Apollo Global Management, Inc
(NYSE:APO)

Apollo Global Management, Inc. is a publicly owned investment manager. The firm primarily provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its cl...

Website: http://www.apollo.com

Founded: 1990

Full Time Employees: 1,657

Sector: Financial Services

Industry: Asset Management

Asset Management

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At a glance:

Alternative Asset Manager with Large, Diversified AUM Base: Apollo Global Management is a major alternative investment platform spanning credit, private equity, and real assets, with a business model driven by scale and long-duration capital.
Earnings Mix Driven by Fee-Related Revenues and Performance Income: Results typically reflect a combination of recurring management fees plus more variable performance-related earnings, which can introduce quarter-to-quarter variability.
Credit and Private Equity Exposure Creates Cyclical Sensitivity: Apollo’s investment performance and fundraising can be influenced by credit spreads, interest-rate conditions, exit markets, and broader risk appetite.
Growth Strategy Centered on Fundraising and Product Expansion: Key upside drivers often include net inflows, new strategy launches, and deeper distribution across institutional and wealth channels to expand fee-paying assets.
Key Watch Items: Deployment Pace, Fundraising, and Investment Realizations: Investors commonly track capital deployment and realization activity, fee-related margin trends, and the pace of fundraising across flagship and adjacent strategies.

Bull Thesis:

Consistent AUM Growth and Diversification into Credit: Apollo has demonstrated robust growth in Assets Under Management (AUM), driven by strong fundraising across its private equity, credit, and hybrid strategies. The increasing allocation to credit and insurance solutions (Athene) provides more stable, recurring fee streams and reduces reliance on volatile private equity exits, enhancing the predictability of Fee-Related Earnings (FRE).
Strategic Value and Synergies with Athene: Athene, Apollo's retirement services platform, is a significant and growing contributor to earnings, providing a stable, long-duration capital base that Apollo can invest. The deep synergy between Apollo's asset management expertise and Athene's liability management creates a powerful competitive advantage, driving both investment performance and capital deployment opportunities.
Strong Fundraising Environment for Alternative Assets: The broader market trend of institutional and high-net-worth investors increasing their allocations to alternative assets (private equity, private credit, real estate, infrastructure) continues to benefit Apollo. As a leading global alternative asset manager with a strong brand and track record, Apollo is well-positioned to capture a significant share of this growing capital pool.
Strategic Acquisitions and Expansion of Capabilities: Apollo has actively pursued strategic acquisitions and partnerships, such as the acquisition of a majority stake in Credit Suisse's securitized products group (now Atlas SP Partners). These moves expand Apollo's product offerings, geographic reach, and investment capabilities, further solidifying its position as a comprehensive alternative solutions provider.

Bear Thesis:

Interest Rate Sensitivity and Credit Market Risks: A substantial portion of Apollo's business is exposed to credit markets. While rising rates can benefit some strategies, a sustained period of high interest rates or a significant economic downturn could lead to increased defaults, lower valuations for credit portfolios, and potential impairments, impacting investment performance and fundraising.
Intense Competition and Potential for Fee Compression: The alternative asset management industry is highly competitive, with numerous established players and new entrants vying for investor capital. This intense competition could lead to pressure on management fees, especially for more commoditized strategies, potentially impacting Apollo's profitability and margins over the long term.
Regulatory Scrutiny and Compliance Costs: As a large, systemically important financial institution, Apollo faces increasing regulatory scrutiny from various bodies (e.g., SEC, state insurance regulators). Evolving regulations could impose higher compliance costs, restrict certain investment activities, or necessitate changes to business models, potentially impacting operational efficiency and profitability.
Valuation Sensitivity to Market Cycles and Private Asset Illiquidity: Despite strong underlying fundamentals, alternative asset managers can be sensitive to broader market sentiment and economic cycles. The valuation of private assets can be subjective and less transparent than public markets, potentially leading to scrutiny during market downturns or periods of economic uncertainty, which could affect investor confidence and the company's stock price.

Main Competitors:

Blackstone Inc. ($BX) (Private Equity, Real Estate, Credit), Blackstone is the world's largest alternative asset manager, competing directly with Apollo across virtually all its core strategies, including private equity, real estate, credit, and infrastructure. They vie for institutional capital, investment opportunities, and talent globally.
KKR & Co. Inc. ($KKR) (Private Equity, Credit, Infrastructure), KKR is a global investment firm that competes with Apollo in private equity buyouts, credit strategies (including direct lending and leveraged credit), and real assets like infrastructure. They often bid on the same companies and assets, and target similar institutional investors.
The Carlyle Group Inc. ($CG) (Private Equity, Global Credit), Carlyle is a global investment firm that competes with Apollo primarily in private equity and global credit. Both firms seek to acquire and grow companies, provide debt solutions, and attract capital from institutional investors and high-net-worth individuals.
Ares Management Corporation ($ARES) (Direct Lending, Private Equity, Real Estate), Ares Management is a leading global alternative investment manager with a strong focus on credit, private equity, and real estate. They compete significantly with Apollo in the direct lending and broader credit markets, as well as in private equity transactions and real asset investments.

Moat:

The alternative asset management industry is highly competitive, with firms like Apollo vying for institutional and high-net-worth capital, attractive investment opportunities, and top talent. Apollo's competitive advantages (moat) include its significant scale, diversified investment strategies across private equity, credit, and real assets, a strong brand reputation, and its integrated insurance solutions platform (Athene), which provides a stable, long-term capital base. Competition is fierce across all asset classes, with firms differentiating themselves through specialized expertise, proprietary deal sourcing, investment performance, and strong relationships with limited partners.

Income Statements:

Quarterly

Annual

Unit: USD	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-13	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31

