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  "notes": "Includes specific forward-looking compensation ratio targets and historical context regarding expense allocation.",
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      "text": "Historical periods may show ratios outside these ranges due to the timing of the compensation reset.",
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      "text": "Apollo allocated certain compensation and non-compensation expenses to Principal Investing from Asset Management to reflect corporate activities supporting the consolidated business.",
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      "text": "Apollo issued long-term stock awards in Q4 2021, resulting in 461 million shares outstanding as of Dec 31, 2021.",
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      "text": "FRE compensation ratio expected to reach ~25% by 2026 (vs ~30% today); PII compensation ratio expected to reach 60-70% (vs ~50% today).",
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