Apollo Global Management (APO-PA) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-35107
Entity Registrant Name	APOLLO GLOBAL MANAGEMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8880053
Entity Address, Address Line One	9 West 57th Street,
Entity Address, Address Line Two	43rd Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001411494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	APO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		228,834,099
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series A Preferred Stock
Trading Symbol	APO.PR A
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series B Preferred Stock
Trading Symbol	APO.PR B
Security Exchange Name	NYSE
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 647,784	$ 1,556,202
Restricted cash	19,764	19,779
U.S. Treasury securities, at fair value	864,749	554,387
Investments (includes performance allocations of $1,507,571 and $1,507,571 as of March 31, 2020 and December 31, 2019, respectively)	2,504,676	3,609,859
Assets of consolidated variable interest entities:
Cash and cash equivalents	629,097
Other assets	245,786	326,449
Incentive fees receivable	864	2,414
Due from related parties	644,320	415,069
Deferred tax assets, net	875,598	473,165
Other assets	245,786	326,449
Lease assets	186,225	190,696
Goodwill	93,911	93,911
Total Assets	16,322,797	8,542,117
Liabilities:
Accounts payable and accrued expenses	100,229	94,364
Accrued compensation and benefits	66,813	64,393
Deferred revenue	128,087	84,639
Due to related parties	1,339,085	501,387
Profit sharing payable	341,030	758,669
Debt	2,651,232	2,650,600
Liabilities of consolidated variable interest entities:
Other liabilities	60,242	210,740
Other liabilities	60,242	210,740
Lease liabilities	206,721	209,479
Total Liabilities	12,823,763	5,503,990
Commitments and Contingencies (see note 15)
Apollo Global Management, Inc. stockholders’ equity:
Additional paid in capital	1,085,949	1,302,587
Accumulated deficit	(1,075,323)	0
Accumulated other comprehensive loss	(8,201)	(4,578)
Total Apollo Global Management, Inc. Stockholders’ equity	556,638	1,852,222
Total Stockholders’ Equity	3,499,034	3,038,127
Total Liabilities and Stockholders’ Equity	16,322,797	8,542,117
Consolidated Entities Excluding VIE
Apollo Global Management, Inc. stockholders’ equity:
Non-Controlling Interests	2,122,281	281,904
Series A Preferred Stock
Apollo Global Management, Inc. stockholders’ equity:
Preferred stock	264,398	264,398
Series B Preferred Stock
Apollo Global Management, Inc. stockholders’ equity:
Preferred stock	289,815	289,815
Class A Common Stock
Apollo Global Management, Inc. stockholders’ equity:
Common stock	0	0
Class B Common Stock
Apollo Global Management, Inc. stockholders’ equity:
Common stock	0	0
Class C Common Stock
Apollo Global Management, Inc. stockholders’ equity:
Common stock	0	0
Apollo Operating Group
Apollo Global Management, Inc. stockholders’ equity:
Non-Controlling Interests	820,115	904,001
Consolidated Variable Interest Entities
Assets of consolidated variable interest entities:
Cash and cash equivalents	629,097	45,329
Investments, at fair value	9,439,251	1,213,169
Other assets	170,772	41,688
Other assets	170,772	41,688
Liabilities of consolidated variable interest entities:
Debt, at fair value	5,099,484	850,147
Notes payable	1,862,206	0
Other liabilities	968,634	79,572
Other liabilities	$ 968,634	$ 79,572

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Performance allocations	$ 371,707	$ 1,507,571
Series A Preferred Share
Preferred stock, shares issued (in shares)		11,000,000
Preferred stock, shares outstanding (in shares)		11,000,000
Series A Preferred Stock
Preferred stock, shares issued (in shares)	11,000,000
Preferred stock, shares outstanding (in shares)	11,000,000
Series B Preferred Share
Preferred stock, shares issued (in shares)		12,000,000
Preferred stock, shares outstanding (in shares)		12,000,000
Series B Preferred Stock
Preferred stock, shares issued (in shares)	12,000,000
Preferred stock, shares outstanding (in shares)	12,000,000
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000,000	90,000,000,000
Shares issued (in shares)	228,834,099	222,994,407
Shares outstanding (in shares)	228,834,099	222,994,407
Class B Common Stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	999,999,999	999,999,999
Shares issued (in shares)	1	1
Shares outstanding (in shares)	1	1
Class C Common Stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1	1
Shares issued (in shares)	1	1
Shares outstanding (in shares)	1	1

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Performance allocations	$ (1,734,323)	$ 251,497
Principal investment income	(187,849)	26,025
Total investment income (loss)	(1,922,172)	277,522
Total Revenues	(1,469,086)	677,777
Compensation and benefits:
Salary, bonus and benefits	139,269	119,163
Equity-based compensation	52,122	45,077
Profit sharing expense	(635,998)	123,447
Total compensation and benefits	(444,607)	287,687
Interest expense	31,242	19,108
General, administrative and other	84,522	71,662
Placement fees	409	(440)
Total Expenses	(328,434)	378,017
Other Income (Loss):
Net gains (losses) from investment activities	(1,264,551)	18,829
Net gains from investment activities of consolidated variable interest entities	(165,920)	9,466
Interest income	7,934	7,076
Other income (loss), net	(16,507)	90
Total Other Income (Loss)	(1,439,044)	35,461
Income before income tax (provision) benefit	(2,579,696)	335,221
Income tax (provision) benefit	295,853	(19,654)
Net Income	(2,283,843)	315,567
Net income attributable to Non-Controlling Interests	1,287,625	(166,510)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	(996,218)	149,057
Management fees
Revenues:
Revenues	396,604	380,026
Advisory and transaction fees, net
Revenues:
Revenues	36,963	19,569
Incentive fees
Revenues:
Revenues	19,519	660
Series A Preferred Stock
Other Income (Loss):
Preferred Stock Dividends	(4,383)	(4,383)
Series B Preferred Stock
Other Income (Loss):
Preferred Stock Dividends	(4,781)	(4,781)
Class A Common Stock
Other Income (Loss):
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$ (1,005,382)	$ 139,893
Net Income Per Share of Class A Common Stock:
Net Income (Loss) Available to Class A Common Stock – Basic (in USD per share)	$ (4.47)	$ 0.67
Net Income (Loss) Available to Class A Common Stock – Diluted (in USD per share)	$ (4.47)	$ 0.67
Weighted Average Number of Shares of Class A Common Stock Outstanding – Basic (in shares)	226,757,519	200,832,323
Weighted Average Number of Shares of Class A Common Stock Outstanding – Diluted (in shares)	226,757,519	200,832,323

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ (2,283,843)	$ 315,567
Other Comprehensive Income, net of tax:
Currency translation adjustments, net of tax	(5,815)	(7,001)
Net gain (loss) from change in fair value of cash flow hedge instruments	51	26
Net gain (loss) on available-for-sale securities	(4,900)	(82)
Total Other Comprehensive Income (Loss), net of tax	(10,664)	(7,057)
Comprehensive Income (Loss)	(2,294,507)	308,510
Comprehensive Income attributable to Non-Controlling Interests	1,294,666	(160,104)
Comprehensive Income (Loss) Attributable to Apollo Global Management, Inc.	$ (999,841)	$ 148,406

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Common Stock	Common StockClass A Common Share	Common StockClass B Common Share	Common StockClass A Common Stock	Common StockClass B Common Stock	Common StockClass C Common Stock	Preferred StockSeries A Preferred Share	Preferred StockSeries B Preferred Share	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Additional Paid in Capital	Retained Earnings (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
Balance, beginning of period (in shares) at Dec. 31, 2018			201,400,500	1
Balance, beginning of period at Dec. 31, 2018	$ 2,451,840							$ 264,398	$ 289,815			$ 1,299,418	$ (473,276)	$ (4,159)	$ 1,376,196	$ 271,522	$ 804,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase related to equity-based compensation	34,024											34,024			34,024
Dividends/Distributions	(242,099)							(4,383)	(4,781)			(118,304)			(127,468)	(1,373)	(113,258)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)			2,202,200
Payments related to issuances of Class A Common Stock for equity-based awards	(37,801)											1,392	(39,193)		(37,801)
Repurchase of Class A Common Stock (in shares)		(2,354,001)	(2,327,282)
Repurchase of Class A Common Stock	(72,316)	$ (69,400)										(72,316)			(72,316)
Exchange of AOG Units for Class A Common Stock (in shares)			100,000
Exchange of AOG Units for Class A Common Stock	82											450			450		(368)
Net Income	315,567							4,383	4,781				139,893		149,057	8,662	157,848
Currency translation adjustments, net of tax	(7,001)													(623)	(623)	(5,666)	(712)
Net gain (loss) from change in fair value of cash flow hedge instruments	26													13	13		13
Net gain (loss) on available-for-sale securities	(82)													(41)	(41)		(41)
Balance, end of period (in shares) at Mar. 31, 2019			201,375,418	1
Balance, end of period at Mar. 31, 2019	2,442,240							$ 264,398	$ 289,815			1,144,664	(372,576)	(4,810)	1,321,491	273,145	847,604
Balance, beginning of period (in shares) at Dec. 31, 2019					222,994,407	1	1
Balance, beginning of period at Dec. 31, 2019	3,038,127									$ 264,398	$ 289,815	1,302,587	0	(4,578)	1,852,222	281,904	904,001
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity transaction with Athene Holding	1,159,709											(54,868)			(54,868)		1,214,577
Noncontrolling Interest, Increase from Business Combination	1,895,095															1,895,095
Dilution impact of issuance of Class A Common Stock	8,203											8,203			8,203
Capital increase related to equity-based compensation	45,691											45,691			45,691
Capital contributions	143,027															143,027
Dividends/Distributions	(406,588)									(4,383)	(4,781)	(212,849)	0		(222,013)	(28,937)	(155,638)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)					2,796,287
Payments related to issuances of Class A Common Stock for equity-based awards	(39,567)											30,374	(69,941)		(39,567)
Repurchase of Class A Common Stock (in shares)		(2,194,095)			(2,194,095)
Repurchase of Class A Common Stock	(64,205)	$ (64,200)										(64,205)			(64,205)
Exchange of AOG Units for Class A Common Stock (in shares)					5,237,500
Exchange of AOG Units for Class A Common Stock	14,049											31,016			31,016		(16,967)
Net Income	(2,283,843)									4,383	4,781		(1,005,382)		(996,218)	(164,409)	(1,123,216)
Currency translation adjustments, net of tax	(5,815)													(797)	(797)	(4,399)	(619)
Net gain (loss) from change in fair value of cash flow hedge instruments	51													28	28		23
Net gain (loss) on available-for-sale securities	(4,900)													(2,854)	(2,854)		(2,046)
Balance, end of period (in shares) at Mar. 31, 2020					228,834,099	1	1
Balance, end of period at Mar. 31, 2020	$ 3,499,034									$ 264,398	$ 289,815	$ 1,085,949	$ (1,075,323)	$ (8,201)	$ 556,638	$ 2,122,281	$ 820,115

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net Income	$ (2,283,843)	$ 315,567
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	52,122	45,077
Depreciation and amortization	4,478	3,644
Unrealized (gains) losses from investment activities	1,267,569	(16,917)
Principal investment income	187,849	(26,025)
Performance allocations	1,734,323	(251,497)
Change in fair value of contingent obligations	(23,163)	3,328
Deferred taxes, net	(311,173)	15,032
Non-cash lease expense	14,136	6,666
Other non-cash amounts included in net income, net	9,440	(6,427)
Cash flows due to changes in operating assets and liabilities:
Incentive fees receivable	1,550	6,792
Due from related parties	(231,184)	(4,527)
Accounts payable and accrued expenses	5,865	12,888
Accrued compensation and benefits	2,420	(13,030)
Deferred revenue	44,290	73,203
Due to related parties	(642)	(1,285)
Profit sharing payable	(381,825)	66,710
Lease liability	(12,423)	(7,056)
Other assets and other liabilities, net	(29,929)	(13,153)
Cash distributions of earnings from principal investments	6,459	12,956
Cash distributions of earnings from performance allocations	174,471	81,482
Satisfaction of contingent obligations	(12,651)	(1,315)
Apollo Fund and VIE related:
Net Cash Provided by Operating Activities	867,614	292,101
Cash Flows from Investing Activities:
Purchases of fixed assets	(18,168)	(4,898)
Proceeds from sale of investments	8,412	1,059
Purchase of investments	(381,404)	(15,048)
Purchase of U.S. Treasury securities	(1,056,827)	(541,530)
Proceeds from maturities of U.S. Treasury securities	740,043	229,322
Cash contributions to equity method investments	(82,499)	(62,727)
Cash distributions from equity method investments	31,323	19,556
Issuance of related party loans	(150)	(450)
Other investing activities	(118)	108
Net Cash Used in Investing Activities	(759,388)	(374,608)
Cash Flows from Financing Activities:
Principal repayments of debt	(16,990)	(29)
Dividends to Preferred Stockholders	(9,164)	(9,164)
Issuance of debt	18,756	550,000
Repurchase of Class A Common Stock	(64,205)	(72,316)
Payments related to deliveries of Class A Common Stock for RSUs	(69,941)	(39,193)
Dividends paid	(212,849)	(118,304)
Distributions paid to Non-Controlling Interests in Apollo Operating Group	(155,638)	(113,258)
Other financing activities	(1,871)	(6,760)
Apollo Fund and VIE related:
Principal repayment of debt	(16,990)	(29)
Net Cash Provided by (Used in) Financing Activities	(432,891)	190,976
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities	(324,665)	108,469
Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities, Beginning of Period	1,621,310	662,875
Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities, End of Period	1,296,645	771,344
Supplemental Disclosure of Cash Flow Information:
Interest paid	28,243	7,991
Interest paid by consolidated variable interest entities	92,731	3,599
Income taxes paid	10,559	2,639
Supplemental Disclosure of Non-Cash Investing Activities:
Non-cash distributions from principal investments	(586)	0
Non-cash purchases of other investments, at fair value	1,153,316	0
Non-cash loss on Athene equity swap	(61,261)	0
Supplemental Disclosure of Non-Cash Financing Activities:
Capital increases related to equity-based compensation	45,691	34,024
Issuance of restricted shares	30,374	1,392
Non-cash issuance of AOG units to Athene	1,214,577	0
Other non-cash financing activities	8,203	0
Net Assets Transferred from Consolidated Variable Interest Entity:
Investments, at fair value	9,061,907	0
Other assets	130,907	0
Debt, at fair value	(6,829,326)	0
Other liabilities	(967,575)	0
Non-Controlling interest in consolidated entities related to acquisition	(1,898,067)	0
Adjustments related to exchange of Apollo Operating Group units:
Deferred tax assets	76,580	546
Due to related parties	(62,531)	(464)
Additional paid in capital	(14,049)	(82)
Non-Controlling Interest in Apollo Operating Group	16,967	368
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Total Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	1,296,645	771,344
Consolidated Variable Interest Entities
Apollo Fund and VIE related:
Net realized and unrealized gains from investing activities and debt	445,326	(8,994)
Cash transferred from consolidated VIEs	502,153	0
Purchases of investments	(590,234)	(80,004)
Proceeds from sale of investments	523,770	77,099
Changes in other assets and other liabilities, net	(231,540)	1,887
Cash Flows from Financing Activities:
Principal repayments of debt	(621,273)	0
Issuance of debt	504,420	0
Apollo Fund and VIE related:
Principal repayment of debt	(621,273)	0
Issuances of debt within other liabilities of consolidated VIEs	80,474	0
Distributions paid to Non-Controlling Interests in consolidated entities	(27,651)	0
Contributions from Non-Controlling Interests in consolidated entities	$ 143,041	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Apollo Global Management, Inc. (“AGM Inc.”, 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 credit, private equity 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, incentive fees and performance allocations related to the performance of the respective funds that it manages. Apollo has three primary business segments: • Credit —primarily invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; • Private equity —primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments; and • Real assets —primarily invests in (i) real estate equity and infrastructure equity for the acquisition and recapitalization of real estate and infrastructure assets, portfolios, platforms and operating companies, (ii) real estate and infrastructure debt including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities and (iii) European performing and non-performing loans, and unsecured consumer loans. Organization of the Company Effective September 5, 2019, AGM Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). The Company was formed as a Delaware limited liability company on July 3, 2007, and, until the Conversion, was managed by AGM Management, LLC, which is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, its Managing Partners. As of March 31, 2020 , the Company owned, through six intermediate holding companies, 52.9% 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 entities that comprise the Apollo Operating Group. As of March 31, 2020 , Holdings owned 40.4% 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. Impact from Novel Coronavirus Pandemic The pandemic resulting from the novel coronavirus (“COVID-19”) and the actions taken in response have caused severe disruption to the global economy and financial markets. In line with public equity and credit indices, Apollo has experienced significant unrealized mark-to-market losses in its underlying funds from the reversal of previously earned performance allocations and principal investment losses from mark-to-market adjustments to the general partner investments in the funds Apollo manages. Athene and Apollo Strategic Transaction On February 28, 2020, pursuant to a transaction agreement (the “Transaction Agreement”) between Athene Holding, AGM Inc. and the entities that form the Apollo Operating Group, the Apollo Operating Group issued 29,154,519 non-voting equity interests of the Apollo Operating Group to Athene Holding. As a result, as of March 31, 2020 , Athene Holding owned 6.7% of the economic interests in the Apollo Operating Group. See note 14 for further disclosure regarding the Transaction Agreement. We recorded unrealized net losses from our investment in Athene Holding from the combined impact of COVID-19 related market dislocation and the discount due to a lack of marketability (“DLOM”). See note 6 for further disclosure regarding the DLOM. As noted further in note 14 , Apollo purchased a 17% incremental equity ownership stake in Athene, bringing Apollo’s beneficial ownership in Athene to 28.0% . This has resulted in Apollo’s indirect ownership in certain VIEs, through Athene, being considered significant such that the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. Accordingly, there has been a significant increase in consolidated VIE assets, liabilities and Non-Controlling Interests as of March 31, 2020 as compared to December 31, 2019. Conversion to a Corporation On September 4, 2019, AGM LLC notified the New York Stock Exchange (the “NYSE”) that a Certificate of Conversion (the “Certificate of Conversion”) had been filed with the Secretary of State of the State of Delaware. Effective at 12:01 a.m. (Eastern Time) on September 5, 2019 (the “Effective Time”), (i) each Class A share (“Class A Share”) representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.00001 par value per share, of the Company (“Class A Common Stock”), (ii) the Class B share (the “Class B Share”) representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Class B common stock, $0.00001 par value per share, of the Company (the “Class B Common Stock”), (iii) each Series A preferred share (“Series A Preferred Share”) representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Series A preferred stock, having a liquidation preference of $25.00 per share, of the Company (“Series A Preferred Stock”), (iv) each Series B preferred share (“Series B Preferred Share”) representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Series B preferred stock, having a liquidation preference of $25.00 per share, of the Company (“Series B Preferred Stock”) and (v) AGM Management, LLC, a Delaware limited liability company (the “Former Manager”), was granted one issued and outstanding, fully paid and nonassessable share of Class C common stock, $0.00001 par value per share, of the Company (“Class C Common Stock”), which bestows to its holder certain management rights over the Company. References to the Class A Common Stock, the Class B Common Stock, the Series A Preferred Stock and the Series B Preferred Stock for periods prior to the Conversion means Class A Shares, Class B Share, Series A Preferred Share and Series B Preferred Share of AGM LLC, respectively. Prior to the Effective Time, the Former Manager held all such management powers over the business and affairs of AGM LLC pursuant to the Third Amended and Restated Limited Liability Company Agreement of AGM LLC, dated as of March 19, 2018.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
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 generally accepted accounting principles in the United States of America (“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 2019 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 periods’ 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., CLOs). 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 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. When Apollo alone is not considered to have a controlling financial interest in the VIE but Apollo and its related parties under common control in the aggregate have a controlling financial interest in the VIE, Apollo will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When Apollo and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, Apollo would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of Apollo. 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 in the condensed consolidated statements of operations. The portion attributable to Non-Controlling Interests is reported within net income attributable to Non-Controlling Interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see note 5 . 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. Cash and Cash Equivalents Apollo considers all highly liquid short-term investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include money market funds and U.S. Treasury securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities were $436.3 million and $253.5 million as of March 31, 2020 and December 31, 2019 , respectively, which approximate their fair values due to their short-term nature and are categorized as Level I within the fair value hierarchy. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. Restricted Cash Restricted cash includes cash held in reserve accounts used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash also includes cash deposited at a bank, which is pledged as collateral in connection with leased premises. U.S. Treasury securities, at fair value U.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities in the condensed consolidated statements of operations. Fair Value of Financial Instruments 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), the Company’s U.S. Treasury securities with original maturities greater than three months when purchased, 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. 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, financial instruments are generally recorded at fair value or at amounts whose carrying values approximate fair value. 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. 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 debt. 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 external 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. 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 principal investment income (loss) 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. 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 or financial liabilities of the consolidated CLOs, whichever are more observable. Where financial assets are more observable, 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 nonfinancial 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. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any nonfinancial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Under the measurement alternative, net income attributable to Apollo Global Management, Inc. 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. Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Apollo also earns management fees subject to the Management Fee Offset (described below). 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 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. There was $70.5 million of revenue recognized during the three months ended March 31, 2020 that was previously deferred as of January 1, 2020. 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. Revenues The Company’s revenues are reported in four separate categories that include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (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, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. The Company receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties, which is discussed further in note 14 . 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 are presented net of the Management Fee Offset in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. 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. 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. Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which the Company’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. The Company recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. When applicable, the Company may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties. 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 or other governing document of the fund. Principal Investment Income Principal investment income includes the Company’s income or loss from equity method investments and certain other investments in entities in which the Company is generally eligible to receive performance allocations. Income from equity method investments includes the Company’s share of net income or loss generated from its investments, which are not consolidated, but in which the Company exerts significant influence. Incentive Fees Incentive fees are a type of performance revenue. Incentive fees differ from performance allocations in that incentive fees do not represent an allocation of capital but rather a contractual fee arrangement with the entity. Incentive fees are considered a form of variable consideration as they are subject to clawback or reversal and therefore must be deferred until the fees are probable to not be significantly reversed. Accrued but unpaid incentive fees are reported within incentive fees receivable in the Company’s condensed consolidated statements of financial condition. The Company’s incentive fees primarily relate to the credit segment and are generally received from CLOs, managed accounts and AINV. Compensation and Benefits Equity-Based Compensation Equity-based awards granted to employees and non-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. In addition, certain restricted share units (“RSUs”) granted by the Company vest based on both continued service and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. In accordance with U.S. GAAP, equity-based compensation expense for such awards, if and when granted, will be recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. The Company accounts for forfeitures of equity-based awards when they occur. Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit sharing arrangements, the Company requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted Class A Common Stock issued under the Company’s 2007 Omnibus Equity Incentive Plan, which, effective as of July 22, 2019, was amended, restated and renamed the 2019 Omnibus Equity Incentive Plan (the “Equity Plan”). Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. 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 and former employees 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 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 or other governing document of the fund. 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 performance revenue earned by the Company in a given year, which amounts are reflected in profit sharing expense in the accompanying condensed consolidated financial statements. The Company may also use dividends it receives from investments in MidCap, ARI and AINV to compensate employees. These amounts are recorded as profit sharing expense in the Company’s condensed consolidated statements of operations. 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. 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. General, Administrative and Other General, administrative and other primarily includes professional fees, occupancy, depreciation and amortization, travel, information technology and administration expenses. Income Taxes Prior to the Conversion, certain entities in the Apollo Operating Group operated as partnerships for U.S. federal income tax purposes. As a result, these entities were not subject to U.S. federal income taxes. However, certain of these entities were subject to New York City unincorporated business taxes (“NYC UBT”) and certain non-U.S. entities were subject to non-U.S. corporate income taxes. Effective September 5, 2019, Apollo Global Management, LLC converted from a Delaware limited liability company to a Delaware corporation named Apollo Global Management, Inc. Subsequent to the Conversion, generally all of the income is subject to U.S. corporate income taxes, which could result in an overall higher income tax expense (or benefit) in periods subsequent to the Conversion. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolutions of any related appe

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">GOODWILL</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:66px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The carrying value of goodwill was </font><font style="font-family:inherit;font-size:10pt;">93.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">93.9 million</font><font style="font-family:inherit;font-size:10pt;"> as of December 31, </font><font style="font-family:inherit;font-size:10pt;">2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively. Goodwill primarily relates to the 2007 Reorganization and the Company’s acquisition of Stone Tower Capital LLC and its related management companies (“Stone Tower”) in 2012. As of December 31, </font><font style="font-family:inherit;font-size:10pt;">2020</font><font style="font-family:inherit;font-size:10pt;">, there was, </font><font style="font-family:inherit;font-size:10pt;">$69.8 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$23.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> of goodwill related to the credit, private equity and real asset segments, respectively. As of December 31, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, there was, </font><font style="font-family:inherit;font-size:10pt;">$69.8 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$23.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> of goodwill related to the credit, private equity and real asset segments, respectively. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:66px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 12, 2019, the Company acquired a portion of PK AirFinance, an aircraft lending platform, from GE Capital’s Aviation Services unit, and Athene and third parties have acquired the related PK AirFinance’s existing portfolio of loans via a securitization. The purchase of the remaining portion of the PK AirFinance platform is deferred pending regulatory and other conditions and is expected to be completed in the first half of 2020. In connection with the acquisition, the Company has recognized goodwill of </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> as of the acquisition date.</font></div></div>

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS The following table presents Apollo’s investments: As of As of Investments, at fair value $ 1,292,865 $ 1,053,556 Equity method investments 840,104 1,048,732 Performance allocations 371,707 1,507,571 Total Investments $ 2,504,676 $ 3,609,859 Investments, at Fair Value Investments, at fair value, consist of investments for which the fair value option has been elected and primarily include the Company’s investment in Athene Holding and investments in debt of unconsolidated CLOs. Changes in the fair value related to these investments are presented in net gains (losses) from investment activities except for certain investments for which the Company is entitled to receive performance allocations. For those investments, changes in fair value are presented in principal investment income. As of March 31, 2020 and for the three months ended March 31, 2020 , the Company’s investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC. As a result, the following table presents summarized financial information of Athene Holding: For the Three Months Ended March 31, 2020 2019 (in millions) Statements of Operations Revenues $ (1,549 ) $ 4,995 Expenses (167 ) 4,255 Income (loss) before income tax provision (1,382 ) 740 Income tax provision (benefit) (166 ) 32 Net income (loss) $ (1,216 ) $ 708 Net loss attributable to Non-Controlling Interests 169 — Net income (loss) available to Athene shareholders (1,047 ) 708 Preferred stock dividends (18 ) — Net income (loss) available to Athene common shareholders $ (1,065 ) $ 708 Net Gains (Losses) from Investment Activities The following table presents the realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: For the Three Months Ended March 31, 2020 2019 Realized gains (losses) on sales of investments, net $ 1,807 $ (137 ) Net change in unrealized gains (losses) due to changes in fair value (1,266,358 ) 18,966 Net gains (losses) from investment activities $ (1,264,551 ) $ 18,829 Equity Method Investments Apollo’s equity method investments include its investments in the credit, private equity 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 in principal investment income in the condensed consolidated statements of operations. Equity method investments consisted of the following: Equity Held as of March 31, 2020 (4) December 31, 2019 (4) Credit (1) $ 236,853 $ 318,054 Private Equity (2) 526,462 632,540 Real Assets 76,789 98,138 Total equity method investments (3) $ 840,104 $ 1,048,732 (1) The equity method investment in AINV was $49.0 million and $51.0 million as of March 31, 2020 and December 31, 2019 , respectively. The value of the Company’s investment in AINV was $19.6 million and $51.3 million based on the quoted market price of AINV as of March 31, 2020 and December 31, 2019 , respectively. (2) The equity method investment in Fund VIII was $267.4 million and $370.7 million as of March 31, 2020 and December 31, 2019 , respectively, representing an ownership percentage of 2.2% and 2.2% as of March 31, 2020 and December 31, 2019 , respectively. (3) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (4) Some amounts included are a quarter in arrears. Performance Allocations Performance allocations receivable recorded within investments in the condensed consolidated statements of financial condition from credit, private equity and real assets funds consisted of the following: As of March 31, 2020 As of December 31, 2019 Credit $ 220,839 $ 418,517 Private Equity 26,569 822,531 Real Assets 124,299 266,523 Total performance allocations $ 371,707 $ 1,507,571 The table below provides a roll forward of the performance allocations balance: Credit Private Equity Real Assets Total Performance allocations, January 1, 2020 $ 418,517 $ 822,531 $ 266,523 $ 1,507,571 Change in fair value of funds (65,137 ) (792,774 ) (103,482 ) (961,393 ) Fund distributions to the Company (132,541 ) (3,188 ) (38,742 ) (174,471 ) Performance allocations, March 31, 2020 $ 220,839 $ 26,569 $ 124,299 $ 371,707 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. See note 14 for further disclosure regarding the general partner obligation.

