Apollo Global Management (APO-PA) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	42nd Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0001411494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,254,202	$ 1,200,735
Restricted cash and cash equivalents	1,061,210	1,048,129
Investments (includes performance allocations of $2,867,512 and $2,635,180 as of March 31, 2023 and December 31, 2022, respectively)	5,650,246	5,644,167
Assets of consolidated variable interest entities:
Other assets	1,212,277	1,175,755
Due from related parties	775,115	726,253
Deferred tax assets, net	610,116	633,660
Other assets	1,212,277	1,175,755
Lease assets	623,779	590,732
Goodwill	263,744	263,744
Total Assets	13,368,661	13,793,947
Liabilities:
Accounts payable and accrued expenses	185,285	167,764
Accrued compensation and benefits	148,193	114,862
Deferred revenue	205,381	172,720
Due to related parties	1,487,639	1,577,494
Profit sharing payable	1,533,624	1,412,451
Debt	2,813,926	2,814,117
Liabilities of consolidated variable interest entities:
Other liabilities	395,558	422,441
Other liabilities	395,558	422,441
Lease liabilities	707,806	664,366
Total Liabilities	8,771,791	9,295,046
Commitments and Contingencies (see note 14)
Redeemable non-controlling interests:
Redeemable non-controlling interests	1,041,596	1,031,914
Apollo Asset Management, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid in capital	1,240,217	1,304,378
Accumulated other comprehensive loss	(10,809)	(10,340)
Total Apollo Asset Management, Inc. Stockholders’ Equity	1,783,621	1,848,251
Total Stockholders’ Equity	3,555,274	3,466,987
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity	13,368,661	13,793,947
Investments of Consolidated VIEs
Assets:
Cash and cash equivalents	123,362
Assets of consolidated variable interest entities:
Cash and cash equivalents	123,362	109,578
Investments	1,762,956	2,370,884
Other assets	31,654	30,310
Other assets	31,654	30,310
Liabilities of consolidated variable interest entities:
Notes payable	42,916	49,990
Other liabilities	1,251,463	1,898,841
Other liabilities	1,251,463	1,898,841
Consolidated Entities Excluding VIE
Apollo Asset Management, Inc. Stockholders’ Equity:
Non-controlling interests	533,974	487,909
Series A Preferred Stock
Apollo Asset Management, Inc. Stockholders’ Equity:
Preferred stock	264,398	264,398
Series B Preferred Stock
Apollo Asset Management, Inc. Stockholders’ Equity:
Preferred stock	289,815	289,815
Apollo Operating Group
Apollo Asset Management, Inc. Stockholders’ Equity:
Non-controlling interests	$ 1,237,679	$ 1,130,827

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Performance allocations	$ 2,867,512	$ 2,635,180
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
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

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Investment income	$ 441,585	$ 702,315
Total Revenues	1,243,489	1,296,887
Expenses:
Compensation and benefits	669,567	734,105
Interest expense	34,302	32,993
General, administrative and other	183,028	140,363
Total Expenses	886,897	907,461
Other Income:
Net gains (losses) from investment activities	(1,536)	771,262
Net gains from investment activities of consolidated variable interest entities	34,037	279,455
Interest income	32,284	2,836
Other loss, net	(7,416)	(25,183)
Total Other Income	57,369	1,028,370
Income before income tax provision	413,961	1,417,796
Income tax provision	(61,472)	(134,174)
Net Income	352,489	1,283,622
Net income attributable to non-controlling interests	(135,106)	(686,654)
Net Income Attributable to Apollo Asset Management, Inc.	217,383	596,968
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders	208,219	587,804
Series A Preferred Stock Dividends
Other Income:
Preferred Stock Dividends	(4,383)	(4,383)
Series B Preferred Stock Dividends
Other Income:
Preferred Stock Dividends	(4,781)	(4,781)
Management fees
Revenues:
Revenues	631,840	522,936
Advisory and transaction fees, net
Revenues:
Revenues	154,599	65,786
Incentive fees
Revenues:
Revenues	$ 15,465	$ 5,850

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 352,489	$ 1,283,622
Other Comprehensive Income (Loss), net of tax:
Currency translation adjustments, net of tax	5,129	(5,810)
Net gain from change in fair value of cash flow hedge instruments	0	1,976
Net gain (loss) on available-for-sale securities	105	(681)
Total Other Comprehensive Income (Loss), net of tax	5,234	(4,515)
Comprehensive Income	357,723	1,279,107
Comprehensive Income attributable to non-controlling interests	(140,809)	(679,292)
Comprehensive Income Attributable to Apollo Asset Management, Inc.	$ 216,914	$ 599,815

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Apollo Asset Management, Inc. Stockholders’ Equity	Non- Controlling Interests in Consolidated Entities	Non- Controlling Interests in Apollo Operating Group
Balance, beginning of period (in shares) at Dec. 31, 2021		248,896,649
Balance, beginning of period at Dec. 31, 2021	$ 10,194,366		$ 264,398	$ 289,815	$ 2,096,403	$ 1,143,899	$ (5,374)	$ 3,789,141	$ 3,813,885	$ 2,591,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reverse stock split (in shares)		(248,895,649)
Deconsolidation of VIEs	(4,607,867)								(4,607,867)
Accretion of redeemable non-controlling interests	(19,980)				(19,980)			(19,980)
Contributions	1,755,876				328,628			328,628	1,427,248
Dividends/Distributions	(5,810,222)		(4,383)	(4,781)	(1,434,553)	(1,731,703)		(3,175,420)	(460,731)	(2,174,071)
Net Income	1,283,622		4,383	4,781		587,804		596,968	210,109	476,545
Currency translation adjustments, net of tax	(5,810)						2,646	2,646	(8,024)	(432)
Net gain from change in fair value of cash flow hedge instruments	1,976						882	882		1,094
Net loss on available-for-sale securities	(681)						(681)	(681)		0
Balance, end of period (in shares) at Mar. 31, 2022		1,000
Balance, end of period at Mar. 31, 2022	2,791,280		264,398	289,815	970,498	0	(2,527)	1,522,184	374,620	894,476
Balance, beginning of period (in shares) at Dec. 31, 2022		1,000
Balance, beginning of period at Dec. 31, 2022	3,466,987		264,398	289,815	1,304,378	0	(10,340)	1,848,251	487,909	1,130,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable non-controlling interests	(9,682)				(9,478)	(204)		(9,682)
Contributions	136,720				124,071			124,071	12,649
Dividends/Distributions	(396,474)		(4,383)	(4,781)	(178,754)	(208,015)		(395,933)	(541)	0
Net Income	352,489		4,383	4,781		208,219		217,383	28,189	106,917
Currency translation adjustments, net of tax	5,129						(485)	(485)	5,768	(154)
Net gain from change in fair value of cash flow hedge instruments	0
Net loss on available-for-sale securities	105						16	16		89
Balance, end of period (in shares) at Mar. 31, 2023		1,000
Balance, end of period at Mar. 31, 2023	$ 3,555,274		$ 264,398	$ 289,815	$ 1,240,217	$ 0	$ (10,809)	$ 1,783,621	$ 533,974	$ 1,237,679

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 352,489	$ 1,283,622
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity-based compensation	123,991	156,288
Depreciation and amortization	26,982	7,891
Unrealized (gains) losses from investment activities	4,624	13,236
Net investment income	(441,585)	(702,315)
Change in fair value of contingent obligations	(1,806)	(2,742)
(Gain) loss from change in tax receivable agreement liability	0	14,184
Deferred taxes, net	24,090	(249,068)
Non-cash lease expense	24,192	9,978
Other non-cash amounts included in net income, net	37,863	(4,541)
Cash flows due to changes in operating assets and liabilities:
Due from related parties	(46,981)	670,506
Accounts payable and accrued expenses	17,383	(6,972)
Accrued compensation and benefits	33,403	(21,903)
Deferred revenue	32,661	12,123
Due to related parties	34,495	476,160
Profit sharing payable	122,988	194,646
Lease liability	(13,800)	0
Other assets and other liabilities, net	(77,956)	(553,130)
Earnings from net investment income	203,524	487,095
Satisfaction of contingent obligations	(10)	(12,701)
Apollo Fund and VIE related:
Net Cash Provided by (Used in) Operating Activities	1,062,564	(300,470)
Cash Flows from Investing Activities:
Purchases of fixed assets	(43,757)	(43,542)
Proceeds from sale of investments	7,937	2,694
Purchase of investments	(29,207)	(119,169)
Purchase of U.S. Treasury securities	(244,263)	(699,184)
Proceeds from maturities of U.S. Treasury securities	537,936	299,763
Cash contributions to principal investments	(58,353)	(125,201)
Cash distributions from principal investments	12,820	12,454
Related party inflows (Repayments)	6,482	580,958
Related party outflows (Issuances)	(8,429)	(1,143,756)
Other investing activities, net	0	(1,338)
Net Cash Provided by (Used in) Investing Activities	181,166	(891,526)
Cash Flows from Financing Activities:
Principal repayments of debt	(1,339)	0
Dividends to Preferred Stockholders	(9,164)	(9,164)
Distributions related to AGM’s repurchase of Common Stock	0	(226,431)
Distributions related to deliveries of AGM’s Common Stock for RSUs	(146,973)	(138,043)
Dividends/Distributions	(239,798)	(229,230)
AOG Unit Payment	(43,817)	0
Due to parent, net	(80,533)	0
Other financing activities, net	(320)	(1,956)
Apollo Fund and VIE related:
Net Cash Provided by (Used in) Financing Activities	(1,163,398)	1,406,294
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs	80,332	214,298
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs, Beginning of Period	2,358,442	2,088,334
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Funds and VIEs, End of Period	2,438,774	2,302,632
Supplemental Disclosure of Cash Flow Information:
Interest paid	24,443	24,246
Interest paid by consolidated variable interest entities	12,215	170,479
Income taxes paid	10,701	16,071
Supplemental Disclosure of Non-Cash Investing Activities:
Distributions from principal investments	1,539	93,420
Change in accrual for purchase of fixed assets	(138)	(44)
Loss on Athene equity swap	0	21,086
Capital increases related to equity-based compensation	110,229	130,302
Issuance of restricted shares	13,842	27,872
Other non-cash financing activities	0	(681)
Investments, at fair value	0	(16,170,171)
Other assets	0	(184,098)
Debt, at fair value	0	9,350,378
Notes payable	0	2,611,019
Other liabilities	0	528,587
Non-controlling interest in consolidated entities related to acquisition	0	4,607,867
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	1,254,202	1,245,606
Restricted cash and cash equivalents	1,061,210	1,037,673
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	2,438,774	2,302,632
Investments of Consolidated VIEs
Apollo Fund and VIE related:
Net realized and unrealized gains from investing activities and debt	(30,157)	(101,449)
Change in consolidation	0	(743,582)
Purchases of investments	(1,213,337)	(2,666,619)
Proceeds from sale of investments	1,861,296	1,490,289
Changes in other assets and other liabilities, net	(11,785)	(51,466)
Cash Flows from Investing Activities:
Purchase of U.S. Treasury securities	0	(817,371)
Proceeds from maturities of U.S. Treasury securities	0	1,162,166
Cash Flows from Financing Activities:
Principal repayments of debt	(1,856,883)	(646,366)
Apollo Fund and VIE related:
Issuance of debt	1,203,000	1,689,011
Distributions paid to non-controlling interests in consolidated entities	0	(458,605)
Contributions from non-controlling interests in consolidated entities	12,429	1,427,078
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	$ 123,362	$ 19,353

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Apollo Asset Management, Inc. (“AAM”, 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, accounts and other vehicles, on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, 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 March 31, 2023, Apollo had two primary business segments: • Asset Management — focuses on three investing strategies: yield, hybrid and equity; yield focuses on generating excess returns through high quality credit underwriting and origination of safe-yielding assets; hybrid focuses across debt and equity to offer a differentiated risk-adjusted return with an emphasis on structured downside protected opportunities across asset classes; and within equity, controlled transactions are principally buyouts, corporate carveouts and distressed investments, while the real estate funds the Company manages generally focus on single asset, portfolio and platform acquisitions; • Principal Investing — primarily includes the Company’s general partner investments in the funds it manages, where the Company earns realized performance fee income based on the investment performance of these funds. Principal investing also includes the Company’s growth capital and liquidity resources. The Company seeks to deploy capital into strategic investments over time to help accelerate the growth of the asset management segment. Organization of the Company As of March 31, 2023, the Company owned a majority of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group. The remaining economic interests of the Apollo Operating Group were owned directly and indirectly by Apollo Global Management, Inc. (“AGM”). Apollo and Athene Merger On January 1, 2022, Apollo and Athene completed the previously announced merger transactions pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) by and among AAM, Tango Holdings, Inc., a Delaware corporation and a then wholly-owned subsidiary of AAM (“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”). 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 AHL and AAM are owned by AGM. In connection with the closing of the Mergers, the Company completed a corporate recapitalization (the “Corporate Recapitalization”) which resulted in the recapitalization of AGM from an umbrella partnership C corporation (“Up-C”) structure to a corporation with a single class of common stock with one vote per share. Griffin Capital Contributions On March 1, 2022, AGM, the parent company of AAM, completed the acquisition of Griffin Capital’s U.S. wealth distribution business. On May 3, 2022, AGM completed the acquisition of Griffin Capital’s U.S. asset management business. On the dates of each acquisition, AGM concurrently executed agreements pursuant to which AGM contributed its interests in the respective Griffin Capital businesses to subsidiaries of AAM.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2022 Annual Report. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation. Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • Subsidiaries, including management companies and general partners of funds that the Company manages • Funds, including entities that have attributes of an investment company • Special purpose acquisition companies (“SPACs”) • Securitization vehicles (e.g., collateralized loan obligations (“CLOs”)) Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a variable interest entity (“VIE”) or a voting interest entity (“VOE”) and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below. Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. The funds managed by the Company that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that (i) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or (ii) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed 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 (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 5 and 13. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. 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. Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Prior to the Corporate Recapitalization, the non-controlling interests relating to AGM 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. Subsequent to the closing of the Mergers, Athene’s interest in the Apollo Operating Group was distributed to AGM. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of stockholders’ equity on the Company’s condensed consolidated statements of financial condition. The primary components of non-controlling interests are separately presented in the Company’s condensed consolidated statements of changes in stockholders’ equity to clearly distinguish the interest in the Apollo Operating Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. Apollo’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, contingent consideration obligations related to an acquisition, non-cash compensation, and fair value of investments and debt. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of March 31, 2023. Actual results could differ materially from those estimates. Cash and Cash Equivalents Apollo considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. 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 represent balances that are restricted as to withdrawal or usage. Restricted cash and cash equivalents of Apollo Strategic Growth Capital II (“APSG II”), a consolidated SPAC, is held in trust accounts and includes money market funds and U.S. Treasury bills with original maturities of three months or less, that were purchased with funds raised through the initial public offering of the consolidated entity. The $707.6 million in funds for APSG II as of March 31, 2023 is 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 13 for further detail. Restricted cash and cash equivalents of Acropolis Infrastructure Acquisition Corp. (“Acropolis”), a consolidated SPAC, is held in a trust account and includes money market funds that were purchased with funds raised through the initial public offering of the consolidated entity. The $351.4 million in funds as of March 31, 2023 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 the trust agreement. Refer to note 13 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 within investments in the condensed consolidated statements of financial condition. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities in the condensed consolidated statements of operations. Securities are generally recognized on a trade date basis. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. Changes in the fair value of financial instruments are recorded and 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 and are included within investment income (loss) in the condensed consolidated statement of operations. Financial instruments are generally recorded at fair value or at carrying values that 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 Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities. The FVO election is irrevocable and can be applied to eligible financial instruments on an individual basis at initial recognition or at eligible remeasurement events. The Company has elected the FVO for financial instruments held by its consolidated CLOs, which includes investments in loans and corporate bonds, as well as debt obligations and contingent obligations. Certain consolidated VIEs have applied the FVO for investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. The Company has also elected the FVO for certain investments otherwise accounted for under the equity method of accounting. Refer to note 3 for additional information and other instances of when the Company has elected the FVO. 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 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. 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 investments 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. 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. 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 does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in investment income (loss) in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value. Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the condensed consolidated statements of financial condition. Reverse repurchase agreements are generally accounted for by electing the fair value option. Earnings from reverse repurchase agreements are included in n et gains from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations. For reverse repurchase agreements, the Company generally requires collateral with a fair value at least equal to the carrying value of the loaned amount, monitors the market value of the collateral on a periodic basis, and delivers or obtains additional collateral due to changes in the fair value of the collateral, as appropriate, in order to mitigate credit exposure. Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, 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 non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. 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 non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial 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. Net income attributable to Apollo Asset Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Deferred Revenue Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services provided. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. Apollo also earns management fees which are subject to an offset. When Apollo 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 the relevant fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition within the accounts payable, accrued expenses, and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the Company are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $124.0 million of revenue recognized during the three months ended March 31, 2023 that was previously deferred as of January 1, 2023. 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. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the condensed consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Redeemable non-controlling interests Redeemable non-controlling interests are attributable to VIEs and primarily represent the shares issued by the Company’s consolidated SPACs whose shares are redeemable for cash by the respective public shareholders in connection with the applicable SPAC’s 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 generally recorded against additional paid-in capital. Refer to note 13 for further detail. Revenues The Company’s revenues include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price, under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. Refer to disclosures below for additional information on each of the Company’s revenue streams. Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. Advisory and Transaction Fees, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. The Company receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees related to the Company’s funds, portfolio companies of funds and third parties are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties on the condensed consolidated statements of financial condition, which is discussed further in note 13. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are reduced by these management fee offsets in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition. During the normal course of business, the Company incurs certain costs related to certain transactions that are not consummated, or “broken deal costs”. These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the management fee offset. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As the Company acts as an agent for the funds it manages, any transaction costs incurred and paid by the Company on behalf of the respective funds relating to successful or broken deals are recorded net on the Company’s condensed consolidated statements of operations, and any receivable from the respective funds is recorded in due from related parties on the condensed consolidated statements of financial condition. Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations. Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which the Company’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. The Company recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidate

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	INVESTMENTS The following table presents Apollo’s investments: As of As of Investments, at fair value $ 1,352,581 $ 1,321,220 Equity method investments 1,010,743 978,923 Performance allocations 2,867,512 2,635,180 U.S. Treasury Securities, at fair value 419,410 708,844 Total Investments $ 5,650,246 $ 5,644,167 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 Athora, other strategic investments 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 and are included within investment income in the condensed consolidated statements of operations. Prior to the Mergers, the Company’s equity investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC. During the three months ended March 31, 2022, the Company’s investment in Athene Holding was distributed to AGM. As such, the following tables present summarized financial information of Athene Holding: For the Three Months Ended March 31, 2022 (in millions) Statements of Operations Revenues $ (269) Benefits and expenses 2,504 Income (loss) before income taxes (2,773) Income tax expense (benefit) (407) Net income (loss) (2,366) Less: Net income (loss) attributable to non-controlling interests (883) Net income (loss) available to Athene Holding Ltd. shareholders $ (1,483) Less: Preferred stock dividends 35 Net income (loss) available to Athene Holding Ltd. common shareholders $ (1,518) Net Gains (Losses) from Investment Activities The following table presents the realized and net change in unrealized gains reported in net gains (losses) from investment activities: For the Three Months Ended March 31, 2023 2022 Realized gains on sales of investments, net $ 5,073 $ 4,843 Net change in unrealized gains (losses) due to changes in fair value (6,609) 766,419 Net gains (losses) from investment activities $ (1,536) $ 771,262 Performance Allocations Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance: Total Performance allocations, January 1, 2023 $ 2,635,180 Change in fair value of funds 426,914 Fund distributions to the Company (194,582) Performance allocations, March 31, 2023 $ 2,867,512 The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the condensed consolidated statements of financial condition. See note 13 for further disclosure regarding the general partner obligation.

PROFIT SHARING PAYABLE

PROFIT SHARING PAYABLE	3 Months Ended
	Mar. 31, 2023
Profit Sharing Payable [Abstract]
PROFIT SHARING PAYABLE	PROFIT SHARING PAYABLEProfit sharing payable was $1.5 billion and $1.4 billion as of March 31, 2023 and December 31, 2022, respectively. The table below provides a roll forward of the profit sharing payable balance: Total Profit sharing payable, January 1, 2023 $ 1,412,451 Profit sharing expense 289,513 Payments/other (168,340) Profit sharing payable, March 31, 2023 $ 1,533,624 Profit sharing expense includes (i) changes in amounts payable to employees and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. Profit sharing payable excludes the potential return of profit sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the condensed consolidated statements of financial condition. See note 13 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 AGM’s common stock issued under AGM’s Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. See note 7 for further disclosure regarding deferred equity-based compensation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES A variable interest in a VIE is an investment or other interest that will absorb portions of the VIE’s expected losses and/or receive expected residual returns. Refer to note 2 for more detail about the Company’s VIE assessment and consolidation policy. Variable interests in consolidated VIEs and unconsolidated VIEs are discussed separately below. Consolidated Variable Interest Entities Consolidated VIEs include consolidated SPACs as well as certain CLOs and funds managed by the Company. The financial information for these consolidated SPACs is disclosed in note 13. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Similarly, there is no recourse to the Company for the consolidated VIEs’ liabilities. Other assets include interest receivables, receivables from affiliates, due from brokers and reverse repurchase agreements. 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, debt held at amortized cost, short-term payables and repurchase agreements. 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. 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. Net Gains from Investment Activities of Consolidated Variable Interest Entities The following table presents net gains from investment activities of the consolidated VIEs: For the Three Months Ended March 31, 2023 (1) 2022 (1) Net gains from investment activities $ 30,157 $ 90,831 Net gains from debt — 10,138 Interest and other income 33,063 167,051 Interest and other expenses (29,183) 11,435 Net gains from investment activities of consolidated variable interest entities $ 34,037 $ 279,455 (1) Amounts reflect consolidation eliminations. Subscription Lines Included within notes payable and other liabilities are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of those amounts. As of March 31, 2023 As of December 31, 2022 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Subscription Lines (1) 1,286,699 6.65 % 0.09 686,473 6.22 % 0.08 (1) The subscription lines 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. Repurchase Agreements The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254,109 Total Payables for repurchase agreements (1) $ — $ 1,254,109 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: As of As of Loans backed by residential real estate $ — $ 770,190 Loans backed by commercial real estate — 483,919 Total $ — $ 1,254,109 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level II of the fair value hierarchy. Reverse Repurchase Agreements As of March 31, 2023 and December 31, 2022, the fair value of collateral received under reverse repurchase agreements was $510 million and $1,522 million, respectively, and the fair value of collateral rehypothecated was $0 million and $1,522 million, respectively. Unconsolidated 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 maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. As of (2) As of (2) Apollo Exposure (1) $ 317,432 $ 343,383 (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 14. (2) Some amounts included are a quarter in arrears.

FAIR VALUE MEASUREMENTS OF FINA

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of March 31, 2023 Level I Level II Level III NAV Total Assets Cash and cash equivalents (1) $ 1,254,202 $ — $ — $ — $ 1,254,202 Restricted cash and cash equivalents (2) 1,061,210 — — — 1,061,210 Cash and cash equivalents of VIEs 123,362 — — — 123,362 U.S. Treasury securities 419,410 — — — 419,410 Investments, at fair value 193,358 38,821 1,117,263 (3) 3,139 1,352,581 Investments of VIEs, at fair value — 368,467 1,281,922 111,943 1,762,332 Due from related parties (4) — — 32,862 — 32,862 Derivative assets (5) — 17,433 14,755 — 32,188 Total Assets $ 3,051,542 $ 424,721 $ 2,446,802 $ 115,082 $ 6,038,147 Liabilities Other liabilities of VIEs, at fair value $ — $ 62 $ — $ — $ 62 Contingent consideration obligations (6) — — 53,200 — 53,200 Other liabilities (7) 1,380 — — — 1,380 Total Liabilities $ 1,380 $ 62 $ 53,200 $ — $ 54,642 As of December 31, 2022 Level I Level II Level III NAV Total Assets Cash and cash equivalents (1) $ 1,200,735 $ — $ — $ — $ 1,200,735 Restricted cash and cash equivalents (2) 1,048,129 — — — 1,048,129 Cash and cash equivalents of VIEs 109,578 — — — 109,578 U.S. Treasury securities 708,844 — — — 708,844 Investments, at fair value 189,995 38,729 1,084,349 (3) 8,147 1,321,220 Investments of VIEs, at fair value — 1,537,479 727,200 106,205 2,370,884 Due from related parties (4) — — 43,413 — 43,413 Derivative assets (5) — — 15,492 — 15,492 Total Assets $ 3,257,281 $ 1,576,208 $ 1,870,454 $ 114,352 $ 6,818,295 Liabilities Other liabilities of VIEs, at fair value $ — $ 24 $ — $ — $ 24 Contingent consideration obligations (6) — — 55,016 — 55,016 Other liabilities (7) 1,932 — — — 1,932 Derivative liabilities (5) — 56,674 — — 56,674 Total Liabilities $ 1,932 $ 56,698 $ 55,016 $ — $ 113,646 (1) Cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $0.3 million and $0.4 million, respectively, of cash and cash equivalents held by consolidated SPACs. (2) Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. (3) Investments as of March 31, 2023 and December 31, 2022 excludes $193.7 million and $198.1 million, respectively, of performance allocations classified as Level III related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. (4) Due from related parties represents a receivable from a fund. (5) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. (6) Profit sharing payable includes contingent obligations classified as Level III. (7) Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of 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 Three Months Ended March 31, 2023 Investments and Derivative Assets Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,099,841 $ 727,200 $ 1,827,041 Purchases 7,857 871,501 879,358 Sale of investments/distributions (1,126) (348,357) (349,483) Net realized gains (losses) (6,018) 18,360 12,342 Changes in net unrealized gains (losses) 26,032 14,747 40,779 Cumulative translation adjustment 5,432 — 5,432 Transfer out of Level III (1) — (1,529) (1,529) Balance, End of Period $ 1,132,018 $ 1,281,922 $ 2,413,940 Change in net unrealized gains included in investment income (loss) related to investments still held at reporting date $ 26,032 $ — $ 26,032 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 8,595 8,595 For the Three Months Ended March 31, 2022 Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 946,184 $ 13,187,803 $ 14,133,987 Net transfer in (out) due to consolidation (deconsolidation) 21,710 (14,190,236) (14,168,526) Purchases 103,224 2,418,129 2,521,353 Sale of investments/distributions (2,694) (1,192,531) (1,195,225) Net realized gains 1,596 11,766 13,362 Changes in net unrealized gains 28,465 203,795 232,260 Cumulative translation adjustment (11,590) (10,808) (22,398) Transfer into Level III (1) — 29,803 29,803 Transfer out of Level III (1) — (2,934) (2,934) Balance, End of Period $ 1,086,895 $ 454,787 $ 1,541,682 Change in net unrealized gains included in investment income related to investments still held at reporting date $ 28,465 $ — $ 28,465 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 81,204 81,204 (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 Three Months Ended March 31, 2023 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 55,016 $ — $ 55,016 Payments (10) — (10) Changes in net unrealized (gains) losses (1) (1,806) — (1,806) Balance, End of Period $ 53,200 $ — $ 53,200 For the Three Months Ended March 31, 2022 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 125,901 $ 7,527,569 $ 7,653,470 Transfer in due to consolidation — (8,626,153) (8,626,153) Issuances — 1,645,025 1,645,025 Payments (12,701) (518,773) (531,474) Net realized (gains) losses — (480) (480) Changes in net unrealized (gains) losses (1) (2,742) (16,368) (19,110) Cumulative translation adjustment — (10,820) (10,820) Transfers into Level III (2) — — — Balance, End of Period $ 110,458 $ — $ 110,458 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ — $ — (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. (2) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy: As of March 31, 2023 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Investments $ 547,617 Embedded value N/A N/A N/A 127,053 Discounted cash flow Discount rate 9.2% - 52.8% 29.0% 442,593 Adjusted transaction value N/A N/A N/A Due from related parties 32,862 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 14,755 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs: Bank loans 789,825 Discounted cash flow Discount rate 7.2% - 35.4% 7.5% Adjusted transaction value N/A N/A N/A Equity securities 468,031 Dividend discount model Discount rate 12.9% 12.9% Bonds 23,910 Discounted cash flow Discount rate 8.2% -10.5% 10.5% Warrants 156 Discounted cash flow Discount rate 15.0% 15.0% Total Financial Assets $ 2,446,802 Financial Liabilities Contingent Consideration Obligation 53,200 Discounted cash flow Discount rate 24.0% - 29.0% 27.5% Total Financial Liabilities $ 53,200 As of December 31, 2022 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Investments $ 525,696 Embedded value N/A N/A N/A 128,368 Discounted cash flow Discount rate 8.9% - 52.8% 28.7% 430,285 Adjusted transaction value N/A N/A N/A Due from related parties 43,413 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15,492 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs: Equity securities 458,282 Dividend discount model Discount rate 12.1% 12.1% Bank loans 243,703 Discounted cash flow Discount rate 6.4% - 32.7% 8.0% Adjusted transaction value N/A N/A N/A Bonds 25,065 Discounted cash flow Discount rate 7.9% 7.9% Warrants 150 Discounted cash flow Discount rate 15.4% 15.4% Total Financial Assets $ 1,870,454 Financial Liabilities Contingent Consideration Obligation 55,016 Discounted cash flow Discount rate 20.0% - 25.0% 23.6% Total Financial Liabilities $ 55,016 N/A: Not applicable (1) Unobservable inputs were weighted based on the fair value of the investments included in the range. 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 input used in the fair value measurement of the equity securities, bank loans, bonds and warrants is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value, which would result in a significantly lower or higher fair value measurement. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. Certain investments of VIEs are valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determine 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 14 for further discussion of the contingent consideration obligations. Valuation of Underlying Investments As previously noted, 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, valuation committees consisting of members from senior management review and approve the valuation results related to the investments of the funds the Company 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. Yield Investments Yield investments are generally valued based on third party vendor prices and/or quoted market prices and valuation models. Valuations using quoted market prices are 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 determining 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 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 income approach, as described below. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks. Equity and Hybrid Investments The majority of illiquid equity and hybrid investments are valued using the market approach and/or the income approach, as described below. 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. 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. Certain of the funds Apollo manages may also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts, and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of the period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2023
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 $ 490,312 $ 447,065 Less: Accumulated depreciation and amortization (173,545) (160,654) Fixed assets, net 316,767 286,411 Deferred equity-based compensation (1) 296,132 279,973 Intangible assets, net 174,152 179,215 Commitment asset (2) 130,005 138,385 Prepaid expenses 78,721 62,098 Tax receivables 70,514 92,610 Other 145,986 137,063 Total Other Assets $ 1,212,277 $ 1,175,755 (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 $239.2 million and $227.8 million, as of March 31, 2023 and December 31, 2022, respectively, is included in other liabilities on the condensed consolidated statements of financial condition. (2) Represents a commitment from an institutional investor as part of a strategic transaction.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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 condensed consolidated statements of operations. For the Three Months Ended March 31, 2023 2022 Operating lease cost $ 20,738 $ 16,104 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended March 31, 2023 2022 Operating cash flows for operating leases $ 10,345 $ 6,126 As of March 31, 2023, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2023 $ 49,374 2024 73,819 2025 72,895 2026 69,320 2027 71,824 Thereafter 513,976 Total lease payments $ 851,208 Less imputed interest (143,402) Present value of lease payments $ 707,806 The Company has undiscounted future operating lease payments of $47.1 million related to leases that have not commenced that were entered into as of March 31, 2023. Such lease payments are not yet included in the table above or the Company’s condensed consolidated statements of financial condition as lease assets and lease liabilities. These operating leases are anticipated to commence in 2023 or later with maximum lease terms of approximately 12 years. Supplemental information related to leases is as follows: As of As of Weighted average remaining lease term (in years) 12.3 12.8 Weighted average discount rate 3.0 % 2.6 %