revenues:
management fees	687,143,000	631,840,000	614,897,000	582,665,000	560,010,000	522,936,000	519,132,000	474,537,000	470,092,000	457,185,000	446,846,000	433,570,000	409,953,000	396,604,000	413,026,000	394,547,000	388,215,000	380,026,000	358,150,000	358,750,000	341,626,000	286,726,000
advisory and transaction fees	170,654,000	154,599,000	157,072,000	110,141,000	110,492,000	65,786,000	96,849,000	62,831,000	86,351,000	56,348,000	77,113,000	73,449,000	61,957,000	36,963,000	56,511,000	16,440,000	31,124,000	19,569,000	70,133,000	13,154,000	15,440,000	13,551,000
investment income	137,201,000	441,585,000	319,245,000	-29,248,000	-192,178,000	702,315,000
incentive fees	25,534,000	15,465,000	10,133,000	9,287,000	1,953,000	5,850,000	5,456,000	5,436,000	14,318,000	3,854,000	4,367,000	1,292,000	205,000	19,519,000	3,051,000	4,238,000	776,000	660,000	7,125,000	4,818,000	14,990,000	3,785,000
total revenues	1,020,532,000	1,243,489,000	1,101,347,000	672,845,000	480,277,000	1,296,887,000	1,195,275,000	1,079,298,000	1,382,325,000	2,294,700,000	1,296,496,000	1,018,274,000	1,508,335,000	-1,469,086,000	914,772,000	702,721,000	636,579,000	677,777,000	-114,885,000	517,731,000	523,316,000	166,903,000	869,518,000	664,232,000	432,872,000	643,551,000	685,380,000	503,731,000	660,447,000	120,826,000	193,651,000	193,268,000	351,727,000	276,818,000	1,132,089,000	497,261,000	1,309,073,000	1,159,221,000	712,373,000	211,628,000	776,743,000	645,994,000	-1,479,580,000	308,876,000	696,342,000
yoy	112.49%	-4.12%	-7.86%	-37.66%	-65.26%	-43.48%	-7.81%	5.99%	-8.35%	-256.20%	41.73%	44.90%	136.94%	-316.75%	-896.25%	35.73%	21.64%	306.09%	-113.21%	-22.06%	20.89%	-74.07%	26.87%	31.86%	-34.46%	432.63%	253.93%	160.64%	87.77%	-56.35%	-82.89%	-61.13%	-73.13%	-76.12%	58.92%	134.97%	68.53%	79.45%	-148.15%	-31.48%	11.55%
qoq	-17.93%	12.91%	63.69%	40.10%	-62.97%	8.50%	10.75%	-21.92%	-39.76%	76.99%	27.32%	-32.49%	-202.67%	-260.60%	30.18%	10.39%	-6.08%	-689.96%	-122.19%	-1.07%	213.54%	-80.81%	30.91%	53.45%	-32.74%	-6.10%	36.06%	-23.73%	446.61%	-37.61%	0.20%	-45.05%	27.06%	-75.55%	127.66%	-62.01%	12.93%	62.73%	236.62%	-72.75%	20.24%	-143.66%	-579.02%	-55.64%
expenses:
compensation and benefits	516,539,000	669,567,000	514,034,000	386,146,000	308,904,000	734,105,000
interest expense	34,784,000	34,302,000	33,865,000	32,219,000	31,432,000	32,993,000	34,657,000	34,820,000	34,814,000	34,799,000	34,817,000	34,889,000	32,291,000	31,242,000	28,126,000	27,833,000	23,302,000	19,108,000	15,206,000	15,209,000	15,162,000	13,797,000	13,376,000	13,303,000	13,195,000	12,999,000	12,977,000	12,832,000	9,800,000	7,873,000	7,617,000	7,529,000	7,485,000	7,440,000	7,179,000	7,594,000	7,518,000	8,033,000	7,136,000	10,567,000	11,380,000	9,851,000	9,790,000	10,327,000	10,882,000
general, administrative and other	223,077,000	183,028,000	195,767,000	161,208,000	150,721,000	140,363,000	149,713,000	111,597,000	115,838,000	99,850,000	95,144,000	90,822,000	83,729,000	84,522,000	91,528,000	85,313,000	81,839,000	71,662,000	71,593,000	70,657,000	62,517,000	61,677,000	67,940,000	68,149,000	59,729,000	62,040,000	154,030,000	32,403,000	32,823,000	27,744,000	36,283,000	21,645,000	21,556,000	22,919,000	21,720,000	26,037,000	22,941,000	21,151,000	24,028,000	23,575,000	19,207,000	19,883,000	16,566,000	22,502,000	16,607,000
total expenses	774,400,000	886,897,000	743,666,000	579,573,000	491,057,000	907,461,000	1,696,792,000	648,907,000	746,787,000	1,021,744,000	672,566,000	531,055,000	702,777,000	-328,434,000	599,366,000	371,372,000	342,525,000	378,017,000	73,943,000	312,727,000	301,394,000	214,875,000	392,052,000	357,483,000	264,526,000	345,988,000	398,364,000	282,257,000	343,398,000	141,899,000	187,529,000	174,911,000	244,539,000	224,413,000	600,115,000	322,787,000	622,602,000	687,645,000	520,008,000	316,962,000	523,230,000	618,963,000	-158,100,000	480,006,000	641,581,000
other income:
net gains from investment activities	19,874,000	-1,536,000	33,596,000	-16,148,000	146,054,000	771,262,000	1,171,560,000	172,798,000	913,394,000	353,151,000	395,925,000	144,472,000	268,667,000	-1,264,551,000	94,055,000	-19,790,000	45,060,000	18,829,000	-207,094,000	155,283,000	-67,505,000	-67,133,000	-7,832,000	68,932,000	-513,000	34,517,000	89,434,000	17,746,000	89,010,000	-56,469,000	14,231,000	80,950,000	24,424,000	12,686,000	74,045,000	1,116,000	52,133,000	138,287,000	20,463,000	-28,214,000	157,708,000	20,580,000	-371,647,000	63,311,000	157,929,000
net gains from investment activities of consolidated variable interest entities	9,353,000	34,037,000	77,630,000	11,387,000	36,617,000	279,455,000	156,837,000	142,455,000	145,403,000	112,594,000	183,308,000	122,119,000	57,862,000	-165,920,000	15,183,000	10,631,000	4,631,000	9,466,000	16,366,000	13,001,000	9,213,000	6,532,000	-420,000	845,000	6,132,000	4,108,000	2,198,000	800,000	698,000	1,319,000	11,011,000	911,000	5,800,000	134,703,000	78,601,000	-35,198,000	47,861,000			31,763,000	-16,201,000	24,242,000	-4,760,000	-12,369,000	17,088,000
interest income	28,497,000	32,284,000	25,755,000	15,377,000	5,786,000	2,836,000	698,000	2,114,000	645,000	798,000	1,586,000	1,485,000	3,994,000	7,934,000	9,584,000	10,152,000	8,710,000	7,076,000	7,137,000	5,411,000	4,547,000	3,559,000	3,492,000	1,504,000	622,000	803,000	999,000	1,192,000	1,296,000	585,000	829,000	818,000	860,000	725,000	3,304,000	3,049,000	3,091,000				1,614,000	3,191,000	670,000	612,000	258,000
other income	12,360,000		-5,486,000	3,533,000	12,170,000	-25,183,000	-119,415,000	-14,907,000	4,531,000	-17,750,000	23,851,000	10,161,000	3,327,000	-16,507,000	-9,856,000	-43,144,000	6,603,000	90,000	33,941,000	3,085,000	-5,443,000	4,246,000	200,864,000	25,387,000	742,000	18,647,000	4,077,000	-40,000	778,000	-253,000	931,000	93,000	1,775,000	4,874,000	22,634,000	2,778,000	1,298,000	5,010,000	8,304,000	1,945,549,000	5,816,000	194,481,000	-10,135,000	13,111,000	8,063,000
total other income	70,084,000	57,369,000	131,495,000	14,149,000	200,627,000	1,028,370,000	1,209,680,000	302,460,000	1,063,973,000	448,793,000	604,670,000	278,237,000	333,850,000	-1,439,044,000	108,966,000	-42,151,000	65,004,000	35,461,000	-149,650,000	176,780,000	-59,188,000	-52,796,000	254,857,000	144,156,000	23,819,000	96,628,000	135,530,000	42,911,000	136,742,000	-58,635,000	23,778,000	84,793,000	49,978,000	151,674,000	210,820,000	-8,165,000	132,173,000	131,088,000	27,348,000	1,950,461,000	192,188,000	285,659,000	-442,310,000	70,035,000	205,164,000
income before income tax provision	316,216,000	413,961,000	489,176,000	107,421,000	189,847,000	1,417,796,000											359,058,000	335,221,000	-338,478,000	381,784,000	162,734,000	-100,768,000	732,323,000	450,905,000			422,546,000	264,385,000	453,791,000		29,900,000	103,150,000	157,166,000	204,079,000	742,794,000	166,309,000	818,644,000	602,664,000	219,713,000	1,845,127,000	445,701,000			-101,095,000	259,925,000
income tax provision	-51,908,000	-61,472,000	-46,050,000	-22,069,000	-7,627,000	-134,174,000											-16,897,000	-19,654,000	-39,425,000	-19,092,000		-8,580,000	-271,019,000	-16,542,000			-28,199,000	-29,667,000	-37,988,000		-5,536,000	-6,591,000	-9,092,000	-5,514,000	-47,204,000	-18,139,000	-18,579,000			-10,650,000	-14,560,000			-3,550,000	-8,820,000
net income	264,308,000	352,489,000	443,126,000	85,352,000	182,220,000	1,283,622,000	612,515,000	631,417,000	1,505,460,000	1,518,503,000	1,075,461,000	676,099,000	999,085,000	-2,283,843,000	358,021,000	521,094,000	342,161,000	315,567,000	-377,903,000	362,692,000	143,810,000	-109,348,000	461,304,000	434,363,000	192,942,000	355,030,000	394,347,000	234,718,000	415,803,000	-74,561,000	24,364,000	96,559,000	148,074,000	198,565,000	695,590,000	148,170,000	800,065,000	584,381,000	197,796,000	1,834,477,000	431,141,000	293,284,000	-1,743,943,000	-104,645,000	251,105,000
yoy	45.05%	-72.54%	-27.65%	-86.48%	-87.90%	-15.47%	-43.05%	-6.61%	50.68%	-166.49%	200.39%	29.75%	191.99%	-823.73%	-194.74%	43.67%	137.93%	-388.59%	-181.92%	-16.50%	-25.46%	-130.80%	16.98%	85.06%	-53.60%	-576.16%	1518.56%	143.08%	180.81%	-137.55%	-96.50%	-34.83%	-81.49%	-66.02%	251.67%	-91.92%	85.57%	99.25%	-111.34%	-1853.05%	71.70%
qoq	-25.02%	-20.45%	419.17%	-53.16%	-85.80%	109.57%	-2.99%	-58.06%	-0.86%	41.20%	59.07%	-32.33%	-143.75%	-737.91%	-31.29%	52.29%	8.43%	-183.50%	-204.19%	152.20%	-231.52%	-123.70%	6.20%	125.13%	-45.65%	-9.97%	68.01%	-43.55%	-657.67%	-406.03%	-74.77%	-34.79%	-25.43%	-71.45%	369.45%	-81.48%	36.91%	195.45%	-89.22%	325.49%	47.00%	-116.82%	1566.53%	-141.67%
net income margin %	25.90%	28.35%	40.23%	12.69%	37.94%	98.98%	51.24%	58.50%	108.91%	66.17%	82.95%	66.40%	66.24%	155.46%	39.14%	74.15%	53.75%	46.56%	328.94%	70.05%	27.48%	-65.52%	53.05%	65.39%	44.57%	55.17%	57.54%	46.60%	62.96%	-61.71%	12.58%	49.96%	42.10%	71.73%	61.44%	29.80%	61.12%	50.41%	27.77%	866.84%	55.51%	45.40%	117.87%	-33.88%	36.06%
net income attributable to non-controlling interests	-151,472,000	-135,106,000	-197,778,000	-61,922,000	-114,099,000	-686,654,000									-191,978,000	-157,824,000	-177,338,000		190,658,000	-191,171,000	-80,200,000		-272,028,000	-231,411,000	-101,262,000		-227,380,000	-140,099,000	-241,711,000				-91,646,000	-167,638,000	-503,074,000	-89,433,000	-551,087,000				-333,098,000
net income attributable to apollo asset management, inc.	112,836,000	217,383,000	245,348,000	23,430,000	68,121,000	596,968,000
series a preferred stock dividends	-4,383,000	-4,383,000	-4,382,000	-4,383,000	-4,383,000		-4,383,000	-4,382,000	-4,383,000	-4,383,000	-4,383,000	-4,382,000	-4,383,000	-4,383,000	-4,383,000	-4,382,000
series b preferred stock dividends	-4,782,000	-4,781,000	-4,781,000	-4,781,000	-4,782,000		-4,781,000	-4,782,000	-4,781,000	-4,781,000	-4,781,000	-4,781,000	-4,782,000	-4,781,000	-4,781,000	-4,782,000
net income attributable to apollo asset management, inc. common stockholders	103,671,000	208,219,000	236,185,000	14,266,000	58,956,000	587,804,000
other loss		-7,416,000
series a preferred share dividends						-4,383,000
series b preferred share dividends						-4,781,000
investment income:
performance allocations							461,395,000	458,211,000	735,139,000	1,395,347,000	660,962,000	459,241,000	924,599,000	-1,734,323,000	374,677,000	254,103,000	176,862,000	251,497,000	-530,081,000	124,856,000	129,085,000	-124,165,000
principal investment income							112,443,000	78,283,000	76,425,000	381,966,000	107,208,000	50,722,000	111,621,000	-187,849,000	67,507,000	33,393,000	39,602,000	26,025,000	-20,212,000	16,153,000	22,175,000	-12,994,000
