Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 194

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 194
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1163 Adjusted transaction valueN/AN/AN/ARetirement ServicesAFS, trading and equity securities14,247 Discounted cash flowDiscount rate2.3% – 18.1%7.0%1Mortgage loans247,569 Discounted cash flowDiscount rate2.5% – 20.6%6.8%1Investment funds21,574 Discounted cash flowDiscount rate6.3% – 13.5%11.2%1483 Net tangible asset valuesImplied multiple1.14x1.14xFinancial LiabilitiesAsset ManagementContingent consideration obligations93 Discounted cash flowDiscount rate20.0% – 25.0%23.3%1Option modelVolatility rate31.4% – 33.4%32.4%1Retirement ServicesInterest sensitive contract liabilities – fixed indexed annuities embedded derivatives9,059 Discounted cash flowNonperformance risk0.4% – 1.4%0.9%3Option budget0.5% – 6.0%2.3%4Surrender rate6.0% – 13.4%8.7%41 Unobservable inputs were weighted based on the fair value of the investments included in the range.2 Includes those of consolidated VIEs.3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.4 The option budget and surrender rate weighted averages are calculated based on projected account values.

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

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis: Year ended December 31, 2024Total realized and unrealized gains (losses)(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending BalanceTotal Gains (Losses) Included in Earnings1Total Gains (Losses) Included in OCI1Assets – Asset ManagementInvestments and derivative assets$1,201 $(24)$— $(28)$(68)$1,081 $26 $— Investments of consolidated VIEs1,492 (15)— 579 202 2,258 (17)— Total Level 3 assets – Asset Management$2,693