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax provision totaled $61.5 million and $134.2 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s effective tax rate was approximately 14.8% and 9.5% for the three months ended March 31, 2023 and 2022, respectively. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a number of tax-related provisions, including a 15% minimum corporate income tax on certain large corporations, as well as an excise tax on stock repurchases. It is unclear how the IRA will be implemented by the U.S. Department of the Treasury through regulation. The Company is evaluating the tentative impact of the IRA on its tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. The Company will continue to evaluate the IRA’s impact as further information becomes available. 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. As of March 31, 2023, the Company recorded $17.3 million of unrecognized tax benefits for uncertain tax positions. Approximately all of the unrecognized tax benefits, if recognized, would affect the effective tax rate. The Company does not anticipate a material change to its unrecognized tax benefits over 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 U.S. federal, state, local and foreign tax authorities. As of March 31, 2023, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2019 through 2021 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 and 2020 tax years. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 to 2020. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax year 2017 and 2020. There are other examinations ongoing in other foreign jurisdictions, which the Company operates. No provisions with respect to these examinations have been recorded, other than the unrecognized tax benefits discussed above. The Company has historically recorded deferred tax assets resulting from the step-up in the tax basis of assets, including intangibles resulting from exchanges of AOG Units for Class A shares by the Former Managing Partners and Contributing Partners. A related liability has historically been recorded in “Due to Related Parties” in the condensed consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among the Company, the Former Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 13). The benefit the Company has historically obtained from the difference in the tax asset recognized and the related liability resulted 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.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: As of March 31, 2023 As of December 31, 2022 Maturity Date Outstanding Fair Value Outstanding Fair Value 4.00% 2024 Senior Notes (1)(2) May 30, 2024 $ 499,285 $ 490,035 (4) $ 499,122 $ 485,616 (4) 4.40% 2026 Senior Notes (1)(2) May 27, 2026 498,371 486,207 (4) 498,243 475,629 (4) 4.87% 2029 Senior Notes (1)(2) February 15, 2029 674,824 646,533 (4) 674,816 638,649 (4) 2.65% 2030 Senior Notes (1)(2) June 5, 2030 495,674 418,871 (4) 495,524 406,787 (4) 5.00% 2048 Senior Notes (1)(2) March 15, 2048 297,019 271,862 (4) 296,959 261,675 (4) 4.95% 2050 Subordinated Notes (1)(2) January 14, 2050 296,714 248,175 (4) 296,714 252,483 (4) 1.70% Secured Borrowing II April 15, 2032 17,793 17,963 (4) 18,159 17,614 (4) 1.30% 2016 AMI Term Facility I January 15, 2025 18,270 18,270 (3) 18,052 18,028 (3) 1.40% 2016 AMI Term Facility II October 18, 2024 15,976 15,976 (3) 16,528 16,510 (3) Total Debt $ 2,813,926 $ 2,613,892 $ 2,814,117 $ 2,572,991 (1) Interest rate is calculated as weighted average annualized. (2) Includes amortization of note discount, as applicable, totaling $15.2 million and $15.8 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. (3) Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy. (4) Fair value is based on obtained broker quotes. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. As of March 31, 2023, 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. Apollo’s debt obligations contain various customary loan covenants. As of March 31, 2023, 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. Credit Facilities The following table represents the Company’s credit facilities as of March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms 2022 AMH credit facility N/A October 12, 2027 Citibank, N.A. The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%. On October 12, 2022, AMH, as borrower, entered into a $1.0 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on October 12, 2027 (“2022 AMH credit facility”). Borrowings under the 2022 AMH credit facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. As of March 31, 2023, AMH, the borrower under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AMH was in compliance with a net leverage ratio not to exceed 4.00 to 1.00. As of March 31, 2023, there were no amounts outstanding under the 2022 AMH credit facility and the Company was in compliance with all financial covenants under the facility. The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2023 2022 Total Interest Expense $ 34,302 $ 32,993 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Under AGM’s Equity Plan, AGM is permitted to grant equity awards representing ownership interests in AGM common stock to employees of AAM. Equity-based awards granted to employees and non-employees as compensation are measured based on the grant date fair value of the award, which considers the public share price of AGM’s common stock subject to certain discounts, as applicable. AGM grants both service and performance-based awards. The estimated total grant date fair value for service-based awards is charged to compensation expense on a straight-line basis over the vesting period, which is generally one t and AGM’s achievement of specified performance goals. In accordance with U.S. GAAP, equity-based compensation expense for performance grants are typically recognized on an accelerated recognition method over the requisite service period to the extent the performance revenue metrics are met or deemed probable. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. For the three months ended March 31, 2023 and 2022, AAM recorded equity-based compensation expense of $124.0 million and $156.3 million, respectively. As of March 31, 2023, there was $927.3 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 2.9 years. Service-Based Awards During the three months ended March 31, 2023 and 2022, AGM awarded service-based RSUs of 4.0 million and 3.1 million, respectively, with a grant date fair value of $275.2 million and $193.7 million, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense on service-based RSUs of $55.5 million and $58.8 million, respectively. Performance-Based Awards During the three months ended March 31, 2023 and 2022, AGM awarded performance-based RSUs of 1.2 million and 2.1 million, respectively, with a grant date fair value of $79.2 million and $126.4 million, respectively, which primarily 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 three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense on performance-based awards of $54.6 million and $73.8 million, respectively. In December 2021, the Company awarded one-time grants to the Company’s Co-Presidents of 6 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2 million of those RSUs also subject to AGM’s achievement of certain fee related earnings and spread related earnings per share metrics. During the three months ended March 31, 2023 and 2022, the Company recorded equity-based compensation expense of $13.9 million and $13.9 million for service-based awards and $5.8 million and $5.9 million, respectively, for performance-based awards each related to these one-time grants. Restricted Stock Awards During the three months ended March 31, 2023 and 2022, AGM awarded 0.2 million and 0.4 million restricted stock awards, respectively, from profit sharing arrangements with a grant date fair value of $13.8 million and $27.9 million, respectively.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
EQUITY	EQUITY Preferred Stock The Company has 11,000,000 Series A Preferred shares and 12,000,000 Series B Preferred shares issued and outstanding as of March 31, 2023. Dividends on the Preferred shares are discretionary and non-cumulative. During 2023, quarterly cash dividends were $0.398438 per Series A Preferred share and Series B Preferred share. Subject to certain exceptions, unless dividends have been declared and paid or declared and set apart for payment on the Preferred shares 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 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 shares (“Junior Stock”) and Apollo may not repurchase any Junior Stock. The Series A Preferred shares and the Series B Preferred shares 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, plus declared and unpaid dividends to, but excluding, the redemption date, without payment of any undeclared dividends. Holders of the Preferred shares have no right to require the redemption of the Preferred shares and there is no maturity date. If a certain change of control event or a certain tax redemption event occurs prior to March 15, 2023 for the Series B Preferred shares, the Series B Preferred shares may be redeemed at Apollo’s option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event or such tax redemption event, as applicable, at a price of $25.25 per share, 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 shares may be redeemed at Apollo’s option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such rating agency event, at a price of $25.50 per share, 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 and (ii) Apollo does not give notice prior to the 31st day following the change of control event to redeem all the outstanding Preferred shares, the dividend rate per annum on the Preferred shares will increase by 5.00%, beginning on the 31st day following such change of control event. The Preferred shares are not convertible into common stock and have no voting rights, except in limited circumstances as provided in the Company’s certificate of incorporation. Dividends On May 9, 2023, the Company declared a cash dividend of $0.398438 per share of Series A Preferred shares and Series B Preferred shares, which will be paid on June 15, 2023 to holders of record at the close of business on June 1, 2023. Redeemable Non-Controlling Interests As discussed in note 2, redeemable non-controlling interests primarily represent the shares issued by the Company’s consolidated SPACs. The table below presents the activities associated with the redeemable non-controlling interests. For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 1,031,914 $ 1,770,034 Accretion of redeemable non-controlling interests 9,682 19,980 Balance at end of period $ 1,041,596 $ 1,790,014