PROFIT SHARING PAYABLE

PROFIT SHARING PAYABLE	3 Months Ended
	Mar. 31, 2020
Profit Sharing Payable [Abstract]
PROFIT SHARING PAYABLE	PROFIT SHARING PAYABLE Profit sharing payable consisted of the following: As of March 31, 2020 As of December 31, 2019 Credit $ 221,525 $ 314,125 Private Equity 35,252 329,817 Real Assets 84,253 114,727 Total profit sharing payable $ 341,030 $ 758,669 The table below provides a roll-forward of the profit sharing payable balance: Credit Private Equity Real Assets Total Profit sharing payable, January 1, 2020 $ 314,125 $ 329,817 $ 114,727 $ 758,669 Profit sharing expense (29,085 ) (290,873 ) (17,759 ) (337,717 ) Payments/other (63,515 ) (3,692 ) (12,715 ) (79,922 ) Profit sharing payable, March 31, 2020 $ 221,525 $ 35,252 $ 84,253 $ 341,030 Profit sharing expense includes (i) changes in amounts payable to employees and former employees entitled to a share of performance revenues in Apollo’s funds and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. Profit sharing expense excludes the potential return of profit sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition. See note 14 for further disclosure regarding the potential return of profit sharing distributions. As discussed in note 2 , under certain profit sharing arrangements, the Company requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted shares of Class A Common Stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. See note 7 for further disclosure regarding deferred equity-based compensation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2020
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. Consolidated Variable Interest Entities As noted further in note 14 , Apollo purchased a 17% incremental equity ownership stake in Athene, bringing Apollo’s beneficial ownership in Athene to approximately 28.0% as of March 31, 2020 . This has resulted in Apollo’s indirect ownership through Athene in several VIEs being considered significant and therefore Apollo has consolidated such VIEs given that the Company also has the power to direct the activities that most significantly impact the economic performance of these VIEs. Accordingly, there has been a significant increase in consolidated VIE assets and liabilities as of March 31, 2020 when compared to December 31, 2019. The Company consolidated the financial positions and results of operations of VIEs where the Company is the primary beneficiary. These consolidated VIEs include certain CLOs as well as certain funds managed by the Company that were consolidated as a result of the Transaction Agreement. Through its role as collateral manager or general partner of these VIEs, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. In addition, the Company’s combined interests in these VIEs are significant. The assets are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. There is no recourse to the Company for the consolidated VIEs’ liabilities. The Company measures the fair value of the financial assets and the financial liabilities of the CLOs using the fair value of either the financial assets or financial liabilities, whichever is more observable (see note 2 for further discussion). 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. Other assets include amounts due from brokers and interest receivables. Other liabilities include payables for securities purchased, which represent open trades within the consolidated CLOs and primarily relate to corporate loans that are expected to settle within 60 days . The consolidated funds managed by the Company are investment companies and their investments, which include equity securities as well as debt securities, are held at fair value. Other assets of the consolidated funds include interest receivables and receivables from affiliates. Other liabilities include debt held at amortized cost as well as short-term payables. Included within liabilities of the consolidated VIEs are notes payable related to certain funds managed by the Company. Each series of notes in a respective consolidated VIE participates in distributions from the VIE, including principal and interest from underlying investments, in accordance with the terms of the note series. Amounts allocated to the noteholders reflect amounts that would be distributed if the VIE’s affairs were wound up and its assets sold for cash equal to their respective carrying values, its liabilities satisfied in accordance with their terms, and all the remaining amounts distributed to the noteholders. The respective VIEs that issue the notes payable are marked at their prevailing net asset value, which approximates fair value. Results from certain funds managed by the Company are reported on a three month lag based upon the availability of financial information. Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities The following table presents net gains from investment activities of the consolidated VIEs: For the Three Months Ended March 31, 2020 (1) 2019 (1) Net gains (losses) from investment activities $ (979,224 ) $ 17,982 Net gains (losses) from debt 534,451 (8,936 ) Interest and other income 151,442 4,961 Interest and other expenses 127,411 (4,541 ) Net gains (losses) from investment activities of consolidated variable interest entities $ (165,920 ) $ 9,466 (1) Amounts reflect consolidation eliminations. Senior Secured Notes, Subordinated Notes and Secured Borrowings Included within debt, at fair value and other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts: As of March 31, 2020 As of December 31, 2019 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) $ 5,150,657 3.10 % 6.2 $ 757,628 1.56 % 10.2 Subordinated Notes (2) 578,380 N/A (1) 23.2 93,572 N/A (1) 20.4 Secured Borrowings (2)(3) 363,397 4.07 % 0.4 18,976 3.69 % 7.8 Total $ 6,092,434 $ 870,176 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The notes and borrowings of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of March 31, 2020 and December 31, 2019 , the fair value of these consolidated VIEs’ assets were $6.1 billion and $1.3 billion , respectively. (3) As of March 31, 2020 and December 31, 2019 , secured borrowings consist of consolidated VIEs’ obligations through a repurchase agreement redeemable at maturity with third party lenders. The fair value of the secured borrowings as of March 31, 2020 approximates principal outstanding due to the short term nature of the borrowings. These secured borrowings are classified as a Level III liability within the fair value hierarchy. The fair value of the secured borrowing as of December 31, 2019 was $19.0 million . This secured borrowing was repaid during the three months ended March 31, 2020. The consolidated VIEs’ debt obligations contain various customary loan covenants. As of March 31, 2020 , the Company was not aware of any instances of non-compliance with any of these covenants. As of March 31, 2020 , except for the secured borrowings, the contractual maturities for debt of the consolidated VIEs is greater than 5 years . 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. In addition, the table presents the maximum exposure to losses relating to these VIEs. As of As of Assets: Cash $ 246,976 $ 222,481 Investments 3,255,415 5,418,295 Receivables 71,997 137,165 Total Assets $ 3,574,388 $ 5,777,941 Liabilities: Debt and other payables $ 1,205,181 $ 3,449,227 Total Liabilities $ 1,205,181 $ 3,449,227 Apollo Exposure (1) $ 123,266 $ 250,521 (1) Represents Apollo’s direct investment in those entities in which Apollo holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses, as discussed in note 15 .

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of March 31, 2020 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 949,747 $ — $ — $ 949,747 $ 920,175 Investments, at fair value: Investment in Athene Holding — 1,136,920 — 1,136,920 2,093,426 Other investments — 37,833 118,112 (1) 155,945 162,805 Total investments, at fair value — 1,174,753 118,112 1,292,865 2,256,231 Investments of VIEs, at fair value 3,767 1,760,063 7,640,903 9,404,733 Investments of VIEs, valued using NAV — — — 34,518 Total investments of VIEs, at fair value 3,767 1,760,063 7,640,903 9,439,251 Derivative assets (2) — 678 — 678 Total Assets $ 953,514 $ 2,935,494 $ 7,759,015 $ 11,682,541 Liabilities Liabilities of VIEs, at fair value $ — $ 1,303,618 $ 3,795,866 $ 5,099,484 Contingent consideration obligations (3) — — 76,700 76,700 Derivative liabilities (2) — 113 — 113 Total Liabilities $ — $ 1,303,731 $ 3,872,566 $ 5,176,297 As of December 31, 2019 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 664,249 $ — $ — $ 664,249 $ 642,176 Investments, at fair value: Investment in Athene Holding 897,052 — — 897,052 590,110 Other investments — 43,094 113,410 (1) 156,504 135,686 Total investments, at fair value 897,052 43,094 113,410 1,053,556 725,796 Investments of VIEs, at fair value — 891,256 321,069 1,212,325 Investments of VIEs, valued using NAV — — — 844 Total investments of VIEs, at fair value — 891,256 321,069 1,213,169 Derivative assets (2) — 249 — 249 Total Assets $ 1,561,301 $ 934,599 $ 434,479 $ 2,931,223 Liabilities Liabilities of VIEs, at fair value $ — $ 850,147 $ — $ 850,147 Contingent consideration obligations (3) — — 112,514 112,514 Derivative liabilities (2) — 93 — 93 Total Liabilities $ — $ 850,240 $ 112,514 $ 962,754 (1) Other investments as of March 31, 2020 and December 31, 2019 excludes $9.3 million and $25.8 million , respectively, of performance allocations classified as Level III related to certain investments for which the Company has elected the fair value option. The Company’s policy is to account for performance allocations as investments. (2) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. (3) Profit sharing payable includes contingent obligations classified as Level III. The following tables summarize the changes in financial assets measured at fair value for which Level III inputs have been used to determine fair value: For the Three Months Ended March 31, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 113,410 321,069 $ 434,479 Transfer in due to consolidation — 7,794,128 7,794,128 Purchases 31,404 329,231 360,635 Sale of investments/distributions (8,412 ) (29,153 ) (37,565 ) Settlements — (185,172 ) (185,172 ) Net realized gains (losses) 785 (1,234 ) (449 ) Changes in net unrealized gains (17,624 ) (642,702 ) (660,326 ) Cumulative translation adjustment (1,451 ) (11,421 ) (12,872 ) Transfer into Level III (1) — 68,930 68,930 Transfer out of Level III (1) — (2,773 ) (2,773 ) Balance, End of Period $ 118,112 $ 7,640,903 $ 7,759,015 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ (17,624 ) $ — $ (17,624 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — (117,942 ) (117,942 ) For the Three Months Ended March 31, 2019 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 96,370 $ 295,987 $ 392,357 Purchases 15,048 — 15,048 Sale of investments/distributions (1,059 ) — (1,059 ) Changes in net unrealized gains 1,818 7,920 9,738 Cumulative translation adjustment (2,044 ) (6,343 ) (8,387 ) Transfer into Level III (1) — — — Transfer out of Level III (1) (782 ) (4,116 ) (4,898 ) Balance, End of Period $ 109,351 $ 293,448 $ 402,799 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 1,818 $ — $ 1,818 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 7,920 7,920 (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 external 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 March 31, 2020 Contingent Consideration Obligations Liabilities of Consolidated VIEs & Apollo Funds Total Balance, Beginning of Period $ 112,514 $ — $ 112,514 Transfer in due to consolidation — 4,291,286 4,291,286 Issuances — 89,100 89,100 Repayments (12,651 ) (180,000 ) (192,651 ) Changes in net unrealized (gains) losses (1) (23,163 ) (397,993 ) (421,156 ) Cumulative translation adjustment $ — $ (6,527 ) $ (6,527 ) Balance, End of Period $ 76,700 $ 3,795,866 $ 3,872,566 For the Three Months Ended March 31, 2019 Contingent Consideration Obligations Balance, Beginning of Period $ 74,487 Payments (1,315 ) Changes in net unrealized (gains) losses (1) 3,328 Balance, End of Period $ 76,500 (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 March 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 6,785 Third Party Pricing N/A N/A N/A 111,327 Discounted cash flow Discount rate 15.0% - 20.0% 17.9% Investments of consolidated VIEs: Bank loans 3,696,560 Discounted cash flow Discount rate 2.6% - 18.8% 5.9% Guideline public company TEV / EBITDA 1.3x - 2.0x 1.3x Third party pricing N/A N/A N/A Bonds 48,292 Discounted cash flow Discount rate 2.6% - 8.0% 5% Equity Securities 2,786,155 Discounted cash flow Discount rate 11.7% - 15.6% 14.6% Option model Volatility 55.0% 55.0% Guideline public company TEV / EBITDA 7.0x 7.0x TBV 0.3 0.3 Dividend discount model Discount rate 10.2% 10.2% Market comparable companies NTAV multiple 1.2x 1.2x Adjusted transaction value Purchase multiple 1.1x 1.1x Third party pricing N/A N/A N/A Other Equity Investments 621,175 Discounted cash flow Discount rate 3.7% - 4.7% 4.7% Real Estate 376,530 Discounted cash flow Discount rate 6.5% - 14.0% 7.9% Terminal capitalization rate 5.8% - 10.5% 7.5% Direct capitalization Capitalization rate 5.5% - 9.0% 6.5% Profit participating notes 111,134 Discount cash flow Discount rate 7.5% - 9.2% 8% Warrants 1,057 Option model Volatility 45.0% - 53.3% 45.2% Total Investments of Consolidated VIEs 7,640,903 Total Financial Assets $ 7,759,015 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans 3,420,181 Discounted cash flow Discount rate 3.8% - 12.5% 4.7% Subordinated notes 375,685 Discounted cash flow Discount rate 10.0% - 19.0% 16.5% Total liabilities of Consolidated VIEs: 3,795,866 Contingent consideration obligation $ 76,700 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 3,872,566 As of December 31, 2019 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 5,350 Third Party Pricing N/A N/A N/A 108,060 Discounted cash flow Discount Rate 15.0% - 16.0% 15.6% Investments of consolidated VIEs: Equity securities 321,069 Book value multiple Book value multiple 0.61x 0.61x Discounted cash flow Discount rate 13.1% 13.1% Total Financial Assets $ 434,479 Financial Liabilities Contingent consideration obligation $ 112,514 Discounted cash flow Discount rate 17.3% 17.3% Total Financial Liabilities $ 112,514 N/A Not applicable EBITDA Earnings before interest, taxes, depreciation and amortization TEV Total enterprise value TBV Total book value NTAV Net tangible asset value (1) Unobservable inputs were weighted based on the fair value of the investments included in the range. Fair Value Measurement of Investment in Athene Holding As of March 31, 2020 , the fair value of Apollo’s Level II investment in Athene Holding was estimated using the closing market price of Athene Holding shares of $24.82 less a DLOM of 16.7% , as applicable. The DLOM was derived based on the average remaining lock up restrictions on the shares of Athene Holding held by Apollo ( 36 months from the closing date of the transactions contemplated by the Transaction Agreement) and the estimated volatility in such shares of Athene Holding. The historical share price volatility of a representative set of Athene Holding’s publicly traded insurance peers was calculated over a three year period equivalent to the 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. As of December 31, 2019 , the fair value of Apollo’s Level I investment in Athene Holding was calculated using the closing market price of Athene Holding shares of $47.03 . Discounted Cash Flow Model 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 and the contingent consideration obligations; conversely decreases in the discount rate can significantly increase the fair value of an investment and the contingent consideration obligations. Consolidated VIEs Investments The significant unobservable inputs used in the fair value measurement of bank loans are discount rates. Significant increases (decreases) in any of discount rates would result in a significantly lower (higher) fair value measurement. Where guideline public company method is used to determine fair value, total enterprise value and earnings before interest, taxes, depreciation and amortization (“EBITDA”) are used. The guideline public company method values a business based on trading multiples derived from publicly traded companies that are similar to the subject company. The significant unobservable inputs used in the fair value measurement of bonds, other equity investments and profit participating notes are discount rates. Significant increases (decreases) in discount rates would result in a significantly lower (higher) fair value measurements. The significant unobservable inputs used in the fair value measurement of the equity securities include the discount rate applied, volatility rate, purchase multiple and the book value multiples applied in the valuation models. These unobservable inputs in isolation can cause significant increases or decreases in fair value. 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’ 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 The significant unobservable inputs used in the fair value measurement of warrants are volatility rates. Significant increases (decreases) in volatility rates would result in a significantly higher (lower) fair value measurement. The significant unobservable inputs used in the fair value measurement of real estate are discount rates, capitalization rates and terminal capitalization rates. Significant increases (decreases) in any of discount rates, capitalization and terminal capitalization rates in isolation would result in a significantly lower (higher) fair value measurement. Liabilities The debt obligations of the certain consolidated VIEs, that are CLOs, were measured on the basis of the fair value of the financial assets of those CLOs as the financial assets were determined to be more observable and, as a result, categorized as Level II in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s liabilities of consolidated VIEs are discount rates. Significant increases (decreases) in discount rates would result in a significantly lower (higher) fair value measurement. 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. The discount rate was based on the hypothetical cost of equity in connection with the acquisition of Stone Tower. See note 15 for further discussion of the contingent consideration obligations. Valuation of Underlying Investments of Equity Method Investees As discussed previously, the underlying entities that the Company manages and invests in are primarily investment companies which account for their investments at estimated fair value. 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 managed by the Company, a review is performed by an independent board of directors. The Company also retains external 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 external 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. 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. Private Equity Investments The majority of the illiquid investments within our private equity funds are valued using the market approach, which provides an indication of fair value based on a comparison of the subject company to comparable publicly traded companies and transactions in the industry. Market Approach The market approach is driven 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 any of the following factors: (1) the subject company’s historical and projected financial data; (2) valuations given to comparable companies; (3) the size and scope of the subject company’s operations; (4) the subject company’s individual strengths and weaknesses; (5) expectations relating to the market’s receptivity to an offering of the subject company’s securities; (6) applicable restrictions on transfer; (7) industry and market information; (8) general economic and market conditions; and (9) other factors deemed relevant. Market approach valuation models typically employ a multiple that is based on one or more of the factors described above. Enterprise value as a multiple of EBITDA is common and relevant for most companies and industries, however, other industry specific multiples are employed where available and appropriate. Sources for gaining additional knowledge related to comparable companies include public filings, annual reports, analyst research reports, and press releases. Once a comparable company set is determined, Apollo reviews certain aspects of the subject company’s performance and determines how its performance compares to the group and to certain individuals in the group. Apollo compares certain measurements such as EBITDA margins, revenue growth over certain time periods, leverage ratios and growth opportunities. In addition, Apollo compares the entry multiple and its relation to the comparable set at the time of acquisition to understand its relation to the comparable set on each measurement date. Income Approach For investments where the market approach does not provide adequate fair value information, Apollo relies on the income approach. The income approach is also used to validate the market approach within our private equity funds. 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 for the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are significant assumptions related to the subject company’s expected results, the determination of a terminal value and a calculated discount rate, which is normally based on the subject company’s weighted average cost of capital, or “WACC.” The WACC represents the required rate of return on total capitalization, which is comprised of a required rate of return on equity, plus the current tax-effected rate of return on debt, weighted by the relative percentages of equity and debt that are typical in the industry. The most critical step in determining the appropriate WACC for each subject company is to select companies that are comparable in nature to the subject company and the credit quality of the subject company. Sources for gaining additional knowledge about the comparable companies include public filings, annual reports, analyst research reports, and press releases. The general formula then used for calculating the WACC considers the after-tax rate of return on debt capital and the rate of return on common equity capital, which further considers the risk-free rate of return, market beta, market risk premium and small stock premium, if applicable. The variables used in the WACC formula are inferred from the comparable market data obtained. The Company evaluates the comparable companies selected and concludes on WACC inputs based on the most comparable company or analyzes the range of data for the investment. Debt 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 hybrid capital 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. The value of liquid investments, 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. 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 credit, private equity, 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 the 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.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consisted of the following: As of As of Fixed assets $ 153,597 $ 138,359 Less: Accumulated depreciation and amortization (98,610 ) (96,347 ) Fixed assets, net 54,987 42,012 Deferred equity-based compensation (1) 44,441 132,422 Prepaid expenses 42,874 55,189 Intangible assets, net 21,329 20,615 Tax receivables 50,100 48,106 Other 32,055 28,105 Total Other Assets $ 245,786 $ 326,449 (1) Deferred equity-based compensation relates to the value of equity-based awards that have been or are expected to be granted in connection with the settlement of certain profit sharing arrangements. A corresponding amount for awards expected to be granted of $2.2 million and $112.4 million , as of March 31, 2020 and December 31, 2019 , respectively, is included in other liabilities on the condensed consolidated statements of financial condition. Depreciation expense was $2.7 million and $2.3 million for the three months ended March 31, 2020 and 2019 , respectively, and is presented as a component of general, administrative and other expense in the condensed consolidated statements of operations.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	LEASES Apollo has operating leases for office space, data centers, and certain equipment under various lease agreements. The table below presents operating lease expenses: For the Three Months Ended March 31, 2020 2019 Operating lease cost $ 12,362 $ 8,993 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended March 31, 2020 2019 Operating cash flows for operating leases $ 10,650 $ 9,384 As of March 31, 2020 , the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2020 $ 18,420 2021 29,094 2022 24,804 2023 22,511 2024 20,124 Thereafter 140,989 Total lease payments $ 255,942 Less imputed interest (49,221 ) Present value of lease payments $ 206,721 The Company has undiscounted future operating lease payments of $418.9 million related to leases that have not commenced that were entered into as of and subsequent to March 31, 2020 . Such lease payments are not yet included in the table above or the Company’s condensed consolidated statements of financial condition as lease assets and lease liabilities. These operating leases are anticipated to commence by 2021 with lease terms of approximately 15 years . Supplemental information related to leases is as follows: As of As of March 31, 2019 Weighted average remaining lease term (in years) 12.3 7.3 Weighted average discount rate 3.2 % 3.3 % As of December 31, 2019 , the approximate aggregate minimum future payments required for operating leases under U.S. GAAP applicable to that period were as follows: 2020 2021 2022 2023 2024 Thereafter Total Aggregate minimum future payments $ 28,094 $ 40,516 $ 51,184 $ 49,383 $ 47,237 $ 467,698 $ 684,112

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax (provision) benefit totaled $295.9 million and $(19.7) million for the three months ended March 31, 2020 and 2019 , respectively. The Company’s effective tax rate was approximately 11.5% and 5.9% for the three months ended March 31, 2020 and 2019 , 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 resolution 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, including any additional items related to the Conversion. 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 primary jurisdictions in which the Company 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. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. With a few exceptions, as of March 31, 2020 , the Company’s U.S. federal, state, local and foreign income tax returns for the years 2016 through 2018 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 a subsidiary for the 2011 tax year. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2018. No provisions with respect to these examinations have been recorded. Prior to the Conversion, Apollo and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. Subsequent to the Conversion, generally all of the income the Company earns is subject to U.S. corporate income taxes, which could result in an overall higher income tax expense (or benefit) in periods subsequent to the Conversion. The Company’s estimate of income tax assets and liabilities is based on the most recent information available including the tax and book basis of underlying assets of certain partnerships not previously subject to corporate income tax. The tax basis of the partnerships and their underlying assets and liabilities are based on estimates subject to finalization of the Company’s 2019 tax return information. As a result, the impact of the Conversion may differ from the current estimates described herein, but any change is not anticipated to be material. The Company recorded additional deferred tax assets as a result of the step-up in tax basis of intangibles related to exchanges of AOG Units for Class A Common Stock by the Managing and Contributing Partners. A related liability is 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 14). The benefit the Company obtains from the difference in the tax asset recognized and the related liability results in an increase to additional paid in capital. The amortization period for a portion of these tax basis intangibles is 15 years and the remaining portion relates to the disposition of the underlying assets to which the step-up is attributable. The associated deferred tax assets will reverse over the same corresponding time periods. 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 Common Stock. Exchange of AOG Units for Class A Common Stock Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Three Months Ended March 31, 2020 $ 76,580 $ 62,531 $ 14,049 For the Three Months Ended March 31, 2019 $ 546 $ 464 $ 82 On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak which, among other things, contains numerous income tax provisions. While the Company continues to evaluate the impact of the CARES Act, it does not currently believe it will have a material impact on the Company’s condensed consolidated financial statements or related disclosures.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: As of March 31, 2020 As of December 31, 2019 Outstanding Balance Fair Value Annualized Weighted Average Interest Rate Outstanding Balance Fair Value Annualized Weighted Average Interest Rate 2024 Senior Notes (1) $ 497,328 $ 519,363 (4) 4.00 % $ 497,164 $ 529,333 (4) 4.00 % 2026 Senior Notes (1) 496,832 533,548 (4) 4.40 496,704 540,713 (4) 4.40 2029 Senior Notes (1) 674,734 742,642 (4) 4.87 674,727 761,780 (4) 4.87 2039 Senior Secured Guaranteed Notes (1) 316,335 347,920 (5) 4.77 316,100 354,093 (5) 4.77 2048 Senior Notes (1) 296,540 318,483 (4) 5.00 296,510 350,331 (4) 5.00 2050 Subordinated Notes (1) 296,468 274,500 (4) 4.95 297,008 304,125 (4) 4.95 Secured Borrowing I (2) 17,635 16,470 (3) 1.84 17,921 17,921 (3) 1.99 Secured Borrowing II (2) 18,756 17,039 (3) 1.73 — — (3) — 2014 AMI Term Facility II (2) — — (3) — 17,266 17,266 (3) 1.75 2016 AMI Term Facility I (2) 18,612 18,612 (3) 1.30 18,915 18,915 (3) 1.30 2016 AMI Term Facility II (2) 17,992 17,992 (3) 1.40 18,285 18,285 (3) 1.40 Total Debt $ 2,651,232 $ 2,806,569 $ 2,650,600 $ 2,912,762 (1) Includes amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs: As of March 31, 2020 As of December 31, 2019 2024 Senior Notes $ 2,256 $ 2,394 2026 Senior Notes 2,896 3,014 2029 Senior Notes 5,767 5,928 2039 Senior Secured Guaranteed Notes 8,665 8,900 2048 Senior Notes 3,157 3,185 2050 Subordinated Notes 3,532 2,992 Total $ 26,273 $ 26,413 (2) Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into several credit facilities (collectively referred to as the “AMI Facilities”) to fund the Company’s investment in certain European CLOs it manages: Facility Date Loan Amount Secured Borrowing I December 19, 2019 € 15,984 Secured Borrowing II March 5, 2020 € 17,000 2016 AMI Term Facility I January 18, 2016 € 16,870 2016 AMI Term Facility II June 22, 2016 € 16,308 The Secured Borrowings consists of obligations through repurchase agreements redeemable at maturity with third party lenders. The weighted average remaining maturities of Secured Borrowing I and II are 11.4 and 12.0 years, respectively. (3) Fair value is based on obtained broker quotes. These notes are 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 external 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. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. (5) Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy. 2013 AMH Credit Facilities —On December 18, 2013, AMH and its subsidiaries and certain other subsidiaries of the Company entered into credit facilities (the “2013 AMH Credit Facilities”) with the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. The 2013 AMH Credit Facilities provided for (i) a term loan facility to AMH (the “Term Facility”) that included $750 million of term loan from third-party lenders and $271.7 million of 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. In connection with the issuance of the 2024 Senior Notes, the 2026 Senior Notes and the 2048 Senior Notes (as described below), $250 million , $200 million and $300 million of the proceeds, respectively, were used to repay the entire remaining amount of both the term loan from third-party lenders and the term loan held by a subsidiary of the Company as of March 15, 2018. The Revolver Facility was replaced as of July 11, 2018 by the 2018 AMH Credit Facility, as described below. The 2013 AMH Credit Facilities and all related loan documents were terminated as of July 11, 2018. 2018 AMH Credit Facility —On July 11, 2018, AMH as borrower (the “Borrower”) entered into a new credit agreement (the “2018 AMH Credit Facility”) with the lenders and issuing banks party thereto and Citibank, N.A., as administrative agent for the lenders. The 2018 AMH Credit Facility provides for a $750 million revolving credit facility to the Borrower with a final maturity date of July 11, 2023. The 2018 AMH Credit Facility is to remain available until its maturity, and any undrawn revolving commitments bear a commitment fee. The interest rate on the 2018 AMH Credit Facility is based on adjusted London Inter-bank Offered Rate (“LIBOR”) and the applicable margin as of March 31, 2020 was 1.00% . The commitment fee on the $750 million undrawn 2018 AMH Credit Facility as of March 31, 2020 was 0.09% . Borrowings under the 2018 AMH Credit Facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. The Borrower may incur incremental facilities in respect of the 2018 AMH Credit Facility in an aggregate amount not to exceed $250 million plus additional amounts so long as the Borrower is in compliance with a net leverage ratio not to exceed 4.00 to 1.00 . As of March 31, 2020 , the 2018 AMH Credit 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 is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2024 Senior Notes. The Company is obligated to settle the 2024 Senior Notes for the face amount of $500 million . 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 is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2026 Senior Notes. The Company is obligated to settle the 2026 Senior Notes for the face amount of $500 million . 2029 Senior Notes —On February 7, 2019, AMH issued $550 million in aggregate principal amount of its 4.872% Senior Notes due 2029, at an issue price of 99.999% of par. On June 11, 2019, AMH issued an additional $125 million in aggregate principal amount of its 4.872% Senior Notes due 2029 (the “Additional Notes”). The Additional Notes constitute a single class of securities with the previously issued senior notes due 2029 (collectively, the “2029 Senior Notes”). Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year. The 2029 Senior Notes will mature on February 15, 2029. The discount is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2029 Senior Notes. The Company is obligated to settle the 2029 Senior Notes for the face amount of $675 million . 2039 Senior Secured Guaranteed Notes —On June 10, 2019, APH Finance 1, LLC (the “Issuer”), a subsidiary of the Company, issued $325 million in aggregate principal amount of its 4.77% Series A Senior Secured Guaranteed Notes due 2039 (the “2039 Senior Secured Guaranteed Notes”). The 2039 Senior Secured Guaranteed Notes are secured by a lien on the Issuer’s and the guarantors’ participation interests in the rights to distributions in relation to a portfolio of equity investments owned by affiliates of the Company in certain existing and future funds managed or advised by subsidiaries of the Company. Interest on the 2039 Senior Secured Guaranteed Notes is payable on a quarterly basis. The 2039 Senior Secured Guaranteed Notes will mature in July 2039, but, unless prepaid to the extent permitted under the indenture governing the 2039 Senior Secured Guaranteed Notes, the anticipated repayment date will be in July 2029. If the Issuer has not repaid or refinanced the 2039 Senior Secured Guaranteed Notes prior to the anticipated repayment date an additional 5.0% per annum will accrue on the 2039 Senior Secured Guaranteed Notes. The issuance costs are amortized into interest expense on the condensed consolidated statements of operations over the expected term of the 2039 Senior Secured Guaranteed Notes. 2048 Senior Notes —On March 15, 2018, AMH issued $300 million in aggregate principal amount of its 5.000% Senior Notes due 2048 (the “2048 Senior Notes”), at an issue price of 99.892% of par. Interest on the 2048 Senior Notes is payable semi-annually in arrears on March 15 and September 15 of each year. The 2048 Senior Notes will mature on March 15, 2048. The discount is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2048 Senior Notes. The Company is obligated to settle the 2048 Senior Notes for the face amount of $300 million . 2050 Subordinated Notes —On December 17, 2019, AMH issued $300 million in aggregate principal amount of its 4.950% Fixed-Rate Resettable Subordinated Notes due 2050 (the “2050 Subordinated Notes”), at an issue price of 100.000% of par. Interest on the 2050 Subordinated Notes is payable semi-annually in arrears on June 17 and December 17 of each year. The 2050 Subordinated Notes will mature on January 14, 2050. The discount is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2050 Subordinated Notes. The Company is obligated to settle the 2050 Subordinated Notes for the face amount of $300 million . As of March 31, 2020 , the indentures governing the 2024 Senior Notes, the 2026 Senior Notes, the 2029 Senior Notes, the 2048 Senior Notes and the 2050 Subordinated Notes (the “Indentures”) include covenants that restrict the ability of AMH and, as applicable, the guarantors of the notes under the Indentures 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. As of March 31, 2020 , the indenture governing the 2039 Senior Secured Guaranteed Notes includes a series of covenants and restrictions customary for transactions of this type, including covenants that (i) require the Issuer to maintain specified reserve accounts to be used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes, (ii) relate to prepayments and related payments of specified amounts, including specified make-whole payments under certain circumstances and (iii) relate to recordkeeping, access to information and similar matters. The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility 314 312 2024 Senior Notes 5,163 5,163 2026 Senior Notes 5,628 5,628 2029 Senior Notes 8,229 3,915 2039 Senior Secured Guaranteed Notes 4,111 — 2048 Senior Notes 3,781 3,781 2050 Subordinated Notes 3,744 — AMI Term Facilities/Secured Borrowings 272 309 Total Interest Expense $ 31,242 $ 19,108 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

