Apollo Global Management (APO-PA) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Entity Information [Line Items]
Entity Registrant Name	Apollo Global Management LLC
Entity Central Index Key	1,411,494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	APO
Amendment Flag	false
Common Class A Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		193,912,759
Common Class B Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 1,070,805	$ 806,329
Restricted cash	5,023	4,680
Investments	1,576,839	1,494,744
Other assets	149,700	118,860
Carried interest receivable	1,270,311	1,257,105
Due from related parties	282,502	254,853
Deferred tax assets	598,397	572,263
Goodwill	88,852	88,852
Intangible assets, net	19,754	22,721
Total Assets	6,221,920	5,629,553
Liabilities:
Accounts payable and accrued expenses	60,094	57,465
Accrued compensation and benefits	97,515	52,754
Deferred revenue	116,095	174,893
Due to related parties	612,772	638,126
Profit sharing payable	581,854	550,148
Debt	1,358,444	1,352,447
Other liabilities	95,430	81,613
Total Liabilities	3,868,732	3,762,025
Commitments and Contingencies (see note 14)
Apollo Global Management, LLC shareholders’ equity:
Preferred shares (11,000,000 and 0 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively)	264,398	0
Additional paid in capital	1,716,138	1,830,025
Accumulated deficit	(755,465)	(986,186)
Accumulated other comprehensive loss	(3,022)	(8,723)
Total Apollo Global Management, LLC shareholders’ equity	1,222,049	835,116
Total Shareholders’ Equity	2,353,188	1,867,528
Total Liabilities and Shareholders’ Equity	6,221,920	5,629,553
Class A shares, no par value, unlimited shares authorized, 192,756,044 and 185,460,294 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
Apollo Global Management, LLC shareholders’ equity:
Class A shares, no par value, unlimited shares authorized, 192,756,044 and 185,460,294 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at June 30, 2017 and December 31, 2016
Apollo Global Management, LLC shareholders’ equity:
Class A shares, no par value, unlimited shares authorized, 192,756,044 and 185,460,294 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at June 30, 2017 and December 31, 2016	0	0
Non-Controlling Interests in Apollo Operating Group
Apollo Global Management, LLC shareholders’ equity:
Non-Controlling Interests	993,859	942,349
Consolidated Entities
Assets:
Cash and cash equivalents held at consolidated funds	9,672	7,335
Apollo Global Management, LLC shareholders’ equity:
Non-Controlling Interests	137,280	90,063
Consolidated Variable Interest Entities
Assets:
Cash and cash equivalents held at consolidated funds	44,726	41,318
Investments, at fair value	1,049,529	913,827
Other assets	55,810	46,666
Liabilities:
Debt, at fair value	884,761	786,545
Other liabilities	$ 61,767	$ 68,034

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Shares held (in shares)	11,000,000	0
Preferred Stock, Shares Outstanding	11,000,000	0
Common stock, shares authorized (in shares)	Unlimited	Unlimited
Common Class A Shares
Shares issued (in shares)	192,756,044	185,460,294
Shares outstanding (in shares)	192,756,044	185,460,294
Common Class B Shares
Shares issued (in shares)	1	1
Shares outstanding (in shares)	1	1

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Management fees from related parties	$ 281,305	$ 267,063	$ 550,848	$ 500,858
Advisory and transaction fees from related parties, net	23,629	64,899	38,696	72,898
Carried interest income from related parties	127,938	328,485	486,879	207,517
Total Revenues	432,872	660,447	1,076,423	781,273
Compensation and benefits:
Salary, bonus and benefits	105,545	100,188	207,158	197,422
Equity-based compensation	22,740	34,038	45,847	48,040
Profit sharing expense	58,059	127,220	202,383	89,615
Total Compensation and Benefits	186,344	261,446	455,388	335,077
Interest expense	13,195	9,800	26,194	17,673
General, administrative and other	59,729	70,088	121,769	128,719
Placement fees	5,258	2,064	7,163	3,828
Total Expenses	264,526	343,398	610,514	485,297
Other Income:
Net gains (losses) from investment activities	(513)	89,010	34,004	32,541
Net gains from investment activities of consolidated variable interest entities	6,132	698	10,240	2,017
Income from equity method investments	16,836	44,960	55,389	41,143
Interest income	622	1,296	1,425	1,881
Other income, net	742	778	19,389	525
Total Other Income	23,819	136,742	120,447	78,107
Income before income tax (provision) benefit	192,165	453,791	586,356	374,083
Income tax (provision) benefit	777	(37,988)	(38,384)	(32,841)
Net Income	192,942	415,803	547,972	341,242
Net income attributable to Non-Controlling Interests	(101,262)	(241,711)	(311,096)	(199,978)
Net Income Attributable to Apollo Global Management, LLC	91,680	174,092	236,876	141,264
Net income attributable to Preferred Shareholders	(4,772)	0	(4,772)	0
Net Income Attributable to Apollo Global Management, LLC Class A Shareholders	$ 86,908	$ 174,092	$ 232,104	$ 141,264
Distributions declared per Class A Share (USD per share)	$ 0.49	$ 0.25	$ 0.94	$ 0.53
Net Income Per Class A Share:
Net Income Available to Class A Share – Basic (in dollars per share)	0.44	0.91	1.19	0.74
Net Income Available to Class A Share - Diluted (USD per share)	$ 0.44	$ 0.91	$ 1.19	$ 0.74
Weighted Average Number of Class A Shares Outstanding - Basic (in shares)	190,591,756	183,695,920	188,564,562	183,180,625
Weighted Average Number of Class A Shares Outstanding - Diluted (in shares)	190,591,756	183,695,920	188,564,562	183,180,625

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 192,942	$ 415,803	$ 547,972	$ 341,242
Other Comprehensive Income (Loss), net of tax:
Currency translation adjustments, net of tax	11,219	(4,142)	8,940	1,959
Net gain from change in fair value of cash flow hedge instruments	25	27	51	53
Net income (loss) on available-for-sale securities	(149)	501	(101)	(450)
Total Other Comprehensive Income (Loss), net of tax	11,095	(3,614)	8,890	1,562
Comprehensive Income	204,037	412,189	556,862	342,804
Comprehensive Income attributable to Non-Controlling Interests	(103,576)	(239,994)	(314,285)	(200,895)
Comprehensive Income Attributable to Apollo Global Management, LLC	$ 100,461	$ 172,195	$ 242,577	$ 141,909

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Preferred Shares	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Apollo Global Management, LLC Shareholders’ Equity	Non- Controlling Interests in Consolidated Entities	Non-Controlling Interests in Apollo Operating Group	Common Class A Shares	Common Class A SharesCommon Stock	Common Class B SharesCommon Stock
Balance, Beginning of Period at Dec. 31, 2015	$ 1,388,981		$ 2,005,509	$ (1,348,384)	$ (7,620)	$ 649,505	$ 86,561	$ 652,915
Balance, Beginning of Period (in shares) at Dec. 31, 2015										181,078,937	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dilution impact of issuance of Class A shares	278		278			278
Capital increase related to equity-based compensation	36,707		36,707			36,707
Capital contributions	12,886						12,886
Distributions	(224,686)		(101,335)			(101,335)	(8,824)	(114,527)
Payments related to issuances of Class A shares for equity-based awards	(29,548)		9	29,557		(29,548)
Payments related to issuances of Class A shares for equity-based awards (in shares)										3,810,973
Repurchase of Class A Shares	(12,902)		(12,902)			(12,902)
Repurchase of Class A shares (in shares)									(954,447)	(954,447)
Exchange of AOG Units for Class A shares	191		696			696		(505)
Exchange of AOG Units for Class A shares (in shares)										169,223
Net income	341,242			141,264		141,264	4,113	195,865
Currency translation adjustments, net of tax	1,959				1,070	1,070	889
Net gain from change in fair value of cash flow hedge instruments	53				25	25		28
Net income (loss) on available-for-sale securities	(450)				(450)	(450)
Balance, End of Period at Jun. 30, 2016	1,514,711		1,928,962	(1,236,677)	(6,975)	685,310	95,625	733,776
Balance, End of Period (in shares) at Jun. 30, 2016										184,104,686	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting guidance	22,901		22,900	22,901		22,901
Balance, Beginning of Period at Dec. 31, 2016	1,867,528	$ 0	1,830,025	(986,186)	(8,723)	835,116	90,063	942,349
Balance, Beginning of Period (in shares) at Dec. 31, 2016										185,460,294	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dilution impact of issuance of Class A shares	(228)		(228)			(228)
Equity issued in connection with Preferred shares offering	264,398	264,398				264,398
Capital increase related to equity-based compensation	35,106		35,106			35,106
Capital contributions	34,115						34,115
Distributions	(412,669)	(4,772)	(184,820)			(189,592)	(2,710)	(220,367)
Payments related to issuances of Class A shares for equity-based awards	(24,284)			24,284		(24,284)
Payments related to issuances of Class A shares for equity-based awards (in shares)										1,863,332
Repurchase of Class A shares (in shares)									0
Exchange of AOG Units for Class A shares	9,459		36,055			36,055		(26,596)
Exchange of AOG Units for Class A shares (in shares)										5,432,418
Net income	547,972	4,772		232,104		236,876	7,919	303,177
Currency translation adjustments, net of tax	8,940				5,778	5,778	7,893	(4,731)
Net gain from change in fair value of cash flow hedge instruments	51				24	24		27
Net income (loss) on available-for-sale securities	(101)				(101)	(101)
Balance, End of Period at Jun. 30, 2017	$ 2,353,188	$ 264,398	$ 1,716,138	$ (755,465)	$ (3,022)	$ 1,222,049	$ 137,280	$ 993,859
Balance, End of Period (in shares) at Jun. 30, 2017										192,756,044	1

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net income	$ 547,972	$ 341,242
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	45,847	48,040
Depreciation and amortization	8,445	9,493
Unrealized gains from investment activities	(37,721)	(32,537)
Income from equity method investments	(55,389)	(41,143)
Change in fair value of contingent obligations	(2,561)	(1,625)
Deferred taxes, net	35,835	25,346
Other non-cash amounts included in net income, net	4,538	(5,658)
Cash flows due to changes in operating assets and liabilities:
Carried interest receivable	(18,113)	(171,844)
Due from related parties	(41,600)	(42,060)
Accounts payable and accrued expenses	2,629	24,811
Accrued compensation and benefits	44,761	30,498
Deferred revenue	(57,113)	(17,729)
Due to related parties	(37,298)	33,598
Profit sharing payable	51,088	91,537
Other assets and other liabilities, net	(19,543)	(2,387)
Cash distributions of earnings from equity method investments	30,197	11,594
Satisfaction of contingent obligation	(16,821)	0
Apollo Fund and VIE related:
Net realized and unrealized (gains) losses from investing activities and debt	(10,590)	3,025
Change in cash held at consolidated variable interest entities	50	28,581
Purchases of investments	(324,169)	(298,722)
Proceeds from sale of investments	280,657	277,800
Changes in other assets and other liabilities, net	(14,540)	(9,682)
Net Cash Provided by Operating Activities	416,561	302,178
Cash Flows from Investing Activities:
Purchases of fixed assets	(3,616)	(3,703)
Purchase of investments	(4,699)	(44,196)
Cash contributions to equity method investments	(72,674)	(106,103)
Cash distributions from equity method investments	51,513	31,667
Issuance of related party loans	(5,834)	0
Repayment of related party loans	17,700	0
Other investing activities	(1,133)	430
Net Cash Used in Investing Activities	(18,743)	(121,905)
Cash Flows from Financing Activities:
Issuance of Preferred shares (net of issuance costs)	264,398	0
Distributions to Preferred Shareholders	(4,772)	0
Principal repayments of debt	0	(200,000)
Issuance of debt	0	532,706
Satisfaction of tax receivable agreement	(17,895)	0
Purchase of Class A shares	(7,268)	(12,995)
Payments related to issuances of Class A shares for RSUs	(24,284)	(29,557)
Distributions paid	(184,820)	(101,335)
Distributions paid to Non-Controlling Interests in Apollo Operating Group	(220,367)	(114,527)
Other financing activities	(1,855)	(16,655)
Net Cash (Used in) Provided by Financing Activities	(131,005)	66,401
Net Increase in Cash and Cash Equivalents	266,813	246,674
Cash and Cash Equivalents, Beginning of Period	813,664	617,322
Cash and Cash Equivalents, End of Period	1,080,477	863,996
Supplemental Disclosure of Cash Flow Information:
Interest paid	28,316	17,159
Interest paid by consolidated variable interest entities	5,581	8,016
Income taxes paid	5,616	3,908
Supplemental Disclosure of Non-Cash Investing Activities:
Non-cash distributions from equity method investments	(25,808)	(1,175)
Non-cash purchases of other investments, at fair value	25,091	0
Supplemental Disclosure of Non-Cash Financing Activities:
Capital increases related to equity-based compensation	35,106	36,707
Other non-cash financing activities	(247)	274
Adjustments related to exchange of Apollo Operating Group units:
Deferred tax assets	39,298	1,197
Due to affiliates	(29,839)	(1,006)
Additional paid in capital	(9,459)	(191)
Non-Controlling Interest in Apollo Operating Group	26,596	505
Consolidated Variable Interest Entities
Cash Flows from Financing Activities:
Principal repayments of debt	(441,636)	0
Issuance of debt	474,234	0
Distributions paid to Non-Controlling Interests in consolidated entities	(84)	(4,086)
Contributions from Non-Controlling Interests in consolidated entities	$ 33,344	$ 12,850

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Apollo Global Management, LLC (“AGM”, together with its consolidated subsidiaries, the “Company” or “Apollo”) is a global alternative investment manager whose predecessor was founded in 1990. Its primary business is to raise, invest and manage private equity, credit and real assets funds as well as strategic investment accounts, on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. For these investment management services, Apollo receives management fees generally related to the amount of assets managed, transaction and advisory fees and carried interest income related to the performance of the respective funds that it manages. Apollo has three primary business segments: • Private equity —primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments; • Credit —primarily invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; and • Real assets —primarily invests in real estate equity for the acquisition and recapitalization of real estate assets, portfolios, platforms and operating companies, and real estate debt including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities. During the second quarter of 2017, the Company changed the name of its real estate segment to the real assets segment. Organization of the Company The Company was formed as a Delaware limited liability company on July 3, 2007 and completed a reorganization of its predecessor businesses on July 13, 2007 (the “2007 Reorganization”). The Company is managed and operated by its manager, AGM Management, LLC, which in turn is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, our Managing Partners. As of June 30, 2017 , the Company owned, through six intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO UK (FC), Limited, a United Kingdom incorporated company that is treated as a corporation for U.S. federal income tax purposes, and APO (FC III), LLC, a Cayman Islands limited liability company (collectively, the “Intermediate Holding Companies”), 47.9% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group through its wholly-owned subsidiaries. AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings”), is the entity through which the Managing Partners and certain of the Company’s other partners (the “Contributing Partners”) indirectly beneficially own interests in each of the partnerships that comprise the Apollo Operating Group (“AOG Units”). As of June 30, 2017 , Holdings owned the remaining 52.1% of the economic interests in the Apollo Operating Group. The Company consolidates the financial results of the Apollo Operating Group and its consolidated subsidiaries. Holdings’ ownership interest in the Apollo Operating Group is reflected as a Non-Controlling Interest in the accompanying condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements and these notes are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2016 Annual Report. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities (“VIEs”) and for which the Company is considered the primary beneficiary, and certain entities which are not considered VIEs but which the Company controls through a majority voting interest. Intercompany accounts and transactions, if any, have been eliminated upon consolidation. Certain reclassifications, when applicable, have been made to the prior period’s condensed consolidated financial statements and notes to conform to the current period’s presentation and are disclosed accordingly. Consolidation The types of entities with which Apollo is involved generally include subsidiaries (e.g., general partners and management companies related to the funds the Company manages), entities that have all the attributes of an investment company (e.g., funds) and securitization vehicles (e.g., collateralized loan obligations). Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to the consolidation guidance, the Company first evaluates whether it holds a variable interest in an entity. Fees that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. Apollo factors in all economic interests including proportionate interests through related parties, to determine if such interests are considered a variable interest. As Apollo’s interests in many of these entities are solely through market rate performance fees and/or insignificant indirect interests through related parties, Apollo is not considered to have a variable interest in many of these entities and no further consolidation analysis is performed. For entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and therefore certain of Apollo’s funds may qualify as VIEs under the variable interest model whereas others may qualify as voting interest entities (“VOEs”) under the voting interest model. The granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. Under the variable interest model, Apollo consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Apollo determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. Investments and redemptions (either by Apollo, related parties of Apollo or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Assets and liabilities of the consolidated VIEs are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are presented within net gains from investment activities of consolidated variable interest entities and are attributable to Non-Controlling Interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see note 4 . Under the voting interest model, Apollo consolidates those entities it controls through a majority voting interest. Apollo does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Except for the Company’s debt obligations (as described in note 9 ), Apollo’s financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. See “Investments, at Fair Value” below. While Apollo’s valuations of portfolio investments are based on assumptions that Apollo believes are reasonable under the circumstances, the actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Financial instruments’ carrying values generally approximate fair value because of the short-term nature of those instruments or variable interest rates related to the borrowings. Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I - Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments included in Level I include listed equities and listed derivatives. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives where the fair value is based on observable inputs. These financial instruments exhibit higher levels of liquid market observability as compared to Level III financial instruments. Level III - Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partner interests in corporate private equity and real assets funds, opportunistic credit funds, distressed debt and non-investment grade residual interests in securitizations and CDOs and CLOs where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level II or Level III. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from independent pricing services. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. Transfers between levels of the fair value hierarchy are recognized as of the end of the reporting period. Private Equity Investments The value of liquid investments in Apollo’s private equity funds, where the primary market is an exchange (whether foreign or domestic) is determined using period end market prices. Such prices are generally based on the close price on the date of determination. Valuation approaches used to estimate the fair value of investments in Apollo’s private equity funds that are less liquid include the market approach and the income approach. The market approach provides an indication of fair value based on a comparison of the subject company to comparable publicly traded companies and transactions in the industry. The market approach is driven more by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to such factors as the Company’s historical and projected financial data, valuations given to comparable companies, the size and scope of the Company’s operations, the Company’s strengths, weaknesses, expectations relating to the market’s receptivity to an offering of the Company’s securities, applicable restrictions on transfer, industry and market information and assumptions, general economic and market conditions and other factors deemed relevant. The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology in the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are assumptions of expected results, the determination of a terminal value and a calculated discount rate. Credit Investments The majority of investments in Apollo’s credit funds are valued based on quoted market prices and valuation models. Quoted market prices are valued based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In order to determine the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When broker quotes are not available Apollo considers the use of pricing service quotes or other sources to mark a position. When relying on a pricing service as a primary source, Apollo (i) analyzes how the price has moved over the measurement period, (ii) reviews the number of brokers included in the pricing service’s population and (iii) validates the valuation levels with Apollo’s pricing team and traders. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the market approach and the income approach, as previously described above. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks. Real Assets Investments The estimated fair value of commercial mortgage-backed securities (“CMBS”) in Apollo’s real assets funds is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the funds would receive in an actual trade for the applicable instrument. Additionally, the loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs for certain investments. The loans in Apollo’s real assets funds are evaluated for possible impairment on a quarterly basis. For Apollo’s real assets funds, valuations of non-marketable underlying investments are determined using methods that include, but are not limited to (i) discounted cash flow estimates or comparable analysis prepared internally, (ii) third party appraisals or valuations by qualified real estate appraisers and (iii) contractual sales value of investments/properties subject to bona fide purchase contracts. Methods (i) and (ii) also incorporate consideration of the use of the income, cost, or sales comparison approaches of estimating property values. Certain of the private equity, credit, and real assets funds may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts, and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of this period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers. Valuation Process On a quarterly basis, Apollo utilizes valuation committees consisting of members from senior management, to review and approve the valuation results related to the investments of the funds it manages. For certain publicly traded vehicles, a review is performed by an independent board of directors. The Company also retains independent valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the independent valuation firms assist management with validating their valuation results or determining fair value. The Company performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. Financial Instruments held by Consolidated VIEs The Company measures both the financial assets and financial liabilities of the consolidated CLOs in its condensed consolidated financial statements using the fair value of the financial assets of the consolidated CLOs, which are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, net income (loss) attributable to Apollo Global Management, LLC reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. The consolidated VIEs hold investments that could be traded over-the-counter. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model based approach is used to determine fair value. As previously noted, the Company measures the debt obligations of the consolidated CLOs on the basis of the fair value of the financial assets of the consolidated CLOs. Investments, at Fair Value Investments, at fair value represent investments of the consolidated funds, investments of the consolidated VIEs and certain financial instruments for which the fair value option has been elected. The unrealized gains and losses resulting from changes in the fair value of the consolidated VIEs are reflected as net gains (losses) from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. Net gains (losses) from investment activities in the condensed consolidated statements of operations include both realized gains and losses and the change in unrealized gains and losses in the Company’s investments, at fair value between the opening reporting date and the closing reporting date. Fair Value Option Apollo has elected the fair value option for the Company’s investment in Athene Holding, the assets and liabilities of certain of its consolidated VIEs (including CLOs) and certain of the Company’s other investments. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Apollo has applied the fair value option for certain corporate loans, other investments and debt obligations held by the consolidated VIEs that otherwise would not have been carried at fair value. See notes 3 , 4 , and 5 for further disclosure on the investments in Athene Holding and financial instruments of the consolidated VIEs and other investments for which the fair value option has been elected. Equity Method Investments For investments in entities over which the Company exercises significant influence but which do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company uses the equity method of accounting, whereby the Company records its share of the underlying income or loss of such entities. The Company’s share of the underlying net income or loss of such entities is recorded in income (loss) from equity method investments in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company’s equity method investments in such entities approximates fair value. Revenues Revenues are reported in three separate categories that include (i) advisory and transaction fees from related parties, net, which relate to the investments of the funds the Company manages and may include individual monitoring agreements the Company has with the portfolio companies and debt investment vehicles of the private equity funds and credit funds it manages; (ii) management fees from related parties, which are based on committed capital, invested capital, net asset value, gross assets or as otherwise defined in the respective agreements; and (iii) carried interest income (loss) from related parties, which is normally based on the performance of the funds the Company manages that are subject to preferred return. Management Fees from Related Parties —Management fees for private equity, credit, and real assets funds are recognized in the period during which the related services are performed in accordance with the contractual terms of the related agreement, and are generally based upon (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise defined in the respective agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. Advisory and Transaction Fees from Related Parties, Net —Advisory and transaction fees, including directors’ fees, are recognized when the underlying services rendered are substantially completed in accordance with the terms of the transaction and advisory agreements. Additionally, during the normal course of business, the Company incurs certain costs related to certain transactions that are not consummated (“broken deal costs”). These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the Management Fee Offset (described below). If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As the Company acts as an agent for the funds it manages, any transaction costs incurred and paid by the Company on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition. Advisory and transaction fees from related parties, net, also includes underwriting fees. Underwriting fees include gains, losses and fees, net of syndicate expenses, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at the time the underwriting is completed and the income is reasonably assured and are included in the condensed consolidated statements of operations. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. As a result of providing advisory services to certain private equity and credit portfolio companies, Apollo is generally entitled to receive fees for transactions related to the acquisition, in certain cases, and disposition of portfolio companies as well as ongoing monitoring of portfolio company operations and directors’ fees. The amounts due from portfolio companies are recorded in due from related parties, which is discussed further in note 13 . Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs (“Management Fee Offset”). Advisory and transaction fees from related parties are presented net of the Management Fee Offset in the condensed consolidated statements of operations. Carried Interest Income from Related Parties —Apollo is entitled to an incentive return that can normally amount to as much as 20% of the total returns on a fund’s capital, depending upon performance. Performance fees are assessed as a percentage of the investment performance of the funds. The carried interest income from related parties for any period is based upon an assumed liquidation of the fund’s net assets on the reporting date, and distribution of the net proceeds in accordance with the fund’s income allocation provisions. Carried interest receivable is presented separately in the condensed consolidated statements of financial condition. The carried interest income from related parties may be subject to reversal to the extent that the carried interest income recorded exceeds the amount due to the general partner based on a fund’s cumulative investment returns. When applicable, the accrual for potential repayment of previously received carried interest income, which is a component of due to related parties, represents all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life. Carried interest income from related parties also includes a quarterly performance fee on the pre-incentive fee net investment income (“AINV Part I Fees”) of AINV. For purposes of the AINV Part I Fees, the net investment income of AINV includes interest income, dividend income and certain other income but excludes any realized and unrealized capital gains or losses. Such AINV Part I Fees are paid quarterly and are not subject to repayment. Deferred Revenue —Apollo earns management fees subject to the Management Fee Offset (described above). When advisory and transaction fees are earned by the management company, the Management Fee Offset reduces the management fee obligation of the fund. When the Company receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by such fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the Company are presented on a gross basis, any Management Fee Offsets calculated are presented as a reduction to advisory and transaction fees from related parties in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. The placement fees are payable to placement agents, who are independent third parties that assist in identifying potential investors, securing commitments to invest from such potential investors, preparing or revising offering and marketing materials, developing strategies for attempting to secure investments by potential investors and/or providing feedback and insight regarding issues and concerns of potential investors, when a limited partner either commits or funds a commitment to a fund. In certain instances the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Compensation and Benefits 401(k) Savings Plan The Company sponsors a 401(k) savings plan (the “401(k) Plan”) whereby U.S.-based employees are entitled to participate in the 401(k) Plan based upon satisfying certain eligibility requirements. Effective J anuary 1, 2017, the Company matches 50% of eligible annual employee contributions up to 3% of the eligible employees’ annual compensation. Matching contributions vest after three years of service. Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of carried interest earned from certain funds that is allocated to employees, former employees and Contributing Partners. Profit sharing amounts are recognized on an a

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS The following table represents Apollo’s investments: As of As of Investments, at fair value $ 772,388 $ 708,080 Equity method investments 804,451 786,664 Total Investments $ 1,576,839 $ 1,494,744 Investments, at Fair Value Investments, at fair value, consist of investments for which the fair value option has been elected and include the Company’s investment in Athene Holding, investments held by the Company’s consolidated funds, investments in debt of unconsolidated CLOs, and other investments held by the Company. See note 5 for further discussion regarding investments, at fair value. Net Gains (Losses) from Investment Activities The following table presents the realized and net change in unrealized gains on investments, at fair value for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Realized gains (losses) on sales of investments $ (148 ) $ 190 $ (148 ) $ (97 ) Net change in unrealized gains (losses) due to changes in fair value (1) (365 ) 88,820 34,152 32,638 Net gains (losses) from investment activities $ (513 ) $ 89,010 $ 34,004 $ 32,541 (1) Primarily relates to the Company’s investment in Athene Holding. See note 5 for further information regarding the Company’s investment in Athene Holding. Equity Method Investments Apollo’s equity method investments include its investments in the private equity, credit and real assets funds it manages, which are not consolidated, but in which the Company exerts significant influence. Apollo’s share of net income generated by these investments is recorded within income from equity method investments in the condensed consolidated statements of operations. Equity method investments, excluding those for which the fair value option was elected, as of June 30, 2017 and December 31, 2016 consisted of the following: Equity Held as of June 30, 2017 (5) December 31, 2016 (5) Private Equity (1)(2) $ 438,986 $ 428,581 Credit (1)(3) 334,319 327,012 Real Assets 31,146 31,071 Total equity method investments (4) $ 804,451 $ 786,664 (1) As of June 30, 2017 , equity method investments include Fund VIII (Private Equity) and MidCap (Credit) of $294.7 million and $80.0 million , respectively, representing an ownership percentage of 2.2% and 4.3% , respectively. As of December 31, 2016 , equity method investments include Fund VIII (Private Equity) and MidCap (Credit) of $260.9 million and $79.5 million , respectively, representing an ownership percentage of 2.2% and 4.3% , respectively. (2) The equity method investment in AP Alternative Assets, L.P. (“AAA”) was $47.5 million and $66.8 million as of June 30, 2017 and December 31, 2016 , respectively. The value of the Company’s investment in AAA was $48.2 million and $64.9 million based on the quoted market price as of June 30, 2017 and December 31, 2016 , respectively. (3) The equity method investment in AINV was $56.7 million and $58.6 million as of June 30, 2017 and December 31, 2016 , respectively. The value of the Company’s investment in AINV was $56.8 million and $52.1 million based on the quoted market price as of June 30, 2017 and December 31, 2016 , respectively. (4) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (5) Some amounts are included a quarter in arrears. As of June 30, 2017 and for the three and six months ended June 30, 2017 , no equity method investment held by Apollo met the significance criteria as defined by the SEC. Although the following disclosure is not required by the significance criteria for the three and six months ended June 30, 2017 , the Company chose to continue to include this information as it was disclosed in its 2016 Annual Report. The following table presents summarized financial information of Athene Holding for the three and six months ended June 30, 2017 and 2016 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 (1) 2016 2017 (1) 2016 (in millions) Statements of Operations Revenues $ 1,619 $ 1,045 $ 2,685 $ 1,767 Expenses 1,213 837 1,894 1,474 Income before income tax provision 406 208 791 293 Income tax provision 22 15 43 15 Net income available to Athene common shareholders $ 384 $ 193 $ 748 $ 278 (1) The financial statement information for the three and six months ended June 30, 2017 is presented a quarter in arrears and is comprised of the financial information for the three and six months ended March 31, 2017 , which represents the latest available financial information as of the date of this report.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES As described in note 2 , the Company consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. There is no recourse to the Company for the consolidated VIEs’ liabilities. Consolidated Variable Interest Entities Apollo has consolidated VIEs in accordance with the policy described in note 2 . Through its role as investment manager of these VIEs, the Company determined that Apollo has the power to direct the activities that most significantly impact the economic performance of these VIEs. Additionally, Apollo determined that its interests, both directly and indirectly from these VIEs, represent rights to returns that could potentially be significant to such VIEs. As a result, Apollo determined that it is the primary beneficiary and therefore should consolidate the VIEs. Consolidated CLOs Certain CLOs are consolidated by Apollo as the Company is considered to hold a controlling financial interest through direct and indirect interests in these CLOs exclusive of management and performance based fees received. Through its role as collateral manager of these VIEs, the Company determined that Apollo has the power to direct the activities that most significantly impact the economic performance of these VIEs. These CLOs were formed for the sole purpose of issuing collateralized notes to investors. The assets of these VIEs are primarily comprised of senior secured loans and the liabilities are primarily comprised of debt. The assets of these consolidated CLOs are not available to creditors of the Company. In addition, the investors in these consolidated CLOs have no recourse against the assets of the Company. The Company measures both the financial assets and the financial liabilities of the CLOs using the fair value of the financial assets as further described in note 2 . The Company has elected the fair value option for financial instruments held by its consolidated CLOs, which includes investments in loans and corporate bonds, as well as debt obligations and contingent obligations held by such consolidated CLOs. Other assets include amounts due from brokers and interest receivables. Other liabilities include payables for securities purchased, which represent open trades within the consolidated VIEs and primarily relate to corporate loans that are expected to settle within the next 60 days . From time to time, Apollo makes investments in certain consolidated CLOs denominated in foreign currencies. As of June 30, 2017 and December 31, 2016 , the Company held investments of $44.9 million and $41.3 million , respectively, in consolidated foreign currency denominated CLOs, which eliminates in consolidation. Net Gains from Investment Activities of Consolidated Variable Interest Entities The following table presents net gains from investment activities of the consolidated VIEs for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 (1) 2016 (1) 2017 (1) 2016 (1) Net gains (losses) from investment activities $ 7,526 $ 1,997 $ 9,516 $ (2,125 ) Net gains (losses) from debt 3,567 (7,871 ) 2,684 (1,437 ) Interest and other income 8,621 12,956 16,443 23,509 Interest and other expenses (13,582 ) (6,384 ) (18,403 ) (17,930 ) Net gains from investment activities of consolidated variable interest entities $ 6,132 $ 698 $ 10,240 $ 2,017 (1) Amounts reflect consolidation eliminations. Senior Secured Notes, Subordinated Notes and Secured Borrowings —Included within debt are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of the debt of the consolidated VIEs as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 As of December 31, 2016 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes (2)(3) $ 769,567 1.69 % 12.7 $ 704,976 1.83 % 12.3 Subordinated Notes (2)(3) 95,358 N/A (1) 22.9 87,794 N/A (1) 19.2 Secured Borrowings (4) 30,101 2.83 % 9.8 — N/A N/A Total $ 895,026 $ 792,770 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The fair value of Senior Secured Notes, Subordinated Notes and Secured Borrowings as of June 30, 2017 and December 31, 2016 was $884.8 million and $786.5 million , respectively. (3) The debt at fair value of the consolidated VIEs is collateralized by assets of the consolidated VIEs and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of June 30, 2017 and December 31, 2016 , the fair value of the assets of the consolidated VIEs was $1,150.1 million and $1,001.8 million , respectively. This collateral consisted of cash and cash equivalents, investments, at fair value, and other assets. (4) Secured borrowings consist of a consolidated VIE’s repurchase to maturity with a third party lender. The fair value of the secured borrowings as of June 30, 2017 was $30.1 million . The consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2017 , the Company was not aware of any instances of non-compliance with any of these covenants. Variable Interest Entities Which are Not Consolidated The Company holds variable interests in certain VIEs which are not consolidated, as it has been determined that Apollo is not the primary beneficiary. The following table presents the carrying amounts of the assets and liabilities of the VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary as of June 30, 2017 and December 31, 2016 . In addition, the table presents the maximum exposure to losses relating to these VIEs. As of As of Assets: Cash $ 303,141 $ 231,922 Investments 6,963,482 7,253,872 Receivables 49,230 37,541 Total Assets $ 7,315,853 $ 7,523,335 Liabilities: Debt and other payables $ 2,985,760 $ 2,818,459 Total Liabilities $ 2,985,760 $ 2,818,459 Apollo Exposure (1) $ 272,637 $ 272,191 (1) Represents Apollo’s direct investment in those entities in which Apollo holds a significant variable interest and certain other investments. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $3.1 billion and $2.9 billion as of June 30, 2017 and December 31, 2016 , respectively, as discussed in note 14 .

