Apollo Global Management (APO-PA) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	2021
Document Fiscal Period Focus	Q2
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		235,527,358
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 1,824,712	$ 1,555,517
Restricted cash and cash equivalents	1,524,902	17,708
U.S. Treasury securities, at fair value	0	816,985
Investments (includes performance allocations of $2,736,493 and $1,624,156 as of June 30, 2021 and December 31, 2020, respectively)	7,910,519	4,995,411
Assets of consolidated variable interest entities:
Cash and cash equivalents	805,736
Other assets	494,455	364,963
Incentive fees receivable	13,802	5,231
Due from related parties	425,927	462,383
Deferred tax assets, net	235,118	539,244
Other assets	494,455	364,963
Lease assets	361,597	295,098
Goodwill	116,958	116,958
Total Assets	27,541,346	23,669,084
Liabilities:
Accounts payable and accrued expenses	141,688	119,982
Accrued compensation and benefits	169,554	82,343
Deferred revenue	74,946	30,369
Due to related parties	439,662	608,469
Profit sharing payable	1,521,906	842,677
Debt	3,154,289	3,155,221
Liabilities of consolidated variable interest entities:
Other liabilities	511,750	295,612
Other liabilities	511,750	295,612
Lease liabilities	409,930	332,915
Total Liabilities	17,912,200	17,373,119
Commitments and Contingencies (see note 15)
Redeemable Noncontrolling Interest, Equity, Carrying Amount	1,416,711	782,702
Apollo Global Management, Inc. Stockholders’ Equity:
Additional paid in capital	822,612	877,173
Retained earnings	990,798	0
Accumulated other comprehensive loss	(2,542)	(2,071)
Total Apollo Global Management, Inc. Stockholders’ Equity	2,365,081	1,429,315
Total Stockholders’ Equity	8,212,435	5,513,263
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	27,541,346	23,669,084
Consolidated Entities Excluding VIE
Apollo Global Management, Inc. Stockholders’ Equity:
Non-Controlling Interests	2,838,121	2,275,728
Consolidated Variable Interest Entities
Assets of consolidated variable interest entities:
Cash and cash equivalents	805,736	893,306
Investments, at fair value	13,659,631	13,316,016
Other assets	167,989	290,264
Other assets	167,989	290,264
Liabilities of consolidated variable interest entities:
Debt, at fair value	8,077,288	8,660,515
Notes payable	2,498,748	2,471,971
Other liabilities	912,439	773,045
Other liabilities	912,439	773,045
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	$ 3,009,233	$ 1,808,220

CONDENDSED CONSOLIDATED STATEME

CONDENDSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Performance allocations	$ 2,736,493	$ 1,624,156
Series A Preferred Stock
Preferred stock, shares issued (in shares)	11,000,000	11,000,000
Preferred stock, shares outstanding (in shares)	11,000,000	11,000,000
Series B Preferred Stock
Preferred stock, shares issued (in shares)	12,000,000	12,000,000
Preferred stock, shares outstanding (in shares)	12,000,000	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)	231,366,321	228,873,449
Shares outstanding (in shares)	231,366,321	228,873,449
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

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Performance allocations	$ 735,139	$ 924,599	$ 2,130,486	$ (809,724)
Principal investment income (loss)	76,425	111,621	458,391	(76,228)
Total investment income (loss)	811,564	1,036,220	2,588,877	(885,952)
Total Revenues	1,382,325	1,508,335	3,677,025	39,249
Compensation and benefits:
Salary, bonus and benefits	181,299	151,019	355,929	290,288
Equity-based compensation	52,998	59,420	109,446	111,542
Profit sharing expense	361,247	375,959	1,016,727	(260,039)
Total compensation and benefits	595,544	586,398	1,482,102	141,791
Interest expense	34,814	32,291	69,613	63,533
General, administrative and other	115,838	83,729	215,688	168,251
Placement fees	591	359	1,128	768
Total Expenses	746,787	702,777	1,768,531	374,343
Other Income (Loss):
Net gains (losses) from investment activities	913,394	268,667	1,266,545	(995,884)
Net gains (losses) from investment activities of consolidated variable interest entities	145,403	57,862	257,997	(108,058)
Interest income	645	3,994	1,443	11,928
Other income (loss), net	4,531	3,327	(13,219)	(13,180)
Total Other Income (Loss)	1,063,973	333,850	1,512,766	(1,105,194)
Income (loss) before income tax (provision) benefit	1,699,511	1,139,408	3,421,260	(1,440,288)
Income tax (provision) benefit	(194,051)	(140,323)	(397,297)	155,530
Net Income (Loss)	1,505,460	999,085	3,023,963	(1,284,758)
Net (income) loss attributable to Non-Controlling Interests	(847,733)	(552,756)	(1,687,346)	734,869
Net Income (Loss) Attributable to Apollo Global Management, Inc.	657,727	446,329	1,336,617	(549,889)
Management fees
Revenues:
Revenues	470,092	409,953	927,277	806,557
Advisory and transaction fees, net
Revenues:
Revenues	86,351	61,957	142,699	98,920
Incentive fees
Revenues:
Revenues	14,318	205	18,172	19,724
Series A Preferred Stock
Other Income (Loss):
Preferred Stock Dividends	(4,383)	(4,383)	(8,766)	(8,766)
Series B Preferred Stock
Other Income (Loss):
Preferred Stock Dividends	(4,781)	(4,782)	(9,562)	(9,563)
Class A Common Stock
Other Income (Loss):
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$ 648,563	$ 437,164	$ 1,318,289	$ (568,218)
Net Income (Loss) Per Share of Class A Common Stock:
Net Income (Loss) Available to Class A Common Stock – Basic (in USD per share)	$ 2.70	$ 1.84	$ 5.51	$ (2.55)
Net Income (Loss) Available to Class A Common Stock – Diluted (in USD per share)	$ 2.70	$ 1.84	$ 5.51	$ (2.55)
Weighted Average Number of Shares of Class A Common Stock Outstanding – Basic (in shares)	231,058,813	227,653,988	230,534,073	227,205,866
Weighted Average Number of Shares of Class A Common Stock Outstanding – Diluted (in shares)	231,058,813	227,653,988	230,534,073	227,205,866

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,505,460	$ 999,085	$ 3,023,963	$ (1,284,758)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Currency translation adjustments, net of tax	3,711	6,943	(11,436)	1,128
Net gain from change in fair value of cash flow hedge instruments	52	50	102	101
Net loss on available-for-sale securities	(148)	3,552	670	(1,348)
Total Other Comprehensive Income (Loss), net of tax	3,615	10,545	(10,664)	(119)
Comprehensive Income (Loss)	1,509,075	1,009,630	3,013,299	(1,284,877)
Comprehensive (Income) Loss attributable to Non-Controlling Interests	(851,304)	(558,979)	(1,677,153)	735,687
Comprehensive Income (Loss) Attributable to Apollo Global Management, Inc.	$ 657,771	$ 450,651	$ 1,336,146	$ (549,190)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Common Stock	Total Apollo Global Management, Inc. Shareholders’ Equity	Common StockClass A Common Stock	Common StockClass B Common Stock	Common StockClass C Common Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non- Controlling Interests in Consolidated Entities	Non- Controlling Interests in Apollo Operating Group
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		$ 1,852,222				$ 264,398	$ 289,815	$ 1,302,587	$ 0	$ (4,578)	$ 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
Consolidation of VIEs	1,895,095											1,895,095
Dilution impact of issuance of Class A Common Stock	8,329		8,329						8,329
Capital increase related to equity-based compensation	93,230		93,230						93,230
Capital contributions	181,853											181,853
Dividends/Distributions	(742,837)		(330,967)				(8,766)	(9,563)	(312,638)			(127,570)	(284,300)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)				3,151,903
Payments related to issuances of Class A Common Stock for equity-based awards	(56,536)		(56,536)						28,991	(85,527)
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 (loss)	(1,284,758)		(549,889)				8,766	9,563		(568,218)		(123,341)	(611,528)
Currency translation adjustments, net of tax	1,128		1,381								1,381	(71)	(182)
Net gain from change in fair value of cash flow hedge instruments	101		54								54		47
Net loss on available-for-sale securities	(1,348)		(736)								(736)		(612)
Balance, end of period (in shares) at Jun. 30, 2020				229,189,715	1	1
Balance, end of period at Jun. 30, 2020	4,241,937		929,031				264,398	289,815	1,032,442	(653,745)	(3,879)	2,107,870	1,205,036
Balance, beginning of period (in shares) at Mar. 31, 2020				228,834,099	1	1
Balance, beginning of period at Mar. 31, 2020	3,499,034		556,638				264,398	289,815	1,085,949	(1,075,323)	(8,201)	2,122,281	820,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dilution impact of issuance of Class A Common Stock	126		126						126
Capital increase related to equity-based compensation	47,539		47,539						47,539
Capital contributions	38,826											38,826
Dividends/Distributions	(336,249)		(108,954)				(4,383)	(4,782)	(99,789)	0		(98,633)	(128,662)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)				355,616
Payments related to issuances of Class A Common Stock for equity-based awards	(16,969)		(16,969)						(1,383)	(15,586)
Net income (loss)	999,085		446,329				4,383	4,782		437,164		41,068	511,688
Currency translation adjustments, net of tax	6,943		2,178								2,178	4,328	437
Net gain from change in fair value of cash flow hedge instruments	50		26								26		24
Net loss on available-for-sale securities	3,552		2,118								2,118		1,434
Balance, end of period (in shares) at Jun. 30, 2020				229,189,715	1	1
Balance, end of period at Jun. 30, 2020	4,241,937		929,031				264,398	289,815	1,032,442	(653,745)	(3,879)	2,107,870	1,205,036
Balance, beginning of period (in shares) at Dec. 31, 2020				228,873,449	1	1
Balance, beginning of period at Dec. 31, 2020	5,513,263		1,429,315				264,398	289,815	877,173	0	(2,071)	2,275,728	1,808,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deconsolidation of VIEs	(125,215)											(125,215)
Adoption of new accounting guidance	(42,643)		(42,643)						(42,643)
Dilution impact of issuance of Class A Common Stock	(1,295)		(1,295)						(1,295)
Capital increase related to equity-based compensation	86,258		86,258						86,258
Capital contributions	1,012,418											1,012,418
Dividends/Distributions	(1,067,738)		(282,146)				(8,766)	(9,562)		(263,818)		(501,968)	(283,624)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)				1,817,390
Payments related to issuances of Class A Common Stock for equity-based awards	(60,459)		(60,459)						3,214	(63,673)
Repurchase of Class A Common Stock (in shares)		(1,818,108)		(2,144,713)
Repurchase of Class A Common Stock	(122,703)	$ (105,700)	(122,703)						(122,703)
Exchange of AOG Units for Class A Common Stock (in shares)				2,820,195
Exchange of AOG Units for Class A Common Stock	7,250		22,608						22,608				(15,358)
Net income (loss)	3,023,963		1,336,617				8,766	9,562		1,318,289		186,854	1,500,492
Currency translation adjustments, net of tax	(11,436)		(928)								(928)	(9,696)	(812)
Net gain from change in fair value of cash flow hedge instruments	102		55								55		47
Net loss on available-for-sale securities	670		402								402		268
Balance, end of period (in shares) at Jun. 30, 2021				231,366,321	1	1
Balance, end of period at Jun. 30, 2021	8,212,435		2,365,081				264,398	289,815	822,612	990,798	(2,542)	2,838,121	3,009,233
Balance, beginning of period (in shares) at Mar. 31, 2021				232,222,572	1	1
Balance, beginning of period at Mar. 31, 2021	7,498,141		1,937,165				264,398	289,815	908,195	477,343	(2,586)	3,114,805	2,446,171
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deconsolidation of VIEs	(125,215)											(125,215)
Adoption of new accounting guidance	(15,981)		(15,981)						(15,981)
Dilution impact of issuance of Class A Common Stock	(38)		(38)						(38)
Capital increase related to equity-based compensation	40,975		40,975						40,975
Capital contributions	191,435											191,435
Dividends/Distributions	(753,409)		(128,700)				(4,383)	(4,781)	0	(119,536)		(462,485)	(162,224)
Payments related to issuances of Class A Common Stock for equity-based awards (in shares)				397,782
Payments related to issuances of Class A Common Stock for equity-based awards	(12,358)		(12,358)						3,214	(15,572)
Repurchase of Class A Common Stock (in shares)				(2,144,713)
Repurchase of Class A Common Stock	(122,703)		(122,703)						(122,703)
Exchange of AOG Units for Class A Common Stock (in shares)				890,680
Exchange of AOG Units for Class A Common Stock	2,513		8,950						8,950	0			(6,437)
Net income (loss)	1,505,460		657,727				4,383	4,781		648,563		116,276	731,457
Currency translation adjustments, net of tax	3,711		105								105	3,305	301
Net gain from change in fair value of cash flow hedge instruments	52		28								28		24
Net loss on available-for-sale securities	(148)		(89)								(89)		(59)
Balance, end of period (in shares) at Jun. 30, 2021				231,366,321	1	1
Balance, end of period at Jun. 30, 2021	$ 8,212,435		$ 2,365,081				$ 264,398	$ 289,815	$ 822,612	$ 990,798	$ (2,542)	$ 2,838,121	$ 3,009,233

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 3,023,963	$ (1,284,758)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity-based compensation	109,446	111,542
Depreciation and amortization	13,030	8,549
Unrealized (gains) losses from investment activities	(1,257,530)	994,434
Principal investment (income) loss	(458,391)	76,228
Performance allocations	(2,130,486)	809,724
Change in fair value of contingent obligations	22,310	(547)
Gain from change in tax receivable agreement liability	(1,941)	0
Deferred taxes, net	348,318	(180,016)
Non-cash lease expense	22,841	26,288
Other non-cash amounts included in net income (loss), net	(9,888)	7,180
Cash flows due to changes in operating assets and liabilities:
Incentive fees receivable	(8,572)	1,550
Due from related parties	(111,694)	(73,671)
Accounts payable and accrued expenses	21,706	25,570
Accrued compensation and benefits	87,211	74,430
Deferred revenue	44,577	(19,798)
Due to related parties	(10,557)	(911)
Profit sharing payable	670,033	(258,316)
Lease liability	(12,321)	(14,265)
Other assets and other liabilities, net	125,481	(27,588)
Cash distributions of earnings from principal investments	94,784	12,276
Cash distributions of earnings from performance allocations	741,660	200,846
Satisfaction of contingent obligations	(13,114)	(12,870)
Apollo Funds and VIE related:
Net Cash Provided by Operating Activities	1,093,164	937,374
Cash Flows from Investing Activities:
Purchases of fixed assets	(13,246)	(37,619)
Acquisitions	0	48,518
Proceeds from sale of investments	3,235	21,855
Purchase of investments	(37,168)	(522,432)
Purchase of U.S. Treasury securities	0	(1,056,827)
Proceeds from maturities of U.S. Treasury securities	0	840,020
Cash contributions to equity method investments	(148,085)	(159,781)
Cash distributions from equity method investments	150,906	91,892
Issuance of related party loans	0	(315)
Other investing activities	(615)	(241)
Net Cash Provided by (Used in) Investing Activities	771,836	(774,930)
Cash Flows from Financing Activities:
Principal repayments of debt	0	(16,990)
Dividends to Preferred Stockholders	(18,328)	(18,329)
Issuance of debt	0	518,756
Satisfaction of tax receivable agreement	(39,884)	(48,195)
Repurchase of Class A Common Stock	(122,703)	(64,205)
Payments related to deliveries of Class A Common Stock for RSUs	(63,673)	(85,527)
Dividends paid	(263,818)	(312,638)
Distributions paid to Non-Controlling Interests in Apollo Operating Group	(283,624)	(284,300)
Issuance of related party loans	0	28,280
Repayment of related party loans	0	(28,280)
Other financing activities, net	(1,601)	(8,690)
Apollo Funds and VIE related:
Principal repayment of debt	0	(16,990)
Net Cash Used in Financing Activities	(176,181)	(90,791)
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	1,688,819	71,653
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	2,466,531	1,621,310
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	4,155,350	1,692,963
Supplemental Disclosure of Cash Flow Information:
Interest paid	67,615	60,837
Interest paid by consolidated variable interest entities	132,113	116,365
Income taxes paid	38,478	16,399
Supplemental Disclosure of Non-Cash Investing Activities:
Non-cash distributions from principal investments	146,352	(4,642)
Non-cash purchases of other investments, at fair value	0	1,153,316
Non-cash loss on Athene equity swap	0	(61,261)
Acquisition of goodwill	0	663
Contingent consideration	0	(6,208)
Capital increases related to equity-based compensation	86,258	93,230
Issuance of restricted shares	3,214	28,991
Non-cash issuance of AOG units to Athene	0	1,214,577
Other non-cash financing activities	(1,295)	8,329
Investments, at fair value	0	9,061,907
Other assets	0	130,907
Debt, at fair value	0	(6,829,326)
Other liabilities	0	(967,575)
Non-Controlling interest in consolidated entities related to acquisition		(1,898,067)
Cash and cash equivalents	4,925	0
Investments, at fair value	229,717	0
Other assets	755	0
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds, Notes Payable	(107,500)	0
Other liabilities	(2,682)	0
Non-Controlling interest in consolidated entities	(125,215)	0
Deferred tax assets	45,479	76,580
Due to related parties	(38,229)	(62,531)
Additional paid in capital	(7,250)	(14,049)
Non-Controlling Interest in Apollo Operating Group	15,358	16,967
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	1,824,712	939,824
Restricted cash and cash equivalents	1,524,902	81,378
Cash and cash equivalents held at consolidated variable interest entities	805,736	671,761
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	4,155,350	1,692,963
Consolidated Variable Interest Entities
Apollo Funds and VIE related:
Net realized and unrealized (gains) losses from investing activities and debt	(344,628)	319,347
Cash transferred from consolidated VIEs	0	502,153
Deconsolidation of VIEs	(2,998)	0
Purchases of investments	(2,434,817)	(1,349,102)
Proceeds from sale of investments	2,195,453	1,158,433
Changes in other assets and other liabilities, net	369,288	(169,334)
Cash Flows from Investing Activities:
Purchase of U.S. Treasury securities	(817,077)	0
Proceeds from maturities of U.S. Treasury securities	1,633,886	0
Cash Flows from Financing Activities:
Principal repayments of debt	(1,330,790)	(716,184)
Issuance of debt	773,961	821,573
Apollo Funds and VIE related:
Principal repayment of debt	(1,330,790)	(716,184)
Issuances of debt within other liabilities of consolidated VIEs	0	67,459
Distributions paid to Non-Controlling Interests in consolidated entities	(500,483)	(125,208)
Contributions from Non-Controlling Interests in consolidated entities	1,012,492	181,687
Proceeds from issuance of Class A Units of SPAC	690,000	0
Payment of underwriting discounts	(27,730)	$ 0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents held at consolidated variable interest entities	$ 805,736

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2021
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 As of June 30, 2021, the Company owned, through five intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is a disregarded entity for U.S. federal income tax purposes, and APO (FC III), LLC, a Cayman Islands limited liability company that is a disregarded entity for U.S. federal income tax purposes (collectively, the “Intermediate Holding Companies”), 53.5% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group. AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings”), is an entity through which the Co-Founders and certain of the Company’s other current and former partners (the “Contributing Partners”) indirectly beneficially own interests in each of the entities that comprise the Apollo Operating Group. As of June 30, 2021, Holdings owned 39.8% 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. 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 June 30, 2021, Athene Holding owned 6.7% of the economic interests in the Apollo Operating Group. See note 14 for further disclosure regarding the Transaction Agreement. 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%, at the close of the transaction. 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. Apollo and Athene Merger and Corporate Conversion On March 8, 2021, AGM Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AHL, Tango Holdings, Inc., a Delaware corporation and a direct wholly owned subsidiary of AGM Inc. (“HoldCo”), Blue Merger Sub, Ltd., a Bermuda exempted company and a direct wholly owned subsidiary of HoldCo (“AHL Merger Sub”), and Green Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of HoldCo (“AGM Merger Sub” and together with AHL Merger Sub, the “Merger Subs”). At the closing of the transaction (the “Closing”), AHL Merger Sub will merge with and into AHL (the “AHL Merger”), with AHL as the surviving entity in the AHL Merger and a direct wholly owned subsidiary of HoldCo (the “AHL Surviving Entity”), and AGM Merger Sub will merge with and into Apollo (the “AGM Merger” and, together with the AHL Merger, the “Mergers”) with AGM as the surviving entity in the AGM Merger and a direct wholly owned subsidiary of HoldCo (the “AGM Surviving Entity”). Upon consummation of the Mergers, AGM and AHL will be direct wholly owned subsidiaries of HoldCo, which will be renamed “Apollo Global Management, Inc.” The transaction is expected to close in January of 2022. The transaction requires the approval of stockholders of both Apollo and AHL, and is subject to, among other things, regulatory approvals, and other customary closing conditions. See note 14 for further disclosure regarding the Merger Agreement. In addition, on March 9, 2021, AGM Inc. entered into a binding governance term sheet with the Co-Founders pursuant to which it was agreed, among other things, that the Company will convert its corporate structure to a single class of common stock with one vote per share. The change will take effect at closing of the Mergers, subject to regulatory and stockholder approvals, and will result in the exchange of Apollo’s Apollo Operating Group units for a combination of Class A shares and cash, and the reorganization of Apollo Global Management, Inc. from an umbrella partnership C corporation (“Up-C”) structure to a C-corporation with a single class of common stock.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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 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 2020 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), special purpose acquisition companies (“SPACs”) 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. 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 $1.2 billion and $1.2 billion as of June 30, 2021 and December 31, 2020, respectively, which represent 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 and Cash Equivalents Restricted cash and cash equivalents includes cash held in reserve accounts used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash and cash equivalents also includes cash deposited at a bank, which is pledged as collateral in connection with leased premises. Restricted cash and cash equivalents of Apollo Strategic Growth Capital (“APSG”), a consolidated SPAC, are held in a trust account and consist of U.S Treasury bills with original maturities of three months or less when purchased, that were purchased with funds raised through the initial public offering of the consolidated entity. The $0.8 billion in funds as of June 30, 2021 are restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in APSG’s trust agreement. Restricted cash and cash equivalents of Apollo Strategic Growth Capital II (“APSG II”), a consolidated SPAC, are held in a trust account and include money market funds that were purchased with funds raised through the initial public offering of the consolidated entity. The $0.7 billion in funds as of June 30, 2021 are restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in APSG II’s trust agreement. 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. Certain consolidated VIEs have applied the fair value option for certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. 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 $23.5 million of revenue recognized during the six months ended June 30, 2021 that was previously deferred as of January 1, 2021. 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 cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within placement fees in the condensed consolidated statements of operations. 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. Redeemable non-controlling interests Redeemable non-controlling interests represent the shares issued by APSG and APSG II, the consolidated SPACs, that are redeemable for cash by the public shareholders in connection with the SPACs’ failure to complete a business combination or tender offer/stockholder approval provisions. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount is accreted to its redemption value over the period from the date of issuance to the earliest redemption date of the instrument. These increases are recorded against additional paid-in capital. 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. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. Refer to disclosures below for additional information on each of the Company’s revenue streams. 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 related to the Company’s funds, portfolio companies of funds and third parties 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 on the condensed consolidated statements of financial condition, 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 on the condensed consolidated statements of financial condition. 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 Salaries, Bonus and Benefits Salaries, bonus and benefits include base salaries, discretionary and non-discretionary bonuses, severance and employee benefits. Bonuses are generally accrued over the related service period. 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 Equity Plan. Prior to distribution of the pe

