Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 313

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 313
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 %6.0 %2.2 %2DecreaseSurrender rate3.3 %7.0 %4.5 %2DecreaseUtilization rate28.6 %95.0 %84.7 %3Increase1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.2 The option budget and surrender rate weighted averages are calculated based on projected account values.3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

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

10. Profit Sharing PayableProfit sharing payable, and those of consolidated VIEs, are recorded within accounts payable, accrued expenses, and other liabilities, and accounts payable, accrued expenses, and other liabilities of consolidated VIEs, respectively, in the condensed consolidated statements of financial condition. Profit sharing payable was $2.1 billion and $1.9 billion as of September 30, 2025 and December 31, 2024, respectively. The below is a roll-forward of the profit-sharing payable balance:(In millions)TotalProfit sharing payable, January 1, 2025$1,888 Profit sharing expense576 Payments/other1(409)Profit sharing payable, September 30, 2025$2,055 1 Other includes profit sharing payable related to the Bridge acquisition during the third quarter of 2025.Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition. The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

11. Income TaxesThe Company’s income