NET INCOME PER SHARE OF CLASS A

NET INCOME PER SHARE OF CLASS A COMMON STOCK	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
NET INCOME PER SHARE OF CLASS A COMMON STOCK	NET INCOME PER SHARE OF CLASS A COMMON STOCK The table below presents basic and diluted net income per share of Class A Common Stock using the two-class method: Basic and Diluted For the Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Apollo Global Management, Inc. Class A Common Stockholders $ (1,005,382 ) $ 139,893 Dividends declared on Class A Common Stock (1) (205,602 ) (113,345 ) Dividends on participating securities (2) (7,247 ) (4,959 ) Earnings allocable to participating securities — (3) (1,114 ) Undistributed income (loss) attributable to Class A Common Stockholders: Basic and Diluted (1,218,231 ) 20,475 Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic and Diluted 226,757,519 200,832,323 Net Income per share of Class A Common Stock: Basic and Diluted (4) Distributed Income $ 0.89 $ 0.56 Undistributed Income (Loss) (5.36 ) 0.11 Net Income (Loss) per share of Class A Common Stock: Basic $ (4.47 ) $ 0.67 (1) See note 13 for information regarding the quarterly dividends declared and paid during 2020 and 2019 . (2) Participating securities consist of vested and unvested RSUs that have rights to dividends 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 Common Stockholders. (4) For the three months ended March 31, 2020 and 2019, 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 during continued employment, shares of Class A Common Stock pursuant to the Equity Plan. The Company has three types of RSU grants, which we refer to as Plan Grants, Bonus Grants and Performance Grants. “Plan Grants” vest over time (generally one to six years ) and may or may not provide the right to receive dividend equivalents on vested RSUs on an equal basis with the Class A Common Stockholders any time a dividend is declared. “Bonus Grants” vest over time (generally three years ) and generally provide the right to receive dividend equivalents on both vested and unvested RSUs on an equal basis with the Class A Common Stockholders any time a dividend is declared. “Performance Grants” generally vest over time ( three to five years ), subject to the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. Performance Grants provide the right to receive dividend equivalents on vested RSUs and may also provide the right to receive dividend equivalents on unvested RSUs. Any dividend 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 dividend 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. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses, therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. Certain 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 an exchange agreement), exchange their AOG Units for shares of Class A Common Stock on a one -for- one basis. An AOG Unit holder must exchange one unit in each of the Apollo Operating Group partnerships or limited liability companies to effectuate an exchange for one share of Class A Common Stock. Apollo Global Management, Inc. has one share of Class B Common Stock outstanding, which is held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the share of Class B Common Stock is reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for shares of Class A Common Stock, subject to the terms of the AGM Inc. Certificate of Incorporation. The Class B Common Stock has no net income (loss) per share as it does not participate in Apollo’s earnings (losses) or dividends. The Class B Common Stock has no dividend rights and only a de minimis liquidation right. The Class B Common Stock represented 47.2% and 52.4% of the total voting power of the Company’s Class A Common Stock and Class B Common Stock with respect to the limited matters upon which they were entitled to vote together as a single class pursuant to the Company’s governing documents as of March 31, 2020 and 2019 , respectively. The following table summarizes the anti-dilutive securities. For the Three Months Ended March 31, 2020 2019 Weighted average vested RSUs 1,415,288 1,349,163 Weighted average unvested RSUs 7,088,007 8,547,527 Weighted average unexercised options — 204,167 Weighted average AOG Units outstanding (1) 187,172,974 202,287,439 Weighted average unvested restricted shares 1,179,522 1,030,796 (1) Excludes AOG Units owned by Athene. Athene can only redeem their AOG Units by selling to Apollo or to a different buyer with Apollo’s agreement as detailed in the Liquidity Agreement (see note 14 ). As these AOG Units are not convertible into shares of Class A Common Stock, they are excluded when calculating diluted net income per share.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Equity-based awards granted to employees and non-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 that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. RSUs The Company grants RSUs under the Equity Plan. 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 Common Stock subject to certain discounts, as applicable. The estimated total grant date fair value for Plan Grants and Bonus Grants is charged to compensation expense on a straight-line basis over the vesting period, which for Plan Grants is generally one 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 . During the three months ended March 31, 2020 and March 31, 2019 , the Company awarded Performance Grants of 1.4 million and 1.2 million RSUs to certain employees with a grant date fair value of $58.6 million and $25.0 million , respectively, which vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. Additionally, during the three months ended March 31, 2020, the Company modified Plan Grants of 0.5 million RSUs with a grant date fair value of $15.6 million to Performance Grants of 0.5 million RSUs. The modification did not result in a change to the grant date fair value of the awards, as performance conditions that impact vesting are not considered in the determination of the fair value of an award and the award is otherwise expected to vest under the original terms. In accordance with U.S. GAAP, equity-based compensation expense for these and other Performance Grants will be recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. The following table summarizes the equity based compensation expense recognized relating to Performance Grants. For the Three Months Ended March 31, 2020 2019 Equity-based compensation $ 28,864 $ 14,583 Additionally, the Company entered into an agreement in 2018 with several employees under which it expects to grant them RSUs in 2020 if year-over-year growth in certain discretionary earnings metrics is attained prior to grant and they remain employed at the grant date. Once granted, these RSUs will vest based on both continued service and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. In accordance with U.S. GAAP, equity-based compensation expense for such awards, if and when granted, will be recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. No equity-based compensation expense was recognized related to these RSUs for the three months ended March 31, 2020 as they have not yet been granted. The fair value of all RSU grants made during the three months ended March 31, 2020 and 2019 was $146.6 million and $85.0 million , respectively. The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Three Months Ended March 31, 2020 2019 Actual forfeiture rate 0.6 % 0.6 % Equity-based compensation $ 45,518 $ 33,753 The following table summarizes RSU activity: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2020 9,784,693 $ 26.38 2,349,618 12,134,311 (1) Granted 3,353,707 43.72 — 3,353,707 Forfeited (79,527 ) 26.20 (4,340 ) (83,867 ) Vested (1,590,781 ) 28.52 1,590,781 — Issued — 26.87 (3,691,819 ) (3,691,819 ) Balance at March 31, 2020 11,468,092 (2) $ 31.16 244,240 11,712,332 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock. (2) RSUs were expected to vest over the weighted average period of 3.1 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 were either subject to time-based vesting conditions that generally vested over three to five years or vested 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. On February 28, 2020, Athene Holding and Apollo entered into a Transaction Agreement that resulted in the acceleration of vesting of unvested AHL Awards granted by Athene Holding. The vested AHL Awards were exchanged for Athene Holding Class A shares and fully-vested warrants exchangeable into Athene Holding 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 was recorded to fully amortize the asset which is offset, with certain exceptions, 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, and has been categorized as Level II within the fair value hierarchy as a result. 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 Months Ended March 31, 2020 2019 Management fees $ — $ 189 Equity-based compensation $ (454 ) $ 755 Actual forfeiture rate — % — % Equity-Based Compensation Allocation Equity-based compensation is allocated based on ownership interests. Therefore, the amortization of equity-based compensation is allocated to stockholders’ equity attributable to AGM Inc. and the Non-Controlling Interests, which results in a difference in the amounts charged to equity-based compensation expense and the amounts credited to stockholders’ equity attributable to AGM Inc. in the Company’s condensed consolidated financial statements. Below is a reconciliation of the equity-based compensation allocated to AGM Inc.: For the Three Months Ended March 31, 2020 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 53,533 — % $ — $ 53,533 AHL Awards (454 ) 47.1 (214 ) (240 ) Other equity-based compensation awards (957 ) 47.1 (452 ) (505 ) Total equity-based compensation $ 52,122 (666 ) 52,788 Less other equity-based compensation awards (2) 666 (7,097 ) Capital increase related to equity-based compensation $ — $ 45,691 For the Three Months Ended March 31, 2019 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 37,943 — % $ — $ 37,943 AHL Awards 755 50.1 378 377 Other equity-based compensation awards 6,379 50.1 3,196 3,183 Total equity-based compensation $ 45,077 3,574 41,503 Less other equity-based compensation awards (2) (3,574 ) (7,479 ) Capital increase related to equity-based compensation $ — $ 34,024 (1) Calculated based on average ownership percentage for the period considering issuances of Class A shares or Class A Common Stock, as applicable, during the period. (2) Includes equity-based compensation reimbursable by certain funds.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
EQUITY	EQUITY Common Stock As a result of the Conversion, (i) each Class A share converted into one share of Class A Common Stock (ii) the Class B share converted into one share of Class B Common Stock and (iii) the Former Manager was granted one issued and outstanding, fully paid and nonassessable share of Class C Common Stock, which bestows to its holder certain management rights over the Company. Holders of Class A Common Stock are entitled to participate in dividends from the Company on a pro rata basis. As of March 31, 2020, the holders of Class A Common Stock had limited voting rights. During the three months ended March 31, 2020 and 2019 , the Company issued shares of Class A Common Stock 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 shares of Class A Common Stock 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 shares of Class A Common Stock 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. In January 2019, Apollo increased its authorized share repurchase amount by $250 million bringing the total authorized repurchase amount to $500 million . On March 12, 2020, Apollo announced that the executive committee of the Company’s board of directors approved a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A common stock. This new authorization increased the Company’s capacity to repurchase shares from $80 million of unused capacity under the Company’s previously approved the share repurchase plan authorization. The share repurchase plan authorization may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce the number of shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Equity Plan (or any successor equity plan thereto). Shares of Class A Common Stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. Apollo is not obligated under the terms of the program to repurchase any of its shares of Class A Common Stock. The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. The table below summarizes the issuance of shares of Class A Common Stock for equity-based awards: For the Three Months Ended March 31, 2020 2019 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 3,691,819 3,449,719 Reduction of shares of Class A Common Stock issued (2) (1,524,189 ) (1,291,150 ) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) 628,657 (65,183 ) Issuance of shares of Class A Common Stock for equity-based awards 2,796,287 2,093,386 (1) The gross value of shares issued was $169.5 million and $104.7 million for the three months ended March 31, 2020 and 2019 , respectively, based on the closing price of a share of Class A Common Stock at the time of issuance. (2) Cash paid for tax liabilities associated with net share settlement was $69.9 million and $39.2 million for the three months ended March 31, 2020 and 2019 , respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of Class A Common Stock of AGM Inc. that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years . These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of Class A Common Stock on the open market and retire them. During the three months ended March 31, 2020 and 2019 , we issued 636,314 and 31,235 of such restricted shares and 139,455 and 63,835 of such RSUs under the Equity Plan, respectively, and repurchased 0 and 95,070 shares of Class A Common Stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 7,657 and 1,348 restricted shares forfeited during the three months ended March 31, 2020 and 2019 , respectively. Additionally, during the three months ended March 31, 2020 and 2019 , 2,194,095 and 2,354,001 shares of Class A Common Stock were repurchased in open market transactions as part of the publicly announced share repurchase program discussed above, respectively, and such shares were subsequently canceled by the Company. The Company paid $64.2 million and $69.4 million for these open market share repurchases during the three months ended March 31, 2020 and 2019 , respectively. Preferred Stock Issuance On March 7, 2017, Apollo issued 11,000,000 6.375% Series A Preferred shares (the “Series A Preferred shares”) for gross proceeds of $275.0 million , or $264.4 million net of issuance costs and on March 19, 2018, Apollo issued 12,000,000 6.375% Series B Preferred shares (the “Series B Preferred shares” and collectively with the Series A Preferred shares, the “Preferred shares”) for gross proceeds of $300.0 million , or $289.8 million net of issuance costs. As a result of the Conversion, (i) each Series A Preferred share representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Series A Preferred Stock, having a liquidation preference of $25.00 per share, of the Company and (ii) each Series B Preferred share representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Series B Preferred Stock, having a liquidation preference of $25.00 per share, of the Company (the Series A Preferred Stock and the Series B Preferred Stock collectively, the “Preferred Stock”). When, as and if declared by the executive committee of the board of directors of AGM Inc., dividends on the Preferred Stock will be payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2018 for the Series B Preferred Stock, at a rate per annum equal to 6.375% . Dividends on the Preferred Stock are discretionary and non-cumulative. During 2019, quarterly cash dividends were $0.398438 per share of Series A Preferred Stock and Series B Preferred Stock. Subject to certain exceptions, unless dividends have been declared and paid or declared and set apart for payment on the Preferred Stock for a quarterly dividend period, during the remainder of that dividend period Apollo may not declare or pay or set apart payment for dividends on any shares of Class A Common Stock or any other equity securities that the Company may issue in the future ranking as to the payment of dividends, junior to the Preferred Stock (“Junior Stock”) and Apollo may not repurchase any Junior Stock. These restrictions were not applicable during the initial dividend period, which was the period from March 19, 2018 to but excluding June 15, 2018 for the Series B Preferred Stock. The Series A Preferred Stock and the Series B Preferred Stock may be redeemed at Apollo’s option, in whole or in part, at any time on or after March 15, 2022 and March 15, 2023, respectively, at a price of $25.00 per share of Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. Holders of the Preferred Stock will have no right to require the redemption of the Preferred Stock 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 and March 15, 2023 for the Series A Preferred Stock and the Series B Preferred Stock, respectively, the Preferred Stock 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 share of Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. If a certain rating agency event occurs prior to March 15, 2023, the Series B Preferred Stock 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 rating agency event, at a price of $25.50 per share of Series B Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. If (i) a change of control event occurs (whether before, on or after March 15, 2022 and March 15, 2023 for the Series A Preferred Stock and the Series B Preferred Stock, respectively) and (ii) Apollo does not give notice prior to the 31st day following the change of control event to redeem all the outstanding Preferred Stock, the dividend rate per annum on the Preferred Stock will increase by 5.00% , beginning on the 31st day following such change of control event. The Preferred Stock are not convertible into Class A Common Stock and have no voting rights, except in limited circumstances as provided in the Company’s certificate of incorporation. In connection with the issuance of the Preferred Stock, 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 Stock. Dividends and Distributions The table below presents information regarding the quarterly dividends and distributions which were made at the sole discretion of the Former Manager of the Company prior to the Conversion and at the sole discretion of the executive committee of the board of directors subsequent to the Conversion (in millions, except per share data). Certain subsidiaries of AGM Inc. may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement in a given fiscal year; therefore, the net amounts ultimately distributed by AGM Inc. to its Class A Common Stockholders in respect of each fiscal year are generally expected to be less than the net amounts distributed to AOG Unitholders. Subsequent to the Conversion, distributions from AGM Inc. are referred to as dividends. Dividend Declaration Date Dividend per share of Class A Common Stock Payment Date Dividend to Class A Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities January 31, 2019 $ 0.56 February 28, 2019 $ 113.3 $ 113.3 $ 226.6 $ 5.0 N/A — April 12, 2019 — 45.4 (1) 45.4 — May 2, 2019 0.46 May 31, 2019 92.2 93.0 185.2 4.1 July 31, 2019 0.50 August 30, 2019 100.4 101.0 201.4 4.4 N/A — August 15, 2019 — 4.1 (1) 4.1 — N/A — September 26, 2019 — 17.8 (1) 17.8 — October 31, 2019 0.50 November 29,2019 111.5 90.1 201.6 4.4 For the Year Ended December 31, 2019 $ 2.02 $ 417.4 $ 464.7 $ 882.1 $ 17.9 January 30, 2020 0.89 February 28, 2020 205.6 155.6 361.2 7.2 For the Three Months Ended March 31, 2020 $ 0.89 $ 205.6 $ 155.6 $ 361.2 $ 7.2 (1) On April 12, 2019, the Company made an $0.18 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with taxes and payments made under the tax receivable agreement. See note 14 for more information regarding the tax receivable agreement. On April 12, 2019, August 15, 2019 and September 26, 2019, the Company made a $0.04 , $0.02 and $0.10 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with federal corporate estimated tax payments. Non-Controlling Interests As discussed in note 1, Athene Holding acquired 29,154,519 non-voting equity interests of the Apollo Operating Group, which as of March 31, 2020 represented a 6.7% economic interest in the Apollo Operating Group. 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 March 31, 2020 2019 Net income (loss) attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 247 $ 1,161 Other consolidated entities (164,656 ) 7,501 Net income (loss) attributable to Non-Controlling Interests in consolidated entities $ (164,409 ) $ 8,662 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income (loss) $ (2,283,843 ) $ 315,567 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 164,409 (8,662 ) Net income (loss) after Non-Controlling Interests in consolidated entities (2,119,434 ) 306,905 Adjustments: Income tax provision (benefit) (2) (295,853 ) 19,654 NYC UBT and foreign tax (provision) benefit (3) (7,462 ) (2,048 ) Net income (loss) in non-Apollo Operating Group entities 8 15 Series A Preferred Stock Dividends (4,383 ) (4,383 ) Series B Preferred Stock Dividends (4,781 ) (4,781 ) Total adjustments (312,471 ) 8,457 Net income (loss) after adjustments (2,431,905 ) 315,362 Weighted average ownership percentage of Apollo Operating Group 46.2 % 50.1 % Net income (loss) attributable to Non-Controlling Interests in Apollo Operating Group $ (1,123,216 ) $ 157,848 Net Income (loss) attributable to Non-Controlling Interests $ (1,287,625 ) $ 166,510 Other comprehensive income (loss) attributable to Non-Controlling Interests (7,041 ) (6,406 ) Comprehensive Income (Loss) Attributable to Non-Controlling Interests $ (1,294,666 ) $ 160,104 (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 AGM Inc. and its subsidiaries 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	3 Months Ended
	Mar. 31, 2020
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 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. Other related party transactions include loans to employees and periodic sales of ownership interests in Apollo funds to employees. Due from related parties and due to related parties are comprised of the following: As of As of Due from Related Parties: Due from credit funds $ 136,160 $ 186,495 Due from private equity funds 20,314 27,724 Due from real assets funds 32,547 26,626 Due from portfolio companies 33,385 53,394 Due from Contributing Partners, employees and former employees 421,914 120,830 Total Due from Related Parties $ 644,320 $ 415,069 Due to Related Parties: Due to Managing Partners and Contributing Partners $ 364,582 $ 302,050 Due to credit funds 13,281 7,213 Due to private equity funds 940,387 191,620 Due to real assets funds 20,835 504 Total Due to Related Parties $ 1,339,085 $ 501,387 Tax Receivable Agreement Subject to certain restrictions, each of the Managing Partners and Contributing Partners has the right to exchange his vested AOG Units for the Company’s Class A Common Stock. All Operating Group entities have made, or will make, 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 the basis of underlying assets that will reduce the amount of tax that AGM Inc. and its subsidiaries 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 AGM Inc. and its subsidiaries would realize as a result of the increases in tax basis of assets that resulted from the 2007 Reorganization, the Conversion and exchanges of AOG Units for Class A Common Stock. AGM Inc. and its subsidiaries retain 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. As a result of the exchanges of AOG Units for Class A Common Stock during the three months ended March 31, 2020 and 2019 , a $62.5 million and $0.5 million liability was recorded, respectively, to estimate the amount of the future expected payments to be made by AGM Inc. and its subsidiaries to the Managing Partners and Contributing Partners pursuant to the tax receivable agreement. Due from Contributing Partners, Employees and Former Employees As of March 31, 2020 and December 31, 2019 , 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 March 31, 2020 and December 31, 2019 , the balance included interest-bearing employee loans receivable of $17.2 million and $17.1 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 March 31, 2020 and December 31, 2019 of $388.1 million and $88.5 million , respectively. Indemnity Performance revenues from certain funds can be distributed to the Company on a current basis, but are subject to repayment by the subsidiaries of the Apollo Operating Group that act as general partners of the funds 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 obligations 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 with respect to Fund IV, Fund V and Fund VI, 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 $12.8 million and $12.7 million as of March 31, 2020 and December 31, 2019 , respectively. Due to Credit, Private Equity and Real Assets Funds Based upon an assumed liquidation of certain of the credit, private equity and real assets funds the Company manages, the Company has recorded a general partner obligation to return previously distributed performance allocations, which represents amounts due to these funds. The general partner obligation is recognized based upon an assumed 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 or other governing document of the fund. The following table presents the general partner obligation to return previously distributed performance allocations related to certain funds by segment: As of As of Credit $ 6,540 $ — Private Equity 937,653 189,252 Real Assets 20,376 — Total general partner obligation $ 964,569 $ 189,252 Athene 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 is currently listed on the New York Stock Exchange under the symbol “ATH”. The Company provides asset management and advisory 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 September 20, 2018, Athene and Apollo agreed to revise the existing fee arrangements (the “amended fee agreement”) between Athene and Apollo. The Company began recording fees pursuant to the amended fee agreement on January 1, 2019. The amended fee agreement provides for sub-allocation fees which vary based on portfolio allocation differentiation, as described below. The amended fee agreement provides for a monthly fee to be payable by Athene to the Company in arrears, with retroactive effect to the month beginning on January 1, 2019, in an amount equal to the following, to the extent not otherwise payable to the Company pursuant to any one or more investment management or sub-advisory agreements or arrangements: (i) The Company, through its consolidated subsidiary Apollo Insurance Solutions Group LLC, or ISG, earns a base management fee of 0.225% per year on the aggregate market value of substantially all of the assets in substantially all of the investment accounts of or relating to Athene (collectively, the “Athene Accounts”) up to $103.4 billion (the level of assets in the Athene Accounts as of January 1, 2019, excluding certain assets, the “Backbook Value”) and 0.150% per year on all assets in excess of $103.4 billion (the “Incremental Value”), respectively; plus (ii) with respect to each asset in an Athene Account, subject to certain exceptions, that is managed by the Company and that belongs to a specified asset class tier (“core,” “core plus,” “yield,” and “high alpha”), a sub-allocation fee as follows, which will, in the case of assets acquired after January 1, 2019, be subject to a cap of 10% of the applicable asset’s gross book yield: As of Sub-Allocation Fees: Core Assets (1) 0.065 % Core Plus Assets (2) 0.130 % Yield Assets (3) 0.375 % High Alpha Assets (4) 0.700 % Cash, Treasuries, Equities and Alternatives (5) — % (1) Core assets include public investment grade corporate bonds, municipal securities, agency residential or commercial mortgage backed securities and obligations of any governmental agency or government sponsored entity that is not expressly backed by the U.S. government. (2) Core plus assets include private investment grade corporate bonds, fixed rate first lien commercial mortgage loans (“CML”) and obligations issued or assumed by a financial institution (such an institution, a “financial issuer”) and determined by Apollo to be “Tier 2 Capital” under the Basel III recommendations developed by the Basel Committee on Banking Supervision (or any successor to such recommendations). (3) Yield assets include non-agency residential mortgage-backed securities, investment grade collateralized loan obligations, certain asset-backed securities, commercial mortgage-backed securities, emerging market investments, below investment grade corporate bonds, subordinated debt obligations, hybrid securities or surplus notes issued or assumed by a financial issuer, as rated preferred equity, residential mortgage loans, bank loans, investment grade infrastructure debt and certain floating rate commercial mortgage loans. (4) High alpha assets include subordinated commercial mortgage loans, below investment grade collateralized loan obligations, unrated preferred equity, debt obligations originated by MidCap, below investment grade infrastructure debt, certain loans originated directly by Apollo and agency mortgage derivatives. (5) With respect to Equities and Alternatives, Apollo earns performance revenues of 0% to 20% . Athene and Apollo Strategic Transaction On October 28, 2019 Athene Holding, AGM Inc. and the entities that form the Apollo Operating Group entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which, among other things: • (i) Athene Holding issued, on February 28, 2020 (the “Closing Date”), 35,534,942 Class A common shares of Athene Holding (the “AHL Class A Common Shares”) to certain subsidiaries of the Apollo Operating Group in exchange for (i) issuance by the Apollo Operating Group of 29,154,519 non-voting equity interests of the Apollo Operating Group to AHL and (ii) $350 million in cash (“Share Issuance”); • Athene Holding has granted to AGM Inc. the right to purchase additional AHL Class A Common Shares from the Closing Date until 180 days thereafter to the extent the issued and outstanding AHL Class A Common Shares beneficially owned by Apollo and certain of its related parties and employees (collectively, the “Apollo Parties”) (inclusive of AHL Class A Common Shares over which any such persons have a valid proxy) do not equal at least 35% of the issued and outstanding AHL Class A Common Shares, on a fully diluted basis; • A representative of the Apollo Operating Group will have the right to purchase up to that number of AHL Class A Common Shares that would increase by up to 5% the percentage of the issued and outstanding AHL Class A Common Shares beneficially owned by the Apollo Parties (inclusive of AHL Class A Common Shares over which any such persons have a valid proxy), calculated on a fully diluted basis; • Athene Holding has amended and restated its Twelfth Amended and Restated Bye-laws of Athene Holding to, among other items, eliminate Athene Holding’s multi-class share structure (“Multi-Class Share Elimination”). In connection with the Multi-Class Share Elimination, (i) all of the Class B common shares of Athene Holding would be converted into an equal number of AHL Class A Common Shares on a one-for-one basis and (ii) all of the Class M common shares of Athene Holding was converted into a combination of AHL Class A Common Shares and warrants to purchase AHL Class A Common Shares. Liquidity Agreement In connection with the consummation of the Share Issuance and the Multi-Class Share Elimination, AGM Inc. has also entered into a Liquidity Agreement, dated as of the Closing Date, with Athene Holding (the “Liquidity Agreement”), pursuant to which, once each quarter, Athene Holding is entitled to request to sell a number of AOG Units or request AGM Inc. to sell a number of AGM Inc. Class A Common Stock or AOG Units representing at least $50 million , in each case, in exchange for payment of the Cash Amount (as defined below). If Athene Holding intends to exercise such sale request, it will provide a notice of such intent to sell such AOG Units to AGM Inc. Upon receipt of such notice, subject to certain restrictions described below, AGM Inc. will consummate, or, in the case of an AOG Transaction (as defined below), permit the consummation of, one of the following transactions: • a transaction whereby AGM Inc. purchases AOG Units from Athene Holding at a price agreed upon, in good faith, by AGM Inc. and Athene Holding (a “Purchase Transaction”); • if Athene Holding and AGM Inc. do not agree to consummate a Purchase Transaction, AGM Inc. will use its best efforts to consummate a public offering of AGM Inc. Class A Common Stock, the proceeds (net of certain commissions, fees and expenses consistent with customary and prevailing market practices for similar offerings) of which will be used to fund the purchase of AOG Units from Athene Holding (a “Registered Sale”); • if AGM Inc. notifies Athene Holding that it cannot consummate a Registered Sale, upon Athene Holding’s request, AGM Inc. will use its best efforts to consummate a sale of AGM Inc. Class A Common Stock pursuant to an exemption from the registration requirements of the Securities Act, the proceeds (net of certain commissions, fees and expenses consistent with customary and prevailing market practices for similar offerings) of which will be used to fund the purchase of AOG Units from Athene Holding (a “Private Placement,” and collectively with a Purchase Transaction and a Registered Sale, a “Sale Transaction”); or • if AGM Inc. elects (in its sole discretion) not to consummate a Sale Transaction, Athene Holding will be permitted to sell AOG Units in one or more transactions that are exempt from the registration requirements of the Securities Act, subject to certain restrictions (an “AOG Transaction”). For purposes of this description, “Cash Amount” means (i) in the case of a Registered Sale, the cash proceeds that AGM Inc. receives upon the consummation of a Registered Sale after deducting a capped amount of documented commissions, fees and expenses, (ii) in the case of a Purchase Transaction, the cash proceeds to which AGM Inc. and Athene Holding agree, (iii) in the case of a Private Placement, the cash proceeds that AGM Inc. receives upon the consummation of a Private Placement after deducting a capped amount of documented commissions, fees and expenses and (iv) in the case of an AOG Transaction, the cash proceeds to which the purchaser and Athene Holding agree. Each of the Purchase Transaction, Private Placement, Registered Sale and AOG Transaction are subject to the terms and conditions set forth in the Liquidity Agreement. In the event that an AOG Transaction is consummated, the buyer of such AOG Units will be prohibited from exchanging such AOG Units into AGM Inc. Class A Common Stock for at least 30 days after such purchase. Athene Holding is prohibited from consummating an AOG Transaction with any purchaser (i) who would, after giving effect to such transfer, own more than 3.5% of the issued and outstanding AGM Inc. Class A Common Stock (on a fully-diluted basis) or (ii) who is a “bad actor” (as defined in Regulation D of the Act) or otherwise a prohibited transferee, as described in the Liquidity Agreement. Athene Holding’s liquidity rights are subject to certain other limitations and obligations, including that in a Registered Sale or a Private Placement, AGM Inc. will not be required to sell any AGM Inc. Class A Common Stock at a price that is less than 90% of the volume-weighted average price of the AGM Inc. Class A Common Stock for the 10 consecutive business days prior to the day Athene Holding submits a notice for sale of AOG Units. The Liquidity Agreement also provides that Athene Holding is prohibited from transferring its AOG Units other than to an affiliate or pursuant to the options set forth above. AGM Inc. has the right not to consummate a Registered Sale or a Private Placement if the recipient of the Class A Common Stock would receive more than 2.0% of the outstanding and issued shares of AGM Inc. Class A Common Stock. Additionally, AGM Inc. has the right not to consummate an AOG Transaction if the recipient would, following such AOG Transaction, be the beneficial owner of greater than 3.5% of the AOG Units. As of March 31, 2020 and December 31, 2019 , the Company held a 28% and an 11% ownership interest in the Class A Common Shares of Athene Holding, respectively. On February 28, 2020, Apollo and Athene closed on a strategic transaction as discussed above. In connection with the transaction, Apollo purchased a 17% incremental equity stake in Athene at a premium, bringing Apollo’s beneficial ownership in Athene to 28% , or 35% including shares and warrants owned by related parties and employees, on a fully diluted basis. Apollo has entered into a lock-up agreement restricting transfers of Apollo’s existing and newly acquired shares of Athene for three years from the Closing Date. Athora The Company, through its consolidated subsidiary, ISGI, provides investment advisory services to certain portfolio companies of Apollo funds and Athora, a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). The Company has commitments to make additional equity investments in Athora of $435.1 million as of March 31, 2020, $275.8 million of which is subject to certain conditions. Athora Sub-Advised The Company, through ISGI, provides sub-advisory services with respect to a portion of the assets in certain portfolio companies of Apollo funds and the Athora Accounts. The Company broadly refers to “Athora Sub-Advised” assets as those assets in the Athora Accounts which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. With limited exceptions, the sub-advisory fee earned by the Company on the Athora Sub-Advised assets is 0.35% . The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2020 2019 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ (1,125,493 ) $ 160,348 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene and Athora, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. 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 12 . (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $(1.3) billion and $18.6 million for the three months ended March 31, 2020 and 2019 respectively. AAA Investments Credit Agreement On April 30, 2015, Apollo entered into a revolving credit agreement with AAA Investments (the “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 March 31, 2020 and December 31, 2019 , $8.9 million and $8.7 million , respectively, had been advanced by the Company and remained outstanding on the AAA Investments Credit Agreement. AAA Investments was obligated to pay the aggregate borrowings plus accrued interest at the earlier of (a) the third anniversary of the closing date, or (b) the date that was fifteen months following the initial public offering of shares of Athene Holding (the “Maturity Date”). On January 30, 2019, the Company and AAA agreed to extend the maturity date of the AAA Investments Credit Agreement to December 31, 2020. 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 March 31, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 of $1.1 billion and $1.1 billion , respectively, of which $394 million and $394 million related to Fund IX. Debt Covenants— Apollo’s debt obligations contain various customary loan covenants. As of March 31, 2020 , 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. 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. On June 20, 2016 Banca Carige S.p.A. (“Carige”) commenced a lawsuit in the Court of Genoa (Italy) (No. 8965/2016), against its former Chairman, its former Chief Executive Officer, AGM Inc., and certain entities (the “Apollo Entities”) organized and owned by investment funds managed by affiliates of AGM Inc. The complaint alleged that AGM Inc. and the Apollo Entities (i) aided and abetted breaches of fiduciary duty to Carige allegedly committed by Carige’s former Chairman and former CEO in connection with the sale to the Apollo Entities of Carige subsidiaries engaged in the insurance business; and (ii) took wrongful actions aimed at weakening Carige’s financial condition supposedly to facilitate an eventual acquisition of Carige. The causes of action were based in tort under Italian law. Carige purportedly sought damages of €450 million in connection with the sale of the insurance businesses and €800 million for other losses. With judgment no. 3118/2018 published on December 6, 2018, the Court of Genoa fully rejected all the claims raised by Carige against AGM Inc. and the Apollo Entities, and also awarded attorneys' fees in their favor for an amount of €428,996.10 . Carige filed an appeal on January 3, 2019 before the Court of Appeal of Genoa. The Apollo Entities appeared in the proceedings requesting the Court to reject Carige’s appeal. On November 21, 2019, Carige and the Apollo Entities entered into a settlement agreement whereby, among other things, each party finally and irrevocably released and discharged the other parties from all their respective claims, actions and/or requests raised in the litigation. Accordingly, immediately after signing the settlement agreement, Carige and the Apollo Entities filed with the Court a joint declaration whereby they reported to the Court that they had waived and withdrawn their respective claims. On August 3, 2017, a complaint was filed in the United States District Court for the Middle District of Florida against AGM Inc., a senior partner of Apollo and a former principal of Apollo by Michael McEvoy on behalf of a purported class of employees of subsidiaries of CEVA Group, LLC (“CEVA Group”) who purchased shares in CEVA Investment Limited (“CIL”), the former parent company of CEVA Group. The complaint alleged that the defendants breached fiduciary duties to and defrauded the plaintiffs by inducing them to purchase shares in CIL and subsequently participating in a debt restructuring of CEVA Group in which shareholders of CIL did not receive a recovery. On February 9, 2018, the Bankruptcy Court for the Southern District of New York held that the claims asserted in the complaint were assets of CIL, which is a chapter 7 debtor, and that the complaint was null and void as a violation of the automatic stay. McEvoy subsequently revised his complaint to attempt to assert claims that do not belong to CIL. The amended complaint no longer named any individual defendants, but Apollo Management VI, L.P. and CEVA Group were added as defendants. The amended complaint sought damages of approximately €30 million and asserts, among other things, claims for violations of the Investment Advisers Act of 1940, breach of fiduciary duties, and breach of contract. On December 7, 2018, after receiving permission from the Bankruptcy Court, McEvoy filed his amended complaint in the District Court in Florida. On January 18, 2019, Apollo filed a motion to dismiss the amended complaint. A hearing on that motion was held December 3, 2019. On January 6, 2020, the Florida court granted in part Apollo’s motion to dismiss, dismissing McEvoy’s Investment Advisers Act claim with prejudice, and denying without prejudice Apollo’s motion with respect to the remaining claims. The court also set a schedule for a summary judgment motion on the remaining claims based on the statute of limitations. On December 21, 2017, Harbinger Capital Partners II, LP, Harbinger Capital Partners Master Fund I, Ltd., Harbinger Capital Partners Special Situations Fund, L.P., Harbinger Capital Partners Special Situations GP, LLC, Harbinger Capital Partners Offshore Manager, L.L.C., Global Opportunities Breakaway Ltd. (in voluntary liquidation), and Credit Distressed Blue Line Master Fund, Ltd. (collectively, “Harbinger”) commenced an action in New York Supreme Court captioned Harbinger Capital Partners II LP et al. v. Apollo Global Management LLC, et al. (No. 657515/2017). The complaint named as defendants (i) AGM Inc., (ii) the funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”) equity before selling their interests to Harbinger under an April 2008 agreement that closed in 2010, and (iii) six former SkyTerra directors, five of whom are current or former Apollo employees. The complaint alleged that during the period of Harbinger’s various equity and debt investments in SkyTerra, from 2004 to 2010, the defendants concealed from Harbinger material defects in SkyTerra technology that was to be used to create a new mobile wi-fi network. The complaint alleged that Harbinger would not have made investments in SkyTerra totaling approximately $1.9 billion had it known of the defects, and that the public disclosure of these defects ultimately led to SkyTerra filing for bankruptcy in 2012 (after it had been renamed LightSquared). The complaint asserted claims against (i) all defendants for fraud, civil conspiracy, and negligent misrepresentation, (ii) AGM Inc. and the Apollo-managed funds only for breach of fiduciary duty, breach of contract, and unjust enrichment, and (iii) the SkyTerra director defendants only for aiding and abetting breach of fiduciary duty. The complaint sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. This action was stayed from February 14, 2018, through June 12, 2019. On February 14, 2018, the defendants moved the United States Bankruptcy Court for the Southern District of New York to reopen the LightSquared bankruptcy proceeding for the limited purpose of enforcing Harbinger’s assignment and release in that bankruptcy of the claims that it asserted in the New York state court action. Briefing and hearing on this motion were adjourned while the state court stay was pending. