Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 192

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 192
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 represents a receivable from a fund. 3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition. 4 Other liabilities as of December 31, 2024 includes profit sharing payable of $67 million related to contingent obligations classified as Level 3. Other liabilities as of December 31, 2023 includes $26 million of contingent obligations related to the Griffin Capital acquisition classified as Level 3 and profit sharing payable of $67 million related to other contingent obligations classified as Level 3.5 Other assets consist of market risk benefits assets. See note 11 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.Changes in fair value of contingent consideration obligations in connection with the acquisitions of Stone Tower and Griffin Capital are recorded in compensation and benefits expense and other income (loss), net, respectively, in the consolidated statements of operations. Refer to note 19 for further details. 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Level 3 Financial InstrumentsThe following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:December 31, 2024Fair Value (In millions)Valuation TechniqueUnobservable InputsRangesWeighted AverageFinancial AssetsAsset ManagementInvestments$765 Discounted cash flowDiscount rate13.5% – 52.8%17.8%1128Direct capitalizationCapitalization rate6.7%6.7%159Adjusted transaction valueN/AN/AN/ADue from related parties27Discounted cash flowDiscount rate14.0%14.0%Derivative assets29Option modelVolatility rate52.5%52.5%Investments of consolidated VIEsBank loans168 Discounted cash flowDiscount rate5.6% – 23.4%9.0%1179 Adjusted transaction valueN/AN/AN/AEquity securities495Dividend discount modelDiscount rate14.1%14.1%417Discounted cash flowDiscount rate8.3% – 13.3%13.3%169Adjusted transaction valueN/AN/AN/A27Option ModelVolatility rate84.8% – 117.5%110.7%1Bonds412Discounted cash flowDiscount rate6.6% – 11.7%7.0%1491Adjusted transaction valueN