Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 323

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 323
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 the Company recorded compensation expense on service-based RSUs of $384 million and $296 million, respectively. Performance-Based AwardsDuring the nine months ended September 30, 2025, there were no performance-based RSUs awarded. During the nine months ended September 30, 2024, the Company awarded 0.9 million of performance-based RSUs, with a grant date fair value of $89 million, which primarily vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated compensation expense.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

During the three months ended September 30, 2025 and 2024, the Company recorded compensation expense on performance-based awards of $15 million and $31 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense on performance-based awards of $52 million and $138 million, respectively.In December 2021, the Company awarded one-time grants to the then 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. The Company records approximately $14 million and $6 million of compensation expense each quarter for these service-based and performance-based awards, respectively.The following table summarizes all RSU activity for the current period:UnvestedWeighted Average Grant Date Fair ValueVestedTotal Number of RSUs OutstandingBalance at January 1, 202514,635,028$70.03 21,337,13235,972,160Granted 13,810,646152.18 266,6614,077,307Forfeited(172,923)107.41 (44)(172,967)Vested(2,869,383)89.39 2,869,383—Issued—— (8,084,808)(8,084,808)Balance at September 30, 202515,403,368$80.23 16,388,324 31,791,6921 Includes 0.2 million unvested RSUs assumed as part of the Bridge acquisition.Restricted Stock AwardsThe Company also grants certain restricted stock awards tied