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice subject to a tolling agreement. On June 12, 2019, Apollo voluntarily withdrew its bankruptcy court motion subject to a right to refile the motion if Harbinger were to refile the state court action. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. Five shareholders filed substantially similar putative class action lawsuits in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida in March, April, and May 2018, alleging violations of the Securities Act in connection with the January 19, 2018 IPO of ADT Inc. common stock. The actions were consolidated on July 10, 2018, and the case was re-captioned In re ADT Inc. Shareholder Litigation. On August 24, 2018, the state-court plaintiffs filed a consolidated complaint naming as defendants ADT Inc., several ADT officers and directors, the IPO underwriters (including Apollo Global Securities, LLC), AGM Inc. and certain other Apollo affiliates. Plaintiffs generally alleged that the registration statement and prospectus for the IPO contained false and misleading statements and failed to disclose material information about certain litigation in which ADT was involved, ADT’s efforts to protect its intellectual property, and competitive pressures ADT faced. Defendants filed motions to dismiss the consolidated complaint on October 23, 2018, and those motions were fully briefed. On May 21, 2018, a similar shareholder class action lawsuit was filed in the United States District Court for the Southern District of Florida, naming as defendants ADT, several officers and directors, and AGM Inc. The federal action, captioned Perdomo v. ADT Inc., generally alleged that the registration statement was materially misleading because it failed to disclose ongoing deterioration in ADT’s financial results, along with certain customer and business metrics. On July 20, 2018, several alleged ADT shareholders filed competing motions to be named lead plaintiff in the federal action. On November 20, 2018, the court appointed a lead plaintiff, and on January 15, 2019, the lead plaintiff filed an amended complaint. The amended complaint named the same Apollo-affiliated defendants as the state-court action, along with three new Apollo entities. Defendants filed motions to dismiss on March 25, 2019, and those motions were fully briefed. On July 26, 2019, the state court denied defendants’ motions to dismiss, except it reserved judgment on the question whether it has personal jurisdiction over certain defendants, including the Apollo defendants. On September 12, 2019, all parties to the state and federal actions reached a settlement in principle that would resolve both actions. The plaintiffs in the federal action voluntarily dismissed their action on October 28, 2019, and the settlement will be submitted to the state court for approval. The settlement requires no payment from any Apollo defendants. On May 3, 2018, Caldera Holdings Ltd, Caldera Life Reinsurance Company, and Caldera Shareholder, L.P. (collectively, “Caldera”) filed a summons with notice in the Supreme Court of the State of New York, New York County, naming as defendants AGM Inc., Apollo Management, L.P., Apollo Advisors VIII, L.P., Apollo Capital Management VIII, LLC, Athene Asset Management, L.P., Athene Holding, Ltd., and Leon Black (collectively, “Defendants” and all but Athene Holding, Ltd., the “Apollo Defendants”). On July 12, 2018, Caldera filed a complaint, Index No. 652175/2018 (the “Complaint”), alleging three causes of action: (1) tortious interference with prospective business relations/prospective economic advantage; (2) defamation/trade disparagement/injurious falsehood; and (3) unfair competition. The Complaint sought damages of no less than $1.5 billion , as well as exemplary and punitive damages, attorneys’ fees, interest, and an injunction. Defendants moved to dismiss the Complaint on September 21, 2018 and Caldera filed an amended complaint on January 21, 2019 (the “Amended Complaint”). Defendants moved to dismiss the Amended Complaint, and the Apollo Defendants submitted to the Court a Final Arbitration Award issued on April 26, 2019 in a JAMS arbitration, finding Caldera, Imran Siddiqui, and Ming Dang liable for various causes of action, including breaches of fiduciary duty and/or aiding and abetting thereof. Oral argument on the motions to dismiss was held on May 31, 2019. On December 20, 2019, the Court issued a Decision and Order dismissing Caldera’s complaint in its entirety as against all Defendants. On December 23, 2019, the Apollo Defendants filed a Notice of Entry of the Decision and Order. On January 8, 2020, Caldera filed a Notice of Appeal. On March 7, 2019, plaintiff Elizabeth Morrison filed an amended complaint in an action captioned Morrison v. Ray Berry, et. al., Case No. 12808-VCG, pending in the Chancery Court for the State of Delaware, adding as defendants AGM Inc. and certain AGM Inc. affiliates. The original complaint had only named as defendants certain officers and directors (the “TFM defendants”) of The Fresh Market, Inc. (“TFM”), claiming that those defendants breached their fiduciary duties to the TFM shareholders in connection with their consideration and approval of a merger agreement between TFM and certain entities affiliated with Apollo, including by engaging in a sale process that improperly favored AGM Inc., and/or Apollo Management VIII, L.P., by agreeing to an inadequate price and by filing materially deficient disclosures regarding the transaction. In addition to AGM Inc., the amended complaint added as defendants Apollo Overseas Partners (Delaware 892) VIII, L.P., Apollo Overseas Partners (Delaware) VIII, L.P., Apollo Overseas Partners VIII, L.P., Apollo Management VIII, L.P., AIF VIII Management, LLC, Apollo Management, L.P., Apollo Management GP, LLC, Apollo Management Holdings, L.P., Apollo Management Holdings GP, LLC, APO Corp., AP Professional Holdings, L.P., Apollo Advisors VIII, L.P., Apollo Investment Fund VIII, L.P., Pomegranate Holdings, Inc., and other defendants. The amended complaint alleged that the Apollo defendants aided and abetted the breaches of fiduciary duties by the TFM defendants. After the defendants moved to dismiss the complaint on May 1, 2019, Plaintiff filed a second amended complaint on June 3, 2019, maintaining the same claim against the same Apollo defendants as the prior complaint. Defendants moved to dismiss the second amended complaint on July 12, 2019. On December 31, 2019, the court issued a decision dismissing certain of the TFM defendants while denying the motions of others. The court deferred ruling on the motions filed by several defendants, including the Apollo-affiliated defendants. Those defendants for whom ruling was deferred submitted supplemental briefs in support of dismissal on January 31, 2020, and briefing was completed by February 24. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On October 21, 2019, a putative class action complaint was filed in the Court of Chancery of the State of Delaware against Presidio, Inc. (“Presidio”), all of the members of Presidio’s board of directors (including five directors who are affiliated with Apollo), and BC Partners Advisors L.P. and Port Merger Sub, Inc. (together, “BCP”) challenging the then-pending acquisition of Presidio by BCP (the “Merger”). The action is captioned Firefighters Pension System of City of Kansas City, Missouri Trust v. Presidio, Inc. et al, C.A. No. 2019-0839-JTL. The original complaint alleged that the Presidio directors breached their fiduciary duties in connection with the negotiation of the Merger and that the disclosures Presidio made in its filings with the SEC in connection with the Merger omitted material information, and that BCP aided and abetted those alleged breaches. On November 5, 2019, the Court of Chancery held a hearing on a motion by plaintiffs to preliminarily enjoin the stockholder vote and denied that motion. On January 28, 2020, following the closing of the Merger, plaintiffs filed an amended class action complaint, adding as defendants AGM Inc. and AP VIII Aegis Holdings, L.P. (together, the “Apollo Defendants”) and LionTree Advisors, LLC (Presidio’s financial advisor in connection with the Merger). The amended complaint alleges, among other things, that the Presidio directors breached their fiduciary duties in connection with the Merger, that the filings with the SEC in connection with the Merger omitted material information, that the Apollo Defendants were controlling stockholders of Presidio and breached their alleged fiduciary duties to Presidio’s public stockholders, and that BCP, LionTree and the Apollo Defendants aided and abetted breaches of fiduciary duties. The amended complaint seeks, among other relief, declaratory relief, class certification, and unspecified money damages. The defendants have filed motions to dismiss the amended complaint and filed supporting memoranda by April 30, 2020. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On November 1, 2019, plaintiff Benjamin Fongers filed a putative class action in Illinois Circuit Court, Cook County, against CareerBuilder, LLC (“CareerBuilder”) and AGM Inc. Plaintiff alleges that in March 2019, CareerBuilder changed its compensation plan so that sales representatives such as Fongers would (i) receive reduced commissions; and (ii) only be able to receive commissions for accounts they originated that were not reassigned to anyone else, a departure from the earlier plan. Plaintiff also claims that the plan applied retroactively to deprive sales representatives of commissions to which they were earlier entitled. Plaintiff alleges that AGM Inc. exercises complete control over CareerBuilder and thus, CareerBuilder acts as AGM Inc.’s agent. Based on these allegations, Plaintiff alleges claims against both defendants for breach of written contract, breach of implied contract, unjust enrichment, violation of the Illinois Sales Representative Act, and violation of the Illinois Wage and Payment Collection Act. The defendants removed the action to the Northern District of Illinois on December 5, 2019, and Plaintiff moved to remand on January 6, 2020. That motion was fully briefed on February 14, 2020. Defendants’ deadline to respond to the complaint is 21 days after the court rules on the remand motion. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On January 15, 2020, DISH Network L.L.C. (“DISH”) filed a lawsuit in the Circuit Court of Cook County, Illinois against Terrier Media Buyer, Inc. d/b/a Cox Media Group (“CMG”), AGM Inc., NBI Holdings, LLC, Camelot Media Buyer, Inc. and Camelot Media Holdings, LLC., among other defendants. DISH’s lawsuit alleges that the defendants engaged in a series of transactions designed to take control of certain local television broadcast stations in a way that deprived DISH of its contractual right to retransmit to its subscribers the signals of certain of the local broadcast television stations. DISH seeks a declaration that it may continue to retransmit under its prior retransmission agreement, among other relief. On the same day it filed its lawsuit, DISH obtained an ex parte temporary restraining order (“TRO”) that enjoins all defendants (i) from taking any action to interfere with performance of a retransmission agreement concerning certain local television stations, (ii) from prohibiting DISH from retransmitting the signals of those stations, and (iii) from otherwise interfering with DISH’s right to retransmit the signals of those stations. On January 24, 2020, the Circuit Court of Cook County extended the TRO. On the same day, the defendants removed the case to the U.S. District Court for the Northern District of Illinois. DISH subsequently moved to remand the case back to state court, which motion was denied, and for leave to name additional AGM Inc. subsidiaries as defendants, which motion was granted in part and denied in part. The court granted DISH leave to name AP IX Titan Holdings GP, LLC and AP IX (PMC) VoteCo, LLC as defendants in DISH’s amended complaint. On May 1, 2020, DISH filed its amended complaint. DISH’s forthcoming motion for a preliminary injunction is expected to be fully briefed by June 25, 2020. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. In March 2020, Frank Funds, which claims to be a former shareholder of MPM Holdings, Inc. (“MPM”), commenced an action in Delaware Chancery Court, captioned Frank Funds v. Apollo Global Management, Inc., et al., C.A. No. 2020-0130, against AGM Inc., certain former MPM directors (including three Apollo officers and employees), and members of the consortium that acquired MPM in a May 2019 merger. The complaint asserts, on behalf of a putative class of former MPM shareholders, a claim against Apollo for breach of its fiduciary duties as MPM’s alleged controlling shareholder in connection with the May 2019 merger in which a consortium acquired MPM. Frank Funds seeks unspecified compensatory damages. Apollo believes these claims are without merit. Because this action is in its early stages, no reasonable estimate of possible loss, if any, can be made at this time. Commitments and Contingencies— Other long-term obligations relate to payments with respect to certain consulting agreements entered into by Apollo Investment Consulting LLC, a subsidiary of Apollo, as well as long-term service contracts. A significant portion of these costs are reimbursable by funds or portfolio companies. As of March 31, 2020 , fixed and determinable payments due in connection with these obligations were as follows: Remaining 2020 2021 2022 2023 2024 Thereafter Total Other long-term obligations $ 14,972 $ 3,275 $ 1,892 $ 662 $ 662 $ 662 $ 22,125 Contingent Obligations— Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through March 31, 2020 and that would be reversed approximates $0.7 billion . Management views the possibility of all of the investments becoming worthless as remote. Performance allocations are affected by changes in the fair values of the underlying investments in the funds that Apollo manages. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, bond yields and industry trading multiples. Movements in these items can affect valuations quarter to quarter even if the underlying business fundamentals remain stable. Additionally, at the end of the life of certain funds that the Company manages, there could be a payment due to a fund by the Company if the Company, as general partner, has received more performance allocations than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of each fund or as otherwise set forth in the respective limited partnership agreement of the fund. See note 14 to our condensed consolidated financial statements for further details regarding the general partner obligation. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting period. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of the Company’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings to the portfolio companies of the funds Apollo manages. As of March 31, 2020 , there were no underwriting commitments. Contingent Consideration— In connection with the acquisition of Stone Tower in April 2012, the Company agreed to pay the former owners of Stone Tower a specified percentage of any future performance revenues earned from certain of the Stone Tower funds, CLOs, and strategic investment accounts. This contingent consideration liability was determined based on the present value of estimated future performance revenue payments, and is recorded in profit sharing payable in the condensed consolidated statements of financial condition. The fair value of the remaining contingent obligation was $76.7 million and $112.5 million as of March 31, 2020 and December 31, 2019 , respectively. The contingent consideration obligations will be remeasured to fair value at each reporting period until the obligations are satisfied and are characterized as Level III liabilities. The changes in the fair value of the contingent consideration obligations is reflected in profit sharing expense in the condensed consolidated statements of operations. See note 6 for further information regarding fair value measurements.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Apollo conducts its business primarily in the United States through three reportable segments: credit, private equity 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. Segment Distributable Earnings Segment Distributable Earnings, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private equity and real assets segments. Management believes the components of Segment DE, such as the amount of management fees, advisory and transaction fees and realized performance fees, are indicative of the Company’s performance. Management uses Segment DE 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; • Decisions related 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 the funds and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and • Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUs that participate in dividends and holders of AOG Units. Segment DE is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of the related funds, taxes and related payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, Segment DE 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 variable interest entities that are included in the condensed consolidated financial statements. We believe the exclusion of the non-cash charges related to the 2007 Reorganization for equity-based compensation provides investors with a meaningful indication of our performance because these charges relate to the equity portion of our capital structure and not our core operating performance. Segment DE also excludes impacts of the remeasurement of the tax receivable agreement liability recorded in other income, which arises from changes in the associated deferred tax balance. Segment DE may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment DE as a measure of operating performance, not as a measure of liquidity. Segment DE should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment DE without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment DE as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment DE to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote. Fee Related Earnings Fee Related Earnings (“FRE”) is derived from our segment reported results and refers to a component of Segment DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation, (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. The following tables present financial data for Apollo’s reportable segments. As of and for the Three Months Ended March 31, 2020 Credit Segment Private Equity Segment Real Assets Segment Total Reportable Segments Management fees $ 208,229 $ 125,268 $ 48,871 $ 382,368 Advisory and transaction fees, net 15,267 20,343 1,122 36,732 Performance fees (1) 2,404 — — 2,404 Fee Related Revenues 225,900 145,611 49,993 421,504 Salary, bonus and benefits (57,008 ) (42,480 ) (24,533 ) (124,021 ) General, administrative and other (35,373 ) (21,994 ) (10,986 ) (68,353 ) Placement fees (306 ) (107 ) — (413 ) Fee Related Expenses (92,687 ) (64,581 ) (35,519 ) (192,787 ) Other income (loss), net of Non-Controlling Interest (663 ) 23 (21 ) (661 ) Fee Related Earnings 132,550 81,053 14,453 228,056 Realized performance fees 25,861 1,143 38,742 65,746 Realized profit sharing expense (25,557 ) (1,447 ) (38,742 ) (65,746 ) Net Realized Performance Fees 304 (304 ) — — Realized principal investment income, net (2) 1,374 542 3,667 5,583 Net interest loss and other (17,114 ) (15,674 ) (4,346 ) (37,134 ) Segment Distributable Earnings (3) $ 117,114 $ 65,617 $ 13,774 $ 196,505 Total Assets (3) $ 3,382,264 $ 2,265,056 $ 629,541 $ 6,276,861 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap. (2) Realized principal investment income, net includes dividends from our permanent capital vehicles, net of such amounts used to compensate employees. (3) Refer below for a reconciliation of total revenues, total expenses, other loss 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 March 31, 2019 Credit Private Equity Real Assets Total Reportable Management fees $ 182,742 $ 130,496 $ 45,385 $ 358,623 Advisory and transaction fees, net 2,848 16,136 76 19,060 Performance fees (1) 661 — — 661 Fee Related Revenues 186,251 146,632 45,461 378,344 Salary, bonus and benefits (44,304 ) (43,233 ) (18,188 ) (105,725 ) General, administrative and other (27,496 ) (25,862 ) (9,675 ) (63,033 ) Placement fees 305 135 — 440 Fee Related Expenses (71,495 ) (68,960 ) (27,863 ) (168,318 ) Other income (loss), net of Non-Controlling Interest (404 ) 196 (62 ) (270 ) Fee Related Earnings 114,352 77,868 17,536 209,756 Realized performance fees 3,327 60,456 6 63,789 Realized profit sharing expense (3,518 ) (37,727 ) 106 (41,139 ) Net Realized Performance Fees (191 ) 22,729 112 22,650 Realized principal investment income 3,049 8,088 299 11,436 Net interest loss and other (4,386 ) (6,133 ) (2,173 ) (12,692 ) Segment Distributable Earnings (2) $ 112,824 $ 102,552 $ 15,774 $ 231,150 (1) Represents certain performance fees from business development companies and Redding Ridge Holdings. (2) Refer below for a reconciliation of total revenues, total expenses and other income (loss) for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss) and total assets. The following table reconciles total consolidated revenues to total revenues for Apollo’s reportable segments: For the Three Months Ended March 31, 2020 2019 Total Consolidated Revenues $ (1,469,086 ) $ 677,777 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (35,841 ) (29,129 ) Adjustments related to consolidated funds and VIEs (1) (1,451 ) 1,632 Performance fees (2) 1,734,435 (248,172 ) Principal investment (income) loss 193,447 (23,764 ) Total Fee Related Revenues 421,504 378,344 Realized performance fees 65,746 63,789 Realized principal investment income, net and other 4,741 10,594 Total Segment Revenues $ 491,991 $ 452,727 (1) Represents advisory fees, management fees and performance fees 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. (2) Excludes certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments: For the Three Months Ended March 31, 2020 2019 Total Consolidated Expenses $ (328,434 ) $ 378,017 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (32,211 ) (28,842 ) Reclassification of interest expenses (31,242 ) (19,108 ) Transaction-related charges, net (1) 21,399 (5,463 ) Charges associated with corporate conversion (2) (1,064 ) — Equity-based compensation (14,070 ) (18,423 ) Total profit sharing expense (3) 580,949 (137,863 ) Dividend-related compensation expense (2,540 ) — Total Fee Related Expenses 192,787 168,318 Realized profit sharing expense 65,746 41,139 Total Segment Expenses $ 258,533 $ 209,457 (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. (2) Represents expenses incurred in relation to the Conversion, as described in note 1 . (3) Includes unrealized profit sharing expense, realized profit sharing expense and equity based profit sharing expense and other. The following table reconciles total consolidated other income (loss) to total other loss for Apollo’s reportable segments: For the Three Months Ended March 31, 2020 2019 Total Consolidated Other Income (Loss) $ (1,439,044 ) $ 35,461 Adjustments related to consolidated funds and VIEs (1) 166,465 (9,134 ) Net (gains) losses from investment activities 1,264,244 (18,825 ) Interest income and other, net of Non-Controlling Interest 7,674 (7,772 ) Other Loss, net of Non-Controlling Interest (661 ) (270 ) Net interest loss and other (36,292 ) (11,850 ) Total Segment Other Loss $ (36,953 ) $ (12,120 ) (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 Segment Distributable Earnings: For the Three Months Ended March 31, 2020 2019 Income (loss) before income tax (provision) benefit $ (2,579,696 ) $ 335,221 Transaction-related charges (1) (21,399 ) 5,463 Charges associated with corporate conversion (2) 1,064 — Net income attributable to Non-Controlling Interests in consolidated entities 164,409 (8,662 ) Unrealized performance fees 1,800,181 (184,383 ) Unrealized profit sharing expense (681,183 ) 75,762 Equity-based profit sharing expense and other (3) 34,488 20,962 Equity-based compensation 14,070 18,423 Unrealized principal investment (income) loss 201,570 (12,328 ) Unrealized net (gains) losses from investment activities and other 1,263,001 (19,308 ) Segment Distributable Earnings $ 196,505 $ 231,150 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (2) Represents expenses incurred in relation to the Conversion, as described in note 1 . (3) Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards granted by unconsolidated related parties to employees of Apollo. The following table presents the reconciliation of Apollo’s total reportable segment assets to total assets: As of As of Total reportable segment assets $ 6,276,861 $ 7,337,517 Adjustments (1) 10,045,936 1,204,600 Total assets $ 16,322,797 $ 8,542,117 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 30, 2020, AGM Inc. filed an amended and restated certificate of incorporation (the “Amended and Restated COI”) with the Secretary of State of Delaware, and amended and restated its bylaws (the “Amended and Restated Bylaws” and, together with the Amended and Restated COI, the “Amendments”), each of the Amendments being effective as of such date. The Amendments provide, among other things, that the Class A Common Stockholders will have a certain amount of voting power on all matters generally submitted for vote to the stockholders of AGM Inc. (the “General Stockholder Matters”). Following the Amendments, with respect to General Stockholder Matters the total voting power of the Class A shares was 9.2% , the total voting power of the Class B share was 8.2% and the total voting power of the Class C share was 82.6% , each as of May 7, 2020. On May 1, 2020 , the Company declared a cash dividend of $0.42 per share of Class A Common Stock, which will be paid on May 29, 2020 to holders of record at the close of business on May 18, 2020 . On May 1, 2020 , the Company declared a cash dividend of $0.398438 per share of Series A Preferred Stock and Series B Preferred Stock, which will be paid on June 15, 2020 to holders of record at the close of business on June 1, 2020 .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization of the Company	Organization of the Company Effective September 5, 2019, AGM Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). The Company was formed as a Delaware limited liability company on July 3, 2007, and, until the Conversion, was managed by AGM Management, LLC, which is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, its Managing Partners. As of March 31, 2020 , the Company owned, through six intermediate holding companies, 52.9% 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 entities that comprise the Apollo Operating Group. As of March 31, 2020 , Holdings owned 40.4% 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 generally accepted accounting principles in the United States of America (“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 2019 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 periods’ 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., CLOs). 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 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. When Apollo alone is not considered to have a controlling financial interest in the VIE but Apollo and its related parties under common control in the aggregate have a controlling financial interest in the VIE, Apollo will be deemed the primary beneficiary if it is the party that is most closely associated with the VIE. When Apollo and its related parties not under common control in the aggregate have a controlling financial interest in the VIE, Apollo would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of Apollo. 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 in the condensed consolidated statements of operations. The portion attributable to Non-Controlling Interests is reported within net income attributable to Non-Controlling Interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see note 5 . 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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Apollo considers all highly liquid short-term investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include money market funds and U.S. Treasury securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities were $436.3 million and $253.5 million as of March 31, 2020 and December 31, 2019 , respectively, which approximate their fair values due to their short-term nature and are categorized as Level I within the fair value hierarchy. Substantially all of the Company’s cash on deposit is in interest bearing accounts with major financial institutions and exceed insured limits. Restricted Cash Restricted cash includes cash held in reserve accounts used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash also includes cash deposited at a bank, which is pledged as collateral in connection with leased premises.
U.S. Treasury securities, at fair value	U.S. Treasury securities, at fair value U.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities in the condensed consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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), the Company’s U.S. Treasury securities with original maturities greater than three months when purchased, 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. 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, financial instruments are generally recorded at fair value or at amounts whose carrying values approximate fair value. 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. 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 debt. 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 external 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.
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 principal investment income (loss) 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.
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 or financial liabilities of the consolidated CLOs, whichever are more observable. Where financial assets are more observable, 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 nonfinancial 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. Where financial liabilities are more observable, the financial liabilities of the consolidated CLOs are measured at fair value and the financial assets are measured in consolidation as: (i) the sum of the fair value of the financial liabilities, and the carrying value of any nonfinancial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs. The resulting amount is allocated to the individual financial assets using a reasonable and consistent methodology. Under the measurement alternative, net income attributable to Apollo Global Management, Inc. 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.
Deferred Revenue and Revenues	Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Apollo also earns management fees subject to the Management Fee Offset (described below). 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 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. There was $70.5 million of revenue recognized during the three months ended March 31, 2020 that was previously deferred as of January 1, 2020. 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. Revenues The Company’s revenues are reported in four separate categories that include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees.
Management Fees	Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (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, Net	Advisory and Transaction Fees, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. The Company receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties, which is discussed further in note 14 . 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 are presented net of the Management Fee Offset in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. 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. 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.
Investment Income	Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which the Company’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. The Company recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. When applicable, the Company may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties. 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 or other governing document of the fund. Principal Investment Income Principal investment income includes the Company’s income or loss from equity method investments and certain other investments in entities in which the Company is generally eligible to receive performance allocations. Income from equity method investments includes the Company’s share of net income or loss generated from its investments, which are not consolidated, but in which the Company exerts significant influence.
Incentive Fees	Incentive Fees Incentive fees are a type of performance revenue. Incentive fees differ from performance allocations in that incentive fees do not represent an allocation of capital but rather a contractual fee arrangement with the entity. Incentive fees are considered a form of variable consideration as they are subject to clawback or reversal and therefore must be deferred until the fees are probable to not be significantly reversed. Accrued but unpaid incentive fees are reported within incentive fees receivable in the Company’s condensed consolidated statements of financial condition. The Company’s incentive fees primarily relate to the credit segment and are generally received from CLOs, managed accounts and AINV.
Salaries, Bonus and Benefits and Equity-Based Compensation	Equity-Based Compensation Equity-based awards granted to employees and non-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. In addition, certain restricted share units (“RSUs”) granted by the Company vest based on both continued service and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation expense. In accordance with U.S. GAAP, equity-based compensation expense for such awards, if and when granted, will be recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. The Company accounts for forfeitures of equity-based awards when they occur.
Profit Sharing	Profit Sharing Profit sharing expense and profit sharing payable primarily consist of a portion of performance revenues earned from certain funds that are allocated to employees and former employees. Profit sharing amounts are recognized as the related performance revenues are earned. Accordingly, profit sharing amounts can be reversed during periods when there is a decline in performance revenues that were previously recognized. Profit sharing amounts are generally not paid until the related performance revenue is distributed to the general partner upon realization of the fund’s investments. Under certain profit sharing arrangements, the Company requires that a portion of certain of the performance revenues distributed to its employees be used to purchase restricted Class A Common Stock issued under the Company’s 2007 Omnibus Equity Incentive Plan, which, effective as of July 22, 2019, was amended, restated and renamed the 2019 Omnibus Equity Incentive Plan (the “Equity Plan”). Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. 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 and former employees 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 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 or other governing document of the fund. 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 performance revenue earned by the Company in a given year, which amounts are reflected in profit sharing expense in the accompanying condensed consolidated financial statements. The Company may also use dividends it receives from investments in MidCap, ARI and AINV to compensate employees. These amounts are recorded as profit sharing expense in the Company’s condensed consolidated
401(k) Savings Plan	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. 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.
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.
Income Taxes	Income Taxes Prior to the Conversion, certain entities in the Apollo Operating Group operated as partnerships for U.S. federal income tax purposes. As a result, these entities were not subject to U.S. federal income taxes. However, certain of these entities were subject to New York City unincorporated business taxes (“NYC UBT”) and certain non-U.S. entities were subject to non-U.S. corporate income taxes. Effective September 5, 2019, Apollo Global Management, LLC converted from a Delaware limited liability company to a Delaware corporation named Apollo Global Management, Inc. Subsequent to the Conversion, generally all of the income is subject to U.S. corporate income taxes, which could result in an overall higher income tax expense (or benefit) in periods subsequent to the Conversion. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether or not the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax basis using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period during which the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Non-Controlling Interests	Non-Controlling Interests For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than Apollo. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in Non-Controlling Interests in the consolidated financial statements. The Non-Controlling Interests relating to Apollo Global Management, Inc. primarily include the ownership interest in the Apollo Operating Group held by the Managing Partners and Contributing Partners through their limited partner interests in Holdings and other ownership interests in consolidated entities. Non-Controlling Interests also include limited partner interests of Apollo managed funds in certain consolidated VIEs. Non-Controlling Interests are presented as a separate component of stockholders’ equity on the Company’s condensed consolidated statements of financial condition. The primary components of Non-Controlling Interests are separately presented in the Company’s consolidated statements of changes in stockholders’ equity to clearly distinguish the interest in the Apollo Operating Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of Non-Controlling Interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to Non-Controlling Interests in proportion to their relative ownership interests regardless of their basis.
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, performance allocations, incentive fees, contingent consideration obligation related to an acquisition, non-cash compensation, and fair value of investments and debt. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is unable to predict the adverse impact the COVID-19 pandemic will ultimately have. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on information available as of March 31, 2020. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued guidance intended to provide financial statement users with more useful information about the expected credit losses on financial instruments held by a reporting entity at each reporting date. To achieve this objective, the new guidance replaces the incurred loss methodology in current U.S. GAAP with a methodology that reflects expected credit losses. The new guidance will affect entities to varying degrees depending on the credit quality of the assets held by the entity, their duration, and how the entity applies current U.S. GAAP. The new guidance is effective for the Company on January 1, 2020. The new guidance did not have a material impact on the condensed consolidated financial statements of the Company. In January 2017, the FASB issued guidance intended to simplify the test for goodwill impairment. The guidance removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment (Step 2). Under the guidance, a goodwill impairment is calculated as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill in the reporting unit. The guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be performed prospectively. The guidance did not have a material impact on the condensed consolidated financial statements of the Company.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments	The following table presents Apollo’s investments: As of As of Investments, at fair value $ 1,292,865 $ 1,053,556 Equity method investments 840,104 1,048,732 Performance allocations 371,707 1,507,571 Total Investments $ 2,504,676 $ 3,609,859
Summary of Equity Method Investments	Equity method investments consisted of the following: Equity Held as of March 31, 2020 (4) December 31, 2019 (4) Credit (1) $ 236,853 $ 318,054 Private Equity (2) 526,462 632,540 Real Assets 76,789 98,138 Total equity method investments (3) $ 840,104 $ 1,048,732 (1) The equity method investment in AINV was $49.0 million and $51.0 million as of March 31, 2020 and December 31, 2019 , respectively. The value of the Company’s investment in AINV was $19.6 million and $51.3 million based on the quoted market price of AINV as of March 31, 2020 and December 31, 2019 , respectively. (2) The equity method investment in Fund VIII was $267.4 million and $370.7 million as of March 31, 2020 and December 31, 2019 , respectively, representing an ownership percentage of 2.2% and 2.2% as of March 31, 2020 and December 31, 2019 , respectively. (3) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (4) Some amounts included are a quarter in arrears. As of March 31, 2020 and for the three months ended March 31, 2020 , the Company’s investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC. As a result, the following table presents summarized financial information of Athene Holding: For the Three Months Ended March 31, 2020 2019 (in millions) Statements of Operations Revenues $ (1,549 ) $ 4,995 Expenses (167 ) 4,255 Income (loss) before income tax provision (1,382 ) 740 Income tax provision (benefit) (166 ) 32 Net income (loss) $ (1,216 ) $ 708 Net loss attributable to Non-Controlling Interests 169 — Net income (loss) available to Athene shareholders (1,047 ) 708 Preferred stock dividends (18 ) — Net income (loss) available to Athene common shareholders $ (1,065 ) $ 708
Summary of Realized and Net Change in Unrealized Gains on Investments, at Fair Value	The following table presents the realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities: For the Three Months Ended March 31, 2020 2019 Realized gains (losses) on sales of investments, net $ 1,807 $ (137 ) Net change in unrealized gains (losses) due to changes in fair value (1,266,358 ) 18,966 Net gains (losses) from investment activities $ (1,264,551 ) $ 18,829
Summary of Performance Allocation	Performance allocations receivable recorded within investments in the condensed consolidated statements of financial condition from credit, private equity and real assets funds consisted of the following: As of March 31, 2020 As of December 31, 2019 Credit $ 220,839 $ 418,517 Private Equity 26,569 822,531 Real Assets 124,299 266,523 Total performance allocations $ 371,707 $ 1,507,571 The table below provides a roll forward of the performance allocations balance: Credit Private Equity Real Assets Total Performance allocations, January 1, 2020 $ 418,517 $ 822,531 $ 266,523 $ 1,507,571 Change in fair value of funds (65,137 ) (792,774 ) (103,482 ) (961,393 ) Fund distributions to the Company (132,541 ) (3,188 ) (38,742 ) (174,471 ) Performance allocations, March 31, 2020 $ 220,839 $ 26,569 $ 124,299 $ 371,707