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the valuation of the Company’s financial assets and liabilities for which the fair value option has been elected by the fair value hierarchy as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 Level I (1) Level II (1) Level III Total Cost of Investments, at Fair Value Assets Investments, at fair value: Investments of consolidated Apollo funds $ 1,270 $ 230 $ 624 $ 2,124 $ 2,150 Other investments — — 53,098 53,098 52,389 Investment in Athene Holding (2) — 717,166 — 717,166 387,526 Total investments, at fair value 1,270 717,396 53,722 772,388 (7) $ 442,065 Investments of VIEs, at fair value (3) — 873,147 170,666 1,043,813 Investments of VIEs, valued using NAV — — — 5,716 Total investments of VIEs, at fair value — 873,147 170,666 1,049,529 Derivative assets — 555 — 555 Total Assets $ 1,270 $ 1,591,098 $ 224,388 $ 1,822,472 Liabilities Liabilities of consolidated Apollo funds $ 21 $ 603 $ — $ 624 Liabilities of VIEs, at fair value (3)(5) — 884,761 12,007 896,768 Contingent consideration obligations (6) — — 86,900 86,900 Derivative liabilities (4) — 1,081 — 1,081 Total Liabilities $ 21 $ 886,445 $ 98,907 $ 985,373 As of December 31, 2016 Level I (1) Level II (1) Level III Total Cost of Investments, Assets Investments, at fair value: Investments of consolidated Apollo funds $ 3,336 $ 1,475 $ 567 $ 5,378 $ 5,463 Other investments — — 45,154 45,154 47,690 Investment in Athene Holding (2) — 657,548 — 657,548 387,526 Total investments, at fair value 3,336 659,023 45,721 708,080 (7) $ 440,679 Investments of VIEs, at fair value (3) — 816,167 92,474 908,641 Investments of VIEs, valued using NAV — — — 5,186 Total investments of VIEs, at fair value — 816,167 92,474 913,827 Derivative assets — 1,360 — 1,360 Total Assets $ 3,336 $ 1,476,550 $ 138,195 $ 1,623,267 Liabilities Liabilities of VIEs, at fair value (3)(5) $ — $ 786,545 $ 11,055 $ 797,600 Contingent consideration obligations (6) — — 106,282 106,282 Derivative liabilities (4) — 1,167 — 1,167 Total Liabilities $ — $ 787,712 $ 117,337 $ 905,049 (1) All Level I and Level II assets and liabilities were valued using third party pricing, with the exception of the investment in Athene Holding. (2) See note 13 for further disclosure regarding the investment in Athene Holding. (3) See note 4 for further disclosure regarding VIEs. (4) Derivative liabilities are presented as a component of Other liabilities in the condensed consolidated statements of financial condition. (5) As of June 30, 2017 , liabilities of VIEs, at fair value included debt and other liabilities of $884.8 million and $12.0 million , respectively. As of December 31, 2016 , liabilities of VIEs, at fair value included debt and other liabilities of $786.5 million and $11.1 million , respectively. Other liabilities include contingent obligations classified as Level III. (6) See note 14 for further disclosure regarding contingent consideration obligations. (7) See note 3 to our condensed consolidated financial statements for further detail regarding our investments at fair value and reconciliation to the condensed consolidated statements of financial condition. There were no transfers of financial assets or liabilities between Level I and Level II for the three and six months ended June 30, 2017 and 2016 . The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 Investments of Consolidated Apollo Funds Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 643 $ 45,599 $ 137,344 $ 183,586 Purchases — 4,699 42,791 47,490 Sales of investments/distributions (8 ) — (20,713 ) (20,721 ) Net realized gains — — 138 138 Changes in net unrealized gains (losses) (11 ) (313 ) 4,807 4,483 Cumulative translation adjustment — 3,113 6,299 9,412 Transfer into Level III — — — — Transfer out of Level III — — — — Balance, End of Period $ 624 $ 53,098 $ 170,666 $ 224,388 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ (12 ) $ (313 ) $ — $ (325 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — 5,013 5,013 For the Three Months Ended June 30, 2016 Investments of Consolidated Apollo Funds Other Investments Investment in Athene Holding Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,149 $ 25,793 $ 453,620 $ 101,969 $ 582,531 Purchases 1,146 19,599 — 46,618 67,363 Sale of investments/Distributions (59 ) — — (32,783 ) (32,842 ) Net realized gains (losses) — — — 1,017 1,017 Changes in net unrealized gains (losses) 112 (1,530 ) 88,817 (284 ) 87,115 Cumulative translation adjustment — 891 — (2,086 ) (1,195 ) Transfer into Level III (1) 505 — — 11,062 11,567 Transfer out of Level III (1) — — — (12,823 ) (12,823 ) Balance, End of Period $ 2,853 $ 44,753 $ 542,437 $ 112,690 $ 702,733 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ 42 $ (1,530 ) $ 88,817 $ — $ 87,329 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — — 609 609 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 Investments of Consolidated Apollo Funds Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 567 $ 45,154 $ 92,474 $ 138,195 Purchases — 4,699 86,240 90,939 Sale of investments/Distributions (8 ) — (32,801 ) (32,809 ) Net realized gains (losses) (14 ) — 186 172 Changes in net unrealized gains (losses) 19 (404 ) 7,809 7,424 Cumulative translation adjustment — 3,649 7,189 10,838 Transfer into Level III (1) 60 — 9,569 9,629 Transfer out of Level III (1) — — — — Balance, End of Period $ 624 $ 53,098 $ 170,666 $ 224,388 Change in net unrealized gains (losses) included in net gains from investment activities related to investments still held at reporting date $ 5 $ (404 ) $ — $ (399 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — 7,914 7,914 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. For the Six Months Ended June 30, 2016 Investments of Consolidated Apollo Funds Other Investments Investment in Athene Holding Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,634 $ 434 $ 510,099 $ 100,941 $ 613,108 Purchases 1,642 44,196 — 49,792 95,630 Sale of investments/Distributions (702 ) — — (43,292 ) (43,994 ) Net realized gains (losses) (111 ) — — 3,046 2,935 Changes in net unrealized gains (losses) 117 (411 ) 32,338 (2,414 ) 29,630 Cumulative translation adjustment — 534 — 1,465 1,999 Transfer into Level III (1) 1,495 — — 21,418 22,913 Transfer out of Level III (1) (1,222 ) — — (18,266 ) (19,488 ) Balance, End of Period $ 2,853 $ 44,753 $ 542,437 $ 112,690 $ 702,733 Change in net unrealized gains (losses) included in net gains from investment activities related to investments still held at reporting date $ (13 ) $ (411 ) $ 32,338 $ — $ 31,914 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — — 659 659 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following table summarizes the changes in fair value in financial liabilities measured at fair value for which Level III inputs have been used to determine fair value for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Liabilities of Consolidated Apollo Funds Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ 35 $ 11,192 $ 87,663 $ 98,890 $ 10,862 $ 74,059 $ 84,921 Payments/Extinguishment (35 ) — (1,865 ) (1,900 ) — (5,580 ) (5,580 ) Net realized gains (1 ) — — (1 ) — — — Changes in net unrealized losses (1) 1 815 1,102 1,918 809 2,488 3,297 Balance, End of Period $ — $ 12,007 $ 86,900 $ 98,907 $ 11,671 $ 70,967 $ 82,638 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to liabilities still held at reporting date $ — $ 815 $ — $ 815 $ 809 $ — $ 809 (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. The following table summarizes the changes in fair value in financial liabilities measured at fair value for which Level III inputs have been used to determine fair value for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Liabilities of Consolidated Apollo Funds Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ — $ 11,055 $ 106,282 $ 117,337 $ 11,411 $ 79,579 $ 90,990 Additions 97 — — 97 — — — Payments/Extinguishment (94 ) — (16,821 ) (16,915 ) — (6,987 ) (6,987 ) Net realized gains (10 ) — — (10 ) — — — Changes in net unrealized (gains) losses (1) 7 952 (2,561 ) (1,602 ) 260 (1,625 ) (1,365 ) Balance, End of Period $ — $ 12,007 $ 86,900 $ 98,907 $ 11,671 $ 70,967 $ 82,638 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to liabilities still held at reporting date $ — $ 952 $ — $ 952 $ 260 $ — $ 260 (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of consolidated Apollo funds $ 624 Third party pricing (1) N/A N/A N/A Investments in other 53,098 Third party pricing (1) N/A N/A N/A Investments of consolidated VIEs: Bank debt term loans 4,839 Third party pricing (1) N/A N/A N/A Corporate loans/bonds/CLO notes 50,985 Third party pricing (1) N/A N/A N/A Equity securities 114,842 Book value multiple Book value multiple 0.80x 0.80x Discounted cash flow Discount rate 14.2% 14.2% Total investments of consolidated VIEs 170,666 Total Financial Assets $ 224,388 Financial Liabilities Liabilities of consolidated VIEs 12,007 Other N/A N/A N/A Contingent consideration obligation 86,900 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 98,907 (1) These securities are valued primarily using unadjusted broker quotes. As of December 31, 2016 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of consolidated Apollo funds $ 567 Third party pricing (1) N/A N/A N/A Investments in other 45,154 Third party pricing (1) N/A N/A N/A Investments of consolidated VIEs: Bank debt term loans 4,701 Third party pricing (1) N/A N/A N/A Corporate loans/bonds/CLO notes 15,496 Third party pricing (1) N/A N/A N/A Equity securities 72,277 Transaction N/A N/A N/A Total investments of consolidated VIEs 92,474 Total Financial Assets $ 138,195 Financial Liabilities Liabilities of consolidated VIEs $ 11,055 Other N/A N/A N/A Contingent consideration obligation 106,282 Discounted cash flow Discount rate 13.0% - 17.3% 17.2% Total Financial Liabilities $ 117,337 (1) These securities are valued primarily using unadjusted broker quotes. Investment in Athene Holding As of June 30, 2017 and December 31, 2016 the fair value of Apollo’s investment in Athene Holding was estimated using the closing market price of Athene shares of $49.61 and $47.99 , respectively, less a discount due to a lack of marketability (“DLOM”) of 7.9% and 9.5% , respectively, as applicable. The DLOM was derived based on the average remaining lock up restrictions on the shares of Athene Holding held by Apollo ( 17.3 months and 23.3 months as of June 30, 2017 and December 31, 2016 , respectively) and the estimated volatility in such shares of Athene Holding. Due to the limited trading history in Athene Holding shares, the historical share price volatility of a representative set of Athene Holding’s publicly traded insurance peers was calculated over a period equivalent to the remaining average lock up on the shares of Athene Holding held by Apollo and used as a proxy to estimate the projected volatility in Athene Holding’s shares. The fair value of Apollo’s investment in Athene Holding as of June 30, 2017 and December 31, 2016 after the application of the DLOM was estimated at a price of $45.82 and $43.43 per share, respectively. As of December 31, 2016, Apollo changed the valuation method used to value the opportunistic investment in Athene Holding from the U.S. GAAP book value multiple approach to the use of the closing market price of shares of Athene Holding, adjusted for a DLOM in order to reflect the post IPO sales restriction on such shares of Athene Holding. The DLOM is calculated based on the remaining length of such sales restrictions and the estimated market price volatility of the associated shares. Investments of Consolidated Apollo Funds The Company is the sole investor in the Apollo Senior Loan Fund, L.P. and Apollo Alternative Credit Long Short Fund L.P. and therefore consolidates the assets and liabilities of these funds. These funds invest in U.S. denominated senior secured loans, senior secured bonds and other income generating fixed-income investments. Amounts related to these consolidated funds are primarily presented in net gains from investment activities on the condensed consolidated statements of operations and in investments in the condensed consolidated statements of financial condition. Other Investments Other investments primarily consists of Apollo’s investments in debt of unconsolidated CLOs. The change in the fair value related to these investments is presented in net gains from investment activities on the condensed consolidated statements of operations. Consolidated VIEs Investments As of June 30, 2017 , the significant unobservable inputs used in the fair value measurement of the equity securities include the discount rate applied and the book value multiples applied in the valuation models. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. When a comparable multiple model is used to determine fair value, the comparable multiples are generally multiplied by the underlying companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) to establish the total enterprise value of the company. The comparable multiple is determined based on the implied trading multiple of public industry peers. Liabilities As of June 30, 2017 and December 31, 2016 , the debt obligations of the consolidated CLOs were measured on the basis of the fair value of the financial assets of the CLOs as the financial assets were determined to be more observable and, as a result, categorized as Level II in the fair value hierarchy. Contingent Consideration Obligations The significant unobservable input used in the fair value measurement of the contingent consideration obligations is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of the contingent consideration obligations; conversely, a decrease in the discount rate can significantly increase the fair value of the contingent consideration obligations. The discount rate was based on the hypothetical cost of equity in connection with the acquisition of Stone Tower Capital, LLC (together with its related management companies, “Stone Tower”). See note 14 for further discussion of the contingent consideration obligations.

CARRIED INTEREST RECEIVABLE

CARRIED INTEREST RECEIVABLE	6 Months Ended
	Jun. 30, 2017
Disclosure Carried Interest Receivable Balance [Abstract]
CARRIED INTEREST RECEIVABLE	CARRIED INTEREST RECEIVABLE Carried interest receivable from private equity, credit and real assets funds consisted of the following: As of June 30, 2017 As of December 31, 2016 Private Equity $ 816,365 $ 798,465 Credit 417,895 426,114 Real Assets 36,051 32,526 Total carried interest receivable $ 1,270,311 $ 1,257,105 The table below provides a roll-forward of the carried interest receivable balance for the six months ended June 30, 2017 : Private Equity Credit Real Assets Total Carried interest receivable, January 1, 2017 $ 798,465 $ 426,114 $ 32,526 $ 1,257,105 Change in fair value of funds 323,832 120,896 8,769 453,497 Fund distributions to the Company (305,932 ) (129,115 ) (5,244 ) (440,291 ) Carried interest receivable, June 30, 2017 $ 816,365 $ 417,895 $ 36,051 $ 1,270,311 The change in fair value of funds excludes the reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. The general partner obligation is recognized based upon a hypothetical liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement of the fund. See note 13 for further disclosure regarding the general partner obligation. The timing of the payment of carried interest due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, carried interest with respect to the private equity funds and certain credit and real assets funds is payable and is distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return. For most credit funds, carried interest is payable based on realizations after the end of the relevant fund’s fiscal year or fiscal quarter, subject to certain return thresholds, or “high water marks,” having been achieved.

PROFIT SHARING PAYABLE

PROFIT SHARING PAYABLE	6 Months Ended
	Jun. 30, 2017
Profit Sharing Payable [Abstract]
PROFIT SHARING PAYABLE	PROFIT SHARING PAYABLE Profit sharing payable consisted of the following: As of June 30, 2017 As of December 31, 2016 Private Equity $ 305,137 $ 268,170 Credit 261,324 268,855 Real Assets 15,393 13,123 Total profit sharing payable $ 581,854 $ 550,148 The table below provides a roll-forward of the profit sharing payable balance for the six months ended June 30, 2017 : Private Equity Credit Real Assets Total Profit sharing payable, January 1, 2017 $ 268,170 $ 268,855 $ 13,123 $ 550,148 Profit sharing expense (1)(2) 141,430 48,865 4,856 195,151 Payments/other (104,463 ) (56,396 ) (2,586 ) (163,445 ) Profit sharing payable, June 30, 2017 $ 305,137 $ 261,324 $ 15,393 $ 581,854 (1) Includes (i) changes in amounts payable to employees and former employees entitled to a share of carried interest income in Apollo’s funds and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. See notes 5 and 14 for further disclosure regarding the contingent consideration obligations. (2) The Company has recorded a receivable from the Contributing Partners, certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated in the amount of $32.1 million and $39.3 million as of June 30, 2017 and December 31, 2016 , respectively. Profit sharing expense excludes the potential return of these profit sharing distributions. See note 13 for further discussion regarding the potential return of profit sharing distributions.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is treated as a partnership for income tax purposes and is therefore not subject to U.S. federal, state and local income taxes. Certain consolidated entities are, or are treated as, corporations for U.S. and non-U.S. tax purposes and therefore subject to U.S. federal, state, and local corporate income tax. Certain other subsidiaries of the Company are subject to New York City Unincorporated Business Tax (“NYC UBT”) attributable to the Company’s operations apportioned to New York City. In addition, certain non-U.S. subsidiaries of the Company are subject to income taxes in their local jurisdictions. The Company’s income tax (provision) benefit totaled $0.8 million and $(38.0) million for the three months ended June 30, 2017 and 2016 , respectively, and $(38.4) million and $(32.8) million for the six months ended June 30, 2017 and 2016 , respectively. The Company’s effective tax rate was approximately (0.4)% and 8.4% for the three months ended June 30, 2017 and 2016 , respectively, and 6.5% and 8.8% for the six months ended June 30, 2017 and 2016 , respectively. Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Based upon the Company’s review of its federal, state, local and foreign income tax returns and tax filing positions, the Company determined that no unrecognized tax benefits for uncertain tax positions were required to be recorded. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. The Company’s primary jurisdictions in which it operates are the United States, New York State, New York City, California and the United Kingdom. There are no unremitted earnings with respect to the United Kingdom and other foreign entities due to the flow-through nature of these entities. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax authorities. With a few exceptions, as of June 30, 2017 , the Company’s U.S. federal, state, local and foreign income tax returns for the years 2013 through 2016 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax return of certain subsidiaries for the 2011 and 2012 tax years. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2013. The Company has recorded a deferred tax asset for the future amortization of tax basis intangibles as a result of the 2007 Reorganization. The Company recorded additional deferred tax assets as a result of the step-up in tax basis of intangibles from subsequent exchanges of AOG Units for Class A shares. A related tax receivable agreement liability was recorded in due to related parties in the condensed consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among APO Corp., the Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 13 ). The increases in the deferred tax asset less the related liability resulted in increases to additional paid in capital which were recorded in the condensed consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2017 and 2016 . The amortization period for these tax basis intangibles is 15 years and the deferred tax assets will reverse over the same period. Pursuant to an exchange agreement between Apollo, Holdings and the other parties thereto (as amended, the “Exchange Agreement”), the holders of the AOG Units (and certain permitted transferees thereof) may, upon notice and subject to the applicable vesting and minimum retained ownership requirements, transfer restrictions and other terms of the Exchange Agreement, exchange their AOG Units for the Company’s Class A shares on a one -for- one basis a limited number of times each year, subject to customary conversion rate adjustments for splits, distributions and reclassifications. Pursuant to the Exchange Agreement, a holder of AOG Units must simultaneously exchange one partnership unit in each of the Apollo Operating Group partnerships to effectuate an exchange for one Class A share. As a holder exchanges its AOG Units, the Company’s indirect interest in the Apollo Operating Group is correspondingly increased. The table below presents the impact to the deferred tax asset, tax receivable agreement liability and additional paid in capital related to the exchange of AOG Units for Class A shares during the six months ended June 30, 2017 and 2016 . Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Six Months Ended June 30, 2017 $ 39,298 $ 29,839 $ 9,459 For the Six Months Ended June 30, 2016 $ 1,197 $ 1,006 $ 191

DEBT

DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: As of June 30, 2017 As of December 31, 2016 Outstanding Balance Fair Value Annualized Weighted Average Interest Rate Outstanding Balance Fair Value Annualized Weighted Average Interest Rate 2013 AMH Credit Facilities - Term Facility (1) $ 299,599 $ 298,875 (3) 2.22 % $ 299,543 $ 298,500 (3) 1.82 % 2024 Senior Notes (1) 495,533 509,131 (4) 4.00 495,208 498,336 (4) 4.00 2026 Senior Notes (1) 495,422 517,534 (4) 4.40 495,165 497,923 (4) 4.40 2014 AMI Term Facility I (2) 15,666 15,666 (3) 2.00 14,449 14,449 (3) 2.00 2014 AMI Term Facility II (2) 17,710 17,710 (3) 1.75 16,306 16,306 (3) 1.75 2016 AMI Term Facility I (2) 19,390 19,390 (3) 1.75 17,852 17,852 (3) 1.75 2016 AMI Term Facility II (2) 15,124 15,124 (3) 2.00 13,924 13,924 (3) 2.00 Total Debt $ 1,358,444 $ 1,393,430 $ 1,352,447 $ 1,357,290 (1) Includes impact of any amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs, which are presented in the following table: As of June 30, 2017 As of December 31, 2016 2013 AMH Credit Facilities - Term Facility $ 401 $ 457 2024 Senior Notes $ 3,775 $ 4,051 2026 Senior Notes $ 4,186 $ 4,420 (2) Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into the following five year credit agreements and proceeds from the borrowings were used to fund the Company’s investment in European CLOs it manages: Facility Date Loan Amount 2014 AMI Term Facility I July 3, 2014 € 13,711 2014 AMI Term Facility II December 9, 2014 € 15,500 2016 AMI Term Facility I January 18, 2016 € 16,970 2016 AMI Term Facility II June 22, 2016 € 13,236 (3) Fair value is based on obtained broker quotes and these notes would be classified as a Level III 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 independent pricing services. For instances where broker quotes are not available, a discounted cash flow method is used to obtain a fair value. (4) Fair value is based on obtained broker quotes and these notes would be 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 independent pricing services. 2013 AMH Credit Facilities —On December 18, 2013, AMH and its subsidiaries and certain other subsidiaries of the Company (collectively, the “Borrowers”) entered into new credit facilities (the “2013 AMH Credit Facilities”) with JPMorgan Chase Bank, N.A. The 2013 AMH Credit Facilities provide for (i) a term loan facility to AMH (the “Term Facility”) that includes $750 million of the term loan from third-party lenders and $271.7 million of the term loan held by a subsidiary of the Company and (ii) a $500 million revolving credit facility (the “Revolver Facility”), in each case, with an original maturity date of January 18, 2019. On March 11, 2016, the maturity date of both the Term Facility and the Revolver Facility was extended by two years to January 18, 2021. The extension was determined to be a modification of the 2013 AMH Credit Facilities in accordance with U.S. GAAP. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus an applicable margin, and undrawn revolving commitments bear a commitment fee. In connection with the issuance of the 2024 Senior Notes and the 2026 Senior Notes (as defined below), $250 million of the proceeds and $200 million of the proceeds, respectively, were used to repay a portion of the Term Facility outstanding with third party lenders at par. The interest rate on the $300 million Term Facility as of June 30, 2017 was 2.39% and the commitment fee as of June 30, 2017 on the $500 million undrawn Revolver Facility was 0.125% . The $300 million carrying value of debt that is recorded on the condensed consolidated statements of financial condition at June 30, 2017 is the amount for which the Company is obligated to settle the 2013 AMH Credit Facilities. As of June 30, 2017 , the 2013 AMH Credit Facilities were guaranteed by AMH and its subsidiaries, Apollo Management, L.P., Apollo Capital Management, L.P., Apollo International Management, L.P., AAA Holdings, L.P., Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo Principal Holdings X, L.P., Apollo Principal Holdings XI, LLC, ST Holdings GP, LLC and ST Management Holdings, LLC. The 2013 AMH Credit Facilities contain affirmative and negative covenants which limit the ability of the Borrowers, the guarantors and certain of their subsidiaries to, among other things, incur indebtedness and create liens. Additionally, the 2013 AMH Credit Facilities contain financial covenants which require the Borrowers and their subsidiaries to maintain (1) at least $40 billion of Fee-Generating Assets Under Management and (2) a maximum total net leverage ratio of not more than 4.00 to 1.00 (subject to customary equity cure rights). The 2013 AMH Credit Facilities also contain customary events of default, including events of default arising from non-payment, material misrepresentations, breaches of covenants, cross default to material indebtedness, bankruptcy and changes in control of the Company. Borrowings under the Revolver Facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. In addition, the Borrowers may incur incremental facilities in respect of the Revolver Facility and the Term Facility in an aggregate amount not to exceed $500 million plus additional amounts so long as the Borrowers are in compliance with a net leverage ratio not to exceed 3.75 to 1.00 . As of June 30, 2017 and December 31, 2016 , the Revolver Facility was undrawn. 2024 Senior Notes —On May 30, 2014, AMH issued $500 million in aggregate principal amount of its 4.000% Senior Notes due 2024 (the “2024 Senior Notes”), at an issue price of 99.722% of par. Interest on the 2024 Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The 2024 Senior Notes will mature on May 30, 2024. The discount will be amortized into interest expense on the condensed consolidated statements of operations over the term of the 2024 Senior Notes. The face amount of $500 million related to the 2024 Senior Notes is the amount for which the Company is obligated to settle the 2024 Senior Notes. 2026 Senior Notes —On May 27, 2016, AMH issued $500 million in aggregate principal amount of its 4.400% Senior Notes due 2026 (the “2026 Senior Notes”), at an issue price of 99.912% of par. Interest on the 2026 Senior Notes is payable semi-annually in arrears on May 27 and November 27 of each year. The 2026 Senior Notes will mature on May 27, 2026. The discount will be amortized into interest expense on the condensed consolidated statements of operations over the term of the 2026 Senior Notes. The face amount of $500 million related to the 2026 Senior Notes is the amount for which the Company is obligated to settle the 2026 Senior Notes. As of June 30, 2017 , the 2026 Senior Notes and the 2024 Senior Notes were guaranteed by Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo Principal Holdings X, L.P., Apollo Principal Holdings XI, LLC, Apollo Principal Holdings XII, L.P., AMH Holdings (Cayman), L.P. and any other entity that is required to become a guarantor of the notes under the terms of the indentures governing the 2026 Senior Notes and the 2024 Senior Notes (the “Indentures”). The Indentures include covenants that restrict the ability of AMH and, as applicable, the guarantors to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries or merge, consolidate or sell, transfer or lease assets. The Indentures also provide for customary events of default. The following table presents the interest expense incurred related to the Company’s debt for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest Expense: (1) 2013 AMH Term Facility $ 2,047 $ 2,249 $ 3,959 $ 4,712 2024 Senior Notes 5,163 5,163 10,326 10,326 2026 Senior Notes 5,628 2,114 11,256 2,114 AMI Term Facilities 357 274 653 521 Total Interest Expense $ 13,195 $ 9,800 $ 26,194 $ 17,673 (1) Debt issuance costs incurred in connection with the Term Facility, the 2024 Senior Notes and the 2026 Senior Notes are amortized into interest expense over the term of the debt arrangement.