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES	RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES Management fees, transaction and advisory fees and reimbursable expenses from the funds the Company manages and their portfolio companies are included in due from related parties in the condensed consolidated statements of financial condition. The Company also typically facilitates the payment of certain operating costs incurred by the funds that it manages as well as their related parties. These costs are normally reimbursed by such funds and are included in due from related parties. Other related party transactions include loans to employees, periodic sales of ownership interests in Apollo funds to employees, and receivables from and payables to AGM. Due from related parties and due to related parties are comprised of the following: As of As of Due from Related Parties: Due from funds (1) $ 370,450 $ 333,165 Due from employees and former employees 91,885 89,671 Due from portfolio companies 98,226 143,975 Due from parent 200,405 150,555 Incentive fees receivable 14,149 8,887 Total Due from Related Parties $ 775,115 $ 726,253 Due to Related Parties: Due to Former Managing Partners and Contributing Partners (2) $ 830,589 $ 874,406 Due to parent 507,606 579,354 Due to funds 149,444 123,734 Total Due to Related Parties $ 1,487,639 $ 1,577,494 (1) Includes $32.9 million and $43.4 million as of March 31, 2023 and December 31, 2022, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. (2) Includes $306.7 million and $350.5 million as of March 31, 2023 and December 31, 2022, respectively, related to the purchase of limited partnership interests, payable in equal quarterly installments through December 31, 2024. Tax Receivable Agreement Prior to the consummation of the Mergers, each of the Former Managing Partners and Contributing Partners had the right to exchange vested AOG Units for Class A shares, subject to certain restrictions. All Apollo Operating Group entities have made, or will make, an election under Section 754 of the U.S. Internal Revenue Code, which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group entities at the time an exchange was made. The election results in an increase to the tax basis of underlying assets which will reduce the amount of gain and associated tax that the Company and its subsidiaries will otherwise be required to pay in the future. The tax receivable agreement (“TRA”) provides for 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 Apollo realizes as a result of the increases in tax basis of assets that resulted from transactions and other exchanges of AOG Units for Class A shares that occurred in prior years. AGM 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. Following the closing of the Mergers, as the Former Managing Partners and Contributing Partners no longer own AOG Units, there are no new exchanges subject to the TRA. 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 AGM common stock concurrently with the consummation of the Mergers on January 1, 2022. As of March 31, 2023, the outstanding payable amount to Former Managing Partners and Contributing Partners was $306.7 million, which is payable in equal quarterly installments through December 31, 2024. Due from Employees and Former Employees As of March 31, 2023 and December 31, 2022, due from employees and former employees includes various amounts due to the Company, including employee loans and return of profit sharing distributions. As of March 31, 2023 and December 31, 2022, the balance included interest-bearing employee loans receivable of $6.8 million and $8.8 million, respectively. The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation from the Company. The Company recorded a receivable from certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of March 31, 2023 and December 31, 2022 of $75.4 million and $72.1 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. 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 contributed or sold to the Apollo Operating Group. The Company recorded an indemnification liability in respect of this indemnification obligation of $13.2 million and $13.2 million as of March 31, 2023 and December 31, 2022, respectively. Due to Funds Based upon an assumed liquidation of certain of the 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 governing document of the fund. The Company recorded general partner obligations to return previously distributed performance allocations related to certain funds of $119.4 million and $106.5 million as of March 31, 2023 and December 31, 2022, respectively. Athene Fee Arrangement 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 March 31, 2022, 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, 2022. 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, 2022, 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 book value of substantially all of the assets in substantially all of the accounts of or relating to Athene (collectively, the “Athene Accounts”) up to $103.4 billion (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: 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 FinCo Designated Activity Company, 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%. Merger Agreement On January 1, 2022, Apollo and Athene completed the previously announced Mergers. Following the closing of the Mergers, all of the common stock of AAM and AHL is owned by AGM and both AAM and AHL became consolidated subsidiaries of AGM. Subsequent to the closing of the Mergers and during the three months ended March 31, 2022, the Company distributed its interest in AHL’s Class A common shares to AGM. Athora The Company, through ISGI, provides investment advisory services to certain portfolio companies of funds managed by Apollo and Athora, a strategic platform that acquires or reinsures blocks of insurance business in the European life insurance market (collectively, the “Athora Accounts”). The Company had equity commitments outstanding of up to $346.8 million as of March 31, 2023, 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. These changes had retroactive effect to January 1, 2021. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2023 2022 Revenues earned in aggregate from Athene and Athora (1) $ 369,412 $ 325,561 (1) Consisting of management fees, sub-advisory fees, and performance revenues from Athene and Athora, as applicable. Regulated Entities and Affiliated Service Providers Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements at March 31, 2023. From time to time, AGS, as well as other Apollo affiliates provide services to related parties of Apollo, including Apollo funds and their portfolio companies, whereby the Company or its affiliates earn fees for providing such services. Griffin Capital Securities, LLC (“GCS”) 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. GCS was in compliance with these requirements as of March 31, 2023. Due to/from parent The Company has receivables from its parent company, AGM, related to funding operations and expense allocations. The balance outstanding was $200.4 million as of March 31, 2023. Following the merger with Athene, the Company has a revolving loan agreement with AGM to manage cash balances and to fund liquidity for general corporate use. The balance outstanding on this loan to AGM was $507.6 million as of March 31, 2023. Investment in SPACs In October 2020, APSG I, a SPAC, completed an initial public offering, ultimately raising total gross proceeds of $816.8 million. APSG Sponsor, L.P., a subsidiary of Apollo, held Class B ordinary shares of APSG I, and consolidated it as a VIE. In May 2022, APSG I completed a business combination with American Express Global Business Travel. As a result of the business combination, Apollo no longer consolidates APSG I as a VIE. Apollo continues to hold a non-controlling interest in the newly merged entity at fair value, elected under the fair value option, which is primarily presented within Investments in the condensed consolidated statements of financial condition. On February 12, 2021, APSG II, a SPAC sponsored by Apollo, completed an initial public offering, raising total gross proceeds of $690.0 million. APSG Sponsor II, L.P., a subsidiary of Apollo, holds Class B ordinary shares of APSG II, and consolidates APSG II as a VIE. In December 2022, APSG II entered into a non-binding letter of intent regarding a potential initial business combination and now has until May 12, 2023 to complete its initial business combination. On July 13, 2021, Acropolis, a SPAC sponsored by Apollo, completed an initial public offering, ultimately raising total gross proceeds of $345.0 million. Acropolis Infrastructure Acquisition Sponsor, L.P., a subsidiary of Apollo, holds Class B common stock of Acropolis, and consolidates Acropolis as a VIE.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Investment Commitments As a limited partner, general partner and manager of the Apollo funds, Apollo had unfunded capital commitments as of March 31, 2023 of $0.6 billion. Litigation and Regulatory Matters 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 AAM, 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. The complaint was determined by a bankruptcy court to be void ab initio because it asserted claims that were property of CIL’s bankruptcy estate. On December 7, 2018, McEvoy 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 asserted, among other things, claims for violations of the Investment Advisers Act, breach of fiduciary duties, and breach of contract. 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. After extensive motion practice, the District Court granted defendants’ motion for summary judgment on statute of limitations grounds on March 10, 2022 and entered judgment in defendants’ favor. Plaintiff appealed the District Court’s decision to the United States Court of Appeals for the Eleventh Circuit. On March 30, 2023, the Eleventh Circuit affirmed the District Court’s decision, and subsequently denied Plaintiff’s motion for rehearing on May 1, 2023. Apollo believes that Plaintiffs’ claims are without merit. No reasonable estimate of possible loss, if any, can be made at this time. On December 21, 2017, several entities referred to collectively as “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 AAM, and funds managed by Apollo that invested in SkyTerra Communications, Inc. (“SkyTerra”), among others. 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. The complaint further 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 sought $1.9 billion in damages, as well as punitive damages, interest, costs, and fees. On June 12, 2019, Harbinger voluntarily discontinued the state action without prejudice. 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 and three new claims relating to Harbinger’s contention that the new defendants induced Harbinger to buy CCTV One Four Holdings, LLC (“CCTV”) to support SkyTerra’s network even though they allegedly knew that the network had material defects. On November 23, 2020, Defendants refiled a 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. 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. 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 AAM, 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 asserted, 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. Frank Funds seeks unspecified compensatory damages. 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, in an action captioned In re Appraisal of MPM Holdings, Inc. , C.A. No. 2019-0519 (Del. Ch.). 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 AAM, 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. 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.). 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 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 AAM, 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 asserted claims against all defendants 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. The complaint further asserted 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 such defendants were responsible for certain misstatements and omissions by PlayAGS about its business. On December 2, 2022, the Court dismissed all claims against the underwriters (including Apollo Global Securities, LLC) and the Apollo Defendants, but allowed a claim against PlayAGS and two of the Company's executives to proceed. No reasonable estimate of possible loss, if any, can be made at this time. Certain of Apollo’s investment adviser subsidiaries have received a request for information and documents from the SEC in connection with an investigation concerning compliance with record retention requirements relating to business communications sent or received via electronic messaging channels. As has been publicly reported, the SEC is conducting similar investigations of other investment advisers. Commitments and Contingencies Other long-term obligations relate to payments with respect to certain consulting agreements entered into by Apollo Investment Consulting LLC, a subsidiary of Apollo, as well as long-term service contracts. A significant portion of these costs are reimbursable by funds or portfolio companies. As of March 31, 2023, fixed and determinable payments due in connection with these obligations were as follows: Remaining 2023 2024 - 2025 2026 - 2027 2028 and Thereafter Total Other long-term obligations $ 11,733 $ 1,032 $ — $ — $ 12,765 Contingent Obligations Performance allocations with respect to certain funds are subject to reversal in the event of future losses to the extent of the cumulative revenues recognized in income to date. If all of the existing investments became worthless, the amount of cumulative revenues that have been recognized by Apollo through March 31, 2023 and that would be reversed approximates $4.9 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 13 to our condensed consolidated financial statements for further details regarding the general partner obligation. Certain funds may not generate performance allocations as a result of unrealized and realized losses that are recognized in the current and prior reporting period. In certain cases, performance allocations will not be generated until additional unrealized and realized gains occur. Any appreciation would first cover the deductions for invested capital, unreturned organizational expenses, operating expenses, management fees and priority returns based on the terms of the respective fund agreements. One of the Company’s subsidiaries, AGS, provides underwriting commitments in connection with securities offerings of related parties of Apollo, including portfolio companies of the funds Apollo manages, as well as third parties. As of March 31, 2023 and December 31, 2022, there were no open underwriting commitments. The Company and Athene, together with a third-party institutional investor, have committed to provide financing to a consolidated VIE that invests across Apollo’s capital markets platform (such VIE, the “Apollo Capital Markets Partnership”). Pursuant to these arrangements, the Company and Athene have committed equity financing to the Apollo Capital Markets Partnership. The Apollo Capital Markets Partnership also has a revolving credit facility with Sumitomo Mitsui Banking Corporation, as lead arranger, administrative agent and letter of credit issuer, Mizuho Bank Ltd., and other lenders party thereto, pursuant to which it may borrow up to $2.25 billion. The revolving credit facility, which has a final maturity date of April 1, 2025, is non-recourse to the Company and Athene, except that the Company and Athene provided customary comfort letters with respect to their capital contributions to the Apollo Capital Markets Partnership. As of March 31, 2023, the Apollo Capital Markets Partnership had funded commitments of $1.24 billion, on a net basis, to transactions across Apollo’s capital markets platform, all of which were funded through the revolving credit facility and other asset-based financing. No capital had been funded by the Company or Athene to the Apollo Capital Markets Partnership pursuant to their commitments. Whether the commitments of the Apollo Capital Markets Partnership are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. It is expected that between the time the Apollo Capital Markets Partnership makes a commitment and funding of such commitment, efforts will be made to syndicate such commitment to, among others, third parties, which should reduce its risk when committing to certain transactions. The Apollo Capital Markets Partnership may also, with respect to a particular transaction, enter into other arrangements with third parties which reduce its commitment risk. Contingent Consideration In connection with the acquisition of Stone Tower in April 2012, the Company agreed to pay the former owners of Stone Tower a specified percentage of any future performance revenues earned from certain of the Stone Tower funds, CLOs, and strategic investment accounts. This contingent consideration liability was determined based on the present value of estimated future performance revenue payments, and is recorded in profit sharing payable in the condensed consolidated statements of financial condition. The fair value of the remaining contingent obligation was $53.2 million and $55.0 million as of March 31, 2023 and December 31, 2022, respectively. The contingent consideration obligations will be remeasured to fair value at each reporting period until the obligations are satisfied and are characterized as Level III liabilities. The changes in the fair value of the contingent consideration obligations is reflected in profit sharing expense in the condensed consolidated statements of operations. See note 6 for further information regarding fair value measurements. Atlas In connection with AGM and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, each of AARe, a wholly-owned subsidiary of Athene, and AAM has issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. AAA and Athene have provided guarantees to support AARe, and the Company has provided a guarantee for up to $3.3 billion to support AAA. The fair value of the liability related to AAM’s guarantee is not material to the Company’s condensed consolidated financial statements.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Apollo conducts its business primarily in the United States through two reportable segments: (i) asset management and (ii) principal investing. Segment information is utilized by our chief operating decision makers to assess performance and to allocate resources. The performance is measured by the Company’s chief operating decision makers on an unconsolidated basis because the chief operating decision makers make 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 Income Segment Income is the key performance measure used by management in evaluating the performance of the asset management and principal investing segments. Management uses Segment Income to make 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 compensation to 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. Segment Income 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 Income represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of the related funds and SPACs, interest and preferred dividends paid to Preferred shareholders, 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 Income excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and variable interest entities that are included in the condensed consolidated financial statements. Segment Income 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 Income 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 Income as a measure of operating performance, not as a measure of liquidity. Segment Income 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 Income 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 Income 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 Income 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 a component of Segment Income that is used to assess the performance of the asset management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages. Principal Investing Income Principal Investing Income (“PII”) is a component of Segment Income that is used to assess the performance of the principal investing segment. For the principal investing segment, PII is the sum of (i) realized performance fees, including certain realizations received in the form of equity, (ii) realized investment income, less (x) realized principal investing compensation expense, excluding expense related to equity-based compensation, and (y) certain corporate compensation and non-compensation expenses. The following tables present financial data for the Company’s reportable segments. As of and for the Three Months Ended 2023 2022 Asset Management Management Fees $ 576,998 $ 505,401 Capital solutions fees and other, net 138,435 64,113 Fee-related performance fees 26,622 14,226 Fee related compensation (211,072) (175,372) Other operating expenses (132,984) (98,384) Fee Related Earnings (FRE) 397,999 309,984 Principal Investing Realized performance fees 163,766 127,189 Realized investment income 27,529 439,408 Principal investing compensation (167,611) (155,988) Other operating expenses (30) (5,964) Principal Investing Income (PII) 23,654 404,645 Segment Income 421,653 714,629 Segment Assets: As of As of Asset Management $ 2,323,325 $ 2,167,599 Principal Investing 8,181,748 8,235,326 Total Assets (1) $ 10,505,073 $ 10,402,925 (1) Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets. The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Income: For the Three Months Ended 2023 2022 Income before income tax provision $ 413,961 $ 1,417,796 Equity-based profit sharing expense and other (1) 67,257 97,078 Equity-based compensation 51,986 56,333 Transaction-related charges (2) 3,163 (729) Merger-related transaction and integration costs (3) 6,609 17,746 (Gains) losses from changes in tax receivable agreement liability — 14,184 Net income attributable to non-controlling interests in consolidated entities (34,417) (210,109) Unrealized performance fees (239,125) (444,643) Unrealized profit sharing expense 135,001 191,253 Net interest expense 15,418 30,300 Unrealized principal investment income (loss) (9,637) 82,128 Unrealized net (gains) losses from investment activities and other 11,437 (536,708) Segment Income $ 421,653 $ 714,629 (1) 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 required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under AGM’s Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. (2) Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. (3) Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers. The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: As of As of Total reportable segment assets $ 10,505,073 $ 10,402,925 Adjustments (1) 2,863,588 3,391,022 Total assets $ 13,368,661 $ 13,793,947 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization of the Company	Organization of the Company As of March 31, 2023, the Company owned a majority of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group. The remaining economic interests of the Apollo Operating Group were owned directly and indirectly by Apollo Global Management, Inc. (“AGM”).
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the 2022 Annual Report. Certain disclosures included in the annual financial statements have been condensed or omitted as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The results of the Company and its subsidiaries are presented on a consolidated basis. Any ownership interest other than the Company’s interest in its subsidiaries is reflected as a non-controlling interest. Intercompany accounts and transactions have been eliminated. Management believes it has made all necessary adjustments (consisting only of normal recurring items) so that the condensed consolidated financial statements are presented fairly and that any estimates made are reasonable and prudent. Certain reclassifications have been made to previously reported amounts to conform to the current period’s presentation.
Consolidation	Consolidation The Company consolidates entities where it has a controlling financial interest unless there is a specific scope exception that prevents consolidation. The types of entities with which the Company is involved generally include, but are not limited to: • Subsidiaries, including management companies and general partners of funds that the Company manages • Funds, including entities that have attributes of an investment company • Special purpose acquisition companies (“SPACs”) • Securitization vehicles (e.g., collateralized loan obligations (“CLOs”)) Each of these entities is assessed for consolidation based on its specific facts and circumstances. In determining whether to consolidate an entity, the Company first evaluates whether the entity is a variable interest entity (“VIE”) or a voting interest entity (“VOE”) and applies the appropriate consolidation model as discussed below. If an entity is not consolidated, then the Company’s investment is generally accounted for under the equity method of accounting or as a financial instrument as discussed in the related policy discussions below. Investment Companies Judgment is required to evaluate whether an entity has the necessary characteristics to be accounted for as an investment company. The funds managed by the Company that meet the investment company criteria are generally not required to consolidate operating companies and generally reflect their investments in operating companies and other investment companies at fair value. The Company has retained this specialized accounting for investment companies in consolidation. Variable Interest Entities All entities are first considered under the VIE model. VIEs are entities that (i) do not have sufficient equity at risk to finance their activities without additional subordinated financial support or (ii) have equity investors at risk that do not have the ability to make significant decisions related to the entity’s operations, absorb expected losses, or receive expected residual returns. The Company consolidates a VIE if it is the primary beneficiary of the entity. The Company is deemed 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 (“primary beneficiary power”) and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (“significant variable interest”). The Company performs the VIE and primary beneficiary assessment at inception of its involvement with a VIE and on an ongoing basis if facts and circumstances change. To assess whether the Company has the primary beneficiary power under the VIE consolidation model, it considers the design of the entity as well as ongoing rights and responsibilities. In general, the parties that can make the most significant decisions regarding asset management have control over servicing, liquidation rights or the unilateral right to remove the decision-makers. To assess whether the Company has a significant variable interest, the Company considers all its economic interests that are considered variable interests in the entity, including interests held through related parties. This assessment requires judgment in considering whether those interests are significant. Assets and liabilities of the consolidated VIEs, other than SPACs, are primarily shown in separate sections within the condensed consolidated statements of financial condition. Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are primarily presented within net gains from investment activities of consolidated variable interest entities in the condensed consolidated statements of operations. The portion attributable to non-controlling interests is reported within net income attributable to non-controlling interests in the condensed consolidated statements of operations. For additional disclosures regarding VIEs, see notes 5 and 13. Voting Interest Entities Entities that are not determined to be VIEs are generally considered VOEs. 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.
Non-controlling Interests	Non-controlling Interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the condensed consolidated financial statements. Prior to the Corporate Recapitalization, the non-controlling interests relating to AGM 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. Subsequent to the closing of the Mergers, Athene’s interest in the Apollo Operating Group was distributed to AGM. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of stockholders’ equity on the Company’s condensed consolidated statements of financial condition. The primary components of non-controlling interests are separately presented in the Company’s condensed consolidated statements of changes in stockholders’ equity to clearly distinguish the interest in the Apollo Operating Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of non-controlling interests on the Company’s condensed consolidated statements of operations. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related footnotes. Apollo’s most significant estimates include goodwill and intangible assets, income taxes, performance allocations, incentive fees, contingent consideration obligations related to an acquisition, non-cash compensation, and fair value of investments and debt. While such impact may change considerably over time, the estimates and assumptions affecting the Company’s condensed consolidated financial statements are based on the best available information as of March 31, 2023. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash EquivalentsApollo considers all highly liquid short-term investments, including money market funds and U.S. Treasury securities, with original maturities of three months or less when purchased to be cash equivalents. Interest income from cash and cash equivalents is recorded in interest income in the condensed consolidated statements of operations. The carrying values of the money market funds and U.S. Treasury securities represent their fair values due to their short-term nature. 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 Restricted cash and cash equivalents represent balances that are restricted as to withdrawal or usage. Restricted cash and cash equivalents of Apollo Strategic Growth Capital II (“APSG II”), a consolidated SPAC, is held in trust accounts and includes money market funds and U.S. Treasury bills with original maturities of three months or less, that were purchased with funds raised through the initial public offering of the consolidated entity. The $707.6 million in funds for APSG II as of March 31, 2023 is 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 13 for further detail.
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 within investments in the condensed consolidated statements of financial condition. Interest income on such securities is separately presented from the overall change in fair value and is recognized in interest income in the condensed consolidated statements of operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net gains (losses) from investment activities in the condensed consolidated statements of operations. Securities are generally recognized on a trade date basis.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date under current market conditions. Changes in the fair value of financial instruments are recorded and 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 and are included within investment income (loss) in the condensed consolidated statement of operations. Financial instruments are generally recorded at fair value or at carrying values that 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 Option Entities are permitted to elect the fair value option (“FVO”) to carry at fair value certain financial assets and financial liabilities. The FVO election is irrevocable and can be applied to eligible financial instruments on an individual basis at initial recognition or at eligible remeasurement events. The Company has elected the FVO for financial instruments held by its consolidated CLOs, which includes investments in loans and corporate bonds, as well as debt obligations and contingent obligations. Certain consolidated VIEs have applied the FVO for investments in private debt securities that otherwise would not have been carried at fair value with gains and losses in net income. The Company has also elected the FVO for certain investments otherwise accounted for under the equity method of accounting. Refer to note 3 for additional information and other instances of when the Company has elected the FVO. 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 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. 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 investments 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. 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. 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 does not meet the requirements for consolidation and has not elected the fair value option, the Company uses the equity method of accounting. Under the equity method of accounting, the Company records its share of the underlying income or loss of such entities adjusted for distributions. The Company’s share of the underlying net income or loss of such entities is recorded in investment income (loss) in the condensed consolidated statements of operations. The carrying amounts of equity method investments are recorded in investments in the condensed consolidated statements of financial condition. Generally, the underlying entities that the Company manages and invests in are primarily investment companies, and the carrying value of the Company’s equity method investments approximates fair value.
Reverse Repurchase Agreements and Repurchase Agreements	Reverse Repurchase Agreements and Repurchase Agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a fixed and determinable price at a future date. A repurchase agreement is a transaction in which the Company sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substant ially the same financial instruments from the buyer at a fixed and determinable price at a future date. Although reverse repurchase and repurchase agreements generally involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be resold or repurchased before or at the maturity of the agreement. As a result, the collateral received under reverse repurchase agreements are not recognized and the collateral pledged under repurchase agreements are not derecognized in the condensed consolidated statements of financial condition. Reverse repurchase and repurchase agreements generally sit within consolidated VIEs and as such, those reverse repurchase and repurchase agreements are reflected as investments and other liabilities, respectively, within the consolidated VIE section of the condensed consolidated statements of financial condition. Reverse repurchase agreements are generally accounted for by electing the fair value option. Earnings from reverse repurchase agreements are included in n et gains from investment activities of consolidated variable interest entities on the condensed consolidated statements of operations.
Financial Instruments held by Consolidated VIEs	Financial Instruments held by Consolidated VIEs The consolidated VIEs managed by the Company are primarily investment companies and CLOs. Their investments include debt and equity securities held at fair value and reverse repurchase agreements. Financial instruments are generally accounted for on a trade date basis. Under a measurement alternative permissible for consolidated collateralized financing entities, the Company measures both the financial assets and financial liabilities of consolidated CLOs in its condensed consolidated financial statements in both cases using the fair value of the financial assets or financial liabilities, 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 non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. 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 non-financial liabilities that are incidental to the operations of the CLOs less (ii) the carrying value of any non-financial 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. Net income attributable to Apollo Asset Management, Inc. reflects the Company’s own economic interests in the consolidated CLOs, including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services.
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. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. It is included in accounts payable, accrued expenses, and other liabilities in the condensed consolidated statements of financial condition. Apollo also earns management fees which are subject to an offset. When Apollo 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 the relevant fund. Such credit is recorded as deferred revenue in the condensed consolidated statements of financial condition within the accounts payable, accrued expenses, and other liabilities line item. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the Company are presented on a gross basis, any management fee offsets calculated are presented as a reduction to advisory and transaction fees in the condensed consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds Apollo manages. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is recorded as deferred revenue in the condensed consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. There was $124.0 million of revenue recognized during the three months ended March 31, 2023 that was previously deferred as of January 1, 2023. 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. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract, and amortized over the life of the customer contract. Capitalized placement fees are recorded within other assets in the condensed consolidated statements of financial condition, while amortization is recorded within general, administrative and other in the condensed consolidated statements of operations. In certain instances, the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Revenues The Company’s revenues include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment income, which is comprised of performance allocations and principal investment income; and (iv) incentive fees. The revenue guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services (i.e., the transaction price). When determining the transaction price, under the revenue guidance, an entity may recognize variable consideration only to the extent that it is probable to not be significantly reversed. The revenue guidance also requires disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. Performance allocations are accounted for under guidance applicable to equity method investments, and therefore not within the scope of the revenue guidance. The Company recognizes performance allocations within investment income along with the related principal investment income (as further described below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition.
Redeemable non-controlling interests	Redeemable non-controlling interestsRedeemable non-controlling interests are attributable to VIEs and primarily represent the shares issued by the Company’s consolidated SPACs whose shares are redeemable for cash by the respective public shareholders in connection with the applicable SPAC’s 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 generally recorded against additional paid-in capital.
Management Fees	Management Fees Management fees are recognized over time during the periods in which the related services are performed in accordance with the contractual terms of the related agreement. Management fees are generally based on (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise provided in the respective agreements. Included in management fees are certain
Advisory and Transaction Fees, Net	Advisory and Transaction Fees, Net Advisory fees, including management consulting fees and directors’ fees, are generally recognized over time as the underlying services are provided in accordance with the contractual terms of the related agreement. The Company receives such fees in exchange for ongoing management consulting services provided to portfolio companies of funds it manages. Transaction fees, including structuring fees and arranging fees related to the Company’s funds, portfolio companies of funds and third parties are generally recognized at a point in time when the underlying services rendered are complete. The amounts due from fund portfolio companies are recorded in due from related parties on the condensed consolidated statements of financial condition, which is discussed further in note 13. Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs. Advisory and transaction fees are reduced by these management fee offsets in the condensed consolidated statements of operations. Underwriting fees, which are also included within advisory and transaction fees, net, include gains, losses and fees, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at a point in time when the underwriting is completed. Underwriting fees recognized but not received are recorded in other assets on the condensed consolidated statements of financial condition.
Investment Income	Investment Income Investment income is comprised of performance allocations and principal investment income. Performance Allocations. Performance allocations are a type of performance revenue (i.e., income earned based on the extent to which an entity’s performance exceeds predetermined thresholds). Performance allocations are generally structured from a legal standpoint as an allocation of capital in which the Company’s capital account receives allocations of the returns of an entity when those returns exceed predetermined thresholds. The determination of which performance revenues are considered performance allocations is primarily based on the terms of an agreement with the entity. The Company recognizes performance allocations within investment income along with the related principal investment income (as described further below) in the condensed consolidated statements of operations and within the investments line in the condensed consolidated statements of financial condition. When applicable, the Company may record a general partner obligation to return previously distributed performance allocations. The general partner obligation is based upon an assumed liquidation of a fund’s net assets as of the reporting date and is reported within due to related parties on the condensed consolidated statements of financial condition. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective governing document of the fund.
Incentive Fees	Incentive Fees Incentive fees are a type of performance revenue. Incentive fees differ from performance allocations in that incentive fees do not represent an allocation of capital but rather a contractual fee arrangement with the entity.
Salaries, Bonus and Benefits	Salaries, Bonus and Benefits Salaries, bonus and benefits include base salaries, discretionary and non-discretionary bonuses, severance and employee benefits. Bonuses are generally accrued over the related service period.
Equity-Based Compensation	Equity-Based Compensation Employees and non-employees who provide services to the Company are granted equity-based awards as compensation which 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 AGM 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 expense is recorded in compensation and benefits in the condensed consolidated statements of operations. Profit sharing payable is recorded in accounts payable, accrued expenses and other liabilities for Asset Management in the condensed consolidated statements of financial condition. 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 AGM’s Equity Plan. Prior to distribution of the performance revenue, the Company records the value of the equity-based awards expected to be granted in other assets and other liabilities within the condensed consolidated statements of financial condition. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees and former employees. When applicable, the accrual for potential clawback of previously distributed profit sharing amounts, which is a component of due from related parties on the condensed consolidated statements of financial condition, represents all amounts previously distributed to employees and former employees that would need to be returned to the general partner if the Apollo funds were to be liquidated based on the fair value of the underlying fund’s 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 governing document of the fund. Profit sharing payable also includes contingent consideration obligations that were recognized in connection with certain Apollo acquisitions. Changes in the fair value of the contingent consideration obligations are reflected in the Company’s condensed consolidated statements of operations as compensation and benefits. The Company has performance-based incentive arrangements for certain Apollo partners and employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company. These arrangements
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, administration expenses and placement fees.
Income Taxes	Income Taxes The Company is a Delaware corporation and generally all of its income is subject to U.S. corporate income taxes. Certain subsidiaries of the Company 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. The Company is included in the U.S. federal consolidated and certain state combined income tax returns with AGM and its other subsidiaries. For purposes of these separate company consolidated financial statements, the Company’s taxes were determined using the separate return method as if the Company had filed tax returns separate from AGM. As a result, the tax effects of certain activity and the tax treatment of certain transactions included in the condensed consolidated financial statements of AGM may not be the same in the Company’s separate company consolidated financial statements. Significant judgment is required in determining tax expense and in evaluating certain and uncertain tax positions. The Company recognizes the tax benefit of uncertain tax positions when 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.
Recently Issued Accounting Pronouncements and Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) In June 2022, the Financial Accounting Standards Board (“FASB”) issued clarifying guidance that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2024 with early adoption permitted. The Company will apply the guidance on a prospective basis as an adjustment to current-period earnings with the adoption impact disclosed in the period of adoption. The Company is currently evaluating the new guidance and its impact on the condensed consolidated financial statements. Investments– Equity Method and Joint Ventures (ASU 2023-02) In March 2023, the FASB issued guidance in ASU 2023-02 to introduce the option of applying the proportional amortization method (“PAM”) to account for investments made primarily for the purpose of receiving income tax credits or other income tax benefits when certain requirements are met. Currently, PAM only applies to low-income housing tax credit (“LIHTC”) investments. The guidance becomes mandatorily effective for the Company on January 1, 2024, but early adoption is permitted. The Company is currently evaluating the impact of the new pronouncement. Recently Adopted Accounting Pronouncements Business Combinations – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08) In October 2021, the FASB issued guidance to add contract assets and contract liabilities from contracts with customers acquired in a business combination to the list of exceptions to the fair value recognition and measurement principles that apply to business combinations, and instead require them to be accounted for in accordance with revenue recognition guidance. The new guidance was adopted by the Company on January 1, 2023 and applied prospectively. There was no financial statement impact upon adoption. Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 (ASU 2022-06, ASU 2021-01, ASU 2020-04) The Company adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the Consolidated Financial Statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which the Company will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments	The following table presents Apollo’s investments: As of As of Investments, at fair value $ 1,352,581 $ 1,321,220 Equity method investments 1,010,743 978,923 Performance allocations 2,867,512 2,635,180 U.S. Treasury Securities, at fair value 419,410 708,844 Total Investments $ 5,650,246 $ 5,644,167
Summary of Financial Information of Athene Holding	As such, the following tables present summarized financial information of Athene Holding: For the Three Months Ended March 31, 2022 (in millions) Statements of Operations Revenues $ (269) Benefits and expenses 2,504 Income (loss) before income taxes (2,773) Income tax expense (benefit) (407) Net income (loss) (2,366) Less: Net income (loss) attributable to non-controlling interests (883) Net income (loss) available to Athene Holding Ltd. shareholders $ (1,483) Less: Preferred stock dividends 35 Net income (loss) available to Athene Holding Ltd. common shareholders $ (1,518)
Summary of Net Gains (Losses) from Investment Activities	Net Gains (Losses) from Investment Activities The following table presents the realized and net change in unrealized gains reported in net gains (losses) from investment activities: For the Three Months Ended March 31, 2023 2022 Realized gains on sales of investments, net $ 5,073 $ 4,843 Net change in unrealized gains (losses) due to changes in fair value (6,609) 766,419 Net gains (losses) from investment activities $ (1,536) $ 771,262
Summary of Performance Allocation	Performance allocations receivable is recorded within investments in the condensed consolidated statements of financial condition. The table below provides a roll forward of the performance allocations balance: Total Performance allocations, January 1, 2023 $ 2,635,180 Change in fair value of funds 426,914 Fund distributions to the Company (194,582) Performance allocations, March 31, 2023 $ 2,867,512