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS The following table presents Apollo’s investments: As of As of Investments, at fair value $ 3,681,955 $ 2,360,434 Equity method investments 1,492,071 1,010,821 Performance allocations 2,736,493 1,624,156 Total Investments $ 7,910,519 $ 4,995,411 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. The Company’s equity investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC for the three and six months ended June 30, 2021 and 2020. As such, the following tables present summarized financial information of Athene Holding: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Statements of Operations Revenues $ 6,423 $ 4,398 $ 10,814 $ 2,849 Benefits and expenses 4,433 3,317 8,685 3,150 Income (loss) before income taxes 1,990 1,081 2,129 (301) Income tax expense (benefit) 184 150 246 (16) Net income (loss) 1,806 931 1,883 (285) Less: Net income (loss) attributable to non-controlling interests 389 88 (148) (81) Net income (loss) available to Athene Holding Ltd. shareholders $ 1,417 $ 843 $ 2,031 $ (204) Less: Preferred stock dividends 35 19 71 37 Net income (loss) available to Athene Holding Ltd. common shareholders $ 1,382 $ 824 $ 1,960 $ (241) 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Realized gains on sales of investments, net $ 1,192 $ 70 $ 1,193 $ 1,877 Net change in unrealized gains (losses) due to changes in fair value 912,202 268,597 1,265,352 (997,761) Net gains (losses) from investment activities $ 913,394 $ 268,667 $ 1,266,545 $ (995,884) 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 June 30, 2021 (5) December 31, 2020 (5) Credit (1)(2) $ 472,320 $ 258,952 Private Equity (3) 938,439 672,430 Real Assets 81,312 79,439 Total equity method investments (4) $ 1,492,071 $ 1,010,821 (1) The equity method investment in AINV was $39.7 million and $40.4 million as of June 30, 2021 and December 31, 2020, respectively. The value of the Company’s investment in AINV was $37.7 million and $30.8 million based on the quoted market price of AINV as of June 30, 2021 and December 31, 2020, respectively. (2) The equity method investment in VA Capital Company, LLC was $323.5 million and $113.5 million as of June 30, 2021 and December 31, 2020, respectively. (3) The equity method investment in Fund VIII was $318.4 million and $343.3 million as of June 30, 2021 and December 31, 2020, respectively, representing an ownership percentage of 2.2% and 2.2% as of June 30, 2021 and December 31, 2020, respectively. The equity method investment in Fund IX was $268.0 million and $134.4 million as of June 30, 2021 and December 31, 2020, respectively, representing an ownership percentage of 1.9% and 1.9% as of June 30, 2021 and December 31, 2020, respectively. (4) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (5) Some amounts 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 June 30, 2021 As of December 31, 2020 Credit $ 484,010 $ 465,153 Private Equity 2,100,537 1,040,827 Real Assets 151,946 118,176 Total performance allocations $ 2,736,493 $ 1,624,156 The table below provides a roll forward of the performance allocations balance: Credit Private Equity Real Assets Total Performance allocations, January 1, 2021 $ 465,153 $ 1,040,827 $ 118,176 $ 1,624,156 Change in fair value of funds 273,442 1,522,069 58,486 1,853,997 Fund distributions to the Company (254,585) (462,359) (24,716) (741,660) Performance allocations, June 30, 2021 $ 484,010 $ 2,100,537 $ 151,946 $ 2,736,493 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	6 Months Ended
	Jun. 30, 2021
Profit Sharing Payable [Abstract]
PROFIT SHARING PAYABLE	PROFIT SHARING PAYABLE Profit sharing payable consisted of the following: As of June 30, 2021 As of December 31, 2020 Credit $ 435,211 $ 356,375 Private Equity 1,009,378 422,079 Real Assets 77,317 64,223 Total profit sharing payable $ 1,521,906 $ 842,677 The table below provides a roll-forward of the profit sharing payable balance: Credit Private Equity Real Assets Total Profit sharing payable, January 1, 2021 $ 356,375 $ 422,079 $ 64,223 $ 842,677 Profit sharing expense 189,553 740,289 30,415 960,257 Payments/other (110,717) (152,990) (17,321) (281,028) Profit sharing payable, June 30, 2021 $ 435,211 $ 1,009,378 $ 77,317 $ 1,521,906 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	6 Months Ended
	Jun. 30, 2021
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 on February 28, 2020, bringing Apollo’s beneficial ownership in Athene to approximately 28.4% as of June 30, 2021. This has resulted in Apollo’s indirect ownership through Athene in several VIEs being considered significant and therefore Apollo has consolidated the financial positions and results of operations of such VIEs given that the Company also has the power to direct the activities that most significantly impact the economic performance of these VIEs. Consolidated VIEs include certain CLOs as well as certain funds managed by the Company. Through its role as collateral manager, investment 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 For the Six Months Ended 2021 (1) 2020 (1) 2021 (1) 2020 (1) Net gains (losses) from investment activities $ 51,173 $ 478,480 $ 355,574 $ (500,744) Net gains (losses) from debt (2,519) (353,182) (11,527) 181,269 Interest and other income 228,420 84,609 362,758 236,051 Interest and other expenses (131,671) (152,045) (448,808) (24,634) Net gains (losses) from investment activities of consolidated variable interest entities $ 145,403 $ 57,862 $ 257,997 $ (108,058) (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 June 30, 2021 As of December 31, 2020 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) $ 4,851,818 1.98 % 12.9 $ 5,350,198 2.10 % 6.0 Subordinated Notes (2) 3,453,339 5.03 % (1) 32 3,389,375 5.08 % (1) 21.1 Secured Borrowings (2)(3) 109,606 2.18 % 0.4 236,698 2.41 % 0.3 Total $ 8,414,763 $ 8,976,271 (1) As of June 30, 2021 and December 31, 2020, $0.7 billion and $0.6 billion, respectively, of the principal outstanding balance of 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 June 30, 2021 and December 31, 2020, the fair value of these consolidated VIEs’ assets were $9.1 billion and $9.6 billion, respectively. (3) As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 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 consolidated VIEs’ debt obligations contain various customary loan covenants. As of June 30, 2021, the Company was not aware of any instances of non-compliance with any of these covenants. As of June 30, 2021, except for the secured borrowings, the contractual maturities for debt of the consolidated VIEs are greater than 10 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 (2) As of Assets: Cash $ 299,882 $ 354,109 Investments 4,153,458 4,154,057 Receivables 68,564 34,800 Total Assets $ 4,521,904 $ 4,542,966 Liabilities: Debt and other payables $ 1,315,315 $ 1,229,345 Total Liabilities $ 1,315,315 $ 1,229,345 Apollo Exposure (1) $ 157,106 $ 155,273 (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. (2) Some amounts included are a quarter in arrears.

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 1,492,112 $ — $ — $ 1,492,112 $ 1,492,104 Investments, at fair value: Investment in Athene Holding — 3,208,968 — 3,208,968 2,092,247 Other investments 37,365 45,835 389,787 (1) 472,987 391,178 Total investments, at fair value 37,365 3,254,803 389,787 3,681,955 2,483,425 Investments of VIEs, at fair value 5,321 1,534,816 11,877,952 13,418,089 Investments of VIEs, valued using NAV — — — 241,542 Total investments of VIEs, at fair value 5,321 1,534,816 11,877,952 13,659,631 Total Assets $ 1,534,798 $ 4,789,619 $ 12,267,739 $ 18,833,698 Liabilities Debt of VIEs, at fair value $ — $ 893,650 $ 7,183,638 $ 8,077,288 Other liabilities of VIEs, at fair value — 4,060 22,536 26,596 Contingent consideration obligations (3) — — 128,984 128,984 Other liabilities (4) 51,389 — — 51,389 Total Liabilities $ 51,389 $ 897,710 $ 7,335,158 $ 8,284,257 As of December 31, 2020 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 1,816,958 $ — $ — $ 1,816,958 $ 1,816,635 Investments, at fair value: Investment in Athene Holding — 1,942,574 — 1,942,574 2,092,247 Other investments — 48,088 369,772 (1) 417,860 354,010 Total investments, at fair value — 1,990,662 369,772 2,360,434 2,446,257 Investments of VIEs, at fair value 2,558 2,140,135 10,962,980 13,105,673 Investments of VIEs, valued using NAV — — — 210,343 Total investments of VIEs, at fair value 2,558 2,140,135 10,962,980 13,316,016 Derivative assets (2) — 17 — 17 Total Assets $ 1,819,516 $ 4,130,814 $ 11,332,752 $ 17,493,425 Liabilities Debt of VIEs, at fair value $ — $ 1,580,097 $ 7,080,418 $ 8,660,515 Other liabilities of VIEs, at fair value — 3,874 20,202 24,076 Contingent consideration obligations (3) — — 119,788 119,788 Derivative liabilities (2) — 100 — 100 Total Liabilities $ — $ 1,584,071 $ 7,220,408 $ 8,804,479 (1) Other investments as of June 30, 2021 a nd December 31, 2020 excludes $93.3 million and $44.4 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. (4) Other liabilities includes the publicly traded warrants of APSG and APSG II. 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 June 30, 2021 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 381,277 $ 11,947,443 $ 12,328,720 Transfer out due to deconsolidation — (229,717) (229,717) Purchases — 692,073 692,073 Sales of investments/distributions (3,235) (557,994) (561,229) Net realized gains 3 7,087 7,090 Changes in net unrealized gains 9,137 19,746 28,883 Cumulative translation adjustment 2,605 4,807 7,412 Transfer into Level III (1) — 7,219 7,219 Transfer out of Level III (1) — (12,712) (12,712) Balance, End of Period $ 389,787 $ 11,877,952 $ 12,267,739 Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date $ 9,137 $ — $ 9,137 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 66,050 66,050 For the Three Months Ended June 30, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 118,112 $ 7,640,903 $ 7,759,015 Purchases 128,551 530,348 658,899 Sale of investments/distributions (966) (154,724) (155,690) Settlements — (252,776) (252,776) Net realized gains 966 1,355 2,321 Changes in net unrealized gains 16,443 308,146 324,589 Cumulative translation adjustment 4,521 7,637 12,158 Transfer into Level III (1) — 1,706 1,706 Transfer out of Level III (1) (274) (67,015) (67,289) Balance, End of Period $ 267,353 $ 8,015,580 $ 8,282,933 Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date $ 16,442 $ — $ 16,442 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 70,639 70,639 For the Six Months Ended June 30, 2021 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 369,772 $ 10,962,980 $ 11,332,752 Transfer out due to deconsolidation — (229,717) (229,717) Purchases — 1,682,423 1,682,423 Sale of investments/distributions (3,235) (805,933) (809,168) Net realized gains 1,068 12,975 14,043 Changes in net unrealized gains 29,116 332,147 361,263 Cumulative translation adjustment (7,640) (14,248) (21,888) Transfer into Level III (1) 706 9,885 10,591 Transfer out of Level III (1) — (72,560) (72,560) Balance, End of Period $ 389,787 $ 11,877,952 $ 12,267,739 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 29,116 $ — $ 29,116 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 198,957 198,957 For the Six Months Ended June 30, 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 159,955 859,580 1,019,535 Sale of investments/distributions (9,378) (183,877) (193,255) Settlements — (437,948) (437,948) Net realized gains 1,751 121 1,872 Changes in net unrealized losses (1,181) (334,556) (335,737) Cumulative translation adjustment 3,070 (3,784) (714) Transfer into Level III (1) — 70,636 70,636 Transfer out of Level III (1) (274) (69,789) (70,063) Balance, End of Period $ 267,353 $ 8,015,580 $ 8,282,933 Change in net unrealized losses included in principal investment income related to investments still held at reporting date $ (1,181) $ — $ (1,181) Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — (47,303) (47,303) (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 June 30, 2021 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 113,222 $ 7,317,250 $ 7,430,472 Issuances — 101,871 101,871 Repayments (792) (227,251) (228,043) Net realized losses — 10,239 10,239 Changes in net unrealized (gains) losses (1) 16,554 (8,346) 8,208 Cumulative translation adjustment — 12,214 12,214 Transfer into Level III (2) — 197 197 Balance, End of Period $ 128,984 $ 7,206,174 $ 7,335,158 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (5,559) $ (5,559) For the Three Months Ended June 30, 2020 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 76,700 $ 3,795,866 $ 3,872,566 Issuances — 213,828 213,828 Repayments (219) (18,750) (18,969) Net realized losses — 3,459 3,459 Changes in net unrealized losses (1) 22,616 255,950 278,566 Cumulative translation adjustment — 8,394 8,394 Balance, End of Period $ 99,097 $ 4,258,747 $ 4,357,844 Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ 172,730 $ 172,730 For the Six Months Ended June 30, 2021 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 119,788 $ 7,100,620 $ 7,220,408 Issuances — 311,408 311,408 Repayments (13,114) (271,904) (285,018) Net realized losses — 10,730 10,730 Changes in net unrealized losses (1) 22,310 69,146 91,456 Cumulative translation adjustment — (14,023) (14,023) Transfer into Level III (2) — 197 197 Balance, End of Period $ 128,984 $ 7,206,174 $ 7,335,158 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (58,909) $ (58,909) For the Six Months Ended June 30, 2020 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 112,514 $ — $ 112,514 Transfer in due to consolidation — 4,291,286 4,291,286 Issuances — 302,928 302,928 Repayments (12,870) (198,750) (211,620) Net realized losses — 3,459 3,459 Changes in net unrealized gains (1) (547) (142,043) (142,590) Cumulative translation adjustment — 1,867 1,867 Balance, End of Period $ 99,097 $ 4,258,747 $ 4,357,844 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (225,263) $ (225,263) (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. (2) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy: As of June 30, 2021 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 263,237 Embedded value N/A N/A N/A 118,178 Discounted cash flow Discount rate 16.0% - 47.5% 23.0% 8,372 Third party pricing N/A N/A N/A Investments of consolidated VIEs: Equity securities 4,222,903 Discounted cash flow Discount rate 3.1% - 23.0% 10.1% Discounted cash flow Disposition timeline 10 - 52 months 26.8 Discounted cash flow 2 year home price index forecast (10.7%) - 17.6% 4.0% Dividend discount model Discount rate 13.9% 13.9% Market comparable companies P/E multiple 10.4x 10.4x Market comparable companies TBV multiple 0.61x 0.61x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Guideline public company NTAV multiple 1.25x 1.25x Guideline public company TEV/EBITDA 5.5x - 8.0x 7.6x Third Party Pricing N/A N/A N/A Bank loans 3,928,257 Discounted cash flow Discount rate 1.8% - 15.6% 4.1% Adjusted transaction value N/A N/A N/A Third party pricing N/A N/A N/A Profit participating notes 2,638,732 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 454,220 Discounted cash flow Capitalization rate 4.5% - 6.0% 5.7% Discounted cash flow Discount rate 7.0% - 12.5% 8.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.4% Direct capitalization Terminal capitalization rate 6.3% - 12.0% 7.1% Adjusted transaction value N/A N/A N/A Bonds 118,160 Discounted cash flow Discount rate 4.5% - 7.2% 6.5% Third party pricing N/A N/A N/A Convertible securities 26,142 Dividend discount model Discount rate 13.9% 13.9% Market comparable companies P/E multiple 10.0x 10.0x Market comparable companies TBV multiple 0.61x 0.61x Warrants 3,380 Option model Volatility 35.0% - 60.4% 47.9% Other equity investments 486,158 Third party pricing N/A N/A N/A Adjusted transaction value Discount rate 8.5% - 12.5% 10.5% Adjusted transaction value N/A N/A N/A Total Investments of Consolidated VIEs 11,877,952 Total Financial Assets $ 12,267,739 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 4,013,342 Discounted cash flow Discount rate 1.4% - 9.6% 2.6% Subordinated notes 3,148,942 Discounted cash flow Discount rate 4.5% - 11.5% 5.7% Participating equity 21,354 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 22,536 Discounted cash flow Discount rate 2.2% - 9.1% 5.9% Third party pricing N/A N/A N/A Total liabilities of Consolidated VIEs: 7,206,174 Contingent Consideration Obligation 128,984 Discounted cash flow Discount rate 18.5% 18.5% Total Financial Liabilities $ 7,335,158 As of December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 254,655 Embedded value N/A N/A N/A 107,652 Discounted cash flow Discount rate 16% - 47.5% 23.4% 7,465 Third party pricing N/A N/A N/A Investments of consolidated VIEs: Equity securities 4,339,244 Discounted cash flow Discount rate 4.4% - 15.6% 7.2% Discounted cash flow Disposition timeline 8 - 52 months 28.8 Discounted cash flow 2 year home price index forecast (14%) - 9.6% (2.5%) Dividend discount model Discount rate 9.7% - 13.8% 11.2% Market comparable companies NTAV multiple 1.2x 1.2x Market comparable companies P/E multiple 9.8x 9.8x Market comparable companies TBV multiple 0.56x 0.56x Adjusted transaction value Purchase multiple 1.1x 1.1x Adjusted transaction value N/A N/A N/A Bank loans 3,501,384 Discounted cash flow Discount rate 1.8% - 27.0% 3.4% Recoverability Recoverability rate 14.0% - 75.0% 57.8% Third party pricing N/A N/A N/A Profit participating notes 2,577,596 Discounted cash flow Discount rate 7.5% - 15.0% 14.6% Real estate 422,123 Discounted cash flow Capitalization rate 5.8% - 6.0% 5.8% Discounted cash flow Discount rate 6.3% - 12.5% 8.4% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.6% Direct capitalization Terminal capitalization rate 5.8% - 12% 7.6% Bonds 97,209 Discounted cash flow Discount rate 5.5% - 7.0% 6.5% Third party pricing N/A N/A N/A Convertible securities 16,581 Discounted cash flow Discount rate 12.4% 12.4% Dividend discount model Discount rate 13.8% 13.8% Market comparable companies P/E multiple 9.8x 9.8x Market comparable companies TBV multiple 0.56x 0.56x Warrants 2,676 Option model Volatility 50.0% - 64.4% 53.1% Other equity investments 6,167 Third party pricing N/A N/A N/A Total Investments of Consolidated VIEs 10,962,980 Total Financial Assets $ 11,332,752 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 3,822,475 Discounted cash flow Discount rate 1.8% - 9.3% 2.7% Subordinated notes 3,044,437 Discounted cash flow Discount rate 7.7% - 14.0% 9.9% Adjusted transaction value N/A N/A N/A Preferred equity 213,506 Discounted cash flow Discount rate 15% 15% Other liabilities 20,202 Discounted cash flow Discount rate 1.8% - 7.9% 5.7% Adjusted transaction value N/A N/A N/A Third party pricing N/A N/A N/A Total liabilities of Consolidated VIEs: 7,100,620 Contingent Consideration Obligation 119,788 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 7,220,408 N/A Not applicable EBITDA Earnings before interest, taxes, depreciation, and amortization NTAV Net tangible asset value P/E Price-to-Earnings TBV Total book value TEV Total enterprise 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 June 30, 2021, the fair value of Apollo’s Level II investment in Athene Holding was estimated using the closing market price of Athene Holding shares of $67.50 less a DLOM of 12.9%. 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, 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 $43.14 less a DLOM of 17.5%. 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 the equity securities include the discount rate applied, purchase multiple, price-to-earnings multiple, total book value multiple and net tangible asset value 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. The significant unobservable inputs used in the fair value measurement of bank loans are discount rates and recoverability percentage. Significant increases (decreases) in any discount rates would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of bonds 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 real estate are discount rates and capitalization rates. Significant increases (decreases) in any discount rates or capitalization rates in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of convertible securities are discount rates, price-to-earnings multiple and total book value multiple. Significant increases (decreases) in any discount rates would result in a significantly lower (higher) fair value measurement. 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. Certain investments are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value. Liabilities The debt obligations of 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, if available, 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 described below. 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	6 Months Ended
	Jun. 30, 2021
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 $ 203,154 $ 191,853 Less: Accumulated depreciation and amortization (119,904) (111,821) Fixed assets, net 83,250 80,032 Deferred equity-based compensation (1) 239,946 137,777 Prepaid expenses 68,161 46,639 Intangible assets, net 20,584 23,586 Tax receivables 27,716 42,979 Other 54,798 33,950 Total Other Assets $ 494,455 $ 364,963 (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 $224.4 million and $114.6 million, as of June 30, 2021 and December 31, 2020, respectively, is included in other liabilities on the condensed consolidated statements of financial condition. Depreciation expense was $4.3 million and $2.3 million for the three months ended June 30, 2021 and 2020, respectively, and $8.3 million and $4.9 million for the six months ended June 30, 2021 and 2020, respectively, and is presented as a component of general, administrative and other expense in the condensed consolidated statements of operations.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost $ 12,529 $ 13,617 $ 23,013 $ 25,979 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating cash flows for operating leases $ 4,939 $ 3,307 $ 12,494 $ 13,956 As of June 30, 2021, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2021 $ 23,251 2022 45,662 2023 41,125 2024 37,453 2025 35,160 Thereafter 313,404 Total lease payments $ 496,055 Less imputed interest (86,125) Present value of lease payments $ 409,930 The Company has undiscounted future operating lease payments of $160.4 million related to leases that have not commenced that were entered into as of June 30, 2021. 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 2022 with lease terms of approximately 16 years. Supplemental information related to leases is as follows: As of As of Weighted average remaining lease term (in years) 13.6 13.9 Weighted average discount rate 3.0 % 3.1 %

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax (provision) benefit totaled $(194.1) million and $(140.3) million for the three months ended June 30, 2021 and 2020, respectively, and $(397.3) million and $155.5 million for the six months ended June 30, 2021 and 2020, respectively. The Company’s effective tax rate was approximately 11.4% and 12.3% for the three months ended June 30, 2021 and 2020, respectively, and 11.6% and 10.8% for the six months ended June 30, 2021 and 2020, 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 material unrecognized tax benefits for uncertain tax positions were required to be recorded. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. The primary jurisdictions in which the Company operates are the United States 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. As of June 30, 2021, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2017 through 2019 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. The United Kingdom and India tax authorities are currently examining certain subsidiaries’ tax returns for tax year 2017. No provisions with respect to these examinations have been recorded. The Company records deferred tax assets as a result of the step-up in the tax basis of assets and intangibles resulting from exchanges of AOG Units for Class A Common Stock by the Co-Founders 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 Co-Founders, 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 the portion of the increase in tax basis related to intangibles is 15 years. The realization of the remaining portion of the increase in tax basis relates to the disposition of the underlying assets to which the step-up is attributed. The associated deferred tax assets reverse at the time of the corresponding asset disposition. 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 Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Six Months Ended June 30, 2021 $ 45,479 $ 38,229 $ 7,250 For the Six Months Ended June 30, 2020 $ 76,580 $ 62,531 $ 14,049 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. The provisions of the CARES Act have not had a material impact on the Company’s condensed consolidated financial statements or related disclosures.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: As of June 30, 2021 As of December 31, 2020 Outstanding Fair Value Annualized Outstanding Fair Value Annualized 2024 Senior Notes (1) $ 498,143 $ 545,437 (4) 4.00 % $ 497,817 $ 553,633 (4) 4.00 % 2026 Senior Notes (1) 497,473 568,433 (4) 4.40 497,217 581,898 (4) 4.40 2029 Senior Notes (1) 674,772 790,973 (4) 4.87 674,757 804,768 (4) 4.87 2030 Senior Notes (1) 494,630 508,997 (4) 2.65 494,375 513,362 (4) 2.65 2039 Senior Secured Guaranteed Notes (1) 317,514 371,705 (5) 4.77 317,042 376,472 (5) 4.77 2048 Senior Notes (1) 296,695 385,876 (4) 5.00 296,633 379,953 (4) 5.00 2050 Subordinated Notes (1) 296,616 312,000 (4) 4.95 296,557 307,500 (4) 4.95 Secured Borrowing I (2) 18,952 18,942 (3) 1.84 19,526 19,527 (3) 1.84 Secured Borrowing II (2) 20,157 20,148 (3) 1.70 20,767 20,773 (3) 1.71 2016 AMI Term Facility I (2) 20,002 20,002 (3) 1.30 20,608 20,608 (3) 1.30 2016 AMI Term Facility II (2) 19,335 19,335 (3) 1.40 19,922 19,922 (3) 1.40 Total Debt $ 3,154,289 $ 3,561,848 $ 3,155,221 $ 3,598,416 (1) Includes amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs: As of June 30, 2021 As of December 31, 2020 2024 Senior Notes $ 1,565 $ 1,841 2026 Senior Notes 2,310 2,545 2029 Senior Notes 4,958 5,282 2030 Senior Notes 4,049 4,231 2039 Senior Secured Guaranteed Notes 7,486 7,958 2048 Senior Notes 3,016 3,073 2050 Subordinated Notes 3,384 3,443 Total $ 26,768 $ 28,373 (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 consist of obligations through repurchase agreements redeemable at maturity with third party lenders. The weighted average remaining maturity of Secured Borrowing I and II is 10.2 years. (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. AMH Credit Facility —On November 23, 2020, AMH as borrower (the “Borrower”) entered into a new credit agreement (the “AMH Credit Facility”) with the lenders and issuing banks party thereto and Citibank, N.A., as administrative agent for the lenders. The AMH Credit Facility refinanced the 2018 AMH Credit Facility listed below. The AMH Credit Facility provides for a $750 million revolving credit facility to the Borrower with a final maturity date of November 23, 2025. The AMH Credit Facility is to remain available until its maturity, and any undrawn revolving commitments bear a commitment fee. The interest rate on the AMH Credit Facility is based on adjusted London Inter-Bank Offered Rate (“LIBOR”) and the applicable margin as of June 30, 2021 was 1.00%. The commitment fee on the $750 million undrawn AMH Credit Facility as of June 30, 2021 was 0.09%. Borrowings under the 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 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 June 30, 2021, the AMH Credit Facility was undrawn. 2018 AMH Credit Facility —On July 11, 2018, AMH as borrower (the “Borrower”) entered into a 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 AMH Credit Facility refinanced the 2018 AMH Credit Facility at substantially the same terms. The 2018 AMH Credit Facility and all related loan documents were terminated as of November 23, 2020. 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”), at an issue price of 104.812% of par. 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. 2030 Senior Notes —On June 5, 2020, AMH issued $500 million in aggregate principal amount of its 2.65% Senior Notes due 2030 (the “2030 Senior Notes”), at an issue price of 99.704% of par. Interest on the 2030 Senior Notes is payable semi-annually in arrears on June 5 and December 5 of each year. The 2030 Senior Notes will mature on June 5, 2030. The discount is amortized into interest expense on the condensed consolidated statements of operations over the term of the 2030 Senior Notes. The Company is obligated to settle the 2030 Senior Notes for the face amount of $500 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 June 30, 2021, the indentures governing the 2024 Senior Notes, the 2026 Senior Notes, the 2029 Senior Notes, the 2030 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 June 30, 2021, 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 314 $ — $ 628 AMH Credit Facility 322 — 643 — 2024 Senior Notes 5,163 5,163 10,326 10,326 2026 Senior Notes 5,628 5,628 11,256 11,256 2029 Senior Notes 8,229 8,229 16,458 16,458 2030 Senior Notes 3,462 964 6,922 964 2039 Senior Secured Guaranteed Notes 4,111 4,111 8,223 8,223 2048 Senior Notes 3,781 3,780 7,562 7,562 2050 Subordinated Notes 3,742 3,742 7,484 7,486 AMI Term Facilities/ Secured Borrowings 376 360 739 630 Total Interest Expense $ 34,814 $ 32,291 $ 69,613 $ 63,533 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