total investment income							573,838,000	536,494,000	811,564,000	1,777,313,000	768,170,000	509,963,000	1,036,220,000	-1,922,172,000	442,184,000	287,496,000	216,464,000	277,522,000	-550,293,000	141,009,000	151,260,000	-137,159,000
compensation and benefits:
salary, bonus and benefits							240,293,000	182,576,000	181,299,000	174,630,000	174,572,000	163,197,000	151,019,000	139,269,000	144,986,000	126,695,000	123,669,000	119,163,000	115,981,000	112,722,000	115,075,000	115,826,000	112,871,000	108,853,000	105,545,000	101,613,000	99,117,000	92,591,000	100,188,000	97,234,000	84,507,000	93,514,000	88,870,000	87,633,000	81,266,000	69,282,000	73,396,000	69,908,000	64,647,000	74,948,000	65,071,000	46,307,000	68,433,000	64,286,000	72,069,000
equity-based compensation							1,014,999,000	56,218,000	52,998,000	56,448,000	51,872,000	49,726,000	59,420,000	52,122,000	57,244,000	42,665,000	44,662,000	45,077,000	49,585,000	50,334,000	37,784,000	35,525,000	21,118,000	24,485,000	22,740,000	23,107,000	28,780,000	26,163,000	34,038,000	14,002,000	23,890,000	31,404,000	22,279,000	20,103,000	20,832,000	43,501,000	45,286,000	163,267,000	144,407,000	142,114,000	148,866,000	290,580,000	288,208,000	287,358,000	283,607,000
profit sharing expense							254,318,000	262,874,000	361,247,000	655,480,000	315,731,000	191,809,000	375,959,000	-635,998,000	276,591,000	88,610,000	68,278,000	123,447,000	-179,160,000	63,059,000	70,545,000	-12,277,000	175,394,000	137,296,000	58,059,000	144,324,000	177,307,000	90,152,000	127,220,000	-37,605,000	-4,706,000	-20,329,000	61,635,000	48,629,000	424,542,000	124,229,000	423,620,000	365,086,000	237,433,000	19,851,000	249,024,000	211,984,000	-563,255,000	70,733,000	217,085,000
total compensation and benefits							1,509,610,000	501,668,000	595,544,000	886,558,000	542,175,000	404,732,000	586,398,000	-444,607,000	478,821,000	257,970,000	236,609,000	287,687,000	-13,594,000	226,115,000	223,404,000	139,074,000	309,383,000	270,634,000	186,344,000	269,044,000	305,204,000	208,906,000	261,446,000	73,631,000	103,691,000	104,589,000	172,784,000	156,365,000	526,640,000	240,027,000	542,302,000	598,628,000	446,851,000	236,886,000	462,996,000	549,565,000	-210,490,000	418,783,000	582,920,000
placement fees							2,812,000	822,000	591,000	537,000	430,000	612,000	359,000	409,000	891,000	256,000	775,000	-440,000	738,000	746,000	311,000	327,000	1,353,000	5,397,000	5,258,000	1,905,000	20,468,000	1,953,000	2,064,000	1,764,000	2,612,000	2,617,000	1,665,000	1,520,000	3,185,000	3,120,000	9,358,000	8,927,000	4,292,000	8,131,000	921,000	806,000	1,991,000	575,000	539,000
income before income tax benefit							708,163,000	732,851,000	1,699,511,000	1,721,749,000	-168,708,000	765,456,000	1,139,408,000	-2,579,696,000	424,372,000	289,198,000									192,165,000	394,191,000				-79,708,000												-401,240,000	-1,763,790,000
income tax benefit							-95,648,000	-101,434,000	-194,051,000	-203,246,000	-153,139,000	-89,357,000	-140,323,000	295,853,000	-66,351,000	231,896,000					-18,924,000				777,000	-39,161,000				5,147,000								-11,781,750	-21,917,000			1,869,250	19,847,000
net loss attributable to non-controlling interests							-515,110,250	-373,095,000	-847,733,000	-839,613,000
net income attributable to apollo global management, inc.							243,552,000	258,322,000	657,727,000	678,890,000	434,104,000	272,399,000	446,329,000	-996,218,000	166,043,000	363,270,000
net income attributable to apollo global management, inc. class a common stockholders							234,388,000	249,158,000	648,563,000	669,726,000	424,940,000	263,236,000	437,164,000	-1,005,382,000	156,879,000	354,106,000
net income per share
net income available to class a common stock – basic							0.85	1.01	2.7	2.81	1.85	1.11	1.84	-4.47	0.65	1.64
net income available to class a common stock – diluted							0.85	1.01	2.7	2.81	1.85	1.11	1.84	-4.47	0.65	1.63
weighted-average number of shares of class a common stock outstanding – basic							236,567,691	239,451,921	231,058,813	230,003,502	227,530,600	227,771,678	227,653,988	226,757,519	207,072,413	205,797,643
weighted-average number of shares of class a common stock outstanding – diluted							236,567,691	239,451,921	231,058,813	230,003,502	227,530,600	227,771,678	227,653,988	226,757,519	208,748,524	207,641,323
net (income) loss attributable to non-controlling interests											82,792,250	-403,700,000	-552,756,000	1,287,625,000				-166,510,000				51,086,000				-209,834,000				41,733,000	-49,431,250	-55,508,000						-580,991,500	-115,005,000	-1,875,863,000					-212,949,000
net income attributable to apollo global management, llc																	164,823,000	149,057,000	-187,245,000	171,521,000	63,610,000	-58,262,000	189,276,000	202,952,000	91,680,000	145,196,000	166,967,000	94,619,000	174,092,000	-32,828,000	6,091,000	41,051,000	56,428,000	30,927,000	192,516,000	58,737,000	248,978,000	171,509,000	82,791,000	-41,386,000	98,043,000	10,933,000	-466,926,000	-50,989,000	38,156,000
net income attributable to series a preferred shareholders																	-4,383,000	-4,383,000	-4,382,000	-4,383,000	-4,383,000	-4,383,000
net income attributable to series b preferred shareholders																	-4,781,000	-4,781,000	-4,781,000	-4,781,000	-4,569,000
net income attributable to apollo global management, llc class a shareholders																	155,659,000	139,893,000	-196,408,000	162,357,000	54,658,000	-62,645,000	184,893,000	198,569,000	86,908,000
net income per class a share:
net income available to class a share – basic																	750	670	-1,000	770	250	-340	930	1,000	440	750	870	500	910	-190	10	200	300	90	1,130
net income available to class a share – diluted																	750	670	-1,000	770	250	-340	910	1,000	440	750	870	500	910	-190	10	200	300
weighted-average number of class a shares outstanding – basic																	199,578,950,000	200,832,323,000	199,946,632,000	200,347,996,000	200,711,475,000	198,432,603,000	190,931,743,000	192,882,082,000	190,591,756,000	186,537,367,000	183,998,080,000	184,438,515,000	183,695,920,000	182,665,330,000	173,271,666,000	176,169,986,000	170,431,430,000	165,968,620,000
weighted-average number of class a shares outstanding – diluted																	199,578,950,000	200,832,323,000	199,946,632,000	200,347,996,000	200,711,475,000	198,432,603,000	192,581,693,000	192,882,082,000	190,591,756,000	186,537,367,000	183,998,080,000	184,438,515,000	183,695,920,000	182,665,330,000	173,271,666,000	176,169,986,000	170,431,430,000	165,968,620,000
distributions declared per class a share																		560	460	430	380	660	390	520	490	450	350	370	250	280	350	420	330	860	1,320	570	1,050	400	240	250	460
management fees from related parties																							302,634,000	301,443,000	281,305,000	269,543,000	268,342,000	274,313,000
advisory and transaction fees from related parties																							62,719,000	16,209,000	23,629,000	15,067,000	43,966,000	29,801,000
carried interest income from related parties																							504,165,000	346,580,000	127,938,000	358,941,000	373,072,000	199,617,000
income from equity method investments																							58,753,000	47,488,000	16,836,000	38,553,000	38,822,000	23,213,000	44,960,000	-3,817,000	-3,224,000	2,021,000	17,119,000	-1,314,000	32,236,000	20,090,000	27,790,000	26,982,000	40,779,000	-839,000	43,251,000	43,165,000	-56,438,000	5,370,000	21,826,000
net income attributable to preferred shareholders																							-4,383,000	-4,383,000	-4,772,000
professional fees																											12,738,750	11,816,000	22,705,000	16,434,000	16,206,000	17,218,000	19,725,000	15,233,000	18,752,000	21,665,000	16,060,000	24,833,000	11,490,000	16,832,000	11,527,000	21,959,000	6,965,000	12,992,000	17,361,000
occupancy																											7,305,250	9,701,000	9,698,000	9,822,000	9,993,000	10,137,000	10,131,000	9,958,000	9,849,000	10,149,000	9,805,000	9,858,000	9,644,000	8,990,000	8,726,000	10,274,000	10,391,000	7,925,000	7,226,000
depreciation and amortization																											3,534,750	4,646,000	4,862,000	4,631,000	11,127,000	11,176,000	11,193,000	10,978,000	12,790,000	14,195,000	14,618,000	16,215,000	16,567,000	11,981,000	8,473,000	6,625,000	6,687,000	6,902,000	6,046,000
advisory and transaction fees from affiliates																													64,899,000	7,999,000	-20,083,000	9,276,000	15,450,000	8,543,000	28,961,000	65,085,000	47,419,000	37,382,000	15,149,000	69,777,000	27,236,000	22,144,000	16,837,000	23,556,000	19,416,000
management fees from affiliates																													267,063,000	233,795,000	236,158,000	238,563,000	230,584,000	209,207,000	151,127,000	155,070,000	150,447,000	162,488,000	147,611,000	143,326,000	127,178,000	125,556,000	122,666,000	121,187,000	118,150,000
carried interest income from affiliates																													328,485,000	-120,968,000	-22,424,000	-54,571,000	105,693,000	59,068,000	952,001,000	277,106,000	1,111,207,000	959,351,000	549,613,000	-1,475,000	622,329,000	498,294,000	-1,619,083,000	164,133,000	558,776,000
net income available to class a share –diluted																																		90	1,130
weighted-average number of class a shares – basic																																			142,829,913,000	137,289,147,000	131,249,034,000	127,693,489,000	128,980,438,000	126,457,443,000	125,269,253,000
weighted-average number of class a shares – diluted																																			146,212,984,000	137,289,147,000	136,019,801,000	129,540,377,000	131,635,202,000	126,457,443,000	127,515,663,000
incentive fee compensation																																				3,015,000		367,000	364,000	-27,000	35,000	694,000	-3,876,000	-3,594,000	10,159,000
net income per class a share – basic																																				320	1,600
net income per class a share – diluted																																				320	1,590
net incomees from investment activities of consolidated variable interest entities																																						-7,478,250	-45,475,000
interest and dividend income																																						1,773,250	3,277,000	2,202,000
net income per class a share – basic and diluted																																						1,130	550	-380	660	-1,082.5	-3,860	-460	330
net income (income) attributable to non-controlling interests																																										-282,351,000	1,277,017,000	53,656,000
dividends declared per class a share																																										157.5	240	220	170
weighted-average number of class a shares – basic and diluted																																											122,381,069,000	120,963,248,000	98,215,736,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-12-13	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31

