Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35107 | ||
Entity Registrant Name | APOLLO ASSET 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 13,200,780,267 | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Central Index Key | 0001411494 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Series A Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.375% Series A Preferred Stock | ||
Trading Symbol | AAM.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 | AAM.PR B | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | New York, NY |
Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 917,183 | $ 1,555,517 |
Restricted cash and cash equivalents | 707,885 | 17,708 |
U.S. Treasury securities, at fair value | 1,687,105 | 816,985 |
Investments (includes performance allocations of $2,731,733 and $1,624,156 as of December 31, 2021 and December 31, 2020, respectively) | 9,666,475 | 4,995,411 |
Assets of consolidated variable interest entities: | ||
Cash and cash equivalents | 463,266 | 893,306 |
Other assets | 585,901 | 364,963 |
Incentive fees receivable | 4,236 | 5,231 |
Due from related parties | 489,590 | 462,383 |
Deferred tax assets, net | 424,132 | 539,244 |
Other assets | 585,901 | 364,963 |
Lease assets | 450,531 | 295,098 |
Goodwill | 116,958 | 116,958 |
Total Assets | 30,501,894 | 23,669,084 |
Liabilities: | ||
Accounts payable and accrued expenses | 145,054 | 119,982 |
Accrued compensation and benefits | 130,107 | 82,343 |
Deferred revenue | 119,688 | 30,369 |
Due to related parties | 1,222,402 | 608,469 |
Profit sharing payable | 1,444,652 | 842,677 |
Debt | 3,134,396 | 3,155,221 |
Liabilities of consolidated variable interest entities: | ||
Other liabilities | 500,980 | 295,612 |
Other liabilities | 500,980 | 295,612 |
Lease liabilities | 505,206 | 332,915 |
Total Liabilities | 18,537,494 | 17,373,119 |
Commitments and Contingencies (see note 16) | ||
Redeemable non-controlling interests | 1,770,034 | 782,702 |
Apollo Global Management, Inc. Stockholders’ Equity: | ||
Additional paid in capital | 2,096,403 | 877,173 |
Retained earnings | 1,143,899 | 0 |
Accumulated other comprehensive loss | (5,374) | (2,071) |
Total Apollo Global Management, Inc. Stockholders’ Equity | 3,789,141 | 1,429,315 |
Total Stockholders’ Equity | 10,194,366 | 5,513,263 |
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity | 30,501,894 | 23,669,084 |
Consolidated Variable Interest Entities | ||
Assets of consolidated variable interest entities: | ||
Cash and cash equivalents | 463,266 | 893,306 |
Investments, at fair value | 14,737,051 | 13,316,016 |
Other assets | 251,581 | 290,264 |
Other assets | 251,581 | 290,264 |
Liabilities of consolidated variable interest entities: | ||
Debt, at fair value | 7,942,508 | 8,660,515 |
Notes payable | 2,611,019 | 2,471,971 |
Other liabilities | 781,482 | 773,045 |
Other liabilities | 781,482 | 773,045 |
Consolidated Entities Excluding VIE | ||
Apollo Global Management, Inc. Stockholders’ Equity: | ||
Non-Controlling Interests | 3,813,885 | 2,275,728 |
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 | $ 2,591,340 | $ 1,808,220 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Performance allocations | $ 2,731,733 | $ 1,624,156 | $ 1,507,571 | |
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) | 248,896,649 | 228,873,449 | ||
Shares outstanding (in shares) | 248,896,649 | 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) | 0 | 1 | ||
Shares outstanding (in shares) | 0 | 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) | 0 | 1 | ||
Shares outstanding (in shares) | 0 | 1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Performance allocations | $ 3,050,092 | $ 310,479 | $ 1,057,139 |
Principal investment income | 649,117 | 81,702 | 166,527 |
Total investment income | 3,699,209 | 392,181 | 1,223,666 |
Total Revenues | 5,951,598 | 2,354,019 | 2,931,849 |
Compensation and benefits: | |||
Salary, bonus and benefits | 778,798 | 628,057 | 514,513 |
Equity-based compensation | 1,180,663 | 213,140 | 189,648 |
Profit sharing expense | 1,533,919 | 247,501 | 556,926 |
Total compensation and benefits | 3,493,380 | 1,088,698 | 1,261,087 |
Interest expense | 139,090 | 133,239 | 98,369 |
General, administrative and other | 476,998 | 354,217 | 330,342 |
Placement fees | 4,762 | 1,810 | 1,482 |
Total Expenses | 4,114,230 | 1,577,964 | 1,691,280 |
Other Income (Loss): | |||
Net gains (losses) from investment activities | 2,610,903 | (455,487) | 138,154 |
Net gains from investment activities of consolidated variable interest entities | 557,289 | 197,369 | 39,911 |
Interest income | 4,255 | 14,999 | 35,522 |
Other income (loss), net | (147,541) | 20,832 | (46,307) |
Total Other Income (Loss) | 3,024,906 | (222,287) | 167,280 |
Income before income tax (provision) benefit | 4,862,274 | 553,768 | 1,407,849 |
Income tax (provision) benefit | (594,379) | (86,966) | 128,994 |
Net Income | 4,267,895 | 466,802 | 1,536,843 |
Net income attributable to Non-Controlling Interests | (2,429,404) | (310,188) | (693,650) |
Net Income Attributable to Apollo Global Management, Inc. | 1,838,491 | 156,614 | 843,193 |
Management fees | |||
Revenues: | |||
Revenues | 1,920,946 | 1,686,973 | 1,575,814 |
Advisory and transaction fees, net | |||
Revenues: | |||
Revenues | 302,379 | 249,482 | 123,644 |
Incentive fees | |||
Revenues: | |||
Revenues | 29,064 | 25,383 | 8,725 |
Series A Preferred Stock | |||
Other Income (Loss): | |||
Preferred Stock Dividends | (17,531) | (17,531) | (17,531) |
Series B Preferred Stock | |||
Other Income (Loss): | |||
Preferred Stock Dividends | (19,125) | (19,125) | (19,125) |
Class A Common Stock | |||
Other Income (Loss): | |||
Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders | $ 1,801,835 | $ 119,958 | $ 806,537 |
Net Income Per Share of Class A Common Stock: | |||
Net Income Available to Class A Common Stock – Basic (in USD per share) | $ 7.32 | $ 0.44 | $ 3.72 |
Net Income Available to Class A Common Stock - Diluted (in USD per share) | $ 7.32 | $ 0.44 | $ 3.71 |
Weighted Average Number of Shares of Class A Common Stock Outstanding – Basic (in shares) | 236,567,691 | 227,530,600 | 207,072,413 |
Weighted Average Number of Shares of Class A Common Stock Outstanding – Diluted (in shares) | 236,567,691 | 227,530,600 | 208,748,524 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 4,267,895 | $ 466,802 | $ 1,536,843 |
Other Comprehensive Income (Loss), net of tax: | |||
Currency translation adjustments, net of tax | (32,050) | 41,217 | (6,191) |
Net gain (loss) from change in fair value of cash flow hedge instruments | 202 | 203 | (1,812) |
Net gain (loss) on available-for-sale securities | (185) | (800) | 88 |
Total Other Comprehensive Income (Loss), net of tax | (32,033) | 40,620 | (7,915) |
Comprehensive Income | 4,235,862 | 507,422 | 1,528,928 |
Comprehensive Income attributable to Non-Controlling Interests | (2,400,674) | (348,301) | (686,154) |
Comprehensive Income Attributable to Apollo Global Management, Inc. | $ 1,835,188 | $ 159,121 | $ 842,774 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Class A Common Stock | Total Apollo Global Management, Inc. Shareholders’ Equity | Common StockClass A Common Share | Common StockClass B Common Share | Common StockClass A Common Stock | Common StockClass B Common Stock | Common StockClass C Common Stock | Preferred StockSeries A Preferred Share | Preferred StockSeries B Preferred Share | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Additional Paid in Capital | Retained Earnings | Accumulated 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, 2018 | 201,400,500 | 1 | 0 | ||||||||||||||
Balance, beginning of period at Dec. 31, 2018 | $ 2,451,840,000 | $ 1,376,196,000 | $ 264,398,000 | $ 289,815,000 | $ 0 | $ 0 | $ 1,299,418,000 | $ (473,276,000) | $ (4,159,000) | $ 271,522,000 | $ 804,122,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Dilution impact of issuance of Class A Common Stock | 24,000 | 24,000 | 24,000 | ||||||||||||||
Capital increase related to equity-based compensation | 146,718,000 | 146,718,000 | 146,718,000 | ||||||||||||||
Capital contributions | 1,081,000 | 1,081,000 | |||||||||||||||
Dividends/ Distributions | (951,865,000) | (471,930,000) | (13,148,000) | (14,344,000) | (4,383,000) | (4,781,000) | (158,576,000) | (276,698,000) | (15,260,000) | (464,675,000) | |||||||
Payments related to issuances of Class A Common Stock for equity-based awards (in shares) | 2,737,557 | 341,111 | |||||||||||||||
Payments related to issuances of Class A Common Stock for equity-based awards | (45,426,000) | (45,426,000) | 11,137,000 | (56,563,000) | |||||||||||||
Repurchase of Class A Common Stock (in shares) | (3,453,901) | (3,719,014) | |||||||||||||||
Repurchase of Class A Common Stock | (110,726,000) | $ (102,400,000) | (110,726,000) | (110,726,000) | |||||||||||||
Exchange of AOG Units for Class A Common Stock (in shares) | 21,984,253 | 250,000 | |||||||||||||||
Exchange of AOG Units for Class A Common Stock | 17,553,000 | 114,592,000 | 114,592,000 | (97,039,000) | |||||||||||||
Net Income | 1,536,843,000 | 843,193,000 | 13,148,000 | 14,344,000 | 4,383,000 | 4,781,000 | 806,537,000 | 30,504,000 | 663,146,000 | ||||||||
Currency translation adjustments, net of tax | (6,191,000) | 442,000 | 442,000 | (5,943,000) | (690,000) | ||||||||||||
Net gain from change in fair value of cash flow hedge instruments | (1,812,000) | (899,000) | (899,000) | (913,000) | |||||||||||||
Net loss on available-for-sale securities | 88,000 | 38,000 | 38,000 | 50,000 | |||||||||||||
Reclassifications resulting from the Conversion (in shares) | (222,403,296) | (1) | 222,403,296 | 1 | 1 | ||||||||||||
Reclassifications resulting from the Conversion | (264,398,000) | (289,815,000) | 264,398,000 | 289,815,000 | |||||||||||||
Balance, end of period (in shares) at Dec. 31, 2019 | 222,994,407 | 1 | 1 | ||||||||||||||
Balance, end of period at Dec. 31, 2019 | 3,038,127,000 | 1,852,222,000 | $ 0 | $ 0 | 264,398,000 | 289,815,000 | 1,302,587,000 | 0 | (4,578,000) | 281,904,000 | 904,001,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Equity transaction with Athene Holding | 1,159,709,000 | (54,868,000) | (54,868,000) | 1,214,577,000 | |||||||||||||
Consolidation of VIEs | 1,885,393,000 | 1,885,393,000 | |||||||||||||||
Dilution impact of issuance of Class A Common Stock | 8,286,000 | 8,286,000 | 8,286,000 | ||||||||||||||
Capital increase related to equity-based compensation | 173,832,000 | 173,832,000 | 173,832,000 | ||||||||||||||
Capital contributions | 843,415,000 | 843,415,000 | |||||||||||||||
Dividends/ Distributions | (1,962,864,000) | (586,188,000) | (17,531,000) | (19,125,000) | (535,912,000) | (13,620,000) | (888,348,000) | (488,328,000) | |||||||||
Payments related to issuances of Class A Common Stock for equity-based awards (in shares) | 3,396,637 | ||||||||||||||||
Payments related to issuances of Class A Common Stock for equity-based awards | (67,648,000) | (67,648,000) | 28,991,000 | (96,639,000) | |||||||||||||
Repurchase of Class A Common Stock (in shares) | (2,735,546) | (2,755,095) | |||||||||||||||
Repurchase of Class A Common Stock | (91,617,000) | $ (90,700,000) | (91,617,000) | (91,617,000) | |||||||||||||
Exchange of AOG Units for Class A Common Stock (in shares) | 5,237,500 | ||||||||||||||||
Exchange of AOG Units for Class A Common Stock | 19,208,000 | 36,175,000 | 45,874,000 | (9,699,000) | (16,967,000) | ||||||||||||
Net Income | 466,802,000 | 156,614,000 | 17,531,000 | 19,125,000 | 119,958,000 | 118,378,000 | 191,810,000 | ||||||||||
Currency translation adjustments, net of tax | 41,217,000 | 2,808,000 | 2,808,000 | 34,986,000 | 3,423,000 | ||||||||||||
Net gain from change in fair value of cash flow hedge instruments | 203,000 | 108,000 | 108,000 | 95,000 | |||||||||||||
Net loss on available-for-sale securities | (800,000) | (409,000) | (409,000) | (391,000) | |||||||||||||
Balance, end of period (in shares) at Dec. 31, 2020 | 228,873,449 | 1 | 1 | ||||||||||||||
Balance, end of period at Dec. 31, 2020 | 5,513,263,000 | 1,429,315,000 | 264,398,000 | 289,815,000 | 877,173,000 | 0 | (2,071,000) | 2,275,728,000 | 1,808,220,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Deconsolidation of VIEs | (147,920,000) | (147,920,000) | |||||||||||||||
Accretion of redeemable non-controlling interests | (69,534,000) | (69,534,000) | (69,534,000) | ||||||||||||||
Issuance of Class A Common Stock related to equity transactions (in shares) | 361,037 | ||||||||||||||||
Issuance of Class A Common Stock related to equity transactions | 22,150,000 | 22,150,000 | 22,150,000 | ||||||||||||||
Pledge of Class A Common Stock | 125,931,000 | 125,931,000 | 125,931,000 | ||||||||||||||
Purchase of limited partnership interests | (548,138,000) | (27,430,000) | (27,430,000) | (520,708,000) | |||||||||||||
Dilution impact of issuance of Class A Common Stock | (9,163,000) | (9,163,000) | (9,163,000) | ||||||||||||||
Capital increase related to equity-based compensation | 1,151,583,000 | 1,151,583,000 | 1,151,583,000 | ||||||||||||||
Capital contributions | 2,279,896,000 | 2,279,896,000 | |||||||||||||||
Dividends/ Distributions | (2,057,878,000) | (553,962,000) | (17,531,000) | (19,125,000) | (517,306,000) | (985,517,000) | (518,399,000) | ||||||||||
Payments related to issuances of Class A Common Stock for equity-based awards (in shares) | 5,256,167 | ||||||||||||||||
Payments related to issuances of Class A Common Stock for equity-based awards | (61,313,000) | (61,313,000) | 79,317,000 | (140,630,000) | |||||||||||||
Repurchase of Class A Common Stock (in shares) | (3,370,851) | (4,834,713) | |||||||||||||||
Repurchase of Class A Common Stock | (299,352,000) | $ (208,000,000) | (299,352,000) | (299,352,000) | |||||||||||||
Exchange of AOG Units for Class A Common Stock (in shares) | 19,240,689 | ||||||||||||||||
Exchange of AOG Units for Class A Common Stock | 58,979,000 | 245,728,000 | 245,728,000 | (186,749,000) | |||||||||||||
Net Income | 4,267,895,000 | 1,838,491,000 | 17,531,000 | 19,125,000 | 1,801,835,000 | 417,692,000 | 2,011,712,000 | ||||||||||
Currency translation adjustments, net of tax | (32,050,000) | (3,327,000) | (3,327,000) | (25,994,000) | (2,729,000) | ||||||||||||
Net gain from change in fair value of cash flow hedge instruments | 202,000 | 111,000 | 111,000 | 91,000 | |||||||||||||
Net loss on available-for-sale securities | (185,000) | (87,000) | (87,000) | (98,000) | |||||||||||||
Reclassifications resulting from the Conversion (in shares) | 20 | ||||||||||||||||
Reclassifications resulting from the Conversion | 0 | $ (1) | $ (1) | ||||||||||||||
Balance, end of period (in shares) at Dec. 31, 2021 | 248,896,649 | 0 | 0 | ||||||||||||||
Balance, end of period at Dec. 31, 2021 | $ 10,194,366,000 | $ 3,789,141,000 | $ 264,398,000 | $ 289,815,000 | $ 2,096,403,000 | $ 1,143,899,000 | $ (5,374,000) | $ 3,813,885,000 | $ 2,591,340,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 4,267,895 | $ 466,802 | $ 1,536,843 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity-based compensation | 1,180,663 | 213,140 | 189,648 |
Depreciation and amortization | 27,330 | 18,828 | 15,758 |
Unrealized (gains) losses from investment activities | (2,586,150) | 432,752 | (135,967) |
Principal investment income | (649,117) | (81,702) | (166,527) |
Performance allocations | (3,050,092) | (310,479) | (1,057,139) |
Change in fair value of contingent obligations | 26,722 | 20,144 | 43,082 |
(Gain) loss from change in tax receivable agreement liability | (9,609) | (12,426) | 50,307 |
Deferred taxes, net | 474,335 | 36,046 | (145,432) |
Net loss related to cash flow hedge instruments | 0 | 0 | (1,974) |
Non-cash lease expense | 47,792 | 39,671 | 43,623 |
Pledge of Class A Common Stock | 125,931 | 0 | 0 |
Other non-cash amounts included in net income (loss), net | (23,731) | (5,286) | (22,260) |
Cash flows due to changes in operating assets and liabilities: | |||
Incentive fees receivable | 995 | (2,817) | 4,378 |
Due from related parties | 27,509 | (40,587) | (49,670) |
Accounts payable and accrued expenses | 25,072 | 25,618 | 23,486 |
Accrued compensation and benefits | (1,180) | 17,023 | (9,190) |
Deferred revenue | 89,319 | (50,901) | (17,281) |
Due to related parties | (21,412) | 28,380 | 4,234 |
Profit sharing payable | 516,270 | 76,735 | 268,501 |
Lease liability | (30,933) | (20,639) | (31,570) |
Other assets and other liabilities, net | 78,829 | 7,699 | (19,002) |
Cash distributions of earnings from principal investments | 422,086 | 21,978 | 77,981 |
Cash distributions of earnings from performance allocations | 1,660,858 | 261,609 | 517,016 |
Satisfaction of contingent obligations | (20,609) | (12,870) | (5,055) |
Apollo Funds and VIE related: | |||
Net Cash Provided by (Used in) Operating Activities | 1,064,046 | (1,616,430) | 1,082,694 |
Cash Flows from Investing Activities: | |||
Purchases of fixed assets | (64,738) | (59,562) | (39,495) |
Acquisitions | 0 | 48,518 | 0 |
Proceeds from sale of investments | 88,606 | 21,855 | 3,742 |
Purchase of investments | (657,464) | (567,027) | (15,048) |
Purchase of U.S. Treasury securities | (1,349,567) | (1,056,827) | (541,530) |
Proceeds from maturities of U.S. Treasury securities | 824,810 | 1,598,357 | 390,336 |
Cash contributions to principal investments | (366,778) | (217,030) | (186,985) |
Cash distributions from principal investments | 322,791 | 203,395 | 127,029 |
Issuance of related party loans | (167,653) | (315) | (2,025) |
Repayment of related party loans | 166,780 | 9,040 | 0 |
Other investing activities | (3,105) | (1,254) | 4 |
Net Cash Used in Investing Activities | (1,551,675) | (837,659) | (263,972) |
Cash Flows from Financing Activities: | |||
Principal repayments of debt | (18,104) | (16,990) | (15,317) |
Dividends to Preferred Stockholders | (36,656) | (36,656) | (36,656) |
Issuance of debt | 0 | 518,756 | 1,323,885 |
Satisfaction of tax receivable agreement | (39,884) | (48,195) | (37,234) |
Repurchase of Class A Common Stock | (299,352) | (91,617) | (110,726) |
Payments related to deliveries of Class A Common Stock for RSUs | (140,630) | (96,639) | (56,563) |
Dividends paid | (517,306) | (549,532) | (435,274) |
Distributions paid to Non-Controlling Interests in Apollo Operating Group | (518,399) | (488,328) | (464,675) |
Issuance of related party loans | 0 | 28,280 | 0 |
Repayment of related party loans | 0 | (28,280) | 0 |
Other financing activities, net | (5,546) | (13,107) | (22,558) |
Apollo Funds and VIE related: | |||
Issuance of debt | 0 | 518,756 | 1,323,885 |
Principal repayment of debt | (18,104) | (16,990) | (15,317) |
Net Cash Provided by Financing Activities | 109,432 | 3,299,310 | 139,713 |
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs | (378,197) | 845,221 | 958,435 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs, Beginning of Period | 2,466,531 | 1,621,310 | 662,875 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs, End of Period | 2,088,334 | 2,466,531 | 1,621,310 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 135,010 | 128,792 | 80,869 |
Interest paid by consolidated variable interest entities | 420,615 | 178,484 | 15,238 |
Income taxes paid | 120,994 | 36,848 | 42,840 |
Supplemental Disclosure of Non-Cash Investing Activities: | |||
Non-cash contributions to principal investments | 57,911 | 0 | 0 |
Non-cash distributions from principal investments | 92,863 | (5,824) | (1,099) |
Non-cash purchases of other investments, at fair value | 0 | 1,168,841 | (2,449) |
Non-cash sales of other investments, at fair value | 0 | (1,179) | 0 |
Non-cash capital commitment | 0 | (15,524) | 0 |
Non-cash loss on Athene equity swap | 0 | (61,261) | 0 |
Acquisition of goodwill | 0 | 663 | 5,059 |
Contingent consideration | 0 | (6,208) | 0 |
Capital increases related to equity-based compensation | 1,151,583 | 173,832 | 146,718 |
Issuance of restricted shares | 79,317 | 28,991 | 11,137 |
Non-cash issuance of AOG units to Athene | 0 | 1,214,577 | 0 |
Purchase of limited partnership interests | 569,617 | 0 | 0 |
Non-cash distributions paid to Non-Controlling Interests in consolidated variable interest entities | 0 | (515,558) | 0 |
Other non-cash financing activities | (9,163) | 36,874 | 24 |
Investments, at fair value | 0 | 9,061,907 | 0 |
Other assets | 0 | 130,907 | 0 |
Debt, at fair value | 0 | (7,344,884) | 0 |
Other liabilities | 0 | (967,575) | 0 |
Non-Controlling interest in consolidated entities related to acquisition | 0 | (1,382,508) | 0 |
Deferred tax assets | 346,896 | 86,864 | 171,814 |
Due to related parties | (287,917) | (68,801) | (41,954) |
Additional paid in capital | (58,979) | (28,904) | (17,553) |
Non-Controlling Interest in Apollo Operating Group | 186,749 | 16,967 | 97,039 |
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition: | |||
Cash and cash equivalents | 917,183 | 1,555,517 | 1,556,202 |
Restricted cash and cash equivalents | 707,885 | 17,708 | 19,779 |
Cash and cash equivalents held at consolidated variable interest entities | 463,266 | 893,306 | 45,329 |
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | 2,088,334 | 2,466,531 | 1,621,310 |
Consolidated Variable Interest Entities | |||
Apollo Funds and VIE related: | |||
Net realized and unrealized gains from investing activities and debt | (579,434) | (2,942) | (39,429) |
Cash transferred from consolidated VIEs | 0 | 502,153 | 0 |
Deconsolidation of VIEs | (47,601) | 0 | 0 |
Purchases of investments | (4,724,603) | (4,991,405) | (443,393) |
Proceeds from sale of investments | 3,534,135 | 2,082,740 | 431,883 |
Changes in other assets and other liabilities, net | 302,776 | (335,694) | 19,843 |
Cash Flows from Investing Activities: | |||
Purchase of U.S. Treasury securities | (3,141,392) | (816,809) | 0 |
Proceeds from maturities of U.S. Treasury securities | 2,796,035 | 0 | 0 |
Cash Flows from Financing Activities: | |||
Principal repayments of debt | (1,949,597) | (907,745) | (373,554) |
Issuance of debt | 1,334,339 | 3,705,538 | 378,872 |
Apollo Funds and VIE related: | |||
Issuance of debt | 1,334,339 | 3,705,538 | 378,872 |
Principal repayment of debt | (1,949,597) | (907,745) | (373,554) |
Issuances of debt within other liabilities of consolidated VIEs | 0 | 75,158 | 0 |
Distributions paid to Non-Controlling Interests in consolidated entities | (979,968) | (367,487) | (11,347) |
Contributions from Non-Controlling Interests in consolidated entities | 2,279,758 | 843,153 | 860 |
Proceeds from issuance of Class A Units of a SPAC | 1,035,000 | 0 | 0 |
Payment of underwriting discounts | (34,223) | 0 | 0 |
Contributions from Redeemable non-controlling interests | 0 | 773,001 | $ 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 Consolidated Statements of Financial Condition: | |||
Cash and cash equivalents held at consolidated variable interest entities | $ 463,266 | $ 893,306 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 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 high-growth, global alternative asset manager whose predecessor was founded in 1990. Its primary business is to raise, invest and manage funds 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. As of December 31, 2021, Apollo had three primary business segments: • Credit —primarily invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; • Private equity —primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments; and • Real assets —primarily invests in (i) real estate equity and infrastructure equity for the acquisition and recapitalization of real estate and infrastructure assets, portfolios, platforms and operating companies, (ii) real estate and infrastructure debt including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities and (iii) European performing and non-performing loans, and unsecured consumer loans. Organization of the Company Effective September 5, 2019, AGM Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). The Company was formed as a Delaware limited liability company on July 3, 2007, and, until the Conversion, was managed by AGM Management, LLC, which was indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, its Former Managing Partners. As of December 31, 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”), 57.4% 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 Former Managing Partners and certain of the Company’s other current and former partners (the “Contributing Partners”) indirectly beneficially owned interests in each of the entities that comprise the Apollo Operating Group. As of December 31, 2021, Holdings owned 35.9% 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 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. As a result, as of December 31, 2021, Athene owned 6.7% of the economic interests in the Apollo Operating Group. See note 15 for further disclosure regarding the Transaction Agreement. Subsequent to the closing of the Mergers, Athene’s interest in the Apollo Operating Group was distributed to AGM Inc. As noted further in note 15, 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. In connection with the closing of the Mergers, all of the common shares of Athene became wholly owned by AGM Inc. Apollo and Athene Merger On March 8, 2021, the Company 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 (“AAM Merger Sub”). On January 1, 2022, the Company completed the previously announced merger transactions with AHL. At the closing of the transactions, AHL Merger Sub merged with and into AHL (the “AHL Merger”), with AHL as the surviving entity in the AHL Merger and a subsidiary of HoldCo, and AAM Merger Sub merged with and into AAM (the “AAM Merger” and, together with the AHL Merger, the “Mergers”) with AAM as the surviving entity in the AAM Merger and a subsidiary of HoldCo. In connection with the closing of the Mergers, HoldCo was renamed “Apollo Global Management, Inc.” Following the closing of the Mergers, all of the common shares of Athene and AAM are owned by AGM Inc. See note 18 for further disclosure regarding the Merger Agreement and the Mergers. Corporate Recapitalization On March 9, 2021, the Company entered into a binding governance term sheet with the Former Managing Partners pursuant to which it agreed, among other things, to convert its corporate structure to a single class of common stock with one vote per share through a series of transactions (the “Corporate Recapitalization”). The Corporate Recapitalization was implemented in connection with the closing of the Mergers and resulted in the recapitalization of AGM Inc. from an umbrella partnership C corporation (“Up-C”) structure to a C corporation with a single class of common stock with one vote per share. See notes 14 and 18 for more information related to the Corporate Recapitalization. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and all other entities where it has a controlling financial interest. Intercompany accounts and transactions, if any, have been eliminated upon consolidation. Certain reclassifications, when applicable, have been made to the prior periods’ 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 variable interest entities (“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 and other entities 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, other than SPACs, are primarily shown in separate sections within the 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 primarily presented within net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. The portion attributable to Non-Controlling Interests is reported within net income attributable to Non-Controlling Interests in the consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 15. 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 consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities were $509.5 million and $1.2 billion as of December 31, 2021 and 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 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 $690.1 million in funds as of December 31, 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. Refer to note 15 for further detail. 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 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 consolidated statements of operations. U.S. Treasury securities, at fair value 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 greater than three months when purchased, that were purchased with funds raised through the initial public offering of the consolidated entity. The $817.4 million in funds as of December 31, 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. U.S. Treasury securities, at fair value of Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a consolidated SPAC, are held in a trust account and include U.S. Treasury bills with original maturities greater than three months when purchased, that were purchased with funds raised through the initial public offering of the consolidated entity. The $344.9 million in funds as of December 31, 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 Acropolis’s trust agreement. Refer to note 15 for further detail. Fair Value of Financial Instruments Apollo 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 consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, investment companies which reflect their investments at estimated fair value. For such entities, the carrying value of the Company’s equity method investments 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 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 AGM 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. Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in lease assets and lease liabilities in the consolidated statements of financial condition. The Company does not have any finance leases. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease assets and lease liabilities are recognized at the date of commencement of the lease (the “commencement date”) based on the present value of lease payments over the lease term. As the rate implicit in most of the Company’s leases are not readily determinable, the Company uses its derived incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determined its incremental borrowing rate based on consideration of market conditions, the Company’s overall creditworthiness, and recent debt and preferred equity issuances. The Company adjusts its rate accordingly based on the term of the leases. Certain lease agreements contain lease escalation or lease incentive provisions based on the terms of the arrangement with the landlord. Lease escalations and lease incentives, if any, are recognized on a straight-line basis over the lease term. The Company’s lease agreements may also include options to extend or terminate the lease. Options to extend would not be included in the lease term until it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight line basis over the lease term and is recorded within general, administrative and other in the consolidated statements of operations. The Company has lease agreements with non-lease components (e.g. estimated operating expenses associate with the lease), which are accounted for separately. Due from/to Related Parties Due from/to related parties includes Apollo’s existing partners, employees, certain former employees, portfolio companies of the funds and nonconsolidated credit, private equity and real assets funds. See note 15 for further disclosure of transactions with related parties. Other Assets Other assets primarily includes fixed assets, net, deferred equity-based compensation, prepaid expenses and intangible assets. Finite-lived intangible assets such as contractual rights to earn future management fees and incentive fees acquired in business combinations are amortized over their estimated useful lives, which are periodically re-evaluated for impairment or when circumstances indicate an impairment may have occurred. Apollo amortizes its identifiable finite-lived intangible assets using a method of amortization reflecting the pattern in which the economic benefits of the finite-lived intangible assets are consumed or fully utilized. If that pattern cannot be reliably determined, Apollo uses the straight-line method of amortization. Fixed assets consist primarily of leasehold improvements, furniture, fixtures, equipment, and computer hardware and are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the assets’ estimated useful lives and in the case of leasehold improvements the lesser of the useful life or the term of the lease. Expenditures for repairs and maintenance are charged to expense when incurred. The Company evaluates long-lived assets for impairment periodically and whenever events or changes in circumstances indicate the carrying amounts of the assets may be impaired. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Goodwill Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The Company performed its annual goodwill impairment test as of October 1, 2021 and 2020 and did not identify any impairment. 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 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 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 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 $24.0 million of revenue recognized during the year ended December 31, 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 consolidated statements of financial condition, while amortization is recorded within placement fees in the 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. Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining financing and are amortized over the term of the financing using the effective interest method. These costs are generally recorded as a direct deduction from the carrying amount of the related debt liability on the consolidated statements of financial condition. Redeemable non-controlling interests Redeemable non-controlling interests represent the shares issued by APSG, APSG II and Acropolis, the consolidated SPACs, that are redeemable for cash by the respective public shareholders in connection with the applicable SPACs’ failure to complete a business combination or its 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. The accretion to redemption value is r ecorded against additional paid-in capital. Refer to note 15 for further detail. Foreign Currency The Company may, from time to time, hold foreign currency denominated assets and liabilities. The functional currency of the Company’s international subsidiaries is generally the U.S. Dollar, as their operations are considered an extension of U.S. parent operations. Nonmonetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period is used for all others. The results of the Company’s foreign operations are normally remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments are included within other income, net in the consolidated statements of operations. Gains and losses on the settlement of foreign currency transactions are also included within other income, net in the consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. The results of the Company’s foreign operations are normally translated using an average exchange rate for the respective reporting period. Currency translation adjustments are included within other comprehensive income (loss), net of tax within the consolidated statements of comprehensive income. 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 Company is required to 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, the Company may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The Company is also required to disclose the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for as equity method investments. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the consolidated statements of operations and within the investments line in the 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 consolidated statements of financial condition, which is discussed further in note 15. 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 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 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 determ |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILLThe carrying value of goodwill was $117.0 million as of December 31, 2021 and 2020, respectively. Goodwill primarily relates to the 2007 reorganization of the Company’s predecessor business (the “2007 Reorganization”) and the Company’s acquisition of Stone Tower Capital LLC and its related management companies (“Stone Tower”) in 2012. As of December 31, 2021 and 2020, there was $92.2 million, $23.8 million and $1.0 million of goodwill related to the credit, private equity and real assets segments, respectively. On December 12, 2019, the Company acquired a portion of PK AirFinance, an aircraft lending platform, from GE Capital’s Aviation Services unit, and Athene and third parties have acquired the related PK AirFinance’s existing portfolio of loans via a securitization. On June 26, 2020, the Company acquired the remaining portion of the PK AirFinance platform. In connection with the acquisition on June 26, 2020, the Company recognized goodwill of $22.4 million as of the acquisition date. The Company has recognized $27.4 million in total goodwill related to the acquisition of the PK AirFinance platform. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 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 $ 5,588,992 $ 2,360,434 Equity method investments 1,345,750 1,010,821 Performance allocations 2,731,733 1,624,156 Total Investments $ 9,666,475 $ 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, Athora 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 Securities and Exchange Commission (“SEC”) as of December 31, 2021 and 2020. As such, the following tables present summarized financial information of Athene Holding: As of December 31, 2021 2020 (in millions) Statements of Financial Condition Investments $ 177,567 $ 154,843 Assets 235,149 202,771 Liabilities 212,968 182,631 Equity 22,181 20,140 For the Years Ended December 31, 2021 2020 2019 (in millions) Statements of Operations Revenues $ 26,320 $ 14,764 $ 16,258 Benefits and expenses 22,134 12,558 13,956 Income before income taxes 4,186 2,206 2,302 Income tax expense 386 285 117 Net income $ 3,800 $ 1,921 $ 2,185 Net income (loss) attributable to non-controlling interests (59) 380 13 Net income available to Athene Holding Ltd. shareholders 3,859 1,541 2,172 Less: Preferred stock dividends 141 95 36 Net income available to Athene Holding Ltd. common shareholders $ 3,718 $ 1,446 $ 2,136 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 Years Ended December 31, 2021 2020 2019 Realized gains (losses) on sales of investments, net $ (238) $ 2,081 $ 45 Net change in unrealized gains (losses) due to changes in fair value 2,611,141 (457,568) 138,109 Net gains (losses) from investment activities $ 2,610,903 $ (455,487) $ 138,154 Equity Method Investments Apollo’s equity method investments primarily 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 consolidated statements of operations. Equity method investments consisted of the following: Equity Held as of December 31, 2021 (4) December 31, 2020 (4) Credit (1) $ 220,075 $ 258,952 Private Equity (2) 1,035,079 672,430 Real Assets 90,596 79,439 Total equity method investments (3) $ 1,345,750 $ 1,010,821 (1) The equity method investment in AINV was $40.2 million and $40.4 million as of December 31, 2021 and 2020, respectively. The value of the Company’s investment in AINV was $35.3 million and $30.8 million based on the quoted market price of AINV as of December 31, 2021 and 2020, respectively. (2) The equity method investment in Fund VIII was $248.8 million and $343.3 million as of December 31, 2021 and 2020, respectively, representing an ownership percentage of 2.2% and 2.2% as of December 31, 2021 and 2020, respectively. The equity method investment in Fund IX was $308.9 million and $134.4 million as of December 31, 2021 and 2020, respectively, representing an ownership percentage of 1.9% and 1.9% as of December 31, 2021 and 2020, respectively. (3) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (4) Some amounts included are a quarter in arrears. The tables below present summarized financial information of the Company’s equity method investments in aggregate: Credit Private Equity Real Assets Aggregate Totals Statement of Financial Condition As of December 31, As of December 31, As of December 31, As of December 31, 2021 (1) 2020 (1) 2021 (1) 2020 (1) 2021 (1) 2020 (1) 2021 (1) 2020 (1) Investments $ 111,671,571 $ 113,854,036 $ 41,823,037 $ 35,125,164 $ 14,327,508 $ 12,154,194 $ 167,822,116 $ 161,133,394 Assets 120,649,119 120,508,401 43,376,405 36,385,974 15,236,319 12,842,290 179,261,843 169,736,665 Liabilities 95,616,159 97,361,638 512,016 488,633 7,421,613 5,961,192 103,549,788 103,811,463 Equity 25,032,960 23,146,763 42,864,389 35,897,341 7,814,706 6,881,098 75,712,055 65,925,202 Credit Private Equity Real Assets Aggregate Totals Statement of Operations For the Years Ended For the Years Ended For the Years Ended For the Years Ended 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) Revenues/Investment Income $ 3,344,746 $ 5,769,187 $ 1,974,306 $ 1,012,919 $ 709,447 $ 675,305 $ 891,260 $ 804,636 $ 509,963 $ 5,248,925 $ 7,283,270 $ 3,159,574 Expenses 3,892,883 5,046,979 1,969,329 622,551 652,520 680,331 420,007 375,623 362,454 4,935,441 6,075,122 3,012,114 Net Investment Income (Loss) (548,137) 722,208 4,977 390,368 56,927 (5,026) 471,253 429,013 147,509 313,484 1,208,148 147,460 Net Realized and Unrealized Gain (Loss) 2,482,143 1,248,084 1,843,877 12,896,577 1,640,109 3,672,268 503,105 (511,697) 856,380 15,881,825 2,376,496 6,372,525 Net Income (Loss) $ 1,934,006 $ 1,970,292 $ 1,848,854 $ 13,286,945 $ 1,697,036 $ 3,667,242 $ 974,358 $ (82,684) $ 1,003,889 $ 16,195,309 $ 3,584,644 $ 6,519,985 (1) Certain credit, private equity and real assets fund amounts are as of and for the twelve months ended September 30, 2021, 2020 and 2019 and exclude amounts related to Athene Holding. Performance Allocations Performance allocations receivable recorded within investments in the consolidated statements of financial condition from credit, private equity and real assets funds consisted of the following: As of December 31, 2021 As of December 31, 2020 Credit $ 621,214 $ 465,153 Private Equity 1,901,489 1,040,827 Real Assets 209,030 118,176 Total performance allocations $ 2,731,733 $ 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, 2020 $ 418,517 $ 822,531 $ 266,523 $ 1,507,571 Change in fair value of funds 216,960 247,522 (86,288) 378,194 Fund distributions to the Company (170,324) (29,226) (62,059) (261,609) Performance allocations, December 31, 2020 $ 465,153 $ 1,040,827 $ 118,176 $ 1,624,156 Change in fair value of funds 460,012 2,151,444 156,979 2,768,435 Fund distributions to the Company (303,951) (1,290,782) (66,125) (1,660,858) Performance allocations, December 31, 2021 $ 621,214 $ 1,901,489 $ 209,030 $ 2,731,733 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 consolidated statements of financial condition. See note 15 for further disclosure regarding the general partner obligation. |
