{
  "docId": "019de072-e902-70b8-a16a-0f84fee19216",
  "docSlug": "f04de484c34330d992151396cf2a5e03",
  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 157 slides",
  "authorId": "apollo-global-management",
  "authorName": "Apollo",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2022-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 92,
  "pageCount": 120,
  "prevPage": 91,
  "nextPage": 93,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The chart uses a line graph for default rates and a bar chart for loss rates, with a horizontal line for Athene's credit enhancement.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-e902-70b8-a16a-0f84fee19216/92",
  "deckHref": "/decks/019de072-e902-70b8-a16a-0f84fee19216",
  "deckJsonHref": "/decks/019de072-e902-70b8-a16a-0f84fee19216.json",
  "deckAnchorHref": "/decks/019de072-e902-70b8-a16a-0f84fee19216#slide-92",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.45,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "callout",
      "text": "Athene regularly stresses its asset portfolio and would expect no principal impairments on its CLO debt portfolio in a \"Recession\" scenario which utilizes more punitive stress assumptions for CLOs than experienced during Lehman / Great Financial Crisis",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e1e59dc-3adb-487c-9e68-6a5eb991367e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.55,
        "y": 0.7
      },
      "kind": "callout",
      "text": "In an even more severe \"Deep Recession\" scenario, Athene would expect <$14 million, or 12 basis points, of principal impairments on its CLO debt portfolio",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d03ebf17-f6c7-40dc-9ad4-45cf3f36b474",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.95,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Historical industry non-investment grade loan default and loss rates from 1999 to 2020.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2fbba3e-a6a3-4d4c-a60a-7e9cecca8052",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1. Based on internal estimates. 2. Source: LCD, Intex, S&P, Moody's, Wells Fargo Securities. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4eed8a48-f773-463d-ac5d-27aa931d8f7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "Athene's CLO Portfolio Has Significant Credit Enhancement to Withstand Default Rates Far in Excess of Historical Events",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47a70bfd-62cb-4703-8246-6656203a9bcf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.03,
        "y": 0.2
      },
      "kind": "title",
      "text": "HISTORICAL INDUSTRY NON-INVESTMENT GRADE LOAN DEFAULT AND LOSS RATES 2",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da6218fe-de5e-4928-b450-e8985839b3b8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "58885b48-03fd-488b-85b9-6cbe528bacc2",
      "evidence": "Recession and Deep Recession scenarios",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "da3c9ebf-8a4f-4f23-a025-1a3734f7b1d1",
      "evidence": "The slide proactively addresses potential concerns about credit risk and default rates by showing resilience to extreme scenarios.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}