assets:
cash and cash equivalents	1,219,475,000	1,254,202,000	1,200,735,000	1,118,305,000	1,545,343,000	1,245,606,000	915,381,000	2,090,197,000	1,824,712,000	1,717,996,000	1,555,252,000	1,838,646,000	939,824,000	647,784,000	1,556,202,000	1,242,817,000	945,725,000	720,253,000	609,743,000	854,574,000	1,093,125,000	988,284,000	751,252,000	930,848,000	1,070,805,000	1,084,218,000	806,329,000	926,932,000	859,005,000	542,483,000	612,505,000	836,308,000	837,999,000	929,016,000	1,136,913,000	1,203,090,000	899,272,000	946,225,000	946,225,000	752,496,000	619,948,000	639,903,000	738,679,000	808,259,000	837,040,000	459,844,000
restricted cash and cash equivalents	269,721,000	1,061,210,000	1,048,129,000	696,712,000	693,326,000	1,037,673,000	17,680,000	1,052,782,000	1,524,902,000	707,714,000
investments	5,549,629,000	5,650,246,000	5,644,167,000	6,090,938,000	5,630,366,000	6,970,485,000	9,949,387,000	7,986,606,000	7,910,519,000	6,700,817,000	5,244,465,000	3,977,069,000	3,346,435,000	2,504,676,000	3,704,332,000	3,472,909,000	3,219,950,000	2,946,087,000	2,811,445,000	3,415,165,000	3,230,588,000	3,198,685,000	1,806,377,000	1,708,064,000	1,576,839,000	1,575,687,000	1,567,388,000	1,390,998,000	1,324,552,000	1,133,559,000	122,340,728,547,000	1,097,619,000	973,835,000	2,952,215,000	2,190,241,000	2,134,061,000	2,155,995,000	2,138,096,000	2,138,096,000	2,025,242,000	2,035,045,000	2,007,008,000	1,857,465,000	1,764,034,000	2,181,439,000	2,145,515,000
assets of consolidated variable interest entities:
other assets	20,112,000	31,654,000	30,310,000	19,175,000	19,706,000	11,000		500,114,000	167,989,000	182,840,000		183,598,000	181,259,000	170,772,000		39,088,000	59,131,000	54,796,000		45,749,000	57,246,000	39,006,000		63,723,000	55,810,000	55,268,000		49,733,000	33,917,000	59,582,000	934,522,636,000	51,301,000	52,190,000	714,732,000	596,995,000	411,661,000	264,111,000	299,978,000	299,978,000	373,445,000	332,127,000	60,311,000	57,855,000	15,710,000	17,877,000	14,095,000
due from related parties	843,427,000	775,115,000	726,253,000	687,687,000	611,313,000	370,434,000	586,580,000	519,219,000	425,927,000	434,709,000	543,169,000	487,453,000	485,374,000	644,320,000	415,622,000	440,071,000	449,167,000	380,952,000	379,525,000	335,778,000	315,244,000	328,902,000	263,572,000	287,352,000	282,502,000	249,881,000	255,342,000	297,719,000
deferred tax assets	594,851,000	610,116,000	633,660,000	659,662,000	655,783,000	673,195,000	424,132,000	466,899,000	235,118,000	380,992,000	539,244,000	678,799,000	744,733,000	875,598,000	473,165,000	530,954,000	277,037,000	291,607,000	306,094,000	348,588,000	364,061,000	380,565,000	337,638,000	591,754,000	598,397,000	561,524,000	572,263,000	596,228,000	622,209,000	650,175,000	646,207,000	652,432,000	610,429,000	590,239,000	615,440,000	631,579,000	539,464,000	542,208,000	542,208,000	550,601,000	570,737,000	578,058,000	576,304,000	592,366,000	566,843,000	561,525,000
lease assets	614,508,000	623,779,000	590,732,000	596,487,000	615,614,000	606,961,000	450,531,000	379,251,000	361,597,000	292,927,000	295,098,000	301,779,000	308,165,000	186,225,000	190,696,000	190,618,000	98,777,000	102,845,000
goodwill	263,744,000	263,744,000	263,744,000	263,744,000	263,744,000	130,112,000	116,958,000	116,958,000	116,958,000	116,958,000	116,958,000	116,958,000	116,958,000	93,911,000	93,911,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	88,852,000	49,243,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000	48,894,000
total assets	13,695,317,000	13,368,661,000	13,793,947,000	12,318,082,000	12,000,051,000	12,311,502,000	13,573,400,000	28,290,642,000	27,541,346,000	27,410,138,000	8,681,467,000	18,627,870,000	17,958,408,000	16,322,797,000	7,337,517,000	8,064,304,000	7,348,244,000	6,721,500,000	4,791,646,000	6,972,158,000	6,639,013,000	6,948,497,000	5,740,943,000	6,860,354,000	6,221,920,000	6,261,563,000	4,694,643,000	5,490,215,000	5,162,231,000	4,360,767,000	35,916,221,067,064,000	4,818,050,000	4,901,700,000	23,647,801,000	22,148,374,000	20,620,024,000	21,289,337,000	20,636,858,000	20,636,858,000	19,569,404,000	19,232,157,000	9,100,674,000	7,975,873,000	5,330,771,000	7,389,727,000	6,515,039,000
liabilities, redeemable non-controlling interests and stockholders’ equity
liabilities:
accounts payable and accrued expenses	189,228,000	185,285,000	167,764,000	126,603,000	113,119,000	138,082,000	142,702,000	209,312,000	141,688,000	130,691,000	119,784,000	143,664,000	119,934,000	100,229,000	94,364,000	96,820,000	89,776,000	83,766,000	70,878,000	82,008,000	74,466,000	81,548,000	68,873,000	79,062,000	60,094,000	72,170,000	57,465,000	116,277,000	116,814,000	98,661,000	92,012,000	59,349,000	50,811,000	49,030,000	49,799,000	43,381,000	35,215,000	38,337,000	38,337,000	46,911,000	47,562,000	36,357,000	33,545,000	24,524,000	28,036,000	31,747,000
accrued compensation and benefits	229,799,000	148,193,000	114,862,000	262,804,000	183,245,000	110,537,000	130,107,000	239,242,000	169,554,000	96,251,000	82,343,000	221,185,000	139,750,000	66,813,000	64,393,000	166,161,000	112,792,000	60,553,000	73,583,000	159,516,000	110,311,000	60,489,000	62,474,000	144,664,000	97,515,000	54,257,000	52,754,000	122,143,000	90,399,000	50,131,000	54,836,000	135,470,000	95,437,000	53,923,000	119,990,000	77,152,000	54,518,000	56,125,000	56,125,000	93,408,000	67,566,000	48,411,000	45,933,000	96,481,000	71,955,000	65,908,000
deferred revenue	114,294,000	205,381,000	172,720,000	134,949,000	38,261,000	132,079,000	119,688,000	175,204,000	74,946,000	126,032,000	30,369,000	120,075,000	63,156,000	128,087,000	84,639,000	172,157,000	92,274,000	183,458,000	111,097,000	182,045,000	109,182,000	145,282,000	128,146,000	155,081,000	116,095,000	171,267,000	174,893,000	204,516,000	158,461,000	175,536,000	177,875,000	201,179,000	175,358,000	220,665,000	267,078,000	296,455,000	309,048,000	252,157,000	252,157,000	272,537,000	280,698,000	270,059,000	232,747,000	257,665,000	241,603,000	267,848,000
due to related parties	1,014,572,000	1,487,639,000	1,577,494,000	1,681,013,000	1,556,915,000	1,724,971,000	1,230,909,000	634,470,000	439,662,000	519,957,000	608,455,000	712,186,000	711,705,000	1,339,085,000	501,387,000	507,113,000	401,631,000	391,711,000	425,435,000	412,862,000	412,092,000	481,484,000	428,013,000	643,401,000	612,772,000	598,975,000	638,126,000	661,515,000
profit sharing payable	1,617,961,000	1,533,624,000	1,412,451,000	1,497,780,000	1,477,146,000	1,623,854,000	1,444,652,000	1,528,662,000	1,521,906,000	1,338,651,000	842,677,000	666,734,000	486,936,000	341,030,000	758,669,000	693,618,000	595,954,000	520,864,000	452,141,000	684,594,000	659,907,000	644,883,000	752,276,000	710,873,000	581,854,000	634,668,000	550,148,000	466,055,000	378,599,000	257,504,000	295,674,000	366,661,000	432,173,000	463,410,000	1,078,000,000	908,193,000	1,116,829,000	857,724,000	857,724,000	825,583,000	665,914,000	568,839,000	352,896,000	284,527,000	836,543,000	845,819,000
debt	2,812,089,000	2,813,926,000	2,814,117,000	2,810,055,000	2,812,965,000	2,815,348,000	3,134,396,000	3,153,181,000	3,154,289,000	3,152,750,000	3,155,221,000	3,151,247,000	3,147,276,000	2,651,232,000	2,650,600,000	2,348,440,000	2,350,915,000	1,903,862,000	1,360,448,000	1,361,024,000	1,357,640,000	1,361,711,000	1,362,402,000	1,361,044,000	1,358,444,000	1,353,572,000	1,352,447,000	1,355,994,000	1,355,521,000	1,046,012,000	1,025,255,000	1,031,428,000	1,031,288,000	1,030,093,000	728,273,000	728,273,000	737,711,000	737,818,000	737,818,000	737,986,000	738,140,000	738,291,000	738,516,000	738,623,000	738,784,000	751,180,000
liabilities of consolidated variable interest entities:
notes payable	975,554,000	42,916,000	49,990,000	49,990,000	49,990,000			2,498,134,000	2,498,748,000	2,431,521,000		2,464,267,000	1,952,619,000	1,862,206,000
other liabilities	1,496,443,000	1,251,463,000	1,898,841,000	607,636,000	432,115,000	1,755,000		703,100,000	912,439,000	1,075,336,000		806,333,000	918,330,000	968,634,000		69,042,000	86,712,000	71,076,000		73,689,000	73,712,000	100,135,000		85,403,000	61,767,000	127,680,000		54,801,000	46,455,000	74,032,000	387,504,637,000	60,427,000	111,393,000	744,713,000	802,109,000	888,577,000	969,996,000	634,053,000	634,053,000	600,853,000	588,767,000	184,406,000	122,264,000	20,860,000	98,410,000	49,580,000
lease liabilities	701,172,000	707,806,000	664,366,000	669,081,000	685,002,000	671,613,000	505,206,000	427,529,000	409,930,000	333,670,000	332,915,000	336,769,000	338,972,000	206,721,000	209,479,000	207,673,000	105,164,000	109,184,000
total liabilities	9,549,086,000	8,771,791,000	9,295,046,000	8,145,121,000	7,736,321,000	7,730,208,000	7,095,866,000	18,066,543,000	17,912,200,000	18,511,267,000	5,438,787,000	14,438,866,000	13,716,471,000	12,823,763,000	4,574,271,000	5,221,871,000	4,807,254,000	4,279,260,000	2,605,376,000	3,978,329,000	3,817,036,000	4,041,741,000	2,975,553,000	4,268,371,000	3,868,732,000	3,913,772,000	2,907,401,000	3,879,350,000	3,647,520,000	3,173,773,000	2,278,938,935,584,000	3,298,627,000	3,302,740,000	17,849,028,000	15,762,872,000	14,382,972,000	15,113,636,000	14,933,475,000	14,933,475,000	14,577,035,000	14,311,814,000	6,115,600,000	5,327,552,000	3,177,148,000	3,684,683,000	3,267,372,000
commitments and contingencies
redeemable non-controlling interests:
redeemable non-controlling interests	284,631,000	1,041,596,000	1,031,914,000	1,023,707,000	1,002,761,000	1,790,014,000		1,750,054,000	1,416,711,000	1,400,730,000
stockholders’ equity:
apollo asset management, inc. stockholders’ equity:
series a preferred stock, 11,000,000 shares issued and outstanding as of june 30, 2023 and december 31, 2022	264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of june 30, 2023 and december 31, 2022	289,815,000
common stock, 0.00001 par value...
additional paid in capital	1,353,930,000	1,240,217,000					2,165,937,000				877,173,000		1,032,442,000	1,085,949,000	1,302,587,000	1,217,231,000	1,052,259,000	1,144,664,000	1,299,418,000	1,350,331,000	1,429,307,000	1,483,244,000	1,579,797,000	1,627,767,000	1,716,138,000	1,763,146,000	1,830,025,000	1,876,342,000	1,928,962,000	1,957,692,000	2,005,509,000	2,050,681,000	2,084,942,000	2,114,747,000	2,741,531,000	2,931,769,000	2,913,814,000	3,043,334,000	3,043,334,000	3,015,240,000	2,984,345,000	2,941,818,000	2,939,492,000			2,156,441,000
retained earnings	73,057,000						1,165,442,000
accumulated other comprehensive loss	-10,797,000	-10,809,000											-3,879,000	-8,201,000	-4,331,000	-6,827,000	-5,192,000	-4,810,000	-3,925,000	-3,600,000	-3,130,000	-815,000	-1,878,000	-2,061,000	-3,022,000	-11,803,000		-5,450,000	-6,975,000	-5,078,000		-5,947,000	-5,609,000	-2,938,000								-93,000	-488,000	-832,000	-1,247,000
total apollo asset management, inc. stockholders’ equity	1,970,403,000	1,783,621,000
non-controlling interests in consolidated entities	548,350,000	533,974,000					5,839,000				5,118,000		2,107,870,000	2,122,281,000	6,776,000	266,016,000	280,662,000	273,145,000	5,717,000	271,379,000	269,162,000	290,857,000	7,750,000	149,736,000	137,280,000	120,891,000	6,805,000	94,500,000	95,625,000	89,000,000	781,799,508,000	82,787,000	87,264,000	3,351,290,000	2,333,213,000	2,229,350,000	2,031,029,000	1,893,212,000	1,893,212,000	1,591,946,000	1,627,290,000	1,550,815,000	1,444,767,000	1,443,782,000	1,774,151,000	1,744,920,000
non-controlling interests in apollo operating group	1,342,847,000	1,237,679,000					2,591,340,000				1,808,220,000		1,205,036,000	820,115,000	904,001,000	811,800,000	881,055,000	847,604,000	804,122,000	1,095,041,000	1,002,760,000	1,061,029,000	1,294,784,000	1,112,756,000	993,859,000	1,049,560,000	942,349,000	793,271,000	733,776,000	548,634,000	652,915,000	720,526,000	771,941,000	790,536,000	1,340,007,000	1,284,409,000	1,386,301,000	1,143,353,000	1,143,353,000	803,950,000	598,991,000	657,688,000	477,153,000	301,014,000	1,132,950,000	1,241,966,000
total stockholders’ equity	3,861,600,000	3,555,274,000					6,477,534,000				3,242,680,000		4,241,937,000	3,499,034,000	2,763,246,000	2,842,433,000
total liabilities, redeemable non-controlling interests and stockholders’ equity	13,695,317,000	13,368,661,000					13,573,400,000				8,681,467,000
series a preferred stock, 11,000,000 shares issued and outstanding as of march 31, 2023 and december 31, 2022		264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of march 31, 2023 and december 31, 2022		289,815,000
investments, at fair value			2,370,884,000	1,016,819,000	925,933,000	455,621,000		13,188,128,000	13,659,631,000	14,586,306,000		9,900,593,000	10,038,800,000	9,439,251,000		1,163,981,000	1,183,487,000	1,171,460,000		1,202,185,000	1,182,771,000	1,386,068,000		1,170,550,000	1,049,529,000	991,053,000		946,534,000	959,791,000	963,793,000		943,950,000	954,290,000	16,360,341,000	13,751,844,000	12,221,322,000	12,684,131,000	12,689,535,000	12,689,535,000	12,090,672,000	12,458,209,000	3,757,800,000	3,301,966,000	1,114,602,000	1,070,125,000	716,705,000
debt, at fair value						162,000		8,022,747,000	8,077,288,000	8,845,407,000		5,646,884,000	5,679,493,000	5,099,484,000		828,824,000	859,357,000	845,866,000		880,570,000	880,215,000	1,026,012,000		972,632,000	884,761,000	797,328,000		838,704,000	821,799,000	834,618,000		825,322,000	831,472,000	14,683,535,000	12,114,495,000	10,835,271,000	11,347,332,000	11,834,955,000	11,834,955,000	11,291,860,000	11,232,660,000	3,700,536,000	3,189,837,000	1,136,926,000	1,174,568,000	723,232,000
series a preferred stock, 11,000,000 shares issued and outstanding as of december 31, 2022 and december 31, 2021			264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of december 31, 2022 and december 31, 2021			289,815,000
class a common stock, 0.00001 par value...
series a preferred stock, 11,000,000 shares issued and outstanding as of september 30, 2022 and december 31, 2021				264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of september 30, 2022 and december 31, 2021				289,815,000
series a preferred stock, 11,000,000 shares issued and outstanding as of june 30, 2022 and december 31, 2021					264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of june 30, 2022 and december 31, 2021					289,815,000
series a preferred stock, 11,000,000 shares issued and outstanding as of march 31, 2022 and december 31, 2021						264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of march 31, 2022 and december 31, 2021						289,815,000
u.s. treasury securities, at fair value							524,806,000	817,226,000		817,128,000			764,923,000	864,749,000	554,387,000	551,681,000	713,061,000	707,316,000	392,932,000	390,448,000		225,510,000	364,649,000	198,900,000
incentive fees receivable							4,236,000	4,124,000	13,802,000	3,854,000	5,231,000	1,028,000	864,000	864,000	2,414,000	3,093,000			6,792,000	7,710,000	17,496,000	7,891,000
apollo global management, inc. stockholders’ equity:
series a preferred stock							264,398,000				264,398,000				264,398,000
series b preferred stock							289,815,000				289,815,000				289,815,000
accumulated other comprehensive income							-5,237,000				-2,044,000																-5,750,000				-5,171,000				94,000	139,000	142,000	144,000	144,000	168,000	324,000					-1,104,000