PROFIT SHARING PAYABLE (Tables)

PROFIT SHARING PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Profit Sharing Payable [Abstract]
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: Total Profit sharing payable, January 1, 2023 $ 1,412,451 Profit sharing expense 289,513 Payments/other (168,340) Profit sharing payable, March 31, 2023 $ 1,533,624

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Gain on Investments of Variable Interest Entities	The following table presents net gains from investment activities of the consolidated VIEs: For the Three Months Ended March 31, 2023 (1) 2022 (1) Net gains from investment activities $ 30,157 $ 90,831 Net gains from debt — 10,138 Interest and other income 33,063 167,051 Interest and other expenses (29,183) 11,435 Net gains from investment activities of consolidated variable interest entities $ 34,037 $ 279,455 (1) Amounts reflect consolidation eliminations.
Principal Provisions of Debt	The following table summarizes the principal provisions of those amounts. As of March 31, 2023 As of December 31, 2022 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Subscription Lines (1) 1,286,699 6.65 % 0.09 686,473 6.22 % 0.08 (1) The subscription lines 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.
Schedule of Repurchase Agreements	The following table summarizes the maturities of repurchase agreements: Remaining Contractual Maturity As of As of 91 days to 364 days $ — $ 1,254,109 Total Payables for repurchase agreements (1) $ — $ 1,254,109 (1) Included in other liabilities of consolidated variable interest entities on the condensed consolidated statements of financial condition. The following table summarizes the gross carrying value of repurchase agreements by class of collateral pledged: As of As of Loans backed by residential real estate $ — $ 770,190 Loans backed by commercial real estate — 483,919 Total $ — $ 1,254,109 Note: These repurchase agreements are carried at cost which approximates fair value and is classified as Level II of the fair value hierarchy.
Carrying Amounts of Assets and Liabilities	The following table presents the maximum exposure to losses relating to these VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary. As of (2) As of (2) Apollo Exposure (1) $ 317,432 $ 343,383 (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 14. (2) Some amounts included are a quarter in arrears.