NET INCOME PER CLASS A SHARE

NET INCOME PER CLASS A SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
NET INCOME PER CLASS A SHARE	NET INCOME PER CLASS A SHARE U.S. GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of undistributed losses, the undistributed loss is allocated to a participating security only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining undistributed earnings are allocated to Class A shares and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding Class A shares and includes the number of additional Class A shares that would have been outstanding if the dilutive Class A shares had been issued. The numerator is adjusted for any changes in income or loss that would result if the dilutive Class A shares were issued. The table below presents basic and diluted net income (loss) per Class A share using the two-class method for the three and six months ended June 30, 2017 and 2016 : Basic and Diluted For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Numerator: Net income attributable to Apollo Global Management, LLC Class A Shareholders $ 86,908 $ 174,092 $ 232,104 $ 141,264 Distributions declared on Class A shares (1) (94,451 ) (46,014 ) (178,666 ) (97,446 ) Distributions on participating securities (2) (3,295 ) (1,766 ) (6,154 ) (3,889 ) Earnings allocable to participating securities — (3) (4,959 ) (1,760 ) (1,766 ) Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted $ (10,838 ) $ 121,353 $ 45,524 $ 38,163 Denominator: Weighted average number of Class A shares outstanding: Basic and Diluted 190,591,756 183,695,920 188,564,562 183,180,625 Net Income per Class A Share: Basic and Diluted (4) Distributed Income $ 0.49 $ 0.25 $ 0.94 $ 0.53 Undistributed Income (Loss) (0.05 ) 0.66 0.25 0.21 Net Income per Class A Share: Basic and Diluted $ 0.44 $ 0.91 $ 1.19 $ 0.74 (1) See note 12 for information regarding the quarterly distributions declared and paid during 2017 and 2016 . (2) Participating securities consist of vested and unvested RSUs that have rights to distributions and unvested restricted shares. (3) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A shareholders. (4) For the three and six months ended June 30, 2017 and 2016 , all of the classes of securities were determined to be anti-dilutive. The Company has granted RSUs that provide the right to receive, subject to vesting, Class A shares of Apollo Global Management, LLC, pursuant to the Company’s 2007 Omnibus Equity Incentive Plan (the “2007 Equity Plan”). Certain RSU grants to employees provide the right to receive distribution equivalents on vested RSUs on an equal basis any time a distribution is declared. The Company refers to these RSU grants as “Plan Grants.” For certain Plan Grants, distribution equivalents are paid in January of the calendar year next following the calendar year in which a distribution on Class A shares was declared. In addition, certain RSU grants to employees provide that both vested and unvested RSUs participate in distribution equivalents on an equal basis with the Class A shareholders any time a distribution is declared. The Company refers to these as “Bonus Grants.” Any distribution equivalent paid to an employee will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable distribution equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. Because the RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. Holders of AOG Units are subject to the transfer restrictions set forth in the agreements with the respective holders, and may a limited number of times each year, upon notice (subject to the terms of the Exchange Agreement), exchange their AOG Units for Class A shares on a one -for- one basis. An AOG Unit holder must exchange one unit in each of the Apollo Operating Group partnerships to effectuate an exchange for one Class A share. Apollo Global Management, LLC has one Class B share outstanding, which is held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the Class B share is reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for Class A shares, as discussed above. The Class B share has no net income (loss) per share as it does not participate in Apollo’s earnings (losses) or distributions. The Class B share has no distribution or liquidation rights. The Class B share has voting rights on a pari passu basis with the Class A shares. The Class B share represented 54.5% and 60.8% of the total voting power of the Company’s shares entitled to vote as of June 30, 2017 and 2016 , respectively. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2017 and 2016 , respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Weighted average vested RSUs 224,100 1,333,695 728,892 2,238,242 Weighted average unvested RSUs 6,555,432 6,085,951 6,403,785 6,148,916 Weighted average unexercised options 210,420 222,920 216,670 222,920 Weighted average AOG Units outstanding 211,895,190 216,065,719 213,591,049 216,117,787 Weighted average unvested restricted shares 244,503 90,130 159,432 94,633

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Equity-based awards granted to employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant service period. Equity-based awards granted to non-employees for services provided to related parties are remeasured to fair value at the end of each reporting period and expensed over the relevant service period. RSUs The Company grants RSUs under the 2007 Omnibus Equity Incentive Plan. These grants are accounted for as a grant of equity awards in accordance with U.S. GAAP. The fair value of all grants is based on the grant date fair value, which considers the public share price of the Company’s Class A shares subject to certain discounts, as applicable. The following table summarizes the weighted average discounts for Plan Grants and Bonus Grants for the three and six months ended June 30, 2017 and 2016 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Plan Grants: Discount for the lack of distributions until vested (1) 13.5 % 16.0 % 11.2 % 16.0 % Marketability discount for transfer restrictions (2) 4.7 % 6.1 % 3.3 % 6.1 % Bonus Grants: Marketability discount for transfer restrictions (2) 2.3 % 3.5 % 2.3 % 3.5 % (1) Based on the present value of a growing annuity calculation. (2) Based on the Finnerty Model calculation. The estimated total grant date fair value is charged to compensation expense on a straight-line basis over the vesting period, which for Plan Grants is generally up to six years, with the first installment vesting one year after grant and quarterly vesting thereafter, and for Bonus Grants is generally annual vesting over three years. The fair value of grants made during the six months ended June 30, 2017 and 2016 was $22.2 million and $2.0 million , respectively. In addition, the Company provides for the vesting of RSUs when certain performance metrics have been achieved. In accordance with U.S. GAAP, equity-based compensation expense is recognized only when certain performance metrics are met or deemed probable. Accordingly, for the three and six months ended June 30, 2017 , no equity-based compensation expense was recognized relating to these RSUs. The following table presents the forfeiture rate and equity-based compensation expense recognized for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Actual forfeiture rate 4.0 % 3.6 % 7.6 % 4.3 % Equity-based compensation $ 16,670 $ 17,773 $ 33,701 $ 35,840 The following table summarizes RSU activity for the six months ended June 30, 2017 : Unvested Weighted Average Grant Date Fair Value Vested Total Number Balance at January 1, 2017 9,391,566 $ 15.80 2,752,455 12,144,021 (1) Granted 1,085,468 20.42 — 1,085,468 Forfeited (795,911 ) 18.55 — (795,911 ) Issued — 18.54 (2,924,913 ) (2,924,913 ) Vested (587,676 ) 16.94 587,676 — Balance at June 30, 2017 9,093,447 (2) $ 16.04 415,218 9,508,665 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A shares. (2) RSUs were expected to vest over the weighted average period of 2.3 years. Restricted Share Awards—Athene Holding The Company has granted Athene Holding restricted share awards to certain employees of the Company. Separately, Athene Holding has also granted restricted share awards to certain employees of the Company. Both awards are collectively referred to as the “AHL Awards”. Certain of the AHL Awards function similarly to options as they are exchangeable for Class A shares of Athene Holding upon payment of a conversion price and the satisfaction of certain other conditions. The awards granted are either subject to time-based vesting conditions that generally vest over three to five years or vest upon achieving certain metrics, such as attainment of certain rates of return and realized cash received by certain investors in Athene Holding upon sale of their shares. The Company records the AHL Awards in other assets and other liabilities in the condensed consolidated statements of financial condition. The fair value of the asset is amortized through equity-based compensation over the vesting period. The fair value of the liability is remeasured each period with any changes in fair value recorded in compensation expense in the condensed consolidated statements of operations. For AHL Awards granted by Athene Holding, compensation expense related to amortization of the asset is offset by related management fees earned by the Company from Athene. The grant date fair value of the AHL Awards is based on the share price of Athene Holding, less discounts for transfer restrictions. The AHL Awards that function similarly to options were valued using a multiple-scenario model, which considers the price volatility of the underlying share price of Athene Holding, time to expiration and the risk-free rate, while the other awards were valued using the share price of Athene Holding less any discounts for transfer restrictions. The following table summarizes the management fees, equity-based compensation expense and actual forfeiture rates for the AHL Awards for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Management fees $ 74 $ 12,295 $ 2,138 $ 5,164 Equity-based compensation $ 551 $ 12,382 $ 3,455 $ 5,348 Actual forfeiture rate — % 0.1 % — % 0.5 % Equity-Based Compensation Allocation Equity-based compensation is allocated based on ownership interests. Therefore, the amortization of equity-based compensation is allocated to shareholders’ equity attributable to Apollo Global Management, LLC and the Non-Controlling Interests, which results in a difference in the amounts charged to equity-based compensation expense and the amounts credited to shareholders’ equity attributable to Apollo Global Management, LLC in the Company’s condensed consolidated financial statements. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs, share options and restricted share awards $ 36,709 — % $ — $ 36,709 AHL Awards 3,455 52.1 1,800 1,655 Other equity-based compensation awards 5,683 52.1 2,961 2,722 Total equity-based compensation $ 45,847 4,761 41,086 Less other equity-based compensation awards (2) (4,761 ) (5,980 ) Capital increase related to equity-based compensation $ — $ 35,106 For the Six Months Ended June 30, 2016 Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs, share options and restricted share awards $ 37,628 — % $ — $ 37,628 AHL Awards 5,348 54.0 2,888 2,460 Other equity-based compensation awards 5,064 54.0 2,735 2,329 Total equity-based compensation $ 48,040 5,623 42,417 Less other equity-based compensation awards (2) (5,623 ) (5,710 ) Capital increase related to equity-based compensation $ — $ 36,707 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds and distributions related to forfeited RSUs.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
EQUITY	EQUITY Class A Shares Class A shares represent limited liability company interests in the Company. Holders of Class A shares are entitled to participate in distributions from the Company on a pro rata basis. Class A shareholders do not elect the Company’s manager or the manager’s executive committee and have only limited voting rights. Issuance of Class A Shares During the six months ended June 30, 2017 and 2016 , the Company issued Class A shares in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of Class A shares issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of Class A shares issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding accumulated deficit adjustment. The table below summarizes the reduction of Class A shares to be issued to employees in connection with net share settlements under the 2007 Equity Plan and issuances of Class A shares in settlement of vested RSUs and share options for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Reduction of Class A shares issued (1) 1,067,648 2,090,121 Class A shares issued 1,864,001 3,810,973 Gross value of shares (2) $ 66,402 $ 82,801 (1) Cash paid for net share settlement was $24.3 million and $29.6 million for the six months ended June 30, 2017 and 2016 , respectively. (2) Based on the closing price of a Class A share at the time of issuance. Share Repurchase Plan In February 2016, Apollo adopted a plan to repurchase up to $250 million in the aggregate of its Class A shares, including up to $150 million in the aggregate of its outstanding Class A shares through a share repurchase program and up to $100 million through net share settlement of equity-based awards granted under the 2007 Equity Plan. There were no share repurchases made as part of the share repurchase program during the six months ended June 30, 2017 . During the six months ended June 30, 2016 , the Company repurchased and canceled 954,447 Class A shares for $12.9 million . Preferred Share Issuance On March 7, 2017, Apollo issued 11,000,000 6.375% Series A Preferred shares (the “Preferred shares”) for gross proceeds of $275.0 million , or $264.4 million net of issuance costs. When, as and if declared by the manager of Apollo, distributions on the Preferred shares will be payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2017, at a rate per annum equal to 6.375% . Distributions on the Preferred shares are discretionary and non-cumulative. Subject to certain exceptions, unless distributions have been declared and paid or declared and set apart for payment on the Preferred shares for a quarterly distribution period, during the remainder of that distribution period, Apollo may not declare or pay or set apart payment for distributions on any Class A shares and any other equity securities that the Company may issue in the future ranking, as to the payment of distributions, junior to the Preferred shares (“Junior Shares”) and Apollo may not repurchase any Junior Shares. These restrictions are not applicable during the initial distribution period, which is the period from March 7, 2017, the original issue date, to but excluding June 15, 2017. The Preferred shares may be redeemed at Apollo’s option, in whole or in part, at any time on or after March 15, 2022 at a price of $25.00 per Preferred share, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of Preferred shares will have no right to require the redemption of the Preferred shares and there is no maturity date. If a certain change of control event or a certain tax redemption event occurs prior to March 15, 2022, the Preferred shares may be redeemed at Apollo’s option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event or such tax redemption event, as applicable, at a price of $25.25 per Preferred share, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If (i) a change of control event occurs (whether before, on or after March 15, 2022) and (ii) Apollo does not give notice prior to the 31st day following the change of control event to redeem all the outstanding Preferred shares, the distribution rate per annum on the Preferred shares will increase by 5.00% , beginning on the 31st day following such change of control event. The Preferred shares are not convertible into Class A shares and have no voting rights, except in limited circumstances as provided in the Company’s limited liability company agreement. In connection with the issuance of the Preferred shares, certain Apollo Operating Group entities issued for the benefit of Apollo a series of preferred units with economic terms that mirror those of the Preferred shares. On April 28, 2017, Apollo declared a cash distribution of $0.433854 per Series A Preferred share. The distribution of $4.8 million was paid on June 15, 2017. Distributions In addition to other distributions such as payments pursuant to the tax receivable agreement, the table below presents information regarding the quarterly distributions which were made at the sole discretion of the manager of the Company during 2017 and 2016 (in millions, except per share data): Distribution Declaration Date Distribution per Class A Share Distribution Payment Date Distribution to Class A Shareholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities February 3, 2016 $ 0.28 February 29, 2016 $ 51.4 $ 60.5 $ 111.9 $ 2.1 May 6, 2016 0.25 May 31, 2016 46.0 54.0 100.0 1.8 August 3, 2016 0.37 August 31, 2016 68.4 79.9 148.3 2.4 October 28, 2016 0.35 November 30, 2016 64.9 75.4 140.3 2.1 For the year ended December 31, 2016 $ 1.25 $ 230.7 $ 269.8 $ 500.5 $ 8.4 February 3, 2017 $ 0.45 February 28, 2017 $ 84.2 $ 97.0 $ 181.2 $ 2.9 April 13, 2017 (1) — April 13, 2017 — 20.5 20.5 — April 28, 2017 0.49 May 31, 2017 94.5 102.9 197.4 3.3 For the six months ended June 30, 2017 $ 0.94 $ 178.7 $ 220.4 $ 399.1 $ 6.2 (1) On April 13, 2017, the Company made a $0.10 per AOG Unit pro rata distribution to the Non-Controlling Interest holders in the Apollo Operating Group in connection with a payment made under the tax receivable agreement. See note 13 for more information regarding the tax receivable agreement. Non-Controlling Interests The table below presents equity interests in Apollo’s consolidated, but not wholly-owned, subsidiaries and funds. Net income and comprehensive income attributable to Non-Controlling Interests consisted of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 760 $ 2,462 $ 1,627 $ 4,544 Other consolidated entities 3,775 (384 ) 6,292 (431 ) Net income attributable to Non-Controlling Interests in consolidated entities $ 4,535 $ 2,078 $ 7,919 $ 4,113 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income $ 192,942 $ 415,803 $ 547,972 $ 341,242 Net income attributable to Non-Controlling Interests in consolidated entities (4,535 ) (2,078 ) (7,919 ) (4,113 ) Net income after Non-Controlling Interests in consolidated entities 188,407 413,725 540,053 337,129 Adjustments: Income tax provision (benefit) (2) (777 ) 37,988 38,384 32,841 NYC UBT and foreign tax benefit (3) 976 (8,247 ) (4,419 ) (7,296 ) Net (income) loss in non-Apollo Operating Group entities — (1 ) 2 19 Net income attributable to Preferred Shareholders (4,772 ) — (4,772 ) — Total adjustments (4,573 ) 29,740 29,195 25,564 Net income after adjustments 183,834 443,465 569,248 362,693 Weighted average ownership percentage of Apollo Operating Group 52.6 % 54.0 % 53.1 % 54.1 % Net income attributable to Non-Controlling Interests in Apollo Operating Group $ 96,727 $ 239,633 $ 303,177 $ 195,865 Net Income attributable to Non-Controlling Interests $ 101,262 $ 241,711 $ 311,096 $ 199,978 Other comprehensive income (loss) attributable to Non-Controlling Interests 2,314 (1,717 ) 3,189 917 Comprehensive Income Attributable to Non-Controlling Interests $ 103,576 $ 239,994 $ 314,285 $ 200,895 (1) Reflects the remaining interest held by certain individuals who receive an allocation of income from certain of the credit funds managed by Apollo. (2) Reflects all taxes recorded in our condensed consolidated statements of operations. Of this amount, U.S. federal, state, and local corporate income taxes attributable to APO Corp. are added back to income of the Apollo Operating Group before calculating Non-Controlling Interests as the income allocable to the Apollo Operating Group is not subject to such taxes. (3) Reflects NYC UBT and foreign taxes that are attributable to the Apollo Operating Group and its subsidiaries related to its operations in the U.S. as partnerships and in non-U.S. jurisdictions as corporations. As such, these amounts are considered in the income attributable to the Apollo Operating Group.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES Management fees, transaction and advisory fees and reimbursable expenses from the funds the Company manages and their portfolio companies are included in due from related parties in the condensed consolidated statements of financial condition. The Company also typically facilitates the initial payment of certain operating costs incurred by the funds that it manages as well as their related parties. These costs are normally reimbursed by such funds and are included in due from related parties. Due from related parties and due to related parties are comprised of the following: As of As of Due from Related Parties: Due from private equity funds $ 33,182 $ 19,089 Due from portfolio companies 44,354 34,339 Due from credit funds 130,572 112,516 Due from Contributing Partners, employees and former employees 51,500 72,305 Due from real assets funds 22,894 16,604 Total Due from Related Parties $ 282,502 $ 254,853 Due to Related Parties: Due to Managing Partners and Contributing Partners $ 518,486 $ 506,542 Due to private equity funds 25,640 56,880 Due to credit funds 68,364 66,859 Due to real assets funds 282 281 Distributions payable to employees — 7,564 Total Due to Related Parties $ 612,772 $ 638,126 Tax Receivable Agreement and Other Subject to certain restrictions, each of the Managing Partners and Contributing Partners has the right to exchange their vested AOG Units for the Company’s Class A shares. Certain Apollo Operating Group entities have made an election under Section 754 of the U.S. Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group at the time of the exchange. These exchanges will result in increases in tax deductions that will reduce the amount of tax that APO Corp. will otherwise be required to pay in the future. The tax receivable agreement provides for the payment to the Managing Partners and Contributing Partners of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that APO Corp. would realize as a result of the increases in tax basis of assets that resulted from the 2007 Reorganization and exchanges of AOG Units for Class A shares. APO Corp. retains the benefit from the remaining 15% of actual cash tax savings. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date. These payments are expected to occur approximately over the next 15 years . In April 2017, Apollo made a $17.9 million cash payment pursuant to the tax receivable agreement resulting from the realized tax benefit for the 2016 tax year. Additionally, in connection with this payment, the Company made a corresponding pro rata distribution of $20.5 million ( $0.10 per AOG Unit) to the Non-Controlling Interest holders in the Apollo Operating Group. Due from Contributing Partners, Employees and Former Employees As of June 30, 2017 and December 31, 2016 , due from Contributing Partners, Employees and Former Employees includes various amounts due to the Company including employee loans and return of profit sharing distributions. As of June 30, 2017 and December 31, 2016 , the balance included interest-bearing employee loans receivable of $15.2 million and $26.1 million , respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation from the Company. The Company recorded a receivable from the Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of June 30, 2017 and December 31, 2016 of $32.1 million and $39.3 million , respectively. Indemnity Carried interest income from certain funds that the Company manages can be distributed to the Company on a current basis, but is subject to repayment by the subsidiary of the Apollo Operating Group that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular Managing Partner’s or Contributing Partner’s distributions. Pursuant to an existing shareholders agreement, the Company has agreed to indemnify each of the Company’s Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that the Company manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Company’s Managing Partners and Contributing Partners have contributed or sold to the Apollo Operating Group. Accordingly, in the event that the Company’s Managing Partners, Contributing Partners and certain investment professionals are required to pay amounts in connection with a general partner obligation for the return of previously made distributions, the Company will be obligated to reimburse the Company’s Managing Partners and certain Contributing Partners for the indemnifiable percentage of amounts that they are required to pay even though the Company did not receive the certain distribution to which that general partner obligation related. The Company recorded an indemnification liability of $7.5 million and $5.9 million , respectively, as of June 30, 2017 and December 31, 2016 . Due to Private Equity Funds Based upon a hypothetical liquidation of certain of the private equity funds the Company manages, as of June 30, 2017 and December 31, 2016 , the Company has recorded a general partner obligation to return previously distributed carried interest income, which represents amounts due to these funds. There was a general partner obligation to return previously distributed carried interest income of $22.7 million and $56.0 million accrued as of June 30, 2017 and December 31, 2016 , respectively. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement or other governing document of the fund. Due to Credit Funds Based upon a hypothetical liquidation of certain of the credit funds the Company manages, as of June 30, 2017 and December 31, 2016 , the Company has recorded a general partner obligation to return previously distributed carried interest income, which represents amounts due to these funds. As such, there was a general partner obligation to return previously distributed carried interest income of $60.6 million and $60.6 million accrued as of June 30, 2017 and December 31, 2016 , respectively. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement or other governing document of the fund. Athene Athene Holding was founded in 2009 to capitalize on favorable market conditions in the dislocated life insurance sector. Athene Holding, through its subsidiaries, is a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. The products and services offered by Athene include fixed and fixed indexed annuity products; reinsurance services offered to third-party annuity providers; and institutional products, such as funding agreements. Athene Holding became an effective registrant under the Exchange Act on December 9, 2016. Athene Holding currently trades on the New York Stock Exchange (NYSE) under the symbol “ATH”. The Company, through its consolidated subsidiary, Athene Asset Management, provides asset management services to Athene, including asset allocation services, direct asset management services, asset and liability matching management, mergers and acquisitions, asset diligence hedging and other asset management services. On March 15, 2017, the Company and Athene announced an agreement to amend certain fee arrangements relating to investment management fees and sub-advisory fees that are paid by Athene to the Company. More specifically, the Company and Athene entered into a revised fee agreement, which provides for, among other things, a fee of 0.30% per year (reduced from 0.40% per year) on all assets that the Company manages in accounts owned by Athene in the U.S. and Bermuda or in accounts supporting reinsurance ceded to U.S. and Bermuda subsidiaries of Athene Holding by third-party insurers (the “North American Accounts”) in excess of $65.846 billion (the level of assets in the North America Accounts as of December 31, 2016). The Company’s fee on the first $65.846 billion of assets in the North America Accounts remains 0.40% per year, subject to certain discounts and exceptions. The amendments to the investment management fees and sub-advisory fees were effective retroactive to January 1, 2017. The Company provides sub-advisory services with respect to a portion of the assets in the Athene Accounts. In addition, from time to time, Athene also invests in funds and investment vehicles that Apollo manages. The Company broadly refers to “Athene Sub-Advised” assets under management as those assets in the Athene Accounts which the Company explicitly sub-advises as well as those assets in the Athene Accounts which are invested directly in funds and investment vehicles Apollo manages (“Athene Assets Directly Invested”). In addition, the Company and Athene also agreed to amend the sub-advisory fee agreements they have in place whereby, with limited exceptions, the Company will earn 0.40% per year on assets in the North American Accounts explicitly sub-advised by the Company up to $10 billion , 0.35% per year on assets in such accounts explicitly sub-advised by the Company in excess of $10 billion up to $12.4 billion (the level of fee-paying sub-advised assets in the North American Accounts at December 31, 2016), 0.40% per year on assets in such accounts explicitly sub-advised by the Company in excess of $12.4 billion up to $16 billion and 0.35% per year on assets in such accounts explicitly sub-advised by the Company in e xcess of $16 billion . The Company also earns 0.35% per annum on assets in European Accounts that are sub-advised by AAME, with certain limited exceptions. With respect to Athene Assets Directly Invested, Apollo receives management fees and carried interest, if applicable, directly from the relevant funds under the investment management fee agreements and other governing documents of such funds. Fees paid to the Company related to such fund investments vary from 0% per annum to 1.75% per annum with respect to management fees and 0% to 20% with respect to carried interest. These fees are in addition to the gross management fee of 0.40% per annum paid to Athene Asset Management on the portion of such assets that it manages and the gross fee of 0.10% per annum paid to AAME on the portion of such assets it advises. The Company refers to the portion of the Athene Asset Management assets under management that is not Athene Sub-Advised as “Athene Non-Sub-Advised”. Apollo, as general partner of AAA Investments, is generally entitled to a carried interest that allocates to it 20% of the realized returns (net of related expenses, including borrowing costs) on the investments of AAA Investments, except that Apollo is not entitled to receive any carried interest with respect to the shares of Athene Holding that were acquired (and not in satisfaction of prior commitments to buy such shares) by AAA Investments in the contribution of certain assets by AAA to Athene in October 2012. Apollo may elect to receive payment of carried interest receivable from AAA Investments in cash or in common shares of Athene Holding (valued at the then fair market value); and if Apollo elects to receive payment of such carried interest in cash, then common shares of Athene Holding shall be distributed to Apollo and immediately sold by Apollo to pay for such carried interest in cash. For the three and six months ended June 30, 2017 , the Company recorded carried interest income, taking into account the related profit sharing expense, of $1.9 million and $16.0 million , respectively, from AAA Investments, which is recorded in the condensed consolidated statements of operations. For the three and six months ended June 30, 2016 , the Company recorded carried interest income less the related profit sharing expense of $30.0 million and $10.9 million , respectively, from AAA Investments. As of June 30, 2017 and December 31, 2016 , the Company had a $166.7 million and $229.8 million carried interest receivable, respectively, from AAA Investments. As of June 30, 2017 and December 31, 2016 , the Company had a related profit sharing payable of $47.8 million and $80.6 million , respectively, recorded in profit sharing payable in the condensed consolidated statements of financial condition. For the three and six months ended June 30, 2017 , Apollo earned revenues in the aggregate totaling $97.0 million and $249.2 million , respectively, consisting of management fees, sub-advisory fees and carried interest income from Athene after considering the related profit sharing expense and changes in the market value of the Athene Holding shares owned directly by Apollo, which is recorded in the condensed consolidated statements of operations. For the three and six months ended June 30, 2016 , Apollo earned revenues in the aggregate totaling $238.7 million and $210.9 million , respectively, consisting of management fees, sub-advisory fees and carried interest income from Athene after considering the related profit sharing expense and changes in the market value of the Athene Holding shares owned directly by Apollo, which is recorded in the condensed consolidated statements of operations. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of AHL Awards granted to employees of Apollo as further described in note 11 . The Company had an approximate 8.8% economic ownership interest in Athene Holding as of June 30, 2017 , which comprises Apollo’s direct 8.3% economic ownership interest in Athene Holding plus an additional 0.5% economic ownership interest, which is calculated as the sum of the Company’s approximate 2.2% economic ownership interest in AAA and the Company’s approximate 0.055% economic ownership interest in AAA Investments, multiplied by AAA Investments’ approximate 26.2% economic ownership interest in Athene, calculated without giving effect to restricted common shares issued under Athene’s management equity plan as of June 30, 2017 . The Company had an approximate 8.9% economic ownership interest in Athene Holding as of December 31, 2016 , which comprises Apollo’s direct ownership of 8.0% of the economic ownership interest in Athene Holding plus an additional 0.9% economic ownership interest, which is calculated as the sum of the Company’s approximate 2.2% economic ownership interest in AAA and the Company’s approximate 0.055% economic ownership interest in AAA Investments, multiplied by AAA Investments’ approximate 39.4% economic ownership interest in Athene, calculated without giving effect to restricted common shares issued under Athene’s management equity plan as of December 31, 2016 . AAA Investments Credit Agreement On April 30, 2015, Apollo entered into a revolving credit agreement with AAA Investments (“AAA Investments Credit Agreement”). Under the terms of the AAA Investments Credit Agreement, the Company shall make available to AAA Investments one or more advances at the discretion of AAA Investments in the aggregate amount not to exceed a balance of $10.0 million at an applicable rate of LIBOR plus 1.5% . The Company receives an annual commitment fee of 0.125% on the unused portion of the loan. As of June 30, 2017 and December 31, 2016 , $4.0 million had been advanced by the Company and remained outstanding on the AAA Investments Credit Agreement. Regulated Entities Apollo Global Securities, LLC (“AGS”) is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements at June 30, 2017 . From time to time, this entity is involved in transactions with related parties of Apollo, including portfolio companies of the funds Apollo manages, whereby AGS earns underwriting and transaction fees for its services.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Investment Commitments— As a limited partner, general partner and manager of the Apollo funds, Apollo had unfunded capital commitments as of June 30, 2017 and December 31, 2016 of $1.5 billion and $0.6 billion , respectively. Debt Covenants— Apollo’s debt obligations contain various customary loan covenants. As of June 30, 2017 , the Company was not aware of any instances of non-compliance with the financial covenants contained in the documents governing the Company’s debt obligations. Guarantees— Apollo entered into an agreement to guarantee 20% of a consolidated VIE’s outstanding secured borrowings of $30.1 million with a third party lending institution. The amount guaranteed by Apollo as of June 30, 2017 was $6.0 million . Litigation and Contingencies— Apollo is, from time to time, party to various legal actions arising in the ordinary course of business including claims and lawsuits, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding its business. Various state attorneys general and federal and state agencies have initiated industry-wide investigations into the use of placement agents in connection with the solicitation of investments, particularly with respect to investments by public pension funds. Certain affiliates of Apollo have received subpoenas and other requests for information from various government regulatory agencies and investors in Apollo’s funds, seeking information regarding the use of placement agents. California Public Employees’ Retirement System (“CalPERS”) announced on October 14, 2009, that it had initiated a special review of placement agents and related issues. The report of the CalPERS’ Special Review was issued on March 14, 2011. That report does not allege any wrongdoing on the part of Apollo or its affiliates. Apollo is continuing to cooperate with all such investigations and other reviews. In addition, on May 6, 2010, the California Attorney General filed a civil complaint against Alfred Villalobos and his company, Arvco Capital Research, LLC (“Arvco”) (a placement agent that Apollo has used) and Federico Buenrostro Jr., the former CEO of CalPERS, alleging conduct in violation of certain California laws in connection with CalPERS’s purchase of securities in various funds managed by Apollo and another asset manager. Apollo is not a party to the civil lawsuit and the lawsuit does not allege any misconduct on the part of Apollo. Likewise, on April 23, 2012, the SEC filed a lawsuit alleging securities fraud on the part of Arvco, as well as Messrs. Buenrostro and Villalobos, in connection with their activities concerning certain CalPERS investments in funds managed by Apollo. This lawsuit also does not allege wrongdoing on the part of Apollo, and alleges that Apollo was defrauded by Arvco, Villalobos, and Buenrostro. On March 14, 2013, the United States Department of Justice unsealed an indictment against Messrs. Villalobos and Buenrostro alleging, among other crimes, fraud in connection with those same activities; again, Apollo is not accused of any wrongdoing and in fact is alleged to have been defrauded by the defendants. The criminal action was set for trial in a San Francisco federal court in July 2014, but was put on hold after Mr. Buenrostro pleaded guilty on July 11, 2014. As part of Mr. Buenrostro’s plea agreement, he admitted to taking cash and other bribes from Mr. Villalobos in exchange for several improprieties, including attempting to influence CalPERS’ investing decisions and improperly preparing disclosure letters to satisfy Apollo’s requirements. There is no suggestion that Apollo was aware that Mr. Buenrostro had signed the letters with a corrupt motive. The government has indicated that they will file new charges against Mr. Villalobos incorporating Mr. Buenrostro’s admissions. On August 7, 2014, the government filed a superseding indictment against Mr. Villalobos asserting additional charges. Trial had been scheduled for February 23, 2015, but Mr. Villalobos passed away on January 13, 2015. Additionally, on April 15, 2013, Mr. Villalobos, Arvco and related entities (the “Arvco Debtors”) brought a civil action in the United States Bankruptcy Court for the District of Nevada (the “Bankruptcy Court”) against Apollo. The action is related to the ongoing bankruptcy proceedings of the Arvco Debtors. This action alleges that Arvco served as a placement agent for Apollo in connection with several funds associated with Apollo, and seeks to recover purported fees the Arvco Debtors claim Apollo has not paid them for a portion of Arvco’s placement agent services. In addition, the Arvco Debtors allege that Apollo has interfered with the Arvco Debtors’ commercial relationships with third parties, purportedly causing the Arvco Debtors to lose business and to incur fees and expenses in the defense of various investigations and litigations. The Arvco Debtors also seek compensation from Apollo for these alleged lost profits and fees and expenses. The Arvco Debtors’ complaint asserts various theories of recovery under the Bankruptcy Code and common law. Apollo denies the merit of all of the Arvco Debtors’ claims and will vigorously contest them. The Bankruptcy Court had stayed this action pending the result in the criminal case against Mr. Villalobos but lifted the stay on May 1, 2015; in light of Mr. Villalobos’s death, the criminal case was dismissed. On August 25, 2016, Christina Lovato, in her capacity as the Chapter 7 Trustee for the Arvco Debtors, filed an amended complaint. On March 20, 2017, the court granted Apollo’s motion to dismiss the equitable claims asserted in the amended complaint, leaving just two breach of contract claims remaining. No estimate of possible loss, if any, can be made at this time. On June 18, 2014, BOKF N.A. (the “First Lien Trustee”), the successor indenture trustee under the indenture governing the First Lien Notes issued by Momentive Performance Materials, Inc. (“Momentive”), commenced a lawsuit in the Supreme Court for the State of New York, New York County against AGM and members of an ad hoc group of Second Lien Noteholders (including, but not limited to, Euro VI (BC) S.a.r.l.). The First Lien Trustee amended its complaint on July 2, 2014 (the “First Lien Intercreditor Action”). In the First Lien Intercreditor Action, the First Lien Trustee seeks, among other things, a declaration that the defendants violated an intercreditor agreement entered into between holders of the First Lien Notes and holders of the second lien notes. On July 16, 2014, the successor indenture trustee under the indenture governing the 1.5 Lien Notes (the “1.5 Lien Trustee,” and, together with the First Lien Trustee, the “Indenture Trustees”) filed an action in the Supreme Court of the State of New York, New York County that is substantially similar to the First Lien Intercreditor Action (the “1.5 Lien Intercreditor Action,” and, together with the First Lien Intercreditor Action, the “Intercreditor Actions”). AGM subsequently removed the Intercreditor Actions to federal district court, and the Intercreditor Actions were automatically referred to the Bankruptcy Court adjudicating the Momentive chapter 11 bankruptcy cases. The Indenture Trustees then filed motions with the Bankruptcy Court to remand the Intercreditor Actions back to the state court (the “Remand Motions”). On September 9, 2014, the Bankruptcy Court denied the Remand Motions. On August 15, 2014, the defendants in the Intercreditor Actions (including AGM) filed a motion to dismiss the 1.5 Lien Intercreditor Action and a motion for judgment on the pleadings in the First Lien Intercreditor Action (the “Dismissal Motions”). On September 30, 2014, the Bankruptcy Court granted the Dismissal Motions. In its order granting the Dismissal Motions, the Bankruptcy Court gave the Indenture Trustees until mid-November 2014 to move to amend some, but not all, of the claims alleged in their respective complaints. On November 14, 2014, the Indenture Trustees moved to amend their respective complaints pursuant to the Bankruptcy Court’s order (the “Motions to Amend”). On January 9, 2015, the defendants filed their oppositions to the Motions to Amend. On January 16, 2015, the Bankruptcy Court denied the Motions to Amend (the “Dismissal Order”), but gave the Indenture Trustees until March 2, 2015 to seek to amend their respective complaints. On March 2, 2015, the First Lien Trustee filed a motion seeking to amend its complaint. On April 10, 2015, the defendants, including AGM and Euro VI (BC) S.a.r.l., filed an opposition to the First Lien Trustee’s motion to amend. Instead of moving again to amend its complaint, the 1.5 Lien Trustee chose to appeal the Dismissal Order (the “1.5 Lien Appeal”). On March 30, 2015, the 1.5 Lien Trustee filed its Statement of Issues and Designation of Record on Appeal. On March 31, 2015, because the legal issues presented in the 1.5 Lien Appeal are substantially similar to those presented in the First Lien Intercreditor Action, the parties in the 1.5 Lien Appeal submitted a joint stipulation and proposed order to the District Court staying the briefing schedule on the 1.5 Lien Appeal pending the outcome of the First Lien Trustee’s most recent motion to amend. On April 13, 2015, the Defendants filed their Counter-Designation of the Record on Appeal in the 1.5 Lien Appeal. On May 8, 2015, the Bankruptcy Court denied the motion to amend filed on March 2, 2015 by the First Lien Trustee. On May 27, 2015, the First Lien Trustee filed a notice of appeal from the orders of the Bankruptcy Court dismissing the First Lien Intercreditor Action and denying the First Lien Trustee’s motions to amend (the “First Lien Appeal”). On June 2, 2015, the First Lien Trustee filed its Statement of Issues and Designation of Record on Appeal. On June 24, 2015, the defendants filed their Counter-Designation of the Record on Appeal in the First Lien Appeal. On July 31, 2015, the 1.5 Lien Trustee sent a letter to the federal district court hearing the 1.5 Lien Appeal asking the court to consolidate the 1.5 Lien Appeal with the First Lien Appeal which had been assigned to a different judge (the “Consolidation Request”). On April 8, 2016, the court granted the Consolidation Request. On May 20, 2016, the Indenture Trustees filed their opening appellate brief. The Appellees filed their response brief on July 14, 2016, and the Indenture Trustees filed their reply brief on August 5, 2016. The court has not yet set a date for oral argument. Apollo is unable at this time to assess a potential risk of loss. In addition, Apollo does not believe that AGM is a proper defendant in these actions. There are several pending actions concerning transactions related to Caesars Entertainment Corporation (“Caesars Entertainment”), Caesars Entertainment Operating Company, Inc. (“CEOC”) and certain of their respective subsidiaries. A. In re: Caesars Entertainment Operating Company, Inc. bankruptcy proceedings, No. 15-01145 (N.D. Ill. Bankr.) (the “Illinois Bankruptcy Action”). On January 17, 2017, an order was entered in the Illinois Bankruptcy Action confirming a plan of reorganization for CEOC and its debtor subsidiaries (the “Plan”) which, inter alia, grants broad releases to Apollo and others. The Plan is likely to become effective in the third quarter of 2017 after the conditions to its effectiveness have been satisfied. On the effective date of the Plan (the “Plan Effective Date”), the Apollo Released Parties (as defined below) will be released from the claims in the WSFS Action, the UMB Action, the Trilogy Action, the Danner Action, the BOKF Action, the UMB SDNY Action, the Wilmington Trust Action and the CEOC Action (each as defined below). • Background: On January 12, 2015, three holders of CEOC second lien notes filed an involuntary bankruptcy petition against CEOC in the United States Bankruptcy Court for the District of Delaware (the “Delaware Bankruptcy Action”). On January 15, 2015, CEOC and certain of its affiliates (collectively the “Debtors”) filed the Illinois Bankruptcy Action under Chapter 11 in the Northern District of Illinois. On February 2, 2015, the court in the Delaware Bankruptcy Action ordered that all bankruptcy proceedings relating to the Debtors should take place in the Illinois Bankruptcy Action. The Illinois Bankruptcy Court held an evidentiary hearing to determine whether the Debtors’ petition date was January 12, 2015 or January 15, 2015; this motion has not yet been ruled on by the Illinois Bankruptcy Court, and pursuant to the Plan this motion will be dismissed as moot. Certain of the Debtors’ creditors indicated in filings with the Illinois Bankruptcy Court that an investigation into certain acts and transactions that predated the Debtors’ bankruptcy filing could lead to claims against a number of parties, including AGM and certain of its affiliates. No such claims were brought by the Debtors’ prepetition creditors against Apollo in the Illinois Bankruptcy Action. On May 13, 2016, the Official Committee of Second Priority Noteholders (the “Second Lien Noteholders Committee”) filed a motion seeking an Order granting it standing to commence, prosecute and settle claims on behalf of the Debtors’ estates (the “Standing Motion”). The proposed complaint filed with the Standing Motion names Apollo and many others as defendants (see also “H” below). On or about September 27, 2016, Caesars Entertainment and the Debtors announced that they had received confirmations from representatives of the Debtors’ major creditor groups of those groups’ support for a term sheet that describes the key economic terms of a proposed consensual chapter 11 plan for the Debtors. On October 4, 2016, the Debtors filed the Third Amended Joint Plan of Reorganization which subsequently was amended and became the Plan. As part of the Plan, and in connection with the merger between Caesars Entertainment and Caesars Acquisition Company (“CAC”), funds managed by Apollo will not retain any of their equity interests in the merged Caesars Entertainment on account of their pre-merger Caesars Entertainment shares. Such equity interests would, instead, be for the benefit of CEOC’s creditors. Funds managed by Apollo will, however, retain their equity interests in the merged Caesars Entertainment on account of their CAC shares. The voting deadline on the Plan was November 21, 2016, and approximately 90% in dollar amount of the Debtors’ creditors voted in favor of the Plan. On October 17, 2016, the Bankruptcy Court granted the Debtors’ requested injunction of the WSFS, Trilogy, Danner, UMB, Wilmington Trust and BOKF Actions (defined below “B”, “C”, “D”, “F” and “G”) (the “105 Injunction”) through the first omnibus hearing after Plan confirmation, and by order dated January 26, 2017 the 105 Injunction was extended to, inter alia, the Plan Effective Date. At the confirmation hearing, no creditor presented any objection to the Plan. As noted above, the Plan was confirmed by the Illinois Bankruptcy Court and will become effective after the conditions to its effectiveness have been satisfied. The Plan provides several parties, including, AGM and certain of its affiliates (collectively referred to as the "Apollo Released Parties") with a release of claims that the Debtors and the Debtors’ creditors have or may have against any or all of the Apollo Released Parties, including those described below in the WSFS Action, the Trilogy Action, the Danner Action, the UMB Action, the BOKF Action, the Wilmington Trust Action and the CEOC Action. B. Wilmington Savings Fund Society, FSB v. Caesars Entertainment Corp. et al., No. 10004-CVG (Del. Ch.) (the “WSFS Action”). On August 4, 2014, Wilmington Savings Fund Society, FSB (“WSFS”), as trustee for certain CEOC second-lien notes, sued Caesars Entertainment, CEOC, other Caesars Entertainment-affiliated entities, and certain of Caesars Entertainment’s directors, including Marc Rowan, Eric Press, David Sambur (each an Apollo Partner) and Jeffrey Benjamin (a consultant to Apollo), in Delaware’s Court of Chancery (the “Delaware Court”). WSFS (i) asserts claims (against some or all of the defendants) for fraudulent conveyance, breach of fiduciary duty, breach of contract, corporate waste, and aiding and abetting related to certain transactions among CEOC and certain of its subsidiaries and Caesars Entertainment and certain of its affiliates, and (ii) requests (among other things) that the Delaware Court unwind the challenged transactions and award damages. WSFS served a subpoena for documents on Apollo on September 11, 2014, but Apollo’s response was stayed during the pendency of motions to dismiss under a September 23, 2014 stipulated order. On March 18, 2015, the Delaware Court denied Defendants’ motion to dismiss. Apollo served responses and objections to WSFS’ subpoena on March 25, 2015. Caesars Entertainment answered the complaint on April 1, 2015. During the pendency of CEOC’s bankruptcy proceedings, the WSFS Action has been automatically stayed with respect to CEOC. WSFS additionally advised the Illinois Bankruptcy Court that, during CEOC’s bankruptcy proceedings, WSFS would only pursue claims in the WSFS Action relating to whether Caesars Entertainment remains liable on a guarantee of certain of CEOC’s second priority notes. On July 17, 2015, WSFS served supplemental subpoenas to several entities affiliated with AGM, and AGM and these entities have substantially completed their production of non-privileged documents responsive to those subpoenas. On March 11, 2016, WSFS filed a motion for partial summary judgment (the “Summary Judgment Motion”) on its breach of contract claim against Caesars Entertainment. On April 25, 2016, Caesars Entertainment filed a joint Cross-Motion for Partial Summary Judgment and answering brief in opposition to WSFS’ Summary Judgment Motion (the “Cross-Motion”). WSFS filed its joint reply and opposition to Caesars Entertainment’s Cross-Motion on May 25, 2016, and Caesars Entertainment filed a reply to WSFS’ opposition on June 9, 2016. On June 15, 2016, the Illinois Bankruptcy Court issued a temporary restraining order and preliminary injunction pursuant to Section 105(a) of the Bankruptcy Code enjoining the plaintiffs in the WSFS Action from prosecuting actions against Caesars Entertainment until August 29, 2016. On October 17, 2016, the Illinois Bankruptcy Court granted the 105 Injunction staying the WSFS Action initially through the first omnibus hearing after Plan confirmation, and now through, inter alia, the Plan Effective Date. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the WSFS Action. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. C. Trilogy Portfolio Company, L.L.C., et al. v. Caesars Entertainment Corp., et al., No. 14-cv-7091 (S.D.N.Y.) (the “Trilogy Action”). On September 3, 2014, institutional investors allegedly holding approximately $137 million in CEOC unsecured senior notes sued CEOC and Caesars Entertainment in federal court in New York (the “New York Court”) for breach of contract and the implied covenant of good faith, Trust Indenture Act (“TIA”) violations, and a declaratory judgment challenging the August 2014 private financing transaction in which a portion of outstanding senior unsecured notes were purchased by Caesars Entertainment, and a majority of the noteholders agreed to amend the indenture to terminate Caesars Entertainment’s guarantee of the notes and modify certain restrictions on CEOC’s ability to sell assets. Caesars Entertainment and CEOC filed a motion to dismiss on November 12, 2014. On January 15, 2015, the New York Court granted the motion with respect to a TIA claim by Trilogy but otherwise denied the motion. On January 30, 2015, plaintiffs filed an amended complaint seeking relief against Caesars Entertainment only, and Caesars Entertainment answered on February 12, 2015. On October 2, 2014, a related putative class action complaint was filed on behalf of the holders of these notes captioned Danner v. Caesars Entertainment Corp., et al., No. 14-cv-7973 (S.D.N.Y.) (the “Danner Action”), against Caesars Entertainment alleging claims similar to those in the Trilogy Action. On February 19, 2015, plaintiffs filed an amended complaint, and Caesars Entertainment answered the amended complaint on February 25, 2015. In March 2015, each of Trilogy and Danner served subpoenas for documents on Apollo. Apollo produced responsive, non-privileged documents in response to those subpoenas. In July 2015, Trilogy and Danner served subpoenas for depositions on Apollo and those depositions were completed on September 22, 2015. On October 23, 2015, Trilogy and Danner filed motions for partial summary judgment, related to TIA and breach of contract claims. On December 29, 2015, the New York Court denied the motions for partial summary judgment. On March 23, 2016, the judge presiding over the Trilogy and Danner Actions announced that she was retiring from the bench effective April 28, 2016. A new judge was assigned to preside over the Trilogy and Danner Actions (in addition to the BOKF, UMB SDNY and Wilmington Trust Actions, defined below). On April 6, 2016, the parties agreed to a renewed summary judgment schedule for the Trilogy, Danner, BOKF, UMB SDNY (as defined below) and Wilmington Trust Actions. The moving parties submitted their briefs to the New York Court on May 10, 2016. Opposition briefs were filed on May 31, 2016. Reply briefs were filed on June 14, 2016. On June 15, 2016, the Illinois Bankruptcy Court issued a temporary restraining order and preliminary injunction pursuant to Section 105(a) of the Bankruptcy Code, enjoining the plaintiffs in the Trilogy and Danner Actions from prosecuting actions against Caesars Entertainment until August 29, 2016. On October 17, 2016, the Illinois Bankruptcy Court granted the 105 Injunction, staying the Trilogy and Danner Actions initially through the first omnibus hearing after Plan confirmation and now by order dated January 26, 2017 through, inter alia, the Plan Effective Date. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the Trilogy and Danner Actions. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. D. UMB Bank v. Caesars Entertainment Corporation, et al., No. 10393 (Del. Ch.) (the “UMB Action”). On November 25, 2014, UMB Bank, as trustee for certain CEOC notes, sued Caesars Entertainment, CEOC, other Caesars Entertainment-affiliated entities and certain of Caesars Entertainment’s directors, including Marc Rowan, Eric Press, David Sambur (each an Apollo Partner) and Jeffrey Benjamin (an Apollo consultant), in the Delaware Court. The UMB Action alleges claims for actual and constructive fraudulent conveyance and transfer, insider preferences, illegal dividends, breach of contract, intentional interference with contractual relations, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment. The UMB Action seeks appointment of a receiver for CEOC, a constructive trust and other relief. The UMB Action has been assigned to the same judge overseeing the WSFS Action. The UMB Action has effectively been stayed since April 7, 2016, and on October 17, 2016, the Illinois Bankruptcy Court granted the 105 Injunction staying the UMB Action initially through the first omnibus hearing after Plan confirmation and now by order dated January 26, 2017 through, inter alia, the Plan Effective Date. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the UMB Action. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. E. Koskie v. Caesars Acquisition Company, et al., No. A-14-711712-C (Clark Cnty Nev. Dist. Ct.) (the “Koskie Action”). On December 30, 2014, Nicholas Koskie brought a shareholder class action on behalf of shareholders of Caesars Acquisition Company (“CAC”) against CAC, Caesars Entertainment, and members of CAC’s Board of Directors, including Marc Rowan and David Sambur (each an Apollo partner). The lawsuit challenges CAC’s and Caesars Entertainment’s plan to merge, alleging that the proposed transaction will not give CAC shareholders fair value. Koskie asserts claims for breach of fiduciary duty relating to the director defendants’ interrelationships with the entities involved the proposed transaction. The case has been dismissed for failure to prosecute, and the time granted to the plaintiff to refile has passed without there being any refiling. F. BOKF, N.A. v. Caesars Entertainment Corporation, No. 15-156 (S.D.N.Y) (the “BOKF Action”). On March 3, 2015, BOKF, N.A., as trustee for certain CEOC notes, sued Caesars Entertainment in the New York Court. The lawsuit alleges claims for breach of contract, intentional interference with contractual relations and a declaratory judgment, and seeks to enforce Caesars Entertainment’s guarantee of certain CEOC notes. The BOKF Action has been assigned to the same judge in the New York Court as the Trilogy and Danner Actions. On March 25, 2015, Caesars Entertainment filed an answer to the complaint. On May 19, 2015, BOKF sent the New York Court a letter requesting permission to file a partial summary judgment motion on Counts II and V of its complaint, related to the validity and enforceability of Caesars Entertainment’s guarantee of certain notes issued by CEOC and alleged violations of the Trust Indenture Act, 15 U.S.C. §§ 76aaa, et seq. The Trilogy and Danner plaintiffs did not join BOKF’s request to file for partial summary judgment. On May 28, 2015, the New York Court granted BOKF permission to move for partial summary judgment. On June 15, 2015, another related complaint captioned UMB Bank, N.A. v. Caesars Entertainment Corp., et al., No. 15-cv-4634 (S.D.N.Y.) (the “UMB SDNY Action”) was filed by UMB Bank, N.A., solely in its capacity as Indenture Trustee of certain first lien notes (“UMB”), against Caesars Entertainment alleging claims similar to those alleged in the BOKF, Trilogy and Danner Actions. On June 16, 2015, UMB sent a letter to the New York Court requesting permission to file a partial summary judgment motion on the same schedule with BOKF. On June 26, 2015, BOKF and UMB filed partial summary judgment motions (the “Partial Summary Judgment Motions”). On July 24, 2015, Caesars Entertainment filed its opposition to the Partial Summary Judgment Motions, and on August 7, 2015, BOKF and UMB filed reply briefs in further support of the Partial Summary Judgment Motions. On August 27, 2015, the New York Court denied the Partial Summary Judgment Motions and certified its opinion for an interlocutory appeal to the United States Court of Appeals for the Second Circuit. On December 22, 2015, the Second Circuit declined to hear the interlocutory appeal. Separately, on November 20, 2015, BOKF and UMB filed a second set of motions for partial summary judgment, on the issue of the disputed contract interpretation related to indenture release provisions. On January 5, 2016 the New York Court denied these motions. At a hearing on February 22, 2016, the New York Court bifurcated the trial in the BOKF and UMB SDNY Actions and scheduled the trial on the breach of contract and TIA claims to begin on March 14, 2016. The New York Court ordered a separate trial on the claims for breach of the covenant of good faith and fair dealing and tortious interference with contract to begin at a later date to be determined. On February 26, 2016, the Illinois Bankruptcy Court granted the stay request as to the BOKF Action until May 9, 2016, resulting in a stay of the trial on the breach of contract and TIA claims in the BOKF and UMB SDNY Actions. On February 24, 2016, Caesars Entertainment filed a motion for partial summary judgment to dispose of the claims for (1) breach of the implied covenant of good faith and fair dealing brought by BOKF and UMB, and (2) intentional interference with contractual relations brought by BOKF. The moving parties submitted their briefs on May 10, 2016. Opposition briefs were filed on May 31, 2016. Reply briefs were filed on June 14, 2016. On June 15, 2016, the Illinois Bankruptcy Court issued a temporary restraining order and preliminary injunction pursuant to Section 105(a) of the Bankruptcy Code, enjoining the plaintiffs in the BOKF Action from prosecuting actions against Caesars Entertainment until August 29, 2016. On October 17, 2016, after several motions and appeals relating to extending the stay past August 29, 2016, the Illinois Bankruptcy Court granted the 105 Injunction staying the BOKF Action initially through the first omnibus hearing after Plan confirmation and now by order dated January 26, 2017 through, inter alia, the Plan Effective Date. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the BOKF Action. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. G. Wilmington Trust, National Association v. Caesars Entertainment Corporation, No. 15-cv-08280 (S.D.N.Y.) (the “Wilmington Trust Action”). On October 20, 2015, Wilmington Trust, N.A., solely in its capacity as Indenture Trustee for the 10.75% Notes due 2016 (“Wilmington Trust”), sued Caesars Entertainment in the New York Court alleging claims similar to those alleged in the BOKF, UMB, Trilogy, and Danner Actions. The parties cross-moved for partial summary judgment on the same schedule as the Trilogy Action. Caesars Entertainment argued that its actions did not violate the TIA and that its guarantee of the 10.75% Notes was automatically released under a certain clause contained in the indenture governing the 10.75% Notes. Wilmington Trust argued that Caesars Entertainment’s actions constituted an improper out-of-court reorganization under the TIA and that Caesars Entertainment’s guarantee was not released because the necessary conditions precedent did not occur. Although the temporary restraining order and preliminary injunction issued by the Illinois Bankruptcy Court did not apply to the Wilmington Trust Action, on July 6, 2016, Wilmington Trust and Caesars Entertainment filed a stipulation staying the Wilmington Trust Action until August 29, 2016. The New York Court scheduled oral argument for August 30, 2016. A motion was made by CEOC and the other Debtors to the Illinois Bankruptcy Court to extend the stay beyond August 29, 2016, which motion was denied. On October 17, 2016, the Illinois Bankruptcy Court granted the 105 Injunction staying the Wilmington Trust Action initially through the first omnibus hearing after Plan confirmation and now by order dated January 26, 2017 through, inter alia, the Plan Effective Date. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the Wilmington Trust Action. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. H. CEOC v. Caesars Entertainment et al., Illinois Bankruptcy Court (the “CEOC Action”). On or about August 9, 2016, CEOC and certain of the other Debtors commenced a “placeholder” lawsuit against Caesars Entertainment, AGM, Caesars Entertainment directors (including Messrs. Rowan, Sambur, Press and Benjamin) and certain of its officers, and many others to, inter alia, prevent the statute of limitations from running respecting any claim owned by a Debtor’s estate. This lawsuit basically asserts the claims identified in the Examiner’s Report and has been stayed by an order of the Bankruptcy Court. Pursuant to the Plan, the Apollo Released Parties will be released from all claims relating to the CEOC Action. As aforementioned, the Plan was confirmed by an order dated January 17, 2017. Apollo believes that the claims in the WSFS Action, the UMB Action, the Trilogy Action, the Danner Action, the Koskie Action, the BOKF Action, the UMB SDNY Action, the Wilmington Trust Action and the CEOC Action are without merit. For this reason, and because the confirmed Plan has not become effective yet, no reasonable estimate of possible loss, if any, can be made at this time. The Bankruptcy Court administering the CEOC bankruptcy proceedings appointed an examiner (the “Examiner”) to report on certain transactions engaged in by CEOC and certain of its subsidiaries. The Examiner issued his report on March 16, 2016. The Examiner’s report states that potential claims may exist against “Apollo” and persons affiliated with it relating to certain transactions that occurred in the years preceding CEOC’s bankr

