Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 334

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 334
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 fees and reimbursable expenses from the funds Apollo manages and their portfolio companies;•reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and •other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo. Due from/to related parties consisted of the following:(In millions)September 30, 2025December 31, 2024Due from Related Parties:Due from funds1$728 $430 Due from portfolio companies57 48 Due from employees and former employees107 106 Total Due from Related Parties2$892 $584 Due to Related Parties:Due to TRA holders$767 $406 Due to funds217 229 Due to portfolio companies185 75 Total Due to Related Parties$1,169 $710 1 Includes $14 million and $27 million as of September 30, 2025 and December 31, 2024, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value.2 Includes due from related parties of certain consolidated VIEs.Tax Receivable AgreementsAll Apollo Operating Group entities have made an election under Section 754 of the U.S. Internal Revenue Code (“IRC”). The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future.The Apollo TRA provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a result of the increases in tax basis of assets resulting from exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit of the remaining 15% of actual cash tax savings. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date.In connection with its IPO in 2024, Bridge entered into a tax receivable agreement with certain equity holders in its business which was amended and restated in connection with the Bridge acquisition. Under the Bridge TRA, the Company is obligated 

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