Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 12

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 12
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 performance fees to the general partner in a similar manner as the equity funds. In certain funds we manage, as long as the investors achieve their priority returns, there is a catch-up formula whereby the Company earns a priority return for a portion of the return until the Company’s performance fees equate to its performance fee rate for that fund; thereafter, the Company participates in returns from the fund at the performance fee rate. Performance fees, categorized as performance allocations, are subject to reversal to the extent that the performance fees distributed exceed the amount due to the general partner based on a fund’s cumulative investment returns. The Company recognizes potential repayment of previously received performance fees as a general partner obligation representing all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying fund’s investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life or as otherwise set forth in the respective limited partnership agreement of the fund.

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The table below presents an analysis of Apollo’s (i) performance fees receivable on an unconsolidated basis, (ii) unrealized performance fees and (iii) realized performance fees, inclusive of realized incentive fees:

September 30, 2025Performance Fees for the Three Months Ended September 30, 2025Performance Fees for the Nine Months Ended September 30, 2025 (In millions)Performance Fees Receivable on an Unconsolidated BasisUnrealizedRealizedTotalUnrealizedRealizedTotalAccord and Accord+ Funds$160 $34 $— $34 $67 $— $67 AIOF I, II and III44 (17)20 3 (13)23 10 ANRP I, II and III176 — 1 1 40 13 53 Athora24 (22)— (22)(60)— (60)Credit Strategies108 61 1 62 102 6 108 EPF Funds129 3 6 9 8 6 14 FCI Funds91 — — — (1)— (1)Freedom Parent Holdings68 12 — 12 58 — 58 Fund X514 109 — 109 315 — 315 Fund IX1,191 (100)137 37