NET INCOME (LOSS) PER SHARE OF

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK	NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK The table below presents basic and diluted net income (loss) per share of Class A Common Stock using the two-class method for the three and six months ended June 30, 2021 and 2020: Basic and Diluted For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $ 648,563 $ 437,164 $ 1,318,289 $ (568,218) Dividends declared on Class A Common Stock (1) (115,494) (96,181) (254,674) (301,783) Dividends on participating securities (2) (4,042) (3,608) (9,144) (10,855) Earnings allocable to participating securities (19,774) (13,947) (38,970) — (3) Undistributed income (loss) attributable to Class A Common Stockholders: Basic and Diluted 509,253 323,428 1,015,501 (880,856) Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic and Diluted 231,058,813 227,653,988 230,534,073 227,205,866 Net Income per share of Class A Common Stock: Basic and Diluted (4) Distributed Income $ 0.50 $ 0.42 $ 1.10 $ 1.31 Undistributed Income (Loss) 2.20 1.42 4.41 (3.86) Net Income (Loss) per share of Class A Common Stock: Basic and Diluted $ 2.70 $ 1.84 $ 5.51 $ (2.55) (1) See note 13 for information regarding the quarterly dividends declared and paid during 2021 and 2020. (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 and six months ended June 30, 2021 and June 30, 2020, 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 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 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, 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 to effectuate an exchange for one share of Class A Common Stock. Apollo Global Management, Inc. has one share of Class B common stock, $0.00001 par value per share, of the Company (“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 46.6% and 47.2% of the total voting power of the Company’s Class A Common Stock and Class B Common Stock with respect to the matters upon which they were entitled to vote together as a single class pursuant to the Company’s governing documents as of June 30, 2021 and 2020, respectively. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2021 and 2020, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Weighted average vested RSUs 309,142 254,147 675,233 834,718 Weighted average unvested RSUs 8,006,542 8,252,215 7,491,189 7,670,111 Weighted average AOG Units outstanding (1) 172,599,261 174,873,808 173,207,079 175,737,132 Weighted average unvested restricted shares 656,220 1,310,805 680,448 1,245,164 (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	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATIONEquity-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 following table summarizes the weighted average discounts for Plan Grants, Bonus Grants and Performance Grants. 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 During the six months ended June 30, 2021 and June 30, 2020, the Company awarded Performance Grants of 1.2 million an d 2.0 million R SU s to certain employees with a grant date fair value of $51.5 million an d $81.4 million, respect ively, 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. 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. Additionally, the Company entered into an agreement in 2018 with several employees under which RSUs would be granted starting in 2020 if year-over-year growth in certain discretionary earnings metrics were attained prior to grant and they remained employed at the grant date. Once granted, the awards vest subject to continued employment and the Company’s receipt of performance revenues sufficient to cover the associated equity-based compensation expense . In connection with these agreements, the Compa ny granted 0.2 million RSUs with a grant date fair value of $7.5 million that fully vested and were expensed during the six months ended June 30, 2021, and granted 0.3 million RSUs with a grant date fair value of $11.7 million that were fully vested and were expensed during the six months ended June 30, 2020. The following table summarizes the equity-based compensation expense recognized relating to Performance Grants: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Equity-based compensation $ 17,488 $ 28,467 $ 43,865 $ 57,331 The fair value of all RSU grants made during the six months ended June 30, 2021 and 2020 was $160.1 million and $179.7 million, respectively. The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Actual forfeiture rate 0.4 % 5.8 % 0.8 % 6.4 % Equity-based compensation $ 40,866 $ 47,282 $ 85,971 $ 92,800 The following table summarizes RSU activity: Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2021 8,978,393 $ 31.89 1,833,332 10,811,725 (1) Granted 3,336,739 48.00 — 3,336,739 Forfeited (101,554) $ 42.27 — (101,554) Vested (1,506,292) 33.65 1,506,292 — Issued — $ — (2,980,032) (2,980,032) Balance at June 30, 2021 10,707,286 (2) $ 36.56 359,592 11,066,878 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock. (2) Includes 6,413,319 Performance Grant RSUs, 3,295,347 Bonus Grant RSUs and 998,620 Plan Grant RSUs. As of June 30, 2021, there was $233.6 million of total unrecognized equity-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average term of 2.2 years. 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 Six Months Ended June 30, 2021 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 $ 96,010 — % $ — $ 96,010 Other equity-based compensation awards 13,436 46.5 6,248 7,188 Total equity-based compensation 109,446 6,248 103,198 Less other equity-based compensation awards (2) (6,248) (16,940) Capital increase related to equity-based compensation $ — $ 86,258 For the Six Months Ended June 30, 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 $ 107,069 — % $ — $ 107,069 Other equity-based compensation awards 4,473 47.1 2,109 2,364 Total equity-based compensation $ 111,542 2,109 109,433 Less other equity-based compensation awards (2) (2,109) (16,203) Capital increase related to equity-based compensation $ — $ 93,230 (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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
EQUITY	EQUITY Common Stock Holders of Class A Common Stock are entitled to participate in dividends from the Company on a pro rata basis. During the three and six months ended June 30, 2021 and 2020, 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 Six Months Ended June 30, 2021 2020 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 2,980,032 4,366,569 Reduction of shares of Class A Common Stock issued (2) (1,218,885) (1,843,305) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) (270,362) 628,639 Issuance of shares of Class A Common Stock for equity-based awards 1,490,785 3,151,903 (1) The gross value of shares issued wa s $155.2 million and $202.2 million for the six months ended June 30, 2021 and 2020, respectively, based on the closing price of a Class A Common Stock at the time of issuance. (2) Cash paid for tax liabilities associated with net share settlement was $63.7 million and $85.5 million for the six months ended June 30, 2021 and 2020, respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted Class A Common Stock 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 2007 Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase Class A Common Stock on the open m arket and retire them. During the six months ended June 30, 2021 and 2020, we issued 56,243 and 636,314 of such restricted shares and 270,362 and 149,042 of such RSUs under the Equity Plan, respectively, and repurchased 326,605 and 0 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 0 and 7,675 restricted shares forfeited during the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, 1,818,108 and 2,194,095 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 $105.7 million and $64.2 million for these open market share repurchases during the six months ended June 30, 2021 and 2020, 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 to a corporation, (i) each Series A Preferred share representing limited liability company interests of Apollo Global Management, LLC (“AGM LLC”) outstanding immediately prior to the effective time of the conversion 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 of the conversion 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 2021, 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. 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 executive committee of the board of directors (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. 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 30, 2020 $ 0.89 February 28, 2020 $ 205.6 $ 155.6 $ 361.2 $ 7.2 N/A — April 15, 2020 — 43.0 (1) 43.0 — May 1, 2020 0.42 May 29, 2020 96.2 85.7 181.9 3.6 July 30, 2020 0.49 August 31, 2020 112.1 100.0 212.1 4.0 October 29, 2020 0.51 November 30, 2020 116.7 104.0 220.7 4.1 For the Year Ended December 31, 2020 $ 2.31 $ 530.6 $ 488.3 $ 1,018.9 $ 18.9 February 03, 2021 $ 0.60 February 26, 2021 $ 139.2 $ 121.4 $ 260.6 $ 5.1 N/A — April 14, 2021 — 41.8 (1) 41.8 — May 04, 2021 0.50 May 28, 2021 115.5 100.9 216.4 4.0 N/A — June 15, 2021 — 19.5 (1) 19.5 — For the Six Months Ended June 30, 2021 $ 1.10 $ 254.7 $ 283.6 $ 538.3 $ 9.1 (1) On April 14, 2021 and April 15, 2020 the Company made a $0.15 and $0.21 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with payments made under the tax receivable agreement. See note 14 for more information regarding the tax receivable agreement. On April 14, 2021 and June 15, 2021, the Company made a $0.03 and $0.08 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with U.S. corporate 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 June 30, 2021 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 1,317 $ 1,031 $ 2,597 $ 1,279 Other consolidated entities 114,959 40,037 184,257 (124,620) Net income (loss) attributable to Non-Controlling Interests in consolidated entities $ 116,276 $ 41,068 $ 186,854 $ (123,341) Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group: Net income (loss) $ 1,505,460 $ 999,085 $ 3,023,963 $ (1,284,758) Net income (loss) attributable to Non-Controlling Interests in consolidated entities (116,276) (41,068) (186,854) 123,341 Net income (loss) after Non-Controlling Interests in consolidated entities 1,389,184 958,017 2,837,109 (1,161,417) Adjustments: Income tax provision (benefit) (2) 194,051 140,323 397,297 (155,530) NYC UBT and foreign tax benefit (3) (7,727) (3,181) (13,481) (10,643) Net income (loss) in non-Apollo Operating Group entities 1,253 10 4 18 Series A Preferred Stock Dividends (4,383) (4,383) (8,766) (8,766) Series B Preferred Stock Dividends (4,781) (4,782) (9,562) (9,563) Total adjustments 178,413 127,987 365,492 (184,484) Net income (loss) after adjustments 1,567,597 1,086,004 3,202,601 (1,345,901) Weighted average ownership percentage of Apollo Operating Group 46.6 % 47.1 % 46.6 % 46.7 % Net income (loss) attributable to Non-Controlling Interests in Apollo Operating Group $ 731,457 $ 511,688 $ 1,500,492 $ (611,528) Net income (loss) attributable to Non-Controlling Interests $ 847,733 $ 552,756 $ 1,687,346 $ (734,869) Other comprehensive income (loss) attributable to Non-Controlling Interests 3,571 6,223 (10,193) (818) Comprehensive Income (Loss) Attributable to Non-Controlling Interests $ 851,304 $ 558,979 $ 1,677,153 $ (735,687) (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 New York City Unincorporated Business Tax (“NYC UBT”) and foreign taxes that are attributable to the Apollo Operating Group and its subsidiaries related to its operations in the U.S. as partnerships and in non-U.S. jurisdictions as corporations. As such, these amounts are considered in the income attributable to the Apollo Operating Group.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIESManagement 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 $ 206,904 $ 183,992 Due from private equity funds 25,318 21,169 Due from real assets funds 38,194 28,231 Due from portfolio companies 63,119 80,122 Due from Contributing Partners, employees and former employees 92,392 148,869 Total Due from Related Parties $ 425,927 $ 462,383 Due to Related Parties: Due to Co-Founders and Contributing Partners $ 306,635 $ 310,230 Due to credit funds 31,876 34,280 Due to private equity funds 65,604 216,899 Due to real assets funds 35,547 47,060 Total Due to Related Parties $ 439,662 $ 608,469 Tax Receivable Agreement Subject to certain restrictions, each of the Co-Founders 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 Co-Founders 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 realizes as a result of the increases in tax basis of assets that resulted from the 2007 Reorganization, the Conversion, and other exchanges of AOG Units for Class A Common Stock that have occurred in prior years. 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 six months ended June 30, 2021 and 2020, a $38.2 million and $62.5 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 Co-Founders and Contributing Partners pursuant to the tax receivable agreement. In April 2021, Apollo made a $39.9 million cash payment pursuant to the tax receivable agreement resulting from the realized tax benefit for the 2020 tax year. In connection with this payment, the Company made a corresponding pro rata distribution of $34.7 million ($0.15 per AOG Unit) to the Non-Controlling Interest holders in the Apollo Operating Group. In April 2020, Apollo made a $48.2 million cash payment pursuant to the tax receivable agreement resulting from the realized tax benefit for the 2019 tax year. In connection with this payment, the Company made a corresponding pro rata distribution of $43.0 million ($0.21 per AOG Unit) to the Non-Controlling Interest holders in the Apollo Operating Group. Pursuant to the binding governance term sheet the Company entered into with the Co-Founders, all AOG Units beneficially owned by each holder of AOG Units (other than Athene) will be transferred to a wholly-owned subsidiary of a newly formed holding company (“NewCo”) and one or more of its affiliates in a series of transactions in exchange for (i) such number of shares of Class A common stock of NewCo equal to the aggregate number of AOG Units beneficially owned by such AOG Unit owners as of immediately prior to the mandatory exchange (such AOG Units, the “Outstanding AOG Units”) and (ii) an aggregate amount in cash equal to the product of (a) number of Outstanding AOG Units multiplied by (b) $3.66, payable over a period of four years in equal quarterly installments (the “AOG Unit Payment”); provided, however, that in the event that the Company consummates the transactions contemplated by the Merger Agreement simultaneously with the mandatory exchange, the AOG Unit Payment will be payable over the period between the date on which the transactions contemplated by the Merger Agreement are consummated and the third anniversary of the Mandatory Exchange Date in equal quarterly installments (such transactions collectively, the “mandatory exchange”). The term sheet also states that the tax receivable agreement will not be applicable for the mandatory exchange, but will remain in effect for any exchanges occurring prior to the mandatory exchange date. Due from Contributing Partners, Employees and Former Employees As of June 30, 2021 and December 31, 2020, due from Contributing Partners, Employees and Former Employees includes various amounts due to the Company including employee loans and return of profit sharing distributions. As of June 30, 2021 and December 31, 2020, the balance included interest-bearing employee loans receivable of $15.8 million and $17.5 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation from the Company. The Company recorded a receivable from the Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of June 30, 2021 and December 31, 2020 of $67.7 million and $124.1 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 Co-Founders, 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 Co-Founders’ or Contributing Partner’s distributions. Pursuant to an existing shareholders agreement, the Company has agreed to indemnify each of the Company’s Co-Founders 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 Co-Founders and Contributing Partners have contributed or sold to the Apollo Operating Group. Accordingly, in the event that the Company’s Co-Founders, 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 Co-Founders 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 $13.2 million and $12.8 million as of June 30, 2021 and December 31, 2020, 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 $ — $ — Private Equity 65,289 215,011 Real Assets 35,367 46,860 Total general partner obligation $ 100,656 $ 261,871 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 LP, 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 % Other Assets (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 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) Other Assets include cash, treasuries, equities and alternatives. 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, 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 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 has 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 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 were converted into a combination of AHL Class A Common Shares and warrants to purchase AHL Class A Common Shares. On February 28, 2020, Apollo and Athene closed on the strategic transaction 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 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. As of June 30, 2021 and December 31, 2020, the Company held a 28.4% and an 28.5% ownership interest in the AHL Class A Common Shares, respectively. Liquidity Agreement In connection with the consummation of the Share Issuance and the Multi-Class Share Elimination, AGM Inc. 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 shares 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. Merger Agreement On March 8, 2021, AGM Inc. entered into the Merger Agreement with AHL, HoldCo, AHL Merger Sub, and AGM Merger Sub. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, AGM Inc. and AHL will effect an all-stock merger transaction to combine their respective businesses through: (a) the AHL Merger, with AHL as the surviving entity in the AHL Merger and a direct wholly owned subsidiary of HoldCo and (b) the AGM Merger with AGM as the surviving entity in the AGM Merger and a direct wholly owned subsidiary of HoldCo. The Mergers are intended to become effective concurrently and, upon the consummation of the Mergers, AGM Inc. and AHL will be direct wholly owned subsidiaries of HoldCo. Following the Mergers and the closing of the transactions contemplated by the Merger Agreement, HoldCo will be renamed “Apollo Global Management, Inc.” The transaction is expected to close in January of 2022. The transaction requires the approval of stockholders of both Apollo and AHL, and is subject to, among other things, antitrust and regulatory approvals, and other customary closing conditions. Upon the terms and subject to the conditions of the Merger Agreement, which has been approved by the boards of directors of both companies, as well as the conflicts committee of AGM’s board and a special committee of certain disinterested members of the board of directors of AHL, at the effective time of the AHL Merger, each issued and outstanding share of AHL Class A common stock, par value $0.001 per share (“AHL shares”) (other than AHL shares held by AHL as treasury shares (including HoldCo, AHL Merger Sub, AGM Merger Sub and the respective controlled funds of AGM Inc. or any direct or indirect wholly owned subsidiary of AGM Inc.)), will be converted automatically into the right to receive 1.149 duly authorized, validly issued, fully paid and nonassessable shares of Class A common stock, par value $0.00001 per share, of HoldCo (such shares, “HoldCo Shares”) and any cash paid in lieu of fractional HoldCo Shares. The exchange ratio is fixed and will not be adjusted for changes in the market value of the AGM Class A Shares or the AHL Shares. No fractional HoldCo Shares will be issued in connection with the AHL Merger, and AHL’s shareholders will receive cash in lieu of any fractional HoldCo Shares. Subject to the terms and conditions of the Merger Agreement, at the effective time of the AGM Merger, each issued and outstanding share of AGM Inc. Class A shares (other than Class A shares (a) held by AGM Inc. as treasury shares or (b) by AGM Merger Sub or any direct or indirect wholly owned subsidiary of AGM Inc.) will be converted automatically into one (1) HoldCo Share. At the effective time of the AGM Merger, each of the issued and outstanding series of preferred shares of AGM Inc. will remain issued and outstanding as preferred shares of the AGM Surviving Entity, and at the effective time of the AHL Merger, each of the issued and outstanding preferred shares of AHL will remain issued and outstanding as preferred shares of the AHL Surviving Entity, in each case as described further in the Merger Agreement. At the effective time of the AHL Merger, each of the issued and outstanding warrants of AHL that is outstanding immediately prior to the effective time of the AHL Merger will, automatically and without any action on the part of the holder of an AHL warrant, remain outstanding in accordance with its terms, or, alternatively, be exchanged for such consideration from HoldCo in connection with the transactions contemplated by the Merger Agreement as may be agreed in writing by AGM Inc. and AHL prior to the effective time of the AHL Merger. At the effective time of the AHL Merger, each outstanding option to purchase AHL Shares, award of restricted AHL Shares and award of AHL restricted share units will be converted into a similar award (with the same terms and conditions) with respect to HoldCo Shares based on the exchange ratio, in each case, as described further in the Merger Agreement; except that outstanding awards of restricted AHL Shares and AHL restricted share units, in each case, that are subject to performance-based vesting conditions, will convert into time-based awards with respect to HoldCo Shares based on the applicable target-level of performance and will vest at the end of the applicable performance period. At the effective time of the AGM Merger, each outstanding option to purchase AGM Inc. Class A shares, award of restricted AGM Inc. Class A shares and award of AGM Inc. restricted share units will be converted into a similar award (with the same terms and conditions, including any performance conditions) with respect to HoldCo Shares, in each case, as described further in the Merger Agreement. The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement, AGM Inc. will be obligated to pay AHL a cash termination fee of $81.9 million if: (i) the board of directors of AGM Inc. withdraws, suspends, withholds or in any manner adverse to AHL amends its recommendation of approval of the AGM Merger and the Merger Agreement by AGM stockholders, and (ii) AGM Inc. stockholder approval of the AGM Merger and the Merger Agreement is not obtained at the AGM Inc. stockholder meeting at which the AGM Merger and the Merger Agreement is submitted for approval. Athora The Company, through 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 had commitments to make additional equity investments in Athora of $296.4 million as of June 30, 2021, 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. The Company earns a base management fee on the aggregate market value of substantially all of the investment accounts of or relating to Athora and also a sub-advisory fee on the Athora Sub-Advised assets, which varies depending on the specific asset class. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ 1,179,485 $ 463,823 $ 1,796,116 $ (661,670) (1) Consisting of management fees, sub-advisory fees, performance revenues (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $912.0 million and $267.0 million for the three months ended June 30, 2021 and 2020, respectively, and $1.3 billion and $(996.4) million for the six months ended June 30, 2021 and 2020, respectively. AINV Amended and Restated Investment Advisory Management Agreement On May 17, 2018, the board of directors of AINV approved an amended and restated investment advisory management agreement with Apollo Investment Management, L.P., the Company’s consolidated subsidiary, which reduced the base management fee and revised the incentive fee on income to include a total return requirement. Effective April 1, 2018, the base management fee was reduced from 2.0% to 1.5% of the average value of AINV’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters; provided, however, the base management fee would be 1.0% of the average value of AINV’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (i) 200% and (ii) the value of AINV’s net asset value at the end of the most recently completed calendar quarter. In addition, beginning January 1, 2019, the incentive fee on income calculation included a total return requirement with a rolling twelve quarter look-back starting from April 1, 2018. The incentive fee rate remained 20% and the performance threshold remained 1.75% per quarter (7% annualized). Regulated Entities Apollo Global Securities, LLC (“AGS”) is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements at June 30, 2021. From time to time, this entity is involved in transactions with related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties, whereby AGS earns underwriting and transaction fees for its services. Investment in SPACs On October 6, 2020, APSG, a SPAC, completed an initial public offering, ultimately raising total gross proceeds of $817 million, including the underwriters’ subsequent partial exercise of their over-allotment option. In a private placement concurrent with the initial public offering, APSG sold warrants to APSG Sponsor, L.P., a subsidiary of Apollo, for total gross proceeds of $18.3 million. APSG Sponsor, L.P. also holds Class B ordinary shares of APSG. Apollo currently consolidates APSG as a voting interest entity, and thus all private placement warrants and Class B ordinary shares are eliminated in consolidation. On February 12, 2021, APSG II, a SPAC, completed an initial public offering, raising total gross proceeds of $690 million, including the underwriters’ exercise in full of their over-allotment option. In a private placement concurrent with the initial public offering, APSG II sold warrants to APSG Sponsor II, L.P., a subsidiary of Apollo, for total gross proceeds of $15.6 million. APSG Sponsor II, L.P. also holds Class B ordinary shares of APSG II. Apollo currently consolidates APSG II as a voting interest entity, and thus all private placement warrants and Class B ordinary shares are eliminated in consolidation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Investment Commitments— As a limited partner, general partner and manager of the Apollo funds, Apollo had unfunded capital commitments as of June 30, 2021 and December 31, 2020 of $1.0 billion and $1.0 billion, respectively, of which $253.7 million and $348.0 million, respectively, related to Fund IX. Debt Covenants— Apollo’s debt obligations contain various customary loan covenants. As of June 30, 2021, 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 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, and directing the parties to conduct limited discovery, and submit new briefing, solely with respect to the statute of limitations. On July 30, 2020, Apollo and CEVA filed a joint motion for summary judgment on statute of limitations grounds. On June 29, the District Court issued a decision denying the defendants’ joint motion for summary judgment on statute of limitations grounds, and set deadlines on July 23, 2021 for the plaintiff to file an amended complaint and August 20, 2021 for defendants to answer or move to dismiss the amended complaint. Plaintiff filed his second amended complaint on July 23, 2021 which added alleged grounds for tolling the statute of limitations. Also on July 23, 2021, the defendants filed a joint motion for reconsideration with respect to aspects of the District Court’s June 29, 2021 decision. 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 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 (the “Bankruptcy Motion”). Briefing and hearing on the Bankruptcy 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, and Apollo voluntarily withdrew the Bankruptcy Motion subject to a right to refile the motion if Harbinger were to refile the state court action. On June 8, 2020, Harbinger refiled its litigation in New York Supreme Court, captioned Harbinger Capital Partners II, LP et al. v. Apollo Global Management, LLC et al. (No. 652342/2020). The complaint adds eight new defendants: two former SkyTerra executives, one former SkyTerra consultant, and five entities (four of whom have since been dismissed) that were Harbinger’s counterparties in a transaction involving TVCC One Six Holdings LLC (“TVCC”). It also adds three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy TVCC to support SkyTerra’s network even though they allegedly knew that the network had material defects. The parties agreed to stay this action until November 15, 2020. On November 23, 2020, Defendants refiled the Bankruptcy Motion, and on November 24, 2020, filed in the state court a motion to stay the state court proceedings pending a ruling by the Bankruptcy Court on the Bankruptcy Motion. On February 1, 2021, the Bankruptcy Court denied the Bankruptcy Motion. On March 31, 2021, Defendants filed their motions to dismiss the New York Supreme Court action. Harbinger opposed those motions on June 15, 2021. Defendants’ replies were due on July 29, 2021. 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. 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 was submitted to the state court for approval. On January 8, 2021, the state court entered a final order and judgment approving the settlement and dismissing the state action with prejudice. 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 Delaware Court of Chancery, 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. On June 1, 2020, the Court granted the Apollo-affiliated defendants’ motion to dismiss, but the case remained pending against the officer defendants and TFM’s financial advisor in the transaction. On July 7, 2021, the court approved a settlement among the Plaintiff and the remaining defendants. The settlement required no payment from any Apollo-affiliated defendants. On October 21, 2019, a putative class action complaint was filed in the Delaware Court of Chancery 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 “Presidio 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 Presidio Merger and that the disclosures Presidio made in its filings with the SEC in connection with the Presidio 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 Presidio 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 Presidio Merger). The amended complaint alleges, among other things, that the Presidio directors breached their fiduciary duties in connection with the Presidio Merger, that the filings with the SEC in connection with the Presidio 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 completed briefing on motions to dismiss the amended complaint on April 30, 2020. On January 29, 2021, the Court of Chancery issued an opinion and accompanying orders granting the Apollo Defendants’ motion to dismiss, granting the motions to dismiss filed by the directors other than Presidio’s CEO, and denying motions to dismiss as to BCP, Liontree, and Presidio’s CEO. Apollo believes the claims in this action are without merit. 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. On October 21, 2020, the District Court granted the motion to remand. On January 11, 2021, the District Court ordered the Clerk of Court to take the necessary steps to transfer the case back to Illinois Circuit Court, Cook County. On March 8, 2021, Plaintiff filed a motion under 28 U.S.C. § 1447(c) to recover attorneys’ fees of approximately $35,000 for the remand briefing. Defendants filed their opposition on March 31, 2021, and Plaintiff replied on April 14, 2021. Defendants filed motions to dismiss the complaint in the Illinois Circuit Court, Cook County on June 11; plaintiff filed his opposition briefs on July 23; defendants’ replies are due August 13; and a status conference is set for August 18, 2021. CareerBuilder has also filed a Motion for a Protective Order and to Stay Discovery pending the outcome of the motions to dismiss. That motion will be fully briefed on July 26, 2021. 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 the Delaware Court of Chancery, 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 the claims in this action are without merit. On July 1, 2020, Apollo moved to dismiss the complaint; briefing on that motion did not occur because the complaint was superseded, as described herein. On July 23, 2019, a group of former MPM shareholders filed an appraisal petition in Delaware Chancery Court seeking the fair value of their MPM shares that were purchased through MPM’s May 15, 2019 merger with a consortium of buyers, in an action captioned In re Appraisal of MPM Holdings, Inc., C.A. No. 2019-0519 (Del. Ch.). While Apollo was not a party to the appraisal action, it was served a document subpoena on October 22, 2019, to which it responded. On June 3, 2020, petitioners moved for leave to file a verified amended appraisal petition and class-action complaint that included claims for breach of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against AGM Inc., the Apollo-affiliated fund that owned MPM’s shares before the merger, certain former MPM directors (including three Apollo employees), and members of the consortium that acquired MPM, based on alleged actions related to the May 2019 merger. The petitioners also sought to consolidate their appraisal proceeding with the Frank Funds action, and notified the Delaware Chancery Court via letter on September 23, 2020, that they had reached an agreement in principle with Frank Funds to consolidate the two cases. On November 13, 2020, the Chancery Court granted the parties’ stipulated order to consolidate the two matters, and on December 21, 2020, the Chancery Court granted petitioners’ motion for leave to file the proposed amended complaint. This new consolidated action is captioned In Re MPM Holdings Inc. Appraisal and Stockholder Litigation, C.A. No. 2019-0519 (Del Ch.). Defendants filed motions to dismiss the amended complaint on February 19, 2021, and the motions were fully briefed on July 26, 2021. 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 March 12, 2020, AGM Inc. and several investment funds managed by subsidiaries of AGM Inc. (the “Apollo Funds”) were added as defendants in a class action filed by plaintiff Zachary Blair on December 7, 2017, in the Superior Court of California. Plaintiff alleges he is a former employee of Classic Party Rentals, a party equipment rental company previously owned by the Apollo Funds. Plaintiff alleges that Classic Party Rentals failed to comply with California wage and hour and related laws, and also has asserted claims based on various provisions of the California labor code and California’s unfair competition laws. On October 11, 2019, the court certified a class of current and former non-exempt drivers, assistant drivers, and organizer employees of Classic Party Rentals who were paid on an hourly basis and who worked at Classic Party Rentals in California at any time from December 7, 2013, through the date of the class certification order. After being served with the Complaint in July 2020, a co-defendant removed the matter to the U.S. District Court for the Eastern District of California on August 24, 2020, and AGM Inc. and the Apollo Funds filed a motion to dismiss all claims against them on September 23, 2020. On March 24, 2021, the motion to dismiss was granted and the court dismissed the complaint without prejudice. On June 21, 2021, pursuant to a settlement reached by the parties, the court dismissed with prejudice the plaintiff’s individual claims and without prejudice the putative class claims against AGM Inc. and the Apollo Funds. On May 29, 2020, plaintiff Vrajeshkumar Patel filed a putative stockholder derivative and class action complaint in the Delaware Court of Chancery against Talos Energy, Inc. (“Talos”), all of the members of Talos’s board of directors (including two Apollo partners), Riverstone Holdings, LLC (“Riverstone”), AGM Inc., and Guggenheim Securities, LLC in connection with the acquisition of certain assets from Castex Energy 2014, LLC and ILX Holdings, LLC in February 2020. The complaint asserts, on behalf of a putative class of shareholders and Talos, direct and derivative claims against Apollo, Riverstone, and the individual defendants for breach of their fiduciary duties. The plaintiff alleges that Apollo and Riverstone comprise a controlling shareholder group. The complaint seeks, among other relief, class certification and unspecified money damages. On August 4, 2020, the defendants filed motions to dismiss the complaint in its entirety. The motion is now fully briefed and oral argument was held on February 19, 2021. On May 17, 2021, Vice Chancellor Zurn sent a letter to counsel ordering that the Riverstone funds and Apollo funds that hold the relevant Talos stock be joined as necessary parties. The parties filed a stipulation, which was entered by the court on June 7, 2021, adding Riverstone Talos Energy Equityco LLC, Riverstone Talos Energy Debtco LLC, Apollo Talos Holdings, L.P., and AP Talos Energy Debtco LLC as defendants in the action. These parties adopted the arguments previously advanced by the Riverstone and Apollo defendants, and did not engage in any separate briefing or argument. 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 August 4, 2020, a putative class action complaint was filed in the United States District Court for the District of Nevada against PlayAGS Inc. (“PlayAGS”), all of the members of PlayAGS’s board of directors (including three directors who are affiliated with Apollo), certain underwriters of PlayAGS (including Apollo Global Securities, LLC), as well as AGM Inc., Apollo Investment Fund VIII, L.P., Apollo Gaming Holdings, L.P., and Apollo Gaming Voteco, LLC (these last four parties, together, the “Apollo Defendants”). The complaint asserts claims arising under the Securities Act of 1933 in connection with certain secondary offerings of PlayAGS stock conducted in August 2018 and March 2019, alleging that the registration statements issued in connection with those offerings did not fully disclose certain business challenges facing PlayAGS. Such claims are asserted against all defendants, including Apollo Global Securities, LLC and the Apollo Defendants, as well as all directors (including the directors affiliated with Apollo). The complaint further asserts a control person claim under Section 20(a) of the Securities Exchange Act of 1934 against the Apollo Defendants and the director defendants (including the directors affiliated with Apollo), alleging that the Apollo Defendants and the director defendants were responsible for certain misstatements and omissions by PlayAGS about its business during a putative class period from May 3, 2018 through August 7, 2019. Plaintiffs filed a consolidated amended complaint on January 21, 2021, and they filed a further amended complaint on March 25, 2021. Apollo filed a motion to dismiss on May 24, 2021. Plaintiffs filed an opposition to the motion to dismiss on July 23, 2021. Apollo’s reply brief is due September 13, 2021. 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. 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 June 30, 2021, fixed and determinable payments due in connection with these obligations were as follows: Remaining 2021 2022 2023 2024 2025 Thereafter Total Other long-term obligations $ 21,523 $ 7,555 $ 2,020 $ 820 $ 711 $ 711 $ 33,340 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 June 30, 2021 and that would be reversed approximates $4.1 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 of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of June 30, 2021 and December 31, 2020, there were no open underwriting commitments. In connection with the launch of a non-traded business development company (“BDC”), the Company agreed to guarantee a commitment to purchase the underlying portfolio investment, in the event the BDC does not raise sufficient third party capital. The Company’s maximum commitment is $510 million, and is backstopped by an unconsolidated related party fund up to $500 million. The likelihood that performance under the guarantee arrangement will be required is determined to be remote. Merger Agreement Termination Fee— In connection with the merger with Athene Holding, the Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement, AGM Inc. will be obligated to pay AHL a cash termination fee of $81.9 million. See note 14 for further disclosure regarding the Merger Agreement and termination fee. 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 $129.0 million and $119.8 million as of June 30, 2021 and December 31, 2020, 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	6 Months Ended
	Jun. 30, 2021
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 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 that participate in dividends. 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 and SPACs, 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, and restructuring charges. 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. 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 June 30, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 273,307 $ 123,106 $ 65,823 $ 462,236 Advisory and transaction fees, net 54,757 27,047 1,431 83,235 Performance fees (1) 8,075 — — 8,075 Fee Related Revenues 336,139 150,153 67,254 553,546 Salary, bonus and benefits (75,299) (58,856) (30,003) (164,158) General, administrative and other (43,590) (27,546) (15,455) (86,591) Placement fees (589) — — (589) Fee Related Expenses (119,478) (86,402) (45,458) (251,338) Other income (loss), net of Non-Controlling Interest (990) 696 (304) (598) Fee Related Earnings 215,671 64,447 21,492 301,610 Realized performance fees 103,789 361,793 3,174 468,756 Realized profit sharing expense (71,970) (173,191) (1,392) (246,553) Net Realized Performance Fees 31,819 188,602 1,782 222,203 Realized principal investment income, net (2) 2,588 67,102 451 70,141 Net interest loss and other (11,869) (13,738) (11,453) (37,060) Segment Distributable Earnings (3) $ 238,209 $ 306,413 $ 12,272 $ 556,894 Total Assets (3) $ 6,100,580 $ 4,868,181 $ 785,017 $ 11,753,778 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 June 30, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 224,721 $ 127,592 $ 49,509 $ 401,822 Advisory and transaction fees, net 13,756 44,802 3,191 61,749 Performance fees (1) 3,440 — — 3,440 Fee Related Revenues 241,917 172,394 52,700 467,011 Salary, bonus and benefits (52,806) (53,202) (28,991) (134,999) General, administrative and other (37,251) (21,770) (12,782) (71,803) Placement fees (358) — — (358) Fee Related Expenses (90,415) (74,972) (41,773) (207,160) Other income (loss), net of Non-Controlling Interest (724) 2 116 (606) Fee Related Earnings 150,778 97,424 11,043 259,245 Realized performance fees 4,359 3,549 2,929 10,837 Realized profit sharing expense (4,359) (3,549) (2,929) (10,837) Net Realized Performance Fees — — — — Realized principal investment income, net (2) 1,810 3,404 5 5,219 Net interest loss and other (11,857) (11,686) (5,507) (29,050) Segment Distributable Earnings (3) $ 140,731 $ 89,142 $ 5,541 $ 235,414 (1) Represents certain performance fees related to business development companies and Redding Ridge Holdings 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 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 June 30, 2021 2020 Total Consolidated Revenues $ 1,382,325 $ 1,508,335 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (34,119) (24,847) Adjustments related to consolidated funds and VIEs (1) 32,609 16,165 Performance fees (2) (748,508) (918,493) Principal investment income (78,761) (114,149) Total Fee Related Revenues 553,546 467,011 Realized performance fees 468,756 10,837 Realized principal investment income, net and other 70,141 4,376 Total Segment Revenues $ 1,092,443 $ 482,224 (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 from 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 June 30, 2021 2020 Total Consolidated Expenses $ 746,787 $ 702,777 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (37,886) (21,662) Reclassification of interest expenses (34,814) (32,291) Transaction-related charges, net (1) (31,572) (32,110) Equity-based compensation (19,491) (17,747) Total profit sharing expense (2) (371,686) (389,987) Dividend-related compensation expense — (1,820) Total Fee Related Expenses 251,338 207,160 Realized profit sharing expense 246,553 10,837 Total Segment Expenses $ 497,891 $ 217,997 (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, and restructuring charges. (2) 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 June 30, 2021 2020 Total Consolidated Other Income (Loss) $ 1,063,973 $ 333,850 Adjustments related to consolidated funds and VIEs (1) (147,661) (56,197) Net (gains) losses from investment activities (913,751) (270,112) Interest income and other, net of Non-Controlling Interest (3,159) (8,147) Other Income, net of Non-Controlling Interest (598) (606) Net interest loss and other (37,060) (28,207) Total Segment Other Loss $ (37,658) $ (28,813) (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 June 30, 2021 2020 Income before income tax (provision) benefit $ 1,699,511 $ 1,139,408 Transaction-related charges (1) 31,572 32,110 Net income attributable to Non-Controlling Interests in consolidated entities (116,276) (41,068) Unrealized performance fees (279,750) (907,656) Unrealized profit sharing expense 98,141 340,687 Equity-based profit sharing expense and other (2) 26,992 38,463 Equity-based compensation 19,491 17,747 Unrealized principal investment (income) loss (8,620) (107,110) Unrealized net (gains) losses from investment activities and other (914,167) (277,167) Segment Distributable Earnings $ 556,894 $ 235,414 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. (2) 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. As of and for the Six Months Ended June 30, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 541,338 $ 245,374 $ 124,193 $ 910,905 Advisory and transaction fees, net 87,887 48,378 2,465 138,730 Performance fees (1) 16,846 — — 16,846 Fee Related Revenues 646,071 293,752 126,658 1,066,481 Salary, bonus and benefits (144,678) (117,605) (59,246) (321,529) General, administrative and other (80,219) (48,675) (26,345) (155,239) Placement fees (1,066) — — (1,066) Fee Related Expenses (225,963) (166,280) (85,591) (477,834) Other income (loss), net of Non-Controlling Interest (1,549) 1,419 (251) (381) Fee Related Earnings 418,559 128,891 40,816 588,266 Realized performance fees 118,160 432,714 24,636 575,510 Realized profit sharing expense (79,924) (210,781) (13,604) (304,309) Net Realized Performance Fees 38,236 221,933 11,032 271,201 Realized principal investment income, net (2) 4,435 88,805 3,535 96,775 Net interest loss and other (25,654) (27,236) (17,676) (70,566) Segment Distributable Earnings (3) $ 435,576 $ 412,393 $ 37,707 $ 885,676 Total Assets (3) $ 6,100,580 $ 4,868,181 $ 785,017 $ 11,753,778 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 Six Months Ended June 30, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 432,950 $ 252,860 $ 98,380 $ 784,190 Advisory and transaction fees, net 29,023 65,145 4,313 98,481 Performance fees (1) 5,844 — — 5,844 Fee Related Revenues 467,817 318,005 102,693 888,515 Salary, bonus and benefits (109,814) (95,682) (53,524) (259,020) General, administrative and other (72,624) (43,764) (23,768) (140,156) Placement fees (664) (107) — (771) Fee Related Expenses (183,102) (139,553) (77,292) (399,947) Other loss, net of Non-Controlling Interest (1,387) 25 95 (1,267) Fee Related Earnings 283,328 178,477 25,496 487,301 Realized performance fees 30,220 4,692 41,671 76,583 Realized profit sharing expense (29,916) (4,996) (41,671) (76,583) Net Realized Performance Fees 304 (304) — — Realized principal investment income, net (2) 3,184 3,946 3,672 10,802 Net interest loss and other (28,971) (27,360) (9,853) (66,184) Segment Distributable Earnings (3) $ 257,845 $ 154,759 $ 19,315 $ 431,919 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 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 Six Months Ended June 30, 2021 2020 Total Consolidated Revenues $ 3,677,025 $ 39,249 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (67,674) (60,688) Adjustments related to consolidated funds and VIEs (1) 75,033 14,714 Performance fees (2) (2,145,760) 815,942 Principal investment (income) loss (472,143) 79,298 Total Fee Related Revenues 1,066,481 888,515 Realized performance fees 575,510 76,583 Realized principal investment income, net and other 96,775 9,117 Total Segment Revenues $ 1,738,766 $ 974,215 (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 from 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 Six Months Ended June 30, 2021 2020 Total Consolidated Expenses $ 1,768,531 $ 374,343 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (77,488) (53,873) Reclassification of interest expenses (69,613) (63,533) Transaction-related charges, net (1) (51,666) (10,711) Charges associated with corporate conversion (2) — (1,064) Equity-based compensation (35,649) (31,817) Total profit sharing expense (3) (1,053,306) 190,962 Dividend-related compensation expense (2,975) (4,360) Total Fee Related Expenses 477,834 399,947 Realized profit sharing expense 304,309 76,583 Total Segment Expenses $ 782,143 $ 476,530 (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, and restructuring charges. (2) Represents expenses incurred in relation to the conversion to a corporation. (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 Six Months Ended June 30, 2021 2020 Total Consolidated Other Income (Loss) $ 1,512,766 $ (1,105,194) Adjustments related to consolidated funds and VIEs (1) (255,063) 110,268 Loss from change in tax receivable agreement liability (1,941) — Net (gains) losses from investment activities (1,268,900) 994,132 Interest income and other, net of Non-Controlling Interest 12,757 (473) Other Income (Loss), net of Non-Controlling Interest (381) (1,267) Net interest loss and other (70,566) (64,499) Total Segment Other Loss $ (70,947) $ (65,766) (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Distributable Earnings: For the Six Months Ended June 30, 2021 2020 Income (Loss) before income tax (provision) benefit $ 3,421,260 $ (1,440,288) Transaction-related charges (1) 51,666 10,711 Charges associated with corporate conversion (2) — 1,064 Loss from change in tax receivable agreement liability (1,941) — Net (income) loss attributable to Non-Controlling Interests in consolidated entities (186,854) 123,341 Unrealized performance fees (1,570,249) 892,525 Unrealized profit sharing expense 687,133 (340,496) Equity-based profit sharing expense and other (3) 61,864 72,951 Equity-based compensation 35,649 31,817 Unrealized principal investment (income) loss (372,393) 94,460 Unrealized net (gains) losses from investment activities and other (1,240,459) 985,834 Segment Distributable Earnings $ 885,676 $ 431,919 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. (2) Represents expenses incurred in relation to the conversion to a corporation. (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 $ 11,753,778 $ 8,681,467 Adjustments (1) 15,787,568 14,987,617 Total assets $ 27,541,346 $ 23,669,084 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On August 4, 2021, the Company declared a cash dividend of $0.50 per share of Class A Common Stock, which will be paid on August 31, 2021 to holders of record at the close of business on August 19, 2021. On August 4, 2021, 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 September 15, 2021 to holders of record at the close of business on September 1, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Organization of the Company	Organization of the Company As of June 30, 2021, the Company owned, through five intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is a disregarded entity for U.S. federal income tax purposes, and APO (FC III), LLC, a Cayman Islands limited liability company that is a disregarded entity for U.S. federal income tax purposes (collectively, the “Intermediate Holding Companies”), 53.5% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group.
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 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 2020 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), special purpose acquisition companies (“SPACs”) 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. 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	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 $1.2 billion and $1.2 billion as of June 30, 2021 and December 31, 2020, respectively, which represent 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 and Cash Equivalents Restricted cash and cash equivalents includes cash held in reserve accounts used to make required payments in respect of the 2039 Senior Secured Guaranteed Notes. Restricted cash and cash equivalents also includes cash deposited at a bank, which is pledged as collateral in connection with leased premises. Restricted cash and cash equivalents of Apollo Strategic Growth Capital (“APSG”), a consolidated SPAC, are held in a trust account and consist of U.S Treasury bills with original maturities of three months or less when purchased, that were purchased with funds raised through the initial public offering of the consolidated entity. The $0.8 billion in funds as of June 30, 2021 are restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in APSG’s trust agreement. Restricted cash and cash equivalents of Apollo Strategic Growth Capital II (“APSG II”), a consolidated SPAC, are held in a trust account and include money market funds that were
U.S. Treasury securities, at fair value	U.S. Treasury securities, at fair valueU.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 $23.5 million of revenue recognized during the six months ended June 30, 2021 that was previously deferred as of January 1, 2021. 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 cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within placement fees in the condensed consolidated statements of operations. 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. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. Refer to disclosures below for additional information on each of the Company’s revenue streams.
Redeemable non-controlling interests	Redeemable non-controlling interests Redeemable non-controlling interests represent the shares issued by APSG and APSG II, the consolidated SPACs, that are redeemable for cash by the public shareholders in connection with the SPACs’ failure to complete a business combination or tender offer/stockholder approval provisions. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount is accreted to its redemption value over the period from the date of issuance to the earliest redemption date of the instrument. These increases are recorded against additional paid-in capital.
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 related to the Company’s funds, portfolio companies of funds and third parties 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 on the condensed consolidated statements of financial condition, 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.
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 on the condensed consolidated statements of financial condition. 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
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.
Salaries, Bonus and Benefits	Salaries, Bonus and Benefits Salaries, bonus and benefits include base salaries, discretionary and non-discretionary bonuses, severance and employee benefits. Bonuses are generally accrued over the related service period.
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 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.
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 OtherGeneral, administrative and other primarily includes professional fees, occupancy, depreciation and amortization, travel, information technology and administration expenses.
Income Taxes	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 it earns from the Apollo Operating Group (“AOG”) entities is subject to U.S. corporate income taxes. Certain of the AOG entities operate as partnerships for U.S. income tax purposes and are subject to New York City unincorporated business taxes (“NYC UBT”). Certain non-U.S. entities are also subject to non-U.S. corporate income taxes. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company recognizes the tax benefit of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolution 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 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 all or a portion 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 condensed consolidated financial statements. The Non-Controlling Interests relating to Apollo Global Management, Inc. include the ownership interest in the Apollo Operating Group held by Co-Founders and Contributing Partners through their limited partner interests in Holdings. Additionally, Athene holds Non-Controlling Interests in the Apollo Operating Group as a result of the Transaction Agreement. Non-Controlling Interests also include ownership interests in certain consolidated funds and 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 condensed 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. Guarantees See note 15 to the condensed consolidated financial statements for information related to our material guarantees.
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 June 30, 2021. Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance intended to simplify the accounting for income taxes. The new guidance eliminates certain exceptions to the existing approach in ASC 740, and clarifies other guidance within the standard; it is effective for the Company on January 1, 2021. Based on the Company’s current application of ASC 740, the guidance did not have a material impact on the condensed consolidated financial statements of the Company.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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 $ 3,681,955 $ 2,360,434 Equity method investments 1,492,071 1,010,821 Performance allocations 2,736,493 1,624,156 Total Investments $ 7,910,519 $ 4,995,411
Summary of Equity Method Investments	As such, the following tables present summarized financial information of Athene Holding: Equity method investments consisted of the following: Equity Held as of June 30, 2021 (5) December 31, 2020 (5) Credit (1)(2) $ 472,320 $ 258,952 Private Equity (3) 938,439 672,430 Real Assets 81,312 79,439 Total equity method investments (4) $ 1,492,071 $ 1,010,821 (1) The equity method investment in AINV was $39.7 million and $40.4 million as of June 30, 2021 and December 31, 2020, respectively. The value of the Company’s investment in AINV was $37.7 million and $30.8 million based on the quoted market price of AINV as of June 30, 2021 and December 31, 2020, respectively. (2) The equity method investment in VA Capital Company, LLC was $323.5 million and $113.5 million as of June 30, 2021 and December 31, 2020, respectively. (3) The equity method investment in Fund VIII was $318.4 million and $343.3 million as of June 30, 2021 and December 31, 2020, respectively, representing an ownership percentage of 2.2% and 2.2% as of June 30, 2021 and December 31, 2020, respectively. The equity method investment in Fund IX was $268.0 million and $134.4 million as of June 30, 2021 and December 31, 2020, respectively, representing an ownership percentage of 1.9% and 1.9% as of June 30, 2021 and December 31, 2020, respectively. (4) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (5) Some amounts included are a quarter in arrears.
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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Realized gains on sales of investments, net $ 1,192 $ 70 $ 1,193 $ 1,877 Net change in unrealized gains (losses) due to changes in fair value 912,202 268,597 1,265,352 (997,761) Net gains (losses) from investment activities $ 913,394 $ 268,667 $ 1,266,545 $ (995,884)
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 June 30, 2021 As of December 31, 2020 Credit $ 484,010 $ 465,153 Private Equity 2,100,537 1,040,827 Real Assets 151,946 118,176 Total performance allocations $ 2,736,493 $ 1,624,156 The table below provides a roll forward of the performance allocations balance: Credit Private Equity Real Assets Total Performance allocations, January 1, 2021 $ 465,153 $ 1,040,827 $ 118,176 $ 1,624,156 Change in fair value of funds 273,442 1,522,069 58,486 1,853,997 Fund distributions to the Company (254,585) (462,359) (24,716) (741,660) Performance allocations, June 30, 2021 $ 484,010 $ 2,100,537 $ 151,946 $ 2,736,493