FAIR VALUE MEASUREMENTS OF FI_2

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Valuation of the Financial Assets and Liabilities by the Fair Value Hierarchy	The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of March 31, 2023 Level I Level II Level III NAV Total Assets Cash and cash equivalents (1) $ 1,254,202 $ — $ — $ — $ 1,254,202 Restricted cash and cash equivalents (2) 1,061,210 — — — 1,061,210 Cash and cash equivalents of VIEs 123,362 — — — 123,362 U.S. Treasury securities 419,410 — — — 419,410 Investments, at fair value 193,358 38,821 1,117,263 (3) 3,139 1,352,581 Investments of VIEs, at fair value — 368,467 1,281,922 111,943 1,762,332 Due from related parties (4) — — 32,862 — 32,862 Derivative assets (5) — 17,433 14,755 — 32,188 Total Assets $ 3,051,542 $ 424,721 $ 2,446,802 $ 115,082 $ 6,038,147 Liabilities Other liabilities of VIEs, at fair value $ — $ 62 $ — $ — $ 62 Contingent consideration obligations (6) — — 53,200 — 53,200 Other liabilities (7) 1,380 — — — 1,380 Total Liabilities $ 1,380 $ 62 $ 53,200 $ — $ 54,642 As of December 31, 2022 Level I Level II Level III NAV Total Assets Cash and cash equivalents (1) $ 1,200,735 $ — $ — $ — $ 1,200,735 Restricted cash and cash equivalents (2) 1,048,129 — — — 1,048,129 Cash and cash equivalents of VIEs 109,578 — — — 109,578 U.S. Treasury securities 708,844 — — — 708,844 Investments, at fair value 189,995 38,729 1,084,349 (3) 8,147 1,321,220 Investments of VIEs, at fair value — 1,537,479 727,200 106,205 2,370,884 Due from related parties (4) — — 43,413 — 43,413 Derivative assets (5) — — 15,492 — 15,492 Total Assets $ 3,257,281 $ 1,576,208 $ 1,870,454 $ 114,352 $ 6,818,295 Liabilities Other liabilities of VIEs, at fair value $ — $ 24 $ — $ — $ 24 Contingent consideration obligations (6) — — 55,016 — 55,016 Other liabilities (7) 1,932 — — — 1,932 Derivative liabilities (5) — 56,674 — — 56,674 Total Liabilities $ 1,932 $ 56,698 $ 55,016 $ — $ 113,646 (1) Cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $0.3 million and $0.4 million, respectively, of cash and cash equivalents held by consolidated SPACs. (2) Restricted cash and cash equivalents as of March 31, 2023 and December 31, 2022 includes $1.1 billion and $1.0 billion, respectively, of restricted cash and cash equivalents held by consolidated SPACs. (3) Investments as of March 31, 2023 and December 31, 2022 excludes $193.7 million and $198.1 million, respectively, of performance allocations classified as Level III related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments. (4) Due from related parties represents a receivable from a fund. (5) Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition. (6) Profit sharing payable includes contingent obligations classified as Level III. (7) Other liabilities as of March 31, 2023 and December 31, 2022 includes the publicly traded warrants of 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 Three Months Ended March 31, 2023 Investments and Derivative Assets Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,099,841 $ 727,200 $ 1,827,041 Purchases 7,857 871,501 879,358 Sale of investments/distributions (1,126) (348,357) (349,483) Net realized gains (losses) (6,018) 18,360 12,342 Changes in net unrealized gains (losses) 26,032 14,747 40,779 Cumulative translation adjustment 5,432 — 5,432 Transfer out of Level III (1) — (1,529) (1,529) Balance, End of Period $ 1,132,018 $ 1,281,922 $ 2,413,940 Change in net unrealized gains included in investment income (loss) related to investments still held at reporting date $ 26,032 $ — $ 26,032 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 8,595 8,595 For the Three Months Ended March 31, 2022 Investments Investments of Consolidated VIEs Total Balance, Beginning of Period $ 946,184 $ 13,187,803 $ 14,133,987 Net transfer in (out) due to consolidation (deconsolidation) 21,710 (14,190,236) (14,168,526) Purchases 103,224 2,418,129 2,521,353 Sale of investments/distributions (2,694) (1,192,531) (1,195,225) Net realized gains 1,596 11,766 13,362 Changes in net unrealized gains 28,465 203,795 232,260 Cumulative translation adjustment (11,590) (10,808) (22,398) Transfer into Level III (1) — 29,803 29,803 Transfer out of Level III (1) — (2,934) (2,934) Balance, End of Period $ 1,086,895 $ 454,787 $ 1,541,682 Change in net unrealized gains included in investment income related to investments still held at reporting date $ 28,465 $ — $ 28,465 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date — 81,204 81,204 (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 Three Months Ended March 31, 2023 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 55,016 $ — $ 55,016 Payments (10) — (10) Changes in net unrealized (gains) losses (1) (1,806) — (1,806) Balance, End of Period $ 53,200 $ — $ 53,200 For the Three Months Ended March 31, 2022 Contingent Consideration Obligations Debt and Other Liabilities of Consolidated VIEs Total Balance, Beginning of Period $ 125,901 $ 7,527,569 $ 7,653,470 Transfer in due to consolidation — (8,626,153) (8,626,153) Issuances — 1,645,025 1,645,025 Payments (12,701) (518,773) (531,474) Net realized (gains) losses — (480) (480) Changes in net unrealized (gains) losses (1) (2,742) (16,368) (19,110) Cumulative translation adjustment — (10,820) (10,820) Transfers into Level III (2) — — — Balance, End of Period $ 110,458 $ — $ 110,458 Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to debt and other liabilities still held at reporting date $ — $ — $ — (1) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the condensed consolidated statements of operations. (2) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services.
Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categorized in Level III	The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy: As of March 31, 2023 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Investments $ 547,617 Embedded value N/A N/A N/A 127,053 Discounted cash flow Discount rate 9.2% - 52.8% 29.0% 442,593 Adjusted transaction value N/A N/A N/A Due from related parties 32,862 Discounted cash flow Discount rate 14.5% 14.5% Derivative assets 14,755 Option model Volatility rate 70.0% 70.0% Investments of consolidated VIEs: Bank loans 789,825 Discounted cash flow Discount rate 7.2% - 35.4% 7.5% Adjusted transaction value N/A N/A N/A Equity securities 468,031 Dividend discount model Discount rate 12.9% 12.9% Bonds 23,910 Discounted cash flow Discount rate 8.2% -10.5% 10.5% Warrants 156 Discounted cash flow Discount rate 15.0% 15.0% Total Financial Assets $ 2,446,802 Financial Liabilities Contingent Consideration Obligation 53,200 Discounted cash flow Discount rate 24.0% - 29.0% 27.5% Total Financial Liabilities $ 53,200 As of December 31, 2022 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average (1) Financial Assets Investments $ 525,696 Embedded value N/A N/A N/A 128,368 Discounted cash flow Discount rate 8.9% - 52.8% 28.7% 430,285 Adjusted transaction value N/A N/A N/A Due from related parties 43,413 Discounted cash flow Discount rate 15.0% 15.0% Derivative assets 15,492 Option model Volatility rate 60.0% 60.0% Investments of consolidated VIEs: Equity securities 458,282 Dividend discount model Discount rate 12.1% 12.1% Bank loans 243,703 Discounted cash flow Discount rate 6.4% - 32.7% 8.0% Adjusted transaction value N/A N/A N/A Bonds 25,065 Discounted cash flow Discount rate 7.9% 7.9% Warrants 150 Discounted cash flow Discount rate 15.4% 15.4% Total Financial Assets $ 1,870,454 Financial Liabilities Contingent Consideration Obligation 55,016 Discounted cash flow Discount rate 20.0% - 25.0% 23.6% Total Financial Liabilities $ 55,016 N/A: Not applicable (1) Unobservable inputs were weighted based on the fair value of the investments included in the range.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 490,312 $ 447,065 Less: Accumulated depreciation and amortization (173,545) (160,654) Fixed assets, net 316,767 286,411 Deferred equity-based compensation (1) 296,132 279,973 Intangible assets, net 174,152 179,215 Commitment asset (2) 130,005 138,385 Prepaid expenses 78,721 62,098 Tax receivables 70,514 92,610 Other 145,986 137,063 Total Other Assets $ 1,212,277 $ 1,175,755 (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 $239.2 million and $227.8 million, as of March 31, 2023 and December 31, 2022, respectively, is included in other liabilities on the condensed consolidated statements of financial condition. (2) Represents a commitment from an institutional investor as part of a strategic transaction.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
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 condensed consolidated statements of operations. For the Three Months Ended March 31, 2023 2022 Operating lease cost $ 20,738 $ 16,104 The following table presents supplemental cash flow information related to operating leases: For the Three Months Ended March 31, 2023 2022 Operating cash flows for operating leases $ 10,345 $ 6,126 Supplemental information related to leases is as follows: As of As of Weighted average remaining lease term (in years) 12.3 12.8 Weighted average discount rate 3.0 % 2.6 %
Lease Payments by Maturity	As of March 31, 2023, the Company’s total lease payments by maturity are presented in the following table: Operating Lease Payments Remaining 2023 $ 49,374 2024 73,819 2025 72,895 2026 69,320 2027 71,824 Thereafter 513,976 Total lease payments $ 851,208 Less imputed interest (143,402) Present value of lease payments $ 707,806

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt	Debt consisted of the following: As of March 31, 2023 As of December 31, 2022 Maturity Date Outstanding Fair Value Outstanding Fair Value 4.00% 2024 Senior Notes (1)(2) May 30, 2024 $ 499,285 $ 490,035 (4) $ 499,122 $ 485,616 (4) 4.40% 2026 Senior Notes (1)(2) May 27, 2026 498,371 486,207 (4) 498,243 475,629 (4) 4.87% 2029 Senior Notes (1)(2) February 15, 2029 674,824 646,533 (4) 674,816 638,649 (4) 2.65% 2030 Senior Notes (1)(2) June 5, 2030 495,674 418,871 (4) 495,524 406,787 (4) 5.00% 2048 Senior Notes (1)(2) March 15, 2048 297,019 271,862 (4) 296,959 261,675 (4) 4.95% 2050 Subordinated Notes (1)(2) January 14, 2050 296,714 248,175 (4) 296,714 252,483 (4) 1.70% Secured Borrowing II April 15, 2032 17,793 17,963 (4) 18,159 17,614 (4) 1.30% 2016 AMI Term Facility I January 15, 2025 18,270 18,270 (3) 18,052 18,028 (3) 1.40% 2016 AMI Term Facility II October 18, 2024 15,976 15,976 (3) 16,528 16,510 (3) Total Debt $ 2,813,926 $ 2,613,892 $ 2,814,117 $ 2,572,991 (1) Interest rate is calculated as weighted average annualized. (2) Includes amortization of note discount, as applicable, totaling $15.2 million and $15.8 million as of March 31, 2023 and December 31, 2022, respectively. Outstanding balance is presented net of unamortized debt issuance costs. (3) Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy. (4) Fair value is based on obtained broker quotes. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
Schedule of Credit Facilities	The following table represents the Company’s credit facilities as of March 31, 2023: Instrument/Facility Borrowing Date Maturity Date Administrative Agent Key terms 2022 AMH credit facility N/A October 12, 2027 Citibank, N.A. The commitment fee on the $1.0 billion undrawn 2022 AMH credit facility as of March 31, 2023 was 0.08%.
Schedule of Interest Expense	The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2023 2022 Total Interest Expense $ 34,302 $ 32,993 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2023 2022 Revenues earned in aggregate from Athene and Athora (1) $ 369,412 $ 325,561 (1) Consisting of management fees, sub-advisory fees, and performance revenues from Athene and Athora, as applicable.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Activities Associated with Non-controlling Interests	The table below presents the activities associated with the redeemable non-controlling interests. For the Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 1,031,914 $ 1,770,034 Accretion of redeemable non-controlling interests 9,682 19,980 Balance at end of period $ 1,041,596 $ 1,790,014

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
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 funds (1) $ 370,450 $ 333,165 Due from employees and former employees 91,885 89,671 Due from portfolio companies 98,226 143,975 Due from parent 200,405 150,555 Incentive fees receivable 14,149 8,887 Total Due from Related Parties $ 775,115 $ 726,253 Due to Related Parties: Due to Former Managing Partners and Contributing Partners (2) $ 830,589 $ 874,406 Due to parent 507,606 579,354 Due to funds 149,444 123,734 Total Due to Related Parties $ 1,487,639 $ 1,577,494 (1) Includes $32.9 million and $43.4 million as of March 31, 2023 and December 31, 2022, respectively, related to a receivable from a fund in connection with the Company’s sale of a platform investment to such fund. The amount is payable to the Company over five years and is held at fair value. (2) Includes $306.7 million and $350.5 million as of March 31, 2023 and December 31, 2022, respectively, related to the purchase of limited partnership interests, payable in equal quarterly installments through December 31, 2024.
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, 2022, 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 book value of substantially all of the assets in substantially all of the accounts of or relating to Athene (collectively, the “Athene Accounts”) up to $103.4 billion (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: 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 FinCo Designated Activity Company, below investment grade infrastructure debt, certain loans originated directly by Apollo and agency mortgage derivatives. (5) Other Assets include cash, treasuries, equities and alternatives. With respect to equities and alternatives, Apollo earns performance revenues of 0% to 20%.
Interest Income and Interest Expense	The following table presents the interest expense incurred related to the Company’s debt: For the Three Months Ended March 31, 2023 2022 Total Interest Expense $ 34,302 $ 32,993 (1) Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable. The following table presents the revenues earned in aggregate from Athene and Athora: For the Three Months Ended March 31, 2023 2022 Revenues earned in aggregate from Athene and Athora (1) $ 369,412 $ 325,561 (1) Consisting of management fees, sub-advisory fees, and performance revenues from Athene and Athora, as applicable.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Fixed and Determinable Payments	As of March 31, 2023, fixed and determinable payments due in connection with these obligations were as follows: Remaining 2023 2024 - 2025 2026 - 2027 2028 and Thereafter Total Other long-term obligations $ 11,733 $ 1,032 $ — $ — $ 12,765

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Data for Reportable Segments	The following tables present financial data for the Company’s reportable segments. As of and for the Three Months Ended 2023 2022 Asset Management Management Fees $ 576,998 $ 505,401 Capital solutions fees and other, net 138,435 64,113 Fee-related performance fees 26,622 14,226 Fee related compensation (211,072) (175,372) Other operating expenses (132,984) (98,384) Fee Related Earnings (FRE) 397,999 309,984 Principal Investing Realized performance fees 163,766 127,189 Realized investment income 27,529 439,408 Principal investing compensation (167,611) (155,988) Other operating expenses (30) (5,964) Principal Investing Income (PII) 23,654 404,645 Segment Income 421,653 714,629 Segment Assets: As of As of Asset Management $ 2,323,325 $ 2,167,599 Principal Investing 8,181,748 8,235,326 Total Assets (1) $ 10,505,073 $ 10,402,925 (1) Refer below for a reconciliation of total assets for Apollo’s total reportable segments to total consolidated assets.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents the reconciliation of income before income tax provision reported in the condensed consolidated statements of operations to Segment Income: For the Three Months Ended 2023 2022 Income before income tax provision $ 413,961 $ 1,417,796 Equity-based profit sharing expense and other (1) 67,257 97,078 Equity-based compensation 51,986 56,333 Transaction-related charges (2) 3,163 (729) Merger-related transaction and integration costs (3) 6,609 17,746 (Gains) losses from changes in tax receivable agreement liability — 14,184 Net income attributable to non-controlling interests in consolidated entities (34,417) (210,109) Unrealized performance fees (239,125) (444,643) Unrealized profit sharing expense 135,001 191,253 Net interest expense 15,418 30,300 Unrealized principal investment income (loss) (9,637) 82,128 Unrealized net (gains) losses from investment activities and other 11,437 (536,708) Segment Income $ 421,653 $ 714,629 (1) 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 required to be used by employees of Apollo to purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under AGM’s Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense. (2) Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. (3) Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Mergers.
Reconciliation of Assets from Segment to Consolidated	The following table presents the reconciliation of the Company’s total reportable segment assets to total assets: As of As of Total reportable segment assets $ 10,505,073 $ 10,402,925 Adjustments (1) 2,863,588 3,391,022 Total assets $ 13,368,661 $ 13,793,947 (1) Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.