PROFIT SHARING PAYABLE (Tables)

PROFIT SHARING PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 As of December 31, 2019 Credit $ 221,525 $ 314,125 Private Equity 35,252 329,817 Real Assets 84,253 114,727 Total profit sharing payable $ 341,030 $ 758,669
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: Credit Private Equity Real Assets Total Profit sharing payable, January 1, 2020 $ 314,125 $ 329,817 $ 114,727 $ 758,669 Profit sharing expense (29,085 ) (290,873 ) (17,759 ) (337,717 ) Payments/other (63,515 ) (3,692 ) (12,715 ) (79,922 ) Profit sharing payable, March 31, 2020 $ 221,525 $ 35,252 $ 84,253 $ 341,030

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2020
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 Months Ended March 31, 2020 (1) 2019 (1) Net gains (losses) from investment activities $ (979,224 ) $ 17,982 Net gains (losses) from debt 534,451 (8,936 ) Interest and other income 151,442 4,961 Interest and other expenses 127,411 (4,541 ) Net gains (losses) from investment activities of consolidated variable interest entities $ (165,920 ) $ 9,466 (1) Amounts reflect consolidation eliminations.
Principal Provisions of Debt	The following table summarizes the principal provisions of those amounts: As of March 31, 2020 As of December 31, 2019 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) $ 5,150,657 3.10 % 6.2 $ 757,628 1.56 % 10.2 Subordinated Notes (2) 578,380 N/A (1) 23.2 93,572 N/A (1) 20.4 Secured Borrowings (2)(3) 363,397 4.07 % 0.4 18,976 3.69 % 7.8 Total $ 6,092,434 $ 870,176 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The notes and borrowings of the consolidated VIEs are collateralized by assets held by each respective vehicle and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of March 31, 2020 and December 31, 2019 , the fair value of these consolidated VIEs’ assets were $6.1 billion and $1.3 billion , respectively. (3) As of March 31, 2020 and December 31, 2019 , secured borrowings consist of consolidated VIEs’ obligations through a repurchase agreement redeemable at maturity with third party lenders. The fair value of the secured borrowings as of March 31, 2020 approximates principal outstanding due to the short term nature of the borrowings. These secured borrowings are classified as a Level III liability within the fair value hierarchy. The fair value of the secured borrowing as of December 31, 2019 was $19.0 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. In addition, the table presents the maximum exposure to losses relating to these VIEs. As of As of Assets: Cash $ 246,976 $ 222,481 Investments 3,255,415 5,418,295 Receivables 71,997 137,165 Total Assets $ 3,574,388 $ 5,777,941 Liabilities: Debt and other payables $ 1,205,181 $ 3,449,227 Total Liabilities $ 1,205,181 $ 3,449,227 Apollo Exposure (1) $ 123,266 $ 250,521 (1) Represents Apollo’s direct investment in those entities in which Apollo holds a significant variable interest and certain other investments. Additionally, cumulative performance allocations are subject to reversal in the event of future losses, as discussed in note 15 .

FAIR VALUE MEASUREMENTS OF FI_2

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Valuation of the Financial Assets and Liabilities by the Fair Value Hierarchy	The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of March 31, 2020 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 949,747 $ — $ — $ 949,747 $ 920,175 Investments, at fair value: Investment in Athene Holding — 1,136,920 — 1,136,920 2,093,426 Other investments — 37,833 118,112 (1) 155,945 162,805 Total investments, at fair value — 1,174,753 118,112 1,292,865 2,256,231 Investments of VIEs, at fair value 3,767 1,760,063 7,640,903 9,404,733 Investments of VIEs, valued using NAV — — — 34,518 Total investments of VIEs, at fair value 3,767 1,760,063 7,640,903 9,439,251 Derivative assets (2) — 678 — 678 Total Assets $ 953,514 $ 2,935,494 $ 7,759,015 $ 11,682,541 Liabilities Liabilities of VIEs, at fair value $ — $ 1,303,618 $ 3,795,866 $ 5,099,484 Contingent consideration obligations (3) — — 76,700 76,700 Derivative liabilities (2) — 113 — 113 Total Liabilities $ — $ 1,303,731 $ 3,872,566 $ 5,176,297 As of December 31, 2019 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 664,249 $ — $ — $ 664,249 $ 642,176 Investments, at fair value: Investment in Athene Holding 897,052 — — 897,052 590,110 Other investments — 43,094 113,410 (1) 156,504 135,686 Total investments, at fair value 897,052 43,094 113,410 1,053,556 725,796 Investments of VIEs, at fair value — 891,256 321,069 1,212,325 Investments of VIEs, valued using NAV — — — 844 Total investments of VIEs, at fair value — 891,256 321,069 1,213,169 Derivative assets (2) — 249 — 249 Total Assets $ 1,561,301 $ 934,599 $ 434,479 $ 2,931,223 Liabilities Liabilities of VIEs, at fair value $ — $ 850,147 $ — $ 850,147 Contingent consideration obligations (3) — — 112,514 112,514 Derivative liabilities (2) — 93 — 93 Total Liabilities $ — $ 850,240 $ 112,514 $ 962,754 (1) Other investments as of March 31, 2020 and December 31, 2019 excludes $9.3 million and $25.8 million , respectively, of performance allocations classified as Level III related to certain investments for which the Company has elected the fair value option. The Company’s policy is to account for performance allocations as investments. (2) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. (3)
Changes in Fair Value in Financial Assets, Measured at Fair Value and Characterized as Level III Investments	The following tables summarize the changes in financial assets measured at fair value for which Level III inputs have been used to determine fair value: For the Three Months Ended March 31, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 113,410 321,069 $ 434,479 Transfer in due to consolidation — 7,794,128 7,794,128 Purchases 31,404 329,231 360,635 Sale of investments/distributions (8,412 ) (29,153 ) (37,565 ) Settlements — (185,172 ) (185,172 ) Net realized gains (losses) 785 (1,234 ) (449 ) Changes in net unrealized gains (17,624 ) (642,702 ) (660,326 ) Cumulative translation adjustment (1,451 ) (11,421 ) (12,872 ) Transfer into Level III (1) — 68,930 68,930 Transfer out of Level III (1) — (2,773 ) (2,773 ) Balance, End of Period $ 118,112 $ 7,640,903 $ 7,759,015 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ (17,624 ) $ — $ (17,624 ) Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — (117,942 ) (117,942 ) For the Three Months Ended March 31, 2019 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 96,370 $ 295,987 $ 392,357 Purchases 15,048 — 15,048 Sale of investments/distributions (1,059 ) — (1,059 ) Changes in net unrealized gains 1,818 7,920 9,738 Cumulative translation adjustment (2,044 ) (6,343 ) (8,387 ) Transfer into Level III (1) — — — Transfer out of Level III (1) (782 ) (4,116 ) (4,898 ) Balance, End of Period $ 109,351 $ 293,448 $ 402,799 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 1,818 $ — $ 1,818 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 7,920 7,920 (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 external 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 March 31, 2020 Contingent Consideration Obligations Liabilities of Consolidated VIEs & Apollo Funds Total Balance, Beginning of Period $ 112,514 $ — $ 112,514 Transfer in due to consolidation — 4,291,286 4,291,286 Issuances — 89,100 89,100 Repayments (12,651 ) (180,000 ) (192,651 ) Changes in net unrealized (gains) losses (1) (23,163 ) (397,993 ) (421,156 ) Cumulative translation adjustment $ — $ (6,527 ) $ (6,527 ) Balance, End of Period $ 76,700 $ 3,795,866 $ 3,872,566 For the Three Months Ended March 31, 2019 Contingent Consideration Obligations Balance, Beginning of Period $ 74,487 Payments (1,315 ) Changes in net unrealized (gains) losses (1) 3,328 Balance, End of Period $ 76,500 (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 March 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 6,785 Third Party Pricing N/A N/A N/A 111,327 Discounted cash flow Discount rate 15.0% - 20.0% 17.9% Investments of consolidated VIEs: Bank loans 3,696,560 Discounted cash flow Discount rate 2.6% - 18.8% 5.9% Guideline public company TEV / EBITDA 1.3x - 2.0x 1.3x Third party pricing N/A N/A N/A Bonds 48,292 Discounted cash flow Discount rate 2.6% - 8.0% 5% Equity Securities 2,786,155 Discounted cash flow Discount rate 11.7% - 15.6% 14.6% Option model Volatility 55.0% 55.0% Guideline public company TEV / EBITDA 7.0x 7.0x TBV 0.3 0.3 Dividend discount model Discount rate 10.2% 10.2% Market comparable companies NTAV multiple 1.2x 1.2x Adjusted transaction value Purchase multiple 1.1x 1.1x Third party pricing N/A N/A N/A Other Equity Investments 621,175 Discounted cash flow Discount rate 3.7% - 4.7% 4.7% Real Estate 376,530 Discounted cash flow Discount rate 6.5% - 14.0% 7.9% Terminal capitalization rate 5.8% - 10.5% 7.5% Direct capitalization Capitalization rate 5.5% - 9.0% 6.5% Profit participating notes 111,134 Discount cash flow Discount rate 7.5% - 9.2% 8% Warrants 1,057 Option model Volatility 45.0% - 53.3% 45.2% Total Investments of Consolidated VIEs 7,640,903 Total Financial Assets $ 7,759,015 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans 3,420,181 Discounted cash flow Discount rate 3.8% - 12.5% 4.7% Subordinated notes 375,685 Discounted cash flow Discount rate 10.0% - 19.0% 16.5% Total liabilities of Consolidated VIEs: 3,795,866 Contingent consideration obligation $ 76,700 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 3,872,566 As of December 31, 2019 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 5,350 Third Party Pricing N/A N/A N/A 108,060 Discounted cash flow Discount Rate 15.0% - 16.0% 15.6% Investments of consolidated VIEs: Equity securities 321,069 Book value multiple Book value multiple 0.61x 0.61x Discounted cash flow Discount rate 13.1% 13.1% Total Financial Assets $ 434,479 Financial Liabilities Contingent consideration obligation $ 112,514 Discounted cash flow Discount rate 17.3% 17.3% Total Financial Liabilities $ 112,514 N/A Not applicable EBITDA Earnings before interest, taxes, depreciation and amortization TEV Total enterprise value TBV Total book value NTAV Net tangible asset value (1) Unobservable inputs were weighted based on the fair value of the investments included in the range.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consisted of the following: As of As of Fixed assets $ 153,597 $ 138,359 Less: Accumulated depreciation and amortization (98,610 ) (96,347 ) Fixed assets, net 54,987 42,012 Deferred equity-based compensation (1) 44,441 132,422 Prepaid expenses 42,874 55,189 Intangible assets, net 21,329 20,615 Tax receivables 50,100 48,106 Other 32,055 28,105 Total Other Assets $ 245,786 $ 326,449 (1) Deferred equity-based compensation relates to the value of equity-based awards that have been or are expected to be granted in connection with the settlement of certain profit sharing arrangements. A corresponding amount for awards expected to be granted of $2.2 million and $112.4 million , as of March 31, 2020 and December 31, 2019 , respectively, is included in other liabilities on the condensed consolidated statements of financial condition.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease Expense, Supplemental Cash Flow Information and Maturities of Lease Liabilities	The table below presents operating lease expenses: For the Three Months Ended March 31, 2020 2019 Operating lease cost $ 12,362 $ 8,993 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended March 31, 2020 2019 Operating cash flows for operating leases $ 10,650 $ 9,384 Supplemental information related to leases is as follows: As of As of March 31, 2019 Weighted average remaining lease term (in years) 12.3 7.3 Weighted average discount rate 3.2 % 3.3 %
Lease Payments by Maturity	As of March 31, 2020 , the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2020 $ 18,420 2021 29,094 2022 24,804 2023 22,511 2024 20,124 Thereafter 140,989 Total lease payments $ 255,942 Less imputed interest (49,221 ) Present value of lease payments $ 206,721
Aggregate Minimum Future Payments for Operating Leases	As of December 31, 2019 , the approximate aggregate minimum future payments required for operating leases under U.S. GAAP applicable to that period were as follows: 2020 2021 2022 2023 2024 Thereafter Total Aggregate minimum future payments $ 28,094 $ 40,516 $ 51,184 $ 49,383 $ 47,237 $ 467,698 $ 684,112

