Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 132

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 132
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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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:June 30, 2025Fair Value (In millions)Valuation TechniqueUnobservable InputsRangesWeighted AverageFinancial AssetsAsset ManagementInvestments$850 Discounted cash flowDiscount rate13.0% – 52.8%17.3%1136Direct capitalizationCapitalization rate7.3%7.3%158Adjusted transaction valueN/AN/AN/ADue from related parties19Discounted cash flowDiscount rate14.0%14.0%Derivative assets5Option modelVolatility rate45.0%45.0%Investments of consolidated VIEsBank loans270 Discounted cash flowDiscount rate7.2% – 10.2%8.5%1240 Adjusted transaction valueN/AN/AN/AEquity securities377Discounted cash flowDiscount rate13.4% 13.4%896Adjusted transaction valueN/AN/AN/A22Option modelVolatility rate90.0% – 270.0%122.1%1Bonds82Adjusted transaction valueN/AN/AN/ARetirement ServicesAFS, trading and equity securities28,765 Discounted cash flowDiscount rate2.5% – 22.4%6.7%1Mortgage loans281,108 Discounted cash flowDiscount rate0.1% – 49.6%6.4%1Investment funds21,294 Discounted cash flowDiscount rate13.0% – 14.0%13.1%1281 RecoverabilityEstimated proceedsN/AN/AFinancial Liabilities Asset ManagementContingent consideration obligations61 Discounted cash flowDiscount rate20.0% – 24.0%23.1%1Retirement ServicesInterest sensitive contract liabilities – fixed indexed annuities embedded derivatives12,276 Discounted cash flowNonperformance risk0.3% – 1.1%0.7%3Option budget0.5% – 6.0%3.0%4Surrender rate5.7% – 13.5%8.8%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 non