Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 346

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 346
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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 “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 June 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$126 $47 $173 $— $126 AIOF I, II and III61 66 127 — 67 ANRP I, II and III76 199 275 — 142 Athora46 — 46 — 46 Credit Strategies46 486 532 — 45 EPF Funds25 572 597 116 36 FCI Funds90 24 114 — 90 Freedom Parent Holdings65 108 173 — 56 Fund X406 — 406 — 406 Fund IX1,291 1,513 2,804 — 1,997 Fund VIII3 1,784 1,787 63 1,174 Fund VII— 3,271 3,271 — — Fund VI35 1,664 1,699 — — Fund IV and Fund V— 2,023 2,023 1 — HVF I66 256 322 — 192 HVF II138