Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 137

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 137
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 Services is included in policy and other operating expenses on the condensed consolidated statements of operations.

12. Equity-Based CompensationUnder the Equity Plan, the Company grants equity-based awards to employees. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable. The Company grants both service-based and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one to five years from the date of grant. Certain service-based awards are tied to profit sharing arrangements in which a portion of the performance fees distributed to the general partner are required to be used by employees to purchase restricted shares of common stock or are delivered in the form of RSUs, which are granted under the Company’s Equity Plan. Performance-based awards vest subject to continued employment and the Company’s achievement of specified performance goals. In accordance with U.S. GAAP, equity-based compensation expense for performance grants are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. For the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense of $149 million and $189 million, respectively. As of March 31, 2025, there was $942 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.3 years. Service-Based AwardsDuring the three months ended March 31, 2025 and 2024, the Company awarded 3.0 million and 3.3 million of service-based RSUs, respectively, with a grant date fair value of $481 million and $353 million, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded equity-based compensation expense on service-based RSUs of $118 million and $92 million, respectively.Performance-Based AwardsDuring the three months ended March 31, 2025, there were no performance-based RSUs awarded. During the three months ended March 31, 2024, the Company awarded 0.8 million of performance-based RSUs with a grant date fair value of $85