Risk Factors Update Summary

• Senior professionals may not receive equity interests as before, potentially impacting retention efforts.
• Increase in outstanding shares of Class A common stock from 229 to 281 million.
• The Acquisition exposes the company to new risks, including integration challenges and management diversion.
• Board of directors and Executive Committee may change dividend policy until Sunset.
• Payment obligations to certain holders of Common Units instead of pre-IPO owners.
• Changes in tax laws may impact the company's profitability and cash flow.
• Number of outstanding shares increased from 70 to 72 million and from 229 to 281 million.
• Amendments to certificate of incorporation and bylaws may impact control and management changes.
• Increased scrutiny on ESG and DEI practices may lead to litigation, antitrust investigations, and reputational harm.
• Changes in ownership restrictions and transfer limitations for API Feeder Partnerships and API partners.
• Transition from LIBOR to SOFR may impact funding costs and credit markets globally.
• California's new legislation may subject the company to additional regulations and penalties regarding greenhouse gas emissions.
• The company's historical returns and cash flow volatility may be impacted by changes in interest rates.
• The company's investment in distressed debt poses significant risks due to market volatility and potential losses.