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Apollo conducts its business primarily in the United States and substantially all of its revenues are generated domestically. Apollo’s business is conducted through three reportable segments: private equity, credit and real assets. Segment information is utilized by our Managing Partners, who operate collectively as our chief operating decision maker, to assess performance and to allocate resources. These segments were established based on the nature of investment activities in each underlying fund, including the specific type of investment made and the level of control over the investment. The performance is measured by the Company’s chief operating decision maker on an unconsolidated basis because management makes operating decisions and assesses the performance of each of Apollo’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds. Economic Income Economic Income, or “EI”, is a key performance measure used by management in evaluating the performance of Apollo’s private equity, credit and real assets segments. Management believes the components of EI, such as the amount of management fees, advisory and transaction fees and carried interest income, are indicative of the Company’s performance. Management uses EI in making key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and • Decisions relating to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in such funds and those of the Company’s shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on the Company’s performance and growth for the year. EI is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. EI represents segment income before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, segment data excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements. The following tables present financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2017 and 2016 . Prior period financial data has been updated to conform to the current presentation. As of and for the Three Months Ended June 30, 2017 Private Equity Segment Credit Segment Real Assets Segment Total Reportable Segments Revenues: Management fees from related parties $ 77,275 $ 169,856 $ 19,777 $ 266,908 Advisory and transaction fees from related parties, net 19,302 3,709 618 23,629 Carried interest income (loss) from related parties: Unrealized (1) (98,372 ) 26,921 926 (70,525 ) Realized 136,497 57,119 5,175 198,791 Total carried interest income from related parties 38,125 84,040 6,101 128,266 Total Revenues (2) 134,702 257,605 26,496 418,803 Expenses: Compensation and benefits: Salary, bonus and benefits 30,294 59,244 9,022 98,560 Equity-based compensation 7,704 9,228 634 17,566 Profit sharing expense: Unrealized (34,983 ) 12,927 (70 ) (22,126 ) Realized 53,137 23,080 2,866 79,083 Realized: Equity-based 462 582 — 1,044 Total profit sharing expense 18,616 36,589 2,796 58,001 Total compensation and benefits 56,614 105,061 12,452 174,127 Non-compensation expenses: General, administrative and other 16,617 31,760 5,297 53,674 Placement fees 1,341 3,918 — 5,259 Total non-compensation expenses 17,958 35,678 5,297 58,933 Total Expenses (2) 74,572 140,739 17,749 233,060 Other Income (Loss): Income from equity method investments 10,348 5,856 1,015 17,219 Net losses from investment activities (100 ) (299 ) — (399 ) Net interest loss (4,336 ) (6,484 ) (1,247 ) (12,067 ) Other income (loss), net 781 (241 ) 240 780 Total Other Income (Loss) (2) 6,693 (1,168 ) 8 5,533 Non-Controlling Interests — (559 ) — (559 ) Economic Income (2) $ 66,823 $ 115,139 $ 8,755 $ 190,717 Total Assets (2) $ 2,276,050 $ 2,655,434 $ 212,255 $ 5,143,739 (1) Included in unrealized carried interest income from related parties for three months ended June 30, 2017 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further details regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses, other income and total assets for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses, total consolidated other income (loss) and total assets. For the Three Months Ended June 30, 2016 Private Credit Real Assets Segment Total Revenues: Management fees from related parties $ 76,518 $ 151,252 $ 13,863 $ 241,633 Advisory and transaction fees from related parties, net 58,301 3,036 3,562 64,899 Carried interest income (loss) from related parties: Unrealized (1) 207,845 80,397 (1,737 ) 286,505 Realized 266 40,046 1,668 41,980 Total carried interest income (loss) from related parties 208,111 120,443 (69 ) 328,485 Total Revenues (2) 342,930 274,731 17,356 635,017 Expenses: Compensation and benefits: Salary, bonus and benefits 31,564 54,709 8,249 94,522 Equity-based compensation 6,765 8,300 657 15,722 Profit sharing expense: Unrealized 67,543 33,954 (661 ) 100,836 Realized 132 23,215 550 23,897 Total profit sharing expense 67,675 57,169 (111 ) 124,733 Total compensation and benefits 106,004 120,178 8,795 234,977 Non-compensation expenses: General, administrative and other 20,551 35,546 5,421 61,518 Placement fees 1,085 683 21 1,789 Total non-compensation expenses 21,636 36,229 5,442 63,307 Total Expenses (2) 127,640 156,407 14,237 298,284 Other Income (Loss): Income from equity method investments 31,410 12,940 356 44,706 Net gains from investment activities 6,457 82,041 — 88,498 Net interest loss (3,252 ) (4,715 ) (919 ) (8,886 ) Other income (loss), net 341 (127 ) 44 258 Total Other Income (Loss) (2) 34,956 90,139 (519 ) 124,576 Non-Controlling Interests — (2,175 ) — (2,175 ) Economic Income (2) $ 250,246 $ 206,288 $ 2,600 $ 459,134 (1) Included in unrealized carried interest income (losses) from related parties for the three months ended June 30, 2016 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further detail regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses and other income for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss). The following table reconciles total consolidated revenues to total revenues for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Revenues $ 432,872 $ 660,447 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (15,179 ) (28,092 ) Adjustments related to consolidated funds and VIEs (1) 1,110 1,211 Other (1) — 1,451 Total Reportable Segments Revenues $ 418,803 $ 635,017 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Expenses $ 264,526 $ 343,398 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (15,179 ) (28,209 ) Transaction-related compensation charges (1) (1,549 ) (4,896 ) Reclassification of interest expenses (13,195 ) (9,800 ) Amortization of transaction-related intangibles (1) (1,538 ) (2,346 ) Other (1) (5 ) 137 Total Reportable Segments Expenses $ 233,060 $ 298,284 (1) Represents the addition of expenses of consolidated funds and VIEs, transaction-related charges, non-cash expenses related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative expenses. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. The following table reconciles total consolidated other income to total other income for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Other Income $ 23,819 $ 136,742 Reclassification of interest expense (13,195 ) (9,800 ) Adjustments related to consolidated funds and VIEs (1) (4,890 ) (904 ) Other (201 ) (1,462 ) Total Reportable Segments Other Income $ 5,533 $ 124,576 (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax (provision) benefit reported in the condensed consolidated statements of operations to Economic Income for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Income before income tax (provision) benefit $ 192,165 $ 453,791 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities (4,535 ) (2,078 ) Transaction-related charges, net (1) 3,087 7,421 Total consolidation adjustments and other (1,448 ) 5,343 Economic Income $ 190,717 $ 459,134 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated related parties to employees of the Company. The following tables present financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2017 and 2016 . Prior period financial data has been updated to conform to the current presentation. As of and for the Six Months Ended June 30, 2017 Private Equity Segment Credit Segment Real Assets Segment Total Reportable Segments Revenues: Management fees from related parties $ 154,673 $ 328,198 $ 36,090 $ 518,961 Advisory and transaction fees from related parties, net 31,074 6,265 1,357 38,696 Carried interest income from related parties: Unrealized (1) 65,247 33,243 3,530 102,020 Realized 291,958 88,055 5,239 385,252 Total carried interest income from related parties 357,205 121,298 8,769 487,272 Total Revenues (2) 542,952 455,761 46,216 1,044,929 Expenses: Compensation and benefits: Salary, bonus and benefits 61,763 114,126 17,392 193,281 Equity-based compensation 14,799 18,330 1,182 34,311 Profit sharing expense: Unrealized 20,033 15,142 1,964 37,139 Realized 128,389 36,525 2,892 167,806 Realized: Equity-based 462 869 — 1,331 Total profit sharing expense 148,884 52,536 4,856 206,276 Total compensation and benefits 225,446 184,992 23,430 433,868 Non-compensation expenses: General, administrative and other 33,977 63,850 9,779 107,606 Placement fees 1,475 5,688 — 7,163 Total non-compensation expenses 35,452 69,538 9,779 114,769 Total Expenses (2) 260,898 254,530 33,209 548,637 Other Income (Loss): Income from equity method investments 42,076 12,339 2,018 56,433 Net gains from investment activities 3,296 30,795 — 34,091 Net interest loss (8,578 ) (13,006 ) (2,471 ) (24,055 ) Other income, net 18,571 570 303 19,444 Total Other Income (Loss) (2) 55,365 30,698 (150 ) 85,913 Non-Controlling Interests — (1,493 ) — (1,493 ) Economic Income (2) $ 337,419 $ 230,436 $ 12,857 $ 580,712 Total Assets (2) $ 2,276,050 $ 2,655,434 $ 212,255 $ 5,143,739 (1) Included in unrealized carried interest income from related parties for the six months ended June 30, 2017 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further details regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses, other income and total assets for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses, total consolidated other income (loss) and total assets. For the Six Months Ended June 30, 2016 Private Credit Real Assets Segment Total Revenues: Management fees from related parties $ 151,436 $ 293,763 $ 27,367 $ 472,566 Advisory and transaction fees from related parties, net 61,014 7,446 4,438 72,898 Carried interest income (loss) from related parties: Unrealized (1) 61,510 59,218 (5,114 ) 115,614 Realized 266 85,198 6,439 91,903 Total carried interest income from related parties 61,776 144,416 1,325 207,517 Total Revenues (2) 274,226 445,625 33,130 752,981 Expenses: Compensation and benefits: Salary, bonus and benefits 63,638 106,321 16,933 186,892 Equity-based compensation 14,150 16,860 1,432 32,442 Profit sharing expense: Unrealized 10,169 24,817 (1,832 ) 33,154 Realized 132 53,776 4,178 58,086 Total profit sharing expense 10,301 78,593 2,346 91,240 Total compensation and benefits 88,089 201,774 20,711 310,574 Non-compensation expenses: General, administrative and other 36,282 66,032 11,565 113,879 Placement fees 2,079 1,390 21 3,490 Total non-compensation expenses 38,361 67,422 11,586 117,369 Total Expenses (2) 126,450 269,196 32,297 427,943 Other Income (Loss): Income from equity method investments 25,927 13,788 1,132 40,847 Net losses from investment activities 2,351 29,648 — 31,999 Net interest loss (5,680 ) (8,370 ) (1,727 ) (15,777 ) Other income (loss), net 217 (535 ) 15 (303 ) Total Other Income (Loss) (2) 22,815 34,531 (580 ) 56,766 Non-Controlling Interests — (4,560 ) — (4,560 ) Economic Income (2) $ 170,591 $ 206,400 $ 253 $ 377,244 (1) Included in unrealized carried interest income (losses) from related parties for the six months ended June 30, 2016 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further detail regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses and other income for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss). The following table reconciles total consolidated revenues to total revenues for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Revenues $ 1,076,423 $ 781,273 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (33,402 ) (33,058 ) Adjustments related to consolidated funds and VIEs (1) 1,908 1,863 Other (1) — 2,903 Total Reportable Segments Revenues $ 1,044,929 $ 752,981 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Expenses $ 610,514 $ 485,297 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (33,402 ) (33,292 ) Transaction-related compensation charges (1) 1,134 (2,523 ) Reclassification of interest expenses (26,194 ) (17,673 ) Amortization of transaction-related intangibles (1) (3,410 ) (4,396 ) Other (1) (5 ) 530 Total Reportable Segments Expenses $ 548,637 $ 427,943 (1) Represents the addition of expenses of consolidated funds and VIEs, transaction-related charges, non-cash expenses related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative expenses. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. The following table reconciles total consolidated other income to total other income for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Other Income $ 120,447 $ 78,107 Reclassification of interest expense (26,194 ) (17,673 ) Adjustments related to consolidated funds and VIEs (1) (8,206 ) (1,542 ) Other (134 ) (2,126 ) Total Reportable Segments Other Income $ 85,913 $ 56,766 (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Economic Income for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Income before income tax provision $ 586,356 $ 374,083 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities (7,919 ) (4,113 ) Transaction-related charges, net (1) 2,275 7,274 Total consolidation adjustments and other (5,644 ) 3,161 Economic Income $ 580,712 $ 377,244 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated related parties to employees of the Company. The following table presents the reconciliation of Apollo’s total reportable segment assets to total assets as of June 30, 2017 and December 31, 2016 : As of As of Total reportable segment assets $ 5,143,739 $ 4,694,643 Adjustments (1) 1,078,181 934,910 Total assets $ 6,221,920 $ 5,629,553 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On August 2, 2017 , the Company declared a cash distribution of $0.52 per Class A share, which will be paid on August 31, 2017 to holders of record on August 22, 2017 . On August 2, 2017 , the Company declared a cash distribution of $0.398438 per Preferred share, which will be paid on September 15, 2017 to holders of record on September 1, 2017 .

