Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 12

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 12
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 rate for that fund; thereafter, the Company participates in returns from the fund at the performance fee rate. Performance fees, categorized as performance allocations, are subject to reversal to the extent that the performance fees distributed exceed the amount due to the general partner based on a fund’s cumulative investment returns. The Company recognizes potential repayment of previously received performance fees as a general partner obligation representing all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying fund’s investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life or as otherwise set forth in the respective limited partnership agreement of the fund.

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The table below presents an analysis of Apollo’s (i) performance fees receivable on an unconsolidated basis, (ii) unrealized performance fees and (iii) realized performance fees, inclusive of realized incentive fees:

June 30, 2025Performance Fees for the Three Months Ended June 30, 2025Performance Fees for the Six Months Ended June 30, 2025 (In millions)Performance Fees Receivable on an Unconsolidated BasisUnrealizedRealizedTotalUnrealizedRealizedTotalAccord and Accord+ Funds$126 $23 $— $23 $33 $— $33 AIOF I, II and III61 2 3 5 4 3 7 ANRP I, II and III176 23 8 31 40 13 53 Athora46 (23)— (23)(38)— (38)Credit Strategies46 24 — 24 40 6 46 EPF Funds125 (2)— (2)4 — 4 FCI Funds90 2 — 2 (2)— (2)Freedom Parent Holdings65 29 — 29 46 — 46 Fund X406 123 — 123 207 — 207 Fund IX1,291 (260)138 (122)(306)216 (90)Fund VIII23 (8)1 (7)(16)3 (13)Fund VI35 — 2 2 — 4 4 HVF I66 6 1 7 6 4 10 HVF