Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting

14. SEGMENT REPORTING

Apollo conducts its management and incentive businesses primarily in the United States and substantially all of its revenues are generated domestically. These businesses are conducted through the following three reportable segments:

• Private Equity—primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments;

• Credit—primarily invests in non-control corporate and structured debt instruments; and

• Real Estate—primarily invests in legacy commercial mortgage-backed securities, commercial first mortgage loans, mezzanine investments and other commercial real estate-related debt investments. Additionally, the Company sponsors real estate funds that focus on opportunistic investments in distressed debt and equity recapitalization transactions.

These business segments are differentiated based on the varying investment strategies. The performance is measured by management on an unconsolidated basis because management makes operating decisions and assesses the performance of each of Apollo’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds.

The Company’s financial results vary since carried interest, which generally constitutes a large portion of the income from the funds that Apollo manages, as well as the transaction and advisory fees that the Company receives, can vary significantly from quarter to quarter and year to year. As a result, the Company emphasizes long-term financial growth and profitability to manage its business.

The tables below present the financial data for Apollo’s reportable segments further separated between the management and incentive business as of June 30, 2013 and for the three and six months ended June 30, 2013 and 2012, respectively, which management believes is useful to the reader. The Company’s management business has fairly stable revenues and expenses except for transaction fees, while its incentive business is more volatile and can have significant fluctuations as it is affected by changes in the fair value of investments due to market performance of the Company’s business. The financial results of the management entities, as reflected in the “management” business section of the segment tables that follow, generally include management fee revenues, advisory and transaction fees and expenses exclusive of profit sharing expense. The financial results of the advisory entities, as reflected in the “incentive” business sections of the segment tables that follow, generally include carried interest income, investment income, profit sharing expense and incentive fee based compensation.

During the third quarter of 2012, the Company changed the name of its capital markets business segment to the credit segment. The Company believes this new name provides a more accurate description of the types of assets which are managed within this segment. In addition, this segment name change aligns with the Company’s management reporting and organizational structure and is consistent with the manner in which resource deployment and compensation decisions are made.

During the second quarter of 2013, monitoring fees based on Athene’s capital and surplus and the change in the market value of the derivative contracts related to Athene’s capital and surplus recorded in advisory and transaction fees from affiliates, as disclosed in note 11 to the condensed consolidated financial statements, were reclassified from the private equity segment to the credit segment to better evaluate the performance of Apollo’s private equity and credit segments in making key operating decisions. Reclassifications have been made to the prior period financial data for Apollo’s reportable segments to conform to the current presentation. The impact of this reclassification on the Company’s Economic Net Income (“ENI”) for the private equity and credit segment is reflected in the table below for the three months and six months ended June 30, 2012:

	Impact of Reclassification on Economic Net Income (Loss)
	Private Equity Segment			Credit Segment
For the three months ended June 30, 2012	$	(3,623	)	$	3,623
For the six months ended June 30, 2012		(6,322	)		6,322

Economic Net Income (Loss)

ENI is a key performance measure used by management in evaluating the performance of Apollo’s private equity, credit and real estate segments. Management also believes the components of ENI such as the amount of management fees, advisory and transaction fees and carried interest income are indicative of the Company’s performance. Management also uses ENI in making key operating decisions such as the following:

• Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires;

• Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and

• Decisions relating to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in such funds and those of the Company’s shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on the Company’s performance and growth for the year.

ENI is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. ENI represents segment income (loss) attributable to Apollo Global Management, LLC, which excludes the impact of (i) non-cash charges related to RSUs granted in connection with the 2007 private placement and amortization of AOG Units, (ii) income tax expense, (iii) amortization of intangibles associated with the 2007 Reorganization as well as acquisitions and (iv) Non-Controlling Interests excluding the remaining interest held by certain individuals who receive an allocation of income from certain of our credit management companies. In addition, segment data excludes the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements. The following table presents the financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2013:

