Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 14

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 14
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 31, 2024, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $67 million.

The general partners of certain of the funds we manage accrue performance fees, categorized as performance allocations, when the fair value of investments exceeds the cost basis of the individual investors’ investments in the fund, including any allocable share of expenses incurred in connection with such investments, which we refer to as “high water marks.” These high water marks are applied on an individual investor basis. Certain of the funds we manage have investors with various high water marks, the achievement of which is subject to market conditions and investment performance.

Performance fees from certain funds we manage are subject to contingent repayment by the general partner in the event of future losses to the extent that the cumulative performance fees distributed from inception to date exceeds the amount computed as due to the general partner at the final distribution. These general partner obligations, if applicable, are included in due to related parties on the consolidated statements of financial condition.

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The following table summarizes our performance fees since inception through December 31, 2024:

Performance Fees Since Inception1(In millions)Undistributed by Fund and RecognizedDistributed by Fund and Recognized2Total Undistributed and Distributed by Fund and Recognized3General Partner Obligation3Maximum Performance Fees Subject to Potential Reversal4Accord and Accord+ Funds93 47 140 — 93 AIOF I and II57 63 120 — 80 ANRP I, II and III48 186 234 12 94 Athora84 — 84 — 84 Credit Strategies113 373 486 — 106 EPF Funds21 527 548 110 35 FCI Funds109 24 133 — 109 Freedom Parent Holdings40 87 127 — 10 Fund X199 — 199 — 199 Fund IX1,597 1,297 2,894 — 2,320 Fund VIII23 1,783 1,806 70 1,162 Fund VII— 3,271 3,271 — — Fund VI31 1,664 1,695 — — Fund IV and Fund V— 2,023 2,023 1 — HVF I60 252 312 — 183 HVF II168 — 168 —