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Organization of the Company	Organization of the Company The Company was formed as a Delaware limited liability company on July 3, 2007 and completed a reorganization of its predecessor businesses on July 13, 2007 (the “2007 Reorganization”). The Company is managed and operated by its manager, AGM Management, LLC, which in turn is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, our Managing Partners. As of June 30, 2017 , the Company owned, through six intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO UK (FC), Limited, a United Kingdom incorporated company that is treated as a corporation for U.S. federal income tax purposes, and APO (FC III), LLC, a Cayman Islands limited liability company (collectively, the “Intermediate Holding Companies”), 47.9% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group through its wholly-owned subsidiaries. AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings”), is the entity through which the Managing Partners and certain of the Company’s other partners (the “Contributing Partners”) indirectly beneficially own interests in each of the partnerships that comprise the Apollo Operating Group (“AOG Units”). As of June 30, 2017 , Holdings owned the remaining 52.1% of the economic interests in the Apollo Operating Group. The Company consolidates the financial results of the Apollo Operating Group and its consolidated subsidiaries. Holdings’ ownership interest in the Apollo Operating Group is reflected as a Non-Controlling Interest in the accompanying condensed consolidated financial statements.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements and these notes are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2016 Annual Report. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities (“VIEs”) and for which the Company is considered the primary beneficiary, and certain entities which are not considered VIEs but which the Company controls through a majority voting interest. Intercompany accounts and transactions, if any, have been eliminated upon consolidation.
Reclassifications	Certain reclassifications, when applicable, have been made to the prior period’s condensed consolidated financial statements and notes to conform to the current period’s presentation and are disclosed accordingly.
Consolidation	Consolidation The types of entities with which Apollo is involved generally include subsidiaries (e.g., general partners and management companies related to the funds the Company manages), entities that have all the attributes of an investment company (e.g., funds) and securitization vehicles (e.g., collateralized loan obligations). Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to the consolidation guidance, the Company first evaluates whether it holds a variable interest in an entity. Fees that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. Apollo factors in all economic interests including proportionate interests through related parties, to determine if such interests are considered a variable interest. As Apollo’s interests in many of these entities are solely through market rate performance fees and/or insignificant indirect interests through related parties, Apollo is not considered to have a variable interest in many of these entities and no further consolidation analysis is performed. For entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and therefore certain of Apollo’s funds may qualify as VIEs under the variable interest model whereas others may qualify as voting interest entities (“VOEs”) under the voting interest model. The granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. Under the variable interest model, Apollo consolidates those entities where it is determined that the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it has a controlling financial interest in the VIE, which is defined as possessing both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Apollo determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. Investments and redemptions (either by Apollo, related parties of Apollo or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. Assets and liabilities of the consolidated VIEs are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are presented within net gains from investment activities of consolidated variable interest entities and are attributable to Non-Controlling Interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see note 4 . Under the voting interest model, Apollo consolidates those entities it controls through a majority voting interest. Apollo does not consolidate those VOEs in which substantive kick-out rights have been granted to the unrelated investors to either dissolve the fund or remove the general partner.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Except for the Company’s debt obligations (as described in note 9 ), Apollo’s financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. See “Investments, at Fair Value” below. While Apollo’s valuations of portfolio investments are based on assumptions that Apollo believes are reasonable under the circumstances, the actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Financial instruments’ carrying values generally approximate fair value because of the short-term nature of those instruments or variable interest rates related to the borrowings. Fair Value Hierarchy U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I - Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments included in Level I include listed equities and listed derivatives. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price. Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives where the fair value is based on observable inputs. These financial instruments exhibit higher levels of liquid market observability as compared to Level III financial instruments. Level III - Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partner interests in corporate private equity and real assets funds, opportunistic credit funds, distressed debt and non-investment grade residual interests in securitizations and CDOs and CLOs where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular financial instrument would qualify for classification as Level II or Level III. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from independent pricing services. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument when the fair value is based on unobservable inputs. Transfers between levels of the fair value hierarchy are recognized as of the end of the reporting period.
Private Equity Investments	Private Equity Investments The value of liquid investments in Apollo’s private equity funds, where the primary market is an exchange (whether foreign or domestic) is determined using period end market prices. Such prices are generally based on the close price on the date of determination. Valuation approaches used to estimate the fair value of investments in Apollo’s private equity funds that are less liquid include the market approach and the income approach. The market approach provides an indication of fair value based on a comparison of the subject company to comparable publicly traded companies and transactions in the industry. The market approach is driven more by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to such factors as the Company’s historical and projected financial data, valuations given to comparable companies, the size and scope of the Company’s operations, the Company’s strengths, weaknesses, expectations relating to the market’s receptivity to an offering of the Company’s securities, applicable restrictions on transfer, industry and market information and assumptions, general economic and market conditions and other factors deemed relevant. The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology in the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are assumptions of expected results, the determination of a terminal value and a calculated discount rate.
Credit Investments	Credit Investments The majority of investments in Apollo’s credit funds are valued based on quoted market prices and valuation models. Quoted market prices are valued based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In order to determine the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When broker quotes are not available Apollo considers the use of pricing service quotes or other sources to mark a position. When relying on a pricing service as a primary source, Apollo (i) analyzes how the price has moved over the measurement period, (ii) reviews the number of brokers included in the pricing service’s population and (iii) validates the valuation levels with Apollo’s pricing team and traders. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model based approach to determine fair value. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the market approach and the income approach, as previously described above. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks.
Real Estate Investments	Real Assets Investments The estimated fair value of commercial mortgage-backed securities (“CMBS”) in Apollo’s real assets funds is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the funds would receive in an actual trade for the applicable instrument. Additionally, the loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs for certain investments. The loans in Apollo’s real assets funds are evaluated for possible impairment on a quarterly basis. For Apollo’s real assets funds, valuations of non-marketable underlying investments are determined using methods that include, but are not limited to (i) discounted cash flow estimates or comparable analysis prepared internally, (ii) third party appraisals or valuations by qualified real estate appraisers and (iii) contractual sales value of investments/properties subject to bona fide purchase contracts. Methods (i) and (ii) also incorporate consideration of the use of the income, cost, or sales comparison approaches of estimating property values. Certain of the private equity, credit, and real assets funds may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts, and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of this period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.
Valuation Process	Valuation Process On a quarterly basis, Apollo utilizes valuation committees consisting of members from senior management, to review and approve the valuation results related to the investments of the funds it manages. For certain publicly traded vehicles, a review is performed by an independent board of directors. The Company also retains independent valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the independent valuation firms assist management with validating their valuation results or determining fair value. The Company performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.
Financial Instruments held by Consolidated VIEs	Financial Instruments held by Consolidated VIEs The Company measures both the financial assets and financial liabilities of the consolidated CLOs in its condensed consolidated financial statements using the fair value of the financial assets of the consolidated CLOs, which are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, net income (loss) attributable to Apollo Global Management, LLC reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. The consolidated VIEs hold investments that could be traded over-the-counter. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model based approach is used to determine fair value. As previously noted, the Company measures the debt obligations of the consolidated CLOs on the basis of the fair value of the financial assets of the consolidated CLOs.
Investments, at Fair Value	Investments, at Fair Value Investments, at fair value represent investments of the consolidated funds, investments of the consolidated VIEs and certain financial instruments for which the fair value option has been elected. The unrealized gains and losses resulting from changes in the fair value of the consolidated VIEs are reflected as net gains (losses) from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. Net gains (losses) from investment activities in the condensed consolidated statements of operations include both realized gains and losses and the change in unrealized gains and losses in the Company’s investments, at fair value between the opening reporting date and the closing reporting date.
Fair Value Option	Fair Value Option Apollo has elected the fair value option for the Company’s investment in Athene Holding, the assets and liabilities of certain of its consolidated VIEs (including CLOs) and certain of the Company’s other investments. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Apollo has applied the fair value option for certain corporate loans, other investments and debt obligations held by the consolidated VIEs that otherwise would not have been carried at fair value. See notes 3 , 4 , and 5 for further disclosure on the investments in Athene Holding and financial instruments of the consolidated VIEs and other investments for which the fair value option has been elected.
Equity Method Investments	Equity Method Investments For investments in entities over which the Company exercises significant influence but which do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company uses the equity method of accounting, whereby the Company records its share of the underlying income or loss of such entities. The Company’s share of the underlying net income or loss of such entities is recorded in income (loss) from equity method investments in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company’s equity method investments in such entities approximates fair value.
Revenues	Revenues Revenues are reported in three separate categories that include (i) advisory and transaction fees from related parties, net, which relate to the investments of the funds the Company manages and may include individual monitoring agreements the Company has with the portfolio companies and debt investment vehicles of the private equity funds and credit funds it manages; (ii) management fees from related parties, which are based on committed capital, invested capital, net asset value, gross assets or as otherwise defined in the respective agreements; and (iii) carried interest income (loss) from related parties, which is normally based on the performance of the funds the Company manages that are subject to preferred return.
Management Fees from Related Parties	Management Fees from Related Parties —Management fees for private equity, credit, and real assets funds are recognized in the period during which the related services are performed in accordance with the contractual terms of the related agreement, and are generally based upon (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise defined in the respective agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis.
Advisory and Transaction Fees from Related Parties, Net	Advisory and Transaction Fees from Related Parties, Net —Advisory and transaction fees, including directors’ fees, are recognized when the underlying services rendered are substantially completed in accordance with the terms of the transaction and advisory agreements. Additionally, during the normal course of business, the Company incurs certain costs related to certain transactions that are not consummated (“broken deal costs”). These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the Management Fee Offset (described below). If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As the Company acts as an agent for the funds it manages, any transaction costs incurred and paid by the Company on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition. Advisory and transaction fees from related parties, net, also includes underwriting fees. Underwriting fees include gains, losses and fees, net of syndicate expenses, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at the time the underwriting is completed and the income is reasonably assured and are included in the condensed consolidated statements of operations. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. As a result of providing advisory services to certain private equity and credit portfolio companies, Apollo is generally entitled to receive fees for transactions related to the acquisition, in certain cases, and disposition of portfolio companies as well as ongoing monitoring of portfolio company operations and directors’ fees. The amounts due from portfolio companies are recorded in due from related parties, which is discussed further in note 13 . Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs (“Management Fee Offset”). Advisory and transaction fees from related parties are presented net of the Management Fee Offset in the condensed consolidated statements of operations.
Carried Interest Income (Loss) from Related Parties	Carried Interest Income from Related Parties —Apollo is entitled to an incentive return that can normally amount to as much as 20% of the total returns on a fund’s capital, depending upon performance. Performance fees are assessed as a percentage of the investment performance of the funds. The carried interest income from related parties for any period is based upon an assumed liquidation of the fund’s net assets on the reporting date, and distribution of the net proceeds in accordance with the fund’s income allocation provisions. Carried interest receivable is presented separately in the condensed consolidated statements of financial condition. The carried interest income from related parties may be subject to reversal to the extent that the carried interest income recorded exceeds the amount due to the general partner based on a fund’s cumulative investment returns. When applicable, the accrual for potential repayment of previously received carried interest income, which is a component of due to related parties, represents all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life. Carried interest income from related parties also includes a quarterly performance fee on the pre-incentive fee net investment income (“AINV Part I Fees”) of AINV. For purposes of the AINV Part I Fees, the net investment income of AINV includes interest income, dividend income and certain other income but excludes any realized and unrealized capital gains or losses. Such AINV Part I Fees are paid quarterly and are not subject to repayment.
Deferred Revenue	Deferred Revenue —Apollo earns management fees subject to the Management Fee Offset (described above). When advisory and transaction fees are earned by the management company, the Management Fee Offset reduces the management fee obligation of the fund. When the Company receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by such fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the Company are presented on a gross basis, any Management Fee Offsets calculated are presented as a reduction to advisory and transaction fees from related parties in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds it manages to investors. The placement fees are payable to placement agents, who are independent third parties that assist in identifying potential investors, securing commitments to invest from such potential investors, preparing or revising offering and marketing materials, developing strategies for attempting to secure investments by potential investors and/or providing feedback and insight regarding issues and concerns of potential investors, when a limited partner either commits or funds a commitment to a fund. In certain instances the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid.
Compensation and Benefits	Compensation and Benefits 401(k) Savings Plan The Company sponsors a 401(k) savings plan (the “401(k) Plan”) whereby U.S.-based employees are entitled to participate in the 401(k) Plan based upon satisfying certain eligibility requirements. Effective J anuary 1, 2017, the Company matches 50% of eligible annual employee contributions up to 3% of the eligible employees’ annual compensation. Matching contributions vest after three years of service.
Profit Sharing	Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of carried interest earned from certain funds that is allocated to employees, former employees and Contributing Partners. Profit sharing amounts are recognized on an accrued basis as the related carried interest income is earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in carried interest income that was previously recognized. Profit sharing amounts are generally not paid until the related carried interest is distributed to the general partner upon realization of the fund’s investments. Under certain profit sharing arrangements, a portion of the carried interest distributed to the general partner is allocated by issuance of restricted shares, rather than cash to employees. Prior to distribution of the carried interest to the general partner, the Company records the value of the restricted shares expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Upon distribution of the carried interest to the general partner, the general partner expects to purchase the Class A restricted shares on behalf of employees and simultaneously grant those shares to the employee. Such shares are recorded as equity-based compensation expense over the relevant service period. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees, former employees and Contributing Partners. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the condensed consolidated statements of financial condition, represents all amounts previously distributed to employees, former employees and Contributing Partners that would need to be returned to the general partner if the Apollo funds were to be liquidated based on the fair value of the underlying funds’ investments as of the reporting date. The actual general partner receivable, however, would not become realized until the end of a fund’s life. Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain Apollo acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the Company’s condensed consolidated statements of operations as profit sharing expense. The Company has a performance based incentive arrangement for certain Apollo partners and employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company. This arrangement enables certain partners and employees to earn discretionary compensation based on carried interest realizations earned by the Company in a given year, which amounts are reflected in profit sharing expense in the accompanying condensed consolidated financial statements.
General, Administrative and Other	General, Administrative and Other General, administrative and other primarily includes professional fees, occupancy, depreciation and amortization, travel, information technology, and administration expenses. For the three and six months ended June 30, 2016 , the presentation of professional fees, occupancy, and depreciation and amortization was combined with general, administrative and other on the condensed consolidated statements of operations to conform to the current presentation.
Use Of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Apollo’s most significant estimates include goodwill, intangible assets, income taxes, carried interest income from related parties, contingent consideration obligations related to acquisitions, non-cash compensation, and fair value of investments and debt. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance to establish a comprehensive and converged standard on revenue recognition to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The new guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the new guidance, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The new guidance also requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance will apply to all entities. In August 2015, the FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amended guidance defers the effective date of the new guidance to interim reporting periods within annual reporting periods beginning after December 15, 2017. Upon adoption, the guidance currently applied by the Company in which it recognizes carried interest income on an assumed liquidation basis at each reporting date will no longer be permitted. The Company expects the recognition of carried interest income from incentive fees, which are a form of variable consideration, to be deferred until such fees are probable to not be significantly reversed. Incentive fees are carried interest income that is not a capital allocation to the general partner or investment manager. Carried interest income that is a capital allocation to the general partner or investment manager, represents the remaining portion of carried interest income on the Company’s consolidated statements of operations. The determination of which carried interests are considered capital allocations is primarily based on the terms of the agreement. In connection with the adoption of the new revenue guidance, the Company will apply a new accounting policy for its carried interest income that is a capital allocation to the general partner or investment manager. The Company intends to account for such carried interest income as a financial instrument under the equity method of accounting. The pattern and amount of recognition under the new policy is not expected to differ materially from the Company’s existing recognition for such fees. Such carried interest income will be reported as a separate line item within revenue (i.e., separate from incentive fees). As capital allocation related carried interest income and the related general partner investment are considered to be a single unit of account under the Company’s new accounting policy, the equity method income associated with the general partner interests will be combined with the associated carried interest income and reported in a single line within revenue. The Company is currently in the process of implementing the new revenue guidance and is continuing to evaluate the effect this guidance will have on other revenue streams, including management fees and advisory and transaction fees, as well as any principal versus agent considerations for reporting revenue gross versus net. The Company will adopt the new revenue recognition guidance effective January 1, 2018. In February 2016, the FASB issued guidance that amends the accounting for leases. The amended guidance requires recognition of a lease asset and a lease liability by lessees for leases classified as operating leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from existing guidance and accounting applied by a lessor is largely unchanged from existing guidance. The amended guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. Early application is permitted for all entities. The Company expects its total assets and total liabilities on its condensed consolidated statements of financial condition to increase upon adoption of this guidance as a result of recording a lease asset and lease liability related to our operating leases. The Company is continuing to evaluate the impact that this guidance will have on its condensed consolidated financial statements. The Company expects to adopt the new leasing guidance on January 1, 2019. In March 2016, the FASB issued amended guidance on stock compensation. The amendments are intended to simplify several aspects of the accounting for share-based payment transactions, including the accounting for excess tax benefits, forfeitures, and cash flows. The amended guidance requires that all excess tax benefits and deficiencies related to share-based payment transactions be recognized through the income tax provision (benefit) in the condensed consolidated statement of operations. Further, the amended guidance permits an entity to make an accounting policy election either to estimate the number of forfeitures expected to occur or to account for forfeitures when they occur. The amended guidance also requires excess tax benefits related to share-based payment transactions to be presented as operating activities and employee taxes paid to be presented as financing activities in the condensed consolidated statement of cash flows. The amended guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The Company adopted the guidance during the first quarter of 2017. Amendments relating to the recognition of excess tax benefits in the condensed consolidated statements of operations and impacts to the condensed consolidated statements of cash flows have been applied prospectively, with the exception of a $22.9 million cumulative effect adjustment, as of January 1, 2017, to deferred tax assets with a corresponding decrease to accumulated deficit relating to previously unrecognized excess tax benefits. For forfeitures, the Company made an accounting policy election to no longer estimate forfeitures in determining the number of equity-based awards that are expected to vest. Under the Company’s new policy, forfeitures are accounted for when they occur. Any adjustments have been reflected prospectively as of January 1, 2017. In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain cash receipts and payments are classified in the statements of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company early adopted the guidance during the first quarter of 2017. Adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. In October 2016, the FASB issued guidance that amends the consolidation guidance issued in February 2015. Under the amended guidance a decision maker will need to consider only its proportionate indirect interest in a VIE that is held through a related party under common control. Under the originally issued guidance, a decision maker treats the interest of the related party under common control in the VIE as if the decision maker held the interest itself. The amended guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The Company adopted the guidance during the first quarter of 2017. Adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued guidance to reduce diversity in practice in the classification and presentation of changes in restricted cash on the statements of cash flows. The new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. Entities will also be required to reconcile such total to amounts on the Company’s condensed consolidated statements of financial condition and disclose the nature of the restrictions. The guidance is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The Company is in the process of evaluating the impact that this guidance will have on its condensed consolidated financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of investments	The following table represents Apollo’s investments: As of As of Investments, at fair value $ 772,388 $ 708,080 Equity method investments 804,451 786,664 Total Investments $ 1,576,839 $ 1,494,744
Net Gains from Investment Activities	The following table presents the realized and net change in unrealized gains on investments, at fair value for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Realized gains (losses) on sales of investments $ (148 ) $ 190 $ (148 ) $ (97 ) Net change in unrealized gains (losses) due to changes in fair value (1) (365 ) 88,820 34,152 32,638 Net gains (losses) from investment activities $ (513 ) $ 89,010 $ 34,004 $ 32,541 (1) Primarily relates to the Company’s investment in Athene Holding. See note 5 for further information regarding the Company’s investment in Athene Holding.
Summary of equity method investments	Equity method investments, excluding those for which the fair value option was elected, as of June 30, 2017 and December 31, 2016 consisted of the following: Equity Held as of June 30, 2017 (5) December 31, 2016 (5) Private Equity (1)(2) $ 438,986 $ 428,581 Credit (1)(3) 334,319 327,012 Real Assets 31,146 31,071 Total equity method investments (4) $ 804,451 $ 786,664 (1) As of June 30, 2017 , equity method investments include Fund VIII (Private Equity) and MidCap (Credit) of $294.7 million and $80.0 million , respectively, representing an ownership percentage of 2.2% and 4.3% , respectively. As of December 31, 2016 , equity method investments include Fund VIII (Private Equity) and MidCap (Credit) of $260.9 million and $79.5 million , respectively, representing an ownership percentage of 2.2% and 4.3% , respectively. (2) The equity method investment in AP Alternative Assets, L.P. (“AAA”) was $47.5 million and $66.8 million as of June 30, 2017 and December 31, 2016 , respectively. The value of the Company’s investment in AAA was $48.2 million and $64.9 million based on the quoted market price as of June 30, 2017 and December 31, 2016 , respectively. (3) The equity method investment in AINV was $56.7 million and $58.6 million as of June 30, 2017 and December 31, 2016 , respectively. The value of the Company’s investment in AINV was $56.8 million and $52.1 million based on the quoted market price as of June 30, 2017 and December 31, 2016 , respectively. (4) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (5) Some amounts are included a quarter in arrears. As of June 30, 2017 and for the three and six months ended June 30, 2017 , no equity method investment held by Apollo met the significance criteria as defined by the SEC. Although the following disclosure is not required by the significance criteria for the three and six months ended June 30, 2017 , the Company chose to continue to include this information as it was disclosed in its 2016 Annual Report. The following table presents summarized financial information of Athene Holding for the three and six months ended June 30, 2017 and 2016 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 (1) 2016 2017 (1) 2016 (in millions) Statements of Operations Revenues $ 1,619 $ 1,045 $ 2,685 $ 1,767 Expenses 1,213 837 1,894 1,474 Income before income tax provision 406 208 791 293 Income tax provision 22 15 43 15 Net income available to Athene common shareholders $ 384 $ 193 $ 748 $ 278 (1) The financial statement information for the three and six months ended June 30, 2017 is presented a quarter in arrears and is comprised of the financial information for the three and six months ended March 31, 2017 , which represents the latest available financial information as of the date of this report.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Gain Loss On Investments Of Variable Interest Entities	The following table presents net gains from investment activities of the consolidated VIEs for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 (1) 2016 (1) 2017 (1) 2016 (1) Net gains (losses) from investment activities $ 7,526 $ 1,997 $ 9,516 $ (2,125 ) Net gains (losses) from debt 3,567 (7,871 ) 2,684 (1,437 ) Interest and other income 8,621 12,956 16,443 23,509 Interest and other expenses (13,582 ) (6,384 ) (18,403 ) (17,930 ) Net gains from investment activities of consolidated variable interest entities $ 6,132 $ 698 $ 10,240 $ 2,017 (1) Amounts reflect consolidation eliminations.
Principal Provisions of Debt	The following table summarizes the principal provisions of the debt of the consolidated VIEs as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 As of December 31, 2016 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes (2)(3) $ 769,567 1.69 % 12.7 $ 704,976 1.83 % 12.3 Subordinated Notes (2)(3) 95,358 N/A (1) 22.9 87,794 N/A (1) 19.2 Secured Borrowings (4) 30,101 2.83 % 9.8 — N/A N/A Total $ 895,026 $ 792,770 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The fair value of Senior Secured Notes, Subordinated Notes and Secured Borrowings as of June 30, 2017 and December 31, 2016 was $884.8 million and $786.5 million , respectively. (3) The debt at fair value of the consolidated VIEs is collateralized by assets of the consolidated VIEs and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of June 30, 2017 and December 31, 2016 , the fair value of the assets of the consolidated VIEs was $1,150.1 million and $1,001.8 million , respectively. This collateral consisted of cash and cash equivalents, investments, at fair value, and other assets. (4) Secured borrowings consist of a consolidated VIE’s repurchase to maturity with a third party lender. The fair value of the secured borrowings as of June 30, 2017 was $30.1 million .
Carrying Amounts of Assets and Liabilities	The following table presents the carrying amounts of the assets and liabilities of the VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary as of June 30, 2017 and December 31, 2016 . In addition, the table presents the maximum exposure to losses relating to these VIEs. As of As of Assets: Cash $ 303,141 $ 231,922 Investments 6,963,482 7,253,872 Receivables 49,230 37,541 Total Assets $ 7,315,853 $ 7,523,335 Liabilities: Debt and other payables $ 2,985,760 $ 2,818,459 Total Liabilities $ 2,985,760 $ 2,818,459 Apollo Exposure (1) $ 272,637 $ 272,191 (1) Represents Apollo’s direct investment in those entities in which Apollo holds a significant variable interest and certain other investments. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $3.1 billion and $2.9 billion as of June 30, 2017 and December 31, 2016 , respectively, as discussed in note 14 .