	As of and for the Three Months Ended June 30, 2013
	Private Equity Segment		Credit Segment			Real Estate Segment			Total Reportable Segments
Revenues:
Advisory and transaction fees from affiliates	$	41,663	$	22,148		$	1,273		$	65,084
Management fees from affiliates		65,684		90,387			13,206			169,277
Carried interest income (loss) from affiliates		228,590		53,314			(6,281	)		275,623
Total Revenues		335,937		165,849			8,198			509,984
Expenses		172,196		101,023			11,115			284,334
Other Income		13,042		4,885			1,074			19,001
Non-Controlling Interests		—		(3,254	)		—			(3,254	)
Economic Net Income (Loss)	$	176,783	$	66,457		$	(1,843	)	$	241,397
Total Assets	$	2,796,517	$	2,007,122		$	150,850		$	4,954,489

The following table reconciles the total segments to Apollo Global Management, LLC’s condensed consolidated financial statements as of and for the three months ended June 30, 2013:

	As of and for the Three Months Ended June 30, 2013
	Total  Reportable Segments			Consolidation Adjustments and  Other			Consolidated
Revenues	$	509,984		$	(12,723	)(1)	$	497,261
Expenses		284,334			38,453	(2)		322,787
Other income (loss)		19,001			(27,166	)(3)		(8,165	)
Non-Controlling Interests		(3,254	)		(86,179	)		(89,433	)
Economic Net Income	$	241,397	(5)		N/A			N/A
Total Assets	$	4,954,489		$	15,665,535	(6)	$	20,620,024

(1) Represents advisory, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation.

(2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and expenses related to RSUs granted in connection with the 2007 private placement and equity-based compensation expense comprising amortization of AOG Units and amortization of intangible assets.

(3) Results from the following:

	For the Three Months Ended  June 30, 2013
Net gains from investment activities	$	6,868
Net losses from investment activities of consolidated variable interest entities		(35,198	)
Gain from equity method investments(4)		742
Interest		422
Total Consolidation Adjustments	$	(27,166	)

(4) Included is $(1,055) reflecting remaining interest of certain individuals who received an allocation of income from a private equity co-investment vehicle.

(5) The reconciliation of Economic Net Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following:

	For the Three Months Ended  June 30, 2013
Economic Net Income	$	241,397
Income tax provision		(18,139	)
Net income attributable to Non-Controlling Interests in Apollo Operating Group		(126,483	)
Non-cash charges related to equity-based compensation(7)		(26,736	)
Amortization of intangible assets		(11,302	)
Net Income Attributable to Apollo Global Management, LLC	$	58,737

(6) Represents the addition of assets of consolidated funds and the consolidated VIEs.

(7) Includes impact of non-cash charges related to amortization of AOG Units and RSU Plan Grants made in connection with the 2007 private placement as discussed in note 10 to our condensed consolidated financial statements.

The following tables present additional financial data for Apollo’s reportable segments for the three months ended June 30, 2013:

	For the Three Months Ended  June 30, 2013
	Private Equity								Credit
	Management		Incentive			Total			Management			Incentive			Total
Revenues:
Advisory and transaction fees from affiliates	$	41,663	$	—		$	41,663		$	22,148		$	—		$	22,148
Management fees from affiliates		65,684		—			65,684			90,387			—			90,387
Carried interest income from affiliates:
Unrealized losses		—		(509,667	)		(509,667	)		—			(58,843	)		(58,843	)
Realized gains		—		738,257			738,257			10,029			102,128			112,157
Total Revenues		107,347		228,590			335,937			122,564			43,285			165,849
Compensation and benefits(1)		38,077		107,346			145,423			38,992			23,778			62,770
Other expenses(1)		26,773		—			26,773			38,253			—			38,253
Total Expenses		64,850		107,346			172,196			77,245			23,778			101,023
Other Income		872		12,170			13,042			4,072			813			4,885
Non-Controlling Interests		—		—			—			(3,254	)		—			(3,254	)
Economic Net Income	$	43,369	$	133,414		$	176,783		$	46,137		$	20,320		$	66,457

