Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 244

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 244
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 $97 million and $228 million, respectively, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense.During the years ended December 31, 2024, 2023 and 2022, the Company recorded equity-based compensation expense on performance-based awards of $260 million, $175 million and $205 million, respectively.During the years ended December 31, 2024, 2023 and 2022, the Company issued equity awards where the number of shares to be issued is variable based on the achievement of specified performance targets. Compensation expense is recognized over the performance period based upon the probable outcome of the performance condition and the performance-based compensation is classified as a liability, and therefore, the fair value of these awards is remeasured each reporting period. Given the number of shares to be issued in settlement of these awards is not yet known, the tables below exclude the impact of these awards.In December 2021, the Company awarded one-time grants to the Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics. During the year ended December 31, 2024, the Company recorded equity-based compensation expense of $80 million for these one-time grants of which $56 million is related to service-based awards and $24 million is related to performance-based awards.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes all RSU activity for the current period:UnvestedWeighted Average Grant Date Fair ValueVestedTotal Number of RSUs OutstandingBalance at January 1, 202416,692,903$62.92 22,067,05238,759,955Granted5,173,971112.54 23,0845,197,055Forfeited(341,573)81.10 (172,960)(514,533)Vested(6,890,273)72.58 6,890,273—Issued—— (7,470,317)(7,470,317)Balance at December 31, 202414,635,028$70.03 21,337,132 35,972,160