PROFIT SHARING PAYABLE (Tables)

PROFIT SHARING PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Profit Sharing Payable [Abstract]
Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds	Profit sharing payable consisted of the following: As of June 30, 2021 As of December 31, 2020 Credit $ 435,211 $ 356,375 Private Equity 1,009,378 422,079 Real Assets 77,317 64,223 Total profit sharing payable $ 1,521,906 $ 842,677
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, 2021 $ 356,375 $ 422,079 $ 64,223 $ 842,677 Profit sharing expense 189,553 740,289 30,415 960,257 Payments/other (110,717) (152,990) (17,321) (281,028) Profit sharing payable, June 30, 2021 $ 435,211 $ 1,009,378 $ 77,317 $ 1,521,906

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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 For the Six Months Ended 2021 (1) 2020 (1) 2021 (1) 2020 (1) Net gains (losses) from investment activities $ 51,173 $ 478,480 $ 355,574 $ (500,744) Net gains (losses) from debt (2,519) (353,182) (11,527) 181,269 Interest and other income 228,420 84,609 362,758 236,051 Interest and other expenses (131,671) (152,045) (448,808) (24,634) Net gains (losses) from investment activities of consolidated variable interest entities $ 145,403 $ 57,862 $ 257,997 $ (108,058) (1) Amounts reflect consolidation eliminations.
Principal Provisions of Debt	The following table summarizes the principal provisions of those amounts: As of June 30, 2021 As of December 31, 2020 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) $ 4,851,818 1.98 % 12.9 $ 5,350,198 2.10 % 6.0 Subordinated Notes (2) 3,453,339 5.03 % (1) 32 3,389,375 5.08 % (1) 21.1 Secured Borrowings (2)(3) 109,606 2.18 % 0.4 236,698 2.41 % 0.3 Total $ 8,414,763 $ 8,976,271 (1) As of June 30, 2021 and December 31, 2020, $0.7 billion and $0.6 billion, respectively, of the principal outstanding balance of 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 June 30, 2021 and December 31, 2020, the fair value of these consolidated VIEs’ assets were $9.1 billion and $9.6 billion, respectively. (3) As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 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.
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 (2) As of Assets: Cash $ 299,882 $ 354,109 Investments 4,153,458 4,154,057 Receivables 68,564 34,800 Total Assets $ 4,521,904 $ 4,542,966 Liabilities: Debt and other payables $ 1,315,315 $ 1,229,345 Total Liabilities $ 1,315,315 $ 1,229,345 Apollo Exposure (1) $ 157,106 $ 155,273 (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. (2) Some amounts included are a quarter in arrears.