(1) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

	For the Three Months Ended  June 30, 2013
	Real Estate
	Management			Incentive			Total
Revenues:
Advisory and transaction fees from affiliates	$	1,273		$	—		$	1,273
Management fees from affiliates		13,206			—			13,206
Carried interest income (loss) from affiliates:		—						—
Unrealized losses		—			(6,439	)		(6,439	)
Realized gains		—			158			158
Total Revenues		14,479			(6,281	)		8,198
Compensation and benefits(1)		8,965			(3,880	)		5,085
Other expenses(1)		6,030			—			6,030
Total Expenses		14,995			(3,880	)		11,115
Other Income		255			819			1,074
Economic Net Loss	$	(261	)	$	(1,582	)	$	(1,843	)

(1) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

The following table presents the financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2012:

	As of and for the Three Months Ended  June 30, 2012
	Private Equity Segment(1)			Credit Segment(1)			Real Estate Segment			Total Reportable Segments
Revenues:
Advisory and transaction fees from affiliates	$	61,491		$	7,943		$	592		$	70,026
Management fees from affiliates		69,158			74,351			12,888			156,397
Carried interest income from affiliates		5,685			2,482			4,249			12,416
Total Revenues		136,334			84,776			17,729			238,839
Expenses		82,931			78,560			16,705			178,196
Other Loss		(1,357	)		(14,537	)		(276	)		(16,170	)
Non-Controlling Interests		—			(2,438	)		—			(2,438	)
Economic Net Income (Loss)	$	52,046		$	(10,759	)	$	748		$	42,035
Total Assets	$	1,945,399		$	1,583,101		$	93,926		$	3,622,426

(1) Reclassified to conform to current presentation.

The following table reconciles the total reportable segments to Apollo Global Management, LLC’s financial statements as of and for the three months ended June 30, 2012:

	As of and for the Three Months Ended  June 30, 2012
	Total Reportable Segments			Consolidation Adjustments and Other			Consolidated
Revenues	$	238,839		$	(27,211	)(1)	$	211,628
Expenses		178,196			138,766	(2)		316,962
Other (loss) income		(16,170	)		1,966,631	(3)		1,950,461
Non-Controlling Interests		(2,438	)		(1,873,425	)		(1,875,863	)
Economic Net Income	$	42,035	(5)		N/A			N/A
Total Assets	$	3,622,426		$	15,609,731	(6)	$	19,232,157

(1) Represents advisory, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation.

(2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and expenses related to RSUs granted in connection with the 2007 private placement and equity-based compensation expense comprising amortization of AOG Units and amortization of intangible assets.

(3) Results from the following:

	For the Three Months Ended  June 30, 2012
Net losses from investment activities	$	(15,106	)
Net income from investment activities of consolidated variable interest entities		31,763
Loss from equity method investments(4)		(2,158	)
Interest and other income		963
Gain on acquisition		1,951,169
Total Consolidation Adjustments	$	1,966,631

(4) Includes $0.1 million, which reflects the remaining interest of certain individuals who received an allocation of income from a private equity co-investment vehicle.

(5) The reconciliation of Economic Net Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following:

	For the Three Months Ended  June 30, 2012
Economic Net Income	$	42,035
Income tax provision		(10,650	)
Net income attributable to Non-Controlling Interests in Apollo Operating Group		64,837
Non-cash charges related to equity-based compensation(7)		(128,002	)
Amortization of intangible assets		(9,606	)
Net Loss Attributable to Apollo Global Management, LLC	$	(41,386	)

(6) Represents the addition of assets of consolidated funds and the consolidated VIEs.

(7) Includes impact of non-cash charges related to amortization of AOG Units and RSU Plan Grants made in connection with the 2007 private placement as discussed in note 10 to our condensed consolidated financial statements.

The following tables present additional financial data for Apollo’s reportable segments for the three months ended June 30, 2012:

	For the Three Months Ended  June 30, 2012
	Private Equity(1)									Credit(1)
	Management			Incentive			Total			Management			Incentive			Total
Revenues:
Advisory and transaction fees from affiliates	$	61,491		$	—		$	61,491		$	7,943		$	—		$	7,943
Management fees from affiliates		69,158			—			69,158			74,351			—			74,351
Carried interest income (loss) from affiliates:
Unrealized losses(2)		—			(37,693	)		(37,693	)		—			(16,677	)		(16,677	)
Realized gains		—			43,378			43,378			9,200			9,959			19,159
Total Revenues		130,649			5,685			136,334			91,494			(6,718	)		84,776
Compensation and benefits(3)		45,197			13,858			59,055			35,488			3,827			39,315
Other expenses(3)		23,876			—			23,876			39,245			—			39,245
Total Expenses		69,073			13,858			82,931			74,733			3,827			78,560
Other (Loss) Income		(3,202	)		1,845			(1,357	)		(663	)		(13,874	)		(14,537	)
Non-Controlling Interests		—			—			—			(2,438	)		—			(2,438	)
Economic Net Income (Loss)	$	58,374		$	(6,328	)	$	52,046		$	13,660		$	(24,419	)	$	(10,759	)