PROFIT SHARING PAYABLE
PROFIT SHARING PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Profit Sharing Payable [Abstract] | |
PROFIT SHARING PAYABLE | PROFIT SHARING PAYABLE Profit sharing payable consisted of the following: As of December 31, 2021 As of December 31, 2020 Credit $ 440,294 $ 356,375 Private Equity 906,133 422,079 Real Assets 98,225 64,223 Total profit sharing payable $ 1,444,652 $ 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, 2020 $ 314,125 $ 329,817 $ 114,727 $ 758,669 Profit sharing expense 180,338 115,909 (14,999) 281,248 Payments/other (138,088) (23,647) (35,505) (197,240) Profit sharing payable, December 31, 2020 356,375 422,079 64,223 842,677 Profit sharing expense 265,486 1,123,050 81,264 1,469,800 Payments/other (181,567) (638,996) (47,262) (867,825) Profit sharing payable, December 31, 2021 $ 440,294 $ 906,133 $ 98,225 $ 1,444,652 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 consolidated statements of financial condition. See note 15 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 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 consolidated statements of financial condition. See note 8 for further disclosure regarding deferred equity-based compensation. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 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 15, 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 December 31, 2021. As a result of this higher ownership stake, Apollo became the primary beneficiary and thus consolidated certain VIEs where it had an indirect interest through its ownership in Athene. 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 assets were liquidated 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. Consolidated VIEs also include the Company’s consolidated SPACs. The financial information for these consolidated SPACs are disclosed in note 15. Net Gains from Investment Activities of Consolidated Variable Interest Entities The following table presents net gains from investment activities of the consolidated VIEs: For the Years Ended December 31, 2021 (1) 2020 (1) 2019 (1) Net gains (losses) from investment activities $ 525,740 $ (22,451) $ 51,039 Net gains (losses) from debt 54,638 27,118 (11,941) Interest and other income 745,590 440,425 29,224 Interest and other expenses (768,679) (247,723) (28,411) Net gains from investment activities of consolidated variable interest entities $ 557,289 $ 197,369 $ 39,911 (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 December 31, 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) $ 7,431,467 3.16 % 15.5 $ 8,104,973 3.11 % 11.1 Subordinated Notes (2) 613,192 N/A (1) 14.5 634,600 N/A (1) 21.8 Secured Borrowings (2)(3) 18,149 2.33 % 0.4 236,698 2.41 % 0.3 Total $ 8,062,808 $ 8,976,271 (1) 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 December 31, 2021 and December 31, 2020, the fair value of these consolidated VIEs’ assets were $8.7 billion and $9.6 billion, respectively. (3) As of December 31, 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 December 31, 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 December 31, 2021, the Company was not aware of any instances of non-compliance with any of these covenants. As of December 31, 2021, except for the secured borrowings, the contractual maturities for debt of the consolidated VIEs are greater than 10 years. Non-Consolidated Variable Interest Entities 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 $ 258,008 $ 354,109 Investments 5,193,465 4,154,057 Receivables 193,112 34,800 Total Assets $ 5,644,585 $ 4,542,966 Liabilities: Debt and other payables $ 1,588,007 $ 1,229,345 Total Liabilities $ 1,588,007 $ 1,229,345 Apollo Exposure (1) $ 240,871 $ 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 16. (2) Some amounts included are a quarter in arrears. |
FAIR VALUE MEASUREMENTS OF FINA
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2021 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value (1) $ 1,687,105 $ — $ — $ 1,687,105 $ 1,686,923 Investments, at fair value: Investment in Athene Holding 4,548,048 — — 4,548,048 2,092,038 Other investments 48,493 46,267 946,184 (2) 1,040,944 890,344 Total investments, at fair value 4,596,541 46,267 946,184 5,588,992 2,982,382 Investments of VIEs, at fair value 6,232 1,055,421 13,187,803 14,249,456 Investments of VIEs, valued using NAV — — — 487,595 Total investments of VIEs, at fair value 6,232 1,055,421 13,187,803 14,737,051 Due from related parties (3) — — 47,835 47,835 Derivative assets (4) — 7,436 — 7,436 Total Assets $ 6,289,878 $ 1,109,124 $ 14,181,822 $ 22,068,419 Liabilities Debt of VIEs, at fair value $ — $ 446,029 $ 7,496,479 $ 7,942,508 Other liabilities of VIEs, at fair value — 3,111 31,090 34,201 Other liabilities of VIEs, using NAV — — — 557 Contingent consideration obligations (5) — — 125,901 125,901 Other liabilities (6) 47,961 — — 47,961 Derivative liabilities (4) — 1,520 — 1,520 Total Liabilities $ 47,961 $ 450,660 $ 7,653,470 $ 8,152,648 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 (2) 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 (4) — 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 (5) — — 119,788 119,788 Derivative liabilities (4) — 100 — 100 Total Liabilities $ — $ 1,584,071 $ 7,220,408 $ 8,804,479 (1) U.S. Treasury securities, at fair value, as of December 31, 2021 and December 31, 2020 includes $1.2 billion and $817.0 million, respectively, of U.S. Treasury securities held by consolidated SPACs. Refer to note 15 of this report for further information. (2) Other investments as of December 31, 2021 and December 31, 2020 excludes $175.8 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. (3) Due from related parties represents a receivable from a credit fund. (4) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition. (5) Profit sharing payable includes contingent obligations classified as Level III. (6) Other liabilities includes the publicly traded warrants of APSG and APSG II. The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value: For the Year Ended December 31, 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 — (230,541) (230,541) Purchases 492,326 3,679,767 4,172,093 Sale of investments/distributions (3,235) (1,444,857) (1,448,092) Net realized gains 20,063 34,152 54,215 Changes in net unrealized gains 81,613 444,686 526,299 Cumulative translation adjustment (12,639) (31,717) (44,356) Transfer into Level III (1) 706 44,686 45,392 Transfer out of Level III (1) (2,422) (271,353) (273,775) Balance, End of Period $ 946,184 $ 13,187,803 $ 14,133,987 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 81,613 $ — $ 81,613 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 307,829 307,829 For the Year Ended December 31, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 113,410 $ 321,069 $ 434,479 Transfer in due to consolidation — 7,794,128 7,794,128 Purchases 232,552 4,278,786 4,511,338 Sale of investments/distributions (21,855) (666,998) (688,853) Settlements — (798,487) (798,487) Net realized gains 1,472 17,793 19,265 Changes in net unrealized gains (losses) 24,373 (32,494) (8,121) Cumulative translation adjustment 20,516 50,845 71,361 Transfer into Level III (1) — 84,595 84,595 Transfer out of Level III (1) (696) (86,257) (86,953) Balance, End of Period $ 369,772 $ 10,962,980 $ 11,332,752 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 24,373 $ — $ 24,373 Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — (23,534) (23,534) (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 tables summarize 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 Year Ended December 31, 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 — 705,726 705,726 Repayments (20,609) (320,529) (341,138) Net realized losses — 6,713 6,713 Changes in net unrealized losses (1) 26,722 66,212 92,934 Cumulative translation adjustment — (31,626) (31,626) Transfer into Level III (2) — 453 453 Balance, End of Period $ 125,901 $ 7,527,569 $ 7,653,470 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 $ — $ 44,895 $ 44,895 For the Year Ended December 31, 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 — 3,198,863 3,198,863 Repayments (12,870) (284,001) (296,871) Net realized losses — 2,311 2,311 Changes in net unrealized (gains) losses (1) 20,144 (153,612) (133,468) Cumulative translation adjustment — 45,773 45,773 Balance, End of Period $ 119,788 $ 7,100,620 $ 7,220,408 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 $ — $ (219,645) $ (219,645) (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the 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 December 31, 2021 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 516,221 Embedded value N/A N/A N/A 169,625 Discounted cash flow Discount rate 14.0% - 52.8% 26.4% 260,338 Adjusted transaction value N/A N/A N/A Due from related parties 47,835 Discounted cash flow Discount rate 16.0% 16.0% Investments of consolidated VIEs: Equity securities 4,144,661 Discounted cash flow Discount rate 3.0% - 19.0% 10.4% Dividend discount model Discount rate 13.7% 13.7% Market comparable companies NTAV multiple 1.25x 1.25x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Bank loans 4,569,873 Discounted cash flow Discount rate 1.8% - 15.6% 4.3% Adjusted transaction value N/A N/A N/A Profit participating notes 2,849,150 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 511,648 Discounted cash flow Capitalization rate 4.0% - 5.8% 5.3% Discounted cash flow Discount rate 5.0% - 12.5% 7.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.2% Direct capitalization Terminal capitalization rate 6.0% - 12.0% 6.9% Bonds 50,885 Discounted cash flow Discount rate 4.0% - 7.0% 6.1% Third party pricing N/A N/A N/A Other equity investments 1,061,586 Discounted cash flow Discount rate 11.8% -12.5% 12.1% Adjusted transaction value N/A N/A N/A Total Investments of Consolidated VIEs 13,187,803 Total Financial Assets $ 14,181,822 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 4,311,348 Discounted cash flow Discount rate 1.4% - 10.0% 2.8% Subordinated notes 3,164,491 Discounted cash flow Discount rate 4.5% - 11.9% 5.8% Participating equity 20,640 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 31,090 Discounted cash flow Discount rate 3.7% - 9.3% 6.3% Total Liabilities of Consolidated VIEs 7,527,569 Contingent Consideration Obligation 125,901 Discounted cash flow Discount rate 18.5% 18.5% Total Financial Liabilities $ 7,653,470 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 (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 December 31, 2021, the fair value of Apollo’s Level I investment in Athene Holding was estimated using the closing market price of Athene Holding shares of $83.33. Previously, Apollo’s investment in Athene Holding was subject to a discount for a lack of marketability (“DLOM”). 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 the remaining restriction 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. The DLOM was adjusted to zero as of December 31, 2021 due to the expected merger with Athene Holding on January 1, 2022. 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. Significant increases (decreases) in any recoverability percentage would result in a significantly higher (lower) fair value measurement. The significant unobservable inputs used in the fair value measurement of bonds, profit participating notes, and other equity investments 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. Significant increases (decreases) in any price-to-earnings multiple or total book value multiple in isolation would result in a significantly higher (lower) 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. Certain liabilities are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value. 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 16 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 third party vendor prices and/or 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. The income approach is also used when cash flows can be reasonably estimated. 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 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 | 12 Months Ended |
Dec. 31, 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 $ 256,252 $ 191,853 Less: Accumulated depreciation and amortization (130,072) (111,821) Fixed assets, net 126,180 80,032 Deferred equity-based compensation (1) 282,900 137,777 Prepaid expenses 57,765 46,639 Intangible assets, net 14,846 23,586 Tax receivables 30,334 42,979 Other 73,876 33,950 Total Other Assets $ 585,901 $ 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 $210.6 million and $114.6 million, as of December 31, 2021 and 2020, respectively, is included in other liabilities on the consolidated statements of financial condition. Depreciation expense was $18.6 million, $11.4 million and $9.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is presented as a component of general, administrative and other expense in the consolidated statements of operations. Intangible assets, net consists of the following: As of December 31, 2021 2020 Intangible assets/management contracts $ 272,542 $ 272,572 Accumulated amortization (257,696) (248,986) Intangible assets, net $ 14,846 $ 23,586 The changes in intangible assets, net consist of the following and includes approximately $1.8 million of indefinite-lived intangible assets as of December 31, 2021 and 2020, respectively. For the Years Ended December 31, 2021 2020 2019 Balance, beginning of year $ 23,586 $ 20,615 $ 18,899 Amortization expense (8,740) (7,431) (6,159) Acquisitions / additions — 10,402 7,875 Balance, end of year $ 14,846 $ 23,586 $ 20,615 Expected amortization of these intangible assets for each of the next 5 years and thereafter is as follows: 2022 2023 2024 2025 2026 Thereafter Total Amortization of intangible assets $ 6,610 $ 4,818 $ 1,388 $ 20 $ 20 $ 230 $ 13,086 There was no impairment of indefinite lived intangible assets as of December 31, 2021 and 2020. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 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 recorded in general, administrative and other in the consolidated statements of operations. For the Years Ended December 31, 2021 2020 2019 Operating lease cost $ 48,661 $ 46,483 42,680 The following table presents supplemental cash flow information related to operating leases: For the Years Ended December 31, 2021 2020 2019 Operating cash flows for operating leases $ 31,802 $ 27,452 30,626 As of December 31, 2021, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments 2022 $ 54,420 2023 56,633 2024 53,975 2025 52,044 2026 47,284 Thereafter 329,964 Total lease payments $ 594,320 Less imputed interest (89,114) Present value of lease payments $ 505,206 The Company has undiscounted future operating lease payments of $177.2 million related to leases that have not commenced that were entered into as of December 31, 2021. Such lease payments are not yet included in the table above or the Company’s consolidated statements of financial condition as lease assets and lease liabilities. These operating leases are anticipated to commence in 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) 12.3 13.6 Weighted average discount rate 2.7 % 3.1 % |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s income tax (provision) benef it totaled $(594.4) million, $(87.0) million and $129.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s effective income tax rate was 12.2%, 15.7% and (9.2)% for t he years ended December 31, 2021, 2020 and 2019, respectively. The Company had significant movement in its effective income tax rate from December 31, 2019 to December 31, 2020 primarily due to the Conversion that occurred on September 5, 2019. Prior to the Conversion, a portion of the investment income, performance allocations and principal investment income earned by the Company was not subject to corporate-level tax in the United States. Subsequent to the Conversion generally all of the income it earns from the AOG entities is subject to U.S. corporate income tax. The Company’s effective tax rates for December 31, 2020 and December 31, 2021 reflect a corporate structure with income allocated to Non-Controlling Interests. The provision for income taxes is presented in the following table: For the Years Ended December 31, 2021 2020 2019 Current: Federal income tax $ 83,201 $ 21,039 $ 1,973 Foreign income tax (1) 32,530 24,926 10,792 State and local income tax 3,562 5,389 3,408 Subtotal 119,293 51,354 16,173 Deferred: Federal income tax 422,561 9,109 (120,457) Foreign income tax (1) (946) 42 128 State and local income tax 53,471 26,461 (24,838) Subtotal 475,086 35,612 (145,167) Total Income Tax Provision (Benefit) $ 594,379 $ 86,966 $ (128,994) (1) The foreign income tax provision was derived from $211.7 million, $115.9 million and $44.7 million of pre-tax income generated in foreign jurisdictions for the years ended December 31, 2021, 2020 and 2019, respectively. The following table reconciles the U.S. Federal statutory tax rate to the effective income tax rate: For the Years Ended December 31, 2021 2020 2019 U.S. Federal Statutory Tax Rate 21.0 % 21.0 % 21.0 % Income Passed Through to Non-Controlling Interests (10.4) (12.2) (10.7) Income Passed Through to Class A Shareholders — — (2.7) State and Local Income Taxes (net of Federal Benefit) 0.8 3.8 1.1 Impact of Corporate Conversion — 0.9 (16.7) Impact of Foreign Taxes (net of Foreign Tax Credit) 0.3 2.3 0.5 Impact of Equity-Based Compensation 0.5 (1.2) (0.9) Other — 1.1 (0.8) Effective Income Tax Rate 12.2 % 15.7 % (9.2) % Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. Temporary differences result in taxable or deductible amounts in future years. The Company’s deferred tax assets and liabilities in the consolidated statements of financial condition consist of the following: As of December 31, 2021 2020 Deferred Tax Assets: Depreciation and amortization $ 507,594 $ 273,545 Net operating loss carryforwards 1,414 4,026 Deferred Revenue 5,981 3,329 Equity-based compensation 62,618 14,243 Foreign tax credit — 5,854 Basis difference in investments — 204,653 Other 39,805 33,894 Total Deferred Tax Assets 617,412 539,544 Deferred Tax Liabilities: Basis difference in investments 192,538 — Other 742 300 Total Deferred Tax Liabilities 193,280 300 Total Deferred Tax Assets, Net $ 424,132 $ 539,244 As of December 31, 2021, the Company had no federal net operating loss (“NOL”) carryforward and $24.6 million of state and local net operating loss carryforwards, any unused portion of which will expire in 2035. The Company had no foreign tax credit carryforwards as of December 31, 2021. The Company considered its historic and current year earnings, business forecasts, enacted tax law, and other sources of income in evaluating whether a valuation allowance should be established on deferred tax assets. The Company concluded that it is more likely than not that its deferred tax assets will be realized, and no valuation allowance was needed as of December 31, 2021. 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 and incurs income taxes 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 December 31, 2021, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2018 through 2020 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for the 2019 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, including intangibles resulting from exchanges of AOG Units for Class A Common Stock by the Former Managing Partners and Contributing Partners. A related liability is recorded in “Due to Related Parties” in the consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among AGM Inc & subsidiaries, the Former Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 15). 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 shares. Exchange of AOG Units Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Year Ended December 31, 2021 $ 346,896 $ 287,917 $ 58,979 For the Year Ended December 31, 2020 $ 86,864 $ 68,801 $ 28,904 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 consolidated financial statements or related disclosures. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: As of December 31, 2021 As of December 31, 2020 Outstanding Fair Value Annualized Outstanding Fair Value Annualized 2024 Senior Notes (1) $ 498,469 $ 530,052 (4) 4.00 % $ 497,817 $ 553,633 (4) 4.00 % 2026 Senior Notes (1) 497,730 553,055 (4) 4.40 497,217 581,898 (4) 4.40 2029 Senior Notes (1) 674,786 777,703 (4) 4.87 674,757 804,768 (4) 4.87 2030 Senior Notes (1) 494,928 506,094 (4) 2.65 494,375 513,362 (4) 2.65 2039 Senior Secured Guaranteed Notes (1) 317,985 369,041 (5) 4.77 317,042 376,472 (5) 4.77 2048 Senior Notes (1) 296,757 397,191 (4) 5.00 296,633 379,953 (4) 5.00 2050 Subordinated Notes (1) 296,675 308,687 (4) 4.95 296,557 307,500 (4) 4.95 Secured Borrowing I (2) — — — 19,526 19,527 (3) 1.84 Secured Borrowing II (2) 19,334 19,239 (3) 1.70 20,767 20,773 (3) 1.71 2016 AMI Term Facility I (2) 19,186 19,186 (3) 1.30 20,608 20,608 (3) 1.30 2016 AMI Term Facility II (2) 18,546 18,546 (3) 1.40 19,922 19,922 (3) 1.40 Total Debt $ 3,134,396 $ 3,498,794 $ 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 December 31, 2021 As of December 31, 2020 2024 Senior Notes $ 1,289 $ 1,841 2026 Senior Notes 2,076 2,545 2029 Senior Notes 4,635 5,282 2030 Senior Notes 3,824 4,231 2039 Senior Secured Guaranteed Notes 7,015 7,958 2048 Senior Notes 2,960 3,073 2050 Subordinated Notes 3,325 3,443 Total $ 25,124 $ 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 Secured Borrowing I facility was fully repaid as of December 31, 2021. The remaining maturity of Secured Borrowing II is 10.3 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 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 various reference interest rates, including USD London Inter-Bank Offered Rate (“LIBOR”), and the applicable margin for USD LIBOR as of December 31, 2021 was 1.00%. The commitment fee on the $750 million undrawn AMH Credit Facility as of December 31, 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 December 31, 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 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 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 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 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 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 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 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 December 31, 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 December 31, 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 Years Ended December 31, 2021 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 1,215 $ 1,277 AMH Credit Facility 1,301 73 — 2024 Senior Notes 20,652 20,652 20,652 2026 Senior Notes 22,513 22,513 22,513 2029 Senior Notes 32,916 32,916 27,743 2030 Senior Notes 13,845 7,888 — 2039 Senior Secured Guaranteed Notes 16,445 16,445 9,182 2048 Senior Notes 15,124 15,124 15,124 2050 Subordinated Notes 14,968 14,970 586 AMI Term Facilities/ Secured Borrowings 1,326 1,443 1,292 Total Interest Expense $ 139,090 $ 133,239 $ 98,369 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The table below presents the contractual maturities for the Company's debt arrangements as of December 31, 2021: 2022 2023 2024 2025 2026 Thereafter Total 2024 Senior Notes $ — $ — $ 500,000 $ — $ — $ — $ 500,000 2026 Senior Notes — — — — 500,000 — 500,000 2029 Senior Notes — — — — — 675,000 675,000 2030 Senior Notes — — — — — 500,000 500,000 2039 Senior Secured Guaranteed Notes — — — — — 325,000 325,000 2048 Senior Notes — — — — — 300,000 300,000 2050 Subordinated Notes — — — — — 300,000 300,000 Secured Borrowing II — — — — — 19,334 19,334 2016 AMI Term Facility I — — — 19,186 — — 19,186 2016 AMI Term Facility II — 18,546 — — — — 18,546 Total Obligations as of December 31, 2021 $ — $ 18,546 $ 500,000 $ 19,186 $ 500,000 $ 2,119,334 $ 3,157,066 |
NET INCOME PER SHARE OF CLASS A
NET INCOME PER SHARE OF CLASS A COMMON STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE OF CLASS A COMMON STOCK | NET INCOME PER SHARE OF CLASS A COMMON STOCK The table below presents basic and diluted net income per share of Class A Common Stock using the two-class method: Basic and Diluted For the Years Ended December 31, 2021 2020 2019 Numerator: Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $ 1,801,835 $ 119,958 $ 806,537 Dividends declared on Class A Common Stock (1) (500,286) (530,576) (417,386) Dividends on participating securities (2) (16,851) (18,956) (17,888) Earnings allocable to participating securities (54,283) — (3) (17,343) Undistributed income (loss) attributable to Class A Common Stockholders: Basic 1,230,415 (429,574) 353,920 Dilution effect on distributable income attributable to unvested RSUs — — 3,173 Undistributed income (loss) attributable to Class A Common Stockholders: Diluted $ 1,230,415 $ (429,574) $ 357,093 Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic 236,567,691 227,530,600 207,072,413 Dilution effect of unvested RSUs — — 1,676,111 Weighted average number of shares of Class A Common Stock outstanding: Diluted 236,567,691 227,530,600 208,748,524 Net Income per share of Class A Common Stock: Basic Distributed Income $ 2.10 $ 2.31 $ 2.02 Undistributed Income (Loss) 5.22 (1.87) 1.70 Net Income per share of Class A Common Stock: Basic $ 7.32 $ 0.44 $ 3.72 Net Income per share of Class A Common Stock: Diluted (4) Distributed Income $ 2.10 $ 2.31 $ 2.01 Undistributed Income (Loss) 5.22 (1.87) 1.70 Net Income per share of Class A Common Stock: Diluted $ 7.32 $ 0.44 $ 3.71 (1) See note 14 for information regarding the quarterly dividends declared and paid during 2021 , 2020 and 2019. (2) Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. (3) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A Common Stockholders. (4) For the years ended December 31, 2021 and 2020, all of the classes of securities were determined to be anti-dilutive. For the year ended December 31, 2019, unvested RSUs were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. For the year ended December 31, 2019, the share options, AOG Units and participating securities were determined to be anti-dilutive and were accordingly excluded from the diluted earnings per share calculation. 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 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 were subject to the transfer restrictions set forth in the agreements with the respective holders and could, 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. Such AOG Unit holders were required to exchange one unit in each of the Apollo Operating Group partnerships or limited liability companies to effectuate an exchange for one share of Class A Common Stock. Concurrently with the closing of the Mergers, each outstanding AOG Unit, other than those held indirectly by AAM and those held indirectly by Athene, was exchanged for one AGM Share. Prior to December 31, 2021 , Apollo Global Management, Inc. had one share of Class B Common Stock outstanding, which was held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the share of Class B Common Stock was 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 had no net income (loss) per share as it did not participate in Apollo’s earnings (losses) or dividends. The Class B Common Stock had no dividend rights and only a de minimis liquidation right. The Class B Common Stock represented 0.0%, 47.2% and 44.7% of the total voting power of the Company’s Class A Common Stock and Class B Common Stock with respect to the limited matters upon which they were entitled to vote together as a single class pursuant to the Company’s governing documents as of December 31, 2021, 2020 and 2019, respectively. On December 31, 2021, the sole outstanding Class B share was exchanged for 10 Class A shares, which were subsequently exchanged into 10 AGM Shares in the AAM Merger on January 1, 2022. The following table summarizes the anti-dilutive securities. For the Years Ended December 31, 2021 2020 2019 Weighted average vested RSUs 1,725,294 479,603 430,748 Weighted average unvested RSUs 7,783,549 7,882,039 N/A Weighted average unexercised options — — 152,084 Weighted average AOG Units outstanding (1) 166,601,194 175,303,111 195,124,877 Weighted average unvested restricted shares 927,991 1,129,452 959,069 (1) Excludes AOG Units owned by Athene. Athene could 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 15). As these AOG Units were not convertible into shares of Class A Common Stock, they were excluded when calculating diluted net income per share. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant service period. Equity-based awards that require performance metrics to be met are expensed only when the performance metric is met or deemed probable. RSUs The Company has granted 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. For the Years Ended December 31, 2021 2020 2019 Plan Grants: Discount for the lack of distributions until vested (1) — % 0.1 % 18.7 % Marketability discount for transfer restrictions (2) 12.7 % 9.4 % 4.9 % Bonus Grants: Marketability discount for transfer restrictions (2) 3.5 % 3.0 % 4.1 % Performance Grants: Discount for the lack of distributions until vested (1) 7.3 % 8.7 % 14.0 % Marketability discount for transfer restrictions (2) 5.6 % 9.2 % 5.9 % (1) Based on the present value of a growing annuity calculation. (2) Based on the Finnerty Model calculation. The estimated total grant date fair value 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 year ended December 31, 2021 and December 31, 2020, the Company awarded Performance Grants of 2.7 million and 2.2 million RSUs to certain employees with a grant date fair value of $142.7 and $86.6 million, respectively, which vest subject to continued employment and the Company’s receipt of performance revenues, within prescribed periods, sufficient to cover the associated equity-based compensation. During the year ended December 31, 2020, the Company modified Plan Grants of 0.5 million RSUs with a grant date fair value of $15.6 million to Performance Grants of 0.5 million RSUs. The modification did not result in a change to the grant date fair value of the awards, as performance conditions that impact vesting are not considered in the determination of the fair value of an award and the award is otherwise expected to vest under the original terms. During the year ended December 31, 2021, there were no modifications of Plan Grants. In accordance with U.S. GAAP, equity-based compensation expense for these types of Performance Grants will be recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. The Company also awarded certain Performance Grants based on whether year-over-year growth in certain discretionary earnings metrics were attained prior to grant and they remained e mployed 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 Company granted 0.2 million RSUs with a grant date fair value of $7.5 million that fully vested and were expensed during the year ended December 31, 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 year ended December 31, 2020. Additionally, the Company awarded the Co-Presidents Performance Grants of 2.0 million RSUs with a grant date fair value of $125.5 million which vest on a cliff basis subject to continued employment over five years and the Company’s achievement of fee related earnings and spread related earnings per share targets. The following table summarizes the equity-based compensation expense recognized relating to Performance Grants: For the Years Ended December 31, 2021 2020 2019 Equity-based compensation $ 103,694 $ 96,750 $ 71,438 The grant date fair value of all RSU grants made during the years ended December 31, 2021, 2020 and 2019 wa s $1.6 billion, $192.5 million and $121.4 million, respectively. Included in the December 31, 2021 grant date fair value is $906.5 million related to fully-vested one-time grants in connection with the Company’s compensation reset and were expensed immediately as they did not require future service. The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Years Ended December 31, 2021 2020 2019 Actual forfeiture rate 0.7 % 6.9 % 2.1 % Equity-based compensation 1,130,797 173,199 146,096 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 11,406,160 60.82 14,822,465 26,228,625 Forfeited (224,195) 44.03 (12,134) (236,329) Vested (4,731,942) 36.57 4,731,942 — Issued — — (5,399,054) (5,399,054) Balance at December 31, 2021 15,428,416 (2) $ 51.67 15,976,551 31,404,967 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock. (2) Includes 6,534,295 Performance Grant RSUs, 1,971,086 Bonus Grant RSUs and 6,923,035 Plan Grant RSUs. As of December 31, 2021, there was of $640.9 million total unrecognized equity-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average term of 3.4 years. Restricted Share Awards The Company has granted restricted share awards under the Equity Plan primarily in connection with certain profit sharing arrangements. The fair value of restricted share grants is the public share price of the Company’s Class A Common Stock on the grant date. The grant date fair value of these awards is recognized as equity-based compensation expense on a straight-line basis over the vesting period. T he fair value of restricted share award grants made during the years ended December 31, 2021, 2020 and 2019 was $152.1 million, $30.7 million and $11.1 million, respectively. The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Years Ended December 31, 2021 2020 2019 Actual forfeiture rate — % 3.6 % 0.8 % Equity-based compensation $ 30,240 $ 25,846 $ 17,095 The following table summarizes the restricted share award activity: Unvested Weighted Average Grant Date Fair Value Vested Total Number of Restricted Share Awards Outstanding Balance at January 1, 2021 759,252 $ 41.52 — 759,252 Granted 1,188,207 68.34 1,037,738 2,225,945 Forfeited — — — — Vested (477,458) 39.89 477,458 — Issued — 60.62 (477,458) (477,458) Balance at December 31, 2021 1,470,001 $ 63.73 1,037,738 2,507,739 As of December 31, 2021, there was $72.0 million of total unrecognized equity-based compensation expense related to unvested restricted share awards, which is expected to be recognized over a weighted-average term of 2.2 years. Restricted Stock and Restricted Stock Unit Awards—ARI and AINV The Company has granted ARI and AINV restricted share units to certain employees of the Company. Separately, ARI granted restricted stock awards and restricted stock unit awards ("ARI Awards") to certain employees of the Company. These awards generally vest over three years, either quarterly or annually. The awards granted to the Company are recorded as investments under the equity method of accounting and deferred revenue in the consolidated statements of financial condition. As these awards vest, the deferred revenue is recognized as management fees. The awards granted to the Company’s employees are recorded in other assets and other liabilities in the consolidated statements of financial condition. The grant date fair value of the asset is amortized through equity-based compensation on a straight-line basis over the vesting period. The fair value of the liability is remeasured each period with any changes in fair value recorded in compensation expense in the consolidated statements of operations. Compensation expense is offset by related management fees earned by the Company from ARI and AINV, respectively. The grant date fair value of the employees’ awards is based on the then public share price of ARI and AINV at grant, less discounts for transfer restrictions, and has been categorized as Level II within the fair value hierarchy as a result. The following table summarizes the management fees, equity-based compensation expense, and actual forfeiture rates for the ARI Awards: For the Years Ended December 31, 2021 2020 2019 Management fees $ 14,726 $ 10,134 $ 16,697 Equity-based compensation $ 14,726 $ 10,134 $ 16,697 Actual forfeiture rate 1.2 % 1.0 % 1.2 % The following table summarizes activity for the ARI Awards that were granted to certain of the Company’s employees: ARI Awards Unvested Weighted Average Grant Date Fair Value ARI Awards Vested Total Number of ARI Awards Outstanding Balance at January 1, 2021 2,529,025 $ 13.81 952,751 3,481,776 Granted 1,323,487 13.20 — 1,323,487 Forfeited (44,891) 13.69 — (44,891) Delivered — 11.03 (1,023,308) (1,023,308) Vested (1,206,452) 14.97 1,206,452 — Balance at December 31, 2021 2,601,169 (1) $ 12.98 1,135,895 3,737,064 (1) ARI Awards are expected to vest over the next 2.4 years. The following table summarizes activity for the AINV Awards that were granted to certain of the Company’s employees: AINV Unvested RSUs Weighted Average Grant Date Fair Value AINV RSUs Total Number of AINV Awards Outstanding Balance at January 1, 2021 298,601 11.32 134,189 432,790 Granted 145,190 12.71 — 145,190 Forfeited — — — — Delivered — 13.83 (206,784) (206,784) Vested (209,679) 11.98 209,679 — Balance at December 31, 2021 234,112 (1) 11.60 137,084 371,196 (1) AINV Awards are expected to vest ov er the next 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 consolidated financial statements. Below is a reconciliation of the equity-based compensation allocated to AGM Inc.: For the Year Ended December 31, 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 $ 1,160,235 — % $ — $ 1,160,235 Other equity-based compensation awards 20,428 42.6 8,704 11,724 Total equity-based compensation $ 1,180,663 8,704 1,171,959 Less other equity-based compensation awards (2) (8,704) (20,376) Capital increase related to equity-based compensation $ — $ 1,151,583 For the Year Ended December 31, 2020 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 197,072 — % $ — $ 197,072 Other equity-based compensation awards 16,068 47.1 7,575 8,493 Total equity-based compensation $ 213,140 7,575 205,565 Less other equity-based compensation awards (2) (7,575) (31,733) Capital increase related to equity-based compensation $ — $ 173,832 For the Year Ended December 31, 2019 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 161,995 — % $ — $ 161,995 Other equity-based compensation awards 27,653 44.7 12,355 15,298 Total equity-based compensation $ 189,648 12,355 177,293 Less other equity-based compensation awards (2) (12,355) (30,575) Capital increase related to equity-based compensation $ — $ 146,718 (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 | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
