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  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 157 slides",
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      "text": "CLO debt benefits from diversification and credit enhancement, meaning the amount of loss that can be absorbed by the structure before impacting the relevant CLO tranche. ~47% of the principal value of the underlying loans in the CLO structure in this illustrative example would need to be impaired before the AAA tranche was impaired",
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