(1) Reclassified to conform to current presentation.

(2) Included in unrealized carried interest income (loss) from affiliates is reversal of previously recognized realized carried interest income due to the general partner obligation to return previously distributed carried interest income of $102.6 and $18.3 million with respect to Fund VI and SOMA, respectively, for the three months ended June 30, 2012. The general partner obligation is recognized based upon a hypothetical liquidation of a funds’ net assets as of June 30, 2012. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund.

(3) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

	For the Three Months Ended June 30, 2012
	Real Estate
	Management			Incentive		Total
Revenues:
Advisory and transaction fees from affiliates	$	592		$	—	$	592
Management fees from affiliates		12,888			—		12,888
Carried interest income from affiliates:
Unrealized gains		—			1,647		1,647
Realized gains		—			2,602		2,602
Total Revenues		13,480			4,249		17,729
Compensation and benefits(1)		8,376			2,139		10,515
Other expenses(1)		6,190			—		6,190
Total Expenses		14,566			2,139		16,705
Other (Loss) Income		(516	)		240		(276	)
Economic Net (Loss) Income	$	(1,602	)	$	2,350	$	748

(1) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

The following table presents the financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2013:

	For the Six Months Ended  June 30, 2013
	Private Equity Segment		Credit Segment			Real Estate Segment			Total Reportable Segments
Revenues:
Advisory and transaction fees from affiliates	$	66,280	$	43,825		$	2,398		$	112,503
Management fees from affiliates		131,956		174,751			26,797			333,504
Carried interest income (loss) from affiliates		1,219,583		187,089			(5,329	)		1,401,343
Total Revenues		1,417,819		405,665			23,866			1,847,350
Expenses		619,204		218,747			28,421			866,372
Other Income		37,225		20,302			2,088			59,615
Non-Controlling Interests		—		(6,718	)		—			(6,718	)
Economic Net Income (Loss)	$	835,840	$	200,502		$	(2,467	)	$	1,033,875
Total Assets	$	2,796,517	$	2,007,122		$	150,850		$	4,954,489

The following table reconciles the total segments to Apollo Global Management, LLC’s condensed consolidated financial statements as of and for the six months ended June 30, 2013:

	As of and for Six Months Ended  June 30, 2013
	Total Reportable Segments			Consolidation Adjustments and Other			Consolidated
Revenues	$	1,847,350		$	(41,016	)(1)	$	1,806,334
Expenses		866,372			79,017	(2)		945,389
Other income		59,615			64,393	(3)		124,008
Non-Controlling Interests		(6,718	)		(633,802	)		(640,520	)
Economic Net Income	$	1,033,875	(5)		N/A			N/A
Total Assets	$	4,954,489		$	15,665,535	(6)	$	20,620,024

(1) Represents advisory, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation.

(2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and expenses related to RSUs granted in connection with the 2007 private placement and equity-based compensation expense comprising amortization of AOG Units and amortization of intangible assets.

(3) Results from the following:

	For the Six Months Ended  June 30, 2013
Net gains from investment activities	$	54,971
Net gains from investment activities of consolidated variable interest entities		12,663
Loss from equity method investments(4)		(827	)
Interest		860
Other		(3,274	)
Total Consolidation Adjustments	$	64,393

(4) Included is $(1,427) reflecting remaining interest of certain individuals who receive an allocation of income from a private equity co-investment vehicle.