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Impact to the deferred tax asset, tax receivable agreement liability and additional paid in capital	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 Common Stock. Exchange of AOG Units for Class A Common Stock Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Three Months Ended March 31, 2020 $ 76,580 $ 62,531 $ 14,049 For the Three Months Ended March 31, 2019 $ 546 $ 464 $ 82 On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak which, among other things, contains numerous income tax provisions. While the Company continues to evaluate the impact of the CARES Act, it does not currently believe it will have a material impact on the Company’s condensed consolidated financial statements or related disclosures.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of March 31, 2020 As of December 31, 2019 Outstanding Balance Fair Value Annualized Weighted Average Interest Rate Outstanding Balance Fair Value Annualized Weighted Average Interest Rate 2024 Senior Notes (1) $ 497,328 $ 519,363 (4) 4.00 % $ 497,164 $ 529,333 (4) 4.00 % 2026 Senior Notes (1) 496,832 533,548 (4) 4.40 496,704 540,713 (4) 4.40 2029 Senior Notes (1) 674,734 742,642 (4) 4.87 674,727 761,780 (4) 4.87 2039 Senior Secured Guaranteed Notes (1) 316,335 347,920 (5) 4.77 316,100 354,093 (5) 4.77 2048 Senior Notes (1) 296,540 318,483 (4) 5.00 296,510 350,331 (4) 5.00 2050 Subordinated Notes (1) 296,468 274,500 (4) 4.95 297,008 304,125 (4) 4.95 Secured Borrowing I (2) 17,635 16,470 (3) 1.84 17,921 17,921 (3) 1.99 Secured Borrowing II (2) 18,756 17,039 (3) 1.73 — — (3) — 2014 AMI Term Facility II (2) — — (3) — 17,266 17,266 (3) 1.75 2016 AMI Term Facility I (2) 18,612 18,612 (3) 1.30 18,915 18,915 (3) 1.30 2016 AMI Term Facility II (2) 17,992 17,992 (3) 1.40 18,285 18,285 (3) 1.40 Total Debt $ 2,651,232 $ 2,806,569 $ 2,650,600 $ 2,912,762 (1) Includes amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs: As of March 31, 2020 As of December 31, 2019 2024 Senior Notes $ 2,256 $ 2,394 2026 Senior Notes 2,896 3,014 2029 Senior Notes 5,767 5,928 2039 Senior Secured Guaranteed Notes 8,665 8,900 2048 Senior Notes 3,157 3,185 2050 Subordinated Notes 3,532 2,992 Total $ 26,273 $ 26,413 (2) Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into several credit facilities (collectively referred to as the “AMI Facilities”) to fund the Company’s investment in certain European CLOs it manages: Facility Date Loan Amount Secured Borrowing I December 19, 2019 € 15,984 Secured Borrowing II March 5, 2020 € 17,000 2016 AMI Term Facility I January 18, 2016 € 16,870 2016 AMI Term Facility II June 22, 2016 € 16,308 The Secured Borrowings consists of obligations through repurchase agreements redeemable at maturity with third party lenders. The weighted average remaining maturities of Secured Borrowing I and II are 11.4 and 12.0 years, respectively. (3) Fair value is based on obtained broker quotes. These notes are 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 external 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. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. (5) Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy.
Schedule of Interest Expense	The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility 314 312 2024 Senior Notes 5,163 5,163 2026 Senior Notes 5,628 5,628 2029 Senior Notes 8,229 3,915 2039 Senior Secured Guaranteed Notes 4,111 — 2048 Senior Notes 3,781 3,781 2050 Subordinated Notes 3,744 — AMI Term Facilities/Secured Borrowings 272 309 Total Interest Expense $ 31,242 $ 19,108 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2020 2019 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ (1,125,493 ) $ 160,348 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene and Athora, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. 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 12 . (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $(1.3) billion and $18.6 million for the three months ended March 31, 2020 and 2019 respectively.
Schedule of Maturities of Long-term Debt	The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility 314 312 2024 Senior Notes 5,163 5,163 2026 Senior Notes 5,628 5,628 2029 Senior Notes 8,229 3,915 2039 Senior Secured Guaranteed Notes 4,111 — 2048 Senior Notes 3,781 3,781 2050 Subordinated Notes 3,744 — AMI Term Facilities/Secured Borrowings 272 309 Total Interest Expense $ 31,242 $ 19,108 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

NET INCOME PER SHARE OF CLASS_2

NET INCOME PER SHARE OF CLASS A COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Share of Class A Common Stock	The table below presents basic and diluted net income per share of Class A Common Stock using the two-class method: Basic and Diluted For the Three Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Apollo Global Management, Inc. Class A Common Stockholders $ (1,005,382 ) $ 139,893 Dividends declared on Class A Common Stock (1) (205,602 ) (113,345 ) Dividends on participating securities (2) (7,247 ) (4,959 ) Earnings allocable to participating securities — (3) (1,114 ) Undistributed income (loss) attributable to Class A Common Stockholders: Basic and Diluted (1,218,231 ) 20,475 Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic and Diluted 226,757,519 200,832,323 Net Income per share of Class A Common Stock: Basic and Diluted (4) Distributed Income $ 0.89 $ 0.56 Undistributed Income (Loss) (5.36 ) 0.11 Net Income (Loss) per share of Class A Common Stock: Basic $ (4.47 ) $ 0.67 (1) See note 13 for information regarding the quarterly dividends declared and paid during 2020 and 2019 . (2) Participating securities consist of vested and unvested RSUs that have rights to dividends 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 Common Stockholders. (4) For the three months ended March 31, 2020 and 2019, 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 Months Ended March 31, 2020 2019 Weighted average vested RSUs 1,415,288 1,349,163 Weighted average unvested RSUs 7,088,007 8,547,527 Weighted average unexercised options — 204,167 Weighted average AOG Units outstanding (1) 187,172,974 202,287,439 Weighted average unvested restricted shares 1,179,522 1,030,796

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule or Description of Forfeiture Rates and Equity Based Compensation Expense	The following table summarizes the management fees, equity-based compensation expense and actual forfeiture rates for the AHL Awards: For the Three Months Ended March 31, 2020 2019 Management fees $ — $ 189 Equity-based compensation $ (454 ) $ 755 Actual forfeiture rate — % — % For the Three Months Ended March 31, 2020 2019 Equity-based compensation $ 28,864 $ 14,583 The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Three Months Ended March 31, 2020 2019 Actual forfeiture rate 0.6 % 0.6 % Equity-based compensation $ 45,518 $ 33,753
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes RSU activity: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2020 9,784,693 $ 26.38 2,349,618 12,134,311 (1) Granted 3,353,707 43.72 — 3,353,707 Forfeited (79,527 ) 26.20 (4,340 ) (83,867 ) Vested (1,590,781 ) 28.52 1,590,781 — Issued — 26.87 (3,691,819 ) (3,691,819 ) Balance at March 31, 2020 11,468,092 (2) $ 31.16 244,240 11,712,332 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock. (2) RSUs were expected to vest over the weighted average period of 3.1 years.
Schedule of Share-based Compensation, Activity	Below is a reconciliation of the equity-based compensation allocated to AGM Inc.: For the Three Months Ended March 31, 2020 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 53,533 — % $ — $ 53,533 AHL Awards (454 ) 47.1 (214 ) (240 ) Other equity-based compensation awards (957 ) 47.1 (452 ) (505 ) Total equity-based compensation $ 52,122 (666 ) 52,788 Less other equity-based compensation awards (2) 666 (7,097 ) Capital increase related to equity-based compensation $ — $ 45,691 For the Three Months Ended March 31, 2019 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 37,943 — % $ — $ 37,943 AHL Awards 755 50.1 378 377 Other equity-based compensation awards 6,379 50.1 3,196 3,183 Total equity-based compensation $ 45,077 3,574 41,503 Less other equity-based compensation awards (2) (3,574 ) (7,479 ) Capital increase related to equity-based compensation $ — $ 34,024 (1) Calculated based on average ownership percentage for the period considering issuances of Class A shares or Class A Common Stock, as applicable, during the period. (2) Includes equity-based compensation reimbursable by certain funds.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Issuance of Shares of Class A Common Stock for Equity-based Awards	The table below summarizes the issuance of shares of Class A Common Stock for equity-based awards: For the Three Months Ended March 31, 2020 2019 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 3,691,819 3,449,719 Reduction of shares of Class A Common Stock issued (2) (1,524,189 ) (1,291,150 ) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) 628,657 (65,183 ) Issuance of shares of Class A Common Stock for equity-based awards 2,796,287 2,093,386 (1) The gross value of shares issued was $169.5 million and $104.7 million for the three months ended March 31, 2020 and 2019 , respectively, based on the closing price of a share of Class A Common Stock at the time of issuance. (2) Cash paid for tax liabilities associated with net share settlement was $69.9 million and $39.2 million for the three months ended March 31, 2020 and 2019 , respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted shares of Class A Common Stock of AGM Inc. that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years . These equity-based awards are granted under the Company's Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase shares of Class A Common Stock on the open market and retire them. During the three months ended March 31, 2020 and 2019 , we issued 636,314 and 31,235 of such restricted shares and 139,455 and 63,835 of such RSUs under the Equity Plan, respectively, and repurchased 0 and 95,070 shares of Class A Common Stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there were 7,657 and 1,348 restricted shares forfeited during the three months ended March 31, 2020 and 2019 , respectively.
Schedule of Dividends and Distributions	The table below presents information regarding the quarterly dividends and distributions which were made at the sole discretion of the Former Manager of the Company prior to the Conversion and at the sole discretion of the executive committee of the board of directors subsequent to the Conversion (in millions, except per share data). Certain subsidiaries of AGM Inc. may be subject to U.S. federal, state, local and non-U.S. income taxes at the entity level and may pay taxes and/or make payments under the tax receivable agreement in a given fiscal year; therefore, the net amounts ultimately distributed by AGM Inc. to its Class A Common Stockholders in respect of each fiscal year are generally expected to be less than the net amounts distributed to AOG Unitholders. Subsequent to the Conversion, distributions from AGM Inc. are referred to as dividends. Dividend Declaration Date Dividend per share of Class A Common Stock Payment Date Dividend to Class A Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities January 31, 2019 $ 0.56 February 28, 2019 $ 113.3 $ 113.3 $ 226.6 $ 5.0 N/A — April 12, 2019 — 45.4 (1) 45.4 — May 2, 2019 0.46 May 31, 2019 92.2 93.0 185.2 4.1 July 31, 2019 0.50 August 30, 2019 100.4 101.0 201.4 4.4 N/A — August 15, 2019 — 4.1 (1) 4.1 — N/A — September 26, 2019 — 17.8 (1) 17.8 — October 31, 2019 0.50 November 29,2019 111.5 90.1 201.6 4.4 For the Year Ended December 31, 2019 $ 2.02 $ 417.4 $ 464.7 $ 882.1 $ 17.9 January 30, 2020 0.89 February 28, 2020 205.6 155.6 361.2 7.2 For the Three Months Ended March 31, 2020 $ 0.89 $ 205.6 $ 155.6 $ 361.2 $ 7.2 (1) On April 12, 2019, the Company made an $0.18 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with taxes and payments made under the tax receivable agreement. See note 14 for more information regarding the tax receivable agreement. On April 12, 2019, August 15, 2019 and September 26, 2019, the Company made a $0.04 , $0.02 and $0.10 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with federal corporate estimated tax payments.
Net Income (Loss) Attributable to 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 March 31, 2020 2019 Net income (loss) attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 247 $ 1,161 Other consolidated entities (164,656 ) 7,501 Net income (loss) attributable to Non-Controlling Interests in consolidated entities $ (164,409 ) $ 8,662 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income (loss) $ (2,283,843 ) $ 315,567 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 164,409 (8,662 ) Net income (loss) after Non-Controlling Interests in consolidated entities (2,119,434 ) 306,905 Adjustments: Income tax provision (benefit) (2) (295,853 ) 19,654 NYC UBT and foreign tax (provision) benefit (3) (7,462 ) (2,048 ) Net income (loss) in non-Apollo Operating Group entities 8 15 Series A Preferred Stock Dividends (4,383 ) (4,383 ) Series B Preferred Stock Dividends (4,781 ) (4,781 ) Total adjustments (312,471 ) 8,457 Net income (loss) after adjustments (2,431,905 ) 315,362 Weighted average ownership percentage of Apollo Operating Group 46.2 % 50.1 % Net income (loss) attributable to Non-Controlling Interests in Apollo Operating Group $ (1,123,216 ) $ 157,848 Net Income (loss) attributable to Non-Controlling Interests $ (1,287,625 ) $ 166,510 Other comprehensive income (loss) attributable to Non-Controlling Interests (7,041 ) (6,406 ) Comprehensive Income (Loss) Attributable to Non-Controlling Interests $ (1,294,666 ) $ 160,104 (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 AGM Inc. and its subsidiaries 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 AN_2

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2020
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 credit funds $ 136,160 $ 186,495 Due from private equity funds 20,314 27,724 Due from real assets funds 32,547 26,626 Due from portfolio companies 33,385 53,394 Due from Contributing Partners, employees and former employees 421,914 120,830 Total Due from Related Parties $ 644,320 $ 415,069 Due to Related Parties: Due to Managing Partners and Contributing Partners $ 364,582 $ 302,050 Due to credit funds 13,281 7,213 Due to private equity funds 940,387 191,620 Due to real assets funds 20,835 504 Total Due to Related Parties $ 1,339,085 $ 501,387
Schedule of General Partner Obligation	The following table presents the general partner obligation to return previously distributed performance allocations related to certain funds by segment: As of As of Credit $ 6,540 $ — Private Equity 937,653 189,252 Real Assets 20,376 — Total general partner obligation $ 964,569 $ 189,252
Sub-Allocation Fees Schedule	with respect to each asset in an Athene Account, subject to certain exceptions, that is managed by the Company and that belongs to a specified asset class tier (“core,” “core plus,” “yield,” and “high alpha”), a sub-allocation fee as follows, which will, in the case of assets acquired after January 1, 2019, be subject to a cap of 10% of the applicable asset’s gross book yield: As of Sub-Allocation Fees: Core Assets (1) 0.065 % Core Plus Assets (2) 0.130 % Yield Assets (3) 0.375 % High Alpha Assets (4) 0.700 % Cash, Treasuries, Equities and Alternatives (5) — % (1) Core assets include public investment grade corporate bonds, municipal securities, agency residential or commercial mortgage backed securities and obligations of any governmental agency or government sponsored entity that is not expressly backed by the U.S. government. (2) Core plus assets include private investment grade corporate bonds, fixed rate first lien commercial mortgage loans (“CML”) and obligations issued or assumed by a financial institution (such an institution, a “financial issuer”) and determined by Apollo to be “Tier 2 Capital” under the Basel III recommendations developed by the Basel Committee on Banking Supervision (or any successor to such recommendations). (3) Yield assets include non-agency residential mortgage-backed securities, investment grade collateralized loan obligations, certain asset-backed securities, commercial mortgage-backed securities, emerging market investments, below investment grade corporate bonds, subordinated debt obligations, hybrid securities or surplus notes issued or assumed by a financial issuer, as rated preferred equity, residential mortgage loans, bank loans, investment grade infrastructure debt and certain floating rate commercial mortgage loans. (4) High alpha assets include subordinated commercial mortgage loans, below investment grade collateralized loan obligations, unrated preferred equity, debt obligations originated by MidCap, below investment grade infrastructure debt, certain loans originated directly by Apollo and agency mortgage derivatives. (5) With respect to Equities and Alternatives, Apollo earns performance revenues of 0% to 20% .
Interest Income and Interest Expense	The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility 314 312 2024 Senior Notes 5,163 5,163 2026 Senior Notes 5,628 5,628 2029 Senior Notes 8,229 3,915 2039 Senior Secured Guaranteed Notes 4,111 — 2048 Senior Notes 3,781 3,781 2050 Subordinated Notes 3,744 — AMI Term Facilities/Secured Borrowings 272 309 Total Interest Expense $ 31,242 $ 19,108 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2020 2019 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ (1,125,493 ) $ 160,348 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene and Athora, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. 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 12 . (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $(1.3) billion and $18.6 million for the three months ended March 31, 2020 and 2019 respectively.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Fixed and Determinable Payments	As of March 31, 2020 , fixed and determinable payments due in connection with these obligations were as follows: Remaining 2020 2021 2022 2023 2024 Thereafter Total Other long-term obligations $ 14,972 $ 3,275 $ 1,892 $ 662 $ 662 $ 662 $ 22,125

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2020
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 Three Months Ended March 31, 2020 Credit Segment Private Equity Segment Real Assets Segment Total Reportable Segments Management fees $ 208,229 $ 125,268 $ 48,871 $ 382,368 Advisory and transaction fees, net 15,267 20,343 1,122 36,732 Performance fees (1) 2,404 — — 2,404 Fee Related Revenues 225,900 145,611 49,993 421,504 Salary, bonus and benefits (57,008 ) (42,480 ) (24,533 ) (124,021 ) General, administrative and other (35,373 ) (21,994 ) (10,986 ) (68,353 ) Placement fees (306 ) (107 ) — (413 ) Fee Related Expenses (92,687 ) (64,581 ) (35,519 ) (192,787 ) Other income (loss), net of Non-Controlling Interest (663 ) 23 (21 ) (661 ) Fee Related Earnings 132,550 81,053 14,453 228,056 Realized performance fees 25,861 1,143 38,742 65,746 Realized profit sharing expense (25,557 ) (1,447 ) (38,742 ) (65,746 ) Net Realized Performance Fees 304 (304 ) — — Realized principal investment income, net (2) 1,374 542 3,667 5,583 Net interest loss and other (17,114 ) (15,674 ) (4,346 ) (37,134 ) Segment Distributable Earnings (3) $ 117,114 $ 65,617 $ 13,774 $ 196,505 Total Assets (3) $ 3,382,264 $ 2,265,056 $ 629,541 $ 6,276,861 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap. (2) Realized principal investment income, net includes dividends from our permanent capital vehicles, net of such amounts used to compensate employees. (3) Refer below for a reconciliation of total revenues, total expenses, other loss 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 March 31, 2019 Credit Private Equity Real Assets Total Reportable Management fees $ 182,742 $ 130,496 $ 45,385 $ 358,623 Advisory and transaction fees, net 2,848 16,136 76 19,060 Performance fees (1) 661 — — 661 Fee Related Revenues 186,251 146,632 45,461 378,344 Salary, bonus and benefits (44,304 ) (43,233 ) (18,188 ) (105,725 ) General, administrative and other (27,496 ) (25,862 ) (9,675 ) (63,033 ) Placement fees 305 135 — 440 Fee Related Expenses (71,495 ) (68,960 ) (27,863 ) (168,318 ) Other income (loss), net of Non-Controlling Interest (404 ) 196 (62 ) (270 ) Fee Related Earnings 114,352 77,868 17,536 209,756 Realized performance fees 3,327 60,456 6 63,789 Realized profit sharing expense (3,518 ) (37,727 ) 106 (41,139 ) Net Realized Performance Fees (191 ) 22,729 112 22,650 Realized principal investment income 3,049 8,088 299 11,436 Net interest loss and other (4,386 ) (6,133 ) (2,173 ) (12,692 ) Segment Distributable Earnings (2) $ 112,824 $ 102,552 $ 15,774 $ 231,150 (1) Represents certain performance fees from business development companies and Redding Ridge Holdings. (2) Refer below for a reconciliation of total revenues, total expenses and other income (loss) for Apollo’s total reportable segments to total consolidated revenues, total consolidated expenses and total consolidated other income (loss) and total assets.
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 Three Months Ended March 31, 2020 2019 Total Consolidated Revenues $ (1,469,086 ) $ 677,777 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (35,841 ) (29,129 ) Adjustments related to consolidated funds and VIEs (1) (1,451 ) 1,632 Performance fees (2) 1,734,435 (248,172 ) Principal investment (income) loss 193,447 (23,764 ) Total Fee Related Revenues 421,504 378,344 Realized performance fees 65,746 63,789 Realized principal investment income, net and other 4,741 10,594 Total Segment Revenues $ 491,991 $ 452,727 (1) Represents advisory fees, management fees and performance fees 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. (2) Excludes certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. The following table reconciles total consolidated expenses to total expenses for Apollo’s reportable segments: For the Three Months Ended March 31, 2020 2019 Total Consolidated Expenses $ (328,434 ) $ 378,017 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (32,211 ) (28,842 ) Reclassification of interest expenses (31,242 ) (19,108 ) Transaction-related charges, net (1) 21,399 (5,463 ) Charges associated with corporate conversion (2) (1,064 ) — Equity-based compensation (14,070 ) (18,423 ) Total profit sharing expense (3) 580,949 (137,863 ) Dividend-related compensation expense (2,540 ) — Total Fee Related Expenses 192,787 168,318 Realized profit sharing expense 65,746 41,139 Total Segment Expenses $ 258,533 $ 209,457 (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. (2) Represents expenses incurred in relation to the Conversion, as described in note 1 . (3) Includes unrealized profit sharing expense, realized profit sharing expense and equity based profit sharing expense and other. The following table reconciles total consolidated other income (loss) to total other loss for Apollo’s reportable segments: For the Three Months Ended March 31, 2020 2019 Total Consolidated Other Income (Loss) $ (1,439,044 ) $ 35,461 Adjustments related to consolidated funds and VIEs (1) 166,465 (9,134 ) Net (gains) losses from investment activities 1,264,244 (18,825 ) Interest income and other, net of Non-Controlling Interest 7,674 (7,772 ) Other Loss, net of Non-Controlling Interest (661 ) (270 ) Net interest loss and other (36,292 ) (11,850 ) Total Segment Other Loss $ (36,953 ) $ (12,120 ) (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 Segment Distributable Earnings: For the Three Months Ended March 31, 2020 2019 Income (loss) before income tax (provision) benefit $ (2,579,696 ) $ 335,221 Transaction-related charges (1) (21,399 ) 5,463 Charges associated with corporate conversion (2) 1,064 — Net income attributable to Non-Controlling Interests in consolidated entities 164,409 (8,662 ) Unrealized performance fees 1,800,181 (184,383 ) Unrealized profit sharing expense (681,183 ) 75,762 Equity-based profit sharing expense and other (3) 34,488 20,962 Equity-based compensation 14,070 18,423 Unrealized principal investment (income) loss 201,570 (12,328 ) Unrealized net (gains) losses from investment activities and other 1,263,001 (19,308 ) Segment Distributable Earnings $ 196,505 $ 231,150 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (2) Represents expenses incurred in relation to the Conversion, as described in note 1 . (3) Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards granted by unconsolidated related parties to employees of Apollo.
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 As of Total reportable segment assets $ 6,276,861 $ 7,337,517 Adjustments (1) 10,045,936 1,204,600 Total assets $ 16,322,797 $ 8,542,117 (1)

ORGANIZATION (Details)

ORGANIZATION (Details)	Feb. 28, 2020shares	Mar. 31, 2020holding_companysegment$ / sharesshares	Dec. 31, 2019$ / sharesshares	Sep. 05, 2019$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments | segment		3
Number of holding company | holding_company		6
Class A Common Stock
Entity Information [Line Items]
Common stock, shares issued		228,834,099	222,994,407
Common stock, par value (in USD per share) | $ / shares		$ 0.00001	$ 0.00001
Class A Common Stock | AGM LLC
Entity Information [Line Items]
Common stock, shares issued				1
Common stock, par value (in USD per share) | $ / shares				$ 0.00001
Class B Common Stock
Entity Information [Line Items]
Common stock, shares issued		1	1
Common stock, par value (in USD per share) | $ / shares		$ 0.00001	$ 0.00001
Class B Common Stock | AGM LLC
Entity Information [Line Items]
Common stock, shares issued				1
Common stock, par value (in USD per share) | $ / shares				$ 0.00001
Series A Preferred Stock
Entity Information [Line Items]
Preferred stock, shares issued		11,000,000
Series A Preferred Stock | AGM LLC
Entity Information [Line Items]
Preferred stock, shares issued				1
Preferred stock, liquidation preference (in USD per share) | $ / shares				$ 25
Series B Preferred Stock
Entity Information [Line Items]
Preferred stock, shares issued		12,000,000
Series B Preferred Stock | AGM LLC
Entity Information [Line Items]
Preferred stock, shares issued				1
Preferred stock, liquidation preference (in USD per share) | $ / shares				$ 25
Class C Common Stock
Entity Information [Line Items]
Common stock, shares issued		1	1
Common stock, par value (in USD per share) | $ / shares		$ 0.00001	$ 0.00001
Class C Common Stock | AGM LLC
Entity Information [Line Items]
Common stock, shares issued				1
Common stock, par value (in USD per share) | $ / shares				$ 0.00001
Intermediate Holding Companies
Entity Information [Line Items]
Economic interest percentage		52.90%
Holdings
Entity Information [Line Items]
Economic interest percentage		40.40%
Athene Holding
Entity Information [Line Items]
Equity interests issued (in shares)	29,154,519
Athene Holding | Apollo Operating Group
Entity Information [Line Items]
Ownership percentage by noncontrolling owners		6.70%
Athene Holding | Athene Holding
Entity Information [Line Items]
Ownership percentage by noncontrolling owners		28.00%
Incremental interest purchased	17.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Level I
New Accounting Pronouncement, Early Adoption [Line Items]
Money market funds and U.S. treasury securities	$ 436.3	$ 253.5

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Accounting Policies [Abstract]
Deferred revenue recognized	$ 70.5

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 401(k) Savings Plan (Details)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Percent of eligible employee contributions	50.00%
Percent of the eligible employees’ compensation	3.00%
Service period	3 years

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	Dec. 12, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill [Line Items]
Goodwill		$ 93,911		$ 93,911
Acquisition of Goodwill	$ 5,000
Credit
Goodwill [Line Items]
Acquisition of Goodwill		69,800	$ 69,800
Private Equity
Goodwill [Line Items]
Acquisition of Goodwill		23,100	23,100
Real Assets
Goodwill [Line Items]
Acquisition of Goodwill		$ 1,000	$ 1,000

INVESTMENTS - Apollo's Investme

INVESTMENTS - Apollo's Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments, at fair value	$ 1,292,865	$ 1,053,556
Equity method investments	840,104	1,048,732
Performance allocations	371,707	1,507,571
Total Investments	$ 2,504,676	$ 3,609,859

INVESTMENTS - Summarized Financ

INVESTMENTS - Summarized Financial Information of Athene Holding (Details) - Investment in Athene Holding - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statements of Operations
Revenues	$ (1,549)	$ 4,995
Expenses	(167)	4,255
Income before income tax provision	(1,382)	740
Income tax provision	(166)	32
Net income	(1,216)	708
Net loss attributable to Non-Controlling Interests	169	0
Net income available to Athene shareholders	(1,047)	708
Preferred stock dividends	(18)	0
Net income available to Athene common shareholders	$ (1,065)	$ 708

INVESTMENTS - Summary of Net Ga

INVESTMENTS - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Realized gains on sales of investments, net	$ 1,807	$ (137)
Net change in unrealized gains (losses) due to changes in fair value	(1,266,358)	18,966
Investment Income, Net, Amortization of Discount and Premium	$ (1,264,551)	$ 18,829

INVESTMENTS - Summary of Equity

INVESTMENTS - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 840,104	$ 1,048,732
Credit
Schedule of Equity Method Investments [Line Items]
Equity method investments	236,853	318,054
Credit | AINV
Schedule of Equity Method Investments [Line Items]
Equity method investments	49,000	51,000
Value of company's investment	19,600	51,300
Private Equity
Schedule of Equity Method Investments [Line Items]
Equity method investments	526,462	632,540
Private Equity | Fund VIII
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 267,400	$ 370,700
Ownership percentage	2.20%	2.20%
Real Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 76,789	$ 98,138

INVESTMENTS - Summary of Perfor

INVESTMENTS - Summary of Performance Allocations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Performance allocations	$ 371,707	$ 1,507,571
Credit
Schedule of Equity Method Investments [Line Items]
Performance allocations	220,839	418,517
Private Equity
Schedule of Equity Method Investments [Line Items]
Performance allocations	26,569	822,531
Real Assets
Schedule of Equity Method Investments [Line Items]
Performance allocations	$ 124,299	$ 266,523

INVESTMENTS - Performance Alloc

INVESTMENTS - Performance Allocations Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Performance Allocation [Roll Forward]
Performance allocations beginning balance	$ 1,507,571
Change in fair value of funds	(961,393)
Fund distributions to the Company	(174,471)
Performance allocations ending balance	371,707
Credit
Performance Allocation [Roll Forward]
Performance allocations beginning balance	418,517
Change in fair value of funds	(65,137)
Fund distributions to the Company	(132,541)
Performance allocations ending balance	220,839
Private Equity
Performance Allocation [Roll Forward]
Performance allocations beginning balance	822,531
Change in fair value of funds	(792,774)
Fund distributions to the Company	(3,188)
Performance allocations ending balance	26,569
Real Assets
Performance Allocation [Roll Forward]
Performance allocations beginning balance	266,523
Change in fair value of funds	(103,482)
Fund distributions to the Company	(38,742)
Performance allocations ending balance	$ 124,299

PROFIT SHARING PAYABLE - Summar

PROFIT SHARING PAYABLE - Summary of Profit Sharing (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	$ 341,030	$ 758,669
Credit
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	221,525	314,125
Private Equity
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	35,252	329,817
Real Assets
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	$ 84,253	$ 114,727

PROFIT SHARING PAYABLE - Rollfo

PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	$ 758,669
Profit sharing expense	(337,717)
Payments/other	(79,922)
Profit sharing payable, ending balance	341,030
Credit
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	314,125
Profit sharing expense	(29,085)
Payments/other	(63,515)
Profit sharing payable, ending balance	221,525
Private Equity
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	329,817
Profit sharing expense	(290,873)
Payments/other	(3,692)
Profit sharing payable, ending balance	35,252
Real Assets
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	114,727
Profit sharing expense	(17,759)
Payments/other	(12,715)
Profit sharing payable, ending balance	$ 84,253

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2020	Feb. 28, 2020
Noncontrolling Interest [Line Items]
Number of days trade is open with VIE	60 days
Athene Holding | Athene Holding
Noncontrolling Interest [Line Items]
Incremental interest purchased		17.00%
Ownership percentage by noncontrolling owners	28.00%

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Net Gains from Investment Activities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains from investment activities	$ (979,224)	$ 17,982
Net gains (losses) from debt	534,451	(8,936)
Interest and other income	151,442	4,961
Interest and other expenses	127,411	(4,541)
Net gains from investment activities of consolidated variable interest entities	$ (165,920)	$ 9,466