EQUITY | EQUITY Common Stock As a result of the Conversion, (i) each Class A share converted into one share of Class A Common Stock (ii) the Class B share converted into one share of Class B Common Stock and (iii) the Former Manager was granted one issued and outstanding, fully paid and nonassessable share of Class C Common Stock, which bestowed to its holder certain management rights over the Company. Prior to the merger with Athene, on December 31, 2021, the one share of Class B Common Stock and the one share of Class C Common Stock were exchanged for 10 shares each of Class A Common Stock, which were subsequently exchanged into 10 AGM shares each in the AAM Merger on January 1, 2022. Both the Class B Common Stock and Class C Common Stock were subsequently cancelled. The Company had no Class B or Class C Common Stock outstanding as of December 31, 2021. Holders of Class A Common Stock are entitled to participate in dividends from the Company on a pro rata basis. During the years ended December 31, 2021, 2020 and 2019, the Company issued shares of Class A Common Stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of Class A Common Stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of Class A Common Stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding accumulated deficit adjustment. In January 2019, Apollo increased its authorized share repurchase amount by $250 million, bringing the total authorized repurchase amount to $500 million. On March 12, 2020, Apollo announced that the executive committee of the Company’s board of directors approved a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A common stock. This new authorization increased the Company’s capacity to repurchase shares from $80 million of unused capacity under the Company’s previously approved share repurchase plan authorization. The share repurchase plan authorization could 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). The table below summarizes the issuance of shares of Class A Common Stock for equity-based awards: For the Years Ended December 31, 2021 2020 2019 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 5,399,054 4,897,743 4,640,072 Reduction of shares of Class A Common Stock issued (2) (2,368,832) (2,082,934) (1,854,313) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) (275,655) 581,828 14,051 Issuance of shares of Class A Common Stock for equity-based awards 2,754,567 3,396,637 2,799,810 (1) The gross value of shares issued was $316.0 million, $226.6 million and $148.2 million for the years ended December 31, 2021, 2020 and 2019, 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 w as $140.6 million, $96.6 million and $56.6 million for t he years ended December 31, 2021, 2020 and 2019, respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted Class A Common Stock of AGM Inc. that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's 2007 Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase Class A Common Stock on the open market and retire them. During the years ended December 31, 2021, 2020 and 2019, we issued 1,188,207, 636,425 and 289,714 of such restricted shares and 275,655 , 168,591 and 102,089 of such RSUs under the 2007 Equity Plan, respectively, and r epurchased 1,463,862, 19,549 and 265,113 Class A Common Stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there w ere 0, 54,597 and 10,550 restricted shares forfeited during the years ended December 31, 2021, 2020 and 2019 , respectively. Addit ionally, during the years ended December 31, 2021, 2020 and 2019, 3,370,851, 2,735,546 and 3,453,901 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 $208.0 million, $90.7 million and $102.4 million for these open market share repurchases during the years ended December 31, 2021, 2020 and 2019, respectively. Preferred Stock Issuance On March 7, 2017, Apollo issued 11,000,000 6.375% Series A Preferred shares (the “Series A Preferred shares”) for gross proceeds of $275.0 million, or $264.4 million net of issuance costs and on March 19, 2018, Apollo issued 12,000,000 6.375% Series B Preferred shares (the “Series B Preferred shares” and collectively with the Series A Preferred shares, the “Preferred shares”) for gross proceeds of $300.0 million, or $289.8 million net of issuance costs. As a result of the Conversion, (i) each Series A Preferred share representing limited liability company interests of AGM LLC outstanding immediately prior to 12:01 a.m. Eastern Time on September 5, 2019 (the “Effective Time”) converted into one issued and outstanding, fully paid and nonassessable share of Series A Preferred Stock, having a liquidation preference of $25.00 per share, of the Company and (ii) each Series B Preferred share representing limited liability company interests of AGM LLC outstanding immediately prior to the Effective Time converted into one issued and outstanding, fully paid and nonassessable share of Series B Preferred Stock, having a liquidation preference of $25.00 per share, of the Company (the Series A Preferred Stock and the Series B Preferred Stock collectively, the “Preferred Stock”). When, as and if declared by the executive committee of the board of directors of AGM Inc., dividends on the Preferred Stock will be payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2018 for the Series B Preferred Stock, at a rate per annum equal to 6.375%. Dividends on the Preferred Stock are discretionary and non-cumulative. During 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. These restrictions were not applicable during the initial dividend period, which was the period from March 19, 2018 to but excluding June 15, 2018 for the Series B Preferred Stock. The Series A Preferred Stock and the Series B Preferred Stock may be redeemed at Apollo’s option, in whole or in part, at any time on or after March 15, 2022 and March 15, 2023, respectively, at a price of $25.00 per share of Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. Holders of the Preferred Stock will have no right to require the redemption of the Preferred Stock and there is no maturity date. If a certain change of control event or a certain tax redemption event occurs prior to March 15, 2022 and March 15, 2023 for the Series A Preferred Stock and the Series B Preferred Stock, respectively, the Preferred Stock may be redeemed at Apollo’s option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event or such tax redemption event, as applicable, at a price of $25.25 per share of Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. If a certain rating agency event occurs prior to March 15, 2023, the Series B Preferred Stock may be redeemed at Apollo’s option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such rating agency event, at a price of $25.50 per share of Series B Preferred Stock, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. If (i) a change of control event occurs (whether before, on or after March 15, 2022 and March 15, 2023 for the Series A Preferred Stock and the Series B Preferred Stock, respectively) and (ii) Apollo does not give notice prior to the 31st day following the change of control event to redeem all the outstanding Preferred Stock, the dividend rate per annum on the Preferred Stock will increase by 5.00%, beginning on the 31st day following such change of control event. The Preferred Stock are not convertible into Class A Common Stock and have no voting rights, except in limited circumstances as provided in the Company’s certificate of incorporation. In connection with the issuance of the Preferred Stock, certain Apollo Operating Group entities issued for the benefit of Apollo a series of preferred units with economic terms that mirror those of the Preferred Stock. Dividends and Distributions The table below presents information regarding the quarterly dividends and distributions which were made at the sole discretion of the Former Manager of the Company prior to the Conversion and at the sole discretion of the executive committee of the board of directors subsequent to the Conversion (in millions, except per share data). Subsequent to the Conversion, distributions from AGM Inc. are referred to as dividends. Dividend Declaration Date Dividend per share of Class A Common Stock Payment Date Dividend to Class A Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities January 31, 2019 $ 0.56 February 28, 2019 $ 113.3 $ 113.3 $ 226.6 $ 5.0 N/A — April 12, 2019 — 45.4 (1) (2) 45.4 — May 2, 2019 0.46 May 31, 2019 92.2 93.0 185.2 4.1 July 31, 2019 0.50 August 30, 2019 100.4 101.0 201.4 4.4 N/A — August 15, 2019 — 4.1 (2) 4.1 — N/A — September 26, 2019 — 17.8 (2) 17.8 — October 31, 2019 0.50 November 29,2019 111.5 90.1 201.6 4.4 For the Year Ended December 31, 2019 $ 2.02 $ 417.4 $ 464.7 $ 882.1 $ 17.9 January 30, 2020 $ 0.89 February 28, 2020 $ 205.6 $ 155.6 $ 361.2 $ 7.2 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 3, 2021 $ 0.60 February 26, 2021 $ 139.2 $ 121.4 $ 260.6 $ 5.1 N/A — April 14, 2021 — 41.8 (1) (2) 41.8 — May 4, 2021 0.50 May 28, 2021 115.5 100.9 216.4 4.0 N/A — June 15, 2021 — 19.5 (2) 19.5 — August 4, 2021 0.50 August 31, 2021 122.0 94.4 216.4 3.9 N/A — September 15, 2021 — 24.1 (2) 24.1 — November 2, 2021 0.50 November 30, 2021 123.6 93.1 216.7 3.9 N/A — December 15, 2021 — 23.2 (2) 23.2 — For the Year Ended December 31, 2021 $ 2.10 $ 500.3 $ 518.4 $ 1,018.7 $ 16.9 (1) On April 12, 2019, April 15, 2020 and April 14, 2021 the Company made $0.18, $0.21 and $0.15 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with taxes and payments made under the tax receivable agreement. See note 15 for more information regarding the tax receivable agreement. (2) On April 12, 2019, August 15, 2019 and September 26, 2019, the Company made a $0.04, $0.02 and $0.10 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with U.S. corporate tax payments. On April 14, 2021, June 15, 2021, September 15, 2021, and December 15, 2021, the Company made a $0.03, $0.08, $0.10, and $0.13 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, in 2020, Athene Holding acquired 29,154,519 non-voting equity interests of the Apollo Operating Group, which as of December 31, 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 Years Ended December 31, 2021 2020 2019 Net income attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 6,138 $ 3,386 $ 4,755 Other consolidated entities 411,554 114,992 25,749 Net income attributable to Non-Controlling Interests in consolidated entities $ 417,692 $ 118,378 $ 30,504 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income $ 4,267,895 $ 466,802 $ 1,536,843 Net income attributable to Non-Controlling Interests in consolidated entities (417,692) (118,378) (30,504) Net income after Non-Controlling Interests in consolidated entities 3,850,203 348,424 1,506,339 Adjustments: Income tax provision (benefit) (2) 594,379 86,966 (128,994) NYC UBT and foreign tax benefit (3) (32,516) (26,549) (15,890) Net income (loss) in non-Apollo Operating Group entities (5,385) (13,571) 51,030 Series A Preferred Stock Dividends (17,531) (17,531) (17,531) Series B Preferred Stock Dividends (19,125) (19,125) (19,125) Total adjustments 519,822 10,190 (130,510) Net income after adjustments 4,370,025 358,614 1,375,829 Weighted average ownership percentage of Apollo Operating Group 45.1 % 47.1 % 48.4 % Net income attributable to Non-Controlling Interests in Apollo Operating Group $ 2,011,712 $ 191,810 $ 663,146 Net income attributable to Non-Controlling Interests $ 2,429,404 $ 310,188 $ 693,650 Other comprehensive income (loss) attributable to Non-Controlling Interests (28,730) 38,113 (7,496) Comprehensive Income Attributable to Non-Controlling Interests $ 2,400,674 $ 348,301 $ 686,154 (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 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. Redeemable Non-Controlling Interests As discussed in note 2, redeemable non-controlling interests represent the shares issued by APSG, APSG II and Acropolis, the consolidated SPACs. The table below presents the activities associated with the redeemable non-controlling interests. For the Years Ended December 31, 2021 2020 Balance at beginning of period $ 782,702 $ — Net issuances of redeemable non-controlling interests 950,103 735,486 Accretion of redeemable non-controlling interests 37,229 47,216 Balance at end of period $ 1,770,034 $ 782,702 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES | 12 Months Ended |
Dec. 31, 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 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 (1) $ 248,886 $ 183,992 Due from private equity funds 20,157 21,169 Due from real assets funds 46,832 28,231 Due from portfolio companies 66,960 80,122 Due from Contributing Partners, employees and former employees 106,755 148,869 Total Due from Related Parties $ 489,590 $ 462,383 Due to Related Parties: Due to Former Managing Partners and Contributing Partners (2) $ 1,118,272 $ 310,230 Due to credit funds 22,042 34,280 Due to private equity funds 54,436 216,899 Due to real assets funds 27,652 47,060 Total Due to Related Parties $ 1,222,402 $ 608,469 (1) Due from credit funds includes $47.8 million related to a receivable from a credit fund in connection with the Company’s sale of a platform investment to such fund during the year ended December 31, 2021. The amount is payable to the Company over five years and is held at fair value. (2) Due to Former Managing Partners and Contributing Partners includes $569.6 million related to the purchase of limited partnership interests, payable over 13 equal quarterly installments beginning on January 1, 2022. Tax Receivable Agreement Subject to certain restrictions, prior to the Corporate Recapitalization, each of the Former Managing Partners and Contributing Partners had the right to exchange his vested AOG Units for the Company’s Class A Common Stock. The Apollo 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 resulted in increases in the basis of underlying assets that will reduce the amount of taxable gain or increase the amount of taxable loss that AGM Inc. and its subsidiaries will otherwise recognize in the future. The tax receivable agreement (“TRA”) provides for the payment to the Former Managing Partners and Contributing Partners of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that AGM Inc. and its subsidiaries 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 TRA, 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 years ended December 31, 2021 and 2020 a $287.9 million and $68.8 million liability was recorded respectively, to estimate the amount of the future payments to be made by AGM Inc. and its subsidiaries to the Former Managing Partners and Contributing Partners pursuant to the TRA. In April 2021, Apollo made a $39.9 million cash payment pursuant to the TRA 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 TRA 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. During the years ended December 31, 2021, 2020 and 2019, the Company remeasured the TRA liability and recorded other income (loss), net of $9.6 million, $12.4 million, and $(50.3) million respectively, in the consolidated statements of operations. The remeasurement of the TRA liability for the years ended December 31, 2021 and 2020 primarily relates to changes in estimated state and local tax rates. The remeasurement of the TRA liability for the year ended December 31, 2019 is primarily due to recognition of the tax receivable agreement in connection with the Conversion for prior exchanges of AOG Units for Class A Common Stock as well as changes in estimated state and local tax rates. On March 9, 2021, the Company entered into a binding governance term sheet with the Former Managing Partners pursuant to which it agreed, among other things, to convert its corporate structure to a single class of common stock with one vote per share through a series of transactions (the “Corporate Recapitalization”). Pursuant to the governance term sheet, all AOG Units beneficially owned by each holder of AOG Units (other than the Company and Athene) would be transferred to a wholly-owned subsidiary of HoldCo 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 HoldCo 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 were to consummate the transactions contemplated by the Merger Agreement simultaneously with the mandatory exchange, the AOG Unit Payment would be payable over the period between the date on which the transactions contemplated by the Merger Agreement were consummated and the third anniversary of the Mandatory Exchange Date in equal quarterly installments (such transactions collectively, the “mandatory exchange”). The term sheet also provided that the tax receivable agreement would not be applicable for the mandatory exchange, but would remain in effect for any exchanges occurring prior to the mandatory exchange date. AOG Unit Payment On December 31, 2021, holders of AOG Units (other than Athene and the Company) sold and transferred a portion of such AOG Units to APO Corp., a wholly-owned consolidated subsidiary of the Company, in exchange for an amount equal to $3.66 multiplied by the total number of AOG Units held by such holders immediately prior to such transaction (such payment, the “AOG Unit Payment”). The remainder of the AOG Units held by such holders were exchanged for shares of HoldCo common stock concurrently with the consummation of the Mergers on January 1, 2022. As of December 31, 2021, the outstanding payable amount was $569.6 million, which is payable over 13 equal quarterly installments beginning on January 1, 2022. See note 18 for more information. Due from Contributing Partners, Employees and Former Employees As of December 31, 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 December 31, 2021 and December 31, 2020, the balance included interest-bearing employee loans receivable of $17.5 million. 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 December 31, 2021 and December 31, 2020 of $64.5 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 Former Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular Former Managing Partners’ or Contributing Partner’s distributions. Pursuant to an existing shareholders agreement, the Company has agreed to indemnify each of the Company’s Former Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that the Company manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Company’s Former Managing Partners and Contributing Partners have contributed or sold to the Apollo Operating Group. Accordingly, in the event that the Company’s Former Managing Partners, Contributing Partners and certain investment professionals are required to pay amounts in connection with a general partner obligation for the return of previously made distributions with respect to Fund IV, Fund V and Fund VI, the Company will be obligated to reimburse the Company’s Former Managing Partners and certain Contributing Partners for the indemnifiable percentage of amounts that they are required to pay even though the Company did not receive the certain distribution to which that general partner obligation related. The Company recorded an indemnification liability of $13.2 million and $12.8 million as of December 31, 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 53,722 215,011 Real Assets 27,454 46,860 Total general partner obligation $ 81,176 $ 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. 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 Athene 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 had 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, at the close of the transaction. 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 December 31, 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 was 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). 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. Merger Agreement On March 8, 2021, the Company. entered into the Merger Agreement with AHL, HoldCo, AHL Merger Sub, and AAM Merger Sub. The Merger Agreement provided that, subject to the terms and conditions set forth therein, the Company and AHL would 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 subsidiary of HoldCo and (b) the AAM Merger with AAM as the surviving entity in the AAM Merger and a subsidiary of HoldCo. Following the Mergers and the closing of the transactions contemplated by the Merger Agreement, HoldCo was to be renamed “Apollo Global Management, Inc.” On January 1, 2022, the Mergers were completed and HoldCo was renamed “Apollo Global Management, Inc.” Following the closing of the Mergers, all of the common shares of Athene and AAM are owned by AGM Inc. See note 18 for further disclosure regarding the Mergers. 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 equity commitments outstanding of up to $466.3 million as of December 31, 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. On December 15, 2021, the Company executed an amended and restated fee agreement with Athora. The new fee agreement revised the base fee paid to the Company for managing certain assets on behalf of Athora and removed Athora’s previous reimbursement of certain costs incurred by Apollo. The effective date for these changes were January 1, 2021. For the Company’s financial results for 2021, the impact of these fee agreement changes was accounted for as an increase in revenue and expenses. The following table presents the revenues earned in aggregate from Athene and Athora: For the Years Ended December 31, 2021 2020 2019 Revenues earned in aggregate from Athene, Athora, net (1)(2) $ 3,684,602 $ 332,474 $ 788,066 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene, Athora and AAA Investments, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of AHL Awards granted to employees of Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $2.6 billion, $(456.3) million and $137.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. AAA Investments Credit Agreement On April 30, 2015, Apollo entered into a revolving credit agreement with AAA Investments (the “AAA Investments Credit Agreement”). Under the terms of the AAA Investments Credit Agreement, the Company agreed to make available to AAA Investments one or more advances at the discretion of AAA Investments in the aggregate amount not to exceed a balance of $10.0 million at an applicable rate of LIBOR plus 1.5%. The Company received an annual commitment fee of 0.125% on the unused portion of the loan. AAA Investments was obligated to pay the aggregate borrowings plus accrued interest at the earlier of (a) the third anniversary of the closing date, or (b) the date that was fifteen months following the initial public offering of shares of Athene Holding (the “Maturity Date”). As of December 31, 2019, $8.7 million had been advanced by the Company and remained outstanding on the AAA Investments Credit Agreement. On January 30, 2019, the Company and AAA agreed to extend the maturity date of the AAA Investments Credit Agreement to December 31, 2020. The AAA Investments Credit Agreement matured on December 31, 2020 and all amounts previously advanced were repaid. 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 December 31, 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 $816.8 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 VIE, 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 $690.0 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 VIE, and thus all private placement warrants and Class B ordinary shares are eliminated in consolidation. On July 13, 2021, Acropolis, a SPAC, completed an initial public offering, ultimately raising total gross proceeds of $345.0 million, including the underwriters’ subsequent exercise in full of their over-allotment option. In a private placement concurrent with the initial public offering, Acropolis sold warrants to Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, for total gross proceeds of $8.8 million. Acropolis Infrastructure Acquisition Sponsor, L.P. also holds Class B common stock of Acropolis. Apollo currently consolidates Acropolis as a VIE, and thus all private placement warrants and Class B common stock are eliminated in consolidation. As described in note 2, the Company consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. Through its interests in the respective sponsors, the Company has the power to direct the activities that most significantly impact the economic performance of these SPACs. In addition, the Company’s combined interests in these VIEs are significant. Assets and liabilities of the consolidated SPACs are shown within the respective line items of the consolidated financial statements, as outlined below. The tables below present the financial information of these SPACs in aggregate: As of As of Assets: Cash and cash equivalents $ 1,796 $ 259 Restricted cash and cash equivalents 690,205 — U.S. Treasury securities, at fair value 1,162,299 816,985 Due from related parties (9,346) (3) Other assets 2,627 1,118 Total Assets $ 1,847,581 $ 818,359 Liabilities, Redeemable non-controlling interests and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $ 2,361 $ 198 Due to related parties 10,800 1,871 Other liabilities 143,778 28,588 Total Liabilities 156,939 30,657 Redeemable non-controlling interests: Redeemable non-controlling interests 1,762,282 782,702 Stockholders’ Equity: Additional paid in capital (98,369) (12,928) Retained earnings 26,729 17,928 Total Stockholders’ Equity (71,640) 5,000 Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $ 1,847,581 $ 818,359 For the Years Ended December 31, 2021 2020 Expenses: Interest expense $ 8 $ — General, administrative and other 19,015 583 Total Expenses 19,023 583 Other Income (Loss): Net gains (losses) from investment activities 3,446 35 Interest income 545 140 Other income (loss), net (520) — Total Other Income (Loss) 3,471 175 Net Income Attributable to Apollo Global Management, Inc. $ (15,552) $ (408) Other |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020 of $1.0 billion and $1.0 billion, respectively, of which $227.3 million and $348.0 million, respectively, related to Fund IX. Debt Covenants— Apollo’s debt obligations contain various customary loan covenants. As of December 31, 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, 2021, 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. Defendants filed their reply to the motion for reconsideration on September 10, 2021. Apollo’s deadline to respond to the amended complaint has been stayed pending resolution of defendants’ motion for reconsideration. 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 CCTV One Four Holdings, LLC (“CCTV”). It also adds three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV 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 filed their replies on July 29, 2021. Hearings were held on the motions to dismiss on February 15, 2022 and February 18, 2022, and the motions remain pending. Apollo believes the claims in this action are without merit. Because this action is in the early stages, no reasonable estimate of possible loss, if any, can be made at this time. On November 1, 2019, plaintiff Benjamin Fongers filed a putative class action in Illinois Circuit Court, Cook County, against CareerBuilder, LLC (“CareerBuilder”) and AGM Inc. Plaintiff alleges that in March 2019, CareerBuilder changed its compensation plan so that sales representatives such as Fongers would (i) receive reduced commissions; and (ii) only be able to receive commissions for accounts they originated that were not reassigned to anyone else, a departure from the earlier plan. Plaintiff also claims that the plan applied retroactively to deprive sales representatives of commissions to which they were earlier entitled. Plaintiff alleges that AGM Inc. exercises complete control over CareerBuilder and thus, CareerBuilder acts as AGM Inc.’s agent. Based on these allegations, Plaintiff alleges claims against both defendants for breach of written contract, breach of implied contract, unjust enrichment, violation of the Illinois Sales Representative Act, and violation of the Illinois Wage and Payment Collection Act. The defendants removed the action to the Northern District of Illinois on December 5, 2019, and Plaintiff moved to remand on January 6, 2020. 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, which were fully briefed on August 13, 2021. CareerBuilder has also filed a Motion for a Protective Order and to Stay Discovery pending the outcome of the motions to dismiss. On February 7, 2022, the court held a hearing on the motions to dismiss and the request to stay discovery. At the hearing, the court took the motions to dismiss under advisement and granted CareerBuilder’s motion to stay discovery. 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. On January 13, 2022, the Chancery Court denied Apollo’s motion to dismiss. 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 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 was 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. On September 30, 2021, Vice Chancellor Zurn dismissed the complaint in its entirety against all defendants. Plaintiff has filed an appeal of this decision by the Delaware Court of Chancery dismiss the claims, and that appeal is pending. Apollo believes that the Plaintiff’s arguments on appeal are without merit. 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 Exchange Act 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 11, 2021, and they filed a further amended complaint on March 25, 2021. On May 24, 2021, the Apollo Defendants filed a motion to dismiss the complaint in its entirety. Plaintiffs opposed this motion on July 23, 2021. The Apollo Defendants’ filed their reply on 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. On or around October 19, 2021, a purported stockholder of AGM Inc. filed a complaint against AGM Inc. in the Court of Chancery of the State of Delaware seeking the disclosure of certain additional documents pursuant to Section 220 of the Delaware General Corporation Law. The complaint alleges that the stockholder seeks to investigate (a) whether wrongdoing or mismanagement occurred in connection with the decision of the AGM Inc. board of directors to pay, in connection with the elimination of the AGM Inc. Up-C structure, the partners of AP Professional Holdings, L.P. (including the Former Managing Partners) a payment of cash equal to $3.66 per AOG Unit held, which the complaint characterizes as providing $640 million for “Tax Receivable Agreement” assets (which the stockholder alleges are worth nothing); (b) the independence and disinterestedness of AGM Inc. directors and/or officers; and (c) potential damages relating thereto. 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 December 31, 2021, fixed and determinable payments due in connection with these obligations were as follows: 2022 2023 2024 2025 2026 Thereafter Total Other long-term obligations $ 29,457 $ 1,152 $ 787 $ 682 $ 682 $ 682 $ 33,442 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 December 31, 2021 and that would be reversed approximates $4.4 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 15 to our 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 December 31, 2021 and December 31, 2020, there were no open underwriting commitments. In connection with the launch of a non-traded business development company, the Company agreed to guarantee a commitment to purchase the underlying portfolio investment, in the event the business development company 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. 