ORGANIZATION (Details)

ORGANIZATION (Details)		3 Months Ended
	Jan. 01, 2022 vote	Mar. 31, 2023 segment investing_strategy
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments | segment		2
Number of investing strategies | investing_strategy		3
Number of votes | vote	1

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) $ in Millions	Mar. 31, 2023 USD ($)
Initial Business Combination Or Redemption Of Public Shares, ASPG II Trust Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 707.6
Initial Business Combination Or Redemption Of Public Shares, Acropolis Trust Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 351.4

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Deferred revenue recognized	$ 124

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 401(k) Savings Plan (Details)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Percent of eligible employee contributions	50%
Percent of the eligible employees’ compensation	3%
Service period	3 years

INVESTMENTS - Apollo's Investme

INVESTMENTS - Apollo's Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments, at fair value	$ 1,352,581	$ 1,321,220
Equity method investments	1,010,743	978,923
Performance allocations	2,867,512	2,635,180
U.S. Treasury Securities, at fair value	419,410	708,844
Total Investments	$ 5,650,246	$ 5,644,167

INVESTMENTS - Summarized Financ

INVESTMENTS - Summarized Financial Information of Athene Holding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Benefits and expenses	$ 886,897	$ 907,461
Income before income tax provision	413,961	1,417,796
Income tax expense (benefit)	61,472	134,174
Net Income	352,489	1,283,622
Less: Net income (loss) attributable to non-controlling interests	135,106	686,654
Net Income Attributable to Apollo Asset Management, Inc.	217,383	596,968
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders	$ 208,219	587,804
Athene Holding
Schedule of Equity Method Investments [Line Items]
Revenues		(269,000)
Benefits and expenses		2,504,000
Income before income tax provision		(2,773,000)
Income tax expense (benefit)		(407,000)
Net Income		(2,366,000)
Less: Net income (loss) attributable to non-controlling interests		(883,000)
Net Income Attributable to Apollo Asset Management, Inc.		(1,483,000)
Less: Preferred stock dividends		35,000
Net Income Attributable to Apollo Asset Management, Inc. Common Stockholders		$ (1,518,000)

INVESTMENTS - Summary of Net Ga

INVESTMENTS - Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Realized gains on sales of investments, net	$ 5,073	$ 4,843
Net change in unrealized gains (losses) due to changes in fair value	(6,609)	766,419
Net gains (losses) from investment activities	$ (1,536)	$ 771,262

INVESTMENTS - Performance Alloc

INVESTMENTS - Performance Allocations Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Performance Allocation [Roll Forward]
Performance allocations beginning balance	$ 2,635,180
Change in fair value of funds	426,914
Fund distributions to the Company	(194,582)
Performance allocations ending balance	$ 2,867,512

PROFIT SHARING PAYABLE - Rollfo

PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Profit Sharing Payable Rollforward [Roll Forward]
Profit sharing payable, beginning balance	$ 1,412,451
Profit sharing expense	289,513
Payments/other	(168,340)
Profit sharing payable, ending balance	$ 1,533,624

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of days trade is open with VIE	60 days
Fair value of collateral received	$ 510	$ 1,522
Fair value of collateral rehypothecated	$ 0	$ 1,522

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Net Gains from Investment Activities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net gains from investment activities	$ 30,157	$ 90,831
Net gains from debt	0	10,138
Interest and other income	33,063	167,051
Interest and other expenses	(29,183)	11,435
Net gains from investment activities of consolidated variable interest entities	$ 34,037	$ 279,455

VARIABLE INTEREST ENTITIES - Pr

VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Details) - Subscription Lines - Investments of Consolidated VIEs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 1,286,699	$ 686,473
Weighted Average Interest Rate	6.65%	6.22%
Weighted Average Remaining Maturity in Years	1 month 2 days	29 days

VARIABLE INTEREST ENTITIES - Re

VARIABLE INTEREST ENTITIES - Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	$ 0	$ 1,254,109
Loans backed by residential real estate | Residential Real Estate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	0	770,190
Loans backed by commercial real estate | Commercial Real Estate
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	0	483,919
91 days to 364 days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Agreements to repurchase, gross carrying value	$ 0	$ 1,254,109

VARIABLE INTEREST ENTITIES - Va

VARIABLE INTEREST ENTITIES - Variable Interest Entities Which are Not Consolidated (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Apollo Exposure	$ 317,432	$ 343,383

FAIR VALUE MEASUREMENTS OF FI_3

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Valuation of Financial Assets and Liabilities by the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Assets
Cash and cash equivalents	$ 1,254,202	$ 1,200,735
Restricted cash and cash equivalents	1,061,210	1,048,129
Derivative assets	32,188	15,492
Total Assets	$ 6,038,147	$ 6,818,295
Derivative asset, statement of financial position [extensible enumeration]	Other assets	Other assets
Liabilities
Other liabilities of VIEs, at fair value	$ 1,380	$ 1,932
Derivative liabilities		56,674
Total Liabilities	54,642	113,646
Cash and cash equivalents	1,254,202	1,200,735	$ 1,245,606
Restricted cash and cash equivalents	1,061,210	1,048,129	1,037,673
Performance allocations	2,867,512	$ 2,635,180
Derivative liability, statement of financial position [extensible enumeration]		Other liabilities
Sale of Investment | Due from/to credit funds
Assets
Due from related parties	32,862	$ 43,413
VIE, Primary Beneficiary
Assets
Cash and cash equivalents	123,362	109,578
Investments, at fair value	1,762,956	2,370,884
Liabilities
Other liabilities of VIEs, at fair value	62	24
Cash and cash equivalents	123,362		$ 19,353
VIE, Primary Beneficiary | APSG I, APSGII and Acropolis
Liabilities
Cash and cash equivalents	300	400
Restricted cash and cash equivalents	1,100,000	1,000,000
U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities	419,410	708,844
Total Investments
Assets
Investments, at fair value	1,352,581	1,321,220
Total Investments | VIE, Primary Beneficiary
Assets
Investments of VIEs, at fair value	1,762,332	2,370,884
Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	53,200	55,016
Level I
Assets
Cash and cash equivalents	1,254,202	1,200,735
Restricted cash and cash equivalents	1,061,210	1,048,129
Derivative assets	0	0
Total Assets	3,051,542	3,257,281
Liabilities
Other liabilities of VIEs, at fair value	1,380	1,932
Derivative liabilities		0
Total Liabilities	1,380	1,932
Level I | Sale of Investment | Due from/to credit funds
Assets
Due from related parties	0	0
Level I | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	123,362	109,578
Liabilities
Other liabilities of VIEs, at fair value	0	0
Level I | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities	419,410	708,844
Level I | Total Investments
Assets
Investments, at fair value	193,358	189,995
Level I | Total Investments | VIE, Primary Beneficiary
Assets
Investments of VIEs, at fair value	0	0
Level I | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	0	0
Level II
Assets
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Derivative assets	17,433	0
Total Assets	424,721	1,576,208
Liabilities
Other liabilities of VIEs, at fair value	0	0
Derivative liabilities		56,674
Total Liabilities	62	56,698
Level II | Sale of Investment | Due from/to credit funds
Assets
Due from related parties	0	0
Level II | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	0	0
Liabilities
Other liabilities of VIEs, at fair value	62	24
Level II | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities	0	0
Level II | Total Investments
Assets
Investments, at fair value	38,821	38,729
Level II | Total Investments | VIE, Primary Beneficiary
Assets
Investments of VIEs, at fair value	368,467	1,537,479
Level II | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	0	0
Level III
Assets
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Derivative assets	14,755	15,492
Total Assets	2,446,802	1,870,454
Liabilities
Other liabilities of VIEs, at fair value	0	0
Derivative liabilities		0
Total Liabilities	53,200	55,016
Level III | Sale of Investment | Due from/to credit funds
Assets
Due from related parties	32,862	43,413
Level III | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	0	0
Liabilities
Other liabilities of VIEs, at fair value	0	0
Level III | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities	0	0
Level III | Total Investments
Assets
Investments, at fair value	1,117,263	1,084,349
Level III | Total Investments | VIE, Primary Beneficiary
Assets
Investments of VIEs, at fair value	1,281,922	727,200
Level III | Investments
Liabilities
Performance allocations	193,700	198,100
Level III | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	53,200	55,016
NAV
Assets
Cash and cash equivalents	0	0
Restricted cash and cash equivalents	0	0
Derivative assets	0	0
Total Assets	115,082	114,352
Liabilities
Other liabilities of VIEs, at fair value	0	0
Derivative liabilities		0
Total Liabilities	0	0
NAV | Sale of Investment | Due from/to credit funds
Assets
Due from related parties	0	0
NAV | VIE, Primary Beneficiary
Assets
Cash and cash equivalents	0	0
Liabilities
Other liabilities of VIEs, at fair value	0	0
NAV | U.S. Treasury securities, at fair value
Assets
U.S. Treasury securities	0	0
NAV | Total Investments
Assets
Investments, at fair value	3,139	8,147
NAV | Total Investments | VIE, Primary Beneficiary
Assets
Investments of VIEs, at fair value	111,943	106,205
NAV | Contingent Consideration Obligation
Liabilities
Contingent consideration obligations	$ 0	$ 0

FAIR VALUE MEASUREMENTS OF FI_4

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 1,827,041	$ 14,133,987
Net transfer in (out) due to consolidation (deconsolidation)		(14,168,526)
Purchases	879,358	2,521,353
Sale of investments/distributions	(349,483)	(1,195,225)
Net realized gains (losses)	12,342	13,362
Changes in net unrealized gains (losses)	40,779	232,260
Cumulative translation adjustment	5,432	(22,398)
Transfer into Level III		29,803
Transfer out of Level III	(1,529)	(2,934)
Balance, End of Period	$ 2,413,940	1,541,682
Fair value, recurring basis, unobservable Input reconciliation, asset, gain (loss), statement of income, extensible list, not disclosed flag	Net realized gains (losses)
Investments of Consolidated VIEs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 727,200	13,187,803
Net transfer in (out) due to consolidation (deconsolidation)		(14,190,236)
Purchases	871,501	2,418,129
Sale of investments/distributions	(348,357)	(1,192,531)
Net realized gains (losses)	18,360	11,766
Changes in net unrealized gains (losses)	14,747	203,795
Cumulative translation adjustment	0	(10,808)
Transfer into Level III		29,803
Transfer out of Level III	(1,529)	(2,934)
Balance, End of Period	1,281,922	454,787
Change in net unrealized gains included in investment income (loss) 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 (losses)	$ 26,032	$ 28,465
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains (losses) from investment activities	Net gains (losses) from investment activities
Change in net unrealized gains included in investment income (loss) related to investments still held at reporting date | Investments of Consolidated VIEs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	$ 0	$ 0
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains (losses) from investment activities	Net gains (losses) from investment activities
Change in net unrealized gains included in net gains 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 (losses)	$ 8,595	$ 81,204
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains from investment activities of consolidated variable interest entities	Net gains from investment activities of consolidated variable interest entities
Change in net unrealized gains included in net gains from investment activities of consolidated VIEs related to investments still held at reporting date | Investments of Consolidated VIEs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized gains (losses)	$ 8,595	$ 81,204
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains from investment activities of consolidated variable interest entities	Net gains from investment activities of consolidated variable interest entities
Investments and Derivative Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 1,099,841
Purchases	7,857
Sale of investments/distributions	(1,126)
Net realized gains (losses)	(6,018)
Changes in net unrealized gains (losses)	26,032
Cumulative translation adjustment	5,432
Transfer out of Level III	0
Balance, End of Period	1,132,018
Investments and Derivative Assets | Change in net unrealized gains included in investment income (loss) 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 (losses)	$ 26,032
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains (losses) from investment activities	Net gains (losses) from investment activities
Investments and Derivative Assets | Change in net unrealized gains included in net gains 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 (losses)	$ 0
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Net gains from investment activities of consolidated variable interest entities	Net gains from investment activities of consolidated variable interest entities
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period		$ 946,184
Net transfer in (out) due to consolidation (deconsolidation)		21,710
Purchases		103,224
Sale of investments/distributions		(2,694)
Net realized gains (losses)		1,596
Changes in net unrealized gains (losses)		28,465
Cumulative translation adjustment		(11,590)
Transfer into Level III		0
Transfer out of Level III		0
Balance, End of Period		1,086,895
Investments | Change in net unrealized gains included in investment income (loss) 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 (losses)		28,465
Investments | Change in net unrealized gains included in net gains 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 (losses)		$ 0

FAIR VALUE MEASUREMENTS OF FI_5

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 55,016	$ 7,653,470
Transfer in due to consolidation		(8,626,153)
Issuances		1,645,025
Payments	(10)	(531,474)
Net realized (gains) losses		(480)
Changes in net unrealized (gains) losses	(1,806)	(19,110)
Cumulative translation adjustment		(10,820)
Transfer into Level III		0
Balance, End of Period	$ 53,200	$ 110,458
Fair value, recurring basis, unobservable input reconciliation, liability, gain (loss), statement of income, extensible list, not disclosed flag		Net realized (gains) losses
Fair value, liability, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [extensible enumeration]	Compensation and benefits	Compensation and benefits
Debt And Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses		$ 0
Contingent Consideration Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 55,016	125,901
Transfer in due to consolidation		0
Issuances		0
Payments	(10)	(12,701)
Net realized (gains) losses		0
Changes in net unrealized (gains) losses	(1,806)	(2,742)
Cumulative translation adjustment		0
Transfer into Level III		0
Balance, End of Period	53,200	110,458
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
Debt and Other Liabilities of Consolidated VIEs | Investments of Consolidated VIEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	0	7,527,569
Transfer in due to consolidation		(8,626,153)
Issuances		1,645,025
Payments	0	(518,773)
Net realized (gains) losses		(480)
Changes in net unrealized (gains) losses	0	(16,368)
Cumulative translation adjustment		(10,820)
Transfer into Level III		0
Balance, End of Period	$ 0
Debt and Other Liabilities of Consolidated VIEs | Investments of Consolidated VIEs | Debt And Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in net unrealized (gains) losses		$ 0

FAIR VALUE MEASUREMENTS OF FI_6

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categories (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financial Assets
Due from related parties	$ 775,115	$ 726,253
Derivative assets	32,188	15,492
Assets	2,413,940	1,827,041	$ 1,541,682	$ 14,133,987
Financial Liabilities
Liabilities	53,200	55,016	110,458	7,653,470
Contingent Consideration Obligation | Discounted cash flow
Financial Liabilities
Liabilities	53,200	55,016
Investments of Consolidated VIEs
Financial Assets
Investments	1,762,956	2,370,884
Assets	1,281,922	727,200	$ 454,787	13,187,803
Debt and Other Liabilities of Consolidated VIEs | Investments of Consolidated VIEs
Financial Liabilities
Liabilities	0	0		$ 7,527,569
Level III
Financial Assets
Derivative assets	14,755	15,492
Assets	2,446,802	1,870,454
Financial Liabilities
Liabilities	53,200	55,016
Level III | Embedded value
Financial Assets
Investments	547,617
Level III | Discounted cash flow
Financial Assets
Investments	127,053
Due from related parties	32,862
Level III | Adjusted transaction value
Financial Assets
Investments	442,593
Level III | Option model
Financial Assets
Derivative assets	14,755	15,492
Level III | Investments | Embedded value
Financial Assets
Investments		525,696
Level III | Investments | Discounted cash flow
Financial Assets
Investments		128,368
Level III | Investments | Adjusted transaction value
Financial Assets
Investments		430,285
Level III | Investments of Consolidated VIEs
Financial Assets
Equity securities		458,282
Level III | Investments of Consolidated VIEs | Dividend discount model
Financial Assets
Equity securities	468,031
Level III | Investments of Consolidated VIEs | Bank loans
Financial Assets
Assets	789,825	243,703
Level III | Investments of Consolidated VIEs | Bonds
Financial Assets
Assets	23,910	25,065
Level III | Investments of Consolidated VIEs | Warrants
Financial Assets
Assets	$ 156	150
Level III | Discount rate | Discounted cash flow
Financial Assets
Due from related parties		$ 43,413
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Due from related parties	14.50%	15%
Level III | Discount rate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investments, measurement input	0.092	0.089
Level III | Discount rate | Minimum | Bank loans | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.072
Level III | Discount rate | Minimum | Contingent Consideration Obligation | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.240	0.200
Level III | Discount rate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investments, measurement input	0.528	0.528
Level III | Discount rate | Maximum | Bank loans | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.354
Level III | Discount rate | Maximum | Contingent Consideration Obligation | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.290	0.250
Level III | Discount rate | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investments, measurement input	0.290
Due from related parties	14.50%	15%
Level III | Discount rate | Weighted Average | Investments | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Investments, measurement input		0.287
Level III | Discount rate | Weighted Average | Contingent Consideration Obligation | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Contingent consideration obligation, measurement input	0.275	0.236
Level III | Discount rate | Investments of Consolidated VIEs | Dividend discount model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	12.9	12.1
Level III | Discount rate | Investments of Consolidated VIEs | Bonds | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, measurement input		7.9
Level III | Discount rate | Investments of Consolidated VIEs | Warrants | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.150	0.154
Level III | Discount rate | Investments of Consolidated VIEs | Minimum | Bank loans | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input		0.064
Level III | Discount rate | Investments of Consolidated VIEs | Minimum | Bonds | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, measurement input	0.082
Level III | Discount rate | Investments of Consolidated VIEs | Maximum | Bank loans | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input		0.327
Level III | Discount rate | Investments of Consolidated VIEs | Maximum | Bonds | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, measurement input	0.105
Level III | Discount rate | Investments of Consolidated VIEs | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input		0.121
Level III | Discount rate | Investments of Consolidated VIEs | Weighted Average | Dividend discount model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Equity securities, measurement input	0.129
Level III | Discount rate | Investments of Consolidated VIEs | Weighted Average | Bank loans | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bank loans, measurement input	0.075	0.080
Level III | Discount rate | Investments of Consolidated VIEs | Weighted Average | Bonds | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Bonds, measurement input	0.105	0.079
Level III | Discount rate | Investments of Consolidated VIEs | Weighted Average | Warrants | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Warrants, measurement input	0.150	0.154
Level III | Volatility rate | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative assets, measurement input	0.700	0.600
Level III | Volatility rate | Weighted Average | Option model
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Derivative assets, measurement input	0.700	0.600