VARIABLE INTEREST ENTITIES - Pr

VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Collateralized assets	$ 11,682,541		$ 2,931,223
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Principal Outstanding	6,092,434		870,176
Debt, at fair value	5,099,484		850,147
Collateralized assets	6,100,000		1,300,000
Consolidated Variable Interest Entities | Senior Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 5,150,657		$ 757,628
Weighted Average Interest Rate	3.10%		1.56%
Weighted Average Remaining Maturity in Years	6 years 2 months 12 days	10 years 2 months 12 days
Consolidated Variable Interest Entities | Subordinated Notes
Debt Instrument [Line Items]
Principal Outstanding	$ 578,380		$ 93,572
Weighted Average Remaining Maturity in Years	23 years 2 months 12 days	20 years 4 months 24 days
Consolidated Variable Interest Entities | Secured Borrowings
Debt Instrument [Line Items]
Principal Outstanding	$ 363,397		$ 18,976
Weighted Average Interest Rate	4.07%		3.69%
Weighted Average Remaining Maturity in Years	12 days	7 years 9 months 18 days

VARIABLE INTEREST ENTITIES - Va

VARIABLE INTEREST ENTITIES - Variable Interest Entities Which are Not Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Investments	$ 2,504,676	$ 3,609,859
Variable Interest Entity, Not Primary Beneficiary
Assets:
Cash	246,976	222,481
Investments	3,255,415	5,418,295
Receivables	71,997	137,165
Total Assets	3,574,388	5,777,941
Liabilities:
Debt and other payables	1,205,181	3,449,227
Total Liabilities	1,205,181	3,449,227
Apollo Exposure	$ 123,266	$ 250,521

FAIR VALUE MEASUREMENTS OF FI_3

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Valuation of Financial Assets and Liabilities by the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments, at fair value:
Derivative assets	$ 678	$ 249
Total Assets	11,682,541	2,931,223
Liabilities
Derivative liabilities	113	93
Total Liabilities	5,176,297	962,754
Performance allocations	371,707	1,507,571
U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	949,747	664,249
Liabilities
Cost	920,175	642,176
Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	1,136,920	897,052
Liabilities
Cost	2,093,426	590,110
Other Investments
Investments, at fair value:
Investments, at fair value	155,945	156,504
Liabilities
Cost	162,805	135,686
Total investments, at fair value
Investments, at fair value:
Investments, at fair value	1,292,865	1,053,556
Liabilities
Cost	2,256,231	725,796
Contingent consideration obligation
Liabilities
Contingent consideration obligations	76,700	112,514
Level I
Investments, at fair value:
Derivative assets	0	0
Total Assets	953,514	1,561,301
Liabilities
Derivative liabilities	0	0
Total Liabilities	0	0
Level I | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	949,747	664,249
Level I | Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	0	897,052
Level I | Other Investments
Investments, at fair value:
Investments, at fair value	0	0
Level I | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	0	897,052
Level I | Contingent consideration obligation
Liabilities
Contingent consideration obligations	0	0
Level II
Investments, at fair value:
Derivative assets	678	249
Total Assets	2,935,494	934,599
Liabilities
Derivative liabilities	113	93
Total Liabilities	1,303,731	850,240
Level II | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	0	0
Level II | Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	1,136,920	0
Level II | Other Investments
Investments, at fair value:
Investments, at fair value	37,833	43,094
Level II | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	1,174,753	43,094
Level II | Contingent consideration obligation
Liabilities
Contingent consideration obligations	0	0
Level III
Investments, at fair value:
Derivative assets	0	0
Total Assets	7,759,015	434,479
Liabilities
Derivative liabilities	0	0
Total Liabilities	3,872,566	112,514
Level III | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	0	0
Level III | Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	0	0
Level III | Other Investments
Investments, at fair value:
Investments, at fair value	118,112	113,410
Liabilities
Performance allocations	9,300	25,800
Level III | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	118,112	113,410
Level III | Contingent consideration obligation
Liabilities
Contingent consideration obligations	76,700	112,514
Consolidated Variable Interest Entities
Investments, at fair value:
Investments, at fair value	9,439,251	1,213,169
Investments of VIEs, at fair value	9,404,733	1,212,325
Total Assets	6,100,000	1,300,000
Liabilities
Liabilities of VIEs, at fair value	5,099,484	850,147
Consolidated Variable Interest Entities | Level I
Investments, at fair value:
Investments, at fair value	3,767	0
Investments of VIEs, at fair value	3,767	0
Investments of VIEs, valued using NAV	0	0
Liabilities
Liabilities of VIEs, at fair value	0	0
Consolidated Variable Interest Entities | Level II
Investments, at fair value:
Investments, at fair value	1,760,063	891,256
Investments of VIEs, at fair value	1,760,063	891,256
Investments of VIEs, valued using NAV	0	0
Liabilities
Liabilities of VIEs, at fair value	1,303,618	850,147
Consolidated Variable Interest Entities | Level III
Investments, at fair value:
Investments, at fair value	7,640,903	321,069
Investments of VIEs, at fair value	7,640,903	321,069
Investments of VIEs, valued using NAV	0	0
Liabilities
Liabilities of VIEs, at fair value	3,795,866	0
Consolidated Variable Interest Entities | NAV
Investments, at fair value:
Investments of VIEs, valued using NAV	$ 34,518	$ 844

FAIR VALUE MEASUREMENTS OF FI_4

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 434,479	$ 392,357
Transfer in due to consolidation	7,794,128
Purchases	360,635	15,048
Sale of investments/distributions	(37,565)	(1,059)
Settlements	(185,172)
Net realized gains (losses)	(449)
Changes in net unrealized gains	(660,326)	9,738
Cumulative translation adjustment	(12,872)	(8,387)
Transfer into Level III	68,930	0
Transfer out of Level III	(2,773)	(4,898)
Balance, End of Period	7,759,015	402,799
Gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	(17,624)	1,818
Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	(117,942)	7,920
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	113,410	96,370
Transfer in due to consolidation	0
Purchases	31,404	15,048
Sale of investments/distributions	(8,412)	(1,059)
Settlements	0
Net realized gains (losses)	785
Changes in net unrealized gains	(17,624)	1,818
Cumulative translation adjustment	(1,451)	(2,044)
Transfer into Level III	0	0
Transfer out of Level III	0	(782)
Balance, End of Period	118,112	109,351
Other Investments | Gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	(17,624)	1,818
Other Investments | Unrealized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	0	0
Consolidated Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	321,069	295,987
Transfer in due to consolidation	7,794,128
Purchases	329,231	0
Sale of investments/distributions	(29,153)	0
Settlements	(185,172)
Net realized gains (losses)	(1,234)
Changes in net unrealized gains	(642,702)	7,920
Cumulative translation adjustment	(11,421)	(6,343)
Transfer into Level III	68,930	0
Transfer out of Level III	(2,773)	(4,116)
Balance, End of Period	7,640,903	293,448
Consolidated Variable Interest Entities | Gains (losses) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	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	$ (117,942)	$ 7,920

FAIR VALUE MEASUREMENTS OF FI_5

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 112,514
Transfer in due to consolidation	(4,291,286)
Issuances	89,100
Repayments	(192,651)
Changes in net unrealized (gains) losses	(421,156)
Cumulative translation adjustment	(6,527)
Balance, End of Period	3,872,566
Contingent Consideration Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	112,514	$ 74,487
Transfer in due to consolidation	0
Issuances	0
Repayments	(12,651)	(1,315)
Changes in net unrealized (gains) losses	(23,163)	3,328
Cumulative translation adjustment	0
Balance, End of Period		$ 76,500
Consolidated Variable Interest Entities | Liabilities of Consolidated VIEs & Apollo Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	0
Transfer in due to consolidation	(4,291,286)
Issuances	89,100
Repayments	(180,000)
Changes in net unrealized (gains) losses	(397,993)
Cumulative translation adjustment	(6,527)
Balance, End of Period	$ 3,795,866

FAIR VALUE MEASUREMENTS OF FI_6

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categories (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Financial Assets
Assets	$ 7,759,015	$ 434,479	$ 402,799	$ 392,357
Financial Liabilities
Liabilities	3,872,566	112,514
Contingent consideration obligation
Financial Liabilities
Liabilities	76,700
Contingent consideration obligation | Discounted cash flow
Financial Liabilities
Liabilities	$ 76,700
Discount rate | Other investments | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	15.00%
Discount rate | Other investments | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	20.00%
Level III
Financial Assets
Assets	$ 7,759,015	434,479
Financial Liabilities
Liabilities	3,872,566	112,514
Level III | Other investments | Third Party Pricing
Financial Assets
Other investments	6,785	5,350
Level III | Other investments | Discounted cash flow
Financial Assets
Other investments	$ 111,327	108,060
Level III | Contingent consideration obligation | Discounted cash flow
Financial Liabilities
Liabilities		$ 112,514
Level III | Discount rate | Other investments | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	17.90%	15.60%
Level III | Discount rate | Contingent consideration obligation | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.175	0.173
Level III | Discount rate | Contingent consideration obligation | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.175	0.173
Consolidated Variable Interest Entities
Financial Assets
Other investments	$ 9,439,251	$ 1,213,169
Assets	7,640,903	321,069	$ 293,448	$ 295,987
Consolidated Variable Interest Entities | Equity securities
Financial Assets
Assets	2,786,155
Consolidated Variable Interest Entities | Other Equity Investments
Financial Assets
Assets	621,175
Consolidated Variable Interest Entities | Real Estate
Financial Assets
Assets	376,530
Consolidated Variable Interest Entities | Profit participating notes
Financial Assets
Assets	111,134
Consolidated Variable Interest Entities | Warrants
Financial Assets
Assets	1,057
Consolidated Variable Interest Entities | Bonds
Financial Assets
Assets	48,292
Consolidated Variable Interest Entities | Secured loans
Financial Liabilities
Liabilities	3,420,181
Consolidated Variable Interest Entities | Subordinated notes
Financial Liabilities
Liabilities	375,685
Consolidated Variable Interest Entities | Level III
Financial Assets
Other investments	7,640,903	$ 321,069
Consolidated Variable Interest Entities | Level III | Bank loans | Book value multiple and Discounted cash flow
Financial Assets
Assets	$ 3,696,560
Consolidated Variable Interest Entities | Level III | Equity securities | Book value multiple
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input		0.61
Consolidated Variable Interest Entities | Level III | Equity securities | Book value multiple and Discounted cash flow
Financial Assets
Assets		$ 321,069
Consolidated Variable Interest Entities | Level III | Discount rate | Other investments | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input		15.00%
Consolidated Variable Interest Entities | Level III | Discount rate | Other investments | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input		16.00%
Consolidated Variable Interest Entities | Level III | Discount rate | Bank loans | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.026
Consolidated Variable Interest Entities | Level III | Discount rate | Bank loans | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.188
Consolidated Variable Interest Entities | Level III | Discount rate | Bank loans | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.059
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input		0.131
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Dividend discount model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.102
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.117
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.156
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.146
Equity securities, measurement input		0.131
Consolidated Variable Interest Entities | Level III | Discount rate | Equity securities | Weighted Average | Dividend discount model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.102
Consolidated Variable Interest Entities | Level III | Discount rate | Other Equity Investments | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	3.70%
Consolidated Variable Interest Entities | Level III | Discount rate | Other Equity Investments | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	4.70%
Consolidated Variable Interest Entities | Level III | Discount rate | Other Equity Investments | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	4.70%
Consolidated Variable Interest Entities | Level III | Discount rate | Real Estate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.065
Consolidated Variable Interest Entities | Level III | Discount rate | Real Estate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.140
Consolidated Variable Interest Entities | Level III | Discount rate | Real Estate | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.079
Consolidated Variable Interest Entities | Level III | Discount rate | Profit participating notes | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit participating notes	0.075
Consolidated Variable Interest Entities | Level III | Discount rate | Profit participating notes | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit participating notes	0.092
Consolidated Variable Interest Entities | Level III | Discount rate | Profit participating notes | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit participating notes	0.08
Consolidated Variable Interest Entities | Level III | Discount rate | Bonds | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.026
Consolidated Variable Interest Entities | Level III | Discount rate | Bonds | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.080
Consolidated Variable Interest Entities | Level III | Discount rate | Bonds | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.05
Consolidated Variable Interest Entities | Level III | Discount rate | Secured loans | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.038
Consolidated Variable Interest Entities | Level III | Discount rate | Secured loans | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.125
Consolidated Variable Interest Entities | Level III | Discount rate | Secured loans | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.047
Consolidated Variable Interest Entities | Level III | Discount rate | Subordinated notes | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.100
Consolidated Variable Interest Entities | Level III | Discount rate | Subordinated notes | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.190
Consolidated Variable Interest Entities | Level III | Discount rate | Subordinated notes | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.165
Consolidated Variable Interest Entities | Level III | Terminal capitalization rate | Real Estate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.058
Consolidated Variable Interest Entities | Level III | Terminal capitalization rate | Real Estate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.105
Consolidated Variable Interest Entities | Level III | Terminal capitalization rate | Real Estate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.075
Consolidated Variable Interest Entities | Level III | Capitalization rate | Real Estate | Minimum | Direct capitalization
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.055
Consolidated Variable Interest Entities | Level III | Capitalization rate | Real Estate | Maximum | Direct capitalization
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.090
Consolidated Variable Interest Entities | Level III | Capitalization rate | Real Estate | Weighted Average | Direct capitalization
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.065
Consolidated Variable Interest Entities | Level III | TEV / EBITDA | Bank loans | Minimum | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	1.3
Consolidated Variable Interest Entities | Level III | TEV / EBITDA | Bank loans | Maximum | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	2
Consolidated Variable Interest Entities | Level III | TEV / EBITDA | Bank loans | Weighted Average | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	1.3
Consolidated Variable Interest Entities | Level III | TEV / EBITDA | Equity securities | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	7
Consolidated Variable Interest Entities | Level III | TEV / EBITDA | Equity securities | Weighted Average | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	7
Consolidated Variable Interest Entities | Level III | NTAV multiple | Equity securities | Market comparable companies
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.2
Consolidated Variable Interest Entities | Level III | NTAV multiple | Equity securities | Weighted Average | Market comparable companies
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.2
Consolidated Variable Interest Entities | Level III | Purchase multiple | Equity securities | Adjusted transaction value
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.1
Consolidated Variable Interest Entities | Level III | Purchase multiple | Equity securities | Weighted Average | Adjusted transaction value
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.1
Consolidated Variable Interest Entities | Level III | Volatility | Equity securities | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.550
Consolidated Variable Interest Entities | Level III | Volatility | Equity securities | Weighted Average | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.550
Consolidated Variable Interest Entities | Level III | Volatility | Warrants | Minimum | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.450
Consolidated Variable Interest Entities | Level III | Volatility | Warrants | Maximum | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.533
Consolidated Variable Interest Entities | Level III | Volatility | Warrants | Weighted Average | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.452
Consolidated Variable Interest Entities | Level III | TBV | Equity securities | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.3
Consolidated Variable Interest Entities | Level III | TBV | Equity securities | Weighted Average | Guideline public company
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.3

FAIR VALUE MEASUREMENTS OF FI_7

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Narrative (Details) - Investment in Athene Holding - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market price (in USD per share)	$ 24.82	$ 47.03
DLOM percent	16.70%

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fixed assets	$ 153,597		$ 138,359
Less: Accumulated depreciation and amortization	(98,610)		(96,347)
Fixed assets, net	54,987		42,012
Deferred equity-based compensation	44,441		132,422
Prepaid expenses	42,874		55,189
Intangible assets, net	21,329		20,615
Tax receivables	50,100		48,106
Other	32,055		28,105
Total Other Assets	245,786		$ 326,449
Other Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of grants	$ 2,200	$ 112,400

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 2.7	$ 2.3

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 12,362
Operating lease cost		$ 8,993

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating cash flows for operating leases	$ 10,650
Operating cash flows for operating leases		$ 9,384

LEASES - Lease Payments by Matu

LEASES - Lease Payments by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Lease Payments
Remaining 2020	$ 18,420
2021	29,094
2022	24,804
2023	22,511
2024	20,124
Thereafter	140,989
Total lease payments	255,942
Less imputed interest	(49,221)
Present value of lease payments	$ 206,721	$ 209,479

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)
Leases [Abstract]
Lease not yet commenced, amount	$ 418.9
Lease not yet commenced, term	15 years

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details)	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	12 years 3 months 18 days	7 years 3 months 18 days
Weighted average discount rate	3.20%	3.30%

LEASES - Aggregate Minimum Futu

LEASES - Aggregate Minimum Future Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 28,094
2021	40,516
2022	51,184
2023	49,383
2024	47,237
Thereafter	467,698
Total	$ 684,112

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ 295,853,000	$ (19,654,000)
Effective tax rate	(11.50%)	5.90%
Unrecognized tax benefits	$ 0
Unremitted foreign earnings	$ 0
Period of recognition for tax intangibles	15 years

INCOME TAXES - Impact of Exchan

INCOME TAXES - Impact of Exchange of AOG Units (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Increase in Deferred Tax Asset	$ 76,580	$ 546
Increase in Tax Receivable Agreement Liability	62,531	464
Increase to Additional Paid In Capital	$ 14,049	$ 82

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 2,651,232		$ 2,650,600
Fair Value	2,806,569		2,912,762
Unamortized debt issuance cost	26,273		26,413
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	497,328		497,164
Fair Value	$ 519,363		$ 529,333
Annualized Weighted Average Interest Rate	4.00%	4.00%	4.00%
Unamortized debt issuance cost	$ 2,256		$ 2,394
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	496,832		496,704
Fair Value	$ 533,548		$ 540,713
Annualized Weighted Average Interest Rate	4.40%	4.40%	4.40%
Unamortized debt issuance cost	$ 2,896		$ 3,014
Senior Notes | 2029 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	674,734		674,727
Fair Value	$ 742,642		$ 761,780
Annualized Weighted Average Interest Rate	4.87%	4.87%	4.87%
Unamortized debt issuance cost	$ 5,767		$ 5,928
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	296,540		296,510
Fair Value	$ 318,483		$ 350,331
Annualized Weighted Average Interest Rate	5.00%	5.00%	5.00%
Unamortized debt issuance cost	$ 3,157		$ 3,185
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes
Debt Instrument [Line Items]
Outstanding Balance	316,335		316,100
Fair Value	$ 347,920		$ 354,093
Annualized Weighted Average Interest Rate	4.77%	4.77%	4.77%
Unamortized debt issuance cost	$ 8,665		$ 8,900
Subordinated notes | 2050 Subordinated Notes
Debt Instrument [Line Items]
Outstanding Balance	296,468		297,008
Fair Value	$ 274,500		$ 304,125
Annualized Weighted Average Interest Rate	4.95%	4.95%	4.95%
Unamortized debt issuance cost	$ 3,532		$ 2,992
AMI Term Facility | Secured Borrowing
Debt Instrument [Line Items]
Outstanding Balance	17,635		17,921
Fair Value	$ 16,470		$ 17,921
Annualized Weighted Average Interest Rate	1.84%	1.84%	1.99%
Loan Amount | €		€ 15,984
Debt instrument term	11 years 4 months 24 days
AMI Term Facility | Secured Borrowing II
Debt Instrument [Line Items]
Outstanding Balance	$ 18,756		$ 0
Fair Value	$ 17,039		$ 0
Annualized Weighted Average Interest Rate	1.73%	1.73%	0.00%
Loan Amount | €		€ 17,000
Debt instrument term	12 years
AMI Term Facility | 2014 AMI Term Facility II
Debt Instrument [Line Items]
Outstanding Balance	$ 0		$ 17,266
Fair Value	$ 0		$ 17,266
Annualized Weighted Average Interest Rate	0.00%	0.00%	1.75%
AMI Term Facility | 2016 AMI Term Facility I
Debt Instrument [Line Items]
Outstanding Balance	$ 18,612		$ 18,915
Fair Value	$ 18,612		$ 18,915
Annualized Weighted Average Interest Rate	1.30%	1.30%	1.30%
Loan Amount | €		€ 16,870
AMI Term Facility | 2016 AMI Term Facility II
Debt Instrument [Line Items]
Outstanding Balance	$ 17,992		$ 18,285
Fair Value	$ 17,992		$ 18,285
Annualized Weighted Average Interest Rate	1.40%	1.40%	1.40%
Loan Amount | €		€ 16,308

DEBT - Narrative (Details)

DEBT - Narrative (Details)

Jul. 11, 2018USD ($)

Mar. 11, 2016

Mar. 31, 2020USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2019USD ($)

Dec. 17, 2019USD ($)

Jun. 11, 2019USD ($)

Jun. 10, 2019USD ($)

Feb. 07, 2019USD ($)

Mar. 15, 2018USD ($)

May 27, 2016USD ($)

May 30, 2014USD ($)

Dec. 18, 2013USD ($)

Debt Instrument [Line Items]

Debt

$ 2,651,232,000

$ 2,650,600,000

Principal payments on debt

$ 16,990,000

$ 29,000

Revolving Credit Facility | 2018 AMH Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 750,000,000

Commitment fee (as a percent)

0.09%

Incremental facilities

$ 250,000,000

Leverage ratio maximum

4

Revolving Credit Facility | 2018 AMH Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.00%

Term Loan | 2013 AMH Credit Facilities

Debt Instrument [Line Items]

Debt

$ 750,000,000

Term Loan Held by Affiliate | 2013 AMH Credit Facilities

Debt Instrument [Line Items]

Debt

271,700,000

Revolving Credit Facility | 2013 AMH Credit Facilities

Debt Instrument [Line Items]

Debt

$ 500,000,000

Extension period of debt

2 years

Senior Notes | 2024 Senior Notes

Debt Instrument [Line Items]

Debt

$ 497,328,000

497,164,000

Principal payments on debt

250,000,000

Debt, face amount

$ 500,000,000

Debt, interest rate

4.00%

Debt issuance price (as a percent)

99.722%

Senior Notes | 2026 Senior Notes

Debt Instrument [Line Items]

Debt

496,832,000

496,704,000

Principal payments on debt

200,000,000

Debt, face amount

$ 500,000,000

Debt, interest rate

4.40%

Debt issuance price (as a percent)

99.912%

Senior Notes | 2029 Senior Notes

Debt Instrument [Line Items]

Debt

674,734,000

674,727,000

Debt, face amount

675,000,000

$ 125,000,000

$ 550,000,000

Debt, interest rate

4.872%

Debt issuance price (as a percent)

99.999%

Senior Notes | 2048 Senior Notes

Debt Instrument [Line Items]

Debt

296,540,000

296,510,000

Principal payments on debt

300,000,000

Debt, face amount

$ 300,000,000

Debt, interest rate

5.00%

Debt issuance price (as a percent)

99.892%

Senior Secured Notes | 2039 Senior Secured Guaranteed Notes

Debt Instrument [Line Items]

Debt

316,335,000

316,100,000

Debt, face amount

$ 325,000,000

Debt, interest rate

4.77%

Additional interest to be accrued (as a percent)

5.00%

Subordinated notes | 2050 Subordinated Notes

Debt Instrument [Line Items]

Debt

$ 296,468,000

$ 297,008,000

Debt, face amount

$ 300,000,000

Debt, interest rate

4.95%

Debt issuance price (as a percent)

100.00%

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Total Interest Expense	$ 31,242	$ 19,108
Line of Credit | AMI Term Facilities/Secured Borrowing
Debt Instrument [Line Items]
Total Interest Expense	272	309
Revolving Credit Facility | 2018 AMH Credit Facility
Debt Instrument [Line Items]
Total Interest Expense	314	312
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	5,163	5,163
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	5,628	5,628
Senior Notes | 2029 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	8,229	3,915
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	3,781	3,781
Subordinated notes | 2050 Subordinated Notes
Debt Instrument [Line Items]
Total Interest Expense	3,744	0
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes
Debt Instrument [Line Items]
Total Interest Expense	$ 4,111	$ 0

NET INCOME PER SHARE OF CLASS_3

NET INCOME PER SHARE OF CLASS A COMMON STOCK - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Nov. 29, 2019	Sep. 26, 2019	Aug. 15, 2019	Jul. 31, 2019	May 02, 2019	Apr. 12, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Numerator:
Dividends	$ (361,200)	$ (201,600)	$ (17,800)	$ (4,100)	$ (201,400)	$ (185,200)	$ (45,400)	$ (226,600)	$ (361,200)		$ (882,100)
Earnings allocable to participating securities									0	$ (1,114)
RSUs
Numerator:
Dividends									(7,247)	(4,959)
Class A Common Stock
Numerator:
Net income (loss) attributable to Apollo Global Management, Inc. Class A Common Stockholders									(1,005,382)	139,893
Dividends	$ (205,600)	$ (111,500)	$ 0	$ 0	$ (100,400)	$ (92,200)	$ 0	$ (113,300)	(205,602)	(113,345)	$ (417,400)
Undistributed income (loss) attributable to Class A Common Stockholders: Basic									$ (1,218,231)	$ 20,475
Denominator:
Weighted average number of shares of Class A Common Stock outstanding: Basic (in shares)									226,757,519	200,832,323
Weighted average number of shares of Class A Common Stock outstanding: Diluted (in shares)									226,757,519	200,832,323
Net Income per share of Class A Common Stock: Basic
Distributed Income (in USD per share)									$ 0.89	$ 0.56
Undistributed Income (Loss) (in USD per share)									(5.36)	0.11
Net Income (Loss) per share of Class A Common Stock: Basic (in USD per share)									$ (4.47)	$ 0.67

NET INCOME PER SHARE OF CLASS_4

NET INCOME PER SHARE OF CLASS A COMMON STOCK - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)votegrantshares	Mar. 31, 2019	Dec. 31, 2019shares
Class A Common Stock
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)	228,834,099		222,994,407
Class B Common Stock
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 | vote	1
Class B common stock net income (loss) | $	$ 0
Class B common stock distribution or liquidation rights (in shares)	0
Class B voting power, percent of voting rights	47.20%	52.40%
RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of types of grants | grant	3
Vesting period	3 years
RSUs | Plan Grants | Minimum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Vesting period	1 year
RSUs | Plan Grants | Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Vesting period	6 years
RSUs | Bonus Grants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years
RSUs | Performance Grants | Minimum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years
RSUs | Performance Grants | Maximum
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Vesting period	5 years

NET INCOME PER SHARE OF CLASS_5

NET INCOME PER SHARE OF CLASS A COMMON STOCK - Weighted Average Shares Issued (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted average vested/unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vested RSUs	1,415,288	1,349,163
Weighted average unvested units	7,088,007	8,547,527
Weighted average unexercised options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unexercised options	0	204,167
Weighted average AOG Units outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units	187,172,974	202,287,439
Weighted average unvested restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units	1,179,522	1,030,796

EQUITY-BASED COMPENSATION - RSU

EQUITY-BASED COMPENSATION - RSUs, Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,122,000		$ 45,077,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	3,353,707
Fair value of grants	$ 146,600,000		85,000,000
Equity-based compensation	$ 45,518,000		$ 33,753,000
RSUs | Plan Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			500,000
Fair value of grants			$ 15,600,000
RSUs | Plan Grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
RSUs | Plan Grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years
RSUs | Plan Grants | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
RSUs | Bonus Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSUs | Bonus Grants | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSUs | Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	500,000
Equity-based compensation	$ 28,864,000		$ 14,583,000
RSUs | Performance Grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSUs | Performance Grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
RSUs | Performance Grants | Certain Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,400,000		1,200,000
Fair value of grants	$ 58,600,000		$ 25,000,000
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 0	$ 0

EQUITY-BASED COMPENSATION - R_2

EQUITY-BASED COMPENSATION - RSUs, Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,122	$ 45,077
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual forfeiture rate	0.60%	0.60%
Equity-based compensation	$ 45,518	$ 33,753
RSUs | Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 28,864	$ 14,583

EQUITY-BASED COMPENSATION - R_3

EQUITY-BASED COMPENSATION - RSUs Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unvested
Beginning balance (in shares)	9,784,693
Granted (in shares)	3,353,707
Forfeited (in shares)	(79,527)
Vested (in shares)	(1,590,781)
Ending balance (in shares)	11,468,092
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) | $ / shares	$ 26.38
Granted (in USD per share) | $ / shares	43.72
Forfeited (in USD per share) | $ / shares	26.20
Vested (in USD per share) | $ / shares	28.52
Issued (in USD per share) | $ / shares	26.87
Ending balance (in USD per share) | $ / shares	$ 31.16
Total Number of RSUs Outstanding
Beginning balance (in shares)	12,134,311
Granted (in shares)	3,353,707
Forfeited (in shares)	(83,867)
Vested (in shares)	1,590,781
Issued (in shares)	(3,691,819)
Ending balance (in shares)	11,712,332
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years 1 month 6 days
Vested
Unvested
Vested (in shares)	(1,590,781)
Total Number of RSUs Outstanding
Beginning balance (in shares)	2,349,618
Forfeited (in shares)	(4,340)
Vested (in shares)	1,590,781
Issued (in shares)	(3,691,819)
Ending balance (in shares)	244,240

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted Share Awards Equity-based Compensation Expense and Actual Forfeiture Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,122	$ 45,077

EQUITY-BASED COMPENSATION - R_4

EQUITY-BASED COMPENSATION - Restricted Share Awards Activity (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock
Unvested
Forfeited (in shares)	(7,657)	(1,348)

