Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 255

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 255
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 PartiesAsset ManagementDue from/ to related partiesDue from/ to related parties includes:•unpaid management fees, transaction and advisory fees and reimbursable expenses from the funds Apollo manages and their portfolio companies;•reimbursable payments for certain operating costs incurred by these funds as well as their related parties; and •other related party amounts arising from transactions, including loans to employees and periodic sales of ownership interests in funds managed by Apollo. Due from related parties and Due to related parties consisted of the following as of December 31, 2024 and December 31, 2023:(In millions)December 31, 2024December 31, 2023Due from Related Parties:Due from funds1$430 $299 Due from portfolio companies48 40 Due from employees and former employees106 110 Total Due from Related Parties$584 $449 Due to Related Parties:Due to Former Managing Partners and Contributing Partners2$406 $661 Due to funds229 194 Due to portfolio companies75 15 Total Due to Related Parties$710 $870 1 Includes $27 million and $37 million as of December 31, 2024 and December 31, 2023, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value.2 Includes $175 million as of December 31, 2023 related to the AOG Unit Payment, which was payable in equal quarterly installments through December 31, 2024.Tax Receivable AgreementAll Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code (“IRC”). The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that AGM and its subsidiaries will otherwise be required to pay in the future.The tax receivable agreement (“TRA”) provides for payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash tax savings, if any, in U.S. federal, state, local and foreign income taxes the Company realizes as a result of the increases in tax basis of assets resulting from exchanges of AOG Units for Class A shares that have occurred in prior years. AGM and its subsidiaries retain the benefit of the remaining 15% of actual cash tax savings. If the Company does