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 consolidated statements of financial condition. The fair value of the remaining contingent obligation was $125.9 million and $119.8 million as of December 31, 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 consolidated statements of operations. See note 7 for further information regarding fair value measurements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 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 makers 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 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 Year Ended December 31, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 1,128,994 $ 484,885 $ 264,331 $ 1,878,210 Advisory and transaction fees, net 151,665 126,567 19,876 298,108 Performance fees (1) 56,865 — — 56,865 Fee Related Revenues 1,337,524 611,452 284,207 2,233,183 Salary, bonus and benefits (301,692) (255,291) (129,370) (686,353) General, administrative and other (169,750) (114,054) (57,991) (341,795) Placement fees (4,115) (188) (40) (4,343) Fee Related Expenses (475,557) (369,533) (187,401) (1,032,491) Other income (loss), net of Non-Controlling Interest (4,753) 1,852 621 (2,280) Fee Related Earnings 857,214 243,771 97,427 1,198,412 Realized performance fees 262,677 1,259,754 66,643 1,589,074 Realized profit sharing expense (141,898) (641,066) (34,053) (817,017) Net Realized Performance Fees 120,779 618,688 32,590 772,057 Realized principal investment income, net (2) 255,408 147,943 5,800 409,151 Net interest loss and other (56,088) (51,103) (31,006) (138,197) Segment Distributable Earnings (3) $ 1,177,313 $ 959,299 $ 104,811 $ 2,241,423 Total Assets (3) $ 7,633,167 $ 5,067,882 $ 872,351 $ 13,573,400 (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. As of and for the Year Ended December 31, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 934,852 $ 506,506 $ 206,606 $ 1,647,964 Advisory and transaction fees, net 117,534 124,697 9,289 251,520 Performance fees (1) 9,836 — — 9,836 Fee Related Revenues 1,062,222 631,203 215,895 1,909,320 Salary, bonus and benefits (246,496) (204,211) (110,280) (560,987) General, administrative and other (156,112) (96,385) (51,386) (303,883) Placement fees (1,519) (295) — (1,814) Fee Related Expenses (404,127) (300,891) (161,666) (866,684) Other income (loss), net of Non-Controlling Interest (2,279) (75) 245 (2,109) Fee Related Earnings 655,816 330,237 54,474 1,040,527 Realized performance fees 188,441 29,687 62,795 280,923 Realized profit sharing expense (128,842) (19,665) (41,800) (190,307) Net Realized Performance Fees 59,599 10,022 20,995 90,616 Realized principal investment income, net (2) 8,375 8,741 5,735 22,851 Net interest loss and other (56,200) (55,196) (23,118) (134,514) Segment Distributable Earnings (3) $ 667,590 $ 293,804 $ 58,086 $ 1,019,480 Total Assets (3) $ 4,711,110 $ 3,244,513 $ 725,844 $ 8,681,467 (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. For the Year Ended December 31, 2019 Credit Private Equity Real Assets Total Reportable Management fees $ 779,266 $ 523,194 $ 188,610 $ 1,491,070 Advisory and transaction fees, net 44,116 71,324 7,450 122,890 Performance fees (1) 21,110 — — 21,110 Fee Related Revenues 844,492 594,518 196,060 1,635,070 Salary, bonus and benefits (196,143) (184,403) (82,770) (463,316) General, administrative and other (131,664) (99,098) (42,242) (273,004) Placement fees (272) (812) (1) (1,085) Fee Related Expenses (328,079) (284,313) (125,013) (737,405) Other income, net of Non-Controlling Interest 54 4,306 177 4,537 Fee Related Earnings 516,467 314,511 71,224 902,202 Realized performance fees 169,611 429,152 3,343 602,106 Realized profit sharing expense (93,675) (195,140) (1,437) (290,252) Net Realized Performance Fees 75,936 234,012 1,906 311,854 Realized principal investment income, net (2) 8,764 53,782 3,151 65,697 Net interest loss and other (21,997) (31,804) (11,525) (65,326) Segment Distributable Earnings (3) $ 579,170 $ 570,501 $ 64,756 $ 1,214,427 (1) Represents certain performance fees related to business development companies and Redding Ridge Holdings (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 Years Ended December 31, 2021 2020 2019 Total Consolidated Revenues $ 5,951,598 $ 2,354,019 $ 2,931,849 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (137,992) (118,240) (102,672) Adjustments related to consolidated funds and VIEs (1) 146,380 78,296 12,854 Performance fees (2) (3,054,712) (315,719) (1,036,688) Principal investment income (672,091) (89,036) (170,273) Total Fee Related Revenues 2,233,183 1,909,320 1,635,070 Realized performance fees 1,589,074 280,923 602,106 Realized principal investment income, net and other 409,151 19,482 62,328 Total Segment Revenues $ 4,231,408 $ 2,209,725 $ 2,299,504 (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 Years Ended December 31, 2021 2020 2019 Total Consolidated Expenses $ 4,114,230 $ 1,577,964 $ 1,691,280 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (159,332) (110,669) (103,292) Reclassification of interest expenses (139,090) (133,239) (98,369) Transaction-related charges, net (1) (34,591) (39,186) (49,213) Merger-related transaction and integration costs (2) (66,848) — — Charges associated with corporate conversion (3) — (3,893) (21,987) Equity-based compensation (79,777) (67,852) (70,962) One-time equity-based compensation and other charges (4) (949,152) — — Total profit sharing expense (5) (1,626,557) (352,741) (594,052) Dividend-related compensation expense (26,392) (3,700) (16,000) Total Fee Related Expenses 1,032,491 866,684 737,405 Realized profit sharing expense 817,017 190,307 290,252 Total Segment Expenses $ 1,849,508 $ 1,056,991 $ 1,027,657 (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) Merger-related transaction and integration costs includes advisory services, technology integration and other costs associated with the Company’s merger with Athene. (3) Represents expenses incurred in relation to the Conversion, as described in note 1. (4) Includes one-time equity-based compensation expense and associated taxes related to the previously announced reset of the Company’s compensation structure. (5) 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 Years Ended December 31, 2021 2020 2019 Total Consolidated Other Income (Loss) $ 3,024,906 $ (222,287) $ 167,280 Adjustments related to consolidated funds and VIEs (1) (555,410) (193,868) (38,607) (Gain) loss from change in tax receivable agreement liability (9,609) (12,426) 50,307 Net (gains) losses from investment activities (2,610,232) 452,973 (138,117) Interest income and other, net of Non-Controlling Interest 148,065 (26,501) (36,326) Other Income (Loss), net of Non-Controlling Interest (2,280) (2,109) 4,537 Net interest loss and other (138,197) (131,145) (61,957) Total Segment Other Loss $ (140,477) $ (133,254) $ (57,420) (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 consolidated statements of operations to Segment Distributable Earnings: For the Years Ended December 31, 2021 2020 2019 Income before income tax provision $ 4,862,274 $ 553,768 $ 1,407,849 Transaction-related charges (1) 34,591 39,186 49,213 Merger-related transaction and integration costs (2) 66,848 — — Charges associated with corporate conversion (3) — 3,893 21,987 (Gain) loss from change in tax receivable agreement liability (9,609) (12,426) 50,307 Net income attributable to Non-Controlling Interests in consolidated entities (417,692) (118,378) (30,504) Unrealized performance fees (1,464,502) (34,796) (434,582) Unrealized profit sharing expense 648,882 33,350 207,592 Equity-based profit sharing expense and other (4) 145,754 129,084 96,208 Equity-based compensation 79,777 67,852 70,962 One-time equity-based compensation and other charges (5) 949,152 — — Unrealized principal investment income (221,645) (62,485) (88,576) Unrealized net (gains) losses from investment activities and other (2,432,407) 420,432 (136,029) Segment Distributable Earnings $ 2,241,423 $ 1,019,480 $ 1,214,427 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (2) Merger-related transaction and integration costs includes advisory services, technology integration and other costs associated with the Company’s merger with Athene. (3) Represents expenses incurred in relation to the Conversion, as described in note 1. (4) 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. (5) Includes one-time equity-based compensation expense and associated taxes related to the previously announced reset of the Company’s compensation structure. The following table presents the reconciliation of Apollo’s total reportable segment assets to total assets: As of As of Total reportable segment assets $ 13,573,400 $ 8,681,467 Adjustments (1) 16,928,494 14,987,617 Total assets $ 30,501,894 $ 23,669,084 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividends On February 11, 2022, AGM Inc. declared a cash dividend of $0.40 per share of its Common Stock, which will be paid on February 28, 2022 to holders of record at the close of business on February 18, 2022. On February 11, 2022, 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 March 15, 2022 to holders of record at the close of business on March 1, 2022. Apollo and Athene Merger and Elimination of Up-C Structure On January 1, 2022 (the “Merger Effective Date”), the Company and AHL, completed the previously announced merger transactions pursuant to the Merger Agreement. Effective as of 1:00 a.m. Eastern Time on the Merger Effective Date (the “AAM Merger Effective Time”), AAM Merger Sub merged with and into AAM (the “AAM Merger”), with AAM continuing as a subsidiary of HoldCo. Effective as of 1:01 a.m. Eastern Time on the Merger Effective Date (the “AHL Merger Effective Time”), AHL Merger Sub merged with and into AHL, with AHL continuing as a subsidiary of HoldCo. In connection with the closing of the Mergers, HoldCo was renamed “Apollo Global Management, Inc.” At the AHL Merger Effective Time, each issued and outstanding Class A common share, par value $0.001 per share, of AHL (each, an “AHL Common Share”) (other than AHL Common Shares held (a) by AHL as treasury shares or (b) by AHL Merger Sub, the Apollo Operating Group or the respective direct or indirect wholly-owned subsidiaries of AHL or the Apollo Operating Group), was converted automatically into the right to receive 1.149 duly authorized, validly issued, fully paid and nonassessable shares of common stock, par value $0.00001 per share, of AGM Inc. (“AGM Shares”) and any cash paid in lieu of fractional AGM Shares. No fractional AGM Shares were issued in connection with the AHL Merger, and AHL’s shareholders received cash in lieu of any fractional AGM Shares. At the AAM Merger Effective Time, each issued and outstanding Class A common share of AAM (each, an “AAM Class A Share”) (other than AAM Class A Shares held (a) by AAM as treasury shares or (b) by AAM Merger Sub or any direct or indirect wholly-owned subsidiary of AAM) was converted automatically into the right to receive one AGM Share. Concurrently with the closing of the Mergers, each then outstanding AOG Unit, other than those held indirectly by AAM and those held indirectly by AHL, were exchanged into one AGM Share. Following the closing of the Mergers, it is expected that the AOG Units held by subsidiaries of AHL will be distributed to AGM. Additionally, prior to the closing of the Mergers, each of the sole outstanding Class B common share of AAM and the sole outstanding Class C common share of AAM was exchanged for 10 AAM Class A Shares, which were subsequently exchanged into 10 AGM Shares in the AAM Merger. Following the AAM Merger, each of the issued and outstanding shares of 6.375% Series A preferred stock of AAM and 6.375% Series B preferred stock of AAM (together, the “AAM Preferred Shares”) remains issued and outstanding as preferred stock of AAM. These shares of preferred stock are entitled to the same dividend and all other preferences and privileges, voting rights, relative, participating, optional and other special rights, and qualifications, limitation and restrictions set forth in the existing certificates of designations relating to the respective series of AAM Preferred Shares. Following the AHL Merger, each of the issued and outstanding AHL depository shares, each representing a 1/1000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Share, Series A, a 5.625% Fixed Rate Perpetual Non-Cumulative Preference Share, Series B, a 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series C and a 4.875% Fixed Rate Perpetual Non-Cumulative Preference Share, Series D (together, the “AHL Preferred Shares”) under applicable Bermuda law automatically became an equivalent preferred share of AHL, the surviving company in the AHL Merger. These preferred shares are entitled to the same dividend and all other preferences and privileges, voting rights, relative, participating, optional and other special rights, and qualifications, limitations and restrictions set forth in the existing certificates of designations relating to the respective series of AHL Preferred Shares. As provided in the Merger Agreement, at the AAM Merger Effective Time: • each outstanding option to acquire AAM Class A Shares (an “AAM Option”), whether vested or unvested, was converted into an option to purchase a number of AGM Shares (an “AGM Option”) equal to the number of AAM Class A Shares subject to such AAM Option immediately prior to the effective time of the AAM Merger, with an exercise price equal to the exercise price of such AAM Option. Each such AGM Option is otherwise subject to the same terms and conditions as were applicable under the related AAM Option immediately prior to the effective time of the AAM Merger (including, for the avoidance of doubt, the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM Options through net settlement); • each outstanding award of restricted (including transfer-restricted) AAM Class A Shares (an “AAM RSA”) that is subject solely to time-based vesting requirements and not performance-based vesting requirements (an “AAM Fixed RSA”) and each outstanding AAM RSA that is not an AAM Fixed RSA (an “AAM Performance RSA”) was converted into a number of restricted AGM Shares (“AGM RSAs”) equal to the number of AAM Class A Shares subject to such AAM RSA immediately prior to the effective time of the AAM Merger. Each such AGM RSA is otherwise subject to the same terms and conditions as were applicable under the related AAM RSA immediately prior to the effective time of the AAM Merger (including with respect to any dividends accrued thereunder, any performance-based vesting requirements applicable to an AAM Performance RSA immediately prior to the effective time of the AAM Merger, and the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM RSAs through net settlement); and • each outstanding right to obtain the value of an AAM Class A Share (either in the form of an AAM Class A Share, cash, other property or a combination thereof) (an “AAM RSU”) that is subject solely to time-based vesting requirements and not performance-based vesting requirements (an “AAM Fixed RSU”) and each AAM RSU that is not an AAM Fixed RSU (an “AAM Performance RSU”) was converted into a restricted share unit with respect to a number of AGM Shares (“AGM RSUs”) equal to the number of AAM Class A Shares subject to such AAM RSU immediately prior to the effective time of the AAM Merger. Each such AGM RSU is otherwise subject to the same terms and conditions as were applicable under the related AAM RSU immediately prior to the effective time of the AAM Merger (including with respect to any dividend equivalents accrued thereunder, any performance-based vesting requirements applicable to an AAM Performance RSA immediately prior to the effective time of the AAM Merger, and the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM RSUs through net settlement). As provided in the Merger Agreement, at the AHL Merger Effective Time: • each outstanding option to acquire AHL Shares (an “AHL Option”), whether vested or unvested, was converted into a number of AGM Options (rounded down to the nearest whole AGM Share) equal to the product of (i) the exchange ratio of 1.149 multiplied by (ii) the number of AHL Shares subject to such AHL Option immediately prior to the effective time of the AHL Merger (rounded down to the nearest whole share), with an exercise price equal to the quotient of (x) the exercise price of such AHL Option divided by (y) the exchange ratio of 1.149 (rounded up to the nearest whole cent). Each such AGM Option is otherwise subject to the same terms and conditions as were applicable under the related AHL Option immediately prior to the effective time of the AHL Merger (including with respect to the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM Options through net settlement, and any accelerated vesting in connection with a termination of service); • each outstanding award of restricted AHL Shares (an “AHL RSA”) that is subject solely to time-based vesting requirements and not performance-based vesting requirements (an “AHL Fixed RSA”), except for AHL Fixed RSAs held by a non-employee director of AHL, and each AHL RSA that is not an AHL Fixed RSA (an “AHL Variable RSA”), was converted into a number of AGM RSAs (rounded down to the nearest whole AGM Share) equal to (i) the exchange ratio of 1.149 multiplied by (ii) the number of AHL Common Shares subject to such AHL RSA immediately prior to the effective time of the AHL Merger; provided, that in the case of any AHL Variable RSA, (A) for purposes of clause (ii) above, the number of AHL Common Shares in respect of such AHL Variable RSA immediately prior to the effective time of the AHL Merger will be based on the applicable target level of performance and (B) the AGM RSAs will be subject only to the time vesting conditions that applied to the AHL Variable RSA and will vest at the end of the applicable performance period. Each such AGM RSA is otherwise subject to the same terms and conditions as were applicable under the related AHL RSA immediately prior to the effective time of the AHL Merger (including with respect to the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM RSAs through net settlement, any dividends accrued thereunder, and any accelerated vesting in connection with a termination of service); • each outstanding right to obtain the value of an AHL Share (either in the form of an AHL Share, cash, other property or a combination thereof) (an “AHL RSU”) that is subject solely to time-based vesting requirements and not performance-based vesting requirements (an “AHL Fixed RSU”) and each AHL RSU that is not an AHL Fixed RSU (an “AHL Variable RSU”), was converted into a number of AGM RSUs (rounded down to the nearest whole AGM Share) equal to (i) the exchange ratio of 1.149 multiplied by (ii) the number of AHL Common Shares subject to such AHL RSU immediately prior to the effective time of the AHL Merger; provided, that in the case of any AHL Variable RSU, (A) for purposes of clause (ii) above, the number of AHL Common Shares in respect of such AHL Variable RSU immediately prior to the effective time of the AHL Merger was based on the applicable target level of performance and (B) the AGM RSUs will be subject only to the time vesting conditions that applied to the AHL Variable RSU and will vest at the end of the applicable performance period. Each such AGM RSU will otherwise be subject to the same terms and conditions as were applicable under the related AHL RSU immediately prior to the effective time of the AHL Merger (including with respect to any dividend equivalents accrued thereunder, any accelerated vesting in connection with a termination of service, and the ability to satisfy any required withholding obligations upon vesting and settlement of such AGM RSUs through net settlement); and • each AHL Fixed RSA granted to a non-employee director of AHL, by virtue of the occurrence of the AHL Merger, and without any action on the part of the holder thereof, vested upon the effective time of the AHL Merger. The purchase price is calculated based on AGM Inc.’s December 31, 2021 closing share price multiplied by the number of AGM Shares issued in the exchange, as well as the fair value of stock-based compensation awards acquired, value of warrants converted to AGM Shares, and other equity consideration. The total purchase price for the transaction is as follows: (in millions, except share price and exchange ratio) AHL Shares purchased (1) 138 Exchange ratio 1.149 AGM Shares issued in exchange 158 AGM Class A share closing price on December 31, 2021 $ 72.43 Total preliminary purchase price $ 11,455 Fair value of estimated RSUs, options, and warrants assumed, and other equity considerations 710 Total purchase price $ 12,165 (1) AHL shares purchased is based on total number of AHL Class A common shares outstanding as of December 31, 2021 and is exclusive of 54.6 million common shares previously purchased by the Company. Given the recent closing, the purchase accounting analysis is ongoing. The Company will account for the business combination in the first quarter of 2022, subject to subsequent adjustments for any provisional amounts through the measurement period limited to one year from the acquisition date. Apollo Asset Management, Inc. Reverse Stock Split On February 7, 2022, the Company amended the AAM charter to effect a reverse stock split of the Company’s Common Stock, reduce the number of authorized shares of Common Stock, and change the par value of the Common Stock. As of February 7, 2022, there were 40 million shares of Common Stock authorized at AAM, with a par value of $0.00001 each, and 1,000 shares of Common Stock issued and outstanding. All of the outstanding shares of Common Stock of AAM were held by AGM Inc. Other On February 15, 2022, AGM Inc. issued warrants to an institutional investor in a private placement. The warrants are exercisable for up to 13 million AGM Shares at an exercise price of $82.80 per share. The number of AGM Shares underlying each warrant and the exercise price are subject to customary anti-dilution provisions. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” Up to 2.6 million warrants are exercisable beginning on the issuance date and up to 2.6 million warrants will become exercisable on each of the first, second, third and fourth anniversaries, respectively, of the issuance date. The warrants will expire on the fifth anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of AGM Shares is above the exercise price. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization of the Company | Organization of the Company Effective September 5, 2019, AGM Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). The Company was formed as a Delaware limited liability company on July 3, 2007, and, until the Conversion, was managed by AGM Management, LLC, which was indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan, its Former Managing Partners. As of December 31, 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”), 57.4% 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 consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and all other entities where it has a controlling financial interest. Intercompany accounts and transactions, if any, have been eliminated upon consolidation. Certain reclassifications, when applicable, have been made to the prior periods’ 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 variable interest entities (“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 and other entities 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, other than SPACs, are primarily shown in separate sections within the 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 primarily presented within net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. The portion attributable to Non-Controlling Interests is reported within net income attributable to Non-Controlling Interests in the consolidated statements of operations. For additional disclosures regarding VIEs, see notes 6 and 15. 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 consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities were $509.5 million and $1.2 billion as of December 31, 2021 and 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. |
U.S. Treasury securities, at fair value | U.S. Treasury securities, at fair value U.S. Treasury securities, at fair value includes U.S. Treasury bills with original maturities greater than three months when purchased. These securities are recorded at fair value. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income in the consolidated statements of operations. Any remaining |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Apollo 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 consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, investment companies which reflect their investments at estimated fair value. For such entities, the carrying value of the Company’s equity method investments 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 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 AGM 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. |
Leases | Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in lease assets and lease liabilities in the consolidated statements of financial condition. The Company does not have any finance leases. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease assets and lease liabilities are recognized at the date of commencement of the lease (the “commencement date”) based on the present value of lease payments over the lease term. As the rate implicit in most of the Company’s leases are not readily determinable, the Company uses its derived incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. The determination of an appropriate incremental borrowing rate requires judgment. The Company determined its incremental borrowing rate based on consideration of market conditions, the Company’s overall creditworthiness, and recent debt and preferred equity issuances. The Company adjusts its rate accordingly based on the term of the leases. Certain lease agreements contain lease escalation or lease incentive provisions based on the terms of the arrangement with the landlord. Lease escalations and lease incentives, if any, are recognized on a straight-line basis over the lease term. The Company’s lease agreements may also include options to extend or terminate the lease. Options to extend would not be included in the lease term until it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight line basis over the lease term and is recorded within general, administrative and other in the consolidated statements of operations. The Company has lease agreements with non-lease components (e.g. estimated operating expenses associate with the lease), which are accounted for separately. |
Due from/to Related Parties | Due from/to Related PartiesDue from/to related parties includes Apollo’s existing partners, employees, certain former employees, portfolio companies of the funds and nonconsolidated credit, private equity and real assets funds. |
Other Assets | Other Assets Other assets primarily includes fixed assets, net, deferred equity-based compensation, prepaid expenses and intangible assets. Finite-lived intangible assets such as contractual rights to earn future management fees and incentive fees acquired in business combinations are amortized over their estimated useful lives, which are periodically re-evaluated for impairment or when circumstances indicate an impairment may have occurred. Apollo amortizes its identifiable finite-lived intangible assets using a method of amortization reflecting the pattern in which the economic benefits of the finite-lived intangible assets are consumed or fully utilized. If that pattern cannot be reliably determined, Apollo uses the straight-line method of amortization. Fixed assets consist primarily of leasehold improvements, furniture, fixtures, equipment, and computer hardware and are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the assets’ estimated useful lives and in the case of leasehold improvements the lesser of the useful life or the term of the lease. Expenditures for repairs and maintenance are charged to expense when incurred. The Company evaluates long-lived assets for impairment periodically and whenever events or changes in circumstances indicate the carrying amounts of the assets may be impaired. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred |
Goodwill | Goodwill Goodwill represents the excess of cost over the fair value of identifiable net assets of an acquired business. Goodwill is tested annually for impairment or more frequently if circumstances indicate impairment may have occurred. The Company performed its annual goodwill impairment test as of October 1, 2021 and 2020 and did not identify any impairment. |
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 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 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 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 $24.0 million of revenue recognized during the year ended December 31, 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 consolidated statements of financial condition, while amortization is recorded within placement fees in the 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 Company is required to 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, the Company may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The Company is also required to disclose the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for as equity method investments. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the consolidated statements of operations and within the investments line in the consolidated statements of financial condition. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining financing and are amortized over the term of the financing using the effective interest method. These costs are generally recorded as a direct deduction from the carrying amount of the related debt liability on the consolidated statements of financial condition. |
Redeemable non-controlling interests | Redeemable non-controlling interestsRedeemable non-controlling interests represent the shares issued by APSG, APSG II and Acropolis, the consolidated SPACs, that are redeemable for cash by the respective public shareholders in connection with the applicable SPACs’ failure to complete a business combination or its 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. The accretion to redemption value is recorded against additional paid-in capital. |
Foreign Currency | Foreign Currency The Company may, from time to time, hold foreign currency denominated assets and liabilities. The functional currency of the Company’s international subsidiaries is generally the U.S. Dollar, as their operations are considered an extension of U.S. parent operations. Nonmonetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability, the exchange rates prevailing at the end of each reporting period is used for all others. The results of the Company’s foreign operations are normally remeasured using an average exchange rate for the respective reporting period. Currency remeasurement adjustments are included within other income, net in the consolidated statements of operations. Gains and losses on the settlement of foreign currency transactions are also included within other income, net in the consolidated statements of operations. Foreign currency denominated assets and liabilities are translated into the reporting currency using the exchange rates prevailing at the end of each reporting period. The results of the Company’s foreign operations are normally translated using an average exchange rate for the respective reporting period. Currency translation adjustments are included within other comprehensive income (loss), net of tax within the consolidated statements of comprehensive income. |
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 consolidated statements of financial condition, which is discussed further in note 15. 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 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 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 consolidated statements of operations and within the investments line in the 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 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 FeesIncentive 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 consolidated statements of financial condition. The Company’s incentive fees primarily relate to the credit segment and are generally received from CLOs, managed accounts and AINV. |
Salaries, Bonus and Benefits | 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 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 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 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 consolidated statements of operations as profit sharing expense. The Company has a performance-based incentive arrangement for certain Apollo partners and employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company. This arrangement enables certain partners and employees to earn discretionary compensation based on performance revenue earned by the Company in a given year, which amounts are reflected in profit sharing expense in the accompanying consolidated financial |
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. |
Other Income | Other Income Net Gains from Investment Activities Net gains from investment activities include both realized gains and losses and the change in unrealized gains and losses in the Company’s investments, at fair value between the opening reporting date and the closing reporting date. Net Gains from Investment Activities of Consolidated Variable Interest Entities Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are generally presented within net gains from investment activities of consolidated variable interest entities and are attributable to Non-Controlling Interests in the consolidated statements of operations. Other Income, Net |
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 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 consolidated financial statements. Prior to the Corporate Recapitalization, the Non-Controlling Interests relating to AGM Inc. included the ownership interest in the Apollo Operating Group held by Former Managing Partners and Contributing Partners through their limited partner interests in Holdings. Additionally, Athene held Non-Controlling Interests in the Apollo Operating Group as a result of the Transaction Agreement. Subsequent to the closing of the Mergers, Athene’s interest in the Apollo Operating Group was distributed to AGM Inc. 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 consolidated statements of financial condition. The primary components of Non-Controlling Interests are separately presented in the Company’s consolidated statements of changes in stockholders’ equity to clearly distinguish the interest in the Apollo Operating Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of Non-Controlling Interests on the Company’s consolidated statements of operations. Profits and losses are allocated to Non-Controlling Interests in proportion to their relative ownership interests regardless of their basis. |
Net Income Per Share of Class A Common Stock | Net Income Per Share of Class A Common Stock As Apollo has issued participating securities, U.S. GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to Class A Common Stock and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of Class A Common Stock and includes the number of additional shares of Class A Common Stock that would have been outstanding if the dilutive potential shares of Class A Common Stock had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential shares of Class A Common Stock. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) U.S. GAAP guidance establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. U.S. GAAP requires that the Company classify items of other comprehensive income (loss) (“OCI”) by their nature in the financial statements and display the accumulated balance of OCI separately in the stockholders’ equity section of the Company’s consolidated statements of financial condition. Comprehensive income consists of net income and OCI. Apollo’s OCI is primarily comprised of foreign currency translation adjustments associated with the Company's non-U.S. dollar denominated subsidiaries. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, the disclosure of contingent assets and liabilities at the date of the 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 ongoing 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 ongoing COVID-19 pandemic will ultimately have. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s consolidated financial statements are based on information available as of December 31, 2021. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance intended to simplify the accounting for income taxes. The new guidance eliminated certain exceptions to the existing approach in ASC 740, and clarified other guidance within the standard; it was adopted by the Company on its effective date of January 1, 2021. Based on the Company’s existing application of ASC 740, the new guidance did not have a material impact on the consolidated financial statements of the Company. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 $ 5,588,992 $ 2,360,434 Equity method investments 1,345,750 1,010,821 Performance allocations 2,731,733 1,624,156 Total Investments $ 9,666,475 $ 4,995,411 |
Summary of Equity Method Investments | As such, the following tables present summarized financial information of Athene Holding: As of December 31, 2021 2020 (in millions) Statements of Financial Condition Investments $ 177,567 $ 154,843 Assets 235,149 202,771 Liabilities 212,968 182,631 Equity 22,181 20,140 For the Years Ended December 31, 2021 2020 2019 (in millions) Statements of Operations Revenues $ 26,320 $ 14,764 $ 16,258 Benefits and expenses 22,134 12,558 13,956 Income before income taxes 4,186 2,206 2,302 Income tax expense 386 285 117 Net income $ 3,800 $ 1,921 $ 2,185 Net income (loss) attributable to non-controlling interests (59) 380 13 Net income available to Athene Holding Ltd. shareholders 3,859 1,541 2,172 Less: Preferred stock dividends 141 95 36 Net income available to Athene Holding Ltd. common shareholders $ 3,718 $ 1,446 $ 2,136 Equity method investments consisted of the following: Equity Held as of December 31, 2021 (4) December 31, 2020 (4) Credit (1) $ 220,075 $ 258,952 Private Equity (2) 1,035,079 672,430 Real Assets 90,596 79,439 Total equity method investments (3) $ 1,345,750 $ 1,010,821 (1) The equity method investment in AINV was $40.2 million and $40.4 million as of December 31, 2021 and 2020, respectively. The value of the Company’s investment in AINV was $35.3 million and $30.8 million based on the quoted market price of AINV as of December 31, 2021 and 2020, respectively. (2) The equity method investment in Fund VIII was $248.8 million and $343.3 million as of December 31, 2021 and 2020, respectively, representing an ownership percentage of 2.2% and 2.2% as of December 31, 2021 and 2020, respectively. The equity method investment in Fund IX was $308.9 million and $134.4 million as of December 31, 2021 and 2020, respectively, representing an ownership percentage of 1.9% and 1.9% as of December 31, 2021 and 2020, respectively. (3) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (4) Some amounts included are a quarter in arrears. The tables below present summarized financial information of the Company’s equity method investments in aggregate: Credit Private Equity Real Assets Aggregate Totals Statement of Financial Condition As of December 31, As of December 31, As of December 31, As of December 31, 2021 (1) 2020 (1) 2021 (1) 2020 (1) 2021 (1) 2020 (1) 2021 (1) 2020 (1) Investments $ 111,671,571 $ 113,854,036 $ 41,823,037 $ 35,125,164 $ 14,327,508 $ 12,154,194 $ 167,822,116 $ 161,133,394 Assets 120,649,119 120,508,401 43,376,405 36,385,974 15,236,319 12,842,290 179,261,843 169,736,665 Liabilities 95,616,159 97,361,638 512,016 488,633 7,421,613 5,961,192 103,549,788 103,811,463 Equity 25,032,960 23,146,763 42,864,389 35,897,341 7,814,706 6,881,098 75,712,055 65,925,202 Credit Private Equity Real Assets Aggregate Totals Statement of Operations For the Years Ended For the Years Ended For the Years Ended For the Years Ended 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) 2021 (1) 2020 (1) 2019 (1) Revenues/Investment Income $ 3,344,746 $ 5,769,187 $ 1,974,306 $ 1,012,919 $ 709,447 $ 675,305 $ 891,260 $ 804,636 $ 509,963 $ 5,248,925 $ 7,283,270 $ 3,159,574 Expenses 3,892,883 5,046,979 1,969,329 622,551 652,520 680,331 420,007 375,623 362,454 4,935,441 6,075,122 3,012,114 Net Investment Income (Loss) (548,137) 722,208 4,977 390,368 56,927 (5,026) 471,253 429,013 147,509 313,484 1,208,148 147,460 Net Realized and Unrealized Gain (Loss) 2,482,143 1,248,084 1,843,877 12,896,577 1,640,109 3,672,268 503,105 (511,697) 856,380 15,881,825 2,376,496 6,372,525 Net Income (Loss) $ 1,934,006 $ 1,970,292 $ 1,848,854 $ 13,286,945 $ 1,697,036 $ 3,667,242 $ 974,358 $ (82,684) $ 1,003,889 $ 16,195,309 $ 3,584,644 $ 6,519,985 (1) Certain credit, private equity and real assets fund amounts are as of and for the twelve months ended September 30, 2021, 2020 and 2019 and exclude amounts related to Athene Holding. |