FAIR VALUE MEASUREMENTS OF FI27

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Valuation of the Financial Assets and Liabilities by the Fair Value Hierarchy	The following tables summarize the valuation of the Company’s financial assets and liabilities for which the fair value option has been elected by the fair value hierarchy as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 Level I (1) Level II (1) Level III Total Cost of Investments, at Fair Value Assets Investments, at fair value: Investments of consolidated Apollo funds $ 1,270 $ 230 $ 624 $ 2,124 $ 2,150 Other investments — — 53,098 53,098 52,389 Investment in Athene Holding (2) — 717,166 — 717,166 387,526 Total investments, at fair value 1,270 717,396 53,722 772,388 (7) $ 442,065 Investments of VIEs, at fair value (3) — 873,147 170,666 1,043,813 Investments of VIEs, valued using NAV — — — 5,716 Total investments of VIEs, at fair value — 873,147 170,666 1,049,529 Derivative assets — 555 — 555 Total Assets $ 1,270 $ 1,591,098 $ 224,388 $ 1,822,472 Liabilities Liabilities of consolidated Apollo funds $ 21 $ 603 $ — $ 624 Liabilities of VIEs, at fair value (3)(5) — 884,761 12,007 896,768 Contingent consideration obligations (6) — — 86,900 86,900 Derivative liabilities (4) — 1,081 — 1,081 Total Liabilities $ 21 $ 886,445 $ 98,907 $ 985,373 As of December 31, 2016 Level I (1) Level II (1) Level III Total Cost of Investments, Assets Investments, at fair value: Investments of consolidated Apollo funds $ 3,336 $ 1,475 $ 567 $ 5,378 $ 5,463 Other investments — — 45,154 45,154 47,690 Investment in Athene Holding (2) — 657,548 — 657,548 387,526 Total investments, at fair value 3,336 659,023 45,721 708,080 (7) $ 440,679 Investments of VIEs, at fair value (3) — 816,167 92,474 908,641 Investments of VIEs, valued using NAV — — — 5,186 Total investments of VIEs, at fair value — 816,167 92,474 913,827 Derivative assets — 1,360 — 1,360 Total Assets $ 3,336 $ 1,476,550 $ 138,195 $ 1,623,267 Liabilities Liabilities of VIEs, at fair value (3)(5) $ — $ 786,545 $ 11,055 $ 797,600 Contingent consideration obligations (6) — — 106,282 106,282 Derivative liabilities (4) — 1,167 — 1,167 Total Liabilities $ — $ 787,712 $ 117,337 $ 905,049 (1) All Level I and Level II assets and liabilities were valued using third party pricing, with the exception of the investment in Athene Holding. (2) See note 13 for further disclosure regarding the investment in Athene Holding. (3) See note 4 for further disclosure regarding VIEs. (4) Derivative liabilities are presented as a component of Other liabilities in the condensed consolidated statements of financial condition. (5) As of June 30, 2017 , liabilities of VIEs, at fair value included debt and other liabilities of $884.8 million and $12.0 million , respectively. As of December 31, 2016 , liabilities of VIEs, at fair value included debt and other liabilities of $786.5 million and $11.1 million , respectively. Other liabilities include contingent obligations classified as Level III. (6) See note 14 for further disclosure regarding contingent consideration obligations. (7) See note 3 to our condensed consolidated financial statements for further detail regarding our investments at fair value and reconciliation to the condensed consolidated statements of financial condition.
Changes in Fair Value in Financial Assets, Measured at Fair Value and Characterized as Level III Investments	The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 Investments of Consolidated Apollo Funds Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 643 $ 45,599 $ 137,344 $ 183,586 Purchases — 4,699 42,791 47,490 Sales of investments/distributions (8 ) — (20,713 ) (20,721 ) Net realized gains — — 138 138 Changes in net unrealized gains (losses) (11 ) (313 ) 4,807 4,483 Cumulative translation adjustment — 3,113 6,299 9,412 Transfer into Level III — — — — Transfer out of Level III — — — — Balance, End of Period $ 624 $ 53,098 $ 170,666 $ 224,388 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ (12 ) $ (313 ) $ — $ (325 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — 5,013 5,013 For the Three Months Ended June 30, 2016 Investments of Consolidated Apollo Funds Other Investments Investment in Athene Holding Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,149 $ 25,793 $ 453,620 $ 101,969 $ 582,531 Purchases 1,146 19,599 — 46,618 67,363 Sale of investments/Distributions (59 ) — — (32,783 ) (32,842 ) Net realized gains (losses) — — — 1,017 1,017 Changes in net unrealized gains (losses) 112 (1,530 ) 88,817 (284 ) 87,115 Cumulative translation adjustment — 891 — (2,086 ) (1,195 ) Transfer into Level III (1) 505 — — 11,062 11,567 Transfer out of Level III (1) — — — (12,823 ) (12,823 ) Balance, End of Period $ 2,853 $ 44,753 $ 542,437 $ 112,690 $ 702,733 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ 42 $ (1,530 ) $ 88,817 $ — $ 87,329 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — — 609 609 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 Investments of Consolidated Apollo Funds Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 567 $ 45,154 $ 92,474 $ 138,195 Purchases — 4,699 86,240 90,939 Sale of investments/Distributions (8 ) — (32,801 ) (32,809 ) Net realized gains (losses) (14 ) — 186 172 Changes in net unrealized gains (losses) 19 (404 ) 7,809 7,424 Cumulative translation adjustment — 3,649 7,189 10,838 Transfer into Level III (1) 60 — 9,569 9,629 Transfer out of Level III (1) — — — — Balance, End of Period $ 624 $ 53,098 $ 170,666 $ 224,388 Change in net unrealized gains (losses) included in net gains from investment activities related to investments still held at reporting date $ 5 $ (404 ) $ — $ (399 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — 7,914 7,914 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. For the Six Months Ended June 30, 2016 Investments of Consolidated Apollo Funds Other Investments Investment in Athene Holding Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,634 $ 434 $ 510,099 $ 100,941 $ 613,108 Purchases 1,642 44,196 — 49,792 95,630 Sale of investments/Distributions (702 ) — — (43,292 ) (43,994 ) Net realized gains (losses) (111 ) — — 3,046 2,935 Changes in net unrealized gains (losses) 117 (411 ) 32,338 (2,414 ) 29,630 Cumulative translation adjustment — 534 — 1,465 1,999 Transfer into Level III (1) 1,495 — — 21,418 22,913 Transfer out of Level III (1) (1,222 ) — — (18,266 ) (19,488 ) Balance, End of Period $ 2,853 $ 44,753 $ 542,437 $ 112,690 $ 702,733 Change in net unrealized gains (losses) included in net gains from investment activities related to investments still held at reporting date $ (13 ) $ (411 ) $ 32,338 $ — $ 31,914 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — — — 659 659 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services.
Changes in Fair Value in Financial Liabilities, Measured at Fair Value and Characterized as Level III Liabilities	The following table summarizes the changes in fair value in financial liabilities measured at fair value for which Level III inputs have been used to determine fair value for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Liabilities of Consolidated Apollo Funds Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ 35 $ 11,192 $ 87,663 $ 98,890 $ 10,862 $ 74,059 $ 84,921 Payments/Extinguishment (35 ) — (1,865 ) (1,900 ) — (5,580 ) (5,580 ) Net realized gains (1 ) — — (1 ) — — — Changes in net unrealized losses (1) 1 815 1,102 1,918 809 2,488 3,297 Balance, End of Period $ — $ 12,007 $ 86,900 $ 98,907 $ 11,671 $ 70,967 $ 82,638 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to liabilities still held at reporting date $ — $ 815 $ — $ 815 $ 809 $ — $ 809 (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. The following table summarizes the changes in fair value in financial liabilities measured at fair value for which Level III inputs have been used to determine fair value for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Liabilities of Consolidated Apollo Funds Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ — $ 11,055 $ 106,282 $ 117,337 $ 11,411 $ 79,579 $ 90,990 Additions 97 — — 97 — — — Payments/Extinguishment (94 ) — (16,821 ) (16,915 ) — (6,987 ) (6,987 ) Net realized gains (10 ) — — (10 ) — — — Changes in net unrealized (gains) losses (1) 7 952 (2,561 ) (1,602 ) 260 (1,625 ) (1,365 ) Balance, End of Period $ — $ 12,007 $ 86,900 $ 98,907 $ 11,671 $ 70,967 $ 82,638 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to liabilities still held at reporting date $ — $ 952 $ — $ 952 $ 260 $ — $ 260 (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations.
Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categorized in Level III	The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy as of June 30, 2017 and December 31, 2016 : As of June 30, 2017 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of consolidated Apollo funds $ 624 Third party pricing (1) N/A N/A N/A Investments in other 53,098 Third party pricing (1) N/A N/A N/A Investments of consolidated VIEs: Bank debt term loans 4,839 Third party pricing (1) N/A N/A N/A Corporate loans/bonds/CLO notes 50,985 Third party pricing (1) N/A N/A N/A Equity securities 114,842 Book value multiple Book value multiple 0.80x 0.80x Discounted cash flow Discount rate 14.2% 14.2% Total investments of consolidated VIEs 170,666 Total Financial Assets $ 224,388 Financial Liabilities Liabilities of consolidated VIEs 12,007 Other N/A N/A N/A Contingent consideration obligation 86,900 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 98,907 (1) These securities are valued primarily using unadjusted broker quotes. As of December 31, 2016 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of consolidated Apollo funds $ 567 Third party pricing (1) N/A N/A N/A Investments in other 45,154 Third party pricing (1) N/A N/A N/A Investments of consolidated VIEs: Bank debt term loans 4,701 Third party pricing (1) N/A N/A N/A Corporate loans/bonds/CLO notes 15,496 Third party pricing (1) N/A N/A N/A Equity securities 72,277 Transaction N/A N/A N/A Total investments of consolidated VIEs 92,474 Total Financial Assets $ 138,195 Financial Liabilities Liabilities of consolidated VIEs $ 11,055 Other N/A N/A N/A Contingent consideration obligation 106,282 Discounted cash flow Discount rate 13.0% - 17.3% 17.2% Total Financial Liabilities $ 117,337 (1) These securities are valued primarily using unadjusted broker quotes.

CARRIED INTEREST RECEIVABLE (Ta

CARRIED INTEREST RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Carried Interest Receivable Balance [Abstract]
Carried Interest Receivable from Private Equity and Capital Markets Funds	Carried interest receivable from private equity, credit and real assets funds consisted of the following: As of June 30, 2017 As of December 31, 2016 Private Equity $ 816,365 $ 798,465 Credit 417,895 426,114 Real Assets 36,051 32,526 Total carried interest receivable $ 1,270,311 $ 1,257,105
Carried Interest Receivable Balance	The table below provides a roll-forward of the carried interest receivable balance for the six months ended June 30, 2017 : Private Equity Credit Real Assets Total Carried interest receivable, January 1, 2017 $ 798,465 $ 426,114 $ 32,526 $ 1,257,105 Change in fair value of funds 323,832 120,896 8,769 453,497 Fund distributions to the Company (305,932 ) (129,115 ) (5,244 ) (440,291 ) Carried interest receivable, June 30, 2017 $ 816,365 $ 417,895 $ 36,051 $ 1,270,311

PROFIT SHARING PAYABLE (Tables)

PROFIT SHARING PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2017
Profit Sharing Payable [Abstract]
Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds	Profit sharing payable consisted of the following: As of June 30, 2017 As of December 31, 2016 Private Equity $ 305,137 $ 268,170 Credit 261,324 268,855 Real Assets 15,393 13,123 Total profit sharing payable $ 581,854 $ 550,148
Rollforward Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds	The table below provides a roll-forward of the profit sharing payable balance for the six months ended June 30, 2017 : Private Equity Credit Real Assets Total Profit sharing payable, January 1, 2017 $ 268,170 $ 268,855 $ 13,123 $ 550,148 Profit sharing expense (1)(2) 141,430 48,865 4,856 195,151 Payments/other (104,463 ) (56,396 ) (2,586 ) (163,445 ) Profit sharing payable, June 30, 2017 $ 305,137 $ 261,324 $ 15,393 $ 581,854 (1) Includes (i) changes in amounts payable to employees and former employees entitled to a share of carried interest income in Apollo’s funds and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. See notes 5 and 14 for further disclosure regarding the contingent consideration obligations. (2) The Company has recorded a receivable from the Contributing Partners, certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated in the amount of $32.1 million and $39.3 million as of June 30, 2017 and December 31, 2016 , respectively. Profit sharing expense excludes the potential return of these profit sharing distributions. See note 13 for further discussion regarding the potential return of profit sharing distributions

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Change in Deferred Tax Assets and Deferred Tax Liabilities	The table below presents the impact to the deferred tax asset, tax receivable agreement liability and additional paid in capital related to the exchange of AOG Units for Class A shares during the six months ended June 30, 2017 and 2016 . Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Six Months Ended June 30, 2017 $ 39,298 $ 29,839 $ 9,459 For the Six Months Ended June 30, 2016 $ 1,197 $ 1,006 $ 191

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Interest Expense	The following table presents the interest expense incurred related to the Company’s debt for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest Expense: (1) 2013 AMH Term Facility $ 2,047 $ 2,249 $ 3,959 $ 4,712 2024 Senior Notes 5,163 5,163 10,326 10,326 2026 Senior Notes 5,628 2,114 11,256 2,114 AMI Term Facilities 357 274 653 521 Total Interest Expense $ 13,195 $ 9,800 $ 26,194 $ 17,673 (1) Debt issuance costs incurred in connection with the Term Facility, the 2024 Senior Notes and the 2026 Senior Notes are amortized into interest expense over the term of the debt arrangement.
Summary of Debt	Debt consisted of the following: As of June 30, 2017 As of December 31, 2016 Outstanding Balance Fair Value Annualized Weighted Average Interest Rate Outstanding Balance Fair Value Annualized Weighted Average Interest Rate 2013 AMH Credit Facilities - Term Facility (1) $ 299,599 $ 298,875 (3) 2.22 % $ 299,543 $ 298,500 (3) 1.82 % 2024 Senior Notes (1) 495,533 509,131 (4) 4.00 495,208 498,336 (4) 4.00 2026 Senior Notes (1) 495,422 517,534 (4) 4.40 495,165 497,923 (4) 4.40 2014 AMI Term Facility I (2) 15,666 15,666 (3) 2.00 14,449 14,449 (3) 2.00 2014 AMI Term Facility II (2) 17,710 17,710 (3) 1.75 16,306 16,306 (3) 1.75 2016 AMI Term Facility I (2) 19,390 19,390 (3) 1.75 17,852 17,852 (3) 1.75 2016 AMI Term Facility II (2) 15,124 15,124 (3) 2.00 13,924 13,924 (3) 2.00 Total Debt $ 1,358,444 $ 1,393,430 $ 1,352,447 $ 1,357,290 (1) Includes impact of any amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs, which are presented in the following table: As of June 30, 2017 As of December 31, 2016 2013 AMH Credit Facilities - Term Facility $ 401 $ 457 2024 Senior Notes $ 3,775 $ 4,051 2026 Senior Notes $ 4,186 $ 4,420 (2) Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into the following five year credit agreements and proceeds from the borrowings were used to fund the Company’s investment in European CLOs it manages: Facility Date Loan Amount 2014 AMI Term Facility I July 3, 2014 € 13,711 2014 AMI Term Facility II December 9, 2014 € 15,500 2016 AMI Term Facility I January 18, 2016 € 16,970 2016 AMI Term Facility II June 22, 2016 € 13,236 (3) Fair value is based on obtained broker quotes and these notes would be classified as a Level III 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 independent pricing services. For instances where broker quotes are not available, a discounted cash flow method is used to obtain a fair value. (4) Fair value is based on obtained broker quotes and these notes would be 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 independent pricing services.

NET INCOME PER CLASS A SHARE (T

NET INCOME PER CLASS A SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Class A Share	The table below presents basic and diluted net income (loss) per Class A share using the two-class method for the three and six months ended June 30, 2017 and 2016 : Basic and Diluted For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Numerator: Net income attributable to Apollo Global Management, LLC Class A Shareholders $ 86,908 $ 174,092 $ 232,104 $ 141,264 Distributions declared on Class A shares (1) (94,451 ) (46,014 ) (178,666 ) (97,446 ) Distributions on participating securities (2) (3,295 ) (1,766 ) (6,154 ) (3,889 ) Earnings allocable to participating securities — (3) (4,959 ) (1,760 ) (1,766 ) Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted $ (10,838 ) $ 121,353 $ 45,524 $ 38,163 Denominator: Weighted average number of Class A shares outstanding: Basic and Diluted 190,591,756 183,695,920 188,564,562 183,180,625 Net Income per Class A Share: Basic and Diluted (4) Distributed Income $ 0.49 $ 0.25 $ 0.94 $ 0.53 Undistributed Income (Loss) (0.05 ) 0.66 0.25 0.21 Net Income per Class A Share: Basic and Diluted $ 0.44 $ 0.91 $ 1.19 $ 0.74 (1) See note 12 for information regarding the quarterly distributions declared and paid during 2017 and 2016 . (2) Participating securities consist of vested and unvested RSUs that have rights to distributions and unvested restricted shares. (3) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A shareholders. (4) For the three and six months ended June 30, 2017 and 2016 , all of the classes of securities were determined to be anti-dilutive
Schedule of Weighted Average Number of Shares	The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2017 and 2016 , respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Weighted average vested RSUs 224,100 1,333,695 728,892 2,238,242 Weighted average unvested RSUs 6,555,432 6,085,951 6,403,785 6,148,916 Weighted average unexercised options 210,420 222,920 216,670 222,920 Weighted average AOG Units outstanding 211,895,190 216,065,719 213,591,049 216,117,787 Weighted average unvested restricted shares 244,503 90,130 159,432 94,633

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule or Description of Weighted Average Discount Rate	The following table summarizes the weighted average discounts for Plan Grants and Bonus Grants for the three and six months ended June 30, 2017 and 2016 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Plan Grants: Discount for the lack of distributions until vested (1) 13.5 % 16.0 % 11.2 % 16.0 % Marketability discount for transfer restrictions (2) 4.7 % 6.1 % 3.3 % 6.1 % Bonus Grants: Marketability discount for transfer restrictions (2) 2.3 % 3.5 % 2.3 % 3.5 % (1) Based on the present value of a growing annuity calculation. (2) Based on the Finnerty Model calculation.
Schedule or Description of Forfeiture Rate and Compensation Expense	The following table summarizes the management fees, equity-based compensation expense and actual forfeiture rates for the AHL Awards for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Management fees $ 74 $ 12,295 $ 2,138 $ 5,164 Equity-based compensation $ 551 $ 12,382 $ 3,455 $ 5,348 Actual forfeiture rate — % 0.1 % — % 0.5 % The following table presents the forfeiture rate and equity-based compensation expense recognized for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Actual forfeiture rate 4.0 % 3.6 % 7.6 % 4.3 % Equity-based compensation $ 16,670 $ 17,773 $ 33,701 $ 35,840
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes RSU activity for the six months ended June 30, 2017 : Unvested Weighted Average Grant Date Fair Value Vested Total Number Balance at January 1, 2017 9,391,566 $ 15.80 2,752,455 12,144,021 (1) Granted 1,085,468 20.42 — 1,085,468 Forfeited (795,911 ) 18.55 — (795,911 ) Issued — 18.54 (2,924,913 ) (2,924,913 ) Vested (587,676 ) 16.94 587,676 — Balance at June 30, 2017 9,093,447 (2) $ 16.04 415,218 9,508,665 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A shares. (2) RSUs were expected to vest over the weighted average period of 2.3 years.
Schedule of Share-based Compensation, Activity	Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs, share options and restricted share awards $ 36,709 — % $ — $ 36,709 AHL Awards 3,455 52.1 1,800 1,655 Other equity-based compensation awards 5,683 52.1 2,961 2,722 Total equity-based compensation $ 45,847 4,761 41,086 Less other equity-based compensation awards (2) (4,761 ) (5,980 ) Capital increase related to equity-based compensation $ — $ 35,106 For the Six Months Ended June 30, 2016 Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs, share options and restricted share awards $ 37,628 — % $ — $ 37,628 AHL Awards 5,348 54.0 2,888 2,460 Other equity-based compensation awards 5,064 54.0 2,735 2,329 Total equity-based compensation $ 48,040 5,623 42,417 Less other equity-based compensation awards (2) (5,623 ) (5,710 ) Capital increase related to equity-based compensation $ — $ 36,707 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds and distributions related to forfeited RSUs.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The table below summarizes the reduction of Class A shares to be issued to employees in connection with net share settlements under the 2007 Equity Plan and issuances of Class A shares in settlement of vested RSUs and share options for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Reduction of Class A shares issued (1) 1,067,648 2,090,121 Class A shares issued 1,864,001 3,810,973 Gross value of shares (2) $ 66,402 $ 82,801 (1) Cash paid for net share settlement was $24.3 million and $29.6 million for the six months ended June 30, 2017 and 2016 , respectively. (2) Based on the closing price of a Class A share at the time of issuance.
Schedule of Distributions	In addition to other distributions such as payments pursuant to the tax receivable agreement, the table below presents information regarding the quarterly distributions which were made at the sole discretion of the manager of the Company during 2017 and 2016 (in millions, except per share data): Distribution Declaration Date Distribution per Class A Share Distribution Payment Date Distribution to Class A Shareholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities February 3, 2016 $ 0.28 February 29, 2016 $ 51.4 $ 60.5 $ 111.9 $ 2.1 May 6, 2016 0.25 May 31, 2016 46.0 54.0 100.0 1.8 August 3, 2016 0.37 August 31, 2016 68.4 79.9 148.3 2.4 October 28, 2016 0.35 November 30, 2016 64.9 75.4 140.3 2.1 For the year ended December 31, 2016 $ 1.25 $ 230.7 $ 269.8 $ 500.5 $ 8.4 February 3, 2017 $ 0.45 February 28, 2017 $ 84.2 $ 97.0 $ 181.2 $ 2.9 April 13, 2017 (1) — April 13, 2017 — 20.5 20.5 — April 28, 2017 0.49 May 31, 2017 94.5 102.9 197.4 3.3 For the six months ended June 30, 2017 $ 0.94 $ 178.7 $ 220.4 $ 399.1 $ 6.2 (1) On April 13, 2017, the Company made a $0.10 per AOG Unit pro rata distribution to the Non-Controlling Interest holders in the Apollo Operating Group in connection with a payment made under the tax receivable agreement. See note 13 for more information regarding the tax receivable agreement.
Net Income Loss Attributable To Non-Controlling Interests Table	The table below presents equity interests in Apollo’s consolidated, but not wholly-owned, subsidiaries and funds. Net income and comprehensive income attributable to Non-Controlling Interests consisted of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 760 $ 2,462 $ 1,627 $ 4,544 Other consolidated entities 3,775 (384 ) 6,292 (431 ) Net income attributable to Non-Controlling Interests in consolidated entities $ 4,535 $ 2,078 $ 7,919 $ 4,113 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income $ 192,942 $ 415,803 $ 547,972 $ 341,242 Net income attributable to Non-Controlling Interests in consolidated entities (4,535 ) (2,078 ) (7,919 ) (4,113 ) Net income after Non-Controlling Interests in consolidated entities 188,407 413,725 540,053 337,129 Adjustments: Income tax provision (benefit) (2) (777 ) 37,988 38,384 32,841 NYC UBT and foreign tax benefit (3) 976 (8,247 ) (4,419 ) (7,296 ) Net (income) loss in non-Apollo Operating Group entities — (1 ) 2 19 Net income attributable to Preferred Shareholders (4,772 ) — (4,772 ) — Total adjustments (4,573 ) 29,740 29,195 25,564 Net income after adjustments 183,834 443,465 569,248 362,693 Weighted average ownership percentage of Apollo Operating Group 52.6 % 54.0 % 53.1 % 54.1 % Net income attributable to Non-Controlling Interests in Apollo Operating Group $ 96,727 $ 239,633 $ 303,177 $ 195,865 Net Income attributable to Non-Controlling Interests $ 101,262 $ 241,711 $ 311,096 $ 199,978 Other comprehensive income (loss) attributable to Non-Controlling Interests 2,314 (1,717 ) 3,189 917 Comprehensive Income Attributable to Non-Controlling Interests $ 103,576 $ 239,994 $ 314,285 $ 200,895 (1) Reflects the remaining interest held by certain individuals who receive an allocation of income from certain of the credit funds managed by Apollo. (2) Reflects all taxes recorded in our condensed consolidated statements of operations. Of this amount, U.S. federal, state, and local corporate income taxes attributable to APO Corp. are added back to income of the Apollo Operating Group before calculating Non-Controlling Interests as the income allocable to the Apollo Operating Group is not subject to such taxes. (3) Reflects NYC UBT and foreign taxes that are attributable to the Apollo Operating Group and its subsidiaries related to its operations in the U.S. as partnerships and in non-U.S. jurisdictions as corporations. As such, these amounts are considered in the income attributable to the Apollo Operating Group.

RELATED PARTY TRANSACTIONS AN35

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Due from related parties and due to related parties are comprised of the following: As of As of Due from Related Parties: Due from private equity funds $ 33,182 $ 19,089 Due from portfolio companies 44,354 34,339 Due from credit funds 130,572 112,516 Due from Contributing Partners, employees and former employees 51,500 72,305 Due from real assets funds 22,894 16,604 Total Due from Related Parties $ 282,502 $ 254,853 Due to Related Parties: Due to Managing Partners and Contributing Partners $ 518,486 $ 506,542 Due to private equity funds 25,640 56,880 Due to credit funds 68,364 66,859 Due to real assets funds 282 281 Distributions payable to employees — 7,564 Total Due to Related Parties $ 612,772 $ 638,126

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of Approximate Aggregate Minimum Future Payments Required for Operating Leases	As of June 30, 2017 , the approximate aggregate minimum future payments required for operating leases were as follows: Remaining 2017 2018 2019 2020 2021 Thereafter Total Aggregate minimum future payments $ 17,101 $ 31,347 $ 30,400 $ 13,664 $ 4,757 $ 6,955 $ 104,224
Summary of Fixed and Determinable Payments	As of June 30, 2017 , fixed and determinable payments due in connection with these obligations were as follows: Remaining 2017 2018 2019 2020 2021 Thereafter Total Other long-term obligations $ 15,833 $ 7,777 $ 3,506 $ 1,936 $ 1,936 $ 1,603 $ 32,591

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Financial Data for Reportable Segments	The following tables present financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2017 and 2016 . Prior period financial data has been updated to conform to the current presentation. As of and for the Six Months Ended June 30, 2017 Private Equity Segment Credit Segment Real Assets Segment Total Reportable Segments Revenues: Management fees from related parties $ 154,673 $ 328,198 $ 36,090 $ 518,961 Advisory and transaction fees from related parties, net 31,074 6,265 1,357 38,696 Carried interest income from related parties: Unrealized (1) 65,247 33,243 3,530 102,020 Realized 291,958 88,055 5,239 385,252 Total carried interest income from related parties 357,205 121,298 8,769 487,272 Total Revenues (2) 542,952 455,761 46,216 1,044,929 Expenses: Compensation and benefits: Salary, bonus and benefits 61,763 114,126 17,392 193,281 Equity-based compensation 14,799 18,330 1,182 34,311 Profit sharing expense: Unrealized 20,033 15,142 1,964 37,139 Realized 128,389 36,525 2,892 167,806 Realized: Equity-based 462 869 — 1,331 Total profit sharing expense 148,884 52,536 4,856 206,276 Total compensation and benefits 225,446 184,992 23,430 433,868 Non-compensation expenses: General, administrative and other 33,977 63,850 9,779 107,606 Placement fees 1,475 5,688 — 7,163 Total non-compensation expenses 35,452 69,538 9,779 114,769 Total Expenses (2) 260,898 254,530 33,209 548,637 Other Income (Loss): Income from equity method investments 42,076 12,339 2,018 56,433 Net gains from investment activities 3,296 30,795 — 34,091 Net interest loss (8,578 ) (13,006 ) (2,471 ) (24,055 ) Other income, net 18,571 570 303 19,444 Total Other Income (Loss) (2) 55,365 30,698 (150 ) 85,913 Non-Controlling Interests — (1,493 ) — (1,493 ) Economic Income (2) $ 337,419 $ 230,436 $ 12,857 $ 580,712 Total Assets (2) $ 2,276,050 $ 2,655,434 $ 212,255 $ 5,143,739 (1) Included in unrealized carried interest income from related parties for the six months ended June 30, 2017 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further details regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses, other income and total assets for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses, total consolidated other income (loss) and total assets. For the Six Months Ended June 30, 2016 Private Credit Real Assets Segment Total Revenues: Management fees from related parties $ 151,436 $ 293,763 $ 27,367 $ 472,566 Advisory and transaction fees from related parties, net 61,014 7,446 4,438 72,898 Carried interest income (loss) from related parties: Unrealized (1) 61,510 59,218 (5,114 ) 115,614 Realized 266 85,198 6,439 91,903 Total carried interest income from related parties 61,776 144,416 1,325 207,517 Total Revenues (2) 274,226 445,625 33,130 752,981 Expenses: Compensation and benefits: Salary, bonus and benefits 63,638 106,321 16,933 186,892 Equity-based compensation 14,150 16,860 1,432 32,442 Profit sharing expense: Unrealized 10,169 24,817 (1,832 ) 33,154 Realized 132 53,776 4,178 58,086 Total profit sharing expense 10,301 78,593 2,346 91,240 Total compensation and benefits 88,089 201,774 20,711 310,574 Non-compensation expenses: General, administrative and other 36,282 66,032 11,565 113,879 Placement fees 2,079 1,390 21 3,490 Total non-compensation expenses 38,361 67,422 11,586 117,369 Total Expenses (2) 126,450 269,196 32,297 427,943 Other Income (Loss): Income from equity method investments 25,927 13,788 1,132 40,847 Net losses from investment activities 2,351 29,648 — 31,999 Net interest loss (5,680 ) (8,370 ) (1,727 ) (15,777 ) Other income (loss), net 217 (535 ) 15 (303 ) Total Other Income (Loss) (2) 22,815 34,531 (580 ) 56,766 Non-Controlling Interests — (4,560 ) — (4,560 ) Economic Income (2) $ 170,591 $ 206,400 $ 253 $ 377,244 (1) Included in unrealized carried interest income (losses) from related parties for the six months ended June 30, 2016 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further detail regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses and other income for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss). The following tables present financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2017 and 2016 . Prior period financial data has been updated to conform to the current presentation. As of and for the Three Months Ended June 30, 2017 Private Equity Segment Credit Segment Real Assets Segment Total Reportable Segments Revenues: Management fees from related parties $ 77,275 $ 169,856 $ 19,777 $ 266,908 Advisory and transaction fees from related parties, net 19,302 3,709 618 23,629 Carried interest income (loss) from related parties: Unrealized (1) (98,372 ) 26,921 926 (70,525 ) Realized 136,497 57,119 5,175 198,791 Total carried interest income from related parties 38,125 84,040 6,101 128,266 Total Revenues (2) 134,702 257,605 26,496 418,803 Expenses: Compensation and benefits: Salary, bonus and benefits 30,294 59,244 9,022 98,560 Equity-based compensation 7,704 9,228 634 17,566 Profit sharing expense: Unrealized (34,983 ) 12,927 (70 ) (22,126 ) Realized 53,137 23,080 2,866 79,083 Realized: Equity-based 462 582 — 1,044 Total profit sharing expense 18,616 36,589 2,796 58,001 Total compensation and benefits 56,614 105,061 12,452 174,127 Non-compensation expenses: General, administrative and other 16,617 31,760 5,297 53,674 Placement fees 1,341 3,918 — 5,259 Total non-compensation expenses 17,958 35,678 5,297 58,933 Total Expenses (2) 74,572 140,739 17,749 233,060 Other Income (Loss): Income from equity method investments 10,348 5,856 1,015 17,219 Net losses from investment activities (100 ) (299 ) — (399 ) Net interest loss (4,336 ) (6,484 ) (1,247 ) (12,067 ) Other income (loss), net 781 (241 ) 240 780 Total Other Income (Loss) (2) 6,693 (1,168 ) 8 5,533 Non-Controlling Interests — (559 ) — (559 ) Economic Income (2) $ 66,823 $ 115,139 $ 8,755 $ 190,717 Total Assets (2) $ 2,276,050 $ 2,655,434 $ 212,255 $ 5,143,739 (1) Included in unrealized carried interest income from related parties for three months ended June 30, 2017 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further details regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses, other income and total assets for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses, total consolidated other income (loss) and total assets. For the Three Months Ended June 30, 2016 Private Credit Real Assets Segment Total Revenues: Management fees from related parties $ 76,518 $ 151,252 $ 13,863 $ 241,633 Advisory and transaction fees from related parties, net 58,301 3,036 3,562 64,899 Carried interest income (loss) from related parties: Unrealized (1) 207,845 80,397 (1,737 ) 286,505 Realized 266 40,046 1,668 41,980 Total carried interest income (loss) from related parties 208,111 120,443 (69 ) 328,485 Total Revenues (2) 342,930 274,731 17,356 635,017 Expenses: Compensation and benefits: Salary, bonus and benefits 31,564 54,709 8,249 94,522 Equity-based compensation 6,765 8,300 657 15,722 Profit sharing expense: Unrealized 67,543 33,954 (661 ) 100,836 Realized 132 23,215 550 23,897 Total profit sharing expense 67,675 57,169 (111 ) 124,733 Total compensation and benefits 106,004 120,178 8,795 234,977 Non-compensation expenses: General, administrative and other 20,551 35,546 5,421 61,518 Placement fees 1,085 683 21 1,789 Total non-compensation expenses 21,636 36,229 5,442 63,307 Total Expenses (2) 127,640 156,407 14,237 298,284 Other Income (Loss): Income from equity method investments 31,410 12,940 356 44,706 Net gains from investment activities 6,457 82,041 — 88,498 Net interest loss (3,252 ) (4,715 ) (919 ) (8,886 ) Other income (loss), net 341 (127 ) 44 258 Total Other Income (Loss) (2) 34,956 90,139 (519 ) 124,576 Non-Controlling Interests — (2,175 ) — (2,175 ) Economic Income (2) $ 250,246 $ 206,288 $ 2,600 $ 459,134 (1) Included in unrealized carried interest income (losses) from related parties for the three months ended June 30, 2016 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 13 for further detail regarding the general partner obligation. (2) Refer below for a reconciliation of total revenues, total expenses and other income for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss).
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table reconciles total consolidated revenues to total revenues for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Revenues $ 1,076,423 $ 781,273 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (33,402 ) (33,058 ) Adjustments related to consolidated funds and VIEs (1) 1,908 1,863 Other (1) — 2,903 Total Reportable Segments Revenues $ 1,044,929 $ 752,981 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Expenses $ 610,514 $ 485,297 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (33,402 ) (33,292 ) Transaction-related compensation charges (1) 1,134 (2,523 ) Reclassification of interest expenses (26,194 ) (17,673 ) Amortization of transaction-related intangibles (1) (3,410 ) (4,396 ) Other (1) (5 ) 530 Total Reportable Segments Expenses $ 548,637 $ 427,943 (1) Represents the addition of expenses of consolidated funds and VIEs, transaction-related charges, non-cash expenses related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative expenses. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. The following table reconciles total consolidated other income to total other income for Apollo’s reportable segments for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Total Consolidated Other Income $ 120,447 $ 78,107 Reclassification of interest expense (26,194 ) (17,673 ) Adjustments related to consolidated funds and VIEs (1) (8,206 ) (1,542 ) Other (134 ) (2,126 ) Total Reportable Segments Other Income $ 85,913 $ 56,766 (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Economic Income for the six months ended June 30, 2017 and 2016 : For the Six Months Ended June 30, 2017 2016 Income before income tax provision $ 586,356 $ 374,083 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities (7,919 ) (4,113 ) Transaction-related charges, net (1) 2,275 7,274 Total consolidation adjustments and other (5,644 ) 3,161 Economic Income $ 580,712 $ 377,244 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated related parties to employees of the Company. The following table reconciles total consolidated revenues to total revenues for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Revenues $ 432,872 $ 660,447 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (15,179 ) (28,092 ) Adjustments related to consolidated funds and VIEs (1) 1,110 1,211 Other (1) — 1,451 Total Reportable Segments Revenues $ 418,803 $ 635,017 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Expenses $ 264,526 $ 343,398 Equity awards granted by unconsolidated related parties and reimbursable expenses (1) (15,179 ) (28,209 ) Transaction-related compensation charges (1) (1,549 ) (4,896 ) Reclassification of interest expenses (13,195 ) (9,800 ) Amortization of transaction-related intangibles (1) (1,538 ) (2,346 ) Other (1) (5 ) 137 Total Reportable Segments Expenses $ 233,060 $ 298,284 (1) Represents the addition of expenses of consolidated funds and VIEs, transaction-related charges, non-cash expenses related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative expenses. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. The following table reconciles total consolidated other income to total other income for Apollo’s reportable segments for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Total Consolidated Other Income $ 23,819 $ 136,742 Reclassification of interest expense (13,195 ) (9,800 ) Adjustments related to consolidated funds and VIEs (1) (4,890 ) (904 ) Other (201 ) (1,462 ) Total Reportable Segments Other Income $ 5,533 $ 124,576 (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax (provision) benefit reported in the condensed consolidated statements of operations to Economic Income for the three months ended June 30, 2017 and 2016 : For the Three Months Ended June 30, 2017 2016 Income before income tax (provision) benefit $ 192,165 $ 453,791 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities (4,535 ) (2,078 ) Transaction-related charges, net (1) 3,087 7,421 Total consolidation adjustments and other (1,448 ) 5,343 Economic Income $ 190,717 $ 459,134 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated related parties to employees of the Company.
Reconciliation of Assets from Segment to Consolidated	The following table presents the reconciliation of Apollo’s total reportable segment assets to total assets as of June 30, 2017 and December 31, 2016 : As of As of Total reportable segment assets $ 5,143,739 $ 4,694,643 Adjustments (1) 1,078,181 934,910 Total assets $ 6,221,920 $ 5,629,553 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