FAIR VALUE MEASUREMENTS OF FI_2

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 1,492,112 $ — $ — $ 1,492,112 $ 1,492,104 Investments, at fair value: Investment in Athene Holding — 3,208,968 — 3,208,968 2,092,247 Other investments 37,365 45,835 389,787 (1) 472,987 391,178 Total investments, at fair value 37,365 3,254,803 389,787 3,681,955 2,483,425 Investments of VIEs, at fair value 5,321 1,534,816 11,877,952 13,418,089 Investments of VIEs, valued using NAV — — — 241,542 Total investments of VIEs, at fair value 5,321 1,534,816 11,877,952 13,659,631 Total Assets $ 1,534,798 $ 4,789,619 $ 12,267,739 $ 18,833,698 Liabilities Debt of VIEs, at fair value $ — $ 893,650 $ 7,183,638 $ 8,077,288 Other liabilities of VIEs, at fair value — 4,060 22,536 26,596 Contingent consideration obligations (3) — — 128,984 128,984 Other liabilities (4) 51,389 — — 51,389 Total Liabilities $ 51,389 $ 897,710 $ 7,335,158 $ 8,284,257 As of December 31, 2020 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value $ 1,816,958 $ — $ — $ 1,816,958 $ 1,816,635 Investments, at fair value: Investment in Athene Holding — 1,942,574 — 1,942,574 2,092,247 Other investments — 48,088 369,772 (1) 417,860 354,010 Total investments, at fair value — 1,990,662 369,772 2,360,434 2,446,257 Investments of VIEs, at fair value 2,558 2,140,135 10,962,980 13,105,673 Investments of VIEs, valued using NAV — — — 210,343 Total investments of VIEs, at fair value 2,558 2,140,135 10,962,980 13,316,016 Derivative assets (2) — 17 — 17 Total Assets $ 1,819,516 $ 4,130,814 $ 11,332,752 $ 17,493,425 Liabilities Debt of VIEs, at fair value $ — $ 1,580,097 $ 7,080,418 $ 8,660,515 Other liabilities of VIEs, at fair value — 3,874 20,202 24,076 Contingent consideration obligations (3) — — 119,788 119,788 Derivative liabilities (2) — 100 — 100 Total Liabilities $ — $ 1,584,071 $ 7,220,408 $ 8,804,479 (1) Other investments as of June 30, 2021 a nd December 31, 2020 excludes $93.3 million and $44.4 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. (4) Other liabilities includes the publicly traded warrants of APSG and APSG II.
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 June 30, 2021 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 381,277 $ 11,947,443 $ 12,328,720 Transfer out due to deconsolidation — (229,717) (229,717) Purchases — 692,073 692,073 Sales of investments/distributions (3,235) (557,994) (561,229) Net realized gains 3 7,087 7,090 Changes in net unrealized gains 9,137 19,746 28,883 Cumulative translation adjustment 2,605 4,807 7,412 Transfer into Level III (1) — 7,219 7,219 Transfer out of Level III (1) — (12,712) (12,712) Balance, End of Period $ 389,787 $ 11,877,952 $ 12,267,739 Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date $ 9,137 $ — $ 9,137 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 66,050 66,050 For the Three Months Ended June 30, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 118,112 $ 7,640,903 $ 7,759,015 Purchases 128,551 530,348 658,899 Sale of investments/distributions (966) (154,724) (155,690) Settlements — (252,776) (252,776) Net realized gains 966 1,355 2,321 Changes in net unrealized gains 16,443 308,146 324,589 Cumulative translation adjustment 4,521 7,637 12,158 Transfer into Level III (1) — 1,706 1,706 Transfer out of Level III (1) (274) (67,015) (67,289) Balance, End of Period $ 267,353 $ 8,015,580 $ 8,282,933 Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date $ 16,442 $ — $ 16,442 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 70,639 70,639 For the Six Months Ended June 30, 2021 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 369,772 $ 10,962,980 $ 11,332,752 Transfer out due to deconsolidation — (229,717) (229,717) Purchases — 1,682,423 1,682,423 Sale of investments/distributions (3,235) (805,933) (809,168) Net realized gains 1,068 12,975 14,043 Changes in net unrealized gains 29,116 332,147 361,263 Cumulative translation adjustment (7,640) (14,248) (21,888) Transfer into Level III (1) 706 9,885 10,591 Transfer out of Level III (1) — (72,560) (72,560) Balance, End of Period $ 389,787 $ 11,877,952 $ 12,267,739 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 29,116 $ — $ 29,116 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 198,957 198,957 For the Six Months Ended June 30, 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 159,955 859,580 1,019,535 Sale of investments/distributions (9,378) (183,877) (193,255) Settlements — (437,948) (437,948) Net realized gains 1,751 121 1,872 Changes in net unrealized losses (1,181) (334,556) (335,737) Cumulative translation adjustment 3,070 (3,784) (714) Transfer into Level III (1) — 70,636 70,636 Transfer out of Level III (1) (274) (69,789) (70,063) Balance, End of Period $ 267,353 $ 8,015,580 $ 8,282,933 Change in net unrealized losses included in principal investment income related to investments still held at reporting date $ (1,181) $ — $ (1,181) Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — (47,303) (47,303) (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 June 30, 2021 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 113,222 $ 7,317,250 $ 7,430,472 Issuances — 101,871 101,871 Repayments (792) (227,251) (228,043) Net realized losses — 10,239 10,239 Changes in net unrealized (gains) losses (1) 16,554 (8,346) 8,208 Cumulative translation adjustment — 12,214 12,214 Transfer into Level III (2) — 197 197 Balance, End of Period $ 128,984 $ 7,206,174 $ 7,335,158 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (5,559) $ (5,559) For the Three Months Ended June 30, 2020 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 76,700 $ 3,795,866 $ 3,872,566 Issuances — 213,828 213,828 Repayments (219) (18,750) (18,969) Net realized losses — 3,459 3,459 Changes in net unrealized losses (1) 22,616 255,950 278,566 Cumulative translation adjustment — 8,394 8,394 Balance, End of Period $ 99,097 $ 4,258,747 $ 4,357,844 Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ 172,730 $ 172,730 For the Six Months Ended June 30, 2021 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 119,788 $ 7,100,620 $ 7,220,408 Issuances — 311,408 311,408 Repayments (13,114) (271,904) (285,018) Net realized losses — 10,730 10,730 Changes in net unrealized losses (1) 22,310 69,146 91,456 Cumulative translation adjustment — (14,023) (14,023) Transfer into Level III (2) — 197 197 Balance, End of Period $ 128,984 $ 7,206,174 $ 7,335,158 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (58,909) $ (58,909) For the Six Months Ended June 30, 2020 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 112,514 $ — $ 112,514 Transfer in due to consolidation — 4,291,286 4,291,286 Issuances — 302,928 302,928 Repayments (12,870) (198,750) (211,620) Net realized losses — 3,459 3,459 Changes in net unrealized gains (1) (547) (142,043) (142,590) Cumulative translation adjustment — 1,867 1,867 Balance, End of Period $ 99,097 $ 4,258,747 $ 4,357,844 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ (225,263) $ (225,263) (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations.
Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categorized in Level III	The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy: As of June 30, 2021 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 263,237 Embedded value N/A N/A N/A 118,178 Discounted cash flow Discount rate 16.0% - 47.5% 23.0% 8,372 Third party pricing N/A N/A N/A Investments of consolidated VIEs: Equity securities 4,222,903 Discounted cash flow Discount rate 3.1% - 23.0% 10.1% Discounted cash flow Disposition timeline 10 - 52 months 26.8 Discounted cash flow 2 year home price index forecast (10.7%) - 17.6% 4.0% Dividend discount model Discount rate 13.9% 13.9% Market comparable companies P/E multiple 10.4x 10.4x Market comparable companies TBV multiple 0.61x 0.61x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Guideline public company NTAV multiple 1.25x 1.25x Guideline public company TEV/EBITDA 5.5x - 8.0x 7.6x Third Party Pricing N/A N/A N/A Bank loans 3,928,257 Discounted cash flow Discount rate 1.8% - 15.6% 4.1% Adjusted transaction value N/A N/A N/A Third party pricing N/A N/A N/A Profit participating notes 2,638,732 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 454,220 Discounted cash flow Capitalization rate 4.5% - 6.0% 5.7% Discounted cash flow Discount rate 7.0% - 12.5% 8.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.4% Direct capitalization Terminal capitalization rate 6.3% - 12.0% 7.1% Adjusted transaction value N/A N/A N/A Bonds 118,160 Discounted cash flow Discount rate 4.5% - 7.2% 6.5% Third party pricing N/A N/A N/A Convertible securities 26,142 Dividend discount model Discount rate 13.9% 13.9% Market comparable companies P/E multiple 10.0x 10.0x Market comparable companies TBV multiple 0.61x 0.61x Warrants 3,380 Option model Volatility 35.0% - 60.4% 47.9% Other equity investments 486,158 Third party pricing N/A N/A N/A Adjusted transaction value Discount rate 8.5% - 12.5% 10.5% Adjusted transaction value N/A N/A N/A Total Investments of Consolidated VIEs 11,877,952 Total Financial Assets $ 12,267,739 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 4,013,342 Discounted cash flow Discount rate 1.4% - 9.6% 2.6% Subordinated notes 3,148,942 Discounted cash flow Discount rate 4.5% - 11.5% 5.7% Participating equity 21,354 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 22,536 Discounted cash flow Discount rate 2.2% - 9.1% 5.9% Third party pricing N/A N/A N/A Total liabilities of Consolidated VIEs: 7,206,174 Contingent Consideration Obligation 128,984 Discounted cash flow Discount rate 18.5% 18.5% Total Financial Liabilities $ 7,335,158 As of December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 254,655 Embedded value N/A N/A N/A 107,652 Discounted cash flow Discount rate 16% - 47.5% 23.4% 7,465 Third party pricing N/A N/A N/A Investments of consolidated VIEs: Equity securities 4,339,244 Discounted cash flow Discount rate 4.4% - 15.6% 7.2% Discounted cash flow Disposition timeline 8 - 52 months 28.8 Discounted cash flow 2 year home price index forecast (14%) - 9.6% (2.5%) Dividend discount model Discount rate 9.7% - 13.8% 11.2% Market comparable companies NTAV multiple 1.2x 1.2x Market comparable companies P/E multiple 9.8x 9.8x Market comparable companies TBV multiple 0.56x 0.56x Adjusted transaction value Purchase multiple 1.1x 1.1x Adjusted transaction value N/A N/A N/A Bank loans 3,501,384 Discounted cash flow Discount rate 1.8% - 27.0% 3.4% Recoverability Recoverability rate 14.0% - 75.0% 57.8% Third party pricing N/A N/A N/A Profit participating notes 2,577,596 Discounted cash flow Discount rate 7.5% - 15.0% 14.6% Real estate 422,123 Discounted cash flow Capitalization rate 5.8% - 6.0% 5.8% Discounted cash flow Discount rate 6.3% - 12.5% 8.4% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.6% Direct capitalization Terminal capitalization rate 5.8% - 12% 7.6% Bonds 97,209 Discounted cash flow Discount rate 5.5% - 7.0% 6.5% Third party pricing N/A N/A N/A Convertible securities 16,581 Discounted cash flow Discount rate 12.4% 12.4% Dividend discount model Discount rate 13.8% 13.8% Market comparable companies P/E multiple 9.8x 9.8x Market comparable companies TBV multiple 0.56x 0.56x Warrants 2,676 Option model Volatility 50.0% - 64.4% 53.1% Other equity investments 6,167 Third party pricing N/A N/A N/A Total Investments of Consolidated VIEs 10,962,980 Total Financial Assets $ 11,332,752 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 3,822,475 Discounted cash flow Discount rate 1.8% - 9.3% 2.7% Subordinated notes 3,044,437 Discounted cash flow Discount rate 7.7% - 14.0% 9.9% Adjusted transaction value N/A N/A N/A Preferred equity 213,506 Discounted cash flow Discount rate 15% 15% Other liabilities 20,202 Discounted cash flow Discount rate 1.8% - 7.9% 5.7% Adjusted transaction value N/A N/A N/A Third party pricing N/A N/A N/A Total liabilities of Consolidated VIEs: 7,100,620 Contingent Consideration Obligation 119,788 Discounted cash flow Discount rate 17.5% 17.5% Total Financial Liabilities $ 7,220,408 N/A Not applicable EBITDA Earnings before interest, taxes, depreciation, and amortization NTAV Net tangible asset value P/E Price-to-Earnings TBV Total book value TEV Total enterprise value (1) Unobservable inputs were weighted based on the fair value of the investments included in the range.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
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 $ 203,154 $ 191,853 Less: Accumulated depreciation and amortization (119,904) (111,821) Fixed assets, net 83,250 80,032 Deferred equity-based compensation (1) 239,946 137,777 Prepaid expenses 68,161 46,639 Intangible assets, net 20,584 23,586 Tax receivables 27,716 42,979 Other 54,798 33,950 Total Other Assets $ 494,455 $ 364,963 (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 $224.4 million and $114.6 million, as of June 30, 2021 and December 31, 2020, respectively, is included in other liabilities on the condensed consolidated statements of financial condition.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease cost $ 12,529 $ 13,617 $ 23,013 $ 25,979 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating cash flows for operating leases $ 4,939 $ 3,307 $ 12,494 $ 13,956 Supplemental information related to leases is as follows: As of As of Weighted average remaining lease term (in years) 13.6 13.9 Weighted average discount rate 3.0 % 3.1 %
Lease Payments by Maturity	As of June 30, 2021, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2021 $ 23,251 2022 45,662 2023 41,125 2024 37,453 2025 35,160 Thereafter 313,404 Total lease payments $ 496,055 Less imputed interest (86,125) Present value of lease payments $ 409,930

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
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 Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Six Months Ended June 30, 2021 $ 45,479 $ 38,229 $ 7,250 For the Six Months Ended June 30, 2020 $ 76,580 $ 62,531 $ 14,049

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of June 30, 2021 As of December 31, 2020 Outstanding Fair Value Annualized Outstanding Fair Value Annualized 2024 Senior Notes (1) $ 498,143 $ 545,437 (4) 4.00 % $ 497,817 $ 553,633 (4) 4.00 % 2026 Senior Notes (1) 497,473 568,433 (4) 4.40 497,217 581,898 (4) 4.40 2029 Senior Notes (1) 674,772 790,973 (4) 4.87 674,757 804,768 (4) 4.87 2030 Senior Notes (1) 494,630 508,997 (4) 2.65 494,375 513,362 (4) 2.65 2039 Senior Secured Guaranteed Notes (1) 317,514 371,705 (5) 4.77 317,042 376,472 (5) 4.77 2048 Senior Notes (1) 296,695 385,876 (4) 5.00 296,633 379,953 (4) 5.00 2050 Subordinated Notes (1) 296,616 312,000 (4) 4.95 296,557 307,500 (4) 4.95 Secured Borrowing I (2) 18,952 18,942 (3) 1.84 19,526 19,527 (3) 1.84 Secured Borrowing II (2) 20,157 20,148 (3) 1.70 20,767 20,773 (3) 1.71 2016 AMI Term Facility I (2) 20,002 20,002 (3) 1.30 20,608 20,608 (3) 1.30 2016 AMI Term Facility II (2) 19,335 19,335 (3) 1.40 19,922 19,922 (3) 1.40 Total Debt $ 3,154,289 $ 3,561,848 $ 3,155,221 $ 3,598,416 (1) Includes amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs: As of June 30, 2021 As of December 31, 2020 2024 Senior Notes $ 1,565 $ 1,841 2026 Senior Notes 2,310 2,545 2029 Senior Notes 4,958 5,282 2030 Senior Notes 4,049 4,231 2039 Senior Secured Guaranteed Notes 7,486 7,958 2048 Senior Notes 3,016 3,073 2050 Subordinated Notes 3,384 3,443 Total $ 26,768 $ 28,373 (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 consist of obligations through repurchase agreements redeemable at maturity with third party lenders. The weighted average remaining maturity of Secured Borrowing I and II is 10.2 years. (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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 314 $ — $ 628 AMH Credit Facility 322 — 643 — 2024 Senior Notes 5,163 5,163 10,326 10,326 2026 Senior Notes 5,628 5,628 11,256 11,256 2029 Senior Notes 8,229 8,229 16,458 16,458 2030 Senior Notes 3,462 964 6,922 964 2039 Senior Secured Guaranteed Notes 4,111 4,111 8,223 8,223 2048 Senior Notes 3,781 3,780 7,562 7,562 2050 Subordinated Notes 3,742 3,742 7,484 7,486 AMI Term Facilities/ Secured Borrowings 376 360 739 630 Total Interest Expense $ 34,814 $ 32,291 $ 69,613 $ 63,533 (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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ 1,179,485 $ 463,823 $ 1,796,116 $ (661,670) (1) Consisting of management fees, sub-advisory fees, performance revenues (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $912.0 million and $267.0 million for the three months ended June 30, 2021 and 2020, respectively, and $1.3 billion and $(996.4) million for the six months ended June 30, 2021 and 2020, respectively.

NET INCOME (LOSS) PER SHARE O_2

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 2021
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 (loss) per share of Class A Common Stock using the two-class method for the three and six months ended June 30, 2021 and 2020: Basic and Diluted For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders $ 648,563 $ 437,164 $ 1,318,289 $ (568,218) Dividends declared on Class A Common Stock (1) (115,494) (96,181) (254,674) (301,783) Dividends on participating securities (2) (4,042) (3,608) (9,144) (10,855) Earnings allocable to participating securities (19,774) (13,947) (38,970) — (3) Undistributed income (loss) attributable to Class A Common Stockholders: Basic and Diluted 509,253 323,428 1,015,501 (880,856) Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic and Diluted 231,058,813 227,653,988 230,534,073 227,205,866 Net Income per share of Class A Common Stock: Basic and Diluted (4) Distributed Income $ 0.50 $ 0.42 $ 1.10 $ 1.31 Undistributed Income (Loss) 2.20 1.42 4.41 (3.86) Net Income (Loss) per share of Class A Common Stock: Basic and Diluted $ 2.70 $ 1.84 $ 5.51 $ (2.55) (1) See note 13 for information regarding the quarterly dividends declared and paid during 2021 and 2020. (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.
Schedule of Weighted Average Number of Shares	The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2021 and 2020, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Weighted average vested RSUs 309,142 254,147 675,233 834,718 Weighted average unvested RSUs 8,006,542 8,252,215 7,491,189 7,670,111 Weighted average AOG Units outstanding (1) 172,599,261 174,873,808 173,207,079 175,737,132 Weighted average unvested restricted shares 656,220 1,310,805 680,448 1,245,164 (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 (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule or Description of Forfeiture Rates and Equity Based Compensation Expense	The following table summarizes the equity-based compensation expense recognized relating to Performance Grants: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Equity-based compensation $ 17,488 $ 28,467 $ 43,865 $ 57,331 The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Actual forfeiture rate 0.4 % 5.8 % 0.8 % 6.4 % Equity-based compensation $ 40,866 $ 47,282 $ 85,971 $ 92,800
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, 2021 8,978,393 $ 31.89 1,833,332 10,811,725 (1) Granted 3,336,739 48.00 — 3,336,739 Forfeited (101,554) $ 42.27 — (101,554) Vested (1,506,292) 33.65 1,506,292 — Issued — $ — (2,980,032) (2,980,032) Balance at June 30, 2021 10,707,286 (2) $ 36.56 359,592 11,066,878 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock.
Schedule of Share-based Compensation, Activity	Below is a reconciliation of the equity-based compensation allocated to AGM Inc.: For the Six Months Ended June 30, 2021 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 $ 96,010 — % $ — $ 96,010 Other equity-based compensation awards 13,436 46.5 6,248 7,188 Total equity-based compensation 109,446 6,248 103,198 Less other equity-based compensation awards (2) (6,248) (16,940) Capital increase related to equity-based compensation $ — $ 86,258 For the Six Months Ended June 30, 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 $ 107,069 — % $ — $ 107,069 Other equity-based compensation awards 4,473 47.1 2,109 2,364 Total equity-based compensation $ 111,542 2,109 109,433 Less other equity-based compensation awards (2) (2,109) (16,203) Capital increase related to equity-based compensation $ — $ 93,230 (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)	6 Months Ended
	Jun. 30, 2021
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 Six Months Ended June 30, 2021 2020 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 2,980,032 4,366,569 Reduction of shares of Class A Common Stock issued (2) (1,218,885) (1,843,305) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) (270,362) 628,639 Issuance of shares of Class A Common Stock for equity-based awards 1,490,785 3,151,903 (1) The gross value of shares issued wa s $155.2 million and $202.2 million for the six months ended June 30, 2021 and 2020, respectively, based on the closing price of a Class A Common Stock at the time of issuance. (2) Cash paid for tax liabilities associated with net share settlement was $63.7 million and $85.5 million for the six months ended June 30, 2021 and 2020, respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted Class A Common Stock 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 2007 Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase Class A Common Stock on the open m arket and retire them. During the six months ended June 30, 2021 and 2020, we issued 56,243 and 636,314 of such restricted shares and 270,362 and 149,042 of such RSUs under the Equity Plan, respectively, and repurchased 326,605 and 0 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 0 and 7,675 restricted shares forfeited during the six months ended June 30, 2021 and 2020, 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 executive committee of the board of directors (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. 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 30, 2020 $ 0.89 February 28, 2020 $ 205.6 $ 155.6 $ 361.2 $ 7.2 N/A — April 15, 2020 — 43.0 (1) 43.0 — May 1, 2020 0.42 May 29, 2020 96.2 85.7 181.9 3.6 July 30, 2020 0.49 August 31, 2020 112.1 100.0 212.1 4.0 October 29, 2020 0.51 November 30, 2020 116.7 104.0 220.7 4.1 For the Year Ended December 31, 2020 $ 2.31 $ 530.6 $ 488.3 $ 1,018.9 $ 18.9 February 03, 2021 $ 0.60 February 26, 2021 $ 139.2 $ 121.4 $ 260.6 $ 5.1 N/A — April 14, 2021 — 41.8 (1) 41.8 — May 04, 2021 0.50 May 28, 2021 115.5 100.9 216.4 4.0 N/A — June 15, 2021 — 19.5 (1) 19.5 — For the Six Months Ended June 30, 2021 $ 1.10 $ 254.7 $ 283.6 $ 538.3 $ 9.1 (1) On April 14, 2021 and April 15, 2020 the Company made a $0.15 and $0.21 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with payments made under the tax receivable agreement. See note 14 for more information regarding the tax receivable agreement. On April 14, 2021 and June 15, 2021, the Company made a $0.03 and $0.08 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with U.S. corporate 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 1,317 $ 1,031 $ 2,597 $ 1,279 Other consolidated entities 114,959 40,037 184,257 (124,620) Net income (loss) attributable to Non-Controlling Interests in consolidated entities $ 116,276 $ 41,068 $ 186,854 $ (123,341) Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group: Net income (loss) $ 1,505,460 $ 999,085 $ 3,023,963 $ (1,284,758) Net income (loss) attributable to Non-Controlling Interests in consolidated entities (116,276) (41,068) (186,854) 123,341 Net income (loss) after Non-Controlling Interests in consolidated entities 1,389,184 958,017 2,837,109 (1,161,417) Adjustments: Income tax provision (benefit) (2) 194,051 140,323 397,297 (155,530) NYC UBT and foreign tax benefit (3) (7,727) (3,181) (13,481) (10,643) Net income (loss) in non-Apollo Operating Group entities 1,253 10 4 18 Series A Preferred Stock Dividends (4,383) (4,383) (8,766) (8,766) Series B Preferred Stock Dividends (4,781) (4,782) (9,562) (9,563) Total adjustments 178,413 127,987 365,492 (184,484) Net income (loss) after adjustments 1,567,597 1,086,004 3,202,601 (1,345,901) Weighted average ownership percentage of Apollo Operating Group 46.6 % 47.1 % 46.6 % 46.7 % Net income (loss) attributable to Non-Controlling Interests in Apollo Operating Group $ 731,457 $ 511,688 $ 1,500,492 $ (611,528) Net income (loss) attributable to Non-Controlling Interests $ 847,733 $ 552,756 $ 1,687,346 $ (734,869) Other comprehensive income (loss) attributable to Non-Controlling Interests 3,571 6,223 (10,193) (818) Comprehensive Income (Loss) Attributable to Non-Controlling Interests $ 851,304 $ 558,979 $ 1,677,153 $ (735,687) (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 New York City Unincorporated Business Tax (“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)	6 Months Ended
	Jun. 30, 2021
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 $ 206,904 $ 183,992 Due from private equity funds 25,318 21,169 Due from real assets funds 38,194 28,231 Due from portfolio companies 63,119 80,122 Due from Contributing Partners, employees and former employees 92,392 148,869 Total Due from Related Parties $ 425,927 $ 462,383 Due to Related Parties: Due to Co-Founders and Contributing Partners $ 306,635 $ 310,230 Due to credit funds 31,876 34,280 Due to private equity funds 65,604 216,899 Due to real assets funds 35,547 47,060 Total Due to Related Parties $ 439,662 $ 608,469
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 $ — $ — Private Equity 65,289 215,011 Real Assets 35,367 46,860 Total general partner obligation $ 100,656 $ 261,871
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 % Other Assets (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 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) Other Assets include cash, treasuries, equities and alternatives. 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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 314 $ — $ 628 AMH Credit Facility 322 — 643 — 2024 Senior Notes 5,163 5,163 10,326 10,326 2026 Senior Notes 5,628 5,628 11,256 11,256 2029 Senior Notes 8,229 8,229 16,458 16,458 2030 Senior Notes 3,462 964 6,922 964 2039 Senior Secured Guaranteed Notes 4,111 4,111 8,223 8,223 2048 Senior Notes 3,781 3,780 7,562 7,562 2050 Subordinated Notes 3,742 3,742 7,484 7,486 AMI Term Facilities/ Secured Borrowings 376 360 739 630 Total Interest Expense $ 34,814 $ 32,291 $ 69,613 $ 63,533 (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 June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Revenues earned in aggregate from Athene and Athora, net (1)(2) $ 1,179,485 $ 463,823 $ 1,796,116 $ (661,670) (1) Consisting of management fees, sub-advisory fees, performance revenues (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $912.0 million and $267.0 million for the three months ended June 30, 2021 and 2020, respectively, and $1.3 billion and $(996.4) million for the six months ended June 30, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Fixed and Determinable Payments	As of June 30, 2021, fixed and determinable payments due in connection with these obligations were as follows: Remaining 2021 2022 2023 2024 2025 Thereafter Total Other long-term obligations $ 21,523 $ 7,555 $ 2,020 $ 820 $ 711 $ 711 $ 33,340

