Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 13

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 13
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 (407)353 (54)Fund VIII2— (2)1 (1)(18)4 (14)Fund VI37 — 2 2 — 6 6 HVF I75 9 — 9 16 4 20 HVF II155 17 24 41 (13)111 98 MidCap FinCo42 — 8 8 — 20 20 Redding Ridge Holdings199 24 8 32 46 25 71 Bridge Funds171 (7)6 (1)(7)6 (1)Other1,3749 82 61 143 160 223 383 Total$3,733 $203 $275 $478 $293 $800 $1,093 Total, net of profit sharing payable4/expense$1,805 $171 $133 $304 $200 $331 $531 1 As of September 30, 2025, certain funds had $200 million in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations was $1.9 billion as of September 30, 2025. 2 As of September 30, 2025, the remaining investments and escrow cash of Fund VIII was valued at 85% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2025, Fund VIII had $138 million of gross performance fees or $76 million net of profit sharing, in escrow. With respect to Fund VIII, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement. Performance fees receivable as of September 30, 2025 and realized performance fees for the three and nine months ended September 30, 2025 include interest earned on escrow balances that is not subject to contingent repayment.3 Other includes certain SIAs. 4 There was a corresponding profit sharing payable of $1.9 billion as of September