total apollo global management, inc. stockholders’ equity							3,880,355,000				1,429,342,000		929,031,000	556,638,000	1,852,469,000	1,764,617,000
series a preferred stock, 11,000,000 shares issued and outstanding as of september 30, 2021 and december 31, 2020								264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of september 30, 2021 and december 31, 2020								289,815,000
series a preferred stock, 11,000,000 shares issued and outstanding as of june 30, 2021 and december 31, 2020									264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of june 30, 2021 and december 31, 2020									289,815,000
series a preferred stock, 11,000,000 shares issued and outstanding as of march 31, 2021 and december 31, 2020										264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of march 31, 2021 and december 31, 2020										289,815,000
restricted cash											17,708,000	17,694,000	81,378,000	19,764,000	19,779,000	19,777,000	17,651,000	3,450,000	3,457,000	3,460,000	3,859,000	3,902,000	3,875,000	4,165,000	5,023,000	4,946,000	4,680,000	4,776,000	5,269,000	5,356,000	5,700,000	5,431,000	6,397,000	6,247,000	9,093,000	8,356,000	8,409,000	8,359,000	8,359,000	8,931,000	8,370,000	7,374,000	8,289,000	8,305,000	7,218,000	6,641,000
liabilities and stockholders’ equity
series a preferred stock, 11,000,000 shares issued and outstanding as of september 30, 2020 and december 31, 2019												264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of september 30, 2020 and december 31, 2019												289,815,000
series a preferred stock, 11,000,000 shares issued and outstanding as of june 30, 2020 and december 31, 2019													264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of june 30, 2020 and december 31, 2019													289,815,000
class b common stock, 0.00001 par value...
class c common stock, 0.00001 par value...
accumulated deficit													-653,745,000	-1,075,323,000			-222,007,000	-372,576,000	-473,275,000	-273,535,000	-430,335,000	-481,772,000	-379,461,000	-560,613,000	-755,465,000	-838,686,000	-986,187,000	-1,147,798,000	-1,236,677,000	-1,403,254,000	-1,348,386,000	-1,328,624,000	-1,342,133,000	-1,369,734,000	-1,722,459,000	-1,876,068,000	-1,915,855,000	-2,142,020,000	-2,142,020,000	-2,313,381,000	-2,387,256,000	-2,348,454,000	-2,426,197,000	-2,434,557,000	-1,959,696,000	-1,908,707,000
total liabilities and stockholders’ equity													17,958,408,000	16,322,797,000	7,337,517,000	8,064,304,000
series a preferred stock, 11,000,000 shares issued and outstanding as of march 31, 2020 and december 31, 2019														264,398,000
series b preferred stock, 12,000,000 shares issued and outstanding as of march 31, 2020 and december 31, 2019														289,815,000
series a preferred shares, 11,000,000 shares issued and outstanding as of december 31, 2018
series a preferred stock, 11,000,000 shares issued and outstanding as of september 30, 2019																264,398,000
series b preferred shares, 12,000,000 shares issued and outstanding as of december 31, 2018
series b preferred stock, 12,000,000 shares issued and outstanding as of september 30, 2019																289,815,000
class a shares, no par value, unlimited shares authorized, 201,400,500 shares issued and outstanding as of december 31, 2018
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of december 31, 2018
liabilities and shareholders’ equity
shareholders’ equity:
apollo global management, llc shareholders’ equity:
series a preferred shares, 11,000,000 shares issued and outstanding as of june 30, 2019 and december 31, 2018																	264,398,000
series b preferred shares, 12,000,000 shares issued and outstanding as of june 30, 2019 and december 31, 2018																	289,815,000
class a shares, no par value, unlimited shares authorized, 200,435,587 and 201,400,500 shares issued and outstanding as of june 30, 2019 and december 31, 2018, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of june 30, 2019 and december 31, 2018
total apollo global management, llc shareholders’ equity																	1,379,273,000	1,321,491,000	1,376,431,000	1,627,409,000	1,550,055,000	1,554,870,000	1,462,856,000	1,329,491,000	1,222,049,000	1,177,340,000	838,088,000	723,094,000	685,310,000	549,360,000	65,195,231,972,000	716,110,000	739,755,000	1,656,947,000	2,712,282,000	2,723,293,000	2,758,371,000	2,666,818,000	2,666,818,000	2,596,473,000	2,694,062,000	776,571,000	726,401,000	408,827,000	797,943,000	260,781,000
total shareholders’ equity																	2,540,990,000	2,442,240,000	2,186,270,000	2,993,829,000	2,821,977,000	2,906,756,000	2,765,390,000	2,591,983,000	2,353,188,000	2,347,791,000	1,787,242,000	1,610,865,000	1,514,711,000	1,186,994,000	1,312,684,131,480,000	1,519,423,000	1,598,960,000	5,798,773,000	6,385,502,000	6,237,052,000	6,175,701,000	5,703,383,000	5,703,383,000	4,992,369,000	4,920,343,000	2,985,074,000	2,648,321,000	2,153,623,000	3,705,044,000	3,247,667,000
total liabilities and shareholders’ equity																	7,348,244,000	6,721,500,000	4,791,646,000	6,972,158,000	6,639,013,000	6,948,497,000	5,740,943,000	6,860,354,000	6,221,920,000	6,261,563,000	4,694,643,000	5,490,215,000	5,162,231,000	4,360,767,000	35,916,221,067,064,000	4,818,050,000	4,901,700,000	23,647,801,000	22,148,374,000	20,620,024,000	21,289,337,000	20,636,858,000	20,636,858,000	19,569,404,000	19,232,157,000	9,100,674,000	7,975,873,000	5,330,771,000	7,389,727,000	6,515,039,000
series a preferred shares, 11,000,000 shares issued and outstanding as of march 31, 2019 and december 31, 2018																		264,398,000
series b preferred shares, 12,000,000 shares issued and outstanding as of march 31, 2019 and december 31, 2018																		289,815,000
class a shares, no par value, unlimited shares authorized, 201,375,418 and 201,400,500 shares issued and outstanding as of march 31, 2019 and december 31, 2018, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of march 31, 2019 and december 31, 2018
intangible assets																			18,899,000	18,877,000	17,306,000	17,861,000	18,842,000	19,153,000	19,754,000	21,006,000	22,721,000	24,693,000	26,372,000	28,132,000	28,620,000	36,219,000	44,789,000	51,672,000	104,662,000	114,809,000	126,112,000	137,856,000	137,856,000	151,427,000	163,740,000	75,790,000	81,846,000	53,319,000	56,937,000	61,321,000
series a preferred shares																			264,398,000
series b preferred shares																			289,815,000
series a preferred shares, 11,000,000 shares issued and outstanding as of september 30, 2018 and december 31, 2017																				264,398,000
series b preferred shares, 12,000,000 and 0 shares issued and outstanding as of september 30, 2018 and december 31, 2017, respectively																				289,815,000
class a shares, no par value, unlimited shares authorized, 201,089,465 and 195,267,669 shares issued and outstanding as of september 30, 2018 and december 31, 2017, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of september 30, 2018 and december 31, 2017
series a preferred shares, 11,000,000 shares issued and outstanding as of june 30, 2018 and december 31, 2017																					264,398,000
series b preferred shares, 12,000,000 and 0 shares issued and outstanding as of june 30, 2018 and december 31, 2017, respectively																					289,815,000
class a shares, no par value, unlimited shares authorized, 201,585,096 and 195,267,669 shares issued and outstanding as of june 30, 2018 and december 31, 2017, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of june 30, 2018 and december 31, 2017
cash and cash equivalents held at consolidated funds																						3,000		10,195,000	9,672,000	7,880,000		6,014,000	4,991,000	6,920,000		3,460,000	2,126,000	840,000	1,909,000	410,000		1,226,000	1,226,000	694,000	4,347,000	5,333,000	6,052,000	46,000	46,000
series a preferred shares, 11,000,000 and 11,000,000 shares issued and outstanding as of march 31, 2018 and december 31, 2017, respectively																						264,398,000
series b preferred shares, 12,000,000 and 0 shares issued and outstanding as of march 31, 2018 and december 31, 2017, respectively																						289,815,000
class a shares, no par value, unlimited shares authorized, 201,550,654 and 195,267,669 shares issued and outstanding at march 31, 2018 and december 31, 2017, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2018 and december 31, 2017
carried interest receivable																							1,873,841,000	1,577,984,000	1,270,311,000	1,420,860,000	1,258,887,000	991,815,000	815,751,000	490,403,000	643,907,000	688,886,000	856,613,000	896,181,000	2,332,061,000	2,014,745,000	2,551,153,000	1,878,256,000	1,878,256,000	1,627,936,000	1,302,829,000	1,369,820,000	868,582,000	634,700,000	2,201,009,000	2,233,660,000
preferred shares																							264,398,000	264,398,000	264,398,000	264,683,000
class a shares, no par value, unlimited shares authorized, 193,540,853 and 185,460,294 shares issued and outstanding at september 30, 2017 and december 31, 2016, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2017 and december 31, 2016
class a shares, no par value, unlimited shares authorized, 192,756,044 and 185,460,294 shares issued and outstanding at june 30, 2017 and december 31, 2016, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2017 and december 31, 2016
class a shares, no par value, unlimited shares authorized, 187,644,092 and 185,460,294 shares issued and outstanding at march 31, 2017 and december 31, 2016, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2017 and december 31, 2016
class a shares, no par value, unlimited shares authorized, 184,743,799 and 181,078,937 shares issued and outstanding at september 30, 2016 and december 31, 2015, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2016 and december 31, 2015
due from affiliates																													292,562,000	261,903,000	248,972,000	265,398,000	260,755,000	277,941,000	238,521,000	209,280,000	189,981,000	173,312,000	173,312,000	272,410,000	247,580,000	199,792,000	176,740,000	174,111,000	133,569,000	127,246,000
due to affiliates																													629,140,000	594,254,000	594,536,000	582,328,000	525,989,000	559,733,000	528,401,000	546,970,000	476,390,000	477,451,000	477,451,000	658,117,000	642,536,000	519,559,000	578,764,000	594,491,000	468,388,000	505,901,000
class a shares, no par value, unlimited shares authorized, 184,104,686 and 181,078,937 shares issued and outstanding at june 30, 2016 and december 31, 2015, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2016 and december 31, 2015
class a shares, no par value, unlimited shares authorized, 183,401,191 and 181,078,937 shares issued and outstanding at march 31, 2016 and december 31, 2015, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2016 and december 31, 2015
assets of consolidated variable interest entities
appropriated partners’ capital																																	2,555,000	914,872,000	1,693,116,000	1,667,453,000	1,760,270,000	1,765,360,000	1,765,360,000	1,894,446,000	2,096,649,000	183,300,000	213,594,000	-2,838,000	1,728,000	14,151,000
fixed assets																																32,975,000	34,813,000	36,074,000	49,510,000	50,945,000	51,933,000	53,452,000	53,452,000	53,916,000	50,980,000	50,811,000	52,683,000	54,343,000	50,500,000	42,566,000
class a shares, no par value, unlimited shares authorized, 179,008,102 and 163,046,554 shares issued and outstanding at september 30, 2015 and december 31, 2014, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2015 and december 31, 2014
class a shares, no par value, unlimited shares authorized, 172,188,169 and 163,046,554 shares issued and outstanding at june 30, 2015 and december 31, 2014, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2015 and december 31, 2014
class a shares, no par value, unlimited shares authorized, 167,912,379 and 163,046,554 shares issued and outstanding at march 31, 2015 and december 31, 2014, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2015 and december 31, 2014
class a shares, no par value, unlimited shares authorized, 143,700,234 shares and 130,053,993 shares issued and outstanding at september 30, 2013 and december 31, 2012, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2013 and december 31, 2012
class a shares, no par value, unlimited shares authorized, 141,722,471 shares and 130,053,993 shares issued and outstanding at june 30, 2013 and december 31, 2012, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2013 and december 31, 2012
class a shares, no par value, unlimited shares authorized, 132,145,332 shares and 130,053,993 shares issued and outstanding at march 31, 2013 and december 31, 2012, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2013 and december 31, 2012
class a shares, no par value, unlimited shares authorized, 130,053,993 shares and 123,923,042 shares issued and outstanding at december 31, 2012, and 2011, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at december 31, 2012, and 2011
class a shares, no par value, unlimited shares authorized, 129,874,286 shares and 123,923,042 shares issued and outstanding at september 30, 2012 and december 31, 2011, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2012 and december 31, 2011
class a shares, no par value, unlimited shares authorized, 126,460,740 shares and 123,923,042 shares issued and outstanding at june 30, 2012 and december 31, 2011, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2012 and december 31, 2011
class a shares, no par value, unlimited shares authorized, 126,310,740 shares and 123,923,042 shares issued and outstanding at march 31, 2012 and december 31, 2011, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2012 and december 31, 2011
class a shares, no par value, unlimited shares authorized, 123,923,042 shares and 97,921,232 shares issued and outstanding at december 31, 2011, and 2010, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at december 31, 2011, and 2010
class a shares, no par value, unlimited shares authorized, 122,990,227 shares and 97,921,232 shares issued and outstanding at september 30, 2011 and december 31, 2010, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at september 30, 2011 and december 31, 2010
additional paid-in-capital																																												2,847,054,000	2,757,158,000
liabilities of consolidated variable interest entities
class a shares, no par value, unlimited shares authorized, 121,721,490 shares and 97,921,232 shares issued and outstanding at june 30, 2011 and december 31, 2010, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at june 30, 2011 and december 31, 2010
class a shares, no par value, unlimited shares authorized, 99,471,490 shares and 97,921,232 shares issued and outstanding at march 31, 2011 and december 31, 2010, respectively
class b shares, no par value, unlimited shares authorized, 1 share issued and outstanding at march 31, 2011 and december 31, 2010