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 273,307 $ 123,106 $ 65,823 $ 462,236 Advisory and transaction fees, net 54,757 27,047 1,431 83,235 Performance fees (1) 8,075 — — 8,075 Fee Related Revenues 336,139 150,153 67,254 553,546 Salary, bonus and benefits (75,299) (58,856) (30,003) (164,158) General, administrative and other (43,590) (27,546) (15,455) (86,591) Placement fees (589) — — (589) Fee Related Expenses (119,478) (86,402) (45,458) (251,338) Other income (loss), net of Non-Controlling Interest (990) 696 (304) (598) Fee Related Earnings 215,671 64,447 21,492 301,610 Realized performance fees 103,789 361,793 3,174 468,756 Realized profit sharing expense (71,970) (173,191) (1,392) (246,553) Net Realized Performance Fees 31,819 188,602 1,782 222,203 Realized principal investment income, net (2) 2,588 67,102 451 70,141 Net interest loss and other (11,869) (13,738) (11,453) (37,060) Segment Distributable Earnings (3) $ 238,209 $ 306,413 $ 12,272 $ 556,894 Total Assets (3) $ 6,100,580 $ 4,868,181 $ 785,017 $ 11,753,778 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 June 30, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 224,721 $ 127,592 $ 49,509 $ 401,822 Advisory and transaction fees, net 13,756 44,802 3,191 61,749 Performance fees (1) 3,440 — — 3,440 Fee Related Revenues 241,917 172,394 52,700 467,011 Salary, bonus and benefits (52,806) (53,202) (28,991) (134,999) General, administrative and other (37,251) (21,770) (12,782) (71,803) Placement fees (358) — — (358) Fee Related Expenses (90,415) (74,972) (41,773) (207,160) Other income (loss), net of Non-Controlling Interest (724) 2 116 (606) Fee Related Earnings 150,778 97,424 11,043 259,245 Realized performance fees 4,359 3,549 2,929 10,837 Realized profit sharing expense (4,359) (3,549) (2,929) (10,837) Net Realized Performance Fees — — — — Realized principal investment income, net (2) 1,810 3,404 5 5,219 Net interest loss and other (11,857) (11,686) (5,507) (29,050) Segment Distributable Earnings (3) $ 140,731 $ 89,142 $ 5,541 $ 235,414 (1) Represents certain performance fees related to business development companies and Redding Ridge Holdings 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 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 June 30, 2021 2020 Total Consolidated Revenues $ 1,382,325 $ 1,508,335 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (34,119) (24,847) Adjustments related to consolidated funds and VIEs (1) 32,609 16,165 Performance fees (2) (748,508) (918,493) Principal investment income (78,761) (114,149) Total Fee Related Revenues 553,546 467,011 Realized performance fees 468,756 10,837 Realized principal investment income, net and other 70,141 4,376 Total Segment Revenues $ 1,092,443 $ 482,224 (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 from 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 June 30, 2021 2020 Total Consolidated Expenses $ 746,787 $ 702,777 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (37,886) (21,662) Reclassification of interest expenses (34,814) (32,291) Transaction-related charges, net (1) (31,572) (32,110) Equity-based compensation (19,491) (17,747) Total profit sharing expense (2) (371,686) (389,987) Dividend-related compensation expense — (1,820) Total Fee Related Expenses 251,338 207,160 Realized profit sharing expense 246,553 10,837 Total Segment Expenses $ 497,891 $ 217,997 (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, and restructuring charges. (2) 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 June 30, 2021 2020 Total Consolidated Other Income (Loss) $ 1,063,973 $ 333,850 Adjustments related to consolidated funds and VIEs (1) (147,661) (56,197) Net (gains) losses from investment activities (913,751) (270,112) Interest income and other, net of Non-Controlling Interest (3,159) (8,147) Other Income, net of Non-Controlling Interest (598) (606) Net interest loss and other (37,060) (28,207) Total Segment Other Loss $ (37,658) $ (28,813) (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 June 30, 2021 2020 Income before income tax (provision) benefit $ 1,699,511 $ 1,139,408 Transaction-related charges (1) 31,572 32,110 Net income attributable to Non-Controlling Interests in consolidated entities (116,276) (41,068) Unrealized performance fees (279,750) (907,656) Unrealized profit sharing expense 98,141 340,687 Equity-based profit sharing expense and other (2) 26,992 38,463 Equity-based compensation 19,491 17,747 Unrealized principal investment (income) loss (8,620) (107,110) Unrealized net (gains) losses from investment activities and other (914,167) (277,167) Segment Distributable Earnings $ 556,894 $ 235,414 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. (2) 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. As of and for the Six Months Ended June 30, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 541,338 $ 245,374 $ 124,193 $ 910,905 Advisory and transaction fees, net 87,887 48,378 2,465 138,730 Performance fees (1) 16,846 — — 16,846 Fee Related Revenues 646,071 293,752 126,658 1,066,481 Salary, bonus and benefits (144,678) (117,605) (59,246) (321,529) General, administrative and other (80,219) (48,675) (26,345) (155,239) Placement fees (1,066) — — (1,066) Fee Related Expenses (225,963) (166,280) (85,591) (477,834) Other income (loss), net of Non-Controlling Interest (1,549) 1,419 (251) (381) Fee Related Earnings 418,559 128,891 40,816 588,266 Realized performance fees 118,160 432,714 24,636 575,510 Realized profit sharing expense (79,924) (210,781) (13,604) (304,309) Net Realized Performance Fees 38,236 221,933 11,032 271,201 Realized principal investment income, net (2) 4,435 88,805 3,535 96,775 Net interest loss and other (25,654) (27,236) (17,676) (70,566) Segment Distributable Earnings (3) $ 435,576 $ 412,393 $ 37,707 $ 885,676 Total Assets (3) $ 6,100,580 $ 4,868,181 $ 785,017 $ 11,753,778 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 Six Months Ended June 30, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 432,950 $ 252,860 $ 98,380 $ 784,190 Advisory and transaction fees, net 29,023 65,145 4,313 98,481 Performance fees (1) 5,844 — — 5,844 Fee Related Revenues 467,817 318,005 102,693 888,515 Salary, bonus and benefits (109,814) (95,682) (53,524) (259,020) General, administrative and other (72,624) (43,764) (23,768) (140,156) Placement fees (664) (107) — (771) Fee Related Expenses (183,102) (139,553) (77,292) (399,947) Other loss, net of Non-Controlling Interest (1,387) 25 95 (1,267) Fee Related Earnings 283,328 178,477 25,496 487,301 Realized performance fees 30,220 4,692 41,671 76,583 Realized profit sharing expense (29,916) (4,996) (41,671) (76,583) Net Realized Performance Fees 304 (304) — — Realized principal investment income, net (2) 3,184 3,946 3,672 10,802 Net interest loss and other (28,971) (27,360) (9,853) (66,184) Segment Distributable Earnings (3) $ 257,845 $ 154,759 $ 19,315 $ 431,919 (1) Represents certain performance fees related to business development companies, Redding Ridge Holdings 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 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 Six Months Ended June 30, 2021 2020 Total Consolidated Revenues $ 3,677,025 $ 39,249 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (67,674) (60,688) Adjustments related to consolidated funds and VIEs (1) 75,033 14,714 Performance fees (2) (2,145,760) 815,942 Principal investment (income) loss (472,143) 79,298 Total Fee Related Revenues 1,066,481 888,515 Realized performance fees 575,510 76,583 Realized principal investment income, net and other 96,775 9,117 Total Segment Revenues $ 1,738,766 $ 974,215 (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 from 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 Six Months Ended June 30, 2021 2020 Total Consolidated Expenses $ 1,768,531 $ 374,343 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (77,488) (53,873) Reclassification of interest expenses (69,613) (63,533) Transaction-related charges, net (1) (51,666) (10,711) Charges associated with corporate conversion (2) — (1,064) Equity-based compensation (35,649) (31,817) Total profit sharing expense (3) (1,053,306) 190,962 Dividend-related compensation expense (2,975) (4,360) Total Fee Related Expenses 477,834 399,947 Realized profit sharing expense 304,309 76,583 Total Segment Expenses $ 782,143 $ 476,530 (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, and restructuring charges. (2) Represents expenses incurred in relation to the conversion to a corporation. (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 Six Months Ended June 30, 2021 2020 Total Consolidated Other Income (Loss) $ 1,512,766 $ (1,105,194) Adjustments related to consolidated funds and VIEs (1) (255,063) 110,268 Loss from change in tax receivable agreement liability (1,941) — Net (gains) losses from investment activities (1,268,900) 994,132 Interest income and other, net of Non-Controlling Interest 12,757 (473) Other Income (Loss), net of Non-Controlling Interest (381) (1,267) Net interest loss and other (70,566) (64,499) Total Segment Other Loss $ (70,947) $ (65,766) (1) Represents the addition of other income of consolidated funds and VIEs. The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Distributable Earnings: For the Six Months Ended June 30, 2021 2020 Income (Loss) before income tax (provision) benefit $ 3,421,260 $ (1,440,288) Transaction-related charges (1) 51,666 10,711 Charges associated with corporate conversion (2) — 1,064 Loss from change in tax receivable agreement liability (1,941) — Net (income) loss attributable to Non-Controlling Interests in consolidated entities (186,854) 123,341 Unrealized performance fees (1,570,249) 892,525 Unrealized profit sharing expense 687,133 (340,496) Equity-based profit sharing expense and other (3) 61,864 72,951 Equity-based compensation 35,649 31,817 Unrealized principal investment (income) loss (372,393) 94,460 Unrealized net (gains) losses from investment activities and other (1,240,459) 985,834 Segment Distributable Earnings $ 885,676 $ 431,919 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. (2) Represents expenses incurred in relation to the conversion to a corporation. (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 $ 11,753,778 $ 8,681,467 Adjustments (1) 15,787,568 14,987,617 Total assets $ 27,541,346 $ 23,669,084

ORGANIZATION (Details)

ORGANIZATION (Details)	Feb. 28, 2020shares	Jun. 30, 2021segmentholdingCompany	Dec. 31, 2020
Entity Information [Line Items]
Number of segments | segment		3
Number of holding company | holdingCompany		5
Intermediate Holding Companies
Entity Information [Line Items]
Economic interest percentage		53.50%
Holdings
Entity Information [Line Items]
Economic interest percentage		39.80%
Athene Holding
Entity Information [Line Items]
Equity interests issued (in shares) | 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]
Incremental interest purchased	17.00%
Ownership percentage	28.00%	28.40%	28.50%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Billions	Jun. 30, 2021	Dec. 31, 2020
Initial Business Combination Or Redemption Of Public Shares, ASPG Trust Agreement
New Accounting Pronouncement, Early Adoption [Line Items]
Restricted cash	$ 0.8
Initial Business Combination Or Redemption Of Public Shares, ASPG II Trust Agreement
New Accounting Pronouncement, Early Adoption [Line Items]
Restricted cash	0.7
Level I | U.S. Treasury securities, at fair value
New Accounting Pronouncement, Early Adoption [Line Items]
Money market funds and U.S. treasury securities	$ 1.2	$ 1.2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Accounting Policies [Abstract]
Deferred revenue recognized	$ 23.5

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 401(k) Savings Plan (Details)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Percent of eligible employee contributions	50.00%
Percent of the eligible employees’ compensation	3.00%
Service period	3 years

INVESTMENTS - Apollo's Investme

INVESTMENTS - Apollo's Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments, at fair value	$ 3,681,955	$ 2,360,434
Equity method investments	1,492,071	1,010,821
Performance allocations	2,736,493	1,624,156
Total Investments	$ 7,910,519	$ 4,995,411

INVESTMENTS - Summarized Financ

INVESTMENTS - Summarized Financial Information of Athene Holding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Operating Expenses	$ 746,787	$ 702,777	$ 1,768,531	$ 374,343
Income (loss) before income tax (provision) benefit	1,699,511	1,139,408	3,421,260	(1,440,288)
Income Tax Expense (Benefit)	194,051	140,323	397,297	(155,530)
Net Income (Loss)	1,505,460	999,085	3,023,963	(1,284,758)
Net (income) loss attributable to Non-Controlling Interests	(847,733)	(552,756)	(1,687,346)	734,869
Net Income (Loss) Attributable to Apollo Global Management, Inc.	657,727	446,329	1,336,617	(549,889)
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment in Athene Holding
Schedule of Equity Method Investments [Line Items]
Revenues	6,423	4,398	10,814	2,849
Operating Expenses	4,433	3,317	8,685	3,150
Income (loss) before income tax (provision) benefit	1,990	1,081	2,129	(301)
Income Tax Expense (Benefit)	184	150	246	(16)
Net Income (Loss)	1,806	931	1,883	(285)
Net (income) loss attributable to Non-Controlling Interests	389	88	(148)	(81)
Net Income (Loss) Attributable to Apollo Global Management, Inc.	1,417	843	2,031	(204)
Preferred stock dividends	35	19	71	37
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders	$ 1,382	$ 824	$ 1,960	$ (241)

INVESTMENTS - Summary of Net Ga

INVESTMENTS - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Debt Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment	$ 1,192	$ 70	$ 1,193	$ 1,877
Unrealized Gain (Loss) on Investments	912,202	268,597	1,265,352	(997,761)
Investment Income, Net, Amortization of Discount and Premium, Total	$ 913,394	$ 268,667	$ 1,266,545	$ (995,884)

INVESTMENTS - Summary of Equity

INVESTMENTS - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,492,071	$ 1,010,821
Credit
Schedule of Equity Method Investments [Line Items]
Equity method investments	472,320	258,952
Credit | AINV
Schedule of Equity Method Investments [Line Items]
Equity method investments	39,700	40,400
Value of company's investment	37,700	30,800
Credit | VA Capital Company, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	323,500	113,500
Private Equity
Schedule of Equity Method Investments [Line Items]
Equity method investments	938,439	672,430
Private Equity | Fund VIII
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 318,400	$ 343,300
Ownership percentage	2.20%	2.20%
Private Equity | Fund IX
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 268,000	$ 134,400
Ownership percentage	1.90%	1.90%
Real Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 81,312	$ 79,439

INVESTMENTS - Summary of Perfor

INVESTMENTS - Summary of Performance Allocations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Performance allocations	$ 2,736,493	$ 1,624,156
Credit
Schedule of Equity Method Investments [Line Items]
Performance allocations	484,010	465,153
Private Equity
Schedule of Equity Method Investments [Line Items]
Performance allocations	2,100,537	1,040,827
Real Assets
Schedule of Equity Method Investments [Line Items]
Performance allocations	$ 151,946	$ 118,176

INVESTMENTS - Performance Alloc

INVESTMENTS - Performance Allocations Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Performance Allocation [Roll Forward]
Performance allocations beginning balance	$ 1,624,156
Change in fair value of funds	1,853,997
Fund distributions to the Company	(741,660)
Performance allocations ending balance	2,736,493
Credit
Performance Allocation [Roll Forward]
Performance allocations beginning balance	465,153
Change in fair value of funds	273,442
Fund distributions to the Company	(254,585)
Performance allocations ending balance	484,010
Private Equity
Performance Allocation [Roll Forward]
Performance allocations beginning balance	1,040,827
Change in fair value of funds	1,522,069
Fund distributions to the Company	(462,359)
Performance allocations ending balance	2,100,537
Real Assets
Performance Allocation [Roll Forward]
Performance allocations beginning balance	118,176
Change in fair value of funds	58,486
Fund distributions to the Company	(24,716)
Performance allocations ending balance	$ 151,946

PROFIT SHARING PAYABLE - Summar

PROFIT SHARING PAYABLE - Summary of Profit Sharing (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	$ 1,521,906	$ 842,677
Credit
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	435,211	356,375
Private Equity
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	1,009,378	422,079
Real Assets
Profit Sharing Payable Summary [Line Items]
Total profit sharing payable	$ 77,317	$ 64,223

PROFIT SHARING PAYABLE - Rollfo

PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	$ 842,677
Profit sharing expense	960,257
Payments/other	(281,028)
Profit sharing payable, ending balance	1,521,906
Credit
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	356,375
Profit sharing expense	189,553
Payments/other	(110,717)
Profit sharing payable, ending balance	435,211
Private Equity
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	422,079
Profit sharing expense	740,289
Payments/other	(152,990)
Profit sharing payable, ending balance	1,009,378
Real Assets
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	64,223
Profit sharing expense	30,415
Payments/other	(17,321)
Profit sharing payable, ending balance	$ 77,317

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2021	Dec. 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	28.40%	28.50%	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains (losses) from investment activities	$ 51,173	$ 478,480	$ 355,574	$ (500,744)
Net gains (losses) from debt	(2,519)	(353,182)	(11,527)	181,269
Interest and other income	228,420	84,609	362,758	236,051
Interest and other expenses	131,671	(152,045)	(448,808)	24,634
Net gains (losses) from investment activities of consolidated variable interest entities	$ 145,403	$ 57,862	$ 257,997	$ (108,058)

VARIABLE INTEREST ENTITIES - Pr

VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Collateralized assets	$ 18,833,698		$ 17,493,425
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Principal Outstanding	8,414,763		8,976,271
Debt, at fair value	8,077,288		8,660,515
Collateralized assets	9,100,000		9,600,000
Senior Notes | Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Principal Outstanding	$ 4,851,818		$ 5,350,198
Weighted Average Interest Rate	1.98%		2.10%
Weighted Average Remaining Maturity in Years	12 years 10 months 24 days	6 years
Subordinated Notes | Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Principal Outstanding	$ 3,453,339		$ 3,389,375
Weighted Average Interest Rate	5.03%		5.08%
Weighted Average Remaining Maturity in Years	32 years	21 years 1 month 6 days
Debt, at fair value	$ 700,000		$ 600,000
Secured Borrowings | Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Principal Outstanding	$ 109,606		$ 236,698
Weighted Average Interest Rate	2.18%		2.41%
Weighted Average Remaining Maturity in Years	4 months 24 days	3 months 18 days

VARIABLE INTEREST ENTITIES - Va

VARIABLE INTEREST ENTITIES - Variable Interest Entities Which are Not Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Investments	$ 7,910,519	$ 4,995,411
Total Assets	27,541,346	23,669,084
Liabilities:
Total Liabilities	17,912,200	17,373,119
Variable Interest Entity, Not Primary Beneficiary
Assets:
Cash	299,882	354,109
Investments	4,153,458	4,154,057
Receivables	68,564	34,800
Total Assets	4,521,904	4,542,966
Liabilities:
Debt and other payables	1,315,315	1,229,345
Total Liabilities	1,315,315	1,229,345
Apollo Exposure	$ 157,106	$ 155,273

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	Jun. 30, 2021	Dec. 31, 2020
Investments, at fair value:
Derivative assets		$ 17
Total Assets	$ 18,833,698	17,493,425
Liabilities
Other liabilities	51,389
Derivative liabilities		100
Total Liabilities	8,284,257	8,804,479
Performance allocations	2,736,493	1,624,156
Consolidated Variable Interest Entities
Investments, at fair value:
Investments, at fair value	13,659,631	13,316,016
Investments of VIEs, at fair value	13,418,089	13,105,673
Total Assets	9,100,000	9,600,000
Liabilities
Debt of VIEs, at fair value	8,077,288	8,660,515
Other liabilities	26,596	24,076
U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	1,492,112	1,816,958
Liabilities
Cost	1,492,104	1,816,635
Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	3,208,968	1,942,574
Liabilities
Cost	2,092,247	2,092,247
Other Investments
Investments, at fair value:
Investments, at fair value	472,987	417,860
Liabilities
Cost	391,178	354,010
Total investments, at fair value
Investments, at fair value:
Investments, at fair value	3,681,955	2,360,434
Liabilities
Cost	2,483,425	2,446,257
Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	128,984	119,788
Level I
Investments, at fair value:
Derivative assets		0
Total Assets	1,534,798	1,819,516
Liabilities
Other liabilities	51,389
Derivative liabilities		0
Total Liabilities	51,389	0
Level I | Consolidated Variable Interest Entities
Investments, at fair value:
Investments, at fair value	5,321	2,558
Investments of VIEs, at fair value	5,321	2,558
Investments of VIEs, valued using NAV	0	0
Liabilities
Debt of VIEs, at fair value	0	0
Other liabilities	0	0
Level I | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities, at fair value	1,492,112	1,816,958
Level I | Investment in Athene Holding
Investments, at fair value:
Investments, at fair value	0	0
Level I | Other Investments
Investments, at fair value:
Investments, at fair value	37,365	0
Level I | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	37,365	0
Level I | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	0	0
Level II
Investments, at fair value:
Derivative assets		17
Total Assets	4,789,619	4,130,814
Liabilities
Other liabilities	0
Derivative liabilities		100
Total Liabilities	897,710	1,584,071
Level II | Consolidated Variable Interest Entities
Investments, at fair value:
Investments, at fair value	1,534,816	2,140,135
Investments of VIEs, at fair value	1,534,816	2,140,135
Investments of VIEs, valued using NAV	0	0
Liabilities
Debt of VIEs, at fair value	893,650	1,580,097
Other liabilities	4,060	3,874
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	3,208,968	1,942,574
Level II | Other Investments
Investments, at fair value:
Investments, at fair value	45,835	48,088
Level II | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	3,254,803	1,990,662
Level II | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	0	0
Level III
Investments, at fair value:
Derivative assets		0
Total Assets	12,267,739	11,332,752
Liabilities
Other liabilities	0
Derivative liabilities		0
Total Liabilities	7,335,158	7,220,408
Level III | Consolidated Variable Interest Entities
Investments, at fair value:
Investments, at fair value	11,877,952	10,962,980
Investments of VIEs, at fair value	11,877,952	10,962,980
Investments of VIEs, valued using NAV	0	0
Liabilities
Debt of VIEs, at fair value	7,183,638	7,080,418
Other liabilities	22,536	20,202
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	389,787	369,772
Liabilities
Performance allocations	93,300	44,400
Level III | Total investments, at fair value
Investments, at fair value:
Investments, at fair value	389,787	369,772
Level III | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	128,984	119,788
NAV | Consolidated Variable Interest Entities
Investments, at fair value:
Investments of VIEs, valued using NAV	$ 241,542	$ 210,343

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 12,328,720	$ 7,759,015	$ 11,332,752	$ 434,479
Transfer out due to deconsolidation	(229,717)		(229,717)	7,794,128
Purchases	692,073	658,899	1,682,423	1,019,535
Sale of investments/distributions	(561,229)	(155,690)	(809,168)	(193,255)
Settlements		(252,776)		(437,948)
Net realized gains	7,090	2,321	14,043	1,872
Changes in net unrealized gains	28,883	324,589	361,263	(335,737)
Cumulative translation adjustment	7,412	12,158	(21,888)	(714)
Transfer into Level III	7,219	1,706	10,591	70,636
Transfer out of Level III	(12,712)	(67,289)	(72,560)	(70,063)
Balance, End of Period	12,267,739	8,282,933	12,267,739	8,282,933
Consolidated Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	11,947,443	7,640,903	10,962,980	321,069
Transfer out due to deconsolidation	(229,717)		(229,717)	7,794,128
Purchases	692,073	530,348	1,682,423	859,580
Sale of investments/distributions	(557,994)	(154,724)	(805,933)	(183,877)
Settlements		(252,776)		(437,948)
Net realized gains	7,087	1,355	12,975	121
Changes in net unrealized gains	19,746	308,146	332,147	(334,556)
Cumulative translation adjustment	4,807	7,637	(14,248)	(3,784)
Transfer into Level III	7,219	1,706	9,885	70,636
Transfer out of Level III	(12,712)	(67,015)	(72,560)	(69,789)
Balance, End of Period	11,877,952	8,015,580	11,877,952	8,015,580
Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	9,137	16,442	29,116	(1,181)
Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date | Consolidated Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	0	0	0	0
Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	66,050	70,639	198,957	(47,303)
Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date | Consolidated Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	66,050	70,639	198,957	(47,303)
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	381,277	118,112	369,772	113,410
Transfer out due to deconsolidation	0		0	0
Purchases	0	128,551	0	159,955
Sale of investments/distributions	(3,235)	(966)	(3,235)	(9,378)
Settlements		0		0
Net realized gains	3	966	1,068	1,751
Changes in net unrealized gains	9,137	16,443	29,116	(1,181)
Cumulative translation adjustment	2,605	4,521	(7,640)	3,070
Transfer into Level III	0	0	706	0
Transfer out of Level III	0	(274)	0	(274)
Balance, End of Period	389,787	267,353	389,787	267,353
Other Investments | Change in net unrealized gains included in net gains from investment activities related to investments still held at reporting date
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	9,137	16,442	29,116	(1,181)
Other Investments | Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains	$ 0	$ 0	$ 0	$ 0

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 7,430,472	$ 3,872,566	$ 7,220,408	$ 112,514
Transfer in due to consolidation				4,291,286
Issuances	101,871	213,828	311,408	302,928
Repayments	(228,043)	(18,969)	(285,018)	(211,620)
Net realized losses	10,239	3,459	10,730	3,459
Changes in net unrealized (gains) losses	8,208	278,566	91,456	(142,590)
Cumulative translation adjustment	12,214	8,394	(14,023)	1,867
Transfer into level III	197		197
Balance, End of Period	7,335,158	4,357,844	7,335,158	4,357,844
Debt And Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	(5,559)	172,730	(58,909)	(225,263)
Contingent Consideration Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	113,222	76,700	119,788	112,514
Transfer in due to consolidation				0
Issuances	0	0	0	0
Repayments	(792)	(219)	(13,114)	(12,870)
Net realized losses	0	0	0	0
Changes in net unrealized (gains) losses	16,554	22,616	22,310	(547)
Cumulative translation adjustment	0	0	0	0
Transfer into level III	0		0
Balance, End of Period	128,984	99,097	128,984	99,097
Contingent Consideration Obligations | Debt And Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	0	0	0	0
Debt and Other Liabilities of Consolidated VIEs | Consolidated Variable Interest Entities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	7,317,250	3,795,866	7,100,620	0
Transfer in due to consolidation				4,291,286
Issuances	101,871	213,828	311,408	302,928
Repayments	(227,251)	(18,750)	(271,904)	(198,750)
Net realized losses	10,239	3,459	10,730	3,459
Changes in net unrealized (gains) losses	(8,346)	255,950	69,146	(142,043)
Cumulative translation adjustment	12,214	8,394	(14,023)	1,867
Transfer into level III	197		197
Balance, End of Period	7,206,174	4,258,747	7,206,174	4,258,747
Debt and Other Liabilities of Consolidated VIEs | Consolidated Variable Interest Entities | Debt And Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses	$ (5,559)	$ 172,730	$ (58,909)	$ (225,263)

