 30, 2020, AAA had net assets of $10.3 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 September 30, 2020 | ||
| Gross Asset Value: | |||
| Cash | $ | 9.6 | |
| Other | 0.7 | ||
| Net Asset Value(1) | $ | 10.3 | |
| Net Asset Value per Unit(1) | $ | 0.13 | |
| Net Common Units Outstanding | 76,328,950 | ||
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(1) The remaining cash will be used be used to settle outstanding liabilities and expenses (including expenses relating to ultimately winding up AAA). After payment of these expenses the remaining cash of AAA (if any) will be distributed to AAA unitholders (unless the cash, on a per unit basis, is de minimis, in which case it is expected to be given to charity). This distribution which, based on information now available to AAA is currently estimated to be between USD 7 cents and 9 cents per AAA unit. A further announcement in this regard will be made at the relevant time. The net asset value also includes $0.8 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
Ann Dai (New York) +1 (212) 822 0678
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, Inc. 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 30 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 September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| NET INVESTMENT LOSS (ALLOCATED FROM AAA INVESTMENTS, L.P.) | |||||||||||||||
| Investment expenses | $ | (1,150 | ) | $ | (1,097) | $ | (3,212) | $ | (3,359) | ||||||
| EXPENSES | |||||||||||||||
| General and administrative expenses | (309) | (253) | (710 | ) | (840 | ) | |||||||||
| NET INVESTMENT LOSS | (1,459 | ) | (1,350 | ) | (3,922 | ) | (4,199 | ) | |||||||
| UNREALIZED GAINS (LOSSES) FROM INVESTMENTS (ALLOCATED FROM AAA INVESTMENTS, L.P.) | |||||||||||||||
| Net increase (decrease) in unrealized (depreciation) appreciation of investment | 2,483 | (549) | (6,237 | ) | 1,229 | ||||||||||
| NET GAIN (LOSS) FROM INVESTMENTS | 2,483 | (549) | (6,237 | ) | 1,229 | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,024 | $ | (1,899 | ) | $ | (10,159 | ) | $ | (2,970 | ) | ||||
Financial Schedule II
| AP ALTERNATIVE ASSETS, L.P. STATEMENT OF ASSETS AND LIABILITIES (in thousands, except per unit amounts) | |||||||
As of September 30, 2020 (unaudited) | As of December 31, 2019 | ||||||
| ASSETS | |||||||
| Investment in AAA Investments, L.P. | $ | 16,632 | $ | 26,080 | |||
| Other assets | 298 | 170 | |||||
| TOTAL ASSETS | 16,930 | 26,250 | |||||
| LIABILITIES | |||||||
| Accounts payable and accrued liabilities | 463 | 546 | |||||
| Due to affiliates | 6,190 | 5,268 | |||||
| TOTAL LIABILITIES | 6,653 | 5,814 | |||||
| NET ASSETS | $ | 10,277 | $ | 20,436 | |||
| NET ASSETS CONSIST OF: | |||||||
| Partners’ capital contribution (76,328,950 common units outstanding at September 30, 2020 and December 31, 2019) | $ | 1,621,541 | $ | 1,621,541 | |||
| Partners’ capital distributions | (3,967,667 | ) | (3,967,667 | ) | |||
| Accumulated increase in net assets resulting from operations | 2,356,403 | 2,366,562 | |||||
| NET ASSETS | $ | 10,277 | $ | 20,436 | |||
| Net asset value per common unit | $ | 0.13 | $ | 0.27 | |||
| Market price per common unit | $ | 0.07 | $ | 0.10 | |||
Financial Schedule III
| AAA INVESTMENTS, L.P. CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (in thousands) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Six Months Ended September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| EXPENSES: | ||||||||||||||||
| Management fees | $ | (842 | ) | $ | (842 | ) | $ | (2,527 | ) | $ | (2,527 | ) | ||||
| General and administrative expenses | (309 | ) | (256 | ) | (687 | ) | (836 | ) | ||||||||
| NET INVESTMENT LOSS | (1,151 | ) | (1,098 | ) | (3,214 | ) | (3,363 | ) | ||||||||
| UNREALIZED GAIN (LOSS) FROM INVESTMENTS: | ||||||||||||||||
| Net realized gains from sales/dispositions on investments | 12,049 | — | 12,049 | — | ||||||||||||
| Net (decrease) increase in unrealized appreciation on investments | (9,317) | (604) | (18,911 | ) | 1,350 | |||||||||||
| NET GAIN (LOSS) FROM INVESTMENTS | 2,732 | (604) | (6,862 | ) | 1,350 | |||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,581 | $ | (1,702) | $ | (10,076 | ) | $ | (2,013 | ) | ||||||
Financial Schedule IV
| AAA INVESTMENTS, L.P. CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (in thousands) | |||||||
| As of September 30, 2020 (unaudited) | As of December 31, 2019 | ||||||
| ASSETS | |||||||
| Investments: | |||||||
| Investment in Opportunistic Investment at fair value (cost of $0 and $9,570 at September 30, 2020 and December 31, 2019, respectively) | $ | — | $ | 28,480 | |||
| Cash and cash equivalents | 9,626 | 14 | |||||
| Other assets | 1,141 | 3,541 | |||||
| Due from affiliates | 6,190 | 5,268 | |||||
| TOTAL ASSETS | 16,957 | 37,303 | |||||
| LIABILITIES | |||||||
| Accounts payable and accrued liabilities | 321 | 482 | |||||
| Line of Credit due to affiliates | 0 | 8,725 | |||||
| TOTAL LIABILITIES | 321 | 9,207 | |||||
| NET ASSETS | $ | 16,636 | $ | 28,096 | |||
| NET ASSETS CONSIST OF: | |||||||
| Partners' capital | $ | (2,682,361 | ) | $ | (2,680,977 | ) | |
| Accumulated increase in net assets resulting from operations | 2,698,997 | 2,709,073 | |||||
| NET ASSETS | $ | 16,636 | $ | 28,096 | |||
Attachment
