Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 8

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 8
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 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:

March 31, 2025Performance Fees for the Three Months Ended March 31, 2025 (In millions)Performance Fees Receivable on an Unconsolidated BasisUnrealizedRealizedTotalAccord and Accord+ Funds$102 $10 $— $10 AIOF I and II59 2 — 2 ANRP I, II and III156 17 5 22 Athora69 (15)— (15)Credit Strategies27 16 5 21 EPF Funds128 7 — 7 FCI Funds88 (21)— (21)Freedom Parent Holdings36 17 — 17 Fund X282 83 — 83 Fund IX1,552 (46)77 31 Fund VIII21 (8)1 (7)Fund VI33 — 2 2 HVF I60 — 3 3 HVF II130 (38)72 34 MidCap Financial37 — 3 3 Redding Ridge Holdings151 14 8 22 Other1,3651 81 68 149 Total$3,362 $119 $244 $363 Total, net of profit sharing payable4/expense$1,594 $14 $70 $84 1 As of March 31, 2025, certain funds had $191 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 $2.2 billion as of March 31, 2025. 2 As of March 31,