Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 272

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 272
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 and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:September 30, 2025Fair Value (In millions)Valuation TechniqueUnobservable InputsRangesWeighted AverageFinancial AssetsAsset ManagementInvestments$869 Discounted cash flowDiscount rate3.6% – 52.8%17.2%1152Direct capitalizationCapitalization rate7.0%7.0%178Adjusted transaction valueN/AN/AN/ADue from related parties14Discounted cash flowDiscount rate14.0%14.0%Derivative assets11Option modelVolatility rate37.5%37.5%Investments of consolidated VIEsBank loans17 Discounted cash flowDiscount rate4.9% – 15.6%6.4%1657 Adjusted transaction valueN/AN/AN/AEquity securities375Discounted cash flowDiscount rate13.7% – 17.0%13.7%1934Adjusted transaction valueN/AN/AN/A13Option modelVolatility rate80.0% – 85.0%82.9%1Bonds842Discounted cash flowDiscount rate5.2% – 7.5%5.4%1865Adjusted transaction valueN/AN/AN/ARetirement ServicesAFS, trading and equity securities31,304 Discounted cash flowDiscount rate2.4% – 22.6%6.5%1Mortgage loans285,164 Discounted cash flowDiscount rate1.2% – 31.4%6.2%1182 RecoverabilityEstimated proceedsN/AN/AInvestment funds21,303 Discounted cash flowDiscount rate13.0% – 14.0%13.1%1286 RecoverabilityEstimated proceedsN/AN/AFinancial Liabilities Asset ManagementContingent consideration obligations58 Discounted cash flowDiscount rate21.0% – 25.0%23.8%1Retirement ServicesInterest sensitive contract liabilities – fixed indexed annuities embedded derivatives14,299 Discounted cash flowNonperformance risk0.4% – 1.0%0.6%3Option budget0.5% – 6.0%3.1%4Surrender rate5.9% – 14.1%9.6%41 Unobservable inputs were weighted based on the fair value of the investments included in the range.2 Includes