Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 13

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 13
---
 II138 8 15 23 (30)86 56 MidCap FinCo42 — 9 9 — 12 12 Redding Ridge Holdings167 7 8 15 22 17 39 Other1,3695 18 97 115 81 162 243 Total$3,378 $(28)$282 $254 $91 $526 $617 Total, net of profit sharing payable4/expense$1,572 $15 $128 $143 $29 $198 $227 1 As of June 30, 2025, certain funds had $201 million in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations was $2.4 billion as of June 30, 2025. 2 As of June 30, 2025, the remaining investments and escrow cash of Fund VIII was valued at 83% of the fund’s unreturned capital, which was below the required escrow ratio of 115%. As a result, the fund is required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of June 30, 2025, Fund VIII had $138 million of gross performance fees or $76 million net of profit sharing, in escrow. With respect to Fund VIII, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the fund’s partnership agreement. Performance fees receivable as of June 30, 2025 and realized performance fees for the three and six months ended June 30, 2025 include interest earned on escrow balances that is not subject to contingent repayment. 3 Other includes certain SIAs. 4 There was a corresponding profit sharing payable of $1.8 billion as of June 30, 2025, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $61 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