Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 194

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 194
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, Fund IX, Redding Ridge Holdings and Credit Strategies of $83 million, $34 million, $31 million, $22 million and $21 million, respectively, partially offset by performance allocation losses from Financial Credit Investment II, L.P. (“FCI II”) of $17 million.

See below for details on the respective performance allocations in 2025.

The performance allocations earned from Fund X in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) consumer and retail, (ii) chemicals and (iii) manufacturing and industrial sectors.

The performance allocations earned from HVF II in 2025 were primarily driven by the appreciation and realization of the fund’s investments in private portfolio companies in the (i) consumer and retail, (ii) consumer services and (iii) media, telecom and technology sectors.

The performance allocations earned from Fund IX in 2025 were primarily driven by the appreciation and realization of the fund’s investments in the (i) manufacturing and industrial and (ii) leisure sectors, and the fund’s distressed investments. 

The performance allocations earned from Redding Ridge Holdings in 2025 were primarily driven by existing and new CLO issuances, resets, accumulation of warehouse assets, new consulting contracts and the net income generated by the vehicle’s strategic investments.

The performance allocations earned from Credit Strategies in 2025 were driven by the net income generated by the fund’s investments.

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The performance allocation losses from FCI II in 2025 were primarily driven by higher premium expenses offset, in part, by gains generated from maturities and mark-to-market appreciation. Additionally, the fund’s preferred return threshold was no longer met, leading to a reversal of previously earned performance fees in the first quarter of 2025.

Expenses

Expenses were $1,113 million in 2025, an increase of $155 million from $958 million in 2024, primarily due to increases in total compensation and benefits and general, administrative and other expenses. 

Total compensation and benefits were $745 million in 2025, an increase of $78 million from $667 million in 2024, primarily due to increases in profit sharing expense and salary, bonus and benefits of $59 million and $57 million, respectively, partially offset by a decrease in equity-based compensation of $38 million. The increase in salary, bonus and benefits of $57 million was primarily driven by increased headcount in 2025, whereas the decrease in equity