Cashflow Statements:

Quarterly

Annual

Unit: USD	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31

cash flows from operating activities:
net income	264,308,000	352,489,000	443,126,000	85,352,000	182,220,000	1,283,622,000	612,515,000	631,417,000	1,505,460,000	1,518,503,000	1,075,461,000	676,099,000	999,085,000	-2,283,843,000	358,021,000	521,094,000	342,161,000	315,567,000	-377,903,000	362,692,000	143,810,000	-109,348,000	461,304,000	434,363,000	192,942,000	355,030,000	394,347,000	234,718,000	415,803,000	-74,561,000	24,364,000	293,284,000	-1,743,943,000	-104,645,000	251,105,000
adjustments to reconcile net income to net cash from operating activities:
equity-based compensation	126,398,000	123,991,000	111,135,000	104,164,000	112,470,000	156,288,000	1,014,999,000	56,218,000	52,998,000	56,448,000	51,872,000	49,726,000	59,420,000	52,122,000	57,244,000	42,665,000	44,662,000	45,077,000	49,585,000	50,334,000	37,784,000	35,525,000	21,118,000	24,485,000	22,740,000	23,107,000	28,780,000	26,163,000	34,038,000	14,002,000	23,890,000	290,580,000	288,208,000	287,358,000	283,607,000
depreciation and amortization	27,167,000	26,982,000	27,380,000	36,970,000	13,006,000	7,891,000	7,435,000	6,865,000	6,978,000	6,052,000	5,770,000	4,509,000	4,071,000	4,478,000	4,316,000	4,050,000	3,748,000	3,644,000	4,018,000	3,641,000	3,697,000	3,877,000	3,138,000	6,796,000	4,060,000	4,385,000	4,596,000	4,646,000	4,862,000	4,631,000	11,127,000
unrealized losses from investment activities	-29,540,000	4,624,000	-106,379,000	55,988,000	61,677,000	13,236,000	-1,182,533,000	-146,087,000	-915,151,000	-342,379,000
net investment income	-137,201,000	-441,585,000	-319,245,000
deferred taxes	15,194,000	24,090,000	347,493,000	-8,234,000	17,400,000	-249,068,000	117,123,000	8,894,000	161,025,000	187,293,000	150,445,000	65,617,000	131,157,000	-311,173,000	62,198,000	-237,281,000	14,619,000	15,032,000	40,506,000	15,136,000	16,588,000	6,958,000	264,310,000	13,982,000	1,357,000	34,478,000	29,696,000	26,838,000	29,642,000	-4,296,000	9,154,000	17,525,000	-20,091,000	2,220,000	10,926,000
other non-cash amounts included in net income	45,488,000	37,863,000	-41,544,000	-21,459,000	59,748,000	-4,541,000	-3,777,000	-10,066,000	-2,697,000	-7,191,000	1,264,000	-13,730,000	-2,260,000	9,440,000	2,426,000	-6,273,000	-11,986,000	-6,427,000	405,000	-6,464,000	-4,764,000	-7,540,000	-1,505,000	-3,228,000	3,917,000	621,000	-21,959,000	8,253,000	-9,856,000	2,573,000	348,000
cash flows due to changes in operating assets and liabilities:
due from related parties	-64,523,000	-46,981,000	-161,047,000	29,460,000	-771,676,000	670,506,000	40,399,000	98,804,000	-140,786,000	29,092,000	25,269,000	7,815,000	157,513,000	-231,184,000	15,221,000	8,273,000	-68,637,000	-4,527,000	-42,987,000	-17,111,000	15,255,000	-63,841,000	24,352,000	-5,936,000	-34,946,000	-6,654,000	45,779,000
accounts payable and accrued expenses	4,649,000	17,383,000	40,743,000	13,564,000	-25,192,000	-6,972,000	-64,258,000	67,624,000	10,997,000	10,709,000	-23,682,000	23,730,000	19,705,000	5,865,000	-2,456,000	7,044,000	6,010,000	12,888,000	-11,130,000	7,542,000	-7,082,000	12,675,000	-10,189,000	18,968,000	-12,076,000	14,705,000	-58,666,000	-505,000	18,162,000	6,649,000	33,897,000	9,012,000	-2,624,000	-4,689,000	1,380,000
accrued compensation and benefits	80,305,000	33,403,000	-150,667,000	79,591,000	77,653,000	-21,903,000	-158,079,000	69,688,000	73,303,000	13,908,000	-138,842,000	81,435,000	72,010,000	2,420,000	-101,768,000	53,369,000	52,239,000	-13,030,000	-85,933,000	49,205,000	49,822,000	-1,985,000	-82,190,000	47,149,000	43,258,000	1,503,000	-67,253,000	35,104,000	37,248,000	-6,750,000	-81,706,000	-51,162,000	23,950,000	5,647,000	15,437,000
deferred revenue	-91,087,000	32,661,000	37,770,000	96,918,000	-93,779,000	12,123,000	-55,516,000	100,258,000	-51,086,000	95,663,000	-89,706,000	58,603,000	-64,088,000	44,290,000	-86,676,000	80,725,000	-84,533,000	73,203,000	-70,106,000	73,705,000	-35,257,000	17,978,000	-26,093,000	39,828,000	-54,329,000	-2,784,000	-28,781,000	46,897,000	-16,232,000	-1,497,000	-22,462,000	-25,466,000	13,404,000	-26,245,000	16,373,000
due to related parties	6,383,000	34,495,000	16,820,000	30,322,000	-503,698,000	476,160,000	-6,152,000	-4,703,000	-9,669,000	-888,000	26,779,000	2,512,000	-269,000	-642,000	4,178,000	-418,000	1,759,000	-1,285,000	-4,756,000	-1,287,000	-3,293,000	3,668,000	-24,174,000	24,522,000	1,853,000	-39,151,000	-27,632,000
profit sharing payable	85,569,000	122,988,000	-37,343,000	21,835,000	-140,453,000	194,646,000	-21,302,000	-132,461,000	167,494,000	502,539,000	159,430,000	175,621,000	123,509,000	-381,825,000	48,937,000	94,488,000	58,366,000	66,710,000	-229,253,000	29,001,000	23,524,000	-48,068,000	36,106,000	128,615,000	-52,051,000	103,139,000	59,030,000	77,204,000	124,187,000	-32,650,000	-68,961,000	68,369,000	-552,016,000	-9,276,000	167,694,000
lease liability	-9,083,000	-13,800,000	-7,429,000	-19,921,000			-9,916,000	-8,696,000	-7,127,000	-5,194,000	-3,855,000	-2,519,000	-1,842,000	-12,423,000	-7,304,000	-13,191,000	-4,019,000	-7,056,000
other assets and other liabilities	-29,135,000	-77,956,000	-248,156,000	-175,879,000	-170,118,000	-553,130,000	-16,857,000	-29,795,000	128,999,000	-3,518,000	65,597,000	-30,310,000	2,341,000	-29,929,000	43,245,000	-29,687,000	-19,407,000	-13,153,000	10,752,000	2,059,000	-97,000	-9,037,000	-2,134,000	5,134,000	-13,073,000	-6,470,000	9,332,000
earnings from net investment income	165,311,000	203,524,000	241,012,000
satisfaction of contingent obligations	0	-10,000	-99,000	0	-558,000	-12,701,000	0	-7,495,000	-792,000	-12,322,000	0	0	-219,000	-12,651,000	-3,228,000	-512,000	0	-1,315,000	0	-4,383,000	0	-2,564,000					-3,625,000				-2,997,000
apollo fund and vie related:
net realized and unrealized gains from investing activities and debt	-7,767,000	-30,157,000	-53,834,000	-7,583,000	-6,413,000	-101,449,000									-16,861,000	-9,568,000	-4,006,000	-8,994,000	-7,509,000	-12,627,000	-14,046,000	-6,668,000				-1,241,000			5,366,000	-2,341,000
change in consolidation			4,174,000	152,285,000
purchases of investments	-1,745,521,000	-1,213,337,000	-1,921,894,000	-974,116,000	-1,179,058,000	-2,666,619,000	-1,837,886,000	-451,900,000	-816,858,000	-1,617,959,000	-3,433,719,000	-208,584,000	-758,868,000	-590,234,000	-134,131,000	-129,518,000	-99,740,000	-80,004,000	-119,827,000	-70,933,000	-60,107,000	-228,807,000	-192,276,000	-193,483,000	-136,602,000	-187,567,000	-184,416,000	-98,088,000	-179,748,000	-118,974,000	-132,589,000	-303,288,000	-150,470,000	-498,622,000	-342,097,000
proceeds from sale of investments	535,912,000	1,861,296,000	112,073,000	924,610,000	691,316,000	1,490,289,000	346,002,000	992,680,000	1,575,108,000	620,345,000	391,493,000	532,814,000	634,663,000	523,770,000	130,292,000	114,813,000	109,679,000	77,099,000	125,622,000	62,139,000	207,377,000	72,229,000	177,115,000	104,378,000	159,775,000	120,882,000	170,019,000	145,122,000
changes in other assets and other liabilities	4,738,000	-11,785,000	-660,023,000	297,636,000	429,461,000	-51,466,000	348,314,000	-414,826,000	-134,264,000	503,552,000	-114,514,000	-51,846,000	62,206,000	-231,540,000	5,292,000	819,000	11,845,000	1,887,000	-15,526,000	11,254,000	-47,624,000	-11,701,000	54,980,000	16,465,000	-64,451,000	49,911,000	13,785,000	-15,096,000	-376,000	-2,011,000
net cash from operating activities	-774,821,000	1,062,564,000	-2,325,934,000	872,596,000	-1,071,810,000	-300,470,000	-1,072,949,000	1,043,831,000	1,321,915,000	-228,751,000	-3,131,146,000	577,342,000	69,760,000	867,614,000	247,682,000	384,402,000	158,509,000	292,101,000	43,369,000	375,815,000	353,548,000	41,527,000	140,774,000	250,923,000	211,727,000	204,834,000	42,089,000	270,993,000	177,984,000	124,194,000	16,913,000	90,003,000	89,343,000	-341,908,000	906,383,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	-774,821,000	1,062,564,000	-2,325,934,000	872,596,000	-1,071,810,000	-300,470,000	-1,072,949,000	1,043,831,000	1,321,915,000	-228,751,000	-3,131,146,000	577,342,000	69,760,000	867,614,000	247,682,000	384,402,000	158,509,000	292,101,000	43,369,000	375,815,000	353,548,000	41,527,000	140,774,000	250,923,000	211,727,000	204,834,000	42,089,000	270,993,000	177,984,000	124,194,000	16,913,000	90,003,000	89,343,000	-341,908,000	906,383,000
cash flows from investing activities:
purchases of fixed assets	-37,228,000	-43,757,000	-49,966,000	-53,711,000	-55,306,000	-43,542,000	-37,009,000	-14,483,000	-7,742,000	-5,504,000	-11,478,000	-10,465,000	-19,451,000	-18,168,000	-20,895,000	-8,976,000	-4,726,000	-4,898,000	-4,731,000	-4,902,000	-2,934,000	-2,174,000	-2,600,000	-2,313,000	-2,614,000	-1,002,000	-1,435,000	-1,218,000	-1,394,000	-2,309,000	-1,188,000	-1,354,000	-7,806,000	-9,304,000	-2,821,000
purchase of investments	-54,044,000	-29,207,000	-20,234,000	-199,336,000	-22,478,000	-119,169,000	-287,748,000	-332,548,000			-38,565,000	-6,030,000	-141,028,000	-381,404,000	0	0	0	-15,048,000	-24,109,000	-22,774,000	0	-57,903,000	2,063,000	-10,075,000			-2,350,000	-334,000	-19,599,000	-24,597,000	0
purchase of u.s. treasury securities	-245,886,000	-244,263,000	-779,670,000	-808,054,000	-1,143,669,000	-699,184,000					0	0	0	-1,056,827,000	0	0	0	-541,530,000	0	-390,336,000	0	-59,529,000	-164,944,000
proceeds from maturities of u.s. treasury securities	414,517,000	537,936,000	1,102,817,000	258,687,000	1,595,902,000	299,763,000					0	758,337,000	99,977,000	740,043,000	0	161,014,000	0	229,322,000	-2,488,000	0	225,830,000	200,000,000
cash contributions to principal investments	-14,349,000	-58,353,000	-31,221,000	-42,121,000	6,341,000	-125,201,000										-21,357,000	-32,414,000	-62,727,000
cash distributions from principal investments	10,312,000	12,820,000	36,935,000	22,729,000	25,771,000	12,454,000										14,435,000	13,878,000	19,556,000
related party inflows	3,818,000	6,482,000	17,501,000	8,333,000
related party outflows	-7,919,000	-8,429,000	-10,475,000	-5,214,000
other investing activities					5,383,000	-1,338,000	-1,718,000	-772,000	110,000	-725,000	-2,395,000	1,382,000	-123,000	-118,000	-140,000	157,000	-121,000	108,000	14,000	39,000	126,000	45,000	-7,190,000	507,000	-758,000	-375,000	382,000	489,000	-1,679,000	2,109,000	-840,000
proceeds from maturities of u.s. treasury			346,110,000	347,070,000	817,743,000	1,162,166,000
net cash from investing activities	73,104,000	181,166,000	728,543,000	-787,192,000	1,448,649,000	-891,526,000	-1,208,071,000	-1,115,440,000	752,973,000	18,863,000	-830,192,000	767,463,000	-15,542,000	-759,388,000	-11,680,000	145,955,000	-23,639,000	-374,608,000	-77,656,000	-393,155,000	126,336,000	97,215,000	-172,810,000	-225,461,000	-5,861,000	-12,882,000	-10,436,000	-50,420,000	-64,906,000	-56,999,000	-52,521,000	-62,165,000	-18,279,000	-3,863,000	-45,229,000
cash flows from financing activities:
principal repayments of debt	-2,689,000	-1,339,000									0	0	0	-16,990,000	-15,288,000	0	0	-29,000	0	0	0	-300,000,000					0	0
dividends to preferred stockholders	-9,165,000	-9,164,000	-9,163,000	-9,164,000	-9,165,000	-9,164,000	-9,164,000	-9,164,000	-9,164,000	-9,164,000	-9,164,000	-9,163,000	-9,165,000	-9,164,000	-9,164,000
satisfaction of tax receivable agreement			0	0			0	0			0	0			0	0			0	0			0	0							0
distributions related to deliveries of agm’s common stock for rsus	-18,731,000	-146,973,000	-8,009,000	-18,290,000	-8,861,000	-138,043,000
dividends/distributions	-11,454,000	-239,798,000
aog unit payment	-43,816,000	-43,817,000	-43,817,000	-43,817,000
due to parent	-385,051,000	-80,533,000	-88,588,000	188,878,000
other financing activities	1,830,000	-320,000	-5,925,000	15,000	-831,000	-1,956,000	-2,428,000	-1,517,000	-415,000	-1,186,000	-3,217,000	-1,200,000	-6,819,000	-1,871,000	-4,157,000	-892,000	-10,749,000	-6,760,000	-1,499,000	-2,996,000	-1,790,000	-3,352,000	-522,000	-1,094,000	84,000	-1,939,000	-1,883,000	4,729,000	-12,127,000	-4,528,000
issuance of debt	1,592,602,000	1,203,000,000		0	71,985,000	1,689,011,000					0	0	500,000,000	18,756,000	317,921,000	0	455,964,000	550,000,000	0	3,591,000	0	299,676,000					0	0	514,260,000	18,446,000		0	0
principal repayment of debt	-400,920,000	-1,856,883,000	-2,845,331,000	0	-21,996,000	-646,366,000	-410,140,000	-208,667,000	-1,130,334,000	-200,456,000	-78,770,000	-112,791,000	-94,911,000	-621,273,000					0	0	-91,080,000	-1,073,000	-442,000	-1,004,000
distributions paid to non-controlling interests in consolidated entities			0	-296,936,000	-42,917,000	-458,605,000	-205,092,000	-274,393,000	-461,767,000	-38,716,000	-220,620,000	-21,659,000	-97,557,000	-27,651,000	0	-10,140,000			-960,000	-6,049,000	-18,268,000	-671,000	-10,429,000	-263,000							-2,733,000
contributions from non-controlling interests in consolidated entities	32,064,000	12,429,000	1,735,291,000	0	69,779,000	1,427,078,000	1,091,067,000	176,199,000	191,090,000	821,402,000	653,322,000	8,144,000	38,646,000	143,041,000	0	555,000			0	0	2,579,000	144,610,000	2,891,000	9,140,000							0
distributions to redeemable non-controlling interests			0	0
net cash from financing activities	-128,369,000	-1,163,398,000	2,056,684,000	-441,171,000	-424,555,000	1,406,294,000	553,756,000	-268,143,000	-1,353,134,000	1,176,953,000	3,766,000,000	-375,899,000	342,100,000	-432,891,000	80,915,000	-256,425,000	124,247,000	190,976,000	-214,167,000	-227,298,000	-390,904,000	80,185,000	-157,734,000	-164,896,000	-217,487,000	86,482,000	-150,935,000	-151,623,000	201,515,000	-135,114,000	-186,838,000	-91,412,000	-99,845,000	723,013,000	-783,579,000
net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated funds and vies	-830,086,000	80,332,000	459,293,000	-355,767,000	-47,716,000	214,298,000
cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated funds and vies, beginning of period	0	2,358,442,000	0	0	0	2,088,334,000
cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated funds and vies, end of period	-830,086,000	2,438,774,000	459,293,000	-355,767,000	-47,716,000	2,302,632,000
