Profit 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 consolidated statements of financial condition. The below is a roll-forward of the profit-sharing payable balance:


(In millions)	Total
Profit sharing payable, January 1, 2024	$	1,669
Profit sharing expense	783
Payments/other	(564)
Profit sharing payable, December 31, 2024	1,888
Profit sharing expense	799
Payments/other1	(652)
Profit sharing payable, December 31, 2025	$	2,035

1 Other includes profit sharing payable related to the Bridge acquisition during the third quarter of 2025.

Profit sharing expense includes (1) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (2) 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 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.