Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 193

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 193
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/AN/AN/ARetirement ServicesAFS, trading and equity securities28,655 Discounted cash flowDiscount rate4.7% – 20.0%7.1%1Mortgage loans267,115 Discounted cash flowDiscount rate1.8% – 43.1%6.7%1Investment funds21,909 Discounted cash flowDiscount rate6.6% – 14.0%10.8%1Financial Liabilities Asset ManagementContingent consideration obligations67 Discounted cash flowDiscount rate20.0% – 25.0%23.6%1Retirement ServicesInterest sensitive contract liabilities – fixed indexed annuities embedded derivatives11,242 Discounted cash flowNonperformance risk0.4% – 1.1%0.7%3Option budget0.5% – 6.0%2.8%4Surrender rate6.0% – 14.2%9.0%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

 December 31, 2023Fair Value (In millions)Valuation TechniquesUnobservable InputsRangesWeighted AverageFinancial AssetsAsset ManagementInvestments$857 Discounted cash flowDiscount rate10.5% – 52.8%17.2%1112 Direct capitalizationCapitalization rate6.9%6.9%219 Adjusted transaction valueN/AN/AN/ADue from related parties37 Discounted cash flowDiscount rate14.0%14.0%Derivative assets13 Option modelVolatility rate62.5%62.5%Investments of consolidated VIEsBank loans605 Discounted cash flowDiscount rate7.7% – 11.0%9.4%164 Adjusted transaction valueN/AN/AN/AEquity securities494 Dividend discount modelDiscount rate13.5%13.5%131 Adjusted transaction valueN/AN/AN/ABonds35 Discounted cash flowDiscount rate6.1% – 13.0%10.7%