supplemental disclosure of cash flow information:
interest paid	35,772,000	24,443,000	35,373,000	24,632,000	35,344,000	24,246,000	39,098,000	28,297,000	39,406,000	28,209,000	39,839,000	28,116,000	32,594,000	28,243,000	26,285,000	25,144,000	21,449,000	7,991,000	21,443,000	7,986,000	21,472,000	4,234,000	25,103,000	3,891,000	24,771,000	3,545,000	24,479,000	2,886,000	13,514,000	3,645,000	13,081,000	12,322,000	12,378,000	13,468,000	11,128,000
interest paid by consolidated variable interest entities	21,072,000	12,215,000	558,000	1,378,000	0	170,479,000	99,095,000	189,407,000	65,562,000	66,551,000	44,024,000	18,095,000	23,634,000	92,731,000	4,636,000	3,498,000	3,505,000	3,599,000	3,574,000	3,638,000	4,884,000	4,457,000	4,181,000	3,445,000	3,805,000	1,776,000	4,297,000	5,895,000	1,848,000	6,168,000	2,567,000	7,040,000	3,368,000	5,038,000	5,446,000
income taxes paid	39,224,000	10,701,000	20,434,000	28,085,000	59,746,000	16,071,000	41,923,000	40,593,000	31,353,000	7,125,000	8,741,000	11,708,000	5,840,000	10,559,000	587,000	23,482,000	16,132,000	2,639,000	2,184,000	2,542,000	1,744,000	3,750,000	5,554,000	2,454,000	2,883,000	2,733,000	2,547,000	1,898,000	2,581,000	1,327,000	1,568,000	1,911,000	2,017,000	4,901,000	1,903,000
supplemental disclosure of non-cash investing activities:
distributions from principal investments	-381,000	1,539,000	1,491,000	1,290,000
supplemental disclosure of non-cash financing activities:
capital increases related to equity-based compensation	110,712,000	110,229,000		88,557,000	102,601,000	130,302,000		45,631,000	40,975,000	45,283,000	39,982,000	40,620,000	47,539,000	45,691,000	44,529,000	33,867,000	34,298,000	34,024,000	53,299,000	37,173,000	28,753,000	28,312,000	19,732,000	17,336,000	18,040,000	17,066,000	15,677,000	17,203,000	18,240,000	18,467,000	18,007,000		116,647,000	115,265,000	100,126,000
contributions
issuance of restricted shares	8,923,000	13,842,000		1,991,000	3,597,000	27,872,000		33,225,000			0	0	-1,383,000	30,374,000	5,447,000	860,000	3,438,000	1,392,000
other non-cash financing activities					-680,000	-681,000		-6,699,000	-38,000	-1,257,000		-43,000	126,000	8,203,000	32,000	17,000			23,000	-15,000	1,000	104,000	-49,000	-49,000	-214,000	-33,000	195,000	90,000	51,000	223,000	1,727,000
changes in consolidation:
investments, at fair value				58,467,000	115,631,000	-16,170,171,000						0	0	9,061,907,000																	0
other assets				86,184,000	-11,000	-184,098,000						0	0	130,907,000																	13,508,000	584,000	-6,318,000	-827,000	-458,000
debt, at fair value												-515,558,000	0	-6,829,326,000																	0
notes payable				0	0	2,611,019,000
other liabilities				0	8,000	528,587,000							0	-967,575,000																	8,272,000	2,607,000	892,000	1,217,000	1,062,000
non-controlling interest in consolidated entities related to acquisition													0	-1,898,067,000
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	-34,727,000	1,254,202,000		-427,038,000	299,737,000	1,245,606,000							292,040,000	647,784,000	313,385,000	297,092,000	225,472,000	720,253,000	-244,827,000	-238,551,000	104,841,000	988,284,000									0
restricted cash and cash equivalents	-791,489,000	1,061,210,000		3,386,000	-344,347,000	1,037,673,000
cash and cash equivalents held at consolidated variable interest entities	-3,870,000	123,362,000		67,885,000	-3,106,000	19,353,000							42,664,000	629,097,000
total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities	-830,086,000	2,438,774,000		-355,767,000	-47,716,000	2,302,632,000
change in fair value of contingent obligations		-1,806,000				-2,742,000	6,314,000	-1,902,000	16,554,000	5,756,000	16,515,000	4,176,000	22,616,000	-23,163,000	19,342,000	3,689,000	16,723,000	3,328,000	-3,213,000	81,000	-8,500,000	466,000	5,297,000	7,180,000	1,102,000	-3,663,000
loss from change in tax receivable agreement liability						14,184,000				-1,941,000
non-cash lease expense		24,192,000				9,978,000	16,310,000	8,641,000	14,719,000	8,122,000	6,680,000	6,703,000	12,152,000	14,136,000	9,031,000	23,859,000	4,067,000	6,666,000
distributions related to agm’s repurchase of common stock						-226,431,000
change in accrual for purchase of fixed assets		-138,000				-44,000																										0	884,000	-1,254,000	1,337,000
loss on athene equity swap
pledge of class a common stock
acquisitions											0	0
dividends / distributions			-239,306,000	-261,857,000
distributions paid to non-controlling interests in apollo operating group							-116,331,000	-118,444,000	-162,224,000	-121,400,000	-104,054,000	-99,974,000	-128,662,000	-155,638,000	-90,056,000	-122,899,000	-138,462,000	-113,258,000	-93,079,000	-87,096,000	-127,491,000	-133,689,000	-81,604,000	-108,805,000	-123,411,000	-96,956,000	-75,410,000	-79,844,000	-54,000,000	-60,527,000	-75,661,000
issuance of related party loans						-1,143,756,000	-46,048,000				0	0	-165,000	-150,000	-250,000	-250,000	-1,075,000	-450,000	-300,000	-1,345,000			-280,000	0	-400,000	-5,434,000	-4,742,000
repayment of related party loans						580,958,000	70,472,000				0	-19,240,000											0	0	0	17,700,000
proceeds from issuance of class a units of a spac
payment of underwriting discounts							0	-6,493,000	0	-27,730,000
contributions from redeemable non-controlling interests
contributions to principal investments
purchases of other investments, at fair value			-12,199,000
sales of other investments, at fair value
capital commitment
acquisition of goodwill											0	0
contingent consideration											0	0
changes in operating assets and liabilities:
apollo funds and vie related:
debt at fair value				0	162,000	9,350,378,000
non-controlling interest				-296,936,000
adjustments related to exchange of apollo operating group units:
deferred tax assets										30,295,000			0	76,580,000	3,756,000	167,512,000	0	546,000	-1,994,000	2,000	0	47,009,000	10,369,000	7,241,000	38,437,000	861,000	5,535,000	610,000			1,072,000
additional paid in capital													0	-14,049,000	-895,000	-16,576,000	0	-82,000	280,000	-2,000	-350,000	-7,054,000	-1,343,000	-1,134,000	-8,598,000	-861,000	-3,466,000	-97,000			-174,000
non-controlling interest in apollo operating group													0	16,967,000	1,233,000	95,438,000	0	368,000	1,030,000	53,000	-1,000	32,828,000	8,978,000	4,035,000	24,305,000	2,291,000	1,361,000	746,000			92,000
principal investment income					-128,235,000	-158,136,000									-67,507,000	-33,393,000			20,212,000	-16,153,000
performance allocations					320,413,000	-544,179,000	-461,395,000	-458,211,000	-735,139,000	-1,395,347,000	-660,962,000	-459,241,000	-924,599,000	1,734,323,000	-374,677,000	-254,103,000	-176,862,000	-251,497,000	530,081,000	-124,856,000	-129,085,000	124,165,000
earnings from principal investments					52,131,000	234,726,000
earnings from performance allocations					179,122,000	252,369,000
non-cash contributions
deconsolidation of vies						-743,582,000	0	-44,603,000
dividends paid						-229,230,000	-127,645,000	-125,843,000	-119,536,000	-144,282,000	-120,811,000	-116,083,000	-99,789,000	-212,849,000	-115,849,000																		-31,074,000	-28,122,000	-17,354,000
non-cash distributions from principal investments						93,420,000	461,000	-53,950,000	148,581,000	-2,229,000	-1,146,000	-36,000	-4,056,000	-586,000	-1,000	-79,000
non-cash strategic transactions						21,086,000
net assets deconsolidated from consolidated variable interest entities and funds:
non-controlling interest in consolidated entities						4,607,867,000
net loss related to cash flow hedge instruments
incentive fees receivable							-111,000	9,678,000	-9,948,000	1,376,000	-4,203,000	-164,000	0	1,550,000	679,000	-3,093,000	0	6,792,000	918,000	8,771,000	-9,605,000	576,000
cash distributions of earnings from principal investments							37,007,000	290,295,000	68,825,000	25,959,000	5,440,000	4,262,000	5,817,000	6,459,000	43,670,000	13,447,000	7,908,000	12,956,000	10,947,000	16,257,000	17,357,000	22,299,000
cash distributions of earnings from performance allocations							327,965,000	591,233,000	494,106,000	247,554,000	40,661,000	20,102,000	26,375,000	174,471,000	323,183,000	70,691,000	41,660,000	81,482,000	47,420,000	92,884,000	108,470,000	148,658,000
cash transferred from consolidated vies											0	0	0	502,153,000
repurchase of class a common stock							-98,747,000	-77,902,000			0	-27,412,000	0	-64,205,000	0
payments related to deliveries of class a common stock for rsus							-41,700,000	-35,257,000	-15,572,000	-48,101,000	-4,726,000	-6,386,000	-15,586,000	-69,941,000	-7,810,000
issuances of debt within other liabilities of consolidated vies											6,339,000	1,360,000	-13,015,000	80,474,000
non-cash contributions to principal investments							0
non-cash purchases of other investments, at fair value											15,525,000	0	0	1,153,316,000									26,157,000	0	11,787,000	13,304,000							371,000
non-cash sales of other investments, at fair value
non-cash capital commitment
principal investment loss								-78,283,000	-76,425,000	-381,966,000
gain from change in tax receivable agreement liability								0
net realized and unrealized losses from investing activities and debt								-99,436,000	-51,711,000	-292,917,000
cash contributions to equity method investments								-107,410,000	-117,439,000	-30,646,000	-22,656,000	-34,593,000	-77,282,000	-82,499,000						-25,026,000	-123,891,000	-36,455,000	-37,076,000	-43,559,000	-29,145,000	-43,529,000	-36,374,000	-82,469,000	-63,454,000	-42,649,000	-97,961,000	-23,358,000	-24,350,000	-4,152,000	-12,366,000
cash distributions from equity method investments								96,892,000	94,900,000	56,006,000	61,711,000	49,792,000	60,569,000	31,323,000						30,266,000	28,854,000	24,916,000	37,217,000	28,847,000	31,755,000	19,758,000	34,083,000	37,018,000	21,220,000	10,447,000	22,721,000	17,972,000	14,953,000	10,064,000	21,855,000
proceeds from issuance of class a units of spac								345,000,000	0	690,000,000
net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities								-339,752,000	721,754,000	967,065,000
cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period								0	0	2,466,531,000
cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period								-339,752,000	721,754,000	3,433,596,000
non-cash purchases of investments
non-cash loss on athene equity swap											0	0	0	-61,261,000
non-cash issuance of aog units to athene												0	0	1,214,577,000
net assets transferred from consolidated variable interest entity:
issuance of preferred stock, net of issuance costs
net increase in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities											-195,338,000	968,906,000	396,318,000	-324,665,000	316,917,000	273,932,000	259,117,000	108,469,000	-248,454,000	-244,638,000
cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities, beginning of period											0	0	0	1,621,310,000	0	0	0	662,875,000	0	0
cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities, end of period											-195,338,000	968,906,000	396,318,000	1,296,645,000	316,917,000	273,932,000	259,117,000	771,344,000	-248,454,000	-244,638,000
unrealized (gains) losses from investment activities												-154,532,000	-273,135,000	1,267,569,000			-46,171,000	-16,917,000			71,499,000	69,018,000				-35,035,000				55,702,000
principal investment (income) loss												-50,722,000	-111,621,000	187,849,000				-26,025,000				12,994,000
income from change in tax receivable agreement liability
net income related to cash flow hedge instruments															0	0
net realized and unrealized (gains) losses from investing activities and debt												-164,734,000	-125,979,000	445,326,000										479,000
non-cash distributions paid to non-controlling interests in consolidated variable interest entities
reconciliation of cash and cash equivalents, restricted cash and cash and cash equivalents held at consolidated variable interest entities to the consolidated statements of financial condition:
restricted cash													61,614,000	19,764,000	2,000	2,126,000	14,201,000	3,450,000	-3,000	-399,000	-43,000	3,902,000
total cash and cash equivalents, restricted cash and cash and cash equivalents held at consolidated variable interest entities													396,318,000	1,296,645,000	316,917,000	273,932,000	259,117,000	771,344,000	-248,454,000	-244,638,000
unrealized gains from investment activities																							8,427,000	-70,082,000			-86,333,000	-17,547,000
reconciliation of cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities to the condensed consolidated statements of financial condition:
cash held at consolidated variable interest entities																-25,286,000	19,444,000	47,641,000	-3,624,000	-5,688,000	-15,815,000	74,798,000
issuance of preferred shares, net of issuance costs																			0	0	0	289,815,000
distributions to preferred shareholders																	-9,164,000	-9,164,000	-9,163,000	-9,164,000	-8,952,000	-4,383,000	-4,383,000	-4,383,000
repurchase of class a shares
payments related to deliveries of class a shares for rsus																	-5,090,000	-39,193,000	-3,333,000	-5,590,000	-3,221,000	-31,518,000					-5,355,000	-5,740,000	-7,515,000	-22,042,000
distributions paid																	-96,316,000	-118,304,000	-97,083,000	-90,618,000	-80,755,000	-138,407,000	-77,974,000	-103,906,000	-97,746,000	-87,074,000	-67,014,000	-70,760,000	-47,780,000	-53,555,000	-78,584,000
purchase of class a shares																		-72,316,000	-9,050,000	-29,376,000	-11,659,000	-40,823,000	0	-11,195,000	-7,117,000	-151,000	-374,000	-8,000	-76,000	-12,919,000
gain from remeasurements of tax receivable agreement liability
reconciliation of cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities to the consolidated statements of financial condition:
non-cash distributions from equity method investments																				-1,915,000	-717,000	-24,185,000	-26,516,000	-359,000	-12,135,000	-13,673,000	-8,937,000	-3,321,000	-61,000	-1,114,000	-1,815,000