(5) The reconciliation of Economic Net Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following:

	For the Six Months Ended  June 30, 2013
Economic Net Income	$	1,033,875
Income tax provision		(36,718	)
Net income attributable to Non-Controlling Interests in Apollo Operating Group		(611,729	)
Non-cash charges related to equity-based compensation(7)		(54,666	)
Amortization of intangible assets		(23,047	)
Net Income Attributable to Apollo Global Management, LLC	$	307,715

(6) Represents the addition of assets of consolidated funds and the consolidated VIEs.

(7) Includes impact of non-cash charges related to amortization of AOG Units and RSU Plan Grants made in connection with the 2007 private placement as discussed in note 10 to our condensed consolidated financial statements.

The following tables present additional financial data for Apollo’s reportable segments for the six months ended June 30, 2013:

	For the Six Months Ended  June 30, 2013
	Private Equity						Credit
	Management		Incentive		Total		Management			Incentive		Total
Revenues:
Advisory and transaction fees from affiliates	$	66,280	$	—	$	66,280	$	43,825		$	—	$	43,825
Management fees from affiliates		131,956		—		131,956		174,751			—		174,751
Carried interest income from affiliates:
Unrealized gains(1)		—		187,947		187,947		—			14,404		14,404
Realized gains		—		1,031,636		1,031,636		19,080			153,605		172,685
Total Revenues		198,236		1,219,583		1,417,819		237,656			168,009		405,665
Compensation and benefits(2)		78,861		491,603		570,464		79,830			62,341		142,171
Other expenses(2)		48,740		—		48,740		76,576			—		76,576
Total Expenses		127,601		491,603		619,204		156,406			62,341		218,747
Other Income		2,504		34,721		37,225		8,527			11,775		20,302
Non-Controlling Interests		—		—		—		(6,718	)		—		(6,718	)
Economic Net Income	$	73,139	$	762,701	$	835,840	$	83,059		$	117,443	$	200,502

(1) Included in unrealized carried interest income from affiliates for the six months ended June 30, 2013 was reversal of $19.3 million of the entire general partner obligation to return previously distributed carried interest income or fees with respect to SOMA. The general partner obligation is recognized based upon a hypothetical liquidation of the fund’s net assets as of the balance sheet date. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund.

(2) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

	For the Six Months Ended  June 30, 2013
	Real Estate
	Management			Incentive			Total
Revenues:
Advisory and transaction fees from affiliates	$	2,398		$	—		$	2,398
Management fees from affiliates		26,797			—			26,797
Carried interest income (loss) from affiliates:
Unrealized losses		—			(5,841	)		(5,841	)
Realized gains		—			512			512
Total Revenues		29,195			(5,329	)		23,866
Compensation and benefits(1)		18,095			(3,080	)		15,015
Other expenses(1)		13,406			—			13,406
Total Expenses		31,501			(3,080	)		28,421
Other Income		1,393			695			2,088
Economic Net Loss	$	(913	)	$	(1,554	)	$	(2,467	)

(1) Compensation and benefits include equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses exclude amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

The following table presents the financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2012:

	As of and for the Six Months Ended  June 30, 2012
	Private Equity Segment(1)		Credit Segment(1)			Real Estate Segment			Total Reportable Segments
Revenues:
Advisory and transaction fees from affiliates	$	84,672	$	11,998		$	592		$	97,262
Management fees from affiliates		136,155		127,022			23,253			286,430
Carried interest income from affiliates		453,727		186,344			5,926			645,997
Total Revenues		674,554		325,364			29,771			1,029,689
Expenses		346,565		183,548			34,599			564,712
Other Income		32,520		9,592			780			42,892
Non-Controlling Interests				(3,847	)					(3,847	)
Economic Net Income (Loss)	$	360,509	$	147,561		$	(4,048	)	$	504,022
Total Assets	$	1,945,399	$	1,583,101		$	93,926		$	3,622,426

(1) Reclassified to conform to current presentation.

The following table reconciles the total reportable segments to Apollo Global Management, LLC’s financial statements as of and for the six months ended June 30, 2012:

	As of and for the Six Months Ended  June 30, 2012
	Total Reportable Segments			Consolidation Adjustments and Other			Consolidated
Revenues	$	1,029,689		$	(41,318	)(1)	$	988,371
Expenses		564,712			275,480	(2)		840,192
Other income		42,892			2,099,757	(3)		2,142,649
Non-Controlling Interests		(3,847	)		(2,205,114	)		(2,208,961	)
Economic Net Income	$	504,022	(5)		N/A			N/A
Total Assets	$	3,622,426		$	15,609,731	(6)	$	19,232,157

(1) Represents advisory, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation.