Summary of Realized and Net Change in Unrealized Gains on Investments, at Fair Value | 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 Years Ended December 31, 2021 2020 2019 Realized gains (losses) on sales of investments, net $ (238) $ 2,081 $ 45 Net change in unrealized gains (losses) due to changes in fair value 2,611,141 (457,568) 138,109 Net gains (losses) from investment activities $ 2,610,903 $ (455,487) $ 138,154 |
Summary of Performance Allocation | Performance allocations receivable recorded within investments in the consolidated statements of financial condition from credit, private equity and real assets funds consisted of the following: As of December 31, 2021 As of December 31, 2020 Credit $ 621,214 $ 465,153 Private Equity 1,901,489 1,040,827 Real Assets 209,030 118,176 Total performance allocations $ 2,731,733 $ 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, 2020 $ 418,517 $ 822,531 $ 266,523 $ 1,507,571 Change in fair value of funds 216,960 247,522 (86,288) 378,194 Fund distributions to the Company (170,324) (29,226) (62,059) (261,609) Performance allocations, December 31, 2020 $ 465,153 $ 1,040,827 $ 118,176 $ 1,624,156 Change in fair value of funds 460,012 2,151,444 156,979 2,768,435 Fund distributions to the Company (303,951) (1,290,782) (66,125) (1,660,858) Performance allocations, December 31, 2021 $ 621,214 $ 1,901,489 $ 209,030 $ 2,731,733 |
PROFIT SHARING PAYABLE (Tables)
PROFIT SHARING PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 As of December 31, 2020 Credit $ 440,294 $ 356,375 Private Equity 906,133 422,079 Real Assets 98,225 64,223 Total profit sharing payable $ 1,444,652 $ 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, 2020 $ 314,125 $ 329,817 $ 114,727 $ 758,669 Profit sharing expense 180,338 115,909 (14,999) 281,248 Payments/other (138,088) (23,647) (35,505) (197,240) Profit sharing payable, December 31, 2020 356,375 422,079 64,223 842,677 Profit sharing expense 265,486 1,123,050 81,264 1,469,800 Payments/other (181,567) (638,996) (47,262) (867,825) Profit sharing payable, December 31, 2021 $ 440,294 $ 906,133 $ 98,225 $ 1,444,652 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2021 (1) 2020 (1) 2019 (1) Net gains (losses) from investment activities $ 525,740 $ (22,451) $ 51,039 Net gains (losses) from debt 54,638 27,118 (11,941) Interest and other income 745,590 440,425 29,224 Interest and other expenses (768,679) (247,723) (28,411) Net gains from investment activities of consolidated variable interest entities $ 557,289 $ 197,369 $ 39,911 (1) Amounts reflect consolidation eliminations. |
Principal Provisions of Debt | The following table summarizes the principal provisions of those amounts: As of December 31, 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) $ 7,431,467 3.16 % 15.5 $ 8,104,973 3.11 % 11.1 Subordinated Notes (2) 613,192 N/A (1) 14.5 634,600 N/A (1) 21.8 Secured Borrowings (2)(3) 18,149 2.33 % 0.4 236,698 2.41 % 0.3 Total $ 8,062,808 $ 8,976,271 (1) 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 December 31, 2021 and December 31, 2020, the fair value of these consolidated VIEs’ assets were $8.7 billion and $9.6 billion, respectively. (3) As of December 31, 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 December 31, 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 $ 258,008 $ 354,109 Investments 5,193,465 4,154,057 Receivables 193,112 34,800 Total Assets $ 5,644,585 $ 4,542,966 Liabilities: Debt and other payables $ 1,588,007 $ 1,229,345 Total Liabilities $ 1,588,007 $ 1,229,345 Apollo Exposure (1) $ 240,871 $ 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 16. (2) Some amounts included are a quarter in arrears. |
FAIR VALUE MEASUREMENTS OF FI_2
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 Level I Level II Level III Total Cost Assets U.S. Treasury securities, at fair value (1) $ 1,687,105 $ — $ — $ 1,687,105 $ 1,686,923 Investments, at fair value: Investment in Athene Holding 4,548,048 — — 4,548,048 2,092,038 Other investments 48,493 46,267 946,184 (2) 1,040,944 890,344 Total investments, at fair value 4,596,541 46,267 946,184 5,588,992 2,982,382 Investments of VIEs, at fair value 6,232 1,055,421 13,187,803 14,249,456 Investments of VIEs, valued using NAV — — — 487,595 Total investments of VIEs, at fair value 6,232 1,055,421 13,187,803 14,737,051 Due from related parties (3) — — 47,835 47,835 Derivative assets (4) — 7,436 — 7,436 Total Assets $ 6,289,878 $ 1,109,124 $ 14,181,822 $ 22,068,419 Liabilities Debt of VIEs, at fair value $ — $ 446,029 $ 7,496,479 $ 7,942,508 Other liabilities of VIEs, at fair value — 3,111 31,090 34,201 Other liabilities of VIEs, using NAV — — — 557 Contingent consideration obligations (5) — — 125,901 125,901 Other liabilities (6) 47,961 — — 47,961 Derivative liabilities (4) — 1,520 — 1,520 Total Liabilities $ 47,961 $ 450,660 $ 7,653,470 $ 8,152,648 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 (2) 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 (4) — 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 (5) — — 119,788 119,788 Derivative liabilities (4) — 100 — 100 Total Liabilities $ — $ 1,584,071 $ 7,220,408 $ 8,804,479 (1) U.S. Treasury securities, at fair value, as of December 31, 2021 and December 31, 2020 includes $1.2 billion and $817.0 million, respectively, of U.S. Treasury securities held by consolidated SPACs. Refer to note 15 of this report for further information. (2) Other investments as of December 31, 2021 and December 31, 2020 excludes $175.8 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. (3) Due from related parties represents a receivable from a credit fund. (4) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition. (5) Profit sharing payable includes contingent obligations classified as Level III. (6) 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 fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value: For the Year Ended December 31, 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 — (230,541) (230,541) Purchases 492,326 3,679,767 4,172,093 Sale of investments/distributions (3,235) (1,444,857) (1,448,092) Net realized gains 20,063 34,152 54,215 Changes in net unrealized gains 81,613 444,686 526,299 Cumulative translation adjustment (12,639) (31,717) (44,356) Transfer into Level III (1) 706 44,686 45,392 Transfer out of Level III (1) (2,422) (271,353) (273,775) Balance, End of Period $ 946,184 $ 13,187,803 $ 14,133,987 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 81,613 $ — $ 81,613 Change in net unrealized gains included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — 307,829 307,829 For the Year Ended December 31, 2020 Other Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 113,410 $ 321,069 $ 434,479 Transfer in due to consolidation — 7,794,128 7,794,128 Purchases 232,552 4,278,786 4,511,338 Sale of investments/distributions (21,855) (666,998) (688,853) Settlements — (798,487) (798,487) Net realized gains 1,472 17,793 19,265 Changes in net unrealized gains (losses) 24,373 (32,494) (8,121) Cumulative translation adjustment 20,516 50,845 71,361 Transfer into Level III (1) — 84,595 84,595 Transfer out of Level III (1) (696) (86,257) (86,953) Balance, End of Period $ 369,772 $ 10,962,980 $ 11,332,752 Change in net unrealized gains included in principal investment income related to investments still held at reporting date $ 24,373 $ — $ 24,373 Change in net unrealized losses included in net gains (losses) from investment activities of consolidated VIEs related to investments still held at reporting date — (23,534) (23,534) (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 tables summarize 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 Year Ended December 31, 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 — 705,726 705,726 Repayments (20,609) (320,529) (341,138) Net realized losses — 6,713 6,713 Changes in net unrealized losses (1) 26,722 66,212 92,934 Cumulative translation adjustment — (31,626) (31,626) Transfer into Level III (2) — 453 453 Balance, End of Period $ 125,901 $ 7,527,569 $ 7,653,470 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 $ — $ 44,895 $ 44,895 For the Year Ended December 31, 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 — 3,198,863 3,198,863 Repayments (12,870) (284,001) (296,871) Net realized losses — 2,311 2,311 Changes in net unrealized (gains) losses (1) 20,144 (153,612) (133,468) Cumulative translation adjustment — 45,773 45,773 Balance, End of Period $ 119,788 $ 7,100,620 $ 7,220,408 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 $ — $ (219,645) $ (219,645) (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the 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 December 31, 2021 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Other investments $ 516,221 Embedded value N/A N/A N/A 169,625 Discounted cash flow Discount rate 14.0% - 52.8% 26.4% 260,338 Adjusted transaction value N/A N/A N/A Due from related parties 47,835 Discounted cash flow Discount rate 16.0% 16.0% Investments of consolidated VIEs: Equity securities 4,144,661 Discounted cash flow Discount rate 3.0% - 19.0% 10.4% Dividend discount model Discount rate 13.7% 13.7% Market comparable companies NTAV multiple 1.25x 1.25x Adjusted transaction value Purchase multiple 1.25x 1.25x Adjusted transaction value N/A N/A N/A Bank loans 4,569,873 Discounted cash flow Discount rate 1.8% - 15.6% 4.3% Adjusted transaction value N/A N/A N/A Profit participating notes 2,849,150 Discounted cash flow Discount rate 8.7% - 12.5% 12.4% Adjusted transaction value N/A N/A N/A Real estate 511,648 Discounted cash flow Capitalization rate 4.0% - 5.8% 5.3% Discounted cash flow Discount rate 5.0% - 12.5% 7.3% Discounted cash flow Terminal capitalization rate 8.3% 8.3% Direct capitalization Capitalization rate 5.5% - 8.5% 6.2% Direct capitalization Terminal capitalization rate 6.0% - 12.0% 6.9% Bonds 50,885 Discounted cash flow Discount rate 4.0% - 7.0% 6.1% Third party pricing N/A N/A N/A Other equity investments 1,061,586 Discounted cash flow Discount rate 11.8% -12.5% 12.1% Adjusted transaction value N/A N/A N/A Total Investments of Consolidated VIEs 13,187,803 Total Financial Assets $ 14,181,822 Financial Liabilities Liabilities of Consolidated VIEs: Secured loans $ 4,311,348 Discounted cash flow Discount rate 1.4% - 10.0% 2.8% Subordinated notes 3,164,491 Discounted cash flow Discount rate 4.5% - 11.9% 5.8% Participating equity 20,640 Discounted cash flow Discount rate 15.0% 15.0% Other liabilities 31,090 Discounted cash flow Discount rate 3.7% - 9.3% 6.3% Total Liabilities of Consolidated VIEs 7,527,569 Contingent Consideration Obligation 125,901 Discounted cash flow Discount rate 18.5% 18.5% Total Financial Liabilities $ 7,653,470 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 (1) Unobservable inputs were weighted based on the fair value of the investments included in the range. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 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 $ 256,252 $ 191,853 Less: Accumulated depreciation and amortization (130,072) (111,821) Fixed assets, net 126,180 80,032 Deferred equity-based compensation (1) 282,900 137,777 Prepaid expenses 57,765 46,639 Intangible assets, net 14,846 23,586 Tax receivables 30,334 42,979 Other 73,876 33,950 Total Other Assets $ 585,901 $ 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 $210.6 million and $114.6 million, as of December 31, 2021 and 2020, respectively, is included in other liabilities on the consolidated statements of financial condition. |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consists of the following: As of December 31, 2021 2020 Intangible assets/management contracts $ 272,542 $ 272,572 Accumulated amortization (257,696) (248,986) Intangible assets, net $ 14,846 $ 23,586 The changes in intangible assets, net consist of the following and includes approximately $1.8 million of indefinite-lived intangible assets as of December 31, 2021 and 2020, respectively. For the Years Ended December 31, 2021 2020 2019 Balance, beginning of year $ 23,586 $ 20,615 $ 18,899 Amortization expense (8,740) (7,431) (6,159) Acquisitions / additions — 10,402 7,875 Balance, end of year $ 14,846 $ 23,586 $ 20,615 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Expected amortization of these intangible assets for each of the next 5 years and thereafter is as follows: 2022 2023 2024 2025 2026 Thereafter Total Amortization of intangible assets $ 6,610 $ 4,818 $ 1,388 $ 20 $ 20 $ 230 $ 13,086 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Expense, Supplemental Cash Flow Information and Maturities of Lease Liabilities | The table below presents operating lease expenses recorded in general, administrative and other in the consolidated statements of operations. For the Years Ended December 31, 2021 2020 2019 Operating lease cost $ 48,661 $ 46,483 42,680 The following table presents supplemental cash flow information related to operating leases: For the Years Ended December 31, 2021 2020 2019 Operating cash flows for operating leases $ 31,802 $ 27,452 30,626 Supplemental information related to leases is as follows: As of As of Weighted average remaining lease term (in years) 12.3 13.6 Weighted average discount rate 2.7 % 3.1 % |
Lease Payments by Maturity | As of December 31, 2021, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments 2022 $ 54,420 2023 56,633 2024 53,975 2025 52,044 2026 47,284 Thereafter 329,964 Total lease payments $ 594,320 Less imputed interest (89,114) Present value of lease payments $ 505,206 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is presented in the following table: For the Years Ended December 31, 2021 2020 2019 Current: Federal income tax $ 83,201 $ 21,039 $ 1,973 Foreign income tax (1) 32,530 24,926 10,792 State and local income tax 3,562 5,389 3,408 Subtotal 119,293 51,354 16,173 Deferred: Federal income tax 422,561 9,109 (120,457) Foreign income tax (1) (946) 42 128 State and local income tax 53,471 26,461 (24,838) Subtotal 475,086 35,612 (145,167) Total Income Tax Provision (Benefit) $ 594,379 $ 86,966 $ (128,994) (1) The foreign income tax provision was derived from $211.7 million, $115.9 million and $44.7 million of pre-tax income generated in foreign jurisdictions for the years ended December 31, 2021, 2020 and 2019, respectively. |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the U.S. Federal statutory tax rate to the effective income tax rate: For the Years Ended December 31, 2021 2020 2019 U.S. Federal Statutory Tax Rate 21.0 % 21.0 % 21.0 % Income Passed Through to Non-Controlling Interests (10.4) (12.2) (10.7) Income Passed Through to Class A Shareholders — — (2.7) State and Local Income Taxes (net of Federal Benefit) 0.8 3.8 1.1 Impact of Corporate Conversion — 0.9 (16.7) Impact of Foreign Taxes (net of Foreign Tax Credit) 0.3 2.3 0.5 Impact of Equity-Based Compensation 0.5 (1.2) (0.9) Other — 1.1 (0.8) Effective Income Tax Rate 12.2 % 15.7 % (9.2) % |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities in the consolidated statements of financial condition consist of the following: As of December 31, 2021 2020 Deferred Tax Assets: Depreciation and amortization $ 507,594 $ 273,545 Net operating loss carryforwards 1,414 4,026 Deferred Revenue 5,981 3,329 Equity-based compensation 62,618 14,243 Foreign tax credit — 5,854 Basis difference in investments — 204,653 Other 39,805 33,894 Total Deferred Tax Assets 617,412 539,544 Deferred Tax Liabilities: Basis difference in investments 192,538 — Other 742 300 Total Deferred Tax Liabilities 193,280 300 Total Deferred Tax Assets, Net $ 424,132 $ 539,244 |
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 shares. Exchange of AOG Units Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Year Ended December 31, 2021 $ 346,896 $ 287,917 $ 58,979 For the Year Ended December 31, 2020 $ 86,864 $ 68,801 $ 28,904 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following: As of December 31, 2021 As of December 31, 2020 Outstanding Fair Value Annualized Outstanding Fair Value Annualized 2024 Senior Notes (1) $ 498,469 $ 530,052 (4) 4.00 % $ 497,817 $ 553,633 (4) 4.00 % 2026 Senior Notes (1) 497,730 553,055 (4) 4.40 497,217 581,898 (4) 4.40 2029 Senior Notes (1) 674,786 777,703 (4) 4.87 674,757 804,768 (4) 4.87 2030 Senior Notes (1) 494,928 506,094 (4) 2.65 494,375 513,362 (4) 2.65 2039 Senior Secured Guaranteed Notes (1) 317,985 369,041 (5) 4.77 317,042 376,472 (5) 4.77 2048 Senior Notes (1) 296,757 397,191 (4) 5.00 296,633 379,953 (4) 5.00 2050 Subordinated Notes (1) 296,675 308,687 (4) 4.95 296,557 307,500 (4) 4.95 Secured Borrowing I (2) — — — 19,526 19,527 (3) 1.84 Secured Borrowing II (2) 19,334 19,239 (3) 1.70 20,767 20,773 (3) 1.71 2016 AMI Term Facility I (2) 19,186 19,186 (3) 1.30 20,608 20,608 (3) 1.30 2016 AMI Term Facility II (2) 18,546 18,546 (3) 1.40 19,922 19,922 (3) 1.40 Total Debt $ 3,134,396 $ 3,498,794 $ 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 December 31, 2021 As of December 31, 2020 2024 Senior Notes $ 1,289 $ 1,841 2026 Senior Notes 2,076 2,545 2029 Senior Notes 4,635 5,282 2030 Senior Notes 3,824 4,231 2039 Senior Secured Guaranteed Notes 7,015 7,958 2048 Senior Notes 2,960 3,073 2050 Subordinated Notes 3,325 3,443 Total $ 25,124 $ 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 Secured Borrowing I facility was fully repaid as of December 31, 2021. The remaining maturity of Secured Borrowing II is 10.3 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 Years Ended December 31, 2021 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 1,215 $ 1,277 AMH Credit Facility 1,301 73 — 2024 Senior Notes 20,652 20,652 20,652 2026 Senior Notes 22,513 22,513 22,513 2029 Senior Notes 32,916 32,916 27,743 2030 Senior Notes 13,845 7,888 — 2039 Senior Secured Guaranteed Notes 16,445 16,445 9,182 2048 Senior Notes 15,124 15,124 15,124 2050 Subordinated Notes 14,968 14,970 586 AMI Term Facilities/ Secured Borrowings 1,326 1,443 1,292 Total Interest Expense $ 139,090 $ 133,239 $ 98,369 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The table below presents the contractual maturities for the Company's debt arrangements as of December 31, 2021: 2022 2023 2024 2025 2026 Thereafter Total 2024 Senior Notes $ — $ — $ 500,000 $ — $ — $ — $ 500,000 2026 Senior Notes — — — — 500,000 — 500,000 2029 Senior Notes — — — — — 675,000 675,000 2030 Senior Notes — — — — — 500,000 500,000 2039 Senior Secured Guaranteed Notes — — — — — 325,000 325,000 2048 Senior Notes — — — — — 300,000 300,000 2050 Subordinated Notes — — — — — 300,000 300,000 Secured Borrowing II — — — — — 19,334 19,334 2016 AMI Term Facility I — — — 19,186 — — 19,186 2016 AMI Term Facility II — 18,546 — — — — 18,546 Total Obligations as of December 31, 2021 $ — $ 18,546 $ 500,000 $ 19,186 $ 500,000 $ 2,119,334 $ 3,157,066 The following table presents the revenues earned in aggregate from Athene and Athora: For the Years Ended December 31, 2021 2020 2019 Revenues earned in aggregate from Athene, Athora, net (1)(2) $ 3,684,602 $ 332,474 $ 788,066 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene, Athora and AAA Investments, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of AHL Awards granted to employees of Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $2.6 billion, $(456.3) million and $137.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
NET INCOME PER SHARE OF CLASS_2
NET INCOME PER SHARE OF CLASS A COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 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 per share of Class A Common Stock using the two-class method: Basic and Diluted For the Years Ended December 31, 2021 2020 2019 Numerator: Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders $ 1,801,835 $ 119,958 $ 806,537 Dividends declared on Class A Common Stock (1) (500,286) (530,576) (417,386) Dividends on participating securities (2) (16,851) (18,956) (17,888) Earnings allocable to participating securities (54,283) — (3) (17,343) Undistributed income (loss) attributable to Class A Common Stockholders: Basic 1,230,415 (429,574) 353,920 Dilution effect on distributable income attributable to unvested RSUs — — 3,173 Undistributed income (loss) attributable to Class A Common Stockholders: Diluted $ 1,230,415 $ (429,574) $ 357,093 Denominator: Weighted average number of shares of Class A Common Stock outstanding: Basic 236,567,691 227,530,600 207,072,413 Dilution effect of unvested RSUs — — 1,676,111 Weighted average number of shares of Class A Common Stock outstanding: Diluted 236,567,691 227,530,600 208,748,524 Net Income per share of Class A Common Stock: Basic Distributed Income $ 2.10 $ 2.31 $ 2.02 Undistributed Income (Loss) 5.22 (1.87) 1.70 Net Income per share of Class A Common Stock: Basic $ 7.32 $ 0.44 $ 3.72 Net Income per share of Class A Common Stock: Diluted (4) Distributed Income $ 2.10 $ 2.31 $ 2.01 Undistributed Income (Loss) 5.22 (1.87) 1.70 Net Income per share of Class A Common Stock: Diluted $ 7.32 $ 0.44 $ 3.71 (1) See note 14 for information regarding the quarterly dividends declared and paid during 2021 , 2020 and 2019. (2) Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. (3) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A Common Stockholders. (4) For the years ended December 31, 2021 and 2020, all of the classes of securities were determined to be anti-dilutive. For the year ended December 31, 2019, unvested RSUs were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. For the year ended December 31, 2019, the share options, AOG Units and participating securities were determined to be anti-dilutive and were accordingly excluded from the diluted earnings per share calculation. |
Schedule of Weighted Average Number of Shares | The following table summarizes the anti-dilutive securities. For the Years Ended December 31, 2021 2020 2019 Weighted average vested RSUs 1,725,294 479,603 430,748 Weighted average unvested RSUs 7,783,549 7,882,039 N/A Weighted average unexercised options — — 152,084 Weighted average AOG Units outstanding (1) 166,601,194 175,303,111 195,124,877 Weighted average unvested restricted shares 927,991 1,129,452 959,069 (1) Excludes AOG Units owned by Athene. Athene could 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 15). As these AOG Units were not convertible into shares of Class A Common Stock, they were excluded when calculating diluted net income per share. |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Weighted Average Discounts Table Text Block | The following table summarizes the weighted average discounts for Plan Grants, Bonus Grants and Performance Grants. For the Years Ended December 31, 2021 2020 2019 Plan Grants: Discount for the lack of distributions until vested (1) — % 0.1 % 18.7 % Marketability discount for transfer restrictions (2) 12.7 % 9.4 % 4.9 % Bonus Grants: Marketability discount for transfer restrictions (2) 3.5 % 3.0 % 4.1 % Performance Grants: Discount for the lack of distributions until vested (1) 7.3 % 8.7 % 14.0 % Marketability discount for transfer restrictions (2) 5.6 % 9.2 % 5.9 % (1) Based on the present value of a growing annuity calculation. |
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 Years Ended December 31, 2021 2020 2019 Equity-based compensation $ 103,694 $ 96,750 $ 71,438 The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Years Ended December 31, 2021 2020 2019 Actual forfeiture rate 0.7 % 6.9 % 2.1 % Equity-based compensation 1,130,797 173,199 146,096 The following table presents the actual forfeiture rates and equity-based compensation expense recognized: For the Years Ended December 31, 2021 2020 2019 Actual forfeiture rate — % 3.6 % 0.8 % Equity-based compensation $ 30,240 $ 25,846 $ 17,095 The following table summarizes the management fees, equity-based compensation expense, and actual forfeiture rates for the ARI Awards: For the Years Ended December 31, 2021 2020 2019 Management fees $ 14,726 $ 10,134 $ 16,697 Equity-based compensation $ 14,726 $ 10,134 $ 16,697 Actual forfeiture rate 1.2 % 1.0 % 1.2 % |
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 11,406,160 60.82 14,822,465 26,228,625 Forfeited (224,195) 44.03 (12,134) (236,329) Vested (4,731,942) 36.57 4,731,942 — Issued — — (5,399,054) (5,399,054) Balance at December 31, 2021 15,428,416 (2) $ 51.67 15,976,551 31,404,967 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A Common Stock. (2) Includes 6,534,295 Performance Grant RSUs, 1,971,086 Bonus Grant RSUs and 6,923,035 Plan Grant RSUs. The following table summarizes the restricted share award activity: Unvested Weighted Average Grant Date Fair Value Vested Total Number of Restricted Share Awards Outstanding Balance at January 1, 2021 759,252 $ 41.52 — 759,252 Granted 1,188,207 68.34 1,037,738 2,225,945 Forfeited — — — — Vested (477,458) 39.89 477,458 — Issued — 60.62 (477,458) (477,458) Balance at December 31, 2021 1,470,001 $ 63.73 1,037,738 2,507,739 The following table summarizes activity for the ARI Awards that were granted to certain of the Company’s employees: ARI Awards Unvested Weighted Average Grant Date Fair Value ARI Awards Vested Total Number of ARI Awards Outstanding Balance at January 1, 2021 2,529,025 $ 13.81 952,751 3,481,776 Granted 1,323,487 13.20 — 1,323,487 Forfeited (44,891) 13.69 — (44,891) Delivered — 11.03 (1,023,308) (1,023,308) Vested (1,206,452) 14.97 1,206,452 — Balance at December 31, 2021 2,601,169 (1) $ 12.98 1,135,895 3,737,064 (1) ARI Awards are expected to vest The following table summarizes activity for the AINV Awards that were granted to certain of the Company’s employees: AINV Unvested RSUs Weighted Average Grant Date Fair Value AINV RSUs Total Number of AINV Awards Outstanding Balance at January 1, 2021 298,601 11.32 134,189 432,790 Granted 145,190 12.71 — 145,190 Forfeited — — — — Delivered — 13.83 (206,784) (206,784) Vested (209,679) 11.98 209,679 — Balance at December 31, 2021 234,112 (1) 11.60 137,084 371,196 (1) AINV Awards are expected to vest ov er the next 2.2 years. |
Schedule of Share-based Compensation, Activity | Below is a reconciliation of the equity-based compensation allocated to AGM Inc.: For the Year Ended December 31, 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 $ 1,160,235 — % $ — $ 1,160,235 Other equity-based compensation awards 20,428 42.6 8,704 11,724 Total equity-based compensation $ 1,180,663 8,704 1,171,959 Less other equity-based compensation awards (2) (8,704) (20,376) Capital increase related to equity-based compensation $ — $ 1,151,583 For the Year Ended December 31, 2020 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 197,072 — % $ — $ 197,072 Other equity-based compensation awards 16,068 47.1 7,575 8,493 Total equity-based compensation $ 213,140 7,575 205,565 Less other equity-based compensation awards (2) (7,575) (31,733) Capital increase related to equity-based compensation $ — $ 173,832 For the Year Ended December 31, 2019 Total Amount Non-Controlling Interest % in Apollo Operating Group Allocated to Non-Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, Inc. RSUs, share options and restricted share awards $ 161,995 — % $ — $ 161,995 Other equity-based compensation awards 27,653 44.7 12,355 15,298 Total equity-based compensation $ 189,648 12,355 177,293 Less other equity-based compensation awards (2) (12,355) (30,575) Capital increase related to equity-based compensation $ — $ 146,718 (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) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2021 2020 2019 Shares of Class A Common Stock issued in settlement of vested RSUs and share options exercised (1) 5,399,054 4,897,743 4,640,072 Reduction of shares of Class A Common Stock issued (2) (2,368,832) (2,082,934) (1,854,313) Shares of Class A Common Stock purchased related to share issuances and forfeitures (3) (275,655) 581,828 14,051 Issuance of shares of Class A Common Stock for equity-based awards 2,754,567 3,396,637 2,799,810 (1) The gross value of shares issued was $316.0 million, $226.6 million and $148.2 million for the years ended December 31, 2021, 2020 and 2019, 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 w as $140.6 million, $96.6 million and $56.6 million for t he years ended December 31, 2021, 2020 and 2019, respectively. (3) Certain Apollo employees receive a portion of the profit sharing proceeds of certain funds in the form of (a) restricted Class A Common Stock of AGM Inc. that they are required to purchase with such proceeds or (b) RSUs, in each case which equity-based awards generally vest over three years. These equity-based awards are granted under the Company's 2007 Equity Plan. To prevent dilution on account of these awards, Apollo may, in its discretion, repurchase Class A Common Stock on the open market and retire them. During the years ended December 31, 2021, 2020 and 2019, we issued 1,188,207, 636,425 and 289,714 of such restricted shares and 275,655 , 168,591 and 102,089 of such RSUs under the 2007 Equity Plan, respectively, and r epurchased 1,463,862, 19,549 and 265,113 Class A Common Stock in open-market transactions not pursuant to a publicly-announced repurchase plan or program, respectively. In addition, there w ere 0, 54,597 and 10,550 restricted shares forfeited during the years ended December 31, 2021, 2020 and 2019 , respectively. |
Schedule of Dividends and Distributions | The table below presents information regarding the quarterly dividends and distributions which were made at the sole discretion of the Former Manager of the Company prior to the Conversion and at the sole discretion of the executive committee of the board of directors subsequent to the Conversion (in millions, except per share data). Subsequent to the Conversion, distributions from AGM Inc. are referred to as dividends. Dividend Declaration Date Dividend per share of Class A Common Stock Payment Date Dividend to Class A Common Stockholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities January 31, 2019 $ 0.56 February 28, 2019 $ 113.3 $ 113.3 $ 226.6 $ 5.0 N/A — April 12, 2019 — 45.4 (1) (2) 45.4 — May 2, 2019 0.46 May 31, 2019 92.2 93.0 185.2 4.1 July 31, 2019 0.50 August 30, 2019 100.4 101.0 201.4 4.4 N/A — August 15, 2019 — 4.1 (2) 4.1 — N/A — September 26, 2019 — 17.8 (2) 17.8 — October 31, 2019 0.50 November 29,2019 111.5 90.1 201.6 4.4 For the Year Ended December 31, 2019 $ 2.02 $ 417.4 $ 464.7 $ 882.1 $ 17.9 January 30, 2020 $ 0.89 February 28, 2020 $ 205.6 $ 155.6 $ 361.2 $ 7.2 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 3, 2021 $ 0.60 February 26, 2021 $ 139.2 $ 121.4 $ 260.6 $ 5.1 N/A — April 14, 2021 — 41.8 (1) (2) 41.8 — May 4, 2021 0.50 May 28, 2021 115.5 100.9 216.4 4.0 N/A — June 15, 2021 — 19.5 (2) 19.5 — August 4, 2021 0.50 August 31, 2021 122.0 94.4 216.4 3.9 N/A — September 15, 2021 — 24.1 (2) 24.1 — November 2, 2021 0.50 November 30, 2021 123.6 93.1 216.7 3.9 N/A — December 15, 2021 — 23.2 (2) 23.2 — For the Year Ended December 31, 2021 $ 2.10 $ 500.3 $ 518.4 $ 1,018.7 $ 16.9 (1) On April 12, 2019, April 15, 2020 and April 14, 2021 the Company made $0.18, $0.21 and $0.15 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with taxes and payments made under the tax receivable agreement. See note 15 for more information regarding the tax receivable agreement. (2) On April 12, 2019, August 15, 2019 and September 26, 2019, the Company made a $0.04, $0.02 and $0.10 per AOG Unit pro rata distribution, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group, in connection with U.S. corporate tax payments. On April 14, 2021, June 15, 2021, September 15, 2021, and December 15, 2021, the Company made a $0.03, $0.08, $0.10, and $0.13 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 Years Ended December 31, 2021 2020 2019 Net income attributable to Non-Controlling Interests in consolidated entities: Interest in management companies and a co-investment vehicle (1) $ 6,138 $ 3,386 $ 4,755 Other consolidated entities 411,554 114,992 25,749 Net income attributable to Non-Controlling Interests in consolidated entities $ 417,692 $ 118,378 $ 30,504 Net income attributable to Non-Controlling Interests in the Apollo Operating Group: Net income $ 4,267,895 $ 466,802 $ 1,536,843 Net income attributable to Non-Controlling Interests in consolidated entities (417,692) (118,378) (30,504) Net income after Non-Controlling Interests in consolidated entities 3,850,203 348,424 1,506,339 Adjustments: Income tax provision (benefit) (2) 594,379 86,966 (128,994) NYC UBT and foreign tax benefit (3) (32,516) (26,549) (15,890) Net income (loss) in non-Apollo Operating Group entities (5,385) (13,571) 51,030 Series A Preferred Stock Dividends (17,531) (17,531) (17,531) Series B Preferred Stock Dividends (19,125) (19,125) (19,125) Total adjustments 519,822 10,190 (130,510) Net income after adjustments 4,370,025 358,614 1,375,829 Weighted average ownership percentage of Apollo Operating Group 45.1 % 47.1 % 48.4 % Net income attributable to Non-Controlling Interests in Apollo Operating Group $ 2,011,712 $ 191,810 $ 663,146 Net income attributable to Non-Controlling Interests $ 2,429,404 $ 310,188 $ 693,650 Other comprehensive income (loss) attributable to Non-Controlling Interests (28,730) 38,113 (7,496) Comprehensive Income Attributable to Non-Controlling Interests $ 2,400,674 $ 348,301 $ 686,154 (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 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. |
Activities Associated with Non-controlling Interests | The table below presents the activities associated with the redeemable non-controlling interests. For the Years Ended December 31, 2021 2020 Balance at beginning of period $ 782,702 $ — Net issuances of redeemable non-controlling interests 950,103 735,486 Accretion of redeemable non-controlling interests 37,229 47,216 Balance at end of period $ 1,770,034 $ 782,702 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 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 (1) $ 248,886 $ 183,992 Due from private equity funds 20,157 21,169 Due from real assets funds 46,832 28,231 Due from portfolio companies 66,960 80,122 Due from Contributing Partners, employees and former employees 106,755 148,869 Total Due from Related Parties $ 489,590 $ 462,383 Due to Related Parties: Due to Former Managing Partners and Contributing Partners (2) $ 1,118,272 $ 310,230 Due to credit funds 22,042 34,280 Due to private equity funds 54,436 216,899 Due to real assets funds 27,652 47,060 Total Due to Related Parties $ 1,222,402 $ 608,469 (1) Due from credit funds includes $47.8 million related to a receivable from a credit fund in connection with the Company’s sale of a platform investment to such fund during the year ended December 31, 2021. The amount is payable to the Company over five years and is held at fair value. (2) Due to Former Managing Partners and Contributing Partners includes $569.6 million related to the purchase of limited partnership interests, payable over 13 equal quarterly installments beginning on January 1, 2022. |
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 53,722 215,011 Real Assets 27,454 46,860 Total general partner obligation $ 81,176 $ 261,871 |
Sub-Allocation Fees Schedule | 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%. |