FAIR VALUE MEASUREMENTS OF FI_6

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financial Assets
Assets	$ 12,267,739	$ 12,328,720	$ 11,332,752	$ 8,282,933	$ 7,759,015	$ 434,479
Financial Liabilities
Liabilities	7,335,158	7,430,472	7,220,408	4,357,844	3,872,566	112,514
Consolidated Variable Interest Entities
Financial Assets
Investments, at fair value	13,659,631		13,316,016
Assets	11,877,952	11,947,443	10,962,980	8,015,580	7,640,903	321,069
Consolidated Variable Interest Entities | Secured loans
Financial Liabilities
Liabilities	4,013,342		3,822,475
Consolidated Variable Interest Entities | Subordinated notes
Financial Liabilities
Liabilities	3,148,942		3,044,437
Consolidated Variable Interest Entities | Other liabilities
Financial Liabilities
Liabilities	22,536		20,202
Consolidated Variable Interest Entities | Participating equity
Financial Liabilities
Liabilities	21,354
Consolidated Variable Interest Entities | Preferred equity
Financial Liabilities
Liabilities			213,506
Debt and Other Liabilities of Consolidated VIEs | Consolidated Variable Interest Entities
Financial Liabilities
Liabilities	7,206,174	$ 7,317,250	7,100,620	$ 4,258,747	$ 3,795,866	$ 0
Discounted cash flow | Contingent Consideration Obligations
Financial Liabilities
Liabilities	128,984		119,788
Level III
Financial Assets
Assets	12,267,739		11,332,752
Financial Liabilities
Liabilities	7,335,158		7,220,408
Level III | Consolidated Variable Interest Entities
Financial Assets
Investments, at fair value	11,877,952		10,962,980
Level III | Consolidated Variable Interest Entities | Equity securities
Financial Assets
Assets	4,222,903		4,339,244
Level III | Consolidated Variable Interest Entities | Bank loans
Financial Assets
Assets	3,928,257		3,501,384
Level III | Consolidated Variable Interest Entities | Profit participating notes
Financial Assets
Assets	2,638,732		2,577,596
Level III | Consolidated Variable Interest Entities | Real Assets
Financial Assets
Assets	454,220		422,123
Level III | Consolidated Variable Interest Entities | Bonds
Financial Assets
Assets	118,160		97,209
Level III | Consolidated Variable Interest Entities | Convertible securities
Financial Assets
Assets	26,142		16,581
Level III | Consolidated Variable Interest Entities | Warrants
Financial Assets
Assets	3,380		2,676
Level III | Consolidated Variable Interest Entities | Other equity investments
Financial Assets
Assets	486,158		6,167
Level III | Embedded value | Other investments
Financial Assets
Investments, at fair value	263,237		254,655
Level III | Discounted cash flow | Other investments
Financial Assets
Investments, at fair value	118,178		107,652
Level III | Third party pricing | Other investments
Financial Assets
Investments, at fair value	$ 8,372		$ 7,465
Level III | Discount rate | Discounted cash flow | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input			0.124
Level III | Discount rate | Discounted cash flow | Consolidated Variable Interest Entities | Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input			0.15
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Other investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	16.00%		16.00%
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.031		0.044
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.018		0.018
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Profit participating notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit Participating Notes, Measurement Input	0.087		0.075
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.070		0.063
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.045		0.055
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Secured loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.014		0.018
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.045		0.077
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Other liabilities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.022		0.018
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Other investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	47.50%		47.50%
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.230		0.156
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.156		0.270
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Profit participating notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit Participating Notes, Measurement Input	0.125		0.150
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.125		0.125
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.072		0.070
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Secured loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.096		0.093
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.115		0.140
Level III | Discount rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Other liabilities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.091		0.079
Level III | Discount rate | Discounted cash flow | Weighted Average | Other investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other investments, measurement input	23.00%		23.40%
Level III | Discount rate | Discounted cash flow | Weighted Average | Contingent Consideration Obligations
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.185		0.175
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.101		0.072
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.041		0.034
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Profit participating notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Profit Participating Notes, Measurement Input	0.124		0.146
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.083		0.084
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Bonds
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, Measurement Input	0.065		0.065
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input			0.124
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Secured loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.026		0.027
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.057		0.099
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Other liabilities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input	0.059		0.057
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Long-term debt, measurement input			0.15
Level III | Discount rate | Dividend discount model | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	13.9
Level III | Discount rate | Dividend discount model | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	0.139
Level III | Discount rate | Dividend discount model | Minimum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input			0.097
Level III | Discount rate | Dividend discount model | Maximum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input			0.138
Level III | Discount rate | Dividend discount model | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.139		0.112
Level III | Discount rate | Dividend discount model | Weighted Average | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	0.139
Level III | Discount rate | Adjusted transaction value | Minimum | Consolidated Variable Interest Entities | Other equity investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other equity investments, measurement input	0.085
Level III | Discount rate | Adjusted transaction value | Maximum | Consolidated Variable Interest Entities | Other equity investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other equity investments, measurement input	0.125
Level III | Discount rate | Adjusted transaction value | Weighted Average | Consolidated Variable Interest Entities | Other equity investments
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Other equity investments, measurement input	0.105
Level III | Discount rate | Market comparable companies | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input			0.138
Level III | Discount rate | Market comparable companies | Weighted Average | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input			0.138
Level III | Disposition timeline | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	10		8
Level III | Disposition timeline | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	52		52
Level III | Disposition timeline | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	26.8		28.8
Level III | 2 year home price index forecast | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	(0.107)		(0.14)
Level III | 2 year home price index forecast | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.176		0.096
Level III | 2 year home price index forecast | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.040		(0.025)
Level III | NTAV multiple | Guideline public company | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.25
Level III | NTAV multiple | Guideline public company | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.25
Level III | NTAV multiple | Valuation, Market Approach [Member] | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input			1.2
Level III | NTAV multiple | Valuation, Market Approach [Member] | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input			1.2
Level III | TBV multiple | Valuation, Market Approach [Member] | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.61		0.56
Level III | TBV multiple | Valuation, Market Approach [Member] | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	0.61		0.56
Level III | TBV multiple | Valuation, Market Approach [Member] | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.61		0.56
Level III | TBV multiple | Valuation, Market Approach [Member] | Weighted Average | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	0.61		0.56
Level III | Purchase multiple | Adjusted transaction value | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.25		1.1
Level III | Purchase multiple | Adjusted transaction value | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	1.25		1.1
Level III | Measurement Input, TEL/EBITDA | Guideline public company | Minimum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	5.5
Level III | Measurement Input, TEL/EBITDA | Guideline public company | Maximum | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	8
Level III | Measurement Input, TEL/EBITDA | Guideline public company | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	7.6
Level III | N/A | Adjusted transaction value | Minimum | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input			0.140
Level III | N/A | Adjusted transaction value | Maximum | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input			0.750
Level III | N/A | Adjusted transaction value | Weighted Average | Consolidated Variable Interest Entities | Bank loans
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input			0.578
Level III | Capitalization rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.045		0.058
Level III | Capitalization rate | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.060		0.060
Level III | Capitalization rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.057		0.058
Level III | Capitalization rate | Direct capitalization | Minimum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.055		0.055
Level III | Capitalization rate | Direct capitalization | Maximum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.085		0.085
Level III | Capitalization rate | Direct capitalization | Weighted Average | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.064		0.066
Level III | Terminal capitalization rate | Discounted cash flow | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.083		0.083
Level III | Terminal capitalization rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.083		0.083
Level III | Terminal capitalization rate | Direct capitalization | Minimum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.063		0.058
Level III | Terminal capitalization rate | Direct capitalization | Maximum | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input	0.120		0.12
Level III | Terminal capitalization rate | Direct capitalization | Weighted Average | Consolidated Variable Interest Entities | Real Assets
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Real estate, measurement input			0.076
Level III | Volatility | Option model | Minimum | Consolidated Variable Interest Entities | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.350		0.500
Level III | Volatility | Option model | Maximum | Consolidated Variable Interest Entities | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.604		0.644
Level III | Volatility | Option model | Weighted Average | Consolidated Variable Interest Entities | Warrants
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.479		0.531
Level III | P/E multiple | Valuation, Market Approach [Member] | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	10.4		9.8
Level III | P/E multiple | Valuation, Market Approach [Member] | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	10		9.8
Level III | P/E multiple | Valuation, Market Approach [Member] | Weighted Average | Consolidated Variable Interest Entities | Equity securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	10.4		9.8
Level III | P/E multiple | Valuation, Market Approach [Member] | Weighted Average | Consolidated Variable Interest Entities | Convertible securities
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Convertible Securities, Measurement Input	10		9.8

FAIR VALUE MEASUREMENTS OF FI_7

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Narrative (Details) - Investment in Athene Holding - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market price (in USD per share)	$ 67.50	$ 43.14
DLOM percent	12.90%	17.50%

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fixed assets	$ 203,154		$ 191,853
Less: Accumulated depreciation and amortization	(119,904)		(111,821)
Fixed assets, net	83,250		80,032
Deferred equity-based compensation	239,946		137,777
Prepaid expenses	68,161		46,639
Intangible assets, net	20,584		23,586
Tax receivables	27,716		42,979
Other	54,798		33,950
Total Other Assets	494,455		$ 364,963
Other liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of grants	$ 224,400	$ 114,600

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 4.3	$ 2.3	$ 8.3	$ 4.9

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease, Cost	$ 12,529	$ 13,617	$ 23,013	$ 25,979

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease, Payments	$ 4,939	$ 3,307	$ 12,494	$ 13,956

LEASES - Lease Payments by Matu

LEASES - Lease Payments by Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating Lease Payments
Remaining 2021	$ 23,251
2022	45,662
2023	41,125
2024	37,453
2025	35,160
Thereafter	313,404
Total lease payments	496,055
Less imputed interest	(86,125)
Present value of lease payments	$ 409,930	$ 332,915

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Jun. 30, 2021USD ($)
Leases [Abstract]
Lease not yet commenced, amount	$ 160.4
Lease not yet commenced, term	16 years

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	13 years 7 months 6 days	13 years 10 months 24 days
Weighted average discount rate	3.00%	3.10%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (194,051,000)	$ (140,323,000)	$ (397,297,000)	$ 155,530,000
Effective tax rate	11.40%	12.30%	11.60%	10.80%
Unrecognized tax benefits	$ 0		$ 0
Unremitted foreign earnings	$ 0		$ 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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Increase in Deferred Tax Asset	$ 45,479	$ 76,580
Increase in Tax Receivable Agreement Liability	38,229	62,531
Increase to Additional Paid In Capital	$ 7,250	$ 14,049

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) € in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 3,154,289		$ 3,155,221
Fair Value	3,561,848		3,598,416
Unamortized debt issuance cost	26,768		28,373
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	498,143		497,817
Fair Value	$ 545,437		$ 553,633
Annualized Weighted Average Interest Rate	4.00%	4.00%	4.00%
Unamortized debt issuance cost	$ 1,565		$ 1,841
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	497,473		497,217
Fair Value	$ 568,433		$ 581,898
Annualized Weighted Average Interest Rate	4.40%	4.40%	4.40%
Unamortized debt issuance cost	$ 2,310		$ 2,545
Senior Notes | 2029 Senior Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance	674,772		674,757
Fair Value	$ 790,973		$ 804,768
Annualized Weighted Average Interest Rate	4.87%	4.87%	4.87%
Unamortized debt issuance cost	$ 4,958		$ 5,282
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	494,630		494,375
Fair Value	$ 508,997		$ 513,362
Annualized Weighted Average Interest Rate	2.65%	2.65%	2.65%
Unamortized debt issuance cost	$ 4,049		$ 4,231
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	296,695		296,633
Fair Value	$ 385,876		$ 379,953
Annualized Weighted Average Interest Rate	5.00%	5.00%	5.00%
Unamortized debt issuance cost	$ 3,016		$ 3,073
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes
Debt Instrument [Line Items]
Outstanding Balance	317,514		317,042
Fair Value	$ 371,705		$ 376,472
Annualized Weighted Average Interest Rate	4.77%	4.77%	4.77%
Unamortized debt issuance cost	$ 7,486		$ 7,958
Subordinated notes | 2050 Subordinated Notes
Debt Instrument [Line Items]
Outstanding Balance	296,616		296,557
Fair Value	$ 312,000		$ 307,500
Annualized Weighted Average Interest Rate	4.95%	4.95%	4.95%
Unamortized debt issuance cost	$ 3,384		$ 3,443
AMI Term Facility | Secured Borrowing [Member]
Debt Instrument [Line Items]
Outstanding Balance	18,952		19,526
Fair Value	$ 18,942		$ 19,527
Annualized Weighted Average Interest Rate	1.84%	1.84%	1.84%
Loan Amount | €		€ 15,984
Debt instrument term	10 years 2 months 12 days
AMI Term Facility | Secured Borrowing II
Debt Instrument [Line Items]
Outstanding Balance	$ 20,157		$ 20,767
Fair Value	$ 20,148		$ 20,773
Annualized Weighted Average Interest Rate	1.70%	1.70%	1.71%
Loan Amount | €		€ 17,000
AMI Term Facility | 2016 AMI Term Facility I
Debt Instrument [Line Items]
Outstanding Balance	$ 20,002		$ 20,608
Fair Value	$ 20,002		$ 20,608
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	$ 19,335		$ 19,922
Fair Value	$ 19,335		$ 19,922
Annualized Weighted Average Interest Rate	1.40%	1.40%	1.40%
Loan Amount | €		€ 16,308

DEBT - Narrative (Details)

DEBT - Narrative (Details)	Jul. 11, 2018USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 23, 2020USD ($)	Jun. 05, 2020USD ($)	Dec. 17, 2019USD ($)	Jun. 11, 2019USD ($)	Jun. 10, 2019USD ($)	Feb. 07, 2019USD ($)	Mar. 15, 2018USD ($)	May 27, 2016USD ($)	May 30, 2014USD ($)
Debt Instrument [Line Items]
Debt		$ 3,154,289,000		$ 3,155,221,000
Principal payments on debt		$ 0	$ 16,990,000
Revolving Credit Facility | AMH Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 750,000,000
Incremental facilities	$ 250,000,000
Leverage ratio maximum	4
Revolving Credit Facility | 2018 AMH Credit Facility
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.09%
Revolving Credit Facility | 2018 AMH Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.00%
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Debt		$ 498,143,000		497,817,000
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		497,473,000		497,217,000
Debt, face amount												$ 500,000,000
Debt, interest rate												4.40%
Debt issuance price (as a percent)												99.912%
Senior Notes | 2029 Senior Notes [Member]
Debt Instrument [Line Items]
Debt		674,772,000		674,757,000
Debt, face amount		675,000,000						$ 125,000,000		$ 550,000,000
Debt, interest rate										4.872%
Debt issuance price (as a percent)								104.812%		99.999%
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Debt		494,630,000		494,375,000
Debt, face amount						$ 500,000,000
Debt, interest rate						2.65%
Debt issuance price (as a percent)						99.704%
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Debt		296,695,000		296,633,000
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		317,514,000		317,042,000
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		$ 296,616,000		$ 296,557,000
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total Interest Expense	$ 34,814	$ 32,291	$ 69,613	$ 63,533
Line of Credit | 2018 AMH Credit Facility
Debt Instrument [Line Items]
Total Interest Expense			0	628
Line of Credit | AMH Credit Facility
Debt Instrument [Line Items]
Total Interest Expense	322	0	643	0
Line of Credit | AMI Term Facilities/ Secured Borrowings
Debt Instrument [Line Items]
Total Interest Expense	376	360	739	630
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	5,163	5,163	10,326	10,326
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	5,628	5,628	11,256	11,256
Senior Notes | 2029 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	8,229	8,229	16,458	16,458
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	3,462	964	6,922	964
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Total Interest Expense	3,781	3,780	7,562	7,562
Subordinated notes | 2050 Subordinated Notes
Debt Instrument [Line Items]
Total Interest Expense	3,742	3,742	7,484	7,486
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes
Debt Instrument [Line Items]
Total Interest Expense	4,111	4,111	$ 8,223	$ 8,223
Revolving Credit Facility | 2018 AMH Credit Facility
Debt Instrument [Line Items]
Total Interest Expense	$ 0	$ 314

NET INCOME (LOSS) PER SHARE O_3

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 15, 2021	May 04, 2021	Apr. 14, 2021	Feb. 26, 2021	Nov. 30, 2020	Aug. 31, 2020	May 29, 2020	Apr. 15, 2020	Feb. 28, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Numerator:
Dividends	$ (19,500)	$ (216,400)	$ (41,800)	$ (260,600)	$ (220,700)	$ (212,100)	$ (181,900)	$ (43,000)	$ (361,200)			$ (538,300)		$ (1,018,900)
Earnings Allocable To Participating Securities										$ (19,774)	$ (13,947)	(38,970)	$ 0
RSUs
Numerator:
Dividends										(4,042)	(3,608)	(9,144)	(10,855)
Class A Common Stock
Numerator:
Net income (loss) attributable to Apollo Global Management, Inc. Class A Common Stockholders										648,563	437,164	1,318,289	(568,218)
Dividends	$ 0	$ (115,500)	$ 0	$ (139,200)	$ (116,700)	$ (112,100)	$ (96,200)	$ 0	$ (205,600)	(115,494)	(96,181)	(254,674)	(301,783)	$ (530,600)
Undistributed Earnings (Loss) Allocated To Participating Securities, Basic And Diluted										$ 509,253	$ 323,428	$ 1,015,501	$ (880,856)
Denominator:
Weighted Average Number of Shares of Class A Common Stock Outstanding – Basic (in shares)										231,058,813	227,653,988	230,534,073	227,205,866
Weighted Average Number of Shares of Class A Common Stock Outstanding – Diluted (in shares)										231,058,813	227,653,988	230,534,073	227,205,866
Net Income per share of Class A Common Stock: Basic and Diluted
Distributed Income (in USD per share)										$ 0.50	$ 0.42	$ 1.10	$ 1.31
Undistributed Income (Loss) (in USD per share)										2.20	1.42	4.41	(3.86)
Net Income (Loss) Available to Class A Common Stock – Basic (in USD per share)										2.70	1.84	5.51	(2.55)
Net Income (Loss) Available to Class A Common Stock – Diluted (in USD per share)										$ 2.70	$ 1.84	$ 5.51	$ (2.55)

NET INCOME (LOSS) PER SHARE O_4

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK - Narrative (Details)	6 Months Ended
	Jun. 30, 2021USD ($)grantvotes$ / sharesshares	Jun. 30, 2020	Dec. 31, 2020$ / sharesshares
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)	231,366,321		228,873,449
Common stock, par value (in USD per share) | $ / shares	$ 0.00001		$ 0.00001
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
Common stock, par value (in USD per share) | $ / shares	$ 0.00001		$ 0.00001
Number of votes | votes	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	46.60%	47.20%
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 (LOSS) PER SHARE O_5

NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK - Weighted Average Shares Issued (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average vested/unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vested RSUs (in shares)	309,142	254,147	675,233	834,718
Weighted average unvested units (in shares)	8,006,542	8,252,215	7,491,189	7,670,111
Apollo Operating Group (AOG) Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units (in shares)	172,599,261	174,873,808	173,207,079	175,737,132
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average unvested units (in shares)	656,220	1,310,805	680,448	1,245,164

EQUITY-BASED COMPENSATION - RSU

EQUITY-BASED COMPENSATION - RSUs, Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,998	$ 59,420	$ 109,446	$ 111,542
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Granted (in shares)			3,336,739
Fair value of grants			$ 160,100	179,700
Equity-based compensation	40,866	47,282	$ 85,971	92,800
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]
Equity-based compensation	$ 17,488	$ 28,467	$ 43,865	$ 57,331
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,200,000	2,000,000
Fair value of grants			$ 51,500	$ 81,400
RSUs | Yeah Over Year Growth Earnings Metrics | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			200,000	300,000
Fair value of grants			$ 7,500	$ 11,700

EQUITY-BASED COMPENSATION - R_2

EQUITY-BASED COMPENSATION - RSUs, Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,998	$ 59,420	$ 109,446	$ 111,542
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual Forfeiture Rate	0.40%	5.80%	0.80%	6.40%
Equity-based compensation	$ 40,866	$ 47,282	$ 85,971	$ 92,800
RSUs | Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 17,488	$ 28,467	$ 43,865	$ 57,331

EQUITY-BASED COMPENSATION - R_3

EQUITY-BASED COMPENSATION - RSUs Activity (Details) - RSUs $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Unvested
Beginning balance (in shares)	8,978,393
Granted (in shares)	3,336,739
Forfeited (in shares)	(101,554)
Vested (in shares)	(1,506,292)
Ending balance (in shares)	10,707,286
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) | $ / shares	$ 31.89
Granted (in USD per share) | $ / shares	48
Forfeited (in USD per share) | $ / shares	42.27
Vested (in USD per share) | $ / shares	33.65
Issued (in USD per share) | $ / shares	0
Ending balance (in USD per share) | $ / shares	$ 36.56
Total Number of RSUs Outstanding
Beginning balance (in shares)	10,811,725
Granted (in shares)	3,336,739
Forfeited (in shares)	(101,554)
Vested (in shares)	1,506,292
Issued (in shares)	(2,980,032)
Ending balance (in shares)	11,066,878
Unrecognized equity-based compensation expense | $	$ 233.6
Weighted Average
Total Number of RSUs Outstanding
Unrecognized equity-based compensation expense, period of recognition	2 years 2 months 12 days
Vested
Unvested
Vested (in shares)	(1,506,292)
Total Number of RSUs Outstanding
Beginning balance (in shares)	1,833,332
Forfeited (in shares)	0
Vested (in shares)	1,506,292
Issued (in shares)	(2,980,032)
Ending balance (in shares)	359,592

EQUITY-BASED COMPENSATION - Rec

EQUITY-BASED COMPENSATION - Reconciliation of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 52,998	$ 59,420	$ 109,446	$ 111,542
Non-Controlling Interests in Apollo Operating Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			6,248	2,109
Less other equity-based compensation awards			(6,248)	(2,109)
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			103,198	109,433
Less other equity-based compensation awards			(16,940)	(16,203)
Capital increase related to equity-based compensation			86,258	93,230
RSUs, share options and restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			96,010	107,069
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			$ 96,010	$ 107,069
Other equity-based compensation awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			13,436	4,473
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			$ 6,248	$ 2,109
Non-Controlling Interest % in Apollo Operating Group			46.50%	47.10%
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			$ 7,188	$ 2,364

EQUITY - Common Stock, Narrativ

EQUITY - Common Stock, Narrative (Details) - USD ($)	Feb. 28, 2020	Jan. 31, 2019	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 12, 2020
Class of Stock [Line Items]
Increase in authorized repurchased amount		$ 250,000,000
Authorized common stock for repurchase (up to)		$ 500,000,000				$ 500,000,000
Repurchases and canceled amount			$ (122,703,000)	$ (122,703,000)	$ (64,205,000)
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase, unused capacity						$ 80,000,000
Repurchase of Class A Common Stock (in shares)				(1,818,108)	(2,194,095)
Repurchases and canceled amount				$ (105,700,000)	$ (64,200,000)
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%	6.70%

EQUITY - Class A Common Stock A

EQUITY - Class A Common Stock Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Issuance of shares of Class A Common Stock for equity-based awards (in shares)	1,490,785	3,151,903
Cash paid for tax liabilities	$ 63.7	$ 85.5
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)	2,980,032	4,366,569
Gross value of shares issued	$ 155.2	$ 202.2
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)	(1,218,885)	(1,843,305)
Vesting period	3 years
Restricted shares forfeited (in shares)	(101,554)
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)	(270,362)	628,639
Restricted shares forfeited (in shares)	0	(7,675)
Class A Common Stock | Reduction of shares of Class A Common Stock issued
Class of Stock [Line Items]
Restricted shares issued (in shares)	270,362	149,042
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 (in shares)	56,243	636,314
Common stock shares repurchased (in shares)	326,605	0

EQUITY - Preferred Stock Issuan

EQUITY - Preferred Stock Issuance, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 19, 2018	Mar. 07, 2017	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	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
Dividend rate per annum		6.375%
Issuance of preferred shares, net of issuance costs		$ 275
Series B Preferred Share
Class of Stock [Line Items]
Preferred stock, shares issued	12,000,000
Dividend rate per annum	6.375%
Issuance of preferred shares, net of issuance costs	$ 300
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued			11,000,000	11,000,000	11,000,000
Preferred stock, shares outstanding			11,000,000	11,000,000	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, liquidation preference (in USD per share)						$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued			12,000,000	12,000,000	12,000,000
Preferred stock, shares outstanding			12,000,000	12,000,000	12,000,000
Series B Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)			$ 25.50	$ 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, 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	$ 25
Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)			$ 25.25	$ 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	Jun. 15, 2021	May 04, 2021	Apr. 14, 2021	Feb. 26, 2021	Nov. 30, 2020	Aug. 31, 2020	May 29, 2020	Apr. 15, 2020	Feb. 28, 2020	Apr. 30, 2021	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Dividends/Distributions	$ 19,500	$ 216,400	$ 41,800	$ 260,600	$ 220,700	$ 212,100	$ 181,900	$ 43,000	$ 361,200					$ 538,300		$ 1,018,900
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	$ 19,500	$ 100,900	$ 41,800	$ 121,400	$ 104,000	$ 100,000	$ 85,700	$ 43,000	$ 155,600	$ 34,700	$ 43,000			$ 283,600		$ 488,300
Distribution made (in USD per share)			$ 0.15					$ 0.21
Distributions made related with federal corporate estimated tax payments (in USD per share)	$ 0.08		0.03
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A Common Stock (in USD per share)	$ 0	$ 0.50	$ 0	$ 0.60	$ 0.51	$ 0.49	$ 0.42	$ 0	$ 0.89					$ 1.10		$ 2.31
Dividends/Distributions	$ 0	$ 115,500	$ 0	$ 139,200	$ 116,700	$ 112,100	$ 96,200	$ 0	$ 205,600			$ 115,494	$ 96,181	$ 254,674	$ 301,783	$ 530,600
Distribution made (in USD per share)												$ 0.50	$ 0.42	$ 1.10	$ 1.31
Distribution Equivalents on Participating Securities
Class of Stock [Line Items]
Dividends/Distributions	$ 0	$ 4,000	$ 0	$ 5,100	$ 4,100	$ 4,000	$ 3,600	$ 0	$ 7,200					$ 9,100		$ 18,900