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fixed assets	$ 490,312	$ 447,065
Less: Accumulated depreciation and amortization	(173,545)	(160,654)
Fixed assets, net	316,767	286,411
Deferred equity-based compensation	296,132	279,973
Intangible assets, net	174,152	179,215
Commitment asset	130,005	138,385
Prepaid expenses	78,721	62,098
Tax receivables	70,514	92,610
Other	145,986	137,063
Total Other Assets	1,212,277	1,175,755
Other liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of grants	$ 239,200	$ 227,800

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 12.9	$ 5.9

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 20,738	$ 16,104

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 10,345	$ 6,126

LEASES - Lease Payments by Matu

LEASES - Lease Payments by Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease Payments
Remaining 2023	$ 49,374
2024	73,819
2025	72,895
2026	69,320
2027	71,824
Thereafter	513,976
Total lease payments	851,208
Less imputed interest	(143,402)
Present value of lease payments	$ 707,806	$ 664,366

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced, amount	$ 47.1
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	12 years

LEASES - Supplemental Informati

LEASES - Supplemental Information Related to Lease (Details)	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	12 years 3 months 18 days	12 years 9 months 18 days
Weighted average discount rate	3%	2.60%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 61,472	$ 134,174
Effective tax rate	14.80%	9.50%
Unrecognized tax benefits that would impact effective tax rate	$ 17,300
Period of recognition for tax intangibles	15 years

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 2,813,926	$ 2,814,117
Fair Value	2,613,892	2,572,991
Debt issuance costs	15,200	15,800
Senior Notes | 2024 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	499,285	499,122
Fair Value	$ 490,035	$ 485,616
Interest Rate	4%	4%
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 498,371	$ 498,243
Fair Value	$ 486,207	$ 475,629
Interest Rate	4.40%	4.40%
Senior Notes | 2029 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 674,824	$ 674,816
Fair Value	$ 646,533	$ 638,649
Interest Rate	4.87%	4.87%
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 495,674	$ 495,524
Fair Value	$ 418,871	$ 406,787
Interest Rate	2.65%	2.65%
Senior Notes | 2048 Senior Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 297,019	$ 296,959
Fair Value	$ 271,862	$ 261,675
Interest Rate	5%	5%
Subordinated notes | 2050 Subordinated Notes
Debt Instrument [Line Items]
Outstanding Balance	$ 296,714	$ 296,714
Fair Value	$ 248,175	$ 252,483
Interest Rate	4.95%	4.95%
AMI Term Facility | Secured Borrowing II
Debt Instrument [Line Items]
Outstanding Balance	$ 17,793	$ 18,159
Fair Value	$ 17,963	$ 17,614
Interest Rate	1.70%	1.70%
AMI Term Facility | 2016 AMI Term Facility I
Debt Instrument [Line Items]
Outstanding Balance	$ 18,270	$ 18,052
Fair Value	$ 18,270	$ 18,028
Interest Rate	1.30%	1.30%
AMI Term Facility | 2016 AMI Term Facility II
Debt Instrument [Line Items]
Outstanding Balance	$ 15,976	$ 16,528
Fair Value	$ 15,976	$ 16,510
Interest Rate	1.40%	1.40%

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) - Revolving Credit Facility - AMH Credit Facility - USD ($)	3 Months Ended
	Mar. 31, 2023	Oct. 12, 2022
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,000,000,000
Commitment fee (as a percent)	0.08%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - Revolving Credit Facility - AMH Credit Facility	3 Months Ended
	Mar. 31, 2023 USD ($)	Oct. 12, 2022 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,000,000,000
Incremental facilities	$ 250,000,000
Leverage ratio	4
Outstanding amount	$ 0

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Total Interest Expense	$ 34,302	$ 32,993

EQUITY-BASED COMPENSATION (Deta

EQUITY-BASED COMPENSATION (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 124	$ 156.3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation expense		$ 927.3
RSUs | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	6
RSUs | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized equity-based compensation expense, period of recognition		2 years 10 months 24 days
RSUs | Plan Grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
RSUs | Plan Grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		6 years
RSU, service grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 55.5	$ 58.8
Granted (in shares)		4	3.1
Fair value of grants		$ 275.2	$ 193.7
RSU, service grants | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		13.9	13.9
Award requisite service period	5 years
Performance-based awards | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 54.6	$ 73.8
Granted (in shares)		1.2	2.1
Fair value of grants		$ 79.2	$ 126.4
Performance-based awards | President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		5.8	5.9
Granted (in shares)	2
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 9.1	$ 19.2
Granted (in shares)		0.2	0.4
Fair value of grants		$ 13.8	$ 27.9

EQUITY - Preferred Stock Issuan

EQUITY - Preferred Stock Issuance, Narrative (Details) - $ / shares		3 Months Ended
	May 09, 2023	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock
Class of Stock [Line Items]
Increase to distribution rate (as a percent)		5%
Preferred Stock | Equity, Redemption, Period Two
Class of Stock [Line Items]
Redemption price (in USD per share)		$ 25
Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)		$ 25.25
Required days notice		30 days
Number of days within occurrence		60 days
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		11,000,000	11,000,000
Preferred stock, shares outstanding (in shares)		11,000,000	11,000,000
Dividends declared per share (in USD per share)		$ 0.398438
Series A Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Dividends declared per share (in USD per share)	$ 0.398438
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		12,000,000	12,000,000
Preferred stock, shares outstanding (in shares)		12,000,000	12,000,000
Dividends declared per share (in USD per share)		$ 0.398438
Series B Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Dividends declared per share (in USD per share)	$ 0.398438
Series B Preferred Stock | Equity, Redemption, Period One
Class of Stock [Line Items]
Redemption price (in USD per share)		$ 25.50
Required days notice		30 days
Number of days within occurrence		60 days

EQUITY - Redeemable Non-Control

EQUITY - Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Redeemable Non-Controlling Interests [Roll Forward]
Balance at beginning of period	$ 1,031,914	$ 1,770,034
Accretion of redeemable non-controlling interests	9,682	19,980
Balance at end of period	$ 1,041,596	$ 1,790,014

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from and Due to Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Due from Related Parties:
Total Due from Related Parties	$ 775,115	$ 726,253
Due to Related Parties:
Total Due to Related Parties	1,487,639	1,577,494
Due from employees and former employees
Due from Related Parties:
Total Due from Related Parties	91,885	89,671
Due from portfolio companies
Due from Related Parties:
Total Due from Related Parties	98,226	143,975
Incentive fees receivable
Due from Related Parties:
Total Due from Related Parties	14,149	8,887
Due to Former Managing Partners and Contributing Partners
Due to Related Parties:
Total Due to Related Parties	830,589	874,406
Due to Former Managing Partners and Contributing Partners | Purchase of Limited Partnership Interests
Due to Related Parties:
Total Due to Related Parties	306,700	350,500
Due to parent
Due from Related Parties:
Total Due from Related Parties	200,405	150,555
Due to Related Parties:
Total Due to Related Parties	507,606	579,354
Due to funds
Due from Related Parties:
Total Due from Related Parties	370,450	333,165
Due to Related Parties:
Total Due to Related Parties	149,444	123,734
Capital Markets | Sale of Investment
Due to Related Parties:
Total Due to Related Parties	$ 32,900	$ 43,400
Due from related parties, repayment period	5 years

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Tax Receivable Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Percentage of amount of cash savings	15%
Cash payment, multiplier by outstanding units			$ 3.66
Due to related parties	$ 1,487,639,000	$ 1,577,494,000
Due to Former Managing Partners and Contributing Partners
Related Party Transaction [Line Items]
Due to related parties	830,589,000	874,406,000
Purchase of Limited Partnership Interests | Due to Former Managing Partners and Contributing Partners
Related Party Transaction [Line Items]
Due to related parties	$ 306,700,000	$ 350,500,000
Due to Former Managing Partners and Contributing Partners
Related Party Transaction [Line Items]
Percentage of amount of cash savings	85%

RELATED PARTY TRANSACTIONS AN_5

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from Employees and Former Employees (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Loans to related party	$ 6.8	$ 8.8
Loans due upon liquidation of fund	$ 75.4	$ 72.1

RELATED PARTY TRANSACTIONS AN_6

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Indemnity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Indemnity liability	$ 13.2	$ 13.2

RELATED PARTY TRANSACTIONS AN_7

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due to Funds (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
General partner obligation	$ 119.4	$ 106.5

RELATED PARTY TRANSACTIONS AN_8

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athene (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Asset threshold	$ 13,368,661	$ 13,793,947
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

RELATED PARTY TRANSACTIONS AN_9

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Sub-Allocation Fee Schedule (Details)	3 Months Ended
	Mar. 31, 2023
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%
Other Assets | Minimum
Related Party Transaction [Line Items]
Performance revenue, percentages	0%
Other Assets | Maximum
Related Party Transaction [Line Items]
Performance revenue, percentages	20%

RELATED PARTY TRANSACTIONS A_10

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Athora (Details) $ in Millions	Mar. 31, 2023 USD ($)
Athora | Equity Investments | Advisory Services | Affiliated Entity
Related Party Transaction [Line Items]
Total	$ 346.8

RELATED PARTY TRANSACTIONS A_11

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Performance Allocations and Revenues Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Athene and Athora
Related Party Transaction [Line Items]
Revenues earned in aggregate from Athene and Athora	$ 369,412	$ 325,561

RELATED PARTY TRANSACTIONS A_12

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due to Parent (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from related parties	$ 775,115	$ 726,253
Due to related parties	1,487,639	1,577,494
Due to parent
Related Party Transaction [Line Items]
Due from related parties	200,405	150,555
Due to related parties	$ 507,606	$ 579,354

RELATED PARTY TRANSACTIONS A_13

RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Investment in SPACs (Details) - Affiliated Entity - IPO - USD ($) $ in Millions			1 Months Ended
	Jul. 13, 2021	Feb. 12, 2021	Oct. 31, 2020
Apollo Strategic Growth Capital (ASPG I) | APSG I
Related Party Transaction [Line Items]
Sale of stock, capital from third party investors			$ 816.8
APSG II
Related Party Transaction [Line Items]
Sale of stock, capital from third party investors		$ 690
Acropolis
Related Party Transaction [Line Items]
Sale of stock, capital from third party investors	$ 345

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Investment Commitments (Details) $ in Billions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded capital commitments	$ 0.6

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Litigation and Regulatory Matters (Details) € in Millions, $ in Billions				1 Months Ended
	Jun. 08, 2020 claim defendant	Dec. 21, 2017 USD ($)	Aug. 03, 2017 EUR (€)	Mar. 31, 2020 defendant
United States District Court Middle District Of Florida Against AGM
Long-term Purchase Commitment [Line Items]
Damages sought | €			€ 30
Harbinger Capital Partners II LP et al. v. Apollo Global Management Inc, et al. (No. 657515/2017)
Long-term Purchase Commitment [Line Items]
Damages sought | $		$ 1.9
Number of suits | 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
Frank Funds v. Apollo Global Management | Officers and Employees
Long-term Purchase Commitment [Line Items]
Number of defendants				3

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Details) - Other long-term obligations $ in Thousands	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Remaining 2023	$ 11,733
2024 - 2025	1,032
2026 - 2027	0
2028 and Thereafter	0
Total	$ 12,765

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Contingent Obligations (Details)	Mar. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 600,000,000
Apollo Capital Markets Partnership | Sumitomo Mitsui Banking Corp
Variable Interest Entity [Line Items]
Maximum borrowing capacity	2,250,000,000
Outstanding amount	$ 1,240,000,000
Underwriting Commitments | AGS
Variable Interest Entity [Line Items]
Number of subsidiaries | subsidiary	1
Commitment To Purchase Underlying Portfolio Investment | AGS
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 0	$ 0
Investments of Consolidated VIEs
Variable Interest Entity [Line Items]
Cumulative revenues recognized if existing investments become worthless	$ 4,900,000,000

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Contingent Consideration (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Fair value of the contingent obligation	$ 53.2	$ 55

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Atlas (Details) - Atlas and AAM $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Guarantee	$ 3.3
Guarantee period	five year

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Segment Income	$ 421,653	$ 714,629
Total Assets	13,368,661		$ 13,793,947
Total Segments
Segment Reporting Information [Line Items]
Total Assets	10,505,073		10,402,925
Management Fees
Segment Reporting Information [Line Items]
Revenues	631,840	522,936
Capital solutions fees and other, net
Segment Reporting Information [Line Items]
Revenues	154,599	65,786
Asset Management
Segment Reporting Information [Line Items]
Fee-related performance fees	26,622	14,226
Fee related compensation	(211,072)	(175,372)
Other operating expenses	(132,984)	(98,384)
Segment Income	397,999	309,984
Asset Management | Total Segments
Segment Reporting Information [Line Items]
Total Assets	2,323,325		2,167,599
Asset Management | Management Fees
Segment Reporting Information [Line Items]
Revenues	576,998	505,401
Asset Management | Capital solutions fees and other, net
Segment Reporting Information [Line Items]
Revenues	138,435	64,113
Principal Investing
Segment Reporting Information [Line Items]
Other operating expenses	(30)	(5,964)
Segment Income	23,654	404,645
Realized performance fees	163,766	127,189
Realized investment income	27,529	439,408
Principal investing compensation	(167,611)	$ (155,988)
Principal Investing | Total Segments
Segment Reporting Information [Line Items]
Total Assets	$ 8,181,748		$ 8,235,326

SEGMENT REPORTING - Reconcili_2

SEGMENT REPORTING - Reconciliation of Income (Loss) Before Income Tax Provision to Economic Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Income before income tax provision	$ 413,961	$ 1,417,796
(Gains) losses from changes in tax receivable agreement liability	0	14,184
Net income attributable to non-controlling interests in consolidated entities	(135,106)	(686,654)
Unrealized net (gains) losses from investment activities and other	6,609	(766,419)
Segment Income	421,653	714,629
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity-based profit sharing expense and other	67,257	97,078
Equity-based compensation	51,986	56,333
Transaction-related charges	3,163	(729)
Merger-related transaction and integration costs	6,609	17,746
(Gains) losses from changes in tax receivable agreement liability	0	14,184
Net income attributable to non-controlling interests in consolidated entities	(34,417)	(210,109)
Unrealized performance fees	(239,125)	(444,643)
Unrealized profit sharing expense	135,001	191,253
Net interest expense	15,418	30,300
Unrealized principal investment income (loss)	(9,637)	82,128
Unrealized net (gains) losses from investment activities and other	$ 11,437	$ (536,708)

SEGMENT REPORTING - Reconcili_3

SEGMENT REPORTING - Reconciliation of Reportable Segments to Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 13,368,661	$ 13,793,947
Total reportable segment assets
Segment Reporting Information [Line Items]
Total assets	10,505,073	10,402,925
Adjustments
Segment Reporting Information [Line Items]
Total assets	$ 2,863,588	$ 3,391,022