EQUITY-BASED COMPENSATION - Ath

EQUITY-BASED COMPENSATION - Athene Holding, Narrative (Details) - Athene Holding - Restricted Stock	3 Months Ended
	Mar. 31, 2020
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

EQUITY-BASED COMPENSATION - AHL

EQUITY-BASED COMPENSATION - AHL Awards Management Fees, Equity-based Compensation Expense and Actual Forfeiture Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,122	$ 45,077
Athene Holding | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Management fees	0	189
Equity-based compensation	$ (454)	$ 755
Actual forfeiture rate	0.00%	0.00%

EQUITY-BASED COMPENSATION - A_2

EQUITY-BASED COMPENSATION - AHL Awards Activity (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock
Unvested
Forfeited (in shares)	(7,657)	(1,348)

EQUITY-BASED COMPENSATION - Rec

EQUITY-BASED COMPENSATION - Reconciliation of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,122	$ 45,077
Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	(666)	3,574
Less other equity-based compensation awards	666	(3,574)
Capital increase related to equity-based compensation	0	0
Allocated to Apollo Global Management, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	52,788	41,503
Less other equity-based compensation awards	(7,097)	(7,479)
Capital increase related to equity-based compensation	45,691	34,024
RSUs, share options and restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	53,533	37,943
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]
Equity-based compensation	$ 0	$ 0
Non-Controlling Interest % in Apollo Operating Group	0.00%	0.00%
RSUs, share options and restricted share awards | Allocated to Apollo Global Management, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 53,533	$ 37,943
AHL Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	(454)	755
AHL Awards | Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ (214)	$ 378
Non-Controlling Interest % in Apollo Operating Group	47.10%	50.10%
AHL Awards | Allocated to Apollo Global Management, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ (240)	$ 377
Other equity-based compensation awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	(957)	6,379
Other equity-based compensation awards | Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ (452)	$ 3,196
Non-Controlling Interest % in Apollo Operating Group	47.10%	50.10%
Other equity-based compensation awards | Allocated to Apollo Global Management, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ (505)	$ 3,183

EQUITY - Common Stock, Narrativ

EQUITY - Common Stock, Narrative (Details) - USD ($)	Feb. 28, 2020	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 12, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Authorized common stock for repurchase (up to)		$ 500,000,000			$ 500,000,000
Increase in authorized repurchased amount		$ 250,000,000
Repurchases and canceled amount			$ (64,205,000)	$ (72,316,000)
Class A Common Stock
Class of Stock [Line Items]
Conversion of stock, shares issued			1
Common stock, shares issued			228,834,099			222,994,407
Common stock, shares outstanding			228,834,099			222,994,407
Repurchase and canceled (in shares)			2,194,095	2,354,001
Repurchases and canceled amount			$ (64,200,000)	$ (69,400,000)
Class B Common Stock
Class of Stock [Line Items]
Conversion of stock, shares issued			1
Common stock, shares issued			1			1
Common stock, shares outstanding			1			1
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares issued			1			1
Common stock, shares outstanding			1			1
Class C Common Stock | Former Manager
Class of Stock [Line Items]
Common stock, shares issued			1
Common stock, shares outstanding			1
Athene Holding
Class of Stock [Line Items]
Equity interests issued (in shares)	29,154,519
Apollo Operating Group | Athene Holding
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners			6.70%

EQUITY - Class A Common Stock A

EQUITY - Class A Common Stock Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Issuance of shares of Class A Common Stock for equity-based awards (in shares)	2,796,287	2,093,386
Cash paid for tax liabilities	$ 69.9	$ 39.2
Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised
Class of Stock [Line Items]
Issuance of shares of Class A Common Stock for equity-based awards (in shares)	3,691,819	3,449,719
Gross value of shares issued	$ 169.5	$ 104.7
Reduction of shares of Class A Common Stock issued
Class of Stock [Line Items]
Issuance of shares of Class A Common Stock for equity-based awards (in shares)	(1,524,189)	(1,291,150)
Vesting period	3 years
Restricted shares forfeited	(79,527)
Shares of Class A Common Stock purchased related to share issuances and forfeitures
Class of Stock [Line Items]
Issuance of shares of Class A Common Stock for equity-based awards (in shares)	628,657	(65,183)
Restricted shares forfeited	(7,657)	(1,348)
Class A Common Stock | Reduction of shares of Class A Common Stock issued
Class of Stock [Line Items]
Restricted shares issued	139,455	63,835
Class A Common Stock | Shares of Class A Common Stock purchased related to share issuances and forfeitures
Class of Stock [Line Items]
Restricted shares issued	636,314	31,235
Common stock shares repurchased	0	(95,070)

EQUITY - Preferred Stock Issuan

EQUITY - Preferred Stock Issuance, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 19, 2018	Mar. 07, 2017	Mar. 31, 2020	Dec. 31, 2019	Sep. 05, 2019
Class of Stock [Line Items]
Issuance of preferred shares, net of issuance costs	$ 289.8	$ 264.4
Series A Preferred Share
Class of Stock [Line Items]
Preferred stock, shares issued		11,000,000		11,000,000
Dividend rate per annum		6.375%
Issuance of preferred shares, net of issuance costs		$ 275
Preferred stock, shares outstanding				11,000,000
Series B Preferred Share
Class of Stock [Line Items]
Preferred stock, shares issued	12,000,000			12,000,000
Dividend rate per annum	6.375%
Issuance of preferred shares, net of issuance costs	$ 300
Preferred stock, shares outstanding				12,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued			11,000,000
Preferred stock, shares outstanding			11,000,000
Dividends declared per share (in USD per share)			$ 0.398438
Series A Preferred Stock | AGM LLC
Class of Stock [Line Items]
Preferred stock, shares issued					1
Preferred stock, shares outstanding			1
Preferred stock, liquidation preference (in USD per share)					$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued			12,000,000
Preferred stock, shares outstanding			12,000,000
Dividends declared per share (in USD per share)			$ 0.398438
Series B Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)			$ 25.50
Required days notice			30 days
Number of days within occurrence			60 days
Series B Preferred Stock | AGM LLC
Class of Stock [Line Items]
Preferred stock, shares issued					1
Preferred stock, shares outstanding			1
Preferred stock, liquidation preference (in USD per share)					$ 25
Preferred Stock
Class of Stock [Line Items]
Increase to distribution rate (as a percent)			5.00%
Preferred Stock | Equity, Redemption, Period Two
Class of Stock [Line Items]
Redemption price (in USD per share)			$ 25
Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)			$ 25.25
Required days notice			30 days
Number of days within occurrence			60 days

EQUITY - Schedule of Dividends

EQUITY - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Nov. 29, 2019	Sep. 26, 2019	Aug. 15, 2019	Jul. 31, 2019	May 02, 2019	Apr. 12, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Dividends/Distributions	$ 361,200	$ 201,600	$ 17,800	$ 4,100	$ 201,400	$ 185,200	$ 45,400	$ 226,600	$ 361,200		$ 882,100
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group
Class of Stock [Line Items]
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group	$ 155,600	$ 90,100	$ 17,800	$ 4,100	$ 101,000	$ 93,000	$ 45,400	$ 113,300	$ 155,600		$ 464,700
Distribution made (in USD per share)							$ 0.18
Distributions made related with federal corporate estimated tax payments (in USD per share)			$ 0.10	$ 0.02			0.04
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A Common Stock (in USD per share)	$ 0.89	$ 0.50	$ 0	$ 0	$ 0.50	$ 0.46	$ 0	$ 0.56	$ 0.89		$ 2.02
Dividends/Distributions	$ 205,600	$ 111,500	$ 0	$ 0	$ 100,400	$ 92,200	$ 0	$ 113,300	$ 205,602	$ 113,345	$ 417,400
Distribution made (in USD per share)									$ 0.89	$ 0.56
Distribution Equivalents on Participating Securities
Class of Stock [Line Items]
Dividends/Distributions	$ 7,200	$ 4,400	$ 0	$ 0	$ 4,400	$ 4,100	$ 0	$ 5,000	$ 7,200		$ 17,900

EQUITY - Interests in Consolida

EQUITY - Interests in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income attributable to Non-Controlling Interests in consolidated entities:
Net income attributable to Non-Controlling Interests in consolidated entities	$ (1,287,625)	$ 166,510
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net Income	(2,283,843)	315,567
Net income attributable to Non-Controlling Interests in consolidated entities	1,287,625	(166,510)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	(996,218)	149,057
Adjustments:
Income tax provision (benefit)	(295,853)	19,654
NYC UBT and foreign tax benefit	(7,462)	(2,048)
Net income (loss) in non-Apollo Operating Group entities	996,218	(149,057)
Total adjustments	(312,471)	8,457
Net income (loss) after adjustments	(2,283,843)	315,567
Other comprehensive income (loss) attributable to Non-Controlling Interests	(7,041)	(6,406)
Comprehensive Income Attributable to Non-Controlling Interests	(1,294,666)	160,104
Series A Preferred Stock
Adjustments:
Preferred Stock Dividends	(4,383)	(4,383)
Series B Preferred Stock
Adjustments:
Preferred Stock Dividends	(4,781)	(4,781)
Other consolidated entities
Net income attributable to Non-Controlling Interests in consolidated entities:
Net income attributable to Non-Controlling Interests in consolidated entities	(164,656)	7,501
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income attributable to Non-Controlling Interests in consolidated entities	164,656	(7,501)
Consolidated entities
Net income attributable to Non-Controlling Interests in consolidated entities:
Net income attributable to Non-Controlling Interests in consolidated entities	(164,409)	8,662
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net Income	(2,431,905)	315,362
Net income attributable to Non-Controlling Interests in consolidated entities	164,409	(8,662)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	(2,119,434)	306,905
Adjustments:
Net income (loss) in non-Apollo Operating Group entities	2,119,434	(306,905)
Net income (loss) after adjustments	(2,431,905)	315,362
Interest in management companies and a co-investment vehicle
Net income attributable to Non-Controlling Interests in consolidated entities:
Net income attributable to Non-Controlling Interests in consolidated entities	247	1,161
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income attributable to Non-Controlling Interests in consolidated entities	(247)	(1,161)
Apollo Operating Group
Net income attributable to Non-Controlling Interests in consolidated entities:
Net income attributable to Non-Controlling Interests in consolidated entities	(1,123,216)	157,848
Net income attributable to Non-Controlling Interests in the Apollo Operating Group:
Net income attributable to Non-Controlling Interests in consolidated entities	1,123,216	(157,848)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	(8)	(15)
Adjustments:
Net income (loss) in non-Apollo Operating Group entities	$ 8	$ 15
Weighted average ownership percentage of Apollo Operating Group	46.20%	50.10%

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from and Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Due from Related Parties:
Total Due from Related Parties	$ 644,320	$ 415,069
Due to Related Parties:
Total Due to Related Parties	1,339,085	501,387
Due to Managing Partners and Contributing Partners
Due to Related Parties:
Total Due to Related Parties	364,582	302,050
Due from/to credit funds
Due from Related Parties:
Total Due from Related Parties	136,160	186,495
Due to Related Parties:
Total Due to Related Parties	13,281	7,213
Due from/to private equity funds
Due from Related Parties:
Total Due from Related Parties	20,314	27,724
Due to Related Parties:
Total Due to Related Parties	940,387	191,620
Due from/to real assets funds
Due from Related Parties:
Total Due from Related Parties	32,547	26,626
Due to Related Parties:
Total Due to Related Parties	20,835	504
Due from portfolio companies
Due from Related Parties:
Total Due from Related Parties	33,385	53,394
Due from Contributing Partners, employees and former employees
Due from Related Parties:
Total Due from Related Parties	$ 421,914	$ 120,830

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Tax Receivable Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Nov. 29, 2019	Sep. 26, 2019	Aug. 15, 2019	Jul. 31, 2019	May 02, 2019	Apr. 12, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Percentage of amount of cash savings									15.00%
Recorded liability									$ 62,531	$ 464
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group
Related Party Transaction [Line Items]
Pro rate distribution	$ 155,600	$ 90,100	$ 17,800	$ 4,100	$ 101,000	$ 93,000	$ 45,400	$ 113,300	$ 155,600		$ 464,700
Distribution made (in USD per share)							$ 0.18
Managing Partners
Related Party Transaction [Line Items]
Percentage of amount of cash savings									85.00%

RELATED PARTY TRANSACTIONS AN_5

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from Contributing Partners, Employees and Former Employees (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Loans to related party	$ 17.2	$ 17.1
Loans due upon liquidation of fund	$ 388.1	$ 88.5

RELATED PARTY TRANSACTIONS AN_6

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Indemnity (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Indemnity liability	$ 12.8	$ 12.7

RELATED PARTY TRANSACTIONS AN_7

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due to Credit, Private Equity and Real Estate Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
General partner obligation	$ 964,569	$ 189,252
Credit
Related Party Transaction [Line Items]
General partner obligation	6,540	0
Private Equity
Related Party Transaction [Line Items]
General partner obligation	937,653	189,252
Real Assets
Related Party Transaction [Line Items]
General partner obligation	$ 20,376	$ 0

RELATED PARTY TRANSACTIONS AN_8

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athene (Details) - USD ($) $ in Thousands	Sep. 20, 2018	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Asset threshold		$ 16,322,797	$ 8,542,117
Athene Holding
Related Party Transaction [Line Items]
Management fee rate		0.225%
Athene Holding | Amended Fee Agreement
Related Party Transaction [Line Items]
Investment management agreement, subsequent period before termination election	2 years
Athene Holding | Revised Fee Agreement
Related Party Transaction [Line Items]
Management fee rate		0.15%
Asset threshold		$ 103,400,000

RELATED PARTY TRANSACTIONS AN_9

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Sub-Allocation Fee Schedule (Details)	3 Months Ended
	Mar. 31, 2020
Related Party Transaction [Line Items]
Sub-allocation fees, maximum percentage of assets	10.00%
Core Assets
Related Party Transaction [Line Items]
Sub-Allocation Fees	0.065%
Core Plus Assets
Related Party Transaction [Line Items]
Sub-Allocation Fees	0.13%
Yield Assets
Related Party Transaction [Line Items]
Sub-Allocation Fees	0.375%
High Alpha Assets
Related Party Transaction [Line Items]
Sub-Allocation Fees	0.70%
Cash, Treasuries, Equities and Alternatives
Related Party Transaction [Line Items]
Sub-Allocation Fees	0.00%
Cash, Treasuries, Equities and Alternatives | Minimum
Related Party Transaction [Line Items]
Performance revenue, percentages	0.00%
Cash, Treasuries, Equities and Alternatives | Maximum
Related Party Transaction [Line Items]
Performance revenue, percentages	20.00%

RELATED PARTY TRANSACTIONS A_10

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athene and Apollo Strategic Transaction (Details) - Athene Holding - USD ($) $ in Millions	Feb. 28, 2020	Oct. 27, 2019
Related Party Transaction [Line Items]
Equity interests issued (in shares)	29,154,519
Class A Common Share
Related Party Transaction [Line Items]
Stock to be issued during period, shares	35,534,942
Purchases of investments	$ 350
Maximum number of days limit to share issuance		180 days
Minimum percentage of issued and outstanding shares		35.00%
Percentage increase in issued and outstanding shares		5.00%

RELATED PARTY TRANSACTIONS A_11

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Liquidity Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Feb. 28, 2020
Liquidity Agreement | Class A Common Stock
Related Party Transaction [Line Items]
Exchange of AOG Units for Class A Common Stock	$ 50,000,000
Minimum volume-weighted average price of the shares	90.00%
Minimum period limit to share issuance	10 days
Minimum percentage of issued and outstanding shares	2.00%
Minimum ownership percentage	3.50%
Athene Holding | Athene Holding
Related Party Transaction [Line Items]
Incremental interest purchased		17.00%
Ownership percentage, including shares and warrants owned by related parties	35.00%

RELATED PARTY TRANSACTIONS A_12

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athora Sub-Advised (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Athene Holding
Related Party Transaction [Line Items]
Management fee rate	0.225%
Athene Holding | Amended Sub-Advisory Fee Agreement
Related Party Transaction [Line Items]
Management fee rate	0.35%
Equity Investments | Affiliated Entity | Athora | Advisory Services
Related Party Transaction [Line Items]
Other commitment	$ 435.1
Other commitment, subject to certain conditions	$ 275.8

RELATED PARTY TRANSACTIONS A_13

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - AAA Investments, Narrative (Details)	Dec. 31, 2019
Class A Common Share | Athene Holding
Related Party Transaction [Line Items]
Economic interest percentage	11.00%

RELATED PARTY TRANSACTIONS A_14

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Performance Allocations and Revenues Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Net change in unrealized gains (losses) due to changes in fair value	$ (1,266,358)		$ 18,966
Athene, Athora and AAA Investments
Related Party Transaction [Line Items]
Revenues earned in aggregate from Athene, Athora and AAA Investments, net	(1,125,493)		160,348
Net change in unrealized gains (losses) due to changes in fair value	$ (1,300,000)	$ (19,200)	$ 18,600	$ 155,500

RELATED PARTY TRANSACTIONS A_15

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - AAA Investments Credit Agreement (Details) - AAA Investment Credit Agreement - USD ($)	Apr. 30, 2015	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Maximum advance	$ 10,000,000
Commitment fee on advance (as a percent)	0.125%
Advances to affiliate		$ 8,900,000	$ 8,700,000
Payment period following initial public stock offering	15 months
LIBOR
Related Party Transaction [Line Items]
Spread on advance (as a percent)	1.50%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Investment Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Unfunded capital commitments	$ 1,100	$ 1,100
Fund IX
Other Commitments [Line Items]
Unfunded capital commitments	$ 394	$ 394

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Litigation and Contingencies (Details) $ in Thousands	Dec. 06, 2018EUR (€)	Jul. 12, 2018USD ($)	Feb. 09, 2018EUR (€)	Dec. 21, 2017USD ($)defendant	Jun. 20, 2016EUR (€)	May 31, 2018shareholder	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Amount of loans | $							$ 2,651,232	$ 2,650,600
United States District Court Middle District Of Florida Against AGM
Long-term Purchase Commitment [Line Items]
Damages sought			€ 30,000,000
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017)
Long-term Purchase Commitment [Line Items]
Damages sought | $				$ 1,900,000
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Director
Long-term Purchase Commitment [Line Items]
Number of defendants | defendant				6
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Directors, Currently or Formerly Employed
Long-term Purchase Commitment [Line Items]
Number of defendants | defendant				5
ADT Inc. Shareholder Litigation
Long-term Purchase Commitment [Line Items]
Number of suits (in litigation) | shareholder						5
Caldera Litigation, Index No. 652175/2018
Long-term Purchase Commitment [Line Items]
Damages sought | $		$ 1,500,000
Sale of Insurance Business | Court of Genoa (Italy) (No. 8965/2016)
Long-term Purchase Commitment [Line Items]
Damages sought					€ 450,000,000
Other Losses | Court of Genoa (Italy) (No. 8965/2016)
Long-term Purchase Commitment [Line Items]
Damages sought					€ 800,000,000
Litigation settlement, amount awarded	€ 428,996.10

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Details) - Other long-term obligations $ in Thousands	Mar. 31, 2020USD ($)
Other Commitments [Line Items]
Remaining 2020	$ 14,972
2021	3,275
2022	1,892
2023	662
2024	662
Thereafter	662
Total	$ 22,125

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Contingent Obligations (Details)	Mar. 31, 2020USD ($)subsidiary	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Unfunded contingent commitments	$ 1,100,000,000	$ 1,100,000,000
Underwriting Commitments | AGS
Variable Interest Entity [Line Items]
Number of subsidiaries | subsidiary	1
Unfunded contingent commitments	$ 0
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Cumulative revenues recognized if existing investments become worthless	$ 700,000,000

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Contingent Consideration (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Fair value of the contingent obligation	$ 76.7	$ 112.5

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Performance fees	$ (1,734,323)	$ 251,497
Fee Related Revenues	(1,469,086)	677,777
Salary, bonus and benefits	(139,269)	(119,163)
General, administrative and other	(84,522)	(71,662)
Placement fees	(409)	440
Fee Related Expenses	328,434	(378,017)
Other income (loss), net of Non-Controlling Interest	(16,507)	90
Segment Distributable Earnings	196,505	231,150
Total Assets	16,322,797		$ 8,542,117
Management fees
Segment Reporting Information [Line Items]
Revenues	396,604	380,026
Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	36,963	19,569
Total reportable segment assets
Segment Reporting Information [Line Items]
Performance fees	2,404	661
Fee Related Revenues	491,991	452,727
Salary, bonus and benefits	(124,021)	(105,725)
General, administrative and other	(68,353)	(63,033)
Placement fees	(413)	440
Fee Related Expenses	(258,533)	(209,457)
Other income (loss), net of Non-Controlling Interest	(661)	(270)
Realized performance fees	65,746	63,789
Realized profit sharing expense	(65,746)	(41,139)
Net Realized Performance Fees	0	22,650
Realized principal investment income	5,583	11,436
Net interest loss and other	(37,134)	(12,692)
Segment Distributable Earnings	196,505	231,150
Total Assets	6,276,861		$ 7,337,517
Total reportable segment assets | Management fees
Segment Reporting Information [Line Items]
Revenues	382,368	358,623
Total reportable segment assets | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	36,732	19,060
Total reportable segment assets | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	421,504	378,344
Fee Related Expenses	(192,787)	(168,318)
Fee Related Earnings	228,056	209,756
Total reportable segment assets | Credit Segment
Segment Reporting Information [Line Items]
Performance fees	2,404	661
Salary, bonus and benefits	(57,008)	(44,304)
General, administrative and other	(35,373)	(27,496)
Placement fees	(306)	305
Other income (loss), net of Non-Controlling Interest	(663)	(404)
Realized performance fees	25,861	3,327
Realized profit sharing expense	(25,557)	(3,518)
Net Realized Performance Fees	304	(191)
Realized principal investment income	1,374	3,049
Net interest loss and other	(17,114)	(4,386)
Segment Distributable Earnings	117,114	112,824
Total Assets	3,382,264
Total reportable segment assets | Credit Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	208,229	182,742
Total reportable segment assets | Credit Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	15,267	2,848
Total reportable segment assets | Credit Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	225,900	186,251
Fee Related Expenses	(92,687)	(71,495)
Fee Related Earnings	132,550	114,352
Total reportable segment assets | Private Equity Segment
Segment Reporting Information [Line Items]
Performance fees	0	0
Salary, bonus and benefits	(42,480)	(43,233)
General, administrative and other	(21,994)	(25,862)
Placement fees	(107)	135
Other income (loss), net of Non-Controlling Interest	23	196
Realized performance fees	1,143	60,456
Realized profit sharing expense	(1,447)	(37,727)
Net Realized Performance Fees	(304)	22,729
Realized principal investment income	542	8,088
Net interest loss and other	(15,674)	(6,133)
Segment Distributable Earnings	65,617	102,552
Total Assets	2,265,056
Total reportable segment assets | Private Equity Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	125,268	130,496
Total reportable segment assets | Private Equity Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	20,343	16,136
Total reportable segment assets | Private Equity Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	145,611	146,632
Fee Related Expenses	(64,581)	(68,960)
Fee Related Earnings	81,053	77,868
Total reportable segment assets | Real Assets Segment
Segment Reporting Information [Line Items]
Performance fees	0	0
Salary, bonus and benefits	(24,533)	(18,188)
General, administrative and other	(10,986)	(9,675)
Placement fees	0	0
Other income (loss), net of Non-Controlling Interest	(21)	(62)
Realized performance fees	38,742	6
Realized profit sharing expense	(38,742)	106
Net Realized Performance Fees	0	112
Realized principal investment income	3,667	299
Net interest loss and other	(4,346)	(2,173)
Segment Distributable Earnings	13,774	15,774
Total Assets	629,541
Total reportable segment assets | Real Assets Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	48,871	45,385
Total reportable segment assets | Real Assets Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	1,122	76
Total reportable segment assets | Real Assets Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	49,993	45,461
Fee Related Expenses	(35,519)	(27,863)
Fee Related Earnings	$ 14,453	$ 17,536

SEGMENT REPORTING - Reconcili_2

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ (1,469,086)	$ 677,777
Performance fees	1,734,323	(251,497)
Principal investment income	187,849	(26,025)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	(35,841)	(29,129)
Adjustments related to consolidated funds and VIEs	(1,451)	1,632
Performance fees	1,734,435	(248,172)
Principal investment income	193,447	(23,764)
Realized performance fees	65,746	63,789
Realized principal investment income and other	4,741	10,594
Segment Reconciling Items | Fee Related
Segment Reporting Information [Line Items]
Revenues	421,504	378,344
Total reportable segment assets
Segment Reporting Information [Line Items]
Revenues	491,991	452,727
Performance fees	(2,404)	(661)
Realized performance fees	65,746	63,789
Total reportable segment assets | Fee Related
Segment Reporting Information [Line Items]
Revenues	$ 421,504	$ 378,344

SEGMENT REPORTING - Reconcili_3

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Expenses	$ (328,434)	$ 378,017
Equity-based compensation	(52,122)	(45,077)
Total profit sharing expense	635,998	(123,447)
Dividend-related compensation expense	(2,540)	0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	(32,211)	(28,842)
Reclassification of interest expenses	(31,242)	(19,108)
Transaction-related charges, net	21,399	(5,463)
Charges associated with corporate conversion	(1,064)	0
Equity-based compensation	(14,070)	(18,423)
Total profit sharing expense	580,949	(137,863)
Realized profit sharing expense	65,746	41,139
Segment Reconciling Items | Fee Related
Segment Reporting Information [Line Items]
Expenses	192,787	168,318
Total reportable segment assets
Segment Reporting Information [Line Items]
Expenses	258,533	209,457
Realized profit sharing expense	65,746	41,139
Total reportable segment assets | Fee Related
Segment Reporting Information [Line Items]
Expenses	$ 192,787	$ 168,318

SEGMENT REPORTING - Reconcili_4

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Other Income (Loss)	$ (1,439,044)	$ 35,461
Net (gains) losses from investment activities	1,264,551	(18,829)
Other Income, net of Non-Controlling Interest	(16,507)	90
Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjustments related to consolidated funds and VIEs	166,465	(9,134)
Net (gains) losses from investment activities	1,264,244	(18,825)
Interest income and other, net of Non-Controlling Interest	7,674	(7,772)
Other Income, net of Non-Controlling Interest	(661)	(270)
Net interest loss and other	(36,292)	(11,850)
Total Segments
Segment Reporting Information [Line Items]
Other Income (Loss)	(36,953)	(12,120)
Other Income, net of Non-Controlling Interest	(661)	(270)
Net interest loss and other	$ (37,134)	$ (12,692)

SEGMENT REPORTING - Reconcili_5

SEGMENT REPORTING - Reconciliation of Income (Loss) Before Income Tax Provision to Economic Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Income before income tax provision	$ (2,579,696)	$ 335,221
Net income attributable to Non-Controlling Interests in consolidated entities	1,287,625	(166,510)
Equity-based compensation	52,122	45,077
Unrealized net (gains) losses from investment activities and other	1,266,358	(18,966)
Segment Distributable Earnings	196,505	231,150
Segment Reconciling Items
Segment Reporting Information [Line Items]
Transaction-related charges	(21,399)	5,463
Charges associated with corporate conversion	1,064	0
Net income attributable to Non-Controlling Interests in consolidated entities	164,409	(8,662)
Unrealized performance fees	1,800,181	(184,383)
Unrealized profit sharing expense	(681,183)	75,762
Equity-based profit sharing expense and other	34,488	20,962
Equity-based compensation	14,070	18,423
Unrealized principal investment (income) loss	201,570	(12,328)
Unrealized net (gains) losses from investment activities and other	$ 1,263,001	$ (19,308)

SEGMENT REPORTING - Reconcili_6

SEGMENT REPORTING - Reconciliation of Reportable Segments to Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 16,322,797	$ 8,542,117
Total reportable segment assets
Segment Reporting Information [Line Items]
Assets	6,276,861	7,337,517
Adjustments
Segment Reporting Information [Line Items]
Assets	$ 10,045,936	$ 1,204,600

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares

May 01, 2020

Feb. 28, 2020

Nov. 29, 2019

Sep. 26, 2019

Aug. 15, 2019

Jul. 31, 2019

May 02, 2019

Apr. 12, 2019

Jan. 31, 2019

Mar. 31, 2020

Dec. 31, 2019

May 07, 2020

Class A Common Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.89

$ 0.50

$ 0

$ 0

$ 0.50

$ 0.46

$ 0

$ 0.56

$ 0.89

$ 2.02

Series A Preferred Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.398438

Subsequent Event | Class A Common Share

Subsequent Event [Line Items]

Voting power, percentage of voting rights

9.20%

Subsequent Event | Class B Common Share

Subsequent Event [Line Items]

Voting power, percentage of voting rights

8.20%

Subsequent Event | Common Class C Share

Subsequent Event [Line Items]

Voting power, percentage of voting rights

82.60%

Subsequent Event | Class A Common Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.42

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.398438