ORGANIZATION (Detail)

ORGANIZATION (Detail)	6 Months Ended
	Jun. 30, 2017holding_companySegment	Dec. 31, 2016
Entity Information [Line Items]
Number of segments | Segment	3
Number of holding company | holding_company	6
Economic interest	0.055%	0.055%
Consolidated Entity Excluding Variable Interest Entities (VIE)
Entity Information [Line Items]
Economic interest	47.90%
Subsidiaries
Entity Information [Line Items]
Economic interest	52.10%

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Percent of returns (as much as)	20.00%
Percent of eligible employee contributions	50.00%
Percent of the eligible employees’ compensation	3.00%
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect adjustment		$ 22,901
Service period	3 years
Additional Paid in Capital
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect adjustment		$ 22,900

INVESTMENTS - Apollo's Investme

INVESTMENTS - Apollo's Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments, at fair value	$ 772,388	$ 708,080
Equity method investments	804,451	786,664
Total Investments	$ 1,576,839	$ 1,494,744

INVESTMENTS - Net Gains from In

INVESTMENTS - Net Gains from Investment Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Realized gains (losses) on sales of investments	$ (148)	$ 190	$ (148)	$ (97)
Net change in unrealized gains (losses) due to changes in fair value	(365)	88,820	34,152	32,638
Net gains (losses) from investment activities	$ (513)	$ 89,010	$ 34,004	$ 32,541

INVESTMENTS - Summary of Equity

INVESTMENTS - Summary of Equity Method Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 804,451	$ 786,664
Private Equity Segment
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	438,986	428,581
Private Equity Segment | Fund Eight Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 294,700	$ 260,900
% of Ownership	2.20%	2.20%
Private Equity Segment | AP Alternative Assets, L.P.
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 47,500	$ 66,800
Value of company's investment	48,200	64,900
Credit Funds
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	334,319	327,012
Credit Funds | Midcap Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 80,000	$ 79,500
% of Ownership	4.30%	4.30%
Credit Funds | Apollo Investment Corporation
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 56,700	$ 58,600
Value of company's investment	56,800	52,100
Real Assets Segment
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 31,146	$ 31,071

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investment Income for Athene Holdings (Details) - Investment in Athene Holding - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,619	$ 1,045	$ 2,685	$ 1,767
Expenses	1,213	837	1,894	1,474
Income before income tax provision	406	208	791	293
Income tax provision (benefit)	22	15	43	15
Net income available to Athene common shareholders	$ 384	$ 193	$ 748	$ 278

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of days trade is open with VIE			60 days
Investment in CLO	$ 44,900		$ 44,900		$ 41,300
Net gains from investment activities of consolidated variable interest entities	$ 6,132	$ 698	$ 10,240	$ 2,017

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Gain Loss On Investments Of Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains (losses) from investment activities	$ 7,526	$ 1,997	$ 9,516	$ (2,125)
Net gains (losses) from debt	3,567	(7,871)	2,684	(1,437)
Interest and other income	8,621	12,956	16,443	23,509
Interest and other expenses	(13,582)	(6,384)	(18,403)	(17,930)
Net gains from investment activities of consolidated variable interest entities	$ 6,132	$ 698	$ 10,240	$ 2,017

VARIABLE INTEREST ENTITIES - Pr

VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Detail) - Consolidated Variable Interest Entities - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Outstanding	$ 895,026	$ 792,770
Debt, at fair value	884,761	786,545
VIE assets	1,150,100	1,001,800
Senior Secured Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 769,567	$ 704,976
Weighted Average Interest Rate	1.69%	1.83%
Weighted Average Remaining Maturity in Years	12 years 8 months 12 days	12 years 3 months 18 days
Subordinated Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 95,358	$ 87,794
Weighted Average Remaining Maturity in Years	22 years 10 months 24 days	19 years 2 months 12 days
Secured Borrowings
Debt Instrument [Line Items]
Principal Outstanding	$ 30,101	$ 0
Weighted Average Interest Rate	2.83%
Weighted Average Remaining Maturity in Years	9 years 9 months 15 days
Guarantee percent	20.00%
Maximum guarantee exposure	$ 30,100
Amount guaranteed	$ 6,000

VARIABLE INTEREST ENTITIES - Ca

VARIABLE INTEREST ENTITIES - Carrying Amounts of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Investments	$ 1,576,839	$ 1,494,744
Variable Interest Entity, Not Primary Beneficiary
Assets:
Cash	303,141	231,922
Investments	6,963,482	7,253,872
Receivables	49,230	37,541
Total Assets	7,315,853	7,523,335
Liabilities:
Debt and other payables	2,985,760	2,818,459
Total Liabilities	2,985,760	2,818,459
Apollo Exposure	272,637	272,191
Cumulative revenues recognized if existing investments become worthless	$ 3,100,000	$ 2,900,000

FAIR VALUE MEASUREMENTS OF FI48

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Narrative (Details) - Investment in Athene Holding - Market Approach Valuation Technique - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market price (in dollars per share)	$ 47.99	$ 49.61
DLOM percent	9.50%	7.90%
Holding period	1 year 5 months 8 days	23 months 9 days
Weighted average price (in dollars per share)	$ 45.82	$ 43.43

FAIR VALUE MEASUREMENTS OF FI49

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Valuation of Financial Assets and Liabilities by the Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Consolidated Variable Interest Entities
Investments, at fair value:
Total investments of VIEs, at fair value	$ 1,049,529	$ 913,827
Total Assets	1,150,100	1,001,800
Liabilities
Liabilities of VIEs, at fair value	884,761	786,545
Fair Value, Measurements, Recurring
Investments, at fair value:
Derivative assets	555	1,360
Total Assets	1,822,472	1,623,267
Liabilities
Derivative liabilities	1,081	1,167
Total Liabilities	985,373	905,049
Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities
Investments, at fair value:
Investments of VIEs, at fair value	1,043,813	908,641
Investments of VIEs, valued using NAV	5,716	5,186
Total investments of VIEs, at fair value	1,049,529	913,827
Liabilities
Liabilities of VIEs, at fair value	896,768	797,600
Fair Value, Measurements, Recurring | Contingent Consideration Obligations
Liabilities
Contingent consideration obligations	86,900	106,282
Fair Value, Measurements, Recurring | Liabilities of Consolidated Apollo Funds
Liabilities
Liabilities of consolidated Apollo funds	624
Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund
Investments, at fair value:
Total investments of VIEs, at fair value	2,124	5,378
Liabilities
Cost of Investments, at Fair Value	2,150	5,463
Fair Value, Measurements, Recurring | Other Investments
Investments, at fair value:
Total investments of VIEs, at fair value	53,098	45,154
Liabilities
Cost of Investments, at Fair Value	52,389	47,690
Fair Value, Measurements, Recurring | Investment in Athene Holding
Investments, at fair value:
Total investments of VIEs, at fair value	717,166	657,548
Liabilities
Cost of Investments, at Fair Value	387,526	387,526
Fair Value, Measurements, Recurring | Total investments, at fair value
Investments, at fair value:
Total investments of VIEs, at fair value	772,388	708,080
Liabilities
Cost of Investments, at Fair Value	442,065	440,679
Fair Value, Measurements, Recurring | Level I
Investments, at fair value:
Derivative assets	0	0
Total Assets	1,270	3,336
Liabilities
Derivative liabilities	0	0
Total Liabilities	21	0
Fair Value, Measurements, Recurring | Level I | Consolidated Variable Interest Entities
Investments, at fair value:
Investments of VIEs, at fair value	0	0
Investments of VIEs, valued using NAV	0	0
Total investments of VIEs, at fair value	0	0
Liabilities
Liabilities of VIEs, at fair value	0	0
Fair Value, Measurements, Recurring | Level I | Contingent Consideration Obligations
Liabilities
Contingent consideration obligations	0	0
Fair Value, Measurements, Recurring | Level I | Liabilities of Consolidated Apollo Funds
Liabilities
Liabilities of consolidated Apollo funds	21
Fair Value, Measurements, Recurring | Level I | Investments held by Apollo Senior Loan Fund
Investments, at fair value:
Total investments of VIEs, at fair value	1,270	3,336
Fair Value, Measurements, Recurring | Level I | Other Investments
Investments, at fair value:
Total investments of VIEs, at fair value	0	0
Fair Value, Measurements, Recurring | Level I | Investment in Athene Holding
Investments, at fair value:
Total investments of VIEs, at fair value	0	0
Fair Value, Measurements, Recurring | Level I | Total investments, at fair value
Investments, at fair value:
Total investments of VIEs, at fair value	1,270	3,336
Fair Value, Measurements, Recurring | Level II
Investments, at fair value:
Derivative assets	555	1,360
Total Assets	1,591,098	1,476,550
Liabilities
Derivative liabilities	1,081	1,167
Total Liabilities	886,445	787,712
Fair Value, Measurements, Recurring | Level II | Consolidated Variable Interest Entities
Investments, at fair value:
Investments of VIEs, at fair value	873,147	816,167
Investments of VIEs, valued using NAV	0	0
Total investments of VIEs, at fair value	873,147	816,167
Liabilities
Liabilities of VIEs, at fair value	884,761	786,545
Fair Value, Measurements, Recurring | Level II | Contingent Consideration Obligations
Liabilities
Contingent consideration obligations	0	0
Fair Value, Measurements, Recurring | Level II | Liabilities of Consolidated Apollo Funds
Liabilities
Liabilities of consolidated Apollo funds	603
Fair Value, Measurements, Recurring | Level II | Investments held by Apollo Senior Loan Fund
Investments, at fair value:
Total investments of VIEs, at fair value	230	1,475
Fair Value, Measurements, Recurring | Level II | Other Investments
Investments, at fair value:
Total investments of VIEs, at fair value	0	0
Fair Value, Measurements, Recurring | Level II | Investment in Athene Holding
Investments, at fair value:
Total investments of VIEs, at fair value	717,166	657,548
Fair Value, Measurements, Recurring | Level II | Total investments, at fair value
Investments, at fair value:
Total investments of VIEs, at fair value	717,396	659,023
Fair Value, Measurements, Recurring | Level III
Investments, at fair value:
Derivative assets	0	0
Total Assets	224,388	138,195
Liabilities
Derivative liabilities	0	0
Total Liabilities	98,907	117,337
Fair Value, Measurements, Recurring | Level III | Consolidated Variable Interest Entities
Investments, at fair value:
Investments of VIEs, at fair value	170,666	92,474
Investments of VIEs, valued using NAV	0	0
Total investments of VIEs, at fair value	170,666	92,474
Liabilities
Liabilities of VIEs, at fair value	12,007	11,055
Fair Value, Measurements, Recurring | Level III | Contingent Consideration Obligations
Liabilities
Contingent consideration obligations	86,900	106,282
Fair Value, Measurements, Recurring | Level III | Liabilities of Consolidated Apollo Funds
Liabilities
Liabilities of consolidated Apollo funds	0
Fair Value, Measurements, Recurring | Level III | Investments held by Apollo Senior Loan Fund
Investments, at fair value:
Total investments of VIEs, at fair value		567
Fair Value, Measurements, Recurring | Level III | Investments held by Apollo Senior Loan Fund | Third Party Pricing
Investments, at fair value:
Total investments of VIEs, at fair value	624
Fair Value, Measurements, Recurring | Level III | Other Investments
Investments, at fair value:
Total investments of VIEs, at fair value		45,154
Fair Value, Measurements, Recurring | Level III | Other Investments | Third Party Pricing
Investments, at fair value:
Total investments of VIEs, at fair value	53,098
Fair Value, Measurements, Recurring | Level III | Investment in Athene Holding
Investments, at fair value:
Total investments of VIEs, at fair value		0
Fair Value, Measurements, Recurring | Level III | Investment in Athene Holding | Cost Approach Valuation Technique
Investments, at fair value:
Total investments of VIEs, at fair value	0
Fair Value, Measurements, Recurring | Level III | Total investments, at fair value
Investments, at fair value:
Total investments of VIEs, at fair value	$ 53,722	$ 45,721

FAIR VALUE MEASUREMENTS OF FI50

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Assets (Details) - Level III - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 183,586	$ 582,531	$ 138,195	$ 613,108
Purchases	47,490	67,363	90,939	95,630
Sales of investments/distributions	(20,721)	(32,842)	(32,809)	(43,994)
Net realized gains	138	1,017	172	2,935
Changes in net unrealized gains (losses)	4,483	87,115	7,424	29,630
Cumulative translation adjustment	9,412	(1,195)	10,838	1,999
Transfer into Level III	0	11,567	9,629	22,913
Transfer out of Level III	0	(12,823)	0	(19,488)
Balance, End of Period	224,388	702,733	224,388	702,733
Gains on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	(325)	87,329	(399)	31,914
Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)			7,914
Consolidated Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	137,344	101,969	92,474	100,941
Purchases	42,791	46,618	86,240	49,792
Sales of investments/distributions	(20,713)	(32,783)	(32,801)	(43,292)
Net realized gains	138	1,017	186	3,046
Changes in net unrealized gains (losses)	4,807	(284)	7,809	(2,414)
Cumulative translation adjustment	6,299	(2,086)	7,189	1,465
Transfer into Level III	0	11,062	9,569	21,418
Transfer out of Level III	0	(12,823)	0	(18,266)
Balance, End of Period	170,666	112,690	170,666	112,690
Consolidated Variable Interest Entities | Gains on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	0	0	0	0
Consolidated Variable Interest Entities | Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	5,013	609	7,914	659
Investments held by Apollo Senior Loan Fund
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	643	1,149	567	1,634
Purchases	0	1,146	0	1,642
Sales of investments/distributions	(8)	(59)	(8)	(702)
Net realized gains			(14)	(111)
Changes in net unrealized gains (losses)	(11)	112	19	117
Cumulative translation adjustment	0	0	0	0
Transfer into Level III	0	505	60	1,495
Transfer out of Level III	0			(1,222)
Balance, End of Period	624	2,853	624	2,853
Investments held by Apollo Senior Loan Fund | Gains on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	(12)	42	5	(13)
Investments held by Apollo Senior Loan Fund | Consolidated Variable Interest Entities | Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	0	0	0	0
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	45,599	25,793	45,154	434
Purchases	4,699	19,599	4,699	44,196
Sales of investments/distributions	0	0	0	0
Net realized gains	0	0	0	0
Changes in net unrealized gains (losses)	(313)	(1,530)	(404)	(411)
Cumulative translation adjustment	3,113	891	3,649	534
Transfer into Level III	0	0	0	0
Transfer out of Level III	0	0		0
Balance, End of Period	53,098	44,753	53,098	44,753
Other Investments | Gains on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	(313)	(1,530)	(404)	(411)
Other Investments | Consolidated Variable Interest Entities | Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	$ 0	0	0	0
Investment in Athene Holding
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period		453,620		510,099
Purchases		0		0
Sales of investments/distributions		0		0
Net realized gains		0		0
Changes in net unrealized gains (losses)		88,817		32,338
Cumulative translation adjustment		0		0
Transfer into Level III		0		0
Transfer out of Level III		0		0
Balance, End of Period		542,437		542,437
Investment in Athene Holding | Gains on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)		88,817		32,338
Investment in Athene Holding | Consolidated Variable Interest Entities | Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)		$ 0		$ 0
Third Party Pricing | Investments held by Apollo Senior Loan Fund
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period			567
Transfer out of Level III			0
Third Party Pricing | Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period			45,154
Other Valuation Technique | Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer out of Level III			$ 0

FAIR VALUE MEASUREMENTS OF FI51

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Liabilities (Details) - Level III - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 98,890	$ 84,921	$ 117,337	$ 90,990
Additions	0	0	97	0
Payments/Extinguishment	(1,900)	(5,580)	(16,915)	(6,987)
Net realized gains	(1)	0	(10)	0
Changes in net unrealized (gains) losses	1,918	3,297	(1,602)	(1,365)
Balance, End of Period	98,907	82,638	98,907	82,638
Contingent Consideration Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	87,663	74,059	106,282	79,579
Additions	0	0	0	0
Payments/Extinguishment	(1,865)	(5,580)	(16,821)	(6,987)
Net realized gains	0	0	0	0
Changes in net unrealized (gains) losses	1,102	2,488	(2,561)	(1,625)
Balance, End of Period	86,900	70,967	86,900	70,967
Unrealized gains (losses)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	815	809	952	260
Unrealized gains (losses) | Contingent Consideration Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	0	0	0	0
Consolidated Variable Interest Entities | Liabilities of Consolidated VIEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	11,192	10,862	11,055	11,411
Additions	0	0	0	0
Payments/Extinguishment	0	0	0	0
Net realized gains	0	0	0	0
Changes in net unrealized (gains) losses	815	809	952	260
Balance, End of Period	12,007	11,671	12,007	11,671
Consolidated Variable Interest Entities | Unrealized gains (losses) | Liabilities of Consolidated VIEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	815	$ 809	952	$ 260
Liabilities of Consolidated Apollo Funds | Liabilities of Consolidated VIEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	35		0
Additions			97
Payments/Extinguishment	(35)		(94)
Net realized gains	(1)		(10)
Changes in net unrealized (gains) losses	$ 1		$ 7

FAIR VALUE MEASUREMENTS OF FI52

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categories (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Contingent Consideration Obligations | Income Approach Valuation Technique
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate		17.50%
Contingent Consideration Obligations | Minimum | Income Approach Valuation Technique
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate		13.00%
Contingent Consideration Obligations | Maximum | Income Approach Valuation Technique
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate		17.30%
Consolidated Variable Interest Entities
Financial Assets
Investments, at fair value	$ 1,049,529	$ 913,827
Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund
Financial Assets
Investments, at fair value	2,124	5,378
Fair Value, Measurements, Recurring | Other Investments
Financial Assets
Investments, at fair value	53,098	45,154
Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities
Financial Assets
Investments, at fair value	1,049,529	913,827
Level III
Financial Assets
Assets	224,388	138,195	$ 183,586	$ 702,733	$ 582,531	$ 613,108
Financial Liabilities
Liabilities	98,907	117,337	98,890	82,638	84,921	90,990
Level III | Contingent Consideration Obligations
Financial Liabilities
Liabilities	86,900	106,282	87,663	70,967	74,059	79,579
Level III | Contingent Consideration Obligations | Income Approach Valuation Technique
Financial Liabilities
Liabilities	$ 86,900	$ 106,282
Level III | Contingent Consideration Obligations | Weighted Average | Income Approach Valuation Technique
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate	17.50%	17.20%
Level III | Investments held by Apollo Senior Loan Fund
Financial Assets
Assets	$ 624	$ 567	643	2,853	1,149	1,634
Level III | Investments held by Apollo Senior Loan Fund | Third Party Pricing
Financial Assets
Assets		567
Level III | Other Investments
Financial Assets
Assets	53,098	45,154	45,599	44,753	25,793	434
Level III | Other Investments | Third Party Pricing
Financial Assets
Assets		45,154
Level III | Consolidated Variable Interest Entities
Financial Assets
Assets	170,666	92,474	137,344	112,690	101,969	100,941
Level III | Consolidated Variable Interest Entities | Liabilities of consolidated VIEs
Financial Liabilities
Liabilities	12,007	11,055	11,192	$ 11,671	$ 10,862	$ 11,411
Level III | Consolidated Variable Interest Entities | Liabilities of consolidated VIEs | Other Valuation Technique
Financial Liabilities
Liabilities	12,007	11,055
Level III | Consolidated Variable Interest Entities | Bank Debt Term Loans | Third Party Pricing
Financial Assets
Assets	4,839	4,701
Level III | Consolidated Variable Interest Entities | Corporate Loans/Bonds | Third Party Pricing
Financial Assets
Assets	50,985	15,496
Level III | Consolidated Variable Interest Entities | Common Stock | Book Value Multiple
Financial Assets
Assets	$ 114,842
Level III | Consolidated Variable Interest Entities | Common Stock | Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Book Multiple	0.80
Financial Assets
Assets		72,277
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate	14.20%
Level III | Consolidated Variable Interest Entities | Common Stock | Weighted Average | Income Approach Valuation Technique
Fair Value Inputs, Quantitative Information [Abstract]
Discount rate	14.20%
Level III | Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund
Financial Assets
Investments, at fair value		567
Level III | Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund | Third Party Pricing
Financial Assets
Investments, at fair value	$ 624
Level III | Fair Value, Measurements, Recurring | Other Investments
Financial Assets
Investments, at fair value		45,154
Level III | Fair Value, Measurements, Recurring | Other Investments | Third Party Pricing
Financial Assets
Investments, at fair value	53,098
Level III | Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities
Financial Assets
Investments, at fair value	$ 170,666	92,474
Liabilities of Consolidated Apollo Funds | Level III | Liabilities of consolidated VIEs
Financial Liabilities
Liabilities		$ 0	$ 35

CARRIED INTEREST RECEIVABLE - C

CARRIED INTEREST RECEIVABLE - Carried Interest Receivable from Private Equity and Capital Markets Funds (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Receivables [Line Items]
Total carried interest receivable	$ 1,270,311	$ 1,257,105
Private Equity
Receivables [Line Items]
Total carried interest receivable	816,365	798,465
Credit
Receivables [Line Items]
Total carried interest receivable	417,895	426,114
Real Assets
Receivables [Line Items]
Total carried interest receivable	$ 36,051	$ 32,526

CARRIED INTEREST RECEIVABLE -54

CARRIED INTEREST RECEIVABLE - Carried Interest Receivable Balance (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Carried Interest Receivables [Roll Forward]
Carried interest receivable, beginning balance	$ 1,257,105
Change in fair value of funds	453,497
Fund distributions to the Company	(440,291)
Carried interest receivable, ending balance	1,270,311
Private Equity
Carried Interest Receivables [Roll Forward]
Carried interest receivable, beginning balance	798,465
Change in fair value of funds	323,832
Fund distributions to the Company	(305,932)
Carried interest receivable, ending balance	816,365
Credit
Carried Interest Receivables [Roll Forward]
Carried interest receivable, beginning balance	426,114
Change in fair value of funds	120,896
Fund distributions to the Company	(129,115)
Carried interest receivable, ending balance	417,895
Real Assets
Carried Interest Receivables [Roll Forward]
Carried interest receivable, beginning balance	32,526
Change in fair value of funds	8,769
Fund distributions to the Company	(5,244)
Carried interest receivable, ending balance	$ 36,051

PROFIT SHARING PAYABLE - Summar

PROFIT SHARING PAYABLE - Summary of Profit Sharing (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Profit Sharing Payable Summary [Line Items]
Profit sharing payable	$ 581,854	$ 550,148
Private Equity Segment
Profit Sharing Payable Summary [Line Items]
Profit sharing payable	305,137	268,170
Credit
Profit Sharing Payable Summary [Line Items]
Profit sharing payable	261,324	268,855
Real Assets Segment
Profit Sharing Payable Summary [Line Items]
Profit sharing payable	$ 15,393	$ 13,123

PROFIT SHARING PAYABLE - Rollfo

PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Profit Sharing Payable Rollforward [Roll Forward]
Beginning balance	$ 550,148
Profit sharing expense	195,151
Payments/other	(163,445)
Ending balance	581,854
Loans due upon liquidation of fund	32,100	$ 39,300
Private Equity Segment
Profit Sharing Payable Rollforward [Roll Forward]
Beginning balance	268,170
Profit sharing expense	141,430
Payments/other	(104,463)
Ending balance	305,137
Credit
Profit Sharing Payable Rollforward [Roll Forward]
Beginning balance	268,855
Profit sharing expense	48,865
Payments/other	(56,396)
Ending balance	261,324
Real Assets Segment
Profit Sharing Payable Rollforward [Roll Forward]
Beginning balance	13,123
Profit sharing expense	4,856
Payments/other	(2,586)
Ending balance	$ 15,393

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ 777,000	$ (37,988,000)	$ (38,384,000)	$ (32,841,000)
Effective tax rate	(0.40%)	8.40%	6.50%	8.80%
Unrecognized tax benefits	$ 0		$ 0
Period of recognition for tax intangibles			15 years
Common Class A Shares
Class of Stock [Line Items]
Exchange agreement conversion ratio			1

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Increase in Deferred Tax Asset	$ 39,298	$ 1,197
Increase in Tax Receivable Agreement Liability	29,839	1,006
Increase to Additional Paid In Capital	$ 9,459	$ 191

DEBT - Summary of Debt (Detail)

DEBT - Summary of Debt (Detail) € in Thousands, $ in Thousands	Jun. 30, 2017USD ($)	Jun. 30, 2017EUR (€)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 1,358,444		$ 1,352,447
Fair Value	1,393,430		1,357,290
2013 AMH Credit Facilities - Term Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance	299,599		299,543
Fair Value	$ 298,875		$ 298,500
Annualized Weighted Average Interest Rate	2.22%	2.22%	1.82%
Unamortized debt issuance cost	$ 401		$ 457
2024 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	495,533		495,208
Fair Value	$ 509,131		$ 498,336
Annualized Weighted Average Interest Rate	4.00%	4.00%	4.00%
Unamortized debt issuance cost	$ 3,775		$ 4,051
2026 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	495,422		495,165
Fair Value	$ 517,534		$ 497,923
Annualized Weighted Average Interest Rate	4.40%	4.40%	4.40%
Unamortized debt issuance cost	$ 4,186		$ 4,420
2014 AMI Term Facility I | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance	15,666		14,449
Fair Value	$ 15,666		$ 14,449
Annualized Weighted Average Interest Rate	2.00%	2.00%	2.00%
Credit facility borrowing capacity | €		€ 13,711
2014 AMI Term Facility II | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance	$ 17,710		$ 16,306
Fair Value	$ 17,710		$ 16,306
Annualized Weighted Average Interest Rate	1.75%	1.75%	1.75%
Credit facility borrowing capacity | €		€ 15,500
2016 AMI Term Facility I | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance	$ 19,390		$ 17,852
Fair Value	$ 19,390		$ 17,852
Annualized Weighted Average Interest Rate	1.75%	1.75%	1.75%
Credit facility borrowing capacity | €		€ 16,970
2016 AMI Term Facility II | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance	$ 15,124		$ 13,924
Fair Value	$ 15,124		$ 13,924
Annualized Weighted Average Interest Rate	2.00%	2.00%	2.00%
Credit facility borrowing capacity | €		€ 13,236

DEBT - Narrative (Detail)

DEBT - Narrative (Detail)	Mar. 11, 2016	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	May 27, 2016USD ($)	May 30, 2014USD ($)	Dec. 18, 2013USD ($)
Debt Instrument [Line Items]
Debt		$ 1,358,444,000		$ 1,352,447,000
Principal payments on debt		0	$ 200,000,000
2013 AMH Credit Facilities - Term Facility
Debt Instrument [Line Items]
Minimum carrying amount of assets under management		$ 40,000,000,000
Leverage ratio		4
Term Loan | 2013 AMH Credit Facilities - Term Facility
Debt Instrument [Line Items]
Debt							$ 750,000,000
Term Loan held by affiliate | 2013 AMH Credit Facilities - Term Facility
Debt Instrument [Line Items]
Debt							271,700,000
Debt face amount		$ 300,000,000
Debt interest rate		2.39%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt		$ 500,000,000
Leverage ratio		3.75
Revolving Credit Facility | 2013 AMH Credit Facilities - Term Facility
Debt Instrument [Line Items]
Debt							$ 500,000,000
Extension of debt	2 years
Commitment fee percent		0.125%
Line of Credit | 2013 AMH Credit Facilities - Term Facility
Debt Instrument [Line Items]
Debt		$ 299,599,000		299,543,000
Principal payments on debt		250,000,000
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Debt		495,422,000		495,165,000
Principal payments on debt		200,000,000
Debt face amount					$ 500,000,000
Debt interest rate					4.40%
Debt issuance price percent					99.912%
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Debt		$ 495,533,000		$ 495,208,000
Debt face amount						$ 500,000,000
Debt interest rate						4.00%
Debt issuance price percent						99.722%

DEBT - Debt Expense (Details)

DEBT - Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Interest expense	$ 13,195	$ 9,800	$ 26,194	$ 17,673
Line of Credit | 2013 AMH Term Facility
Debt Instrument [Line Items]
Interest expense	2,047	2,249	3,959	4,712
Line of Credit | AMI Term Facilities
Debt Instrument [Line Items]
Interest expense	357	274	653	521
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Interest expense	5,163	5,163	10,326	10,326
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Interest expense	$ 5,628	$ 2,114	$ 11,256	$ 2,114

NET INCOME PER CLASS A SHARE -

NET INCOME PER CLASS A SHARE - Basic and Diluted Net Income (Loss) Per Class A Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income attributable to Apollo Global Management, LLC Class A Shareholders	$ 86,908	$ 174,092	$ 232,104	$ 141,264
Distributions declared on Class A shares	(94,451)	(46,014)	(178,666)	(97,446)
Distributions on participating securities	(3,295)	(1,766)	(6,154)	(3,889)
Earnings allocable to participating securities	0	(4,959)	(1,760)	(1,766)
Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted	$ (10,838)	$ 121,353	$ 45,524	$ 38,163
Denominator:
Weighted average number of Class A shares outstanding: Basic and Diluted (in shares)	190,591,756	183,695,920	188,564,562	183,180,625
Net Income per Class A Share: Basic and Diluted
Distributed Income (in USD per share)	$ 0.49	$ 0.25	$ 0.94	$ 0.53
Undistributed Income (in USD per share)	(0.05)	0.66	0.25	0.21
Net Income per Class A Share: Basic and Diluted (in USD per share)	0.44	0.91		0.74
Earnings Per Share, Basic	$ 0.44	$ 0.91	$ 1.19	$ 0.74