Interest Income and Interest Expense | The following table presents the interest expense incurred related to the Company’s debt: For the Years Ended December 31, 2021 2020 2019 Interest Expense: (1) 2018 AMH Credit Facility $ — $ 1,215 $ 1,277 AMH Credit Facility 1,301 73 — 2024 Senior Notes 20,652 20,652 20,652 2026 Senior Notes 22,513 22,513 22,513 2029 Senior Notes 32,916 32,916 27,743 2030 Senior Notes 13,845 7,888 — 2039 Senior Secured Guaranteed Notes 16,445 16,445 9,182 2048 Senior Notes 15,124 15,124 15,124 2050 Subordinated Notes 14,968 14,970 586 AMI Term Facilities/ Secured Borrowings 1,326 1,443 1,292 Total Interest Expense $ 139,090 $ 133,239 $ 98,369 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The table below presents the contractual maturities for the Company's debt arrangements as of December 31, 2021: 2022 2023 2024 2025 2026 Thereafter Total 2024 Senior Notes $ — $ — $ 500,000 $ — $ — $ — $ 500,000 2026 Senior Notes — — — — 500,000 — 500,000 2029 Senior Notes — — — — — 675,000 675,000 2030 Senior Notes — — — — — 500,000 500,000 2039 Senior Secured Guaranteed Notes — — — — — 325,000 325,000 2048 Senior Notes — — — — — 300,000 300,000 2050 Subordinated Notes — — — — — 300,000 300,000 Secured Borrowing II — — — — — 19,334 19,334 2016 AMI Term Facility I — — — 19,186 — — 19,186 2016 AMI Term Facility II — 18,546 — — — — 18,546 Total Obligations as of December 31, 2021 $ — $ 18,546 $ 500,000 $ 19,186 $ 500,000 $ 2,119,334 $ 3,157,066 The following table presents the revenues earned in aggregate from Athene and Athora: For the Years Ended December 31, 2021 2020 2019 Revenues earned in aggregate from Athene, Athora, net (1)(2) $ 3,684,602 $ 332,474 $ 788,066 (1) Consisting of management fees, sub-advisory fees, performance revenues from Athene, Athora and AAA Investments, as applicable (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of AHL Awards granted to employees of Apollo. (2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $2.6 billion, $(456.3) million and $137.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Schedule of Financial Information of SPACs | The tables below present the financial information of these SPACs in aggregate: As of As of Assets: Cash and cash equivalents $ 1,796 $ 259 Restricted cash and cash equivalents 690,205 — U.S. Treasury securities, at fair value 1,162,299 816,985 Due from related parties (9,346) (3) Other assets 2,627 1,118 Total Assets $ 1,847,581 $ 818,359 Liabilities, Redeemable non-controlling interests and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses $ 2,361 $ 198 Due to related parties 10,800 1,871 Other liabilities 143,778 28,588 Total Liabilities 156,939 30,657 Redeemable non-controlling interests: Redeemable non-controlling interests 1,762,282 782,702 Stockholders’ Equity: Additional paid in capital (98,369) (12,928) Retained earnings 26,729 17,928 Total Stockholders’ Equity (71,640) 5,000 Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity $ 1,847,581 $ 818,359 For the Years Ended December 31, 2021 2020 Expenses: Interest expense $ 8 $ — General, administrative and other 19,015 583 Total Expenses 19,023 583 Other Income (Loss): Net gains (losses) from investment activities 3,446 35 Interest income 545 140 Other income (loss), net (520) — Total Other Income (Loss) 3,471 175 Net Income Attributable to Apollo Global Management, Inc. $ (15,552) $ (408) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Fixed and Determinable Payments | As of December 31, 2021, fixed and determinable payments due in connection with these obligations were as follows: 2022 2023 2024 2025 2026 Thereafter Total Other long-term obligations $ 29,457 $ 1,152 $ 787 $ 682 $ 682 $ 682 $ 33,442 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2021 Credit Private Equity Real Assets Total Reportable Management fees $ 1,128,994 $ 484,885 $ 264,331 $ 1,878,210 Advisory and transaction fees, net 151,665 126,567 19,876 298,108 Performance fees (1) 56,865 — — 56,865 Fee Related Revenues 1,337,524 611,452 284,207 2,233,183 Salary, bonus and benefits (301,692) (255,291) (129,370) (686,353) General, administrative and other (169,750) (114,054) (57,991) (341,795) Placement fees (4,115) (188) (40) (4,343) Fee Related Expenses (475,557) (369,533) (187,401) (1,032,491) Other income (loss), net of Non-Controlling Interest (4,753) 1,852 621 (2,280) Fee Related Earnings 857,214 243,771 97,427 1,198,412 Realized performance fees 262,677 1,259,754 66,643 1,589,074 Realized profit sharing expense (141,898) (641,066) (34,053) (817,017) Net Realized Performance Fees 120,779 618,688 32,590 772,057 Realized principal investment income, net (2) 255,408 147,943 5,800 409,151 Net interest loss and other (56,088) (51,103) (31,006) (138,197) Segment Distributable Earnings (3) $ 1,177,313 $ 959,299 $ 104,811 $ 2,241,423 Total Assets (3) $ 7,633,167 $ 5,067,882 $ 872,351 $ 13,573,400 (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. As of and for the Year Ended December 31, 2020 Credit Private Equity Real Assets Total Reportable Management fees $ 934,852 $ 506,506 $ 206,606 $ 1,647,964 Advisory and transaction fees, net 117,534 124,697 9,289 251,520 Performance fees (1) 9,836 — — 9,836 Fee Related Revenues 1,062,222 631,203 215,895 1,909,320 Salary, bonus and benefits (246,496) (204,211) (110,280) (560,987) General, administrative and other (156,112) (96,385) (51,386) (303,883) Placement fees (1,519) (295) — (1,814) Fee Related Expenses (404,127) (300,891) (161,666) (866,684) Other income (loss), net of Non-Controlling Interest (2,279) (75) 245 (2,109) Fee Related Earnings 655,816 330,237 54,474 1,040,527 Realized performance fees 188,441 29,687 62,795 280,923 Realized profit sharing expense (128,842) (19,665) (41,800) (190,307) Net Realized Performance Fees 59,599 10,022 20,995 90,616 Realized principal investment income, net (2) 8,375 8,741 5,735 22,851 Net interest loss and other (56,200) (55,196) (23,118) (134,514) Segment Distributable Earnings (3) $ 667,590 $ 293,804 $ 58,086 $ 1,019,480 Total Assets (3) $ 4,711,110 $ 3,244,513 $ 725,844 $ 8,681,467 (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. For the Year Ended December 31, 2019 Credit Private Equity Real Assets Total Reportable Management fees $ 779,266 $ 523,194 $ 188,610 $ 1,491,070 Advisory and transaction fees, net 44,116 71,324 7,450 122,890 Performance fees (1) 21,110 — — 21,110 Fee Related Revenues 844,492 594,518 196,060 1,635,070 Salary, bonus and benefits (196,143) (184,403) (82,770) (463,316) General, administrative and other (131,664) (99,098) (42,242) (273,004) Placement fees (272) (812) (1) (1,085) Fee Related Expenses (328,079) (284,313) (125,013) (737,405) Other income, net of Non-Controlling Interest 54 4,306 177 4,537 Fee Related Earnings 516,467 314,511 71,224 902,202 Realized performance fees 169,611 429,152 3,343 602,106 Realized profit sharing expense (93,675) (195,140) (1,437) (290,252) Net Realized Performance Fees 75,936 234,012 1,906 311,854 Realized principal investment income, net (2) 8,764 53,782 3,151 65,697 Net interest loss and other (21,997) (31,804) (11,525) (65,326) Segment Distributable Earnings (3) $ 579,170 $ 570,501 $ 64,756 $ 1,214,427 (1) Represents certain performance fees related to business development companies and Redding Ridge Holdings (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 Years Ended December 31, 2021 2020 2019 Total Consolidated Revenues $ 5,951,598 $ 2,354,019 $ 2,931,849 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (137,992) (118,240) (102,672) Adjustments related to consolidated funds and VIEs (1) 146,380 78,296 12,854 Performance fees (2) (3,054,712) (315,719) (1,036,688) Principal investment income (672,091) (89,036) (170,273) Total Fee Related Revenues 2,233,183 1,909,320 1,635,070 Realized performance fees 1,589,074 280,923 602,106 Realized principal investment income, net and other 409,151 19,482 62,328 Total Segment Revenues $ 4,231,408 $ 2,209,725 $ 2,299,504 (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 Years Ended December 31, 2021 2020 2019 Total Consolidated Expenses $ 4,114,230 $ 1,577,964 $ 1,691,280 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (1) (159,332) (110,669) (103,292) Reclassification of interest expenses (139,090) (133,239) (98,369) Transaction-related charges, net (1) (34,591) (39,186) (49,213) Merger-related transaction and integration costs (2) (66,848) — — Charges associated with corporate conversion (3) — (3,893) (21,987) Equity-based compensation (79,777) (67,852) (70,962) One-time equity-based compensation and other charges (4) (949,152) — — Total profit sharing expense (5) (1,626,557) (352,741) (594,052) Dividend-related compensation expense (26,392) (3,700) (16,000) Total Fee Related Expenses 1,032,491 866,684 737,405 Realized profit sharing expense 817,017 190,307 290,252 Total Segment Expenses $ 1,849,508 $ 1,056,991 $ 1,027,657 (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) Merger-related transaction and integration costs includes advisory services, technology integration and other costs associated with the Company’s merger with Athene. (3) Represents expenses incurred in relation to the Conversion, as described in note 1. (4) Includes one-time equity-based compensation expense and associated taxes related to the previously announced reset of the Company’s compensation structure. (5) 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 Years Ended December 31, 2021 2020 2019 Total Consolidated Other Income (Loss) $ 3,024,906 $ (222,287) $ 167,280 Adjustments related to consolidated funds and VIEs (1) (555,410) (193,868) (38,607) (Gain) loss from change in tax receivable agreement liability (9,609) (12,426) 50,307 Net (gains) losses from investment activities (2,610,232) 452,973 (138,117) Interest income and other, net of Non-Controlling Interest 148,065 (26,501) (36,326) Other Income (Loss), net of Non-Controlling Interest (2,280) (2,109) 4,537 Net interest loss and other (138,197) (131,145) (61,957) Total Segment Other Loss $ (140,477) $ (133,254) $ (57,420) (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 consolidated statements of operations to Segment Distributable Earnings: For the Years Ended December 31, 2021 2020 2019 Income before income tax provision $ 4,862,274 $ 553,768 $ 1,407,849 Transaction-related charges (1) 34,591 39,186 49,213 Merger-related transaction and integration costs (2) 66,848 — — Charges associated with corporate conversion (3) — 3,893 21,987 (Gain) loss from change in tax receivable agreement liability (9,609) (12,426) 50,307 Net income attributable to Non-Controlling Interests in consolidated entities (417,692) (118,378) (30,504) Unrealized performance fees (1,464,502) (34,796) (434,582) Unrealized profit sharing expense 648,882 33,350 207,592 Equity-based profit sharing expense and other (4) 145,754 129,084 96,208 Equity-based compensation 79,777 67,852 70,962 One-time equity-based compensation and other charges (5) 949,152 — — Unrealized principal investment income (221,645) (62,485) (88,576) Unrealized net (gains) losses from investment activities and other (2,432,407) 420,432 (136,029) Segment Distributable Earnings $ 2,241,423 $ 1,019,480 $ 1,214,427 (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (2) Merger-related transaction and integration costs includes advisory services, technology integration and other costs associated with the Company’s merger with Athene. (3) Represents expenses incurred in relation to the Conversion, as described in note 1. (4) 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. (5) Includes one-time equity-based compensation expense and associated taxes related to the previously announced reset of the Company’s compensation structure. |
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 $ 13,573,400 $ 8,681,467 Adjustments (1) 16,928,494 14,987,617 Total assets $ 30,501,894 $ 23,669,084 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Purchase Price for the Merger Transaction | The total purchase price for the transaction is as follows: (in millions, except share price and exchange ratio) AHL Shares purchased (1) 138 Exchange ratio 1.149 AGM Shares issued in exchange 158 AGM Class A share closing price on December 31, 2021 $ 72.43 Total preliminary purchase price $ 11,455 Fair value of estimated RSUs, options, and warrants assumed, and other equity considerations 710 Total purchase price $ 12,165 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Mar. 09, 2021vote | Feb. 28, 2020shares | Dec. 31, 2021segmentholdingCompany | Dec. 31, 2020 |
Entity Information [Line Items] | ||||
Number of segments | segment | 3 | |||
Number of holding company | holdingCompany | 5 | |||
Number of votes | vote | 1 | |||
Athene Holding | ||||
Entity Information [Line Items] | ||||
Equity interests issued (in shares) | shares | 29,154,519 | |||
Intermediate Holding Companies | ||||
Entity Information [Line Items] | ||||
Economic interest percentage | 57.40% | |||
Holdings | ||||
Entity Information [Line Items] | ||||
Economic interest percentage | 35.90% | |||
Apollo Operating Group | Athene Holding | ||||
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 Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Initial Business Combination Or Redemption Of Public Shares, ASPG II Trust Agreement | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Restricted cash | $ 690.1 | |
Level I | U.S. Treasury securities, at fair value | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Money market funds and U.S. treasury securities | $ 509.5 | $ 1,200 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - U.S. Treasury securities, at fair value (Details) $ in Millions | Dec. 31, 2021USD ($) |
Initial Business Combination Or Redemption Of Public Shares, Acropolis Trust Agreement | |
Debt and Equity Securities, FV-NI [Line Items] | |
Restricted cash | $ 344.9 |
U.S. Treasury securities, at fair value | |
Debt and Equity Securities, FV-NI [Line Items] | |
Restricted securities | $ 817.4 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Accounting Policies [Abstract] | |
Deferred revenue recognized | $ 24 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 401(k) Savings Plan (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Percent of eligible employee contributions | 50.00% |
Percent of the eligible employees’ compensation | 3.00% |
Service period | 3 years |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | Jun. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||||
Goodwill | $ 116,958 | $ 116,958 | ||
Acquisition of goodwill | 0 | 663 | $ 5,059 | |
Credit | ||||
Goodwill [Line Items] | ||||
Goodwill | 92,200 | 92,200 | ||
Private Equity | ||||
Goodwill [Line Items] | ||||
Goodwill | 23,800 | 23,800 | ||
Real Assets | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,000 | $ 1,000 | ||
PK AirFinance Platform | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 27,400 | |||
Acquisition of goodwill | $ 22,400 |
INVESTMENTS - Apollo's Investme
INVESTMENTS - Apollo's Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Method Investments and Joint Ventures [Abstract] | |||
Investments, at fair value | $ 5,588,992 | $ 2,360,434 | |
Equity method investments | 1,345,750 | 1,010,821 | |
Performance allocations | 2,731,733 | 1,624,156 | $ 1,507,571 |
Total Investments | $ 9,666,475 | $ 4,995,411 |
INVESTMENTS - Summarized Financ
INVESTMENTS - Summarized Financial Information of Athene Holding (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments | $ 9,666,475 | $ 4,995,411 | ||
Assets | 30,501,894 | 23,669,084 | ||
Liabilities | 18,537,494 | 17,373,119 | ||
Equity | 10,194,366 | 5,513,263 | $ 3,038,127 | $ 2,451,840 |
Benefits and expenses | 4,114,230 | 1,577,964 | 1,691,280 | |
Income before income tax provision | 4,862,274 | 553,768 | 1,407,849 | |
Income tax expense | 594,379 | 86,966 | (128,994) | |
Net Income | 4,267,895 | 466,802 | 1,536,843 | |
Net income (loss) attributable to non-controlling interests | (2,429,404) | (310,188) | (693,650) | |
Net Income Attributable to Apollo Global Management, Inc. | 1,838,491 | 156,614 | 843,193 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments | 167,822,116 | 161,133,394 | ||
Assets | 179,261,843 | 169,736,665 | ||
Liabilities | 103,549,788 | 103,811,463 | ||
Equity | 75,712,055 | 65,925,202 | ||
Benefits and expenses | 4,935,441 | 6,075,122 | 3,012,114 | |
Net Income | 16,195,309 | 3,584,644 | 6,519,985 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment in Athene Holding | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments | 177,567 | 154,843 | ||
Assets | 235,149 | 202,771 | ||
Liabilities | 212,968 | 182,631 | ||
Equity | 22,181 | 20,140 | ||
Revenues | 26,320 | 14,764 | 16,258 | |
Benefits and expenses | 22,134 | 12,558 | 13,956 | |
Income before income tax provision | 4,186 | 2,206 | 2,302 | |
Income tax expense | 386 | 285 | 117 | |
Net Income | 3,800 | 1,921 | 2,185 | |
Net income (loss) attributable to non-controlling interests | (59) | 380 | 13 | |
Net Income Attributable to Apollo Global Management, Inc. | 3,859 | 1,541 | 2,172 | |
Less: Preferred stock dividends | 141 | 95 | 36 | |
Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders | $ 3,718 | $ 1,446 | $ 2,136 |
INVESTMENTS - Summary of Net Ga
INVESTMENTS - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Realized gains (losses) on sales of investments, net | $ (238) | $ 2,081 | $ 45 |
Net change in unrealized gains (losses) due to changes in fair value | 2,611,141 | (457,568) | 138,109 |
Net gains (losses) from investment activities | $ 2,610,903 | $ (455,487) | $ 138,154 |
INVESTMENTS - Summary of Equity
INVESTMENTS - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 1,345,750 | $ 1,010,821 |
Credit | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 220,075 | 258,952 |
Credit | AINV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 40,200 | 40,400 |
Value of company's investment | 35,300 | 30,800 |
Private Equity | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 1,035,079 | 672,430 |
Private Equity | Fund VIII | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 248,800 | $ 343,300 |
Ownership percentage | 2.20% | 2.20% |
Private Equity | Fund IX | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 308,900 | $ 134,400 |
Ownership percentage | 1.90% | 1.90% |
Real Assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 90,596 | $ 79,439 |
INVESTMENTS - Summarized Fina_2
INVESTMENTS - Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statements of Financial Condition | ||||
Investments | $ 9,666,475 | $ 4,995,411 | ||
Assets | 30,501,894 | 23,669,084 | ||
Liabilities | 18,537,494 | 17,373,119 | ||
Equity | 10,194,366 | 5,513,263 | $ 3,038,127 | $ 2,451,840 |
Statements of Operations | ||||
Revenues | 5,951,598 | 2,354,019 | 2,931,849 | |
Operating Expenses | 4,114,230 | 1,577,964 | 1,691,280 | |
Total investment income | 3,699,209 | 392,181 | 1,223,666 | |
Net Income | 4,267,895 | 466,802 | 1,536,843 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Statements of Financial Condition | ||||
Investments | 167,822,116 | 161,133,394 | ||
Assets | 179,261,843 | 169,736,665 | ||
Liabilities | 103,549,788 | 103,811,463 | ||
Equity | 75,712,055 | 65,925,202 | ||
Statements of Operations | ||||
Revenues | 5,248,925 | 7,283,270 | 3,159,574 | |
Operating Expenses | 4,935,441 | 6,075,122 | 3,012,114 | |
Total investment income | 313,484 | 1,208,148 | 147,460 | |
Net Realized and Unrealized Gain (Loss) | 15,881,825 | 2,376,496 | 6,372,525 | |
Net Income | 16,195,309 | 3,584,644 | 6,519,985 | |
Credit | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Statements of Financial Condition | ||||
Investments | 111,671,571 | 113,854,036 | ||
Assets | 120,649,119 | 120,508,401 | ||
Liabilities | 95,616,159 | 97,361,638 | ||
Equity | 25,032,960 | 23,146,763 | ||
Statements of Operations | ||||
Revenues | 3,344,746 | 5,769,187 | 1,974,306 | |
Operating Expenses | 3,892,883 | 5,046,979 | 1,969,329 | |
Total investment income | (548,137) | 722,208 | 4,977 | |
Net Realized and Unrealized Gain (Loss) | 2,482,143 | 1,248,084 | 1,843,877 | |
Net Income | 1,934,006 | 1,970,292 | 1,848,854 | |
Private Equity | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Statements of Financial Condition | ||||
Investments | 41,823,037 | 35,125,164 | ||
Assets | 43,376,405 | 36,385,974 | ||
Liabilities | 512,016 | 488,633 | ||
Equity | 42,864,389 | 35,897,341 | ||
Statements of Operations | ||||
Revenues | 1,012,919 | 709,447 | 675,305 | |
Operating Expenses | 622,551 | 652,520 | 680,331 | |
Total investment income | 390,368 | 56,927 | (5,026) | |
Net Realized and Unrealized Gain (Loss) | 12,896,577 | 1,640,109 | 3,672,268 | |
Net Income | 13,286,945 | 1,697,036 | 3,667,242 | |
Real Assets | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Statements of Financial Condition | ||||
Investments | 14,327,508 | 12,154,194 | ||
Assets | 15,236,319 | 12,842,290 | ||
Liabilities | 7,421,613 | 5,961,192 | ||
Equity | 7,814,706 | 6,881,098 | ||
Statements of Operations | ||||
Revenues | 891,260 | 804,636 | 509,963 | |
Operating Expenses | 420,007 | 375,623 | 362,454 | |
Total investment income | 471,253 | 429,013 | 147,509 | |
Net Realized and Unrealized Gain (Loss) | 503,105 | (511,697) | 856,380 | |
Net Income | $ 974,358 | $ (82,684) | $ 1,003,889 |
INVESTMENTS - Summary of Perfor
INVESTMENTS - Summary of Performance Allocations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||
Performance allocations | $ 2,731,733 | $ 1,624,156 | $ 1,507,571 |
Credit | |||
Schedule of Equity Method Investments [Line Items] | |||
Performance allocations | 621,214 | 465,153 | 418,517 |
Private Equity | |||
Schedule of Equity Method Investments [Line Items] | |||
Performance allocations | 1,901,489 | 1,040,827 | 822,531 |
Real Assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Performance allocations | $ 209,030 | $ 118,176 | $ 266,523 |
INVESTMENTS - Performance Alloc
INVESTMENTS - Performance Allocations Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Allocation [Roll Forward] | ||
Performance allocations beginning balance | $ 1,624,156 | $ 1,507,571 |
Change in fair value of funds | 2,768,435 | 378,194 |
Fund distributions to the Company | (1,660,858) | (261,609) |
Performance allocations ending balance | 2,731,733 | 1,624,156 |
Credit | ||
Performance Allocation [Roll Forward] | ||
Performance allocations beginning balance | 465,153 | 418,517 |
Change in fair value of funds | 460,012 | 216,960 |
Fund distributions to the Company | (303,951) | (170,324) |
Performance allocations ending balance | 621,214 | 465,153 |
Private Equity | ||
Performance Allocation [Roll Forward] | ||
Performance allocations beginning balance | 1,040,827 | 822,531 |
Change in fair value of funds | 2,151,444 | 247,522 |
Fund distributions to the Company | (1,290,782) | (29,226) |
Performance allocations ending balance | 1,901,489 | 1,040,827 |
Real Assets | ||
Performance Allocation [Roll Forward] | ||
Performance allocations beginning balance | 118,176 | 266,523 |
Change in fair value of funds | 156,979 | (86,288) |
Fund distributions to the Company | (66,125) | (62,059) |
Performance allocations ending balance | $ 209,030 | $ 118,176 |
PROFIT SHARING PAYABLE - Summar
PROFIT SHARING PAYABLE - Summary of Profit Sharing (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Profit Sharing Payable Summary [Line Items] | |||
Total profit sharing payable | $ 1,444,652 | $ 842,677 | $ 758,669 |
Credit | |||
Profit Sharing Payable Summary [Line Items] | |||
Total profit sharing payable | 440,294 | 356,375 | 314,125 |
Private Equity | |||
Profit Sharing Payable Summary [Line Items] | |||
Total profit sharing payable | 906,133 | 422,079 | 329,817 |
Real Assets | |||
Profit Sharing Payable Summary [Line Items] | |||
Total profit sharing payable | $ 98,225 | $ 64,223 | $ 114,727 |
PROFIT SHARING PAYABLE - Rollfo
PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit Sharing Payable Rollforward [Roll Forward] | ||
Profit sharing payable, beginning balance | $ 842,677 | $ 758,669 |
Profit sharing expense | 1,469,800 | 281,248 |
Payments/other | (867,825) | (197,240) |
Profit sharing payable, ending balance | 1,444,652 | 842,677 |
Credit | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Profit sharing payable, beginning balance | 356,375 | 314,125 |
Profit sharing expense | 265,486 | 180,338 |
Payments/other | (181,567) | (138,088) |
Profit sharing payable, ending balance | 440,294 | 356,375 |
Private Equity | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Profit sharing payable, beginning balance | 422,079 | 329,817 |
Profit sharing expense | 1,123,050 | 115,909 |
Payments/other | (638,996) | (23,647) |
Profit sharing payable, ending balance | 906,133 | 422,079 |
Real Assets | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Profit sharing payable, beginning balance | 64,223 | 114,727 |
Profit sharing expense | 81,264 | (14,999) |
Payments/other | (47,262) | (35,505) |
Profit sharing payable, ending balance | $ 98,225 | $ 64,223 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2020 | |
Noncontrolling Interest [Line Items] | |||
Number of days trade is open with VIE | 60 days | ||
VIE contractual maturities for debt period | 10 years | ||
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net gains (losses) from investment activities | $ 525,740 | $ (22,451) | $ 51,039 |
Net gains (losses) from debt | 54,638 | 27,118 | (11,941) |
Interest and other income | 745,590 | 440,425 | 29,224 |
Interest and other expenses | (768,679) | (247,723) | (28,411) |
Net gains from investment activities of consolidated variable interest entities | $ 557,289 | $ 197,369 | $ 39,911 |
VARIABLE INTEREST ENTITIES - Pr
VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 3,157,066 | |
Collateralized assets | 22,068,419 | $ 17,493,425 |
Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | 8,062,808 | 8,976,271 |
Collateralized assets | 8,700,000 | 9,600,000 |
Senior Notes | Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 7,431,467 | $ 8,104,973 |
Weighted Average Interest Rate | 3.16% | 3.11% |
Weighted Average Remaining Maturity in Years | 15 years 6 months | 11 years 1 month 6 days |
Subordinated Notes | Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 613,192 | $ 634,600 |
Weighted Average Remaining Maturity in Years | 14 years 6 months | 21 years 9 months 18 days |
Secured Borrowings | Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 18,149 | $ 236,698 |
Weighted Average Interest Rate | 2.33% | 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Investments | $ 9,666,475 | $ 4,995,411 |
Total Assets | 30,501,894 | 23,669,084 |
Liabilities: | ||
Total Liabilities | 18,537,494 | 17,373,119 |
Variable Interest Entity, Not Primary Beneficiary | ||
Assets: | ||
Cash | 258,008 | 354,109 |
Investments | 5,193,465 | 4,154,057 |
Receivables | 193,112 | 34,800 |
Total Assets | 5,644,585 | 4,542,966 |
Liabilities: | ||
Debt and other payables | 1,588,007 | 1,229,345 |
Total Liabilities | 1,588,007 | 1,229,345 |
Apollo Exposure | $ 240,871 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, at fair value: | |||
Due from related parties | $ 489,590 | $ 462,383 | |
Derivative assets | 7,436 | 17 | |
Total Assets | 22,068,419 | 17,493,425 | |
Liabilities | |||
Other liabilities of VIEs, at fair value | 47,961 | ||
Derivative liabilities | 1,520 | 100 | |
Total Liabilities | 8,152,648 | 8,804,479 | |
Performance allocations | 2,731,733 | 1,624,156 | $ 1,507,571 |
Credit | |||
Investments, at fair value: | |||
Due from related parties | 248,886 | 183,992 | |
Sale of Investment | Credit | |||
Investments, at fair value: | |||
Due from related parties | 47,835 | ||
Consolidated Variable Interest Entities | |||
Investments, at fair value: | |||
Investments, at fair value | 14,737,051 | 13,316,016 | |
Investments of VIEs, at fair value | 14,249,456 | 13,105,673 | |
Total Assets | 8,700,000 | 9,600,000 | |
Liabilities | |||
Debt of VIEs, at fair value | 7,942,508 | 8,660,515 | |
Other liabilities of VIEs, at fair value | 34,201 | 24,076 | |
Other liabilities of VIEs, using NAV | 557 | ||
U.S. Treasury securities, at fair value | |||
Assets | |||
U.S. Treasury securities, at fair value | 1,687,105 | 1,816,958 | |
Liabilities | |||
Cost | 1,686,923 | 1,816,635 | |
Investment in Athene Holding | |||
Investments, at fair value: | |||
Investments, at fair value | 4,548,048 | 1,942,574 | |
Liabilities | |||
Cost | 2,092,038 | 2,092,247 | |
Other Investments | |||
Investments, at fair value: | |||
Investments, at fair value | 1,040,944 | 417,860 | |
Liabilities | |||
Cost | 890,344 | 354,010 | |
Total investments, at fair value | |||
Investments, at fair value: | |||
Investments, at fair value | 5,588,992 | 2,360,434 | |
Liabilities | |||
Cost | 2,982,382 | 2,446,257 | |
Contingent Consideration Obligation | |||
Liabilities | |||
Contingent consideration obligations | 125,901 | 119,788 | |
Level I | |||
Investments, at fair value: | |||
Derivative assets | 0 | 0 | |
Total Assets | 6,289,878 | 1,819,516 | |
Liabilities | |||
Other liabilities of VIEs, at fair value | 47,961 | ||
Derivative liabilities | 0 | 0 | |
Total Liabilities | 47,961 | 0 | |
Level I | Sale of Investment | Credit | |||
Investments, at fair value: | |||
Due from related parties | 0 | ||
Level I | Consolidated Variable Interest Entities | |||
Investments, at fair value: | |||
Investments, at fair value | 6,232 | 2,558 | |
Investments of VIEs, at fair value | 6,232 | 2,558 | |
Investments of VIEs, valued using NAV | 0 | 0 | |
Liabilities | |||
Debt of VIEs, at fair value | 0 | 0 | |
Other liabilities of VIEs, at fair value | 0 | 0 | |
Other liabilities of VIEs, using NAV | 0 | ||
Level I | U.S. Treasury securities, at fair value | |||
Assets | |||
U.S. Treasury securities, at fair value | 1,687,105 | 1,816,958 | |
Level I | Investment in Athene Holding | |||
Investments, at fair value: | |||
Investments, at fair value | 4,548,048 | 0 | |
Level I | Other Investments | |||
Investments, at fair value: | |||
Investments, at fair value | 48,493 | 0 | |
Level I | Total investments, at fair value | |||
Investments, at fair value: | |||
Investments, at fair value | 4,596,541 | 0 | |
Level I | Contingent Consideration Obligation | |||
Liabilities | |||
Contingent consideration obligations | 0 | 0 | |
Level II | |||
Investments, at fair value: | |||
Derivative assets | 7,436 | 17 | |
Total Assets | 1,109,124 | 4,130,814 | |
Liabilities | |||
Other liabilities of VIEs, at fair value | 0 | ||
Derivative liabilities | 1,520 | 100 | |
Total Liabilities | 450,660 | 1,584,071 | |
Level II | Sale of Investment | Credit | |||
Investments, at fair value: | |||
Due from related parties | 0 | ||
Level II | Consolidated Variable Interest Entities | |||
Investments, at fair value: | |||
Investments, at fair value | 1,055,421 | 2,140,135 | |
Investments of VIEs, at fair value | 1,055,421 | 2,140,135 | |
Investments of VIEs, valued using NAV | 0 | 0 | |
Liabilities | |||
Debt of VIEs, at fair value | 446,029 | 1,580,097 | |
Other liabilities of VIEs, at fair value | 3,111 | 3,874 | |
Other liabilities of VIEs, using NAV | 0 | ||
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 | 0 | 1,942,574 | |
Level II | Other Investments | |||
Investments, at fair value: | |||
Investments, at fair value | 46,267 | 48,088 | |
Level II | Total investments, at fair value | |||
Investments, at fair value: | |||
Investments, at fair value | 46,267 | 1,990,662 | |
Level II | Contingent Consideration Obligation | |||
Liabilities | |||
Contingent consideration obligations | 0 | 0 | |
Level III | |||
Investments, at fair value: | |||
Derivative assets | 0 | 0 | |
Total Assets | 14,181,822 | 11,332,752 | |
Liabilities | |||
Other liabilities of VIEs, at fair value | 0 | ||
Derivative liabilities | 0 | 0 | |
Total Liabilities | 7,653,470 | 7,220,408 | |
Level III | Sale of Investment | Credit | |||
Investments, at fair value: | |||
Due from related parties | 47,835 | ||
Level III | Consolidated Variable Interest Entities | |||
Investments, at fair value: | |||
Investments, at fair value | 13,187,803 | 10,962,980 | |
Investments of VIEs, at fair value | 13,187,803 | 10,962,980 | |
Investments of VIEs, valued using NAV | 0 | 0 | |
Liabilities | |||
Debt of VIEs, at fair value | 7,496,479 | 7,080,418 | |
Other liabilities of VIEs, at fair value | 31,090 | 20,202 | |
Other liabilities of VIEs, using NAV | 0 | ||
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 | 946,184 | 369,772 | |
Liabilities | |||
Performance allocations | 175,800 | 44,400 | |
Level III | Total investments, at fair value | |||
Investments, at fair value: | |||
Investments, at fair value | 946,184 | 369,772 | |
Level III | Contingent Consideration Obligation | |||
Liabilities | |||
Contingent consideration obligations | 125,901 | 119,788 | |
NAV | Consolidated Variable Interest Entities | |||
Investments, at fair value: | |||
Investments of VIEs, valued using NAV | $ 487,595 | $ 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | $ 11,332,752 | $ 434,479 |
Transfer out due to deconsolidation | (230,541) | 7,794,128 |
Purchases | 4,172,093 | 4,511,338 |
Sale of investments/distributions | (1,448,092) | (688,853) |
Settlements | (798,487) | |
Net realized gains | 54,215 | 19,265 |
Changes in net unrealized gains | 526,299 | (8,121) |
Cumulative translation adjustment | (44,356) | 71,361 |
Transfer into Level III | 45,392 | 84,595 |
Transfer out of Level III | (273,775) | (86,953) |
Balance, End of Period | 14,133,987 | 11,332,752 |
Consolidated Variable Interest Entities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | 10,962,980 | 321,069 |
Transfer out due to deconsolidation | (230,541) | 7,794,128 |
Purchases | 3,679,767 | 4,278,786 |
Sale of investments/distributions | (1,444,857) | (666,998) |
Settlements | (798,487) | |
Net realized gains | 34,152 | 17,793 |
Changes in net unrealized gains | 444,686 | (32,494) |
Cumulative translation adjustment | (31,717) | 50,845 |
Transfer into Level III | 44,686 | 84,595 |
Transfer out of Level III | (271,353) | (86,257) |
Balance, End of Period | 13,187,803 | 10,962,980 |
Change in net unrealized gains included in principal investment income 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 | 81,613 | 24,373 |
Change in net unrealized gains included in principal investment income 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 |
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 | 307,829 | (23,534) |
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 | 307,829 | (23,534) |
Other Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | 369,772 | 113,410 |
Transfer out due to deconsolidation | 0 | 0 |
Purchases | 492,326 | 232,552 |
Sale of investments/distributions | (3,235) | (21,855) |
Settlements | 0 | |
Net realized gains | 20,063 | 1,472 |
Changes in net unrealized gains | 81,613 | 24,373 |
Cumulative translation adjustment | (12,639) | 20,516 |
Transfer into Level III | 706 | 0 |
Transfer out of Level III | (2,422) | (696) |
Balance, End of Period | 946,184 | 369,772 |
Other Investments | Change in net unrealized gains included in principal investment income 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 | 81,613 | 24,373 |
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 |
FAIR VALUE MEASUREMENTS OF FI_5
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | $ 7,220,408 | $ 112,514 |
Transfer in due to consolidation | 4,291,286 | |
Issuances | 705,726 | 3,198,863 |
Repayments | (341,138) | (296,871) |
Net realized losses | 6,713 | 2,311 |
Changes in net unrealized (gains) losses | 92,934 | (133,468) |
Cumulative translation adjustment | (31,626) | 45,773 |
Transfer into level III | 453 | |
Balance, End of Period | 7,653,470 | 7,220,408 |
Debt And Other Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Changes in net unrealized (gains) losses | 44,895 | (219,645) |
Contingent Consideration Obligations | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning of Period | 119,788 | 112,514 |
Transfer in due to consolidation | 0 | |
Issuances | 0 | 0 |
Repayments | (20,609) | (12,870) |
Net realized losses | 0 | 0 |
Changes in net unrealized (gains) losses | 26,722 | 20,144 |
Cumulative translation adjustment | 0 | 0 |
Transfer into level III | 0 | |
Balance, End of Period | 125,901 | 119,788 |
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 |
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 | 7,100,620 | 0 |
Transfer in due to consolidation | 4,291,286 | |
Issuances | 705,726 | 3,198,863 |
Repayments | (320,529) | (284,001) |
Net realized losses | 6,713 | 2,311 |
Changes in net unrealized (gains) losses | 66,212 | (153,612) |
Cumulative translation adjustment | (31,626) | 45,773 |
Transfer into level III | 453 | |
Balance, End of Period | 7,527,569 | 7,100,620 |
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 | $ 44,895 | $ (219,645) |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets | |||
Due from related parties | $ 489,590 | $ 462,383 | |
Assets | 14,133,987 | 11,332,752 | $ 434,479 |
Financial Liabilities | |||
Liabilities | 7,653,470 | 7,220,408 | 112,514 |
Consolidated Variable Interest Entities | |||
Financial Assets | |||
Investments, at fair value | 14,737,051 | 13,316,016 | |
Assets | 13,187,803 | 10,962,980 | 321,069 |
Consolidated Variable Interest Entities | Secured loans | |||
Financial Liabilities | |||
Liabilities | 4,311,348 | 3,822,475 | |
Consolidated Variable Interest Entities | Subordinated notes | |||
Financial Liabilities | |||
Liabilities | 3,164,491 | 3,044,437 | |
Consolidated Variable Interest Entities | Participating equity | |||
Financial Liabilities | |||
Liabilities | 20,640 | ||
Consolidated Variable Interest Entities | Preferred equity | |||
Financial Liabilities | |||
Liabilities | 213,506 | ||
Consolidated Variable Interest Entities | Other liabilities | |||
Financial Liabilities | |||
Liabilities | 31,090 | 20,202 | |
Debt and Other Liabilities of Consolidated VIEs | Consolidated Variable Interest Entities | |||
Financial Liabilities | |||
Liabilities | 7,527,569 | 7,100,620 | $ 0 |
Discounted cash flow | Contingent Consideration Obligations | |||
Financial Liabilities | |||
Liabilities | 125,901 | 119,788 | |
Level III | |||
Financial Assets | |||
Assets | 14,181,822 | 11,332,752 | |
Financial Liabilities | |||
Liabilities | 7,653,470 | 7,220,408 | |
Level III | Consolidated Variable Interest Entities | |||
Financial Assets | |||
Investments, at fair value | 13,187,803 | 10,962,980 | |
Level III | Consolidated Variable Interest Entities | Equity securities | |||
Financial Assets | |||
Assets | 4,144,661 | 4,339,244 | |
Level III | Consolidated Variable Interest Entities | Bank loans | |||
Financial Assets | |||
Assets | 4,569,873 | 3,501,384 | |
Level III | Consolidated Variable Interest Entities | Profit participating notes | |||
Financial Assets | |||
Assets | 2,849,150 | 2,577,596 | |
Level III | Consolidated Variable Interest Entities | Real Assets | |||
Financial Assets | |||
Assets | 511,648 | 422,123 | |
Level III | Consolidated Variable Interest Entities | Bonds | |||
Financial Assets | |||
Assets | 50,885 | 97,209 | |
Level III | Consolidated Variable Interest Entities | Convertible securities | |||
Financial Assets | |||
Assets | 16,581 | ||
Level III | Consolidated Variable Interest Entities | Warrants | |||
Financial Assets | |||
Assets | 2,676 | ||
Level III | Consolidated Variable Interest Entities | Other equity investments | |||
Financial Assets | |||
Assets | 1,061,586 | 6,167 | |
Level III | Embedded value | Other investments | |||
Financial Assets | |||
Investments, at fair value | 516,221 | 254,655 | |
Level III | Discounted cash flow | Other investments | |||
Financial Assets | |||
Investments, at fair value | 169,625 | 107,652 | |
Level III | Adjusted transaction value | Other investments | |||
Financial Assets | |||
Investments, at fair value | 260,338 | ||
Level III | Third party pricing | Other investments | |||
Financial Assets | |||
Investments, at fair value | $ 7,465 | ||
Level III | Discount rate | Discounted cash flow | |||
Financial Assets | |||
Due from related parties | $ 47,835 | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Due from related parties, measurement input | 16.00% | ||
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 | Participating equity | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Long-term debt, measurement input | 0.150 | ||
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 | 14.00% | 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 | 0.030 | 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 | 0.050 | 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 | 0.040 | 0.055 | |
Level III | Discount rate | Discounted cash flow | Minimum | Consolidated Variable Interest Entities | Other equity investments | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Other equity investments, measurement input | 0.118 | ||
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 | 0.037 | 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 | 52.80% | 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 | 0.190 | 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 | 0.070 | 0.070 | |
Level III | Discount rate | Discounted cash flow | 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 | Discounted cash flow | Maximum | Consolidated Variable Interest Entities | Secured loans | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Long-term debt, measurement input | 0.100 | 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 | 0.119 | 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 | 0.093 | 0.079 | |
Level III | Discount rate | Discounted cash flow | Weighted Average | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Due from related parties, measurement input | 16.00% | ||
