DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt consisted of the following:


		As of March 31, 2023					As of December 31, 2022
	Maturity Date	Outstanding Balance		Fair Value				Outstanding Balance		Fair Value
4.00% 2024 Senior Notes(1)(2)	May 30, 2024	$	499,285	$	490,035	(4)		$	499,122	$	485,616	(4)
4.40% 2026 Senior Notes(1)(2)	May 27, 2026	498,371		486,207		(4)		498,243		475,629		(4)
4.87% 2029 Senior Notes(1)(2)	February 15, 2029	674,824		646,533		(4)		674,816		638,649		(4)
2.65% 2030 Senior Notes(1)(2)	June 5, 2030	495,674		418,871		(4)		495,524		406,787		(4)

5.00% 2048 Senior Notes(1)(2)	March 15, 2048	297,019		271,862		(4)		296,959		261,675		(4)
4.95% 2050 Subordinated Notes(1)(2)	January 14, 2050	296,714		248,175		(4)		296,714		252,483		(4)
1.70% Secured Borrowing II	April 15, 2032	17,793		17,963		(4)		18,159		17,614		(4)
1.30% 2016 AMI Term Facility I	January 15, 2025	18,270		18,270		(3)		18,052		18,028		(3)
1.40% 2016 AMI Term Facility II	October 18, 2024	15,976		15,976		(3)		16,528		16,510		(3)
Total Debt		$	2,813,926	$	2,613,892			$	2,814,117	$	2,572,991

(1) Interest rate is calculated as weighted average annualized.
(2) Includes amortization of note discount, as applicable, totaling $15.2 million and $15.8 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs.
(3) Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy.
(4) Fair value is based on obtained broker quotes. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.

Schedule of Credit Facilities

The following table represents the Company’s credit facilities as of March 31, 2023:

Instrument/Facility

Borrowing Date

Maturity Date

Administrative Agent

Key terms

2022 AMH credit facility

N/A

October 12, 2027

Citibank, N.A.

The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%.

Schedule of Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:


	For the Three Months Ended March 31,
		2023		2022
Total Interest Expense		$	34,302	$	32,993

(1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

The following table presents the revenues earned in aggregate from Athene and Athora:


	For the Three Months Ended March 31,
	2023		2022
Revenues earned in aggregate from Athene and Athora(1)	$	369,412	$	325,561

(1) Consisting of management fees, sub-advisory fees, and performance revenues from Athene and Athora, as applicable.

Apollo Asset Management, Inc. 10-Q