Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 14

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 14
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30, 2025, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $58 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 condensed consolidated statements of financial condition.

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The following table summarizes our performance fees since inception through September 30, 2025:

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+ Funds$160 $47 $207 $— $160 AIOF I, II and III44 86 130 — 61 ANRP I, II and III76 200 276 — 143 Athora24 — 24 — 24 Credit Strategies108 486 594 — 106 EPF Funds29 576 605 116 41 FCI Funds91 24 115 — 91 Freedom Parent Holdings68 117 185 — 68 Fund X514 — 514 — 514 Fund IX1,191 1,650 2,841 — 2,044 Fund VIII— 1,787 1,787 65 1,168 Fund VII— 3,271 3,271 — — Fund VI37 1,664 1,701 — — Fund IV and Fund V— 2,023 2,023 1 — HVF I75 256 331 — 200 HVF II155