Level III | Discount rate | Discounted cash flow | Weighted Average | Other investments | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Other investments, measurement input | 26.40% | 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 | 0.104 | 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 | 0.043 | 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 | 0.073 | 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 | 0.061 | 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 | 0.028 | 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 | 0.058 | 0.099 | |
Level III | Discount rate | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Participating equity | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Long-term debt, measurement input | 0.150 | ||
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 | Discounted cash flow | Weighted Average | Consolidated Variable Interest Entities | Other liabilities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Long-term debt, measurement input | 0.063 | 0.057 | |
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 | 13.7 | ||
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 | 0.107 | 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 | 0.137 | 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 | 0.137 | 0.112 | |
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 | 0.138 | ||
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 | 0.138 | ||
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 | 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 | ||
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 | 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 | (0.14) | ||
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 | 0.096 | ||
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 | (0.025) | ||
Level III | NTAV multiple | Market comparable companies | Consolidated Variable Interest Entities | Equity securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Equity securities, measurement input | 1.2 | ||
Level III | NTAV multiple | Market comparable companies | 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 | Market comparable companies | Consolidated Variable Interest Entities | Equity securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Equity securities, measurement input | 1.25 | 0.56 | |
Level III | TBV multiple | Market comparable companies | Consolidated Variable Interest Entities | Convertible securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Convertible securities, measurement input | 0.56 | ||
Level III | TBV multiple | Market comparable companies | Weighted Average | Consolidated Variable Interest Entities | Equity securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Equity securities, measurement input | 1.25 | 0.56 | |
Level III | TBV multiple | Market comparable companies | Weighted Average | Consolidated Variable Interest Entities | Convertible securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Convertible securities, measurement input | 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 | Recoverability rate | Recoverability | Minimum | Consolidated Variable Interest Entities | Bank loans | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Bank loans, measurement input | 0.140 | ||
Level III | Recoverability rate | Recoverability | Maximum | Consolidated Variable Interest Entities | Bank loans | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Bank loans, measurement input | 0.750 | ||
Level III | Recoverability rate | Recoverability | 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 | 0.040 | 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 | 0.058 | 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 | 0.053 | 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 | 0.062 | 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 | 0.060 | 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 | 0.069 | 0.076 | |
Level III | Option model | Option model | Minimum | Consolidated Variable Interest Entities | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Warrants, measurement input | 0.370 | 0.500 | |
Level III | Option model | Option model | Maximum | Consolidated Variable Interest Entities | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Warrants, measurement input | 0.540 | 0.644 | |
Level III | Option model | Option model | Weighted Average | Consolidated Variable Interest Entities | Warrants | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Warrants, measurement input | 0.531 | ||
Level III | P/E multiple | Market comparable companies | Consolidated Variable Interest Entities | Equity securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Equity securities, measurement input | 9.8 | ||
Level III | P/E multiple | Market comparable companies | Consolidated Variable Interest Entities | Convertible securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Convertible securities, measurement input | 9.8 | ||
Level III | P/E multiple | Market comparable companies | Weighted Average | Consolidated Variable Interest Entities | Equity securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Equity securities, measurement input | 9.8 | ||
Level III | P/E multiple | Market comparable companies | Weighted Average | Consolidated Variable Interest Entities | Convertible securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | |||
Convertible securities, measurement input | 9.8 |
FAIR VALUE MEASUREMENTS OF FI_7
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Narrative (Details) - Investment in Athene Holding - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market price (in USD per share) | $ 83.33 | $ 43.14 |
DLOM percent | 17.50% |
OTHER ASSETS - Schedule of Othe
OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fixed assets | $ 256,252 | $ 191,853 | ||
Less: Accumulated depreciation and amortization | (130,072) | (111,821) | ||
Fixed assets, net | 126,180 | 80,032 | ||
Deferred equity-based compensation | 282,900 | 137,777 | ||
Prepaid expenses | 57,765 | 46,639 | ||
Intangible assets, net | 14,846 | 23,586 | $ 20,615 | $ 18,899 |
Tax receivables | 30,334 | 42,979 | ||
Other | 73,876 | 33,950 | ||
Total Other Assets | 585,901 | 364,963 | ||
Other liabilities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of grants | $ 210,600 | $ 114,600 |
OTHER ASSETS - Narrative (Detai
OTHER ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Depreciation | $ 18,600,000 | $ 11,400,000 | $ 9,600,000 |
Impairment of intangible assets, indefinite-lived | $ 0 | $ 0 |
OTHER ASSETS - Schedule of Fini
OTHER ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Intangible assets/management contracts | $ 272,542 | $ 272,572 | ||
Accumulated amortization | (257,696) | (248,986) | ||
Intangible assets, net | $ 14,846 | $ 23,586 | $ 20,615 | $ 18,899 |
OTHER ASSETS - Changes in Intan
OTHER ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Indefinite-lived intangible assets | $ 1,800 | $ 1,800 | |
Intangible Asset [Roll Forward] | |||
Balance, beginning of year | 23,586 | 20,615 | $ 18,899 |
Amortization expense | (8,740) | (7,431) | (6,159) |
Acquisitions / additions | 0 | 10,402 | 7,875 |
Balance, end of year | $ 14,846 | $ 23,586 | $ 20,615 |
OTHER ASSETS - Schedule of Amor
OTHER ASSETS - Schedule of Amortization (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2022 | $ 6,610 |
2023 | 4,818 |
2024 | 1,388 |
2025 | 20 |
2026 | 20 |
Thereafter | 230 |
Total | $ 13,086 |
LEASES - Components of Lease Ex
LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 48,661 | $ 46,483 | $ 42,680 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows for operating leases | $ 31,802 | $ 27,452 | $ 30,626 |
LEASES - Lease Payments by Matu
LEASES - Lease Payments by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Payments | ||
2022 | $ 54,420 | |
2023 | 56,633 | |
2024 | 53,975 | |
2025 | 52,044 | |
2026 | 47,284 | |
Thereafter | 329,964 | |
Total lease payments | 594,320 | |
Less imputed interest | (89,114) | |
Present value of lease payments | $ 505,206 | $ 332,915 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Lease not yet commenced, amount | $ 177.2 |
Lease not yet commenced, term | 16 years |
LEASES - Supplemental Informati
LEASES - Supplemental Information Related to Lease (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 12 years 3 months 18 days | 13 years 7 months 6 days |
Weighted average discount rate | 2.70% | 3.10% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax (provision) benefit | $ (594,379,000) | $ (86,966,000) | $ 128,994,000 |
Effective tax rate | 12.20% | 15.70% | (9.20%) |
Period of recognition for tax intangibles | 15 years | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 0 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 24,600,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | $ 0 |
INCOME TAXES - Provision for In
INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal income tax | $ 83,201 | $ 21,039 | $ 1,973 |
Foreign income tax | 32,530 | 24,926 | 10,792 |
State and local income tax | 3,562 | 5,389 | 3,408 |
Subtotal | 119,293 | 51,354 | 16,173 |
Deferred: | |||
Federal income tax | 422,561 | 9,109 | (120,457) |
Foreign income tax | (946) | 42 | 128 |
State and local income tax | 53,471 | 26,461 | (24,838) |
Subtotal | 475,086 | 35,612 | (145,167) |
Total Income Tax Provision (Benefit) | 594,379 | 86,966 | (128,994) |
Pretax income | $ 211,700 | $ 115,900 | $ 44,700 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal Statutory Tax Rate | 21.00% | 21.00% | 21.00% |
Income Passed Through to Non-Controlling Interests | (10.40%) | (12.20%) | (10.70%) |
Income Passed Through to Class A Shareholders | 0.00% | 0.00% | (2.70%) |
State and Local Income Taxes (net of Federal Benefit) | 0.80% | 3.80% | 1.10% |
Impact of Corporate Conversion | 0.00% | 0.90% | (16.70%) |
Impact of Foreign Taxes (net of Foreign Tax Credit) | 0.30% | 2.30% | 0.50% |
Impact of Equity-Based Compensation | 0.50% | (1.20%) | (0.90%) |
Other | 0.00% | 1.10% | (0.80%) |
Effective Income Tax Rate | 12.20% | 15.70% | (9.20%) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
Depreciation and amortization | $ 507,594 | $ 273,545 |
Net operating loss carryforwards | 1,414 | 4,026 |
Deferred Revenue | 5,981 | 3,329 |
Equity-based compensation | 62,618 | 14,243 |
Foreign tax credit | 0 | 5,854 |
Basis difference in investments | 0 | 204,653 |
Other | 39,805 | 33,894 |
Total Deferred Tax Assets | 617,412 | 539,544 |
Deferred Tax Liabilities: | ||
Basis difference in investments | 192,538 | 0 |
Other | 742 | 300 |
Total Deferred Tax Liabilities | 193,280 | 300 |
Total Deferred Tax Assets, Net | $ 424,132 | $ 539,244 |
INCOME TAXES - Impact of Exchan
INCOME TAXES - Impact of Exchange of AOG Units (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Increase in Deferred Tax Asset | $ 346,896 | $ 86,864 |
Increase in Tax Receivable Agreement Liability | 287,917 | 68,801 |
Increase to Additional Paid In Capital | $ 58,979 | $ 28,904 |
DEBT - Summary of Debt (Details
DEBT - Summary of Debt (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 3,134,396 | $ 3,155,221 | |
Fair Value | 3,498,794 | 3,598,416 | |
Unamortized debt issuance cost | 25,124 | 28,373 | |
Senior Notes | 2024 Senior Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 498,469 | 497,817 | |
Fair Value | $ 530,052 | $ 553,633 | |
Annualized Weighted Average Interest Rate | 4.00% | 4.00% | 4.00% |
Unamortized debt issuance cost | $ 1,289 | $ 1,841 | |
Senior Notes | 2026 Senior Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 497,730 | 497,217 | |
Fair Value | $ 553,055 | $ 581,898 | |
Annualized Weighted Average Interest Rate | 4.40% | 4.40% | 4.40% |
Unamortized debt issuance cost | $ 2,076 | $ 2,545 | |
Senior Notes | 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 674,786 | 674,757 | |
Fair Value | $ 777,703 | $ 804,768 | |
Annualized Weighted Average Interest Rate | 4.87% | 4.87% | 4.87% |
Unamortized debt issuance cost | $ 4,635 | $ 5,282 | |
Senior Notes | 2030 Senior Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 494,928 | 494,375 | |
Fair Value | $ 506,094 | $ 513,362 | |
Annualized Weighted Average Interest Rate | 2.65% | 2.65% | 2.65% |
Unamortized debt issuance cost | $ 3,824 | $ 4,231 | |
Senior Notes | 2048 Senior Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 296,757 | 296,633 | |
Fair Value | $ 397,191 | $ 379,953 | |
Annualized Weighted Average Interest Rate | 5.00% | 5.00% | 5.00% |
Unamortized debt issuance cost | $ 2,960 | $ 3,073 | |
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 317,985 | 317,042 | |
Fair Value | $ 369,041 | $ 376,472 | |
Annualized Weighted Average Interest Rate | 4.77% | 4.77% | 4.77% |
Unamortized debt issuance cost | $ 7,015 | $ 7,958 | |
Subordinated notes | 2050 Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 296,675 | 296,557 | |
Fair Value | $ 308,687 | $ 307,500 | |
Annualized Weighted Average Interest Rate | 4.95% | 4.95% | 4.95% |
Unamortized debt issuance cost | $ 3,325 | $ 3,443 | |
AMI Term Facility | Secured Borrowing I | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | 0 | 19,526 | |
Fair Value | $ 0 | $ 19,527 | |
Annualized Weighted Average Interest Rate | 0.00% | 0.00% | 1.84% |
Loan Amount | € | € 15,984 | ||
Debt instrument term | 10 years 3 months 18 days | ||
AMI Term Facility | Secured Borrowing II | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 19,334 | $ 20,767 | |
Fair Value | $ 19,239 | $ 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 | $ 19,186 | $ 20,608 | |
Fair Value | $ 19,186 | $ 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 | $ 18,546 | $ 19,922 | |
Fair Value | $ 18,546 | $ 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 ($) | Dec. 31, 2021USD ($) | 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 ($) |
Revolving Credit Facility | AMH Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 750,000,000 | ||||||||||
Commitment fee (as a percent) | 0.09% | ||||||||||
Incremental facilities | $ 250,000,000 | ||||||||||
Leverage ratio maximum | 4 | ||||||||||
Revolving Credit Facility | 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, 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, face amount | $ 500,000,000 | ||||||||||
Debt, interest rate | 4.40% | ||||||||||
Debt issuance price (as a percent) | 99.912% | ||||||||||
Senior Notes | 2029 Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, 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, 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, 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, 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, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total Interest Expense | $ 139,090 | $ 133,239 | $ 98,369 |
Line of Credit | 2018 AMH Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 0 | 1,215 | 1,277 |
Line of Credit | AMH Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 1,301 | 73 | 0 |
Line of Credit | AMI Term Facilities/ Secured Borrowings | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 1,326 | 1,443 | 1,292 |
Senior Notes | 2024 Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 20,652 | 20,652 | 20,652 |
Senior Notes | 2026 Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 22,513 | 22,513 | 22,513 |
Senior Notes | 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 32,916 | 32,916 | 27,743 |
Senior Notes | 2030 Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 13,845 | 7,888 | 0 |
Senior Notes | 2048 Senior Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 15,124 | 15,124 | 15,124 |
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | 16,445 | 16,445 | 9,182 |
Subordinated notes | 2050 Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Total Interest Expense | $ 14,968 | $ 14,970 | $ 586 |
DEBT - Debt Maturities (Details
DEBT - Debt Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 0 |
2023 | 18,546 |
2024 | 500,000 |
2025 | 19,186 |
2026 | 500,000 |
Thereafter | 2,119,334 |
Total | 3,157,066 |
Senior Notes | 2024 Senior Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 500,000 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 500,000 |
Senior Notes | 2026 Senior Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 500,000 |
Thereafter | 0 |
Total | 500,000 |
Senior Notes | 2029 Senior Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 675,000 |
Total | 675,000 |
Senior Notes | 2030 Senior Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 500,000 |
Total | 500,000 |
Senior Notes | 2048 Senior Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 300,000 |
Total | 300,000 |
Senior Secured Notes | 2039 Senior Secured Guaranteed Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 325,000 |
Total | 325,000 |
Subordinated notes | 2050 Subordinated Notes | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 300,000 |
Total | 300,000 |
AMI Term Facility | Secured Borrowing II | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 19,334 |
Total | 19,334 |
AMI Term Facility | 2016 AMI Term Facility I | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 19,186 |
2026 | 0 |
Thereafter | 0 |
Total | 19,186 |
AMI Term Facility | 2016 AMI Term Facility II | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 18,546 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | $ 18,546 |
NET INCOME PER SHARE OF CLASS_3
NET INCOME PER SHARE OF CLASS A COMMON STOCK - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2021 | Nov. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jun. 15, 2021 | May 28, 2021 | Apr. 14, 2021 | Feb. 26, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 29, 2020 | Apr. 15, 2020 | Feb. 28, 2020 | Nov. 29, 2019 | Sep. 26, 2019 | Aug. 30, 2019 | Aug. 15, 2019 | May 31, 2019 | Apr. 12, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Numerator: | |||||||||||||||||||||||
Dividends | $ (23,200) | $ (216,700) | $ (24,100) | $ (216,400) | $ (19,500) | $ (216,400) | $ (41,800) | $ (260,600) | $ (220,700) | $ (212,100) | $ (181,900) | $ (43,000) | $ (361,200) | $ (201,600) | $ (17,800) | $ (201,400) | $ (4,100) | $ (185,200) | $ (45,400) | $ (226,600) | $ (1,018,700) | $ (1,018,900) | $ (882,100) |
Earnings allocable to participating securities | (54,283) | 0 | (17,343) | ||||||||||||||||||||
RSUs | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Dividends | (16,851) | (18,956) | (17,888) | ||||||||||||||||||||
Dilution effect on distributable income attributable to unvested RSUs | $ 0 | $ 0 | $ 3,173 | ||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Dilution effect of unvested RSUs (in shares) | 0 | 0 | 1,676,111 | ||||||||||||||||||||
Class A Common Stock | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders | $ 1,801,835 | $ 119,958 | $ 806,537 | ||||||||||||||||||||
Dividends | $ 0 | $ (123,600) | $ 0 | $ (122,000) | $ 0 | $ (115,500) | $ 0 | $ (139,200) | $ (116,700) | $ (112,100) | $ (96,200) | $ 0 | $ (205,600) | $ (111,500) | $ 0 | $ (100,400) | $ 0 | $ (92,200) | $ 0 | $ (113,300) | (500,286) | (530,576) | (417,386) |
Undistributed income (loss) attributable to Class A Common Stockholders: Basic | 1,230,415 | (429,574) | 353,920 | ||||||||||||||||||||
Undistributed income (loss) attributable to Class A Common Stockholders: Diluted | $ 1,230,415 | $ (429,574) | $ 357,093 | ||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average number of shares of class A common stock outstanding – basic (in shares) | 236,567,691 | 227,530,600 | 207,072,413 | ||||||||||||||||||||
Weighted average number of shares of class A common stock outstanding – diluted (in shares) | 236,567,691 | 227,530,600 | 208,748,524 | ||||||||||||||||||||
Net Income per share of Class A Common Stock: Basic and Diluted | |||||||||||||||||||||||
Distributed income - basic (in USD per share) | $ 2.10 | $ 2.31 | $ 2.02 | ||||||||||||||||||||
Undistributed income (loss) - basic (in USD per share) | 5.22 | (1.87) | 1.70 | ||||||||||||||||||||
Net Income per share of class A common stock – basic (in USD per share) | 7.32 | 0.44 | 3.72 | ||||||||||||||||||||
Distributed Income - diluted (in USD per share) | 2.10 | 2.31 | 2.01 | ||||||||||||||||||||
Undistributed Income (loss) - diluted (in USD per share) | 5.22 | (1.87) | 1.70 | ||||||||||||||||||||
Net Income per share of class A common stock – diluted (in USD per share) | $ 7.32 | $ 0.44 | $ 3.71 |
NET INCOME PER SHARE OF CLASS_4
NET INCOME PER SHARE OF CLASS A COMMON STOCK - Narrative (Details) | Jan. 01, 2022$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 30, 2021shares | Mar. 09, 2021vote | Dec. 31, 2021USD ($)grantvote$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019 | Feb. 07, 2022$ / sharesshares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Number of votes | vote | 1 | |||||||
AGM Shares issued in exchange | 10 | 10 | ||||||
Subsequent Event | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Common stock, par value (in USD per share) | $ / shares | $ 0.00001 | |||||||
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 | 1 | ||||||
Shares outstanding (in shares) | 248,896,649 | 248,896,649 | 228,873,449 | |||||
Common stock, par value (in USD per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||
AGM Shares issued in exchange | 10 | 10 | ||||||
Class A Common Stock | Subsequent Event | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Shares outstanding (in shares) | 1,000 | |||||||
Common stock, par value (in USD per share) | $ / shares | $ 0.00001 | |||||||
AGM Shares issued in exchange | 1 | |||||||
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 | 1 | ||||||
Shares outstanding (in shares) | 0 | 1 | 0 | 1 | ||||
Common stock, par value (in USD per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||
Number of votes | vote | 1 | |||||||
Class B common stock net income (loss) | $ | $ 0 | |||||||
Class B common stock distribution or liquidation rights (in shares) | 0 | |||||||
Class B voting power, percent of voting rights | 0.00% | 47.20% | 44.70% | |||||
Class B Common Stock | Subsequent Event | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
AGM Shares issued in exchange | 1 | |||||||
RSUs | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Number of types of grants | grant | 3 | |||||||
Vesting period | 3 years | |||||||
RSUs | Plan Grants | Minimum | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Vesting period | 1 year | |||||||
RSUs | Plan Grants | Maximum | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Vesting period | 6 years | |||||||
RSUs | Bonus Grants | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Vesting period | 3 years | |||||||
RSUs | Performance Grants | Minimum | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Vesting period | 3 years | |||||||
RSUs | Performance Grants | Maximum | ||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Vesting period | 5 years |
NET INCOME PER SHARE OF CLASS_5
NET INCOME PER SHARE OF CLASS A COMMON STOCK - Weighted Average Shares Issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average vested/unvested RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average vested RSUs (in shares) | 1,725,294 | 479,603 | 430,748 |
Weighted average unvested units (in shares) | 7,783,549 | 7,882,039 | |
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unexercised options (in shares) | 0 | 0 | 152,084 |
Apollo Operating Group (AOG) Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unvested units (in shares) | 166,601,194 | 175,303,111 | 195,124,877 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unvested units (in shares) | 927,991 | 1,129,452 | 959,069 |
EQUITY-BASED COMPENSATION - Wei
EQUITY-BASED COMPENSATION - Weighted Average Discounts (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Plan Grants | |||
Class of Stock [Line Items] | |||
Discount for the lack of distributions until vested | 0.00% | 0.10% | 18.70% |
Marketability discount for transfer restrictions | 12.70% | 9.40% | 4.90% |
Bonus Grants | |||
Class of Stock [Line Items] | |||
Marketability discount for transfer restrictions | 3.50% | 3.00% | 4.10% |
Performance Grants | |||
Class of Stock [Line Items] | |||
Discount for the lack of distributions until vested | 7.30% | 8.70% | 14.00% |
Marketability discount for transfer restrictions | 5.60% | 9.20% | 5.90% |
EQUITY-BASED COMPENSATION - RSU
EQUITY-BASED COMPENSATION - RSUs, Narrative (Details) - RSUs - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Granted (in shares) | 11,406,160 | ||
Fair value of grants | $ 1,600 | $ 192.5 | $ 121.4 |
Fair value of fully-vested one-time grants in connect with compensation reset | $ 906.5 | ||
Plan Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 500,000 | ||
Fair value of grants | $ 15.6 | ||
Plan Grants | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Plan Grants | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 6 years | ||
Plan Grants | Vesting Period One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Bonus Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Bonus Grants | Vesting Period One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 500,000 | ||
Performance Grants | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Grants | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Performance Grants | Certain Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 2,700,000 | 2,200,000 | |
Fair value of grants | $ 142.7 | $ 86.6 | |
Performance Grants | Co-Presidents | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 2,000,000 | ||
Fair value of grants | $ 125.5 | ||
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 | $ 7.5 | $ 11.7 |
EQUITY-BASED COMPENSATION - R_2
EQUITY-BASED COMPENSATION - RSUs, Equity-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 1,180,663 | $ 213,140 | $ 189,648 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual forfeiture rate | 0.70% | 6.90% | 2.10% |
Equity-based compensation | $ 1,130,797 | $ 173,199 | $ 146,096 |
Performance Grants | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 103,694 | $ 96,750 | $ 71,438 |
EQUITY-BASED COMPENSATION - R_3
EQUITY-BASED COMPENSATION - RSUs Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
RSUs | |
Unvested | |
Beginning balance (in shares) | 8,978,393 |
Granted (in shares) | 11,406,160 |
Forfeited (in shares) | (224,195) |
Vested (in shares) | (4,731,942) |
Ending balance (in shares) | 15,428,416 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 31.89 |
Granted (in USD per share) | $ / shares | 60.82 |
Forfeited (in USD per share) | $ / shares | 44.03 |
Vested (in USD per share) | $ / shares | 36.57 |
Issued (in USD per share) | $ / shares | 0 |
Ending balance (in USD per share) | $ / shares | $ 51.67 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 10,811,725 |
Granted (in shares) | 26,228,625 |
Forfeited (in shares) | (236,329) |
Vested (in shares) | 4,731,942 |
Issued (in shares) | (5,399,054) |
Ending balance (in shares) | 31,404,967 |
Unrecognized equity-based compensation expense | $ | $ 640.9 |
RSUs | Weighted Average | |
Total Number of RSUs Outstanding | |
Unrecognized equity-based compensation expense, period of recognition | 3 years 4 months 24 days |
RSUs | Vested | |
Unvested | |
Vested (in shares) | (4,731,942) |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 1,833,332 |
Granted (in shares) | 14,822,465 |
Forfeited (in shares) | (12,134) |
Vested (in shares) | 4,731,942 |
Issued (in shares) | (5,399,054) |
Ending balance (in shares) | 15,976,551 |
Performance Grant RSU | |
Unvested | |
Ending balance (in shares) | 6,534,295 |
Bonus Grant RSU | |
Unvested | |
Ending balance (in shares) | 1,971,086 |
Plan Grant RSUs | |
Unvested | |
Ending balance (in shares) | 6,923,035 |
EQUITY-BASED COMPENSATION - Res
EQUITY-BASED COMPENSATION - Restricted Share Awards, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of grants | $ 152.1 | $ 30.7 | $ 11.1 |
EQUITY-BASED COMPENSATION - R_4
EQUITY-BASED COMPENSATION - Restricted Share Awards Equity-based Compensation Expense and Actual Forfeiture Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 1,180,663 | $ 213,140 | $ 189,648 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual forfeiture rate | 0.00% | 3.60% | 0.80% |
Equity-based compensation | $ 30,240 | $ 25,846 | $ 17,095 |
EQUITY-BASED COMPENSATION - R_5
EQUITY-BASED COMPENSATION - Restricted Share Awards Activity (Details) - Restricted Stock $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Unvested | |
Beginning balance (in shares) | 759,252 |
Granted (in shares) | 1,188,207 |
Vested (in shares) | (477,458) |
Issued (in shares) | (477,458) |
Ending balance (in shares) | 1,470,001 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 41.52 |
Granted (in USD per share) | $ / shares | 68.34 |
Vested (in USD per share) | $ / shares | 39.89 |
Issued (in USD per share) | $ / shares | 60.62 |
Ending balance (in USD per share) | $ / shares | $ 63.73 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 759,252 |
Granted (in shares) | 2,225,945 |
Vested (in shares) | 477,458 |
Issued (in shares) | (477,458) |
Ending balance (in shares) | 2,507,739 |
Unrecognized equity-based compensation expense | $ | $ 72 |
Unrecognized equity-based compensation expense, period of recognition | 2 years 2 months 12 days |
Vested | |
Unvested | |
Vested (in shares) | (477,458) |
Issued (in shares) | 477,458 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 1,037,738 |
Vested (in shares) | 477,458 |
Issued (in shares) | 477,458 |
Ending balance (in shares) | 1,037,738 |
EQUITY-BASED COMPENSATION -ARI
EQUITY-BASED COMPENSATION -ARI and AINV, RSUs, Management Fees, Equity-based Compensation Expense and Actual Forfeiture Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 1,180,663 | $ 213,140 | $ 189,648 |
ARI Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years 4 months 24 days | ||
ARI | ARI Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Management fees | $ 14,726 | 10,134 | 16,697 |
Equity-based compensation | $ 14,726 | $ 10,134 | $ 16,697 |
Actual forfeiture rate | 1.20% | 1.00% | 1.20% |
EQUITY-BASED COMPENSATION - ARI
EQUITY-BASED COMPENSATION - ARI Awards Activity (Details) - ARI Awards | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 2 years 4 months 24 days |
Unvested | |
Beginning balance (in shares) | 2,529,025 |
Granted (in shares) | 1,323,487 |
Forfeited (in shares) | (44,891) |
Vested (in shares) | (1,206,452) |
Ending balance (in shares) | 2,601,169 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 13.81 |
Granted (in USD per share) | $ / shares | 13.20 |
Forfeited (in USD per share) | $ / shares | 13.69 |
Delivered (in USD per share) | $ / shares | 11.03 |
Vested (in USD per share) | $ / shares | 14.97 |
Ending balance (in USD per share) | $ / shares | $ 12.98 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 3,481,776 |
Granted (in shares) | 1,323,487 |
Forfeited (in shares) | (44,891) |
Delivered (in shares) | (1,023,308) |
Vested (in shares) | 1,206,452 |
Ending balance (in shares) | 3,737,064 |
Vested | |
Unvested | |
Vested (in shares) | (1,206,452) |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 952,751 |
Delivered (in shares) | (1,023,308) |
Vested (in shares) | 1,206,452 |
Ending balance (in shares) | 1,135,895 |
EQUITY-BASED COMPENSATION - AIN
EQUITY-BASED COMPENSATION - AINV Awards Activity (Details) - AINV Awards | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 2 years 2 months 12 days |
Unvested | |
Beginning balance (in shares) | 298,601 |
Granted (in shares) | 145,190 |
Forfeited (in shares) | 0 |
Vested (in shares) | (209,679) |
Ending balance (in shares) | 234,112 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in USD per share) | $ / shares | $ 11.32 |
Granted (in USD per share) | $ / shares | 12.71 |
Forfeited (in USD per share) | $ / shares | 0 |
Delivered (in USD per share) | $ / shares | 13.83 |
Vested (in USD per share) | $ / shares | 11.98 |
Ending balance (in USD per share) | $ / shares | $ 11.60 |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 432,790 |
Granted (in shares) | 145,190 |
Forfeited (in shares) | 0 |
Delivered (in shares) | (206,784) |
Vested (in shares) | 209,679 |
Ending balance (in shares) | 371,196 |
Vested | |
Unvested | |
Vested (in shares) | (209,679) |
Total Number of RSUs Outstanding | |
Beginning balance (in shares) | 134,189 |
Delivered (in shares) | (206,784) |
Vested (in shares) | 209,679 |
Ending balance (in shares) | 137,084 |
EQUITY-BASED COMPENSATION - Rec
EQUITY-BASED COMPENSATION - Reconciliation of Equity-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 1,180,663 | $ 213,140 | $ 189,648 |
Non-Controlling Interests in Apollo Operating Group | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 8,704 | 7,575 | 12,355 |
Less other equity-based compensation awards | (8,704) | (7,575) | (12,355) |
Capital increase related to equity-based compensation | 0 | 0 | 0 |
Allocated to Apollo Global Management, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 1,171,959 | 205,565 | 177,293 |
Less other equity-based compensation awards | (20,376) | (31,733) | (30,575) |
Capital increase related to equity-based compensation | 1,151,583 | 173,832 | 146,718 |
RSUs, share options and restricted share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 1,160,235 | 197,072 | 161,995 |
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 | $ 0 |
Non-Controlling Interest % in Apollo Operating Group | 0.00% | 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 | $ 1,160,235 | $ 197,072 | $ 161,995 |
Other equity-based compensation awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 20,428 | 16,068 | 27,653 |
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 | $ 8,704 | $ 7,575 | $ 12,355 |
Non-Controlling Interest % in Apollo Operating Group | 42.60% | 47.10% | 44.70% |
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 | $ 11,724 | $ 8,493 | $ 15,298 |
EQUITY - Common Stock, Narrativ
EQUITY - Common Stock, Narrative (Details) - USD ($) | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 30, 2021 | Feb. 28, 2020 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 07, 2022 | Mar. 12, 2020 |
Class of Stock [Line Items] | ||||||||||
AGM Shares issued in exchange | 10 | 10 | ||||||||
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 | $ 299,352,000 | $ 91,617,000 | $ 110,726,000 | |||||||
Class A Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
AGM Shares issued in exchange | 10 | 10 | ||||||||
Shares issued (in shares) | 248,896,649 | 248,896,649 | 228,873,449 | |||||||
Shares outstanding (in shares) | 248,896,649 | 248,896,649 | 228,873,449 | |||||||
Stock repurchase, unused capacity | $ 80,000,000 | |||||||||
Repurchase of Class A Common Stock (in shares) | 3,370,851 | 2,735,546 | 3,453,901 | |||||||
Repurchases and canceled amount | $ 208,000,000 | $ 90,700,000 | $ 102,400,000 | |||||||
Class A Common Stock | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
AGM Shares issued in exchange | 1 | |||||||||
Shares issued (in shares) | 1,000 | |||||||||
Shares outstanding (in shares) | 1,000 | |||||||||
Class B Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 0 | 0 | 1 | |||||||
Shares outstanding (in shares) | 0 | 1 | 0 | 1 | ||||||
Shares converted (in shares) | 1 | |||||||||
Class B Common Stock | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
AGM Shares issued in exchange | 1 | |||||||||
Class C Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 0 | 0 | 1 | |||||||
Shares outstanding (in shares) | 0 | 0 | 1 | |||||||
Shares converted (in shares) | 1 | |||||||||
Class C Common Stock | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 1 | |||||||||
Shares outstanding (in shares) | 1 | |||||||||
Athene Holding | ||||||||||
Class of Stock [Line Items] | ||||||||||
Equity interests issued (in shares) | 29,154,519 | |||||||||
Apollo Operating Group | Athene Holding | ||||||||||
Class of Stock [Line Items] | ||||||||||
Ownership percentage by noncontrolling owners | 6.70% | 6.70% |
EQUITY - Class A Common Stock A
EQUITY - Class A Common Stock Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Issuance of shares of Class A Common Stock for equity-based awards (in shares) | 2,754,567 | 3,396,637 | 2,799,810 |
Cash paid for tax liabilities | $ 140.6 | $ 96.6 | $ 56.6 |
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) | 5,399,054 | 4,897,743 | 4,640,072 |
Gross value of shares issued | $ 316 | $ 226.6 | $ 148.2 |
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) | (2,368,832) | (2,082,934) | (1,854,313) |
Vesting period | 3 years | ||
Restricted shares forfeited (in shares) | 224,195 | ||
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) | (275,655) | 581,828 | 14,051 |
Restricted shares forfeited (in shares) | 0 | 54,597 | 10,550 |
Class A Common Stock | Reduction of shares of Class A Common Stock issued | |||
Class of Stock [Line Items] | |||
Restricted shares issued (in shares) | 275,655 | 168,591 | 102,089 |
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) | 1,188,207 | 636,425 | 289,714 |
Common stock shares repurchased (in shares) | 1,463,862 | 19,549 | 265,113 |
EQUITY - Preferred Stock Issuan
EQUITY - Preferred Stock Issuance, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 19, 2018 | Mar. 07, 2017 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 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 (in shares) | 11,000,000 | 11,000,000 | 11,000,000 | ||||||
Dividends declared per share (in USD per share) | $ 0.398438 | $ 0.398438 | $ 0.398438 | $ 0.398438 | |||||
Series A Preferred Stock | AGM LLC | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares issued | 1 | ||||||||
Preferred stock, shares outstanding (in shares) | 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 (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | ||||||
Dividends declared per share (in USD per share) | $ 0.398438 | $ 0.398438 | $ 0.398438 | $ 0.398438 | |||||
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, shares outstanding (in shares) | 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 | Dec. 15, 2021 | Nov. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jun. 15, 2021 | May 28, 2021 | Apr. 14, 2021 | Feb. 26, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 29, 2020 | Apr. 15, 2020 | Feb. 28, 2020 | Nov. 29, 2019 | Sep. 26, 2019 | Aug. 30, 2019 | Aug. 15, 2019 | May 31, 2019 | Apr. 12, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends/Distributions | $ 23,200 | $ 216,700 | $ 24,100 | $ 216,400 | $ 19,500 | $ 216,400 | $ 41,800 | $ 260,600 | $ 220,700 | $ 212,100 | $ 181,900 | $ 43,000 | $ 361,200 | $ 201,600 | $ 17,800 | $ 201,400 | $ 4,100 | $ 185,200 | $ 45,400 | $ 226,600 | $ 1,018,700 | $ 1,018,900 | $ 882,100 |