(2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and expenses related to RSUs granted in connection with the 2007 private placement and equity-based compensation expense comprising amortization of AOG Units and amortization of intangible assets.

(3) Results from the following:

	For the Six Months Ended  June 30, 2012
Net gains from investment activities	$	139,184
Net losses from investment activities of consolidated variable interest entities		15,562
Loss from equity method investments(4)		(7,458	)
Other income and interest income		1,300
Gain on acquisition		1,951,169
Total Consolidation Adjustments	$	2,099,757

(4) Includes $1.6 million, which reflects the remaining interest of certain individuals who receive an allocation of income from a private equity co-investment vehicle.

(5) The reconciliation of Economic Net Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following:

	For the Six Months Ended  June 30, 2012
Economic Net Income	$	504,022
Income tax provision		(25,210	)
Net loss attributable to Non-Controlling Interests in Apollo Operating Group		(148,559	)
Non-cash charges related to equity-based compensation(7)		(257,935	)
Amortization of intangible assets		(15,661	)
Net Income Attributable to Apollo Global Management, LLC	$	56,657

(6) Represents the addition of assets of consolidated funds and the consolidated VIEs.

(7) Includes impact of non-cash charges related to amortization of AOG Units and RSU Plan Grants made in connection with the 2007 private placement as discussed in note 10 to our condensed consolidated financial statements.

The following tables present additional financial data for Apollo’s reportable segments for the six months ended June 30, 2012:

	For the Six Months Ended  June 30, 2012
	Private Equity(1)						Credit(1)
	Management		Incentive		Total		Management			Incentive		Total
Revenues:
Advisory and transaction fees from affiliates	$	84,672	$	—	$	84,672	$	11,998		$	—	$	11,998
Management fees from affiliates		136,155		—		136,155		127,022			—		127,022
Carried interest income from affiliates:
Unrealized gains(2)		—		288,279		288,279		—			131,577		131,577
Realized gains		—		165,448		165,448		18,800			35,967		54,767
Total Revenues		220,827		453,727		674,554		157,820			167,544		325,364
Compensation and benefits(3)		83,757		218,141		301,898		71,241			47,145		118,386
Other expenses(3)		44,667		—		44,667		65,162			—		65,162
Total Expenses		128,424		218,141		346,565		136,403			47,145		183,548
Other Income		69		32,451		32,520		2,282			7,310		9,592
Non-Controlling Interests		—		—		—		(3,847	)		—		(3,847	)
Economic Net Income	$	92,472	$	268,037	$	360,509	$	19,852		$	127,709	$	147,561

(1) Reclassified to conform to current presentation.

(2) Included in unrealized carried interest income from affiliates is reversal of previously recognized realized carried interest income due to the general partner obligation to return previously distributed carried interest income of $68.5 million and $0.2 million with respect to Fund VI and SOMA, respectively, for the six months ended June 30, 2012. The general partner obligation is recognized based upon a hypothetical liquidation of the funds’ net assets as of June 30, 2012. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund.

(3) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses excludes amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.

	For the Six Months Ended  June 30, 2012
	Real Estate
	Management			Incentive		Total
Revenues:
Advisory and transaction fees from affiliates	$	592		$	—	$	592
Management fees from affiliates		23,253			—		23,253
Carried interest income from affiliates:		—					—
Unrealized gains		—			1,647		1,647
Realized gains		—			4,279		4,279
Total Revenues		23,845			5,926		29,771
Compensation and benefits(1)		18,067			3,597		21,664
Other expenses(1)		12,935			—		12,935
Total Expenses		31,002			3,597		34,599
Other Income		361			419		780
Economic Net (Loss) Income	$	(6,796	)	$	2,748	$	(4,048	)

(1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding RSUs granted in connection with the 2007 private placement) and share options. In addition, other expenses excludes amortization of intangibles associated with the 2007 Reorganization as well as acquisitions.