EQUITY - Interests in Consolida

EQUITY - Interests in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract]
Net income attributable to Non-Controlling Interests in consolidated entities	$ 847,733	$ 552,756	$ 1,687,346	$ (734,869)
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract]
Net income (loss)	1,505,460	999,085	3,023,963	(1,284,758)
Net Income (Loss) Attributable to Noncontrolling Interest	(847,733)	(552,756)	(1,687,346)	734,869
Net Income (Loss) Attributable to Apollo Global Management, Inc.	657,727	446,329	1,336,617	(549,889)
Adjustments [Abstract]
Income tax provision (benefit)	194,051	140,323	397,297	(155,530)
NYC UBT and foreign tax benefit	(7,727)	(3,181)	(13,481)	(10,643)
Net Income (Loss) Attributable to Parent	(657,727)	(446,329)	(1,336,617)	549,889
Total adjustments	178,413	127,987	365,492	(184,484)
Other comprehensive income (loss) attributable to Non-Controlling Interests	3,571	6,223	(10,193)	(818)
Comprehensive Income (Loss) Attributable to Non-Controlling Interests	851,304	558,979	1,677,153	(735,687)
Series A Preferred Stock
Adjustments [Abstract]
Preferred Stock Dividends	(4,383)	(4,383)	(8,766)	(8,766)
Series B Preferred Stock
Adjustments [Abstract]
Preferred Stock Dividends	(4,781)	(4,782)	(9,562)	(9,563)
Other consolidated entities
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract]
Net income attributable to Non-Controlling Interests in consolidated entities	114,959	40,037	184,257	(124,620)
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract]
Net Income (Loss) Attributable to Noncontrolling Interest	(114,959)	(40,037)	(184,257)	124,620
Consolidated entities
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract]
Net income attributable to Non-Controlling Interests in consolidated entities	116,276	41,068	186,854	(123,341)
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract]
Net income (loss)	1,567,597	1,086,004	3,202,601	(1,345,901)
Net Income (Loss) Attributable to Noncontrolling Interest	(116,276)	(41,068)	(186,854)	123,341
Net Income (Loss) Attributable to Apollo Global Management, Inc.	1,389,184	958,017	2,837,109	(1,161,417)
Adjustments [Abstract]
Net Income (Loss) Attributable to Parent	(1,389,184)	(958,017)	(2,837,109)	1,161,417
Interest in management companies and a co-investment vehicle
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract]
Net income attributable to Non-Controlling Interests in consolidated entities	1,317	1,031	2,597	1,279
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract]
Net Income (Loss) Attributable to Noncontrolling Interest	(1,317)	(1,031)	(2,597)	(1,279)
Apollo Operating Group
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract]
Net income attributable to Non-Controlling Interests in consolidated entities	731,457	511,688	1,500,492	(611,528)
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract]
Net Income (Loss) Attributable to Noncontrolling Interest	(731,457)	(511,688)	(1,500,492)	611,528
Net Income (Loss) Attributable to Apollo Global Management, Inc.	(1,253)	(10)	(4)	(18)
Adjustments [Abstract]
Net Income (Loss) Attributable to Parent	$ 1,253	$ 10	$ 4	$ 18
Weighted average ownership percentage of Apollo Operating Group	46.60%	47.10%	46.60%	46.70%

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from and Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Due from Related Parties:
Total Due from Related Parties	$ 425,927	$ 462,383
Due to Related Parties:
Total Due to Related Parties	439,662	608,469
Due to Co-Founders and Contributing Partners
Due to Related Parties:
Total Due to Related Parties	306,635	310,230
Due from/to credit funds
Due from Related Parties:
Total Due from Related Parties	206,904	183,992
Due to Related Parties:
Total Due to Related Parties	31,876	34,280
Due from/to private equity funds
Due from Related Parties:
Total Due from Related Parties	25,318	21,169
Due to Related Parties:
Total Due to Related Parties	65,604	216,899
Due from/to real assets funds
Due from Related Parties:
Total Due from Related Parties	38,194	28,231
Due to Related Parties:
Total Due to Related Parties	35,547	47,060
Due from portfolio companies
Due from Related Parties:
Total Due from Related Parties	63,119	80,122
Due from Contributing Partners, employees and former employees
Due from Related Parties:
Total Due from Related Parties	$ 92,392	$ 148,869

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Tax Receivable Agreement (Details) - USD ($)	Jun. 15, 2021	May 04, 2021	Apr. 14, 2021	Feb. 26, 2021	Nov. 30, 2020	Aug. 31, 2020	May 29, 2020	Apr. 15, 2020	Feb. 28, 2020	Apr. 30, 2021	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Percentage of amount of cash savings												15.00%
Recorded liability												$ 38,229,000	$ 62,531,000
Cash payment on tax receivable agreement										$ 39,900,000	$ 48,200,000	39,884,000	$ 48,195,000
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group
Related Party Transaction [Line Items]
Pro rate distribution	$ 19,500,000	$ 100,900,000	$ 41,800,000	$ 121,400,000	$ 104,000,000	$ 100,000,000	$ 85,700,000	$ 43,000,000	$ 155,600,000	$ 34,700,000	$ 43,000,000	$ 283,600,000		$ 488,300,000
Distribution made (in USD per share)			$ 0.15					$ 0.21
Managing Partners
Related Party Transaction [Line Items]
Percentage of amount of cash savings												85.00%
Cash payment, multiplier by outstanding units												$ 3.66
Cash payment, payable period												4 years

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	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Loans to related party	$ 15.8	$ 17.5
Loans due upon liquidation of fund	$ 67.7	$ 124.1

RELATED PARTY TRANSACTIONS AN_6

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Indemnity (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Indemnity liability	$ 13.2	$ 12.8

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	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
General partner obligation	$ 100,656	$ 261,871
Credit
Related Party Transaction [Line Items]
General partner obligation	0	0
Private Equity
Related Party Transaction [Line Items]
General partner obligation	65,289	215,011
Real Assets
Related Party Transaction [Line Items]
General partner obligation	$ 35,367	$ 46,860

RELATED PARTY TRANSACTIONS AN_8

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athene (Details) - USD ($) $ in Thousands	Sep. 20, 2018	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Asset threshold		$ 27,541,346	$ 23,669,084
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)	6 Months Ended
	Jun. 30, 2021
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) - USD ($) $ in Millions	Feb. 28, 2020	Oct. 27, 2019	Jun. 30, 2021	Dec. 31, 2020
Athene Holding | Athene Holding
Related Party Transaction [Line Items]
Incremental interest purchased	17.00%
Ownership percentage	28.00%		28.40%	28.50%
Ownership percentage, including shares and warrants owned by related parties	35.00%
Athene Holding
Related Party Transaction [Line Items]
Equity interests issued (in shares)	29,154,519
Athene Holding | 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) - Liquidity Agreement - Class A Common Stock	6 Months Ended
	Jun. 30, 2021USD ($)
Related Party Transaction [Line Items]
Exchange of AOG Units for Class A Common Stock	$ 50,000,000
Minimum ownership percentage	3.50%
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%

- Merger Agreement (Details)

- Merger Agreement (Details) $ / shares in Units, $ in Millions	Mar. 08, 2021USD ($)$ / shares	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Class A Common Stock
Related Party Transaction [Line Items]
Common stock, par value (in USD per share)		$ 0.00001	$ 0.00001
Merger Agreement | Affiliated Entity | AHL, HoldCo, AHL Merger Sub, And AGM Merger Sub
Related Party Transaction [Line Items]
Merger termination fee | $	$ 81.9
Merger Agreement | Affiliated Entity | AHL Shares | Class A Common Stock
Related Party Transaction [Line Items]
Common stock, par value (in USD per share)	$ 0.001
Merger Agreement | Affiliated Entity | HoldCo Shares | Class A Common Stock
Related Party Transaction [Line Items]
Common stock, par value (in USD per share)	$ 0.00001
Conversion of stock, conversion ratio	1.149

RELATED PARTY TRANSACTIONS A_12

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athora Sub-Advised (Details)	6 Months Ended
	Jun. 30, 2021
Athene Holding
Related Party Transaction [Line Items]
Management fee rate	0.225%

RELATED PARTY TRANSACTIONS A_13

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Performance Allocations and Revenues Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Net change in unrealized gains (losses) due to changes in fair value	$ 912,202	$ 268,597	$ 1,265,352	$ (997,761)
Athene, Athora and AAA Investments
Related Party Transaction [Line Items]
Revenues earned in aggregate from Athene, Athora and AAA Investments, net	1,179,485	463,823	1,796,116	(661,670)
Net change in unrealized gains (losses) due to changes in fair value	$ 912,000	$ 267,000	$ 1,300,000	$ (996,400)

RELATED PARTY TRANSACTIONS A_14

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - AINV Amended and Restated Investment Advisory Management Agreement (Details) - Apollo Investment Management - Affiliated Entity	Jan. 01, 2019	Apr. 01, 2018	Sep. 30, 2018
Related Party Transaction [Line Items]
Base management fee, percentage		1.50%	2.00%
Base management fee, subject to condition, percentage		1.00%
In excess of product, percentage		200.00%
Incentive fee, percentage	20.00%
Performance threshold per quarter, percentage	1.75%
Performance threshold per annum, percentage	7.00%

RELATED PARTY TRANSACTIONS A_15

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Investment in SPACs (Details) - Affiliated Entity - IPO - USD ($) $ in Millions	Feb. 26, 2021	Feb. 12, 2021	Oct. 06, 2020
Apollo Strategic Growth Capital (ASPG I)
Related Party Transaction [Line Items]
Sale of stock, capital from third party investors			$ 817
Proceeds from sale of warrants			$ 18.3
APGB
Related Party Transaction [Line Items]
Sale of stock, capital from third party investors	$ 690
Proceeds from sale of warrants		$ 15.6

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Investment Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Unfunded capital commitments	$ 1,000	$ 1,000
Fund IX
Other Commitments [Line Items]
Unfunded capital commitments	$ 253.7	$ 348

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Litigation and Contingencies (Details) $ in Thousands, € in Millions

Mar. 08, 2021USD ($)

Jun. 08, 2020defendantclaim

May 29, 2020defendant

Oct. 21, 2019shareholder

Jan. 15, 2019shareholder

Jul. 12, 2018USD ($)

Feb. 09, 2018EUR (€)

Dec. 21, 2017USD ($)defendant

Mar. 31, 2020defendant

May 31, 2018shareholder

Jun. 30, 2021USD ($)

Dec. 31, 2020USD ($)

Long-term Purchase Commitment [Line Items]

Amount of loans | $

$ 3,154,289

$ 3,155,221

United States District Court Middle District Of Florida Against AGM

Long-term Purchase Commitment [Line Items]

Damages sought | €

€ 30

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

Number of suits (in litigation) | claim

3

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

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

5

ADT Inc. Shareholder Litigation

Long-term Purchase Commitment [Line Items]

Number of defendants | shareholder

3

Number of suits (in litigation) | shareholder

5

Caldera Litigation, Index No. 652175/2018

Long-term Purchase Commitment [Line Items]

Damages sought | $

$ 1,500,000

Firefighters Pension System Of City Of Kansas City, Missouri Trust V. Presidio, Inc. | Director

Long-term Purchase Commitment [Line Items]

Number of defendants | shareholder

5

Frank Funds v. Apollo Global Management | Officers And Employees

Long-term Purchase Commitment [Line Items]

Number of defendants

3

Vrajeshkumar Patel v. Talos Energy, Inc., Riverstone Holdings, LLC, AGM Inc., And Guggenheim Securities, LLC | Partners

Long-term Purchase Commitment [Line Items]

Number of defendants

2

Benjamin Fongers Against CareerBuilder, LLC And AGM Inc.

Long-term Purchase Commitment [Line Items]

Damages sought | $

$ 35

SkyTerra | Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017)

Long-term Purchase Commitment [Line Items]

Number of defendants

8

SkyTerra | Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Executive Officer

Long-term Purchase Commitment [Line Items]

Number of defendants

2

SkyTerra | Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Consultant

Long-term Purchase Commitment [Line Items]

Number of defendants

1

Entities, Harbinger's Counterparties, TVCC One Six Holdings LLC | Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017)

Long-term Purchase Commitment [Line Items]

Number of defendants

5

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Details) - Other long-term obligations $ in Thousands	Jun. 30, 2021USD ($)
Other Commitments [Line Items]
Remaining 2021	$ 21,523
2022	7,555
2023	2,020
2024	820
2025	711
Thereafter	711
Total	$ 33,340

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Contingent Obligations (Details)	Jun. 30, 2021USD ($)subsidiary	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Unfunded contingent commitments	$ 1,000,000,000	$ 1,000,000,000
Commitment To Purchase Underlying Portfolio Investment
Variable Interest Entity [Line Items]
Other commitment	510,000,000
Related party fund to backstop purchase commitment, threshold	500,000,000
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Cumulative revenues recognized if existing investments become worthless	$ 4,100,000,000
AGS | Underwriting Commitments
Variable Interest Entity [Line Items]
Number of subsidiaries | subsidiary	1
Athene Holding | Merger Termination
Variable Interest Entity [Line Items]
Cash Termination Fee	$ 81,900,000

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Contingent Consideration (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Fair value of the contingent obligation	$ 129	$ 119.8

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	Jun. 30, 2021segment
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Performance fees	$ 735,139	$ 924,599	$ 2,130,486	$ (809,724)
Fee Related Revenues	1,382,325	1,508,335	3,677,025	39,249
Salary, bonus and benefits	(181,299)	(151,019)	(355,929)	(290,288)
General, administrative and other	(115,838)	(83,729)	(215,688)	(168,251)
Placement fees	(591)	(359)	(1,128)	(768)
Fee Related Expenses	(746,787)	(702,777)	(1,768,531)	(374,343)
Other income (loss), net of Non-Controlling Interest	4,531	3,327	(13,219)	(13,180)
Segment Distributable Earnings	556,894	235,414	885,676	431,919
Total Assets	27,541,346		27,541,346		$ 23,669,084
Management fees
Segment Reporting Information [Line Items]
Revenues	470,092	409,953	927,277	806,557
Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	86,351	61,957	142,699	98,920
Total reportable segment assets
Segment Reporting Information [Line Items]
Performance fees	8,075	3,440	16,846	5,844
Fee Related Revenues	1,092,443	482,224	1,738,766	974,215
Salary, bonus and benefits	(164,158)	(134,999)	(321,529)	(259,020)
General, administrative and other	(86,591)	(71,803)	(155,239)	(140,156)
Placement fees	(589)	(358)	(1,066)	(771)
Fee Related Expenses	(497,891)	(217,997)	(782,143)	(476,530)
Other income (loss), net of Non-Controlling Interest	(598)	(606)	(381)	(1,267)
Realized performance fees	468,756	10,837	575,510	76,583
Realized profit sharing expense	(246,553)	(10,837)	(304,309)	(76,583)
Net Realized Performance Fees	222,203	0	271,201	0
Realized principal investment income, net(2)	70,141	5,219	96,775	10,802
Net interest loss and other	(37,060)	(29,050)	(70,566)	(66,184)
Segment Distributable Earnings	556,894	235,414	885,676	431,919
Total Assets	11,753,778		11,753,778		$ 8,681,467
Total reportable segment assets | Management fees
Segment Reporting Information [Line Items]
Revenues	462,236	401,822	910,905	784,190
Total reportable segment assets | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	83,235	61,749	138,730	98,481
Total reportable segment assets | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	553,546	467,011	1,066,481	888,515
Fee Related Expenses	(251,338)	(207,160)	(477,834)	(399,947)
Fee Related Earnings	301,610	259,245	588,266	487,301
Total reportable segment assets | Credit Segment
Segment Reporting Information [Line Items]
Performance fees	8,075	3,440	16,846	5,844
Salary, bonus and benefits	(75,299)	(52,806)	(144,678)	(109,814)
General, administrative and other	(43,590)	(37,251)	(80,219)	(72,624)
Placement fees	(589)	(358)	(1,066)	(664)
Other income (loss), net of Non-Controlling Interest	(990)	(724)	(1,549)	(1,387)
Realized performance fees	103,789	4,359	118,160	30,220
Realized profit sharing expense	(71,970)	(4,359)	(79,924)	(29,916)
Net Realized Performance Fees	31,819	0	38,236	304
Realized principal investment income, net(2)	2,588	1,810	4,435	3,184
Net interest loss and other	(11,869)	(11,857)	(25,654)	(28,971)
Segment Distributable Earnings	238,209	140,731	435,576	257,845
Total Assets	6,100,580		6,100,580
Total reportable segment assets | Credit Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	273,307	224,721	541,338	432,950
Total reportable segment assets | Credit Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	54,757	13,756	87,887	29,023
Total reportable segment assets | Credit Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	336,139	241,917	646,071	467,817
Fee Related Expenses	(119,478)	(90,415)	(225,963)	(183,102)
Fee Related Earnings	215,671	150,778	418,559	283,328
Total reportable segment assets | Private Equity Segment
Segment Reporting Information [Line Items]
Performance fees	0	0	0	0
Salary, bonus and benefits	(58,856)	(53,202)	(117,605)	(95,682)
General, administrative and other	(27,546)	(21,770)	(48,675)	(43,764)
Placement fees	0	0	0	(107)
Other income (loss), net of Non-Controlling Interest	696	2	1,419	25
Realized performance fees	361,793	3,549	432,714	4,692
Realized profit sharing expense	(173,191)	(3,549)	(210,781)	(4,996)
Net Realized Performance Fees	188,602	0	221,933	(304)
Realized principal investment income, net(2)	67,102	3,404	88,805	3,946
Net interest loss and other	(13,738)	(11,686)	(27,236)	(27,360)
Segment Distributable Earnings	306,413	89,142	412,393	154,759
Total Assets	4,868,181		4,868,181
Total reportable segment assets | Private Equity Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	123,106	127,592	245,374	252,860
Total reportable segment assets | Private Equity Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	27,047	44,802	48,378	65,145
Total reportable segment assets | Private Equity Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	150,153	172,394	293,752	318,005
Fee Related Expenses	(86,402)	(74,972)	(166,280)	(139,553)
Fee Related Earnings	64,447	97,424	128,891	178,477
Total reportable segment assets | Real Assets Segment
Segment Reporting Information [Line Items]
Performance fees	0	0	0	0
Salary, bonus and benefits	(30,003)	(28,991)	(59,246)	(53,524)
General, administrative and other	(15,455)	(12,782)	(26,345)	(23,768)
Placement fees	0	0	0	0
Other income (loss), net of Non-Controlling Interest	(304)	116	(251)	95
Realized performance fees	3,174	2,929	24,636	41,671
Realized profit sharing expense	(1,392)	(2,929)	(13,604)	(41,671)
Net Realized Performance Fees	1,782	0	11,032	0
Realized principal investment income, net(2)	451	5	3,535	3,672
Net interest loss and other	(11,453)	(5,507)	(17,676)	(9,853)
Segment Distributable Earnings	12,272	5,541	37,707	19,315
Total Assets	785,017		785,017
Total reportable segment assets | Real Assets Segment | Management fees
Segment Reporting Information [Line Items]
Revenues	65,823	49,509	124,193	98,380
Total reportable segment assets | Real Assets Segment | Advisory and transaction fees, net
Segment Reporting Information [Line Items]
Revenues	1,431	3,191	2,465	4,313
Total reportable segment assets | Real Assets Segment | Fee Related Revenues, Expenses and Earnings
Segment Reporting Information [Line Items]
Fee Related Revenues	67,254	52,700	126,658	102,693
Fee Related Expenses	(45,458)	(41,773)	(85,591)	(77,292)
Fee Related Earnings	$ 21,492	$ 11,043	$ 40,816	$ 25,496

SEGMENT REPORTING - Reconcili_2

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,382,325	$ 1,508,335	$ 3,677,025	$ 39,249
Performance fees	(735,139)	(924,599)	(2,130,486)	809,724
Principal investment income	(76,425)	(111,621)	(458,391)	76,228
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	(34,119)	(24,847)	(67,674)	(60,688)
Adjustments related to consolidated funds and VIEs	32,609	16,165	75,033	14,714
Performance fees	(748,508)	(918,493)	(2,145,760)	815,942
Principal investment income	(78,761)	(114,149)	(472,143)	79,298
Realized performance fees	468,756	10,837	575,510	76,583
Realized principal investment income and other	70,141	4,376	96,775	9,117
Segment Reconciling Items | Fee Related
Segment Reporting Information [Line Items]
Revenues	553,546	467,011	1,066,481	888,515
Total reportable segment assets
Segment Reporting Information [Line Items]
Revenues	1,092,443	482,224	1,738,766	974,215
Performance fees	(8,075)	(3,440)	(16,846)	(5,844)
Realized performance fees	468,756	10,837	575,510	76,583
Total reportable segment assets | Fee Related
Segment Reporting Information [Line Items]
Revenues	$ 553,546	$ 467,011	$ 1,066,481	$ 888,515

SEGMENT REPORTING - Reconcili_3

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Operating Expenses	$ 746,787	$ 702,777	$ 1,768,531	$ 374,343
Equity-based compensation	(52,998)	(59,420)	(109,446)	(111,542)
Total profit sharing expense	(361,247)	(375,959)	(1,016,727)	260,039
Dividend-related compensation expense	0	(1,820)	(2,975)	(4,360)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity awards granted by unconsolidated related parties, reimbursable expenses and other	(37,886)	(21,662)	(77,488)	(53,873)
Reclassification of interest expenses	(34,814)	(32,291)	(69,613)	(63,533)
Transaction-related charges, net	(31,572)	(32,110)	(51,666)	(10,711)
Charges associated with corporate conversion			0	(1,064)
Equity-based compensation	(19,491)	(17,747)	(35,649)	(31,817)
Total profit sharing expense	(371,686)	(389,987)	(1,053,306)	190,962
Realized profit sharing expense	246,553	10,837	304,309	76,583
Segment Reconciling Items | Fee Related
Segment Reporting Information [Line Items]
Operating Expenses	251,338	207,160	477,834	399,947
Total reportable segment assets
Segment Reporting Information [Line Items]
Operating Expenses	497,891	217,997	782,143	476,530
Realized profit sharing expense	246,553	10,837	304,309	76,583
Total reportable segment assets | Fee Related
Segment Reporting Information [Line Items]
Operating Expenses	$ 251,338	$ 207,160	$ 477,834	$ 399,947

SEGMENT REPORTING - Reconcili_4

SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Other Income (Loss)	$ 1,063,973	$ 333,850	$ 1,512,766	$ (1,105,194)
Gain from change in tax receivable agreement liability			(1,941)	0
Net (gains) losses from investment activities	(913,394)	(268,667)	(1,266,545)	995,884
Other Income (Loss), net of Non-Controlling Interest	4,531	3,327	(13,219)	(13,180)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjustments related to consolidated funds and VIEs	147,661	56,197	(255,063)	110,268
Gain from change in tax receivable agreement liability			(1,941)	0
Net (gains) losses from investment activities	913,751	270,112	(1,268,900)	994,132
Interest income and other, net of Non-Controlling Interest	3,159	8,147	12,757	(473)
Other Income (Loss), net of Non-Controlling Interest	(598)	(606)	(381)	(1,267)
Net interest loss and other	(37,060)	(28,207)	(70,566)	(64,499)
Total Segments
Segment Reporting Information [Line Items]
Other Income (Loss)	(37,658)	(28,813)	(70,947)	(65,766)
Other Income (Loss), net of Non-Controlling Interest	(598)	(606)	(381)	(1,267)
Net interest loss and other	$ (37,060)	$ (29,050)	$ (70,566)	$ (66,184)

SEGMENT REPORTING - Reconcili_5

SEGMENT REPORTING - Reconciliation of Income (Loss) Before Income Tax Provision to Economic Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Income before income tax provision	$ 1,699,511	$ 1,139,408	$ 3,421,260	$ (1,440,288)
Gain from change in tax receivable agreement liability			(1,941)	0
Net income attributable to Non-Controlling Interests in consolidated entities	(847,733)	(552,756)	(1,687,346)	734,869
Equity-based compensation	52,998	59,420	109,446	111,542
Unrealized net (gains) losses from investment activities and other	(912,202)	(268,597)	(1,265,352)	997,761
Segment Distributable Earnings	556,894	235,414	885,676	431,919
Segment Reconciling Items
Segment Reporting Information [Line Items]
Transaction-related charges	31,572	32,110	51,666	10,711
Charges associated with corporate conversion			0	1,064
Gain from change in tax receivable agreement liability			(1,941)	0
Net income attributable to Non-Controlling Interests in consolidated entities	(116,276)	(41,068)	(186,854)	123,341
Unrealized performance fees	(279,750)	(907,656)	(1,570,249)	892,525
Unrealized profit sharing expense	98,141	340,687	687,133	(340,496)
Equity-based profit sharing expense and other	26,992	38,463	61,864	72,951
Equity-based compensation	19,491	17,747	35,649	31,817
Unrealized principal investment (income) loss	(8,620)	(107,110)	(372,393)	94,460
Unrealized net (gains) losses from investment activities and other	$ (914,167)	$ (277,167)	$ (1,240,459)	$ 985,834

SEGMENT REPORTING - Reconcili_6

SEGMENT REPORTING - Reconciliation of Reportable Segments to Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 27,541,346	$ 23,669,084
Total reportable segment assets
Segment Reporting Information [Line Items]
Assets	11,753,778	8,681,467
Adjustments
Segment Reporting Information [Line Items]
Assets	$ 15,787,568	$ 14,987,617

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares

Aug. 04, 2021

Jun. 15, 2021

May 04, 2021

Apr. 14, 2021

Feb. 26, 2021

Nov. 30, 2020

Aug. 31, 2020

May 29, 2020

Apr. 15, 2020

Feb. 28, 2020

Jun. 30, 2021

Jun. 30, 2021

Dec. 31, 2020

Class A Common Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0

$ 0.50

$ 0

$ 0.60

$ 0.51

$ 0.49

$ 0.42

$ 0

$ 0.89

$ 1.10

$ 2.31

Series A Preferred Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.398438

Subsequent Event | Class A Common Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.50

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Dividends declared per share (in USD per share)

$ 0.398438