Noncontrolling Interest | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Distribution to Non-Controlling Interest Holders in the Apollo Operating Group | $ 23,200 | $ 93,100 | $ 24,100 | $ 94,400 | $ 19,500 | $ 100,900 | $ 41,800 | $ 121,400 | $ 104,000 | $ 100,000 | $ 85,700 | $ 43,000 | $ 155,600 | $ 90,100 | $ 17,800 | $ 101,000 | $ 4,100 | $ 93,000 | $ 45,400 | $ 113,300 | $ 518,400 | $ 488,300 | $ 464,700 |
Distribution made (in USD per share) | $ 0.15 | $ 0.21 | $ 0.18 | ||||||||||||||||||||
Distributions made related with federal corporate estimated tax payments (in USD per share) | $ 0.13 | $ 0.10 | $ 0.08 | 0.03 | $ 0.10 | $ 0.02 | 0.04 | ||||||||||||||||
Class A Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends per share of Class A Common Stock (in USD per share) | $ 0 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.60 | $ 0.51 | $ 0.49 | $ 0.42 | $ 0 | $ 0.89 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.46 | $ 0 | $ 0.56 | $ 2.10 | $ 2.31 | $ 2.02 |
Dividends/Distributions | $ 0 | $ 123,600 | $ 0 | $ 122,000 | $ 0 | $ 115,500 | $ 0 | $ 139,200 | $ 116,700 | $ 112,100 | $ 96,200 | $ 0 | $ 205,600 | $ 111,500 | $ 0 | $ 100,400 | $ 0 | $ 92,200 | $ 0 | $ 113,300 | $ 500,286 | $ 530,576 | $ 417,386 |
Distribution made (in USD per share) | $ 2.10 | $ 2.31 | $ 2.02 | ||||||||||||||||||||
Distribution Equivalents on Participating Securities | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends/Distributions | $ 0 | $ 3,900 | $ 0 | $ 3,900 | $ 0 | $ 4,000 | $ 0 | $ 5,100 | $ 4,100 | $ 4,000 | $ 3,600 | $ 0 | $ 7,200 | $ 4,400 | $ 0 | $ 4,400 | $ 0 | $ 4,100 | $ 0 | $ 5,000 | $ 16,900 | $ 18,900 | $ 17,900 |
EQUITY - Interests in Consolida
EQUITY - Interests in Consolidated Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract] | |||
Net income attributable to Non-Controlling Interests in consolidated entities | $ 2,429,404 | $ 310,188 | $ 693,650 |
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract] | |||
Net Income | 4,267,895 | 466,802 | 1,536,843 |
Net income (loss) attributable to non-controlling interests | (2,429,404) | (310,188) | (693,650) |
Net Income (Loss) Attributable to Parent | 1,838,491 | 156,614 | 843,193 |
Adjustments [Abstract] | |||
Income tax provision (benefit) | 594,379 | 86,966 | (128,994) |
NYC UBT and foreign tax benefit | (32,516) | (26,549) | (15,890) |
Net income (loss) in non-Apollo Operating Group entities | (1,838,491) | (156,614) | (843,193) |
Total adjustments | 519,822 | 10,190 | (130,510) |
Other comprehensive income (loss) attributable to Non-Controlling Interests | (28,730) | 38,113 | (7,496) |
Comprehensive Income Attributable to Non-Controlling Interests | 2,400,674 | 348,301 | 686,154 |
Series A Preferred Stock | |||
Adjustments [Abstract] | |||
Preferred Stock Dividends | (17,531) | (17,531) | (17,531) |
Series B Preferred Stock | |||
Adjustments [Abstract] | |||
Preferred Stock Dividends | (19,125) | (19,125) | (19,125) |
Other consolidated entities | |||
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract] | |||
Net income attributable to Non-Controlling Interests in consolidated entities | 411,554 | 114,992 | 25,749 |
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract] | |||
Net income (loss) attributable to non-controlling interests | (411,554) | (114,992) | (25,749) |
Consolidated entities | |||
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract] | |||
Net income attributable to Non-Controlling Interests in consolidated entities | 417,692 | 118,378 | 30,504 |
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract] | |||
Net Income | 4,370,025 | 358,614 | 1,375,829 |
Net income (loss) attributable to non-controlling interests | (417,692) | (118,378) | (30,504) |
Net Income (Loss) Attributable to Parent | 3,850,203 | 348,424 | 1,506,339 |
Adjustments [Abstract] | |||
Net income (loss) in non-Apollo Operating Group entities | (3,850,203) | (348,424) | (1,506,339) |
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 | 6,138 | 3,386 | 4,755 |
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract] | |||
Net income (loss) attributable to non-controlling interests | (6,138) | (3,386) | (4,755) |
Apollo Operating Group | |||
Net Income Attributable To Non-Controlling Interests In Consolidated Entities [Abstract] | |||
Net income attributable to Non-Controlling Interests in consolidated entities | 2,011,712 | 191,810 | 663,146 |
Net Income Attributable To Non-Controlling Interests In The Apollo Operating Group [Abstract] | |||
Net income (loss) attributable to non-controlling interests | (2,011,712) | (191,810) | (663,146) |
Net Income (Loss) Attributable to Parent | 5,385 | 13,571 | (51,030) |
Adjustments [Abstract] | |||
Net income (loss) in non-Apollo Operating Group entities | $ (5,385) | $ (13,571) | $ 51,030 |
Weighted average ownership percentage of Apollo Operating Group | 45.10% | 47.10% | 48.40% |
EQUITY - Redeemable Non-Control
EQUITY - Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Redeemable Non-Controlling Interests [Roll Forward] | ||
Balance at beginning of period | $ 782,702 | $ 0 |
Net issuances of redeemable non-controlling interests | 950,103 | 735,486 |
Accretion of redeemable non-controlling interests | 37,229 | 47,216 |
Balance at end of period | $ 1,770,034 | $ 782,702 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from and Due to Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Due from Related Parties: | ||
Total Due from Related Parties | $ 489,590 | $ 462,383 |
Due to Related Parties: | ||
Total Due to Related Parties | 1,222,402 | 608,469 |
Due from/to credit funds | ||
Due from Related Parties: | ||
Total Due from Related Parties | 248,886 | 183,992 |
Due to Related Parties: | ||
Total Due to Related Parties | 22,042 | 34,280 |
Due from/to credit funds | Sale of Investment | ||
Due from Related Parties: | ||
Total Due from Related Parties | $ 47,835 | |
Due to Related Parties: | ||
Due from related parties, repayment period | 5 years | |
Due from private equity funds | ||
Due from Related Parties: | ||
Total Due from Related Parties | $ 20,157 | 21,169 |
Due to Related Parties: | ||
Total Due to Related Parties | 54,436 | 216,899 |
Due from real assets funds | ||
Due from Related Parties: | ||
Total Due from Related Parties | 46,832 | 28,231 |
Due to Related Parties: | ||
Total Due to Related Parties | 27,652 | 47,060 |
Due from portfolio companies | ||
Due from Related Parties: | ||
Total Due from Related Parties | 66,960 | 80,122 |
Due from Contributing Partners, employees and former employees | ||
Due from Related Parties: | ||
Total Due from Related Parties | 106,755 | 148,869 |
Due to Former Managing Partners and Contributing Partners | ||
Due to Related Parties: | ||
Total Due to Related Parties | 1,118,272 | $ 310,230 |
Due to Former Managing Partners and Contributing Partners | Purchase of Limited Partnership Interests | ||
Due to Related Parties: | ||
Total Due to Related Parties | $ 569,600 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Tax Receivable Agreement (Details) | Apr. 14, 2021$ / shares | Mar. 09, 2021vote | Apr. 15, 2020$ / shares | Apr. 12, 2019$ / shares | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($)quarterly_installment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Related Party Transaction [Line Items] | |||||||||
Percentage of amount of cash savings | 15.00% | ||||||||
Recorded liability | $ 287,917,000 | $ 68,801,000 | |||||||
Cash payment on tax receivable agreement | $ 39,900,000 | $ 48,200,000 | 39,884,000 | 48,195,000 | $ 37,234,000 | ||||
Distribution to noncontrolling interests | $ 34,700,000 | $ 43,000,000 | |||||||
Number of votes | vote | 1 | ||||||||
Cash payment, multiplier by outstanding units | 3.66 | ||||||||
Due to related parties | 1,222,402,000 | 608,469,000 | |||||||
Due to Former Managing Partners and Contributing Partners | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | 1,118,272,000 | 310,230,000 | |||||||
Purchase of Limited Partnership Interests | Due to Former Managing Partners and Contributing Partners | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 569,600,000 | ||||||||
Number of quarterly installments | quarterly_installment | 13 | ||||||||
Parent Company | |||||||||
Related Party Transaction [Line Items] | |||||||||
Gain (loss) from re measurement of tax receivable agreement liability | $ 9,600,000 | $ 12,400,000 | $ (50,300,000) | ||||||
Noncontrolling Interest | |||||||||
Related Party Transaction [Line Items] | |||||||||
Distribution made (in USD per share) | $ / shares | $ 0.15 | $ 0.21 | $ 0.18 | ||||||
Due to Former Managing Partners and Contributing Partners | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of amount of cash savings | 85.00% | ||||||||
Number of votes | vote | 1 | ||||||||
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Loans to related party | $ 17.5 | $ 17.5 |
Loans due upon liquidation of fund | $ 64.5 | $ 124.1 |
RELATED PARTY TRANSACTIONS AN_6
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Indemnity (Details) - USD ($) $ in Millions | Dec. 31, 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
General partner obligation | $ 81,176 | $ 261,871 |
Credit | ||
Related Party Transaction [Line Items] | ||
General partner obligation | 0 | 0 |
Private Equity | ||
Related Party Transaction [Line Items] | ||
General partner obligation | 53,722 | 215,011 |
Real Assets | ||
Related Party Transaction [Line Items] | ||
General partner obligation | $ 27,454 | $ 46,860 |
RELATED PARTY TRANSACTIONS AN_8
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athene (Details) - USD ($) $ in Thousands | Sep. 20, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||
Asset threshold | $ 30,501,894 | $ 23,669,084 | |
Athene Holding | |||
Related Party Transaction [Line Items] | |||
Management fee rate | 0.225% | ||
Athene Holding | Revised Fee Agreement | |||
Related Party Transaction [Line Items] | |||
Management fee rate | 0.15% | ||
Asset threshold | $ 103,400,000 | ||
Athene Holding | Amended Fee Agreement | |||
Related Party Transaction [Line Items] | |||
Investment management agreement, subsequent period before termination election | 2 years |
RELATED PARTY TRANSACTIONS AN_9
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Sub-Allocation Fee Schedule (Details) | 12 Months Ended |
Dec. 31, 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% |
Other Assets | |
Related Party Transaction [Line Items] | |
Sub-Allocation Fees | 0.00% |
Other Assets | Minimum | |
Related Party Transaction [Line Items] | |
Performance revenue, percentages | 0.00% |
Other Assets | 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 | Dec. 31, 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 | |||
Class A Common Share | Athene Holding | ||||
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% | |||
Share conversion ratio | 1 |
RELATED PARTY TRANSACTIONS A_11
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Liquidity Agreement (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Liquidity Agreement | Class A Common Stock | |
Related Party Transaction [Line Items] | |
Exchange of AOG Units for Class A Common Stock | $ 50,000,000 |
RELATED PARTY TRANSACTIONS A_12
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athora (Details) $ in Millions | Dec. 31, 2021USD ($) |
Athora | Equity Investments | Advisory Services | Affiliated Entity | |
Related Party Transaction [Line Items] | |
Other commitment | $ 466.3 |
RELATED PARTY TRANSACTIONS A_13
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Performance Allocations and Revenues Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Net change in unrealized gains (losses) due to changes in fair value | $ 2,611,141 | $ (457,568) | $ 138,109 |
Athene, Athora and AAA Investments | |||
Related Party Transaction [Line Items] | |||
Revenues earned in aggregate from Athene, Athora and AAA Investments, net | 3,684,602 | 332,474 | 788,066 |
Net change in unrealized gains (losses) due to changes in fair value | $ 2,600,000 | $ (456,300) | $ 137,200 |
RELATED PARTY TRANSACTIONS A_14
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - AAA Investments Credit Agreement (Details) - AAA Investment Credit Agreement - USD ($) | Apr. 30, 2015 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Maximum advance | $ 10,000,000 | |
Commitment fee on advance (as a percent) | 0.125% | |
Payment period following initial public stock offering | 15 months | |
Advances to affiliate | $ 8,700,000 | |
LIBOR | ||
Related Party Transaction [Line Items] | ||
Spread on advance (as a percent) | 1.50% |
RELATED PARTY TRANSACTIONS A_15
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Investment in SPACs (Details) - Affiliated Entity - IPO - USD ($) $ in Millions | Jul. 13, 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 | $ 816.8 | ||
Proceeds from sale of warrants | $ 18.3 | ||
APSG II | |||
Related Party Transaction [Line Items] | |||
Sale of stock, capital from third party investors | $ 690 | ||
Proceeds from sale of warrants | $ 15.6 | ||
Acropolis | |||
Related Party Transaction [Line Items] | |||
Sale of stock, capital from third party investors | $ 345 | ||
Proceeds from sale of warrants | $ 8.8 |
RELATED PARTY TRANSACTIONS A_16
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Financial Information of SPACs in Aggregate (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||||
Cash and cash equivalents | $ 917,183 | $ 1,555,517 | $ 1,556,202 | |
Restricted cash and cash equivalents | 707,885 | 17,708 | 19,779 | |
U.S. Treasury securities, at fair value | 1,687,105 | 816,985 | ||
Due from related parties | 489,590 | 462,383 | ||
Other assets | 585,901 | 364,963 | ||
Total Assets | 30,501,894 | 23,669,084 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 145,054 | 119,982 | ||
Due to related parties | 1,222,402 | 608,469 | ||
Other liabilities | 500,980 | 295,612 | ||
Total Liabilities | 18,537,494 | 17,373,119 | ||
Redeemable non-controlling interests | 1,770,034 | 782,702 | 0 | |
Apollo Global Management, Inc. Stockholders’ Equity: | ||||
Additional paid in capital | 2,096,403 | 877,173 | ||
Retained earnings | 1,143,899 | 0 | ||
Total Stockholders’ Equity | 10,194,366 | 5,513,263 | $ 3,038,127 | $ 2,451,840 |
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity | 30,501,894 | 23,669,084 | ||
Consolidated Variable Interest Entities | ||||
Assets: | ||||
Other assets | 251,581 | 290,264 | ||
Liabilities: | ||||
Other liabilities | 781,482 | 773,045 | ||
Consolidated Variable Interest Entities | APSG I, APSGII and Acropolis | ||||
Assets: | ||||
Cash and cash equivalents | 1,796 | 259 | ||
Restricted cash and cash equivalents | 690,205 | 0 | ||
U.S. Treasury securities, at fair value | 1,162,299 | 816,985 | ||
Due from related parties | (9,346) | (3) | ||
Other assets | 2,627 | 1,118 | ||
Total Assets | 1,847,581 | 818,359 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 2,361 | 198 | ||
Due to related parties | 10,800 | 1,871 | ||
Other liabilities | 143,778 | 28,588 | ||
Total Liabilities | 156,939 | 30,657 | ||
Redeemable non-controlling interests | 1,762,282 | 782,702 | ||
Apollo Global Management, Inc. Stockholders’ Equity: | ||||
Additional paid in capital | (98,369) | (12,928) | ||
Retained earnings | 26,729 | 17,928 | ||
Total Stockholders’ Equity | (71,640) | 5,000 | ||
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity | $ 1,847,581 | $ 818,359 |
RELATED PARTY TRANSACTIONS A_17
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Financial Information of SPACs in Aggregate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses: | |||
Interest expense | $ 139,090 | $ 133,239 | $ 98,369 |
General, administrative and other | 476,998 | 354,217 | 330,342 |
Total Expenses | 4,114,230 | 1,577,964 | 1,691,280 |
Other Income (Loss): | |||
Net gains (losses) from investment activities | 2,610,903 | (455,487) | 138,154 |
Interest income | 4,255 | 14,999 | 35,522 |
Other income (loss), net | (147,541) | 20,832 | (46,307) |
Total Other Income (Loss) | 3,024,906 | (222,287) | 167,280 |
Net Income Attributable to Apollo Global Management, Inc. | 1,838,491 | 156,614 | $ 843,193 |
APSG I, APSGII and Acropolis | Consolidated Variable Interest Entities | |||
Expenses: | |||
Interest expense | 8 | 0 | |
General, administrative and other | 19,015 | 583 | |
Total Expenses | 19,023 | 583 | |
Other Income (Loss): | |||
Net gains (losses) from investment activities | 3,446 | 35 | |
Interest income | 545 | 140 | |
Other income (loss), net | (520) | 0 | |
Total Other Income (Loss) | 3,471 | 175 | |
Net Income Attributable to Apollo Global Management, Inc. | $ (15,552) | $ (408) |
RELATED PARTY TRANSACTIONS A_18
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Other (Details) - Non-Profit Foundation Share Pledge shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Related Party Transaction [Line Items] | |
Contribution of shares (in shares) | shares | 1.7 |
Related party transaction one time charge | $ | $ 125.9 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Investment Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Unfunded capital commitments | $ 1,000 | $ 1,000 |
Fund IX | ||
Other Commitments [Line Items] | ||
Unfunded capital commitments | $ 227.3 | $ 348 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Litigation and Contingencies (Details) $ / shares in Units, $ in Thousands, € in Millions | Oct. 19, 2021USD ($)$ / shares | Mar. 08, 2021USD ($) | Jun. 08, 2020defendantclaim | May 29, 2020defendant | Feb. 09, 2018EUR (€) | Dec. 21, 2017USD ($)defendant | Mar. 31, 2020defendant |
United States District Court Middle District Of Florida Against AGM | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Damages sought | € | € 30 | ||||||
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 | ||||||
Stockholder Of AGM Vs. AGM Complaint | Director | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Payment of cash per AOG unit held (in dollars per unit) | $ / shares | $ 3.66 | ||||||
Funds provided for tax receivable agreement | $ | $ 640,000 | ||||||
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Damages sought | $ | $ 1,900,000 | ||||||
Number of suits (in litigation) | claim | 3 | ||||||
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | SkyTerra | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of defendants | 8 | ||||||
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Entities, Harbinger's Counterparties, TVCC One Six Holdings LLC | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of defendants | 5 | ||||||
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 | ||||||
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Executive Officer | SkyTerra | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of defendants | 2 | ||||||
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017) | Consultant | SkyTerra | |||||||
Long-term Purchase Commitment [Line Items] | |||||||
Number of defendants | 1 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Details) - Other long-term obligations $ in Thousands | Dec. 31, 2021USD ($) |
Other Commitments [Line Items] | |
2022 | $ 29,457 |
2023 | 1,152 |
2024 | 787 |
2025 | 682 |
2026 | 682 |
Thereafter | 682 |
Total | $ 33,442 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Contingent Obligations (Details) | Dec. 31, 2021USD ($)subsidiary | Dec. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | ||
Unfunded contingent commitments | $ 1,000,000,000 | $ 1,000,000,000 |
Underwriting Commitments | AGS | ||
Variable Interest Entity [Line Items] | ||
Number of subsidiaries | subsidiary | 1 | |
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 | |
Commitment To Purchase Underlying Portfolio Investment | AGS | ||
Variable Interest Entity [Line Items] | ||
Unfunded contingent commitments | 0 | $ 0 |
Consolidated Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Cumulative revenues recognized if existing investments become worthless | $ 4,400,000,000 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Contingent Consideration (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of the contingent obligation | $ 125.9 | $ 119.8 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Performance fees | $ 3,050,092 | $ 310,479 | $ 1,057,139 |
Fee Related Revenues | 5,951,598 | 2,354,019 | 2,931,849 |
Salary, bonus and benefits | (778,798) | (628,057) | (514,513) |
General, administrative and other | (476,998) | (354,217) | (330,342) |
Placement fees | (4,762) | (1,810) | (1,482) |
Fee Related Expenses | (4,114,230) | (1,577,964) | (1,691,280) |
Other income (loss), net of Non-Controlling Interest | (147,541) | 20,832 | (46,307) |
Segment Distributable Earnings | 2,241,423 | 1,019,480 | 1,214,427 |
Assets | 30,501,894 | 23,669,084 | |
Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,920,946 | 1,686,973 | 1,575,814 |
Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 302,379 | 249,482 | 123,644 |
Total reportable segment assets | |||
Segment Reporting Information [Line Items] | |||
Performance fees | 56,865 | 9,836 | 21,110 |
Fee Related Revenues | 4,231,408 | 2,209,725 | 2,299,504 |
Salary, bonus and benefits | (686,353) | (560,987) | (463,316) |
General, administrative and other | (341,795) | (303,883) | (273,004) |
Placement fees | (4,343) | (1,814) | (1,085) |
Fee Related Expenses | (1,849,508) | (1,056,991) | (1,027,657) |
Other income (loss), net of Non-Controlling Interest | (2,280) | (2,109) | 4,537 |
Realized performance fees | 1,589,074 | 280,923 | 602,106 |
Realized profit sharing expense | (817,017) | (190,307) | (290,252) |
Net Realized Performance Fees | 772,057 | 90,616 | 311,854 |
Realized principal investment income, net | 409,151 | 22,851 | 65,697 |
Net interest loss and other | (138,197) | (134,514) | (65,326) |
Segment Distributable Earnings | 2,241,423 | 1,019,480 | 1,214,427 |
Assets | 13,573,400 | 8,681,467 | |
Total reportable segment assets | Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,878,210 | 1,647,964 | 1,491,070 |
Total reportable segment assets | Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 298,108 | 251,520 | 122,890 |
Total reportable segment assets | Fee Related Revenues, Expenses and Earnings | |||
Segment Reporting Information [Line Items] | |||
Fee Related Revenues | 2,233,183 | 1,909,320 | 1,635,070 |
Fee Related Expenses | (1,032,491) | (866,684) | (737,405) |
Fee Related Earnings | 1,198,412 | 1,040,527 | 902,202 |
Total reportable segment assets | Credit Segment | |||
Segment Reporting Information [Line Items] | |||
Performance fees | 56,865 | 9,836 | 21,110 |
Salary, bonus and benefits | (301,692) | (246,496) | (196,143) |
General, administrative and other | (169,750) | (156,112) | (131,664) |
Placement fees | (4,115) | (1,519) | (272) |
Other income (loss), net of Non-Controlling Interest | (4,753) | (2,279) | 54 |
Realized performance fees | 262,677 | 188,441 | 169,611 |
Realized profit sharing expense | (141,898) | (128,842) | (93,675) |
Net Realized Performance Fees | 120,779 | 59,599 | 75,936 |
Realized principal investment income, net | 255,408 | 8,375 | 8,764 |
Net interest loss and other | (56,088) | (56,200) | (21,997) |
Segment Distributable Earnings | 1,177,313 | 667,590 | 579,170 |
Assets | 7,633,167 | 4,711,110 | |
Total reportable segment assets | Credit Segment | Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,128,994 | 934,852 | 779,266 |
Total reportable segment assets | Credit Segment | Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 151,665 | 117,534 | 44,116 |
Total reportable segment assets | Credit Segment | Fee Related Revenues, Expenses and Earnings | |||
Segment Reporting Information [Line Items] | |||
Fee Related Revenues | 1,337,524 | 1,062,222 | 844,492 |
Fee Related Expenses | (475,557) | (404,127) | (328,079) |
Fee Related Earnings | 857,214 | 655,816 | 516,467 |
Total reportable segment assets | Private Equity Segment | |||
Segment Reporting Information [Line Items] | |||
Performance fees | 0 | 0 | 0 |
Salary, bonus and benefits | (255,291) | (204,211) | (184,403) |
General, administrative and other | (114,054) | (96,385) | (99,098) |
Placement fees | (188) | (295) | (812) |
Other income (loss), net of Non-Controlling Interest | 1,852 | (75) | 4,306 |
Realized performance fees | 1,259,754 | 29,687 | 429,152 |
Realized profit sharing expense | (641,066) | (19,665) | (195,140) |
Net Realized Performance Fees | 618,688 | 10,022 | 234,012 |
Realized principal investment income, net | 147,943 | 8,741 | 53,782 |
Net interest loss and other | (51,103) | (55,196) | (31,804) |
Segment Distributable Earnings | 959,299 | 293,804 | 570,501 |
Assets | 5,067,882 | 3,244,513 | |
Total reportable segment assets | Private Equity Segment | Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 484,885 | 506,506 | 523,194 |
Total reportable segment assets | Private Equity Segment | Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 126,567 | 124,697 | 71,324 |
Total reportable segment assets | Private Equity Segment | Fee Related Revenues, Expenses and Earnings | |||
Segment Reporting Information [Line Items] | |||
Fee Related Revenues | 611,452 | 631,203 | 594,518 |
Fee Related Expenses | (369,533) | (300,891) | (284,313) |
Fee Related Earnings | 243,771 | 330,237 | 314,511 |
Total reportable segment assets | Real Assets Segment | |||
Segment Reporting Information [Line Items] | |||
Performance fees | 0 | 0 | 0 |
Salary, bonus and benefits | (129,370) | (110,280) | (82,770) |
General, administrative and other | (57,991) | (51,386) | (42,242) |
Placement fees | (40) | 0 | (1) |
Other income (loss), net of Non-Controlling Interest | 621 | 245 | 177 |
Realized performance fees | 66,643 | 62,795 | 3,343 |
Realized profit sharing expense | (34,053) | (41,800) | (1,437) |
Net Realized Performance Fees | 32,590 | 20,995 | 1,906 |
Realized principal investment income, net | 5,800 | 5,735 | 3,151 |
Net interest loss and other | (31,006) | (23,118) | (11,525) |
Segment Distributable Earnings | 104,811 | 58,086 | 64,756 |
Assets | 872,351 | 725,844 | |
Total reportable segment assets | Real Assets Segment | Management fees | |||
Segment Reporting Information [Line Items] | |||
Revenues | 264,331 | 206,606 | 188,610 |
Total reportable segment assets | Real Assets Segment | Advisory and transaction fees, net | |||
Segment Reporting Information [Line Items] | |||
Revenues | 19,876 | 9,289 | 7,450 |
Total reportable segment assets | Real Assets Segment | Fee Related Revenues, Expenses and Earnings | |||
Segment Reporting Information [Line Items] | |||
Fee Related Revenues | 284,207 | 215,895 | 196,060 |
Fee Related Expenses | (187,401) | (161,666) | (125,013) |
Fee Related Earnings | $ 97,427 | $ 54,474 | $ 71,224 |
SEGMENT REPORTING - Reconcili_2
SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,951,598 | $ 2,354,019 | $ 2,931,849 |
Performance fees | (3,050,092) | (310,479) | (1,057,139) |
Principal investment income | (649,117) | (81,702) | (166,527) |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Equity awards granted by unconsolidated related parties, reimbursable expenses and other | (137,992) | (118,240) | (102,672) |
Adjustments related to consolidated funds and VIEs | 146,380 | 78,296 | 12,854 |
Performance fees | (3,054,712) | (315,719) | (1,036,688) |
Principal investment income | (672,091) | (89,036) | (170,273) |
Realized performance fees | 1,589,074 | 280,923 | 602,106 |
Realized principal investment income, net and other | 409,151 | 19,482 | 62,328 |
Segment Reconciling Items | Fee Related | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,233,183 | 1,909,320 | 1,635,070 |
Total reportable segment assets | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,231,408 | 2,209,725 | 2,299,504 |
Performance fees | (56,865) | (9,836) | (21,110) |
Realized performance fees | 1,589,074 | 280,923 | 602,106 |
Total reportable segment assets | Fee Related | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,233,183 | $ 1,909,320 | $ 1,635,070 |
SEGMENT REPORTING - Reconcili_3
SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Benefits and expenses | $ 4,114,230 | $ 1,577,964 | $ 1,691,280 |
Equity-based compensation | (1,180,663) | (213,140) | (189,648) |
Total profit sharing expense | (1,533,919) | (247,501) | (556,926) |
Dividend-related compensation expense | (26,392) | (3,700) | (16,000) |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Equity awards granted by unconsolidated related parties, reimbursable expenses and other | (159,332) | (110,669) | (103,292) |
Reclassification of interest expenses | (139,090) | (133,239) | (98,369) |
Transaction-related charges, net | (34,591) | (39,186) | (49,213) |
Merger-related transaction and integration costs | (66,848) | 0 | 0 |
Charges associated with corporate conversion | 0 | (3,893) | (21,987) |
Equity-based compensation | (79,777) | (67,852) | (70,962) |
One-time equity-based compensation and other charges | (949,152) | 0 | 0 |
Total profit sharing expense | (1,626,557) | (352,741) | (594,052) |
Realized profit sharing expense | 817,017 | 190,307 | 290,252 |
Segment Reconciling Items | Fee Related | |||
Segment Reporting Information [Line Items] | |||
Benefits and expenses | 1,032,491 | 866,684 | 737,405 |
Total reportable segment assets | |||
Segment Reporting Information [Line Items] | |||
Benefits and expenses | 1,849,508 | 1,056,991 | 1,027,657 |
Realized profit sharing expense | 817,017 | 190,307 | 290,252 |
Total reportable segment assets | Fee Related | |||
Segment Reporting Information [Line Items] | |||
Benefits and expenses | $ 1,032,491 | $ 866,684 | $ 737,405 |
SEGMENT REPORTING - Reconcili_4
SEGMENT REPORTING - Reconciliation of Consolidated to Reportable Segment Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Consolidated Other Income (Loss) | $ 3,024,906 | $ (222,287) | $ 167,280 |
(Gain) loss from change in tax receivable agreement liability | (9,609) | (12,426) | 50,307 |
Net (gains) losses from investment activities | (2,610,903) | 455,487 | (138,154) |
Other Income (Loss), net of Non-Controlling Interest | (147,541) | 20,832 | (46,307) |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Adjustments related to consolidated funds and VIEs | (555,410) | (193,868) | (38,607) |
(Gain) loss from change in tax receivable agreement liability | (9,609) | (12,426) | 50,307 |
Net (gains) losses from investment activities | (2,610,232) | 452,973 | (138,117) |
Interest income and other, net of Non-Controlling Interest | 148,065 | (26,501) | (36,326) |
Other Income (Loss), net of Non-Controlling Interest | (2,280) | (2,109) | 4,537 |
Net interest loss and other | (138,197) | (131,145) | (61,957) |
Total Segments | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Other Income (Loss) | (140,477) | (133,254) | (57,420) |
Other Income (Loss), net of Non-Controlling Interest | (2,280) | (2,109) | 4,537 |
Net interest loss and other | $ (138,197) | $ (134,514) | $ (65,326) |
SEGMENT REPORTING - Reconcili_5
SEGMENT REPORTING - Reconciliation of Income (Loss) Before Income Tax Provision to Economic Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Income before income tax provision | $ 4,862,274 | $ 553,768 | $ 1,407,849 |
(Gain) loss from change in tax receivable agreement liability | (9,609) | (12,426) | 50,307 |
Net income attributable to Non-Controlling Interests in consolidated entities | (2,429,404) | (310,188) | (693,650) |
Equity-based compensation | 1,180,663 | 213,140 | 189,648 |
Unrealized net (gains) losses from investment activities and other | (2,611,141) | 457,568 | (138,109) |
Segment Distributable Earnings | 2,241,423 | 1,019,480 | 1,214,427 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Transaction-related charges | 34,591 | 39,186 | 49,213 |
Merger-related transaction and integration costs | 66,848 | 0 | 0 |
Charges associated with corporate conversion | 0 | 3,893 | 21,987 |
(Gain) loss from change in tax receivable agreement liability | (9,609) | (12,426) | 50,307 |
Net income attributable to Non-Controlling Interests in consolidated entities | (417,692) | (118,378) | (30,504) |
Unrealized performance fees | (1,464,502) | (34,796) | (434,582) |
Unrealized profit sharing expense | 648,882 | 33,350 | 207,592 |
Equity-based profit sharing expense and other | 145,754 | 129,084 | 96,208 |
Equity-based compensation | 79,777 | 67,852 | 70,962 |
One-time equity-based compensation and other charges | 949,152 | 0 | 0 |
Unrealized principal investment income | (221,645) | (62,485) | (88,576) |
Unrealized net (gains) losses from investment activities and other | $ (2,432,407) | $ 420,432 | $ (136,029) |
SEGMENT REPORTING - Reconcili_6
SEGMENT REPORTING - Reconciliation of Reportable Segments to Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 30,501,894 | $ 23,669,084 |
Total reportable segment assets | ||
Segment Reporting Information [Line Items] | ||
Assets | 13,573,400 | 8,681,467 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 16,928,494 | $ 14,987,617 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Feb. 11, 2022$ / shares | Jan. 01, 2022$ / shares | Dec. 15, 2021$ / shares | Nov. 30, 2021$ / shares | Sep. 15, 2021$ / shares | Aug. 31, 2021$ / shares | Jun. 15, 2021$ / shares | May 28, 2021$ / shares | Apr. 14, 2021$ / shares | Feb. 26, 2021$ / shares | Nov. 30, 2020$ / shares | Aug. 31, 2020$ / shares | May 29, 2020$ / shares | Apr. 15, 2020$ / shares | Feb. 28, 2020$ / shares | Nov. 29, 2019$ / shares | Sep. 26, 2019$ / shares | Aug. 30, 2019$ / shares | Aug. 15, 2019$ / shares | May 31, 2019$ / shares | Apr. 12, 2019$ / shares | Feb. 28, 2019$ / shares | Mar. 19, 2018 | Mar. 07, 2017 | Dec. 31, 2021$ / sharesshares | Sep. 30, 2021$ / shares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / shares | Feb. 15, 2022$ / sharesshares | Feb. 07, 2022$ / sharesshares |
AHL Merger | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Exchange ratio | 1.149 | ||||||||||||||||||||||||||||||||
Class A Common Stock | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividends declared per share (in USD per share) | $ 0 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.60 | $ 0.51 | $ 0.49 | $ 0.42 | $ 0 | $ 0.89 | $ 0.50 | $ 0 | $ 0.50 | $ 0 | $ 0.46 | $ 0 | $ 0.56 | $ 2.10 | $ 2.31 | $ 2.02 | ||||||||||
Common stock, par value (in USD per share) | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||||||||||||||||||
Common stock, shares authorized (in shares) | shares | 90,000,000,000 | 90,000,000,000 | 90,000,000,000 | ||||||||||||||||||||||||||||||
Shares issued (in shares) | shares | 248,896,649 | 248,896,649 | 228,873,449 | ||||||||||||||||||||||||||||||
Shares outstanding (in shares) | shares | 248,896,649 | 248,896,649 | 228,873,449 | ||||||||||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividends declared per share (in USD per share) | $ 0.398438 | $ 0.398438 | $ 0.398438 | $ 0.398438 | |||||||||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividends declared per share (in USD per share) | $ 0.398438 | $ 0.398438 | $ 0.398438 | $ 0.398438 | |||||||||||||||||||||||||||||
Series A Preferred Share | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.375% | ||||||||||||||||||||||||||||||||
Series B Preferred Share | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.375% | ||||||||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Common stock, par value (in USD per share) | $ 0.00001 | ||||||||||||||||||||||||||||||||
Conversion right | 1 | ||||||||||||||||||||||||||||||||
Number of securities called by warrants (in shares) | shares | 13,000,000 | ||||||||||||||||||||||||||||||||
Exercise price of warrants (in USD per share) | $ 82.80 | ||||||||||||||||||||||||||||||||
Number of warrants exercisable (in shares) | shares | 2,600,000 | ||||||||||||||||||||||||||||||||
Subsequent Event | AHL Merger | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Exchange ratio | 1.149 | ||||||||||||||||||||||||||||||||
Subsequent Event | AAM Merger | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Conversion right | 10 | ||||||||||||||||||||||||||||||||
Subsequent Event | Class A Common Stock | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividends declared per share (in USD per share) | $ 0.40 | ||||||||||||||||||||||||||||||||
Common stock, par value (in USD per share) | $ 0.00001 | ||||||||||||||||||||||||||||||||
Common stock, shares authorized (in shares) | shares | 40,000,000 | ||||||||||||||||||||||||||||||||
Shares issued (in shares) | shares | 1,000 | ||||||||||||||||||||||||||||||||
Shares outstanding (in shares) | shares | 1,000 | ||||||||||||||||||||||||||||||||
Subsequent Event | Class A Common Stock | AAM Merger | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Conversion right | 10 | ||||||||||||||||||||||||||||||||
Subsequent Event | Class A Common Stock | AHM | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Common stock, par value (in USD per share) | $ 0.001 | ||||||||||||||||||||||||||||||||
Subsequent Event | Series A Preferred Stock | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividends declared per share (in USD per share) | $ 0.398438 | ||||||||||||||||||||||||||||||||
Subsequent Event | Noncumulative Series A Preferred Stock | AHL | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.35% | ||||||||||||||||||||||||||||||||
Subsequent Event | Noncumulative Series B Preferred Stock | AHL | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 5.625% | ||||||||||||||||||||||||||||||||
Subsequent Event | Noncumulative Series C Preferred Stock | AHL | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.375% | ||||||||||||||||||||||||||||||||
Subsequent Event | Noncumulative Series D Preferred Stock | AHL | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 4.875% | ||||||||||||||||||||||||||||||||
Subsequent Event | Series A Preferred Share | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.375% | ||||||||||||||||||||||||||||||||
Subsequent Event | Series B Preferred Share | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||
Dividend rate per annum | 6.375% |
SUBSEQUENT EVENTS - Preliminary
SUBSEQUENT EVENTS - Preliminary Purchase Price (Details) - AHL Merger $ / shares in Units, shares in Thousands, $ in Millions | Jan. 01, 2022USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Exchange ratio | 1.149 |
Subsequent Event | |
Subsequent Event [Line Items] | |
AHL shares purchased (in shares) | shares | 138,000 |
Exchange ratio | 1.149 |
AGM Shares issued in exchange | shares | 158,000 |
AGM Class A share closing price on December 31, 2021 (in USD per share) | $ / shares | $ 72.43 |
Total preliminary purchase price | $ 11,455 |
Fair value of estimated RSUs, options, and warrants assumed, and other equity considerations | 710 |
Total purchase price | 12,165 |
Value of shares previously purchased | $ 54.6 |