NET INCOME PER CLASS A SHARE 63

NET INCOME PER CLASS A SHARE - Weighted Average Shares Issued (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted average vested/unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vested units (in shares)	224,100	1,333,695	728,892	2,238,242
Weighted average unvested units (in shares)	6,555,432	6,085,951	6,403,785	6,148,916
Weighted average unexercised options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unexercised options (in shares)	210,420	222,920	216,670	222,920
Weighted average AOG Units outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units (in shares)	211,895,190	216,065,719	213,591,049	216,117,787
Weighted average unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units (in shares)	244,503	90,130	159,432	94,633

NET INCOME PER CLASS A SHARE 64

NET INCOME PER CLASS A SHARE - Narrative (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)voteshares	Jun. 30, 2016	Dec. 31, 2016shares
Common Class A Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion ratio of AOG units (in shares)	1
Shares outstanding (in shares)	192,756,044		185,460,294
Common Class B Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion ratio of AOG units (in shares)	1
Shares outstanding (in shares)	1		1
Number of votes (in votes) | vote	1
Class B share net income (loss) | $	$ 0
Class B share distribution or liquidation rights (in shares)	0
Class B voting power, percent of voting rights	54.50%	60.80%

EQUITY-BASED COMPENSATION - Wei

EQUITY-BASED COMPENSATION - Weighted Average Discounts (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
2007 Omnibus Equity Incentive Plan, Plan Grants
Class of Stock [Line Items]
Discount for the lack of distributions until vested	13.50%	16.00%	11.20%	16.00%
Marketability discount for transfer restrictions	4.70%	6.10%	3.30%	6.10%
2007 Omnibus Equity Incentive Plan, Bonus Grants
Class of Stock [Line Items]
Marketability discount for transfer restrictions	2.30%	3.50%	2.30%	3.50%

EQUITY-BASED COMPENSATION - Sch

EQUITY-BASED COMPENSATION - Schedule or Description of Forfeiture Rate and Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 22,740	$ 34,038	$ 45,847	$ 48,040
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual forfeiture rate	4.00%	3.60%	7.60%	4.30%
Equity-based compensation	$ 16,670	$ 17,773	$ 33,701	$ 35,840
Athene Holding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual forfeiture rate	0.00%	0.10%	0.00%	0.50%
Equity-based compensation	$ 551	$ 12,382	$ 3,455	$ 5,348
Management Fees	$ 74	$ 12,295	$ 2,138	$ 5,164

EQUITY-BASED COMPENSATION - Uni

EQUITY-BASED COMPENSATION - Units and Award Activity (Detail) - RSUs	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Unvested
Beginning balance (in shares)	9,391,566
Granted (in shares)	1,085,468
Forfeited (in shares)	(795,911)
Vested (in shares)	(587,676)
Ending balance (in shares)	9,093,447
Weighted Average Grant Date Fair Value
Beginning of period (in USD per share) | $ / shares	$ 15.80
Granted (in USD per share) | $ / shares	20.42
Forfeited (in USD per share) | $ / shares	18.55
Issued (in USD per share) | $ / shares	18.54
Vested (in USD per share) | $ / shares	16.94
End of period (in USD per share) | $ / shares	$ 16.04
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	12,144,021
Granted (in shares)	1,085,468
Forfeited (in shares)	(795,911)
Issued (in shares)	(2,924,913)
Vested (in shares)	587,676
Ending balance (in shares)	9,508,665
Vesting period	2 years 3 months 4 days
Vested
Unvested
Vested (in shares)	(587,676)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	2,752,455
Issued (in shares)	(2,924,913)
Vested (in shares)	587,676
Ending balance (in shares)	415,218

EQUITY-BASED COMPENSATION - Rec

EQUITY-BASED COMPENSATION - Reconciliation of Equity-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 22,740	$ 34,038	$ 45,847	$ 48,040
Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			4,761	5,623
Less other equity-based compensation awards			(4,761)	(5,623)
Capital increase related to equity-based compensation			0	0
Total Apollo Global Management, LLC Shareholders’ Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			41,086	42,417
Less other equity-based compensation awards			(5,980)	(5,710)
Capital increase related to equity-based compensation			35,106	36,707
RSUs, share options and restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 36,709	$ 37,628
RSUs, share options and restricted share awards | Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non- Controlling Interest % in Apollo Operating Group			0.00%	0.00%
Equity-based compensation			$ 0	$ 0
RSUs, share options and restricted share awards | Total Apollo Global Management, LLC Shareholders’ Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			36,709	37,628
AHL Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 3,455	$ 5,348
AHL Awards | Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non- Controlling Interest % in Apollo Operating Group			52.10%	54.00%
Equity-based compensation			$ 1,800	$ 2,888
AHL Awards | Total Apollo Global Management, LLC Shareholders’ Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			1,655	2,460
Other equity-based compensation awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 5,683	$ 5,064
Other equity-based compensation awards | Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non- Controlling Interest % in Apollo Operating Group			52.10%	54.00%
Equity-based compensation			$ 2,961	$ 2,735
Other equity-based compensation awards | Total Apollo Global Management, LLC Shareholders’ Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			$ 2,722	$ 2,329

EQUITY-BASED COMPENSATION - Nar

EQUITY-BASED COMPENSATION - Narrative (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years 3 months 4 days
Fair value of grants	$ 22.2	$ 2
2007 Omnibus Equity Incentive Plan, Plan Grants | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years
2007 Omnibus Equity Incentive Plan, Bonus Grants | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting | 2007 Omnibus Equity Incentive Plan, Plan Grants | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum | Athene Holding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum | Athene Holding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	Apr. 28, 2017	Mar. 07, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Feb. 29, 2016
Class of Stock [Line Items]
Accumulated deficit adjustment amount					$ 24,284,000	$ 29,548,000
Authorized shares for repurchase (up to)								$ 250,000,000
Repurchases and cancelled amount						12,902,000
Number of shares issued (in shares)			11,000,000		11,000,000		0
Issuance of Preferred shares (net of issuance costs)					$ 264,398,000	0
Distribution paid			$ (4,772,000)	$ 0	$ (4,772,000)	$ 0
Common Class A Shares
Class of Stock [Line Items]
Authorized shares for repurchase (up to)								150,000,000
Authorized shares to be repurchased to satisfy obligations (up to)								$ 100,000,000
Repurchase and cancelled (in shares)					0	954,447
Series A Preferred Stock
Class of Stock [Line Items]
Number of shares issued (in shares)		11,000,000
Distribution rate per annum		6.375%
Issuance of Preferred shares (net of issuance costs)		$ 275,000,000
Increase to distribution rate		5.00%
Dividends declared (in dollars per share)	$ 0.433854
Accumulated Deficit
Class of Stock [Line Items]
Accumulated deficit adjustment amount					$ (24,284,000)	$ (29,557,000)
Additional Paid in Capital
Class of Stock [Line Items]
Accumulated deficit adjustment amount						(9,000)
Repurchases and cancelled amount						$ 12,902,000
Equity, Redemption, Period Two | Series A Preferred Stock
Class of Stock [Line Items]
Redemption price (in dollars per share)		$ 25
Equity, Redemption, Period One | Series A Preferred Stock
Class of Stock [Line Items]
Redemption price (in dollars per share)		$ 25.25
Required days notice					30 days
Number of days within occurrence					60 days

EQUITY - Disclosure of Share-ba

EQUITY - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Cash paid for settlement	$ 24,300	$ 29,600
RSUs
Class of Stock [Line Items]
Reduction of Class A shares issued (in shares)	1,067,648	2,090,121
Class A shares issued (in shares)	1,864,001	3,810,973
Gross value of shares	$ 66,402	$ 82,801

EQUITY - Schedule of Distributi

EQUITY - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	May 31, 2017	Apr. 28, 2017	Apr. 13, 2017	Feb. 28, 2017	Feb. 03, 2017	Nov. 30, 2016	Oct. 28, 2016	Aug. 31, 2016	Aug. 03, 2016	May 31, 2016	May 06, 2016	Feb. 29, 2016	Feb. 03, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Distribution per Class A Share (USD per share)														$ 0.49	$ 0.25	$ 0.94	$ 0.53
Distributions	$ 197.4		$ 20.5	$ 181.2		$ 140.3		$ 148.3		$ 100		$ 111.9				$ 399.1		$ 500.5
Distribution made (in dollars per share)			$ 0.10
Common Class A Shares
Class of Stock [Line Items]
Distribution per Class A Share (USD per share)		$ 0.49	$ 0		$ 0.45		$ 0.35		$ 0.37		$ 0.25		$ 0.28			$ 0.94		$ 1.25
Distributions	94.5		$ 0	84.2		64.9		68.4		46		51.4				$ 178.7		$ 230.7
Participating Security
Class of Stock [Line Items]
Distributions	3.3		0	2.9		2.1		2.4		1.8		2.1				6.2		8.4
Noncontrolling Interest
Class of Stock [Line Items]
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group	$ 102.9		$ 20.5	$ 97		$ 75.4		$ 79.9		$ 54		$ 60.5				$ 220.4		$ 269.8

EQUITY - Interests in Consolida

EQUITY - Interests in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income attributable to Non-Controlling Interests in consolidated entities:
Net Income attributable to Non-Controlling Interests	$ (101,262)	$ (241,711)	$ (311,096)	$ (199,978)
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income	192,942	415,803	547,972	341,242
Net income after Non-Controlling Interests in consolidated entities	(91,680)	(174,092)	(236,876)	(141,264)
Adjustments:
Income tax provision	(777)	37,988	38,384	32,841
NYC UBT and foreign tax benefit	976	(8,247)	(4,419)	(7,296)
Net income attributable to Preferred Shareholders	(4,772)	0	(4,772)	0
Total adjustments	(4,573)	29,740	29,195	25,564
Other comprehensive income (loss) attributable to Non-Controlling Interests	2,314	(1,717)	3,189	917
Comprehensive Income Attributable to Non-Controlling Interests	103,576	239,994	314,285	200,895
Interest in management companies and co-investment vehicle
Net income attributable to Non-Controlling Interests in consolidated entities:
Net Income attributable to Non-Controlling Interests	(760)	(2,462)	(1,627)	(4,544)
Other consolidated entities
Net income attributable to Non-Controlling Interests in consolidated entities:
Net Income attributable to Non-Controlling Interests	(3,775)	384	(6,292)	431
Consolidated Entities
Net income attributable to Non-Controlling Interests in consolidated entities:
Net Income attributable to Non-Controlling Interests	(4,535)	(2,078)	(7,919)	(4,113)
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income	183,834	443,465	569,248	362,693
Net income after Non-Controlling Interests in consolidated entities	(188,407)	(413,725)	(540,053)	(337,129)
Apollo Operating Group
Net income attributable to Non-Controlling Interests in consolidated entities:
Net Income attributable to Non-Controlling Interests	(96,727)	(239,633)	(303,177)	(195,865)
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income after Non-Controlling Interests in consolidated entities	$ 0	$ (1)	$ 2	$ 19
Adjustments:
Weighted average ownership percentage of Apollo Operating Group	52.60%	54.00%	53.10%	54.10%

RELATED PARTY TRANSACTIONS AN74

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from and Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Due from Related Parties:
Due from related parties	$ 282,502	$ 254,853
Due to Related Parties:
Due to related parties	612,772	638,126
Managing Partners
Due to Related Parties:
Due to related parties	518,486	506,542
Private Equity Segment
Due from Related Parties:
Due from related parties	33,182	19,089
Due to Related Parties:
Due to related parties	25,640	56,880
Portfolio companies
Due from Related Parties:
Due from related parties	44,354	34,339
Credit
Due from Related Parties:
Due from related parties	130,572	112,516
Due to Related Parties:
Due to related parties	68,364	66,859
Employees
Due from Related Parties:
Due from related parties	51,500	72,305
Due to Related Parties:
Due to related parties	0	7,564
Real Assets Segment
Due from Related Parties:
Due from related parties	22,894	16,604
Due to Related Parties:
Due to related parties	$ 282	$ 281

RELATED PARTY TRANSACTIONS AN75

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Narrative (Detail) - USD ($)	Mar. 15, 2017	Mar. 14, 2017	Apr. 30, 2015	Apr. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Percentage of amount of cash savings							15.00%
Period of payments pursuant to tax receivable agreement							15 years
Payments for tax receivable agreement							$ 17,895,000	$ 0
Interest paid							28,316,000	17,159,000
Loans to related party					$ 15,200,000		15,200,000		$ 26,100,000
Loans due upon liquidation of fund					32,100,000		32,100,000		39,300,000
Indemnity liability					7,500,000		$ 7,500,000		5,900,000
Management fee rate							0.40%
Asset threshold					6,221,920,000		$ 6,221,920,000		5,629,553,000
Carried interest payable rate							20.00%
Carried interest from AAA Investments' Investment in Athene					1,900,000	$ 30,000,000	$ 16,000,000	10,900,000
Carried interest receivable related to AAA investments					166,700,000		166,700,000		229,800,000
Profit sharing payable for AAA investment					$ 47,800,000		$ 47,800,000		$ 80,600,000
Economic interest					0.055%		0.055%		0.055%
Private Placement | Athene Holding
Related Party Transaction [Line Items]
Economic interest					26.20%		26.20%		39.40%
Private Equity Fund
Related Party Transaction [Line Items]
General partner obligation					$ 22,700,000		$ 22,700,000		$ 56,000,000
Credit
Related Party Transaction [Line Items]
General partner obligation					$ 60,600,000		$ 60,600,000		$ 60,600,000
Athene Holding
Related Party Transaction [Line Items]
Economic interest					8.80%		8.80%		8.90%
% of Ownership					0.50%		0.50%		0.90%
Athene Holding | Total Apollo Global Management, LLC Shareholders’ Equity
Related Party Transaction [Line Items]
% of Ownership					8.30%		8.30%		8.00%
AAA and AAA Guarantor - Athene L.P.
Related Party Transaction [Line Items]
% of Ownership					2.20%		2.20%		2.20%
AAA Investment Credit Agreement
Related Party Transaction [Line Items]
Maximum advance			$ 10,000,000
Commitment fee on advance			0.125%
Advances to affiliate					$ 4,000,000		$ 4,000,000		$ 4,000,000
Subsidiary of Common Parent
Related Party Transaction [Line Items]
Management fee rate							0.10%
Athene and Athene Life Re Ltd.
Related Party Transaction [Line Items]
Athene aggregate income earned by Apollo					$ 97,000,000	$ 238,700,000	$ 249,200,000	$ 210,900,000
Minimum
Related Party Transaction [Line Items]
Fund investment fee rates							0.00%
Carried interest payable rate							0.00%
Maximum
Related Party Transaction [Line Items]
Fund investment fee rates							1.75%
Carried interest payable rate							20.00%
LIBOR | AAA Investment Credit Agreement
Related Party Transaction [Line Items]
Spread on advance			1.50%
Tax Receivable Agreement
Related Party Transaction [Line Items]
Payments for tax receivable agreement				$ 17,900,000
Pro rata distribution				$ 20,500,000
Partners' Capital, Distribution Amount Per Share				$ 0.10
Managing Partners
Related Party Transaction [Line Items]
Percentage of amount of cash savings							85.00%
Athene Holding | Revised Fee Agreement
Related Party Transaction [Line Items]
Management fee rate	0.30%	0.40%
Asset threshold									65,846,000,000
Athene Holding | Amended Sub-Advisory Fee Agreement
Related Party Transaction [Line Items]
Management fee rate	0.35%						0.40%
Asset threshold									12,400,000,000
Assets explicitly sub-advised (up to)	$ 10,000,000,000
Athene Holding | Amended Sub-Advisory Fee Agreement | Maximum
Related Party Transaction [Line Items]
Asset threshold									$ 16,000,000,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Detail) $ / shares in Units, $ in Thousands, € in Millions

Aug. 03, 2017EUR (€)

Jun. 20, 2016EUR (€)

May 06, 2016litigation

Mar. 15, 2016litigation

Jul. 21, 2015defendant

Jan. 12, 2015plaintiff

Jan. 21, 2014litigation

Jun. 30, 2017USD ($)underwriting_commitment

Jun. 30, 2016USD ($)

Jun. 30, 2017USD ($)litigationunderwriting_commitment

Jun. 30, 2016USD ($)

Aug. 04, 2017USD ($)

May 09, 2017shares

Dec. 31, 2016USD ($)

Dec. 12, 2016USD ($)

Oct. 04, 2016

Aug. 22, 2016shares

May 23, 2016shares

Apr. 12, 2016$ / shares

Apr. 11, 2016$ / shares

Sep. 03, 2014USD ($)

Long-term Purchase Commitment [Line Items]

Unfunded capital commitments

$ 1,500,000

$ 1,500,000

$ 600,000

Number of suits (in litigation) | litigation

4

2

Amount of loans

1,358,444

$ 1,358,444

1,352,447

Expenses related to non-cancellable contractual obligations

$ 10,100

$ 10,000

$ 20,400

$ 20,100

Underwriting commitment | underwriting_commitment

75,000,000

75,000,000

Fair value of the contingent obligation

$ 86,900

$ 86,900

$ 106,300

re: Caesars Entertainment Operating Company, Inc. bankruptcy proceedings, No. 15-10047 and No. 15-01145

Long-term Purchase Commitment [Line Items]

Number of plaintiffs (in plaintiff) | plaintiff

3

In Re Apollo Residential Mortgage, Inc. Shareholder Litigation, Case No.: 24-C-16-002610

Long-term Purchase Commitment [Line Items]

Number of suits (in litigation) | litigation

3

Dolores Balint v. The Fresh Market, Inc., et. al., Case No. 16-CVS-4144

Long-term Purchase Commitment [Line Items]

Number of suits (in litigation) | litigation

2

The Fresh Market, Inc., Case No. 12372-VCG (the “Appraisal Action”)

Long-term Purchase Commitment [Line Items]

Shares, Outstanding | shares

9,700

In re Apollo Education Group, Inc. Shareholder Litigation, Lead Case No. CV2016-001905 (Ariz. Super. Ct.)

Long-term Purchase Commitment [Line Items]

Price per share (in dollars per share) | $ / shares

$ 10

$ 9.50

United States District Court Middle District Of Florida, AGM, Gareth Turner And Mark Beith | Subsequent Event

Long-term Purchase Commitment [Line Items]

Damages sought | €

€ 14

The Fresh Market Inc | Hudson Bay Master Fund, Ltd. and Brigade Leveraged Capital Structures Fund, Ltd. v. The Fresh Market, Inc., Case No. 12372-VCG

Long-term Purchase Commitment [Line Items]

Common stock outstanding held by plaintiff (in shares) | shares

1,660,000

The Fresh Market Inc | Verition Multi-Strategy Master Ltd. and Verition Partners Master Fund Ltd. v. The Fresh Market, Inc.

Long-term Purchase Commitment [Line Items]

Common stock outstanding held by plaintiff (in shares) | shares

1,198,318

Caesars Entertainment Corp | Wilmington Trust, National Association v. Caesars Entertainment Corp., No. 15-cv-08280

Long-term Purchase Commitment [Line Items]

Percent in dollar amount

90.00%

Caesars Entertainment Corp | Meehancombs Global Credit Opportunities Master Fund, L.P., et al. v. Caesars Entertainment Corp., et al., No. 14-cv-7091

Long-term Purchase Commitment [Line Items]

CEOC debt

$ 137,000

Director | CEC Entertainment, Inc. Stockholder Litigation, Case No. 14C57

Long-term Purchase Commitment [Line Items]

Number of defendants | defendant

2

Sale of Insurance Business | Court of Genoa (Italy) (No. 8965/2016)

Long-term Purchase Commitment [Line Items]

Damages sought | €

€ 450

Other Losses | Court of Genoa (Italy) (No. 8965/2016)

Long-term Purchase Commitment [Line Items]

Damages sought | €

€ 800

Unfunded Loan Commitment

Long-term Purchase Commitment [Line Items]

Unfunded capital commitments

$ 153,100

$ 153,100

Unfunded Loan Commitment | Subsequent Event

Long-term Purchase Commitment [Line Items]

Unfunded capital commitments

$ 18,200

Notes due 2016 10.75% [Member]

Long-term Purchase Commitment [Line Items]

Percent in dollar amount

10.75%

10.75%

Loan Agreements 2011 | Core Litigation Trust v. Apollo Global Management, LLC, et al., Case No. BC 643732

Long-term Purchase Commitment [Line Items]

Amount of loans

$ 360,000

COMMITMENTS AND CONTINGENCIES77

COMMITMENTS AND CONTINGENCIES - Summary of Approximate Aggregate Minimum Future Payments Required for Operating Leases (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2,017	$ 17,101
2,018	31,347
2,019	30,400
2,020	13,664
2,021	4,757
Thereafter	6,955
Total	$ 104,224

COMMITMENTS AND CONTINGENCIES78

COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Detail) - Management and Consulting Payable $ in Thousands	Jun. 30, 2017USD ($)
Other Commitments [Line Items]
Remaining 2,017	$ 15,833
2,018	7,777
2,019	3,506
2,020	1,936
2,021	1,936
Thereafter	1,603
Total	$ 32,591

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of segments	3

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenues:
Management fees from related parties	$ 281,305	$ 267,063	$ 550,848	$ 500,858
Advisory and transaction fees from related parties, net	23,629	64,899	38,696	72,898
Carried interest income from related parties:
Total carried interest income from related parties	127,938	328,485	486,879	207,517
Total Revenues	432,872	660,447	1,076,423	781,273
Compensation and benefits:
Salary, bonus and benefits	105,545	100,188	207,158	197,422
Equity-based compensation	22,740	34,038	45,847	48,040
Profit sharing expense:
Total profit sharing expense	58,059	127,220	202,383	89,615
Total Compensation and Benefits	186,344	261,446	455,388	335,077
Non-compensation expenses:
General, administrative and other	59,729	70,088	121,769	128,719
Placement fees	5,258	2,064	7,163	3,828
Total Expenses	264,526	343,398	610,514	485,297
Other Income (Loss):
Income from equity method investments	16,836	44,960	55,389	41,143
Net gains (losses) from investment activities	(513)	89,010	34,004	32,541
Other income (loss), net	742	778	19,389	525
Total Other Income	23,819	136,742	120,447	78,107
Total Assets	6,221,920		6,221,920		$ 5,629,553
Private Equity Segment
Revenues:
Management fees from related parties	77,275	76,518	154,673	151,436
Advisory and transaction fees from related parties, net	19,302	58,301	31,074	61,014
Carried interest income from related parties:
Unrealized	(98,372)	207,845	65,247	61,510
Realized	136,497	266	291,958	266
Total carried interest income from related parties	38,125	208,111	357,205	61,776
Total Revenues	134,702	342,930	542,952	274,226
Compensation and benefits:
Salary, bonus and benefits	30,294	31,564	61,763	63,638
Equity-based compensation	7,704	6,765	14,799	14,150
Profit sharing expense:
Unrealized	(34,983)	67,543	20,033	10,169
Realized	53,137	132	128,389	132
Realized: Equity-based	462		462
Total profit sharing expense	18,616	67,675	148,884	10,301
Total Compensation and Benefits	56,614	106,004	225,446	88,089
Non-compensation expenses:
General, administrative and other	16,617	20,551	33,977	36,282
Placement fees	1,341	1,085	1,475	2,079
Total non-compensation expenses	17,958	21,636	35,452	38,361
Total Expenses	74,572	127,640	260,898	126,450
Other Income (Loss):
Income from equity method investments	10,348	31,410	42,076	217
Net gains (losses) from investment activities	(100)	6,457	3,296	(5,680)
Net interest expense	(4,336)	(3,252)	(8,578)	25,927
Other income (loss), net	781	341	18,571	2,351
Total Other Income	6,693	34,956	55,365	22,815
Non-Controlling Interests	0	0	0	0
Economic Income (Loss)	66,823	250,246	337,419	170,591
Total Assets	2,276,050		2,276,050
Credit Segment
Revenues:
Management fees from related parties	169,856	151,252	328,198	293,763
Advisory and transaction fees from related parties, net	3,709	3,036	6,265	7,446
Carried interest income from related parties:
Unrealized	26,921	80,397	33,243	59,218
Realized	57,119	40,046	88,055	85,198
Total carried interest income from related parties	84,040	120,443	121,298	144,416
Total Revenues	257,605	274,731	455,761	445,625
Compensation and benefits:
Salary, bonus and benefits	59,244	54,709	114,126	106,321
Equity-based compensation	9,228	8,300	18,330	16,860
Profit sharing expense:
Unrealized	12,927	33,954	15,142	24,817
Realized	23,080	23,215	36,525	53,776
Realized: Equity-based	582		869
Total profit sharing expense	36,589	57,169	52,536	78,593
Total Compensation and Benefits	105,061	120,178	184,992	201,774
Non-compensation expenses:
General, administrative and other	31,760	35,546	63,850	66,032
Placement fees	3,918	683	5,688	1,390
Total non-compensation expenses	35,678	36,229	69,538	67,422
Total Expenses	140,739	156,407	254,530	269,196
Other Income (Loss):
Income from equity method investments	5,856	12,940	12,339	13,788
Net gains (losses) from investment activities	(299)	82,041	30,795	29,648
Net interest expense	(6,484)	(4,715)	(13,006)	(8,370)
Other income (loss), net	(241)	(127)	570	(535)
Total Other Income	(1,168)	90,139	30,698	34,531
Non-Controlling Interests	(559)	(2,175)	(1,493)	(4,560)
Economic Income (Loss)	115,139	206,288	230,436	206,400
Total Assets	2,655,434		2,655,434
Real Assets Segment
Revenues:
Management fees from related parties	19,777	13,863	36,090	27,367
Advisory and transaction fees from related parties, net	618	3,562	1,357	4,438
Carried interest income from related parties:
Unrealized	926	(1,737)	3,530	(5,114)
Realized	5,175	1,668	5,239	6,439
Total carried interest income from related parties	6,101	(69)	8,769	1,325
Total Revenues	26,496	17,356	46,216	33,130
Compensation and benefits:
Salary, bonus and benefits	9,022	8,249	17,392	16,933
Equity-based compensation	634	657	1,182	1,432
Profit sharing expense:
Unrealized	(70)	(661)	1,964	(1,832)
Realized	2,866	550	2,892	4,178
Realized: Equity-based	0		0
Total profit sharing expense	2,796	(111)	4,856	2,346
Total Compensation and Benefits	12,452	8,795	23,430	20,711
Non-compensation expenses:
General, administrative and other	5,297	5,421	9,779	11,565
Placement fees	0	21	0	21
Total non-compensation expenses	5,297	5,442	9,779	11,586
Total Expenses	17,749	14,237	33,209	32,297
Other Income (Loss):
Income from equity method investments	1,015	356	2,018	1,132
Net gains (losses) from investment activities	0	0	0	0
Net interest expense	(1,247)	(919)	(2,471)	(1,727)
Other income (loss), net	240	44	303	15
Total Other Income	8	(519)	(150)	(580)
Non-Controlling Interests	0	0	0	0
Economic Income (Loss)	8,755	2,600	12,857	253
Total Assets	212,255		212,255
Total Reportable Segments
Revenues:
Management fees from related parties	266,908	241,633	518,961	472,566
Advisory and transaction fees from related parties, net	23,629	64,899	38,696	72,898
Carried interest income from related parties:
Unrealized	(70,525)	286,505	102,020	115,614
Realized	198,791	41,980	385,252	91,903
Total carried interest income from related parties	128,266	328,485	487,272	207,517
Total Revenues	418,803	635,017	1,044,929	752,981
Compensation and benefits:
Salary, bonus and benefits	98,560	94,522	193,281	186,892
Equity-based compensation	17,566	15,722	34,311	32,442
Profit sharing expense:
Unrealized	(22,126)	100,836	37,139	33,154
Realized	79,083	23,897	167,806	58,086
Realized: Equity-based	1,044		1,331
Total profit sharing expense	58,001	124,733	206,276	91,240
Total Compensation and Benefits	174,127	234,977	433,868	310,574
Non-compensation expenses:
General, administrative and other	53,674	61,518	107,606	113,879
Placement fees	5,259	1,789	7,163	3,490
Total non-compensation expenses	58,933	63,307	114,769	117,369
Total Expenses	233,060	298,284	548,637	427,943
Other Income (Loss):
Income from equity method investments	17,219	44,706	56,433	40,847
Net gains (losses) from investment activities	(399)	88,498	34,091	31,999
Net interest expense	(12,067)	(8,886)	(24,055)	(15,777)
Other income (loss), net	780	258	19,444	(303)
Total Other Income	5,533	124,576	85,913	56,766
Non-Controlling Interests	(559)	(2,175)	(1,493)	(4,560)
Economic Income (Loss)	190,717	$ 459,134	580,712	$ 377,244
Total Assets	$ 5,143,739		$ 5,143,739		$ 4,694,643

SEGMENT REPORTING - Table Footn

SEGMENT REPORTING - Table Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 432,872	$ 660,447	$ 1,076,423	$ 781,273
Total Expenses	264,526	343,398	610,514	485,297
Total Other Income	23,819	136,742	120,447	78,107
Income before income tax provision	192,165	453,791	586,356	374,083
Net Income attributable to Non-Controlling Interests	(101,262)	(241,711)	(311,096)	(199,978)
Assets	6,221,920		6,221,920		$ 5,629,553
Segment Reconciling Items
Segment Reporting Information [Line Items]
Revenues, Equity awards granted by unconsolidated related parties and reimbursable expenses	(15,179)	(28,092)	(33,402)	(33,058)
Revenues, Adjustments related to consolidated funds and VIEs	1,110	1,211	1,908	1,863
Revenues, Other	0	1,451	0	2,903
Equity awards granted by unconsolidated related parties and reimbursable expenses	(15,179)	(28,209)	(33,402)	(33,292)
Transaction-related compensation charges	(1,549)	(4,896)	1,134	(2,523)
Reclassification of interest expenses	(13,195)	(9,800)	(26,194)	(17,673)
Amortization of transaction-related intangibles	(1,538)	(2,346)	(3,410)	(4,396)
Expenses, Other	(5)	137	(5)	530
Reclassification of interest expense	(13,195)	(9,800)	(26,194)	(17,673)
Adjustments related to consolidated funds and VIEs	(4,890)	(904)	(8,206)	(1,542)
Other	(201)	(1,462)	(134)	(2,126)
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues	418,803	635,017	1,044,929	752,981
Total Expenses	233,060	298,284	548,637	427,943
Total Other Income	5,533	124,576	85,913	56,766
Economic Income	190,717	459,134	580,712	377,244
Assets	5,143,739		5,143,739		4,694,643
Intersegment Eliminations
Segment Reporting Information [Line Items]
Assets	1,078,181		1,078,181		$ 934,910
Parent Company
Segment Reporting Information [Line Items]
Total Other Income	(1,448)	5,343	(5,644)	3,161
Net Income attributable to Non-Controlling Interests	(4,535)	(2,078)	(7,919)	(4,113)
Transaction-related charges	$ 3,087	$ 7,421	$ 2,275	$ 7,274

SUBSEQUENT EVENTS (Detail)

SUBSEQUENT EVENTS (Detail) - $ / shares

Aug. 02, 2017

Apr. 28, 2017

Apr. 13, 2017

Feb. 03, 2017

Oct. 28, 2016

Aug. 03, 2016

May 06, 2016

Feb. 03, 2016

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Dec. 31, 2016

Subsequent Event [Line Items]

Distributions declared per Class A Share (USD per share)

$ 0.49

$ 0.25

$ 0.94

$ 0.53

Common Class A Shares

Subsequent Event [Line Items]

Distributions declared per Class A Share (USD per share)

$ 0.49

$ 0

$ 0.45

$ 0.35

$ 0.37

$ 0.25

$ 0.28

$ 0.94

$ 1.25

Common Class A Shares | Subsequent Event

Subsequent Event [Line Items]

Distributions declared per Class A Share (USD per share)

$ 0.52

Series A Preferred Stock | Subsequent Event

Subsequent Event [Line Items]

Distributions declared per Class A Share (USD per share)

$ 0.3984375