non-cash contributions of other investments, at fair value																				0	0	194,003,000
non-cash distributions of other investments, at fair value																				0	0	-46,623,000
net increase in cash and cash equivalents, cash and cash equivalents held at consolidated funds, restricted cash and cash held at consolidated variable interest entities																						218,927,000
cash and cash equivalents, cash held at consolidated funds, restricted cash and cash held at consolidated variable interest entities, beginning of period																						848,060,000
cash and cash equivalents, cash held at consolidated funds, restricted cash and cash held at consolidated variable interest entities, end of period																						1,066,987,000
reconciliation of cash and cash equivalents, cash and cash equivalents held at consolidated funds, restricted cash and cash held at consolidated variable interest entities to the condensed consolidated statements of financial condition:
cash and cash equivalents held at consolidated funds																						3,000
total cash and cash equivalents, cash and cash equivalents held at consolidated funds, restricted cash and cash and cash equivalents held at consolidated variable interest entities																						1,066,987,000
income from equity method investments																							-58,753,000	-47,488,000			-38,822,000	-23,213,000	-44,960,000	3,817,000	3,224,000			-5,370,000	-21,826,000
gain from remeasurement of tax receivable agreement liability
carried interest receivable																							-294,122,000	-307,673,000	150,549,000	-168,662,000	-264,383,000	-176,971,000	-325,348,000	153,504,000	44,979,000	-233,882,000	1,566,309,000	32,651,000	-366,587,000
cash distributions of earnings from equity method investments																							24,113,000	11,138,000	13,642,000	16,555,000	16,830,000	5,485,000	6,953,000	4,641,000	6,314,000
change in cash held at consolidated variable interest entities																							-48,148,000	2,107,000	14,796,000	-14,746,000	12,534,000	-24,442,000	5,012,000	23,569,000	-28,267,000	-72,612,000	162,628,000	-130,599,000	23,183,000
net increase in cash and cash equivalents																							-189,770,000	-139,434,000	-11,621,000	278,434,000	-119,282,000	68,950,000			-222,446,000	-63,574,000	-28,781,000	377,242,000	77,575,000
cash and cash equivalents, beginning of period																							0	0	0	813,664,000	0	0	0	617,322,000	0	0	0	0	382,269,000
cash and cash equivalents, end of period																							-189,770,000	-139,434,000	-11,621,000	1,092,098,000	-119,282,000	68,950,000	314,593,000	549,403,000	-222,446,000	-63,574,000	-28,781,000	377,242,000	459,844,000
non-cash contributions to equity method investments																											0				1,560,000
declared and unpaid distributions																															12,058,000
appropriated partners' capital
satisfaction of contingent obligation																								-6,776,000	-1,865,000	-14,956,000
issuance of preferred shares																								0	-285,000	264,683,000
payments related to issuances of class a shares for rsus																								-3,717,000	-3,687,000	-20,597,000
due to affiliates																								-6,107,000					33,880,000	-282,000	21,806,000	-23,637,000	122,576,000	-40,876,000	-14,296,000
(income) income from equity method investments																										-38,553,000
distributions paid to non-controlling interests in consolidated variable interest entities																										-84,000	-193,000	-47,000			-2,421,000	-7,864,000	0
contributions from non-controlling interests in consolidated variable interest entities																										28,600,000	303,000	47,000	12,839,000	11,000	245,000
changes in assets and liabilities:
purchase of aaa units
non-cash distributions from non-controlling interests in consolidated entities to appropriated partners' capital
due from affiliates																													-29,817,000	-12,243,000	19,981,000	-909,000	-40,535,000	-6,139,000	17,342,000
issuance of employee loans																															16,000
apollo funds related:
proceeds from sale of investments and liquidating distributions																														117,664,000	144,696,000
net decrease in cash and cash equivalents																														-67,919,000
non-cash management fees																															-4,947,000
excess tax benefits from share-based payment arrangements
net realized gains from investment activities																															-2,330,000
net unrealized (gains) losses from investment activities
net realized gains on debt																																0	0	0	-41,819,000
net unrealized (gains) losses on debt																															-259,000
distributions from investment activities
change in other assets																															-12,938,000	-28,158,000	2,168,000	-3,762,000	22,643,000
change in other liabilities																															25,551,000	69,211,000	-77,550,000	48,830,000	16,035,000
proceeds from disposals of fixed assets																																264,000	11,000	106,000	250,000
change in restricted cash																															-269,000	16,000	-1,087,000	-577,000	-78,000
issuance costs																																0	0
purchases of equity securities																															-70,000
distributions related to deliveries of class a shares for rsus																															-25,851,000	-101,000	-7,935,000	0	-9,045,000
subscriptions received in advance
transfer of fixed assets held for sale
non-cash contributions from non-controlling interests in apollo operating group related to equity-based compensation
non-controlling interests in consolidated entities																															0
appropriated partners’ capital																															0
net unrealized gains from investment activities																																		-54,122,000	-172,247,000
non-cash distributions from non-controlling interests in consolidated entities from appropriated partners’ capital
non-cash contributions from non-controlling interests in consolidated entities from appropriated partners’ capital
net unrealized losses on debt																																10,619,000	-37,643,000	-3,040,000	49,944,000
cash distributions for loans
other non-cash financing
amortization of intangible assets																																3,873,000	3,618,000	4,384,000	3,253,000
amortization of debt issuance costs																																128,000	128,000	212,000	43,000
unrealized losses from investment in hfa and other investments
non-cash interest income
income from equity awards received for directors’ fees																																2,789,000
income from equity method investment
unrealized gain on derivatives
waived management fees																																-4,059,000	-4,058,000	-7,693,000	-7,739,000
non-cash compensation expense related to waived management fees
loss on disposal of assets
gain on business acquisitions
acquisition of stone tower
principal repayments on debt and repurchase of debt
distributions to non-controlling interests in consolidated entities																																-3,009,000	-3,076,000	-4,300,000	-3,055,000
purchase of aaa shares
non-cash contributions on equity method investments																																3,551,000	2,656,000	739,000	2,901,000
non-cash contributions from investing activities
non-cash distributions to non-controlling interests in consolidated entities
unrealized gain on interest rate swaps to non-controlling interests in apollo operating group, net of taxes
satisfaction of liability related to aaa rdus																																	0	7,690,000	-3,845,000
net transfers of aaa ownership interest to non-controlling interests in consolidated entities																																	-77,000	86,000	6,515,000
net transfer of aaa ownership interest from apollo global management, llc
unrealized																																	-52,000
non-cash contributions from non-controlling interests in consolidated entities
dilution impact of issuance of class a shares																																	-498,000
deferred tax asset related to interest rate swaps																																	-260,000
tax benefits related to deliveries of class a shares for rsus
capital increase related to business acquisition
unrealized gain on market value on derivatives
net unrealized losses (gains) from investment activities																																-43,014,000
purchase of investments in hfa and other
unrealized gains from investment in hfa and other investments
net realized losses on debt
principal repayment on senior secured notes
non-cash distributions from investing activities
non-cash distributions
unrealized gain on interest rate swaps																																	727,000	578,000	514,000
losses from investment in hfa
gain on business acquisitions and dispositions
loss on fixed assets
net realized losses from investment activities																																			15,044,000
net unrealized losses from investment activities
cash transferred in from consolidated funds
cash received from business acquisition and disposition
purchase of investments in hfa																																-73,000	0	0	-52,069,000
investment in apollo senior loan fund
issuance of class a shares																																0	0
principal repayments of debt and repurchase of debt
debt issuance costs
contributions to non-controlling interests in consolidated entities
non-cash sale of assets held-for-sale for repayment of cit loan																																0	0
losses from investment in hfa and other investments
(income) income from equity method investment
non-cash change in profit sharing payable
net realized (gains) losses from investment activities
sale of investments
principal repayments on debt																																	-160,000	-1,327,000	-345,000
principal repayment on term loans
unrealized gain on interest rate swaps attributable to non-controlling interests in apollo operating group, net of taxes																																	1,427,000	1,146,000	1,253,000
dilution impact of issuance of class a shares on non-controlling interests in apollo operating group																																	0
net transfers of aaa ownership from apollo global management, llc
unrealized gain
deferred taxes related to interest rate swaps
non-cash accrued compensation related to ari rsus and amtg rsus
non-cash accrued compensation related to aaa rdus																																	154,000
non-controlling interests in consolidated entities related to acquisition
satisfaction of liability related to repayment of cit loan
losses (gains) from investment in hfa and other investments
non-cash contributions from non-controlling interests in apollo operating group
net transfers of aaa ownership interest from agm																																	77,000	-86,000	-6,515,000
non-cash contributions to non-controlling interests related to equity-based compensation																																		171,694,000	183,222,000
deferred tax liability related to interest rate swaps																																			-40,000
non-cash contribution from non-controlling interests in consolidated entities
non-cash accrued compensation related to ari rsus
gains from investment in hfa and other investments
loss on assets held for sale																																			571,000
principal repayment on term loans and senior secured notes
contributions from non-controlling interest in consolidated entities
non-cash dividends																																	-3,527,000	-3,363,000	-2,551,000
non-cash additional accrued compensation related to rdus
impairment of fixed assets
loss related to general partner commitment
loss on disposal of fixed assets
gain from repurchase of debt
other
net realized losses (gains) from investment activities																																-1,268,000	-38,000
cash paid for acquisition
investment in senior loan fund
acquisition of gulf stream
distributions to non-controlling interests in apollo operating group
profit interests received in fund vii
depreciation																																	3,069,000	2,518,000	2,793,000
loss (income) from equity method investments
non-cash compensation related to waived management fees																																	4,058,000	7,693,000	7,739,000
loss on sale of assets																																	-1,000
dividends from investment activities																																	0
cash transferred in from metals trading fund
sales of investments																																	60,462,000	140,361,000	985,107,000
business acquisition
dividends paid to non-controlling interests in apollo operating group																																	-57,600,000	-52,800,000	-40,800,000
principal repayment of term loans																																	0	0	-412,057,000
dividends paid to non-controlling interests in consolidated entities																																	0
non-cash distributions on equity method investments																																	-294,000	-184,000	-225,000
non-cash dividends from investing activities
reclassification of equity-based compensation
satisfaction of liability related to repayment on cit loan																																	0
net assets transferred from metals trading fund:
cash
investments
debt
gain from investment in hfa																																		-2,232,000	-17,829,000
income from equity awards received for director’s fees
cash flows from investment activities:
supplemental disclosure of non-cash investment activities:
tax benefits from rsu deliveries
cash paid for business acquisition
unrealized loss on available-for-sale securities																																			-49,000
non-cash accrued compensation related to rdus																																			259,000

Apollo Global Management, Inc(NYSE:APO)

Apollo Global Management, Inc
(NYSE:APO)