Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 251

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 251
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2025 and December 31, 2024 excludes $213 million and $248 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. 2 Due from related parties 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 condensed consolidated statements of financial condition. 4 Other liabilities as of June 30, 2025 and December 31, 2024 includes profit sharing payable of $61 million and $67 million, respectively, related to contingent obligations classified as Level 3. 5 Other assets consist of market risk benefits assets. See note 8 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 acquisition of Stone Tower are recorded in compensation and benefits expense in the condensed consolidated statements of operations. For periods prior to December 31, 2024, changes in fair value of contingent consideration obligations in connection with the acquisition of Griffin Capital were recorded in other income (loss), net, in the condensed consolidated statements of operations. Refer to note 16 for further details. 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO 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