Investments (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of Investments [Abstract]

Apollo's Investments

The following table represents Apollo’s investments:

	As of March 31,   2014		As of   December 31, 2013
Investments, at fair value	$	2,236,648	$	2,012,027
Other investments	404,028		381,856
Total Investments	$	2,640,676	$	2,393,883

Investments, at Fair Value

The following investments, except the investment in HFA and Other Investments, are presented as a percentage of net assets of the consolidated funds:

	As of March 31, 2014										As of December 31, 2013
	Fair Value								% of Net Assets of Consolidated Funds		Fair Value								% of Net Assets of Consolidated Funds
Investments, at Fair Value – Affiliates	Private Equity		Credit		Total		Cost				Private Equity		Credit		Total		Cost
Investments held by:
AAA	$	2,147,415	$	—	$	2,147,415	$	1,494,358	98.7	%	$	1,942,051	$	—	$	1,942,051	$	1,494,358	98.5	%
Apollo Senior Loan Fund	—		29,909		29,909		29,612		1.4		—		29,603		29,603		29,226		1.5
HFA	—		58,417		58,417		62,089		N/A		—		39,534		39,534		61,218		N/A
Other Investments	907		—		907		4,081		N/A		839		—		839		4,159		N/A
Total	$	2,148,322	$	88,326	$	2,236,648	$	1,590,140	100.1	%	$	1,942,890	$	69,137	$	2,012,027	$	1,588,961	100.0	%

Investments of AAA (Excluding VIEs)

The following table represents the sole investment of AAA Investments, which constitutes more than five percent of the net assets of the funds that the Company consolidates (excluding VIEs) as of the aforementioned dates:

	As of March 31, 2014							As of December 31, 2013
	Instrument Type	Fair Value		Cost		% of Net Assets of Consolidated Funds		Instrument Type	Fair Value		Cost		% of Net Assets of Consolidated Funds
Athene Holding	Equity	$	2,168,531	$	1,331,942	99.7	%	Equity	$	1,950,010	$	1,331,942	98.9	%

Net Gains from Investment Activities

The following tables present Apollo’s net gains from investment activities for the three months ended March 31, 2014 and 2013:

	For the Three Months Ended   March 31, 2014
	Private Equity		Credit		Total
Realized gains on sales of investments	$	—	$	112	$	112
Change in net unrealized gains due to changes in fair values	205,363		17,933		223,296
Net Gains from Investment Activities	$	205,363	$	18,045	$	223,408

	For the Three Months Ended   March 31, 2013
	Private Equity		Credit		Total
Realized gains on sales of investments	$	—	$	242	$	242
Change in net unrealized gains due to changes in fair values	47,770		4,121		51,891
Net Gains from Investment Activities	$	47,770	$	4,363	$	52,133

Income from Equity Method Investments

The following table presents income from equity method investments for the three months ended March 31,2014 and 2013:

	For the Three Months Ended   March 31,
	2014				2013
Investments:
Private Equity Funds:
AAA Investments	$	124			$	27
Apollo Investment Fund V, L.P. (“Fund V”)	10				7
Apollo Investment Fund VI, L.P. (“Fund VI”)	(470		)		1,078
Apollo Investment Fund VII, L.P. (“Fund VII”)	9,235				20,413
Apollo Investment Fund VIII, L.P. (“Fund VIII”)	(234		)		—
Apollo Natural Resources Partners, L.P. (“ANRP”)	(14		)		11
AION Capital Partners Limited (“AION”)	2,787				184
Apollo Asia Private Credit Fund, L.P. (“APC”)	2				1
Credit Funds:
Apollo Special Opportunities Managed Account, L.P. (“SOMA”)	450				384
Apollo Value Investment Fund, L.P. (“VIF”)	4				7
Apollo Strategic Value Fund, L.P. (“SVF”)	(1		)		3
Apollo Credit Liquidity Fund, L.P. (“ACLF”)	177				704
Apollo Credit Opportunity Fund I, L.P. (“COF I”)	216				3,574
Apollo Credit Opportunity Fund II, L.P. (“COF II”)	166				888
Apollo Credit Opportunity Fund III, L.P. ("COF III")	658				—
Apollo European Principal Finance Fund, L.P. (“EPF I”)	1,303				(331		)
Apollo European Principal Finance Fund II, L.P. (“EPF II”)	(97		)		63
Apollo Investment Europe II, L.P. (“AIE II”)	146				57
Apollo Palmetto Strategic Partnership, L.P. (“Palmetto”)	861				583
Apollo Senior Floating Rate Fund Inc. (“AFT”)	1				8
Apollo Residential Mortgage, Inc. (“AMTG”)	88			(1)	486			(2)
Apollo European Credit, L.P. (“AEC”)	117				76
Apollo European Strategic Investments, L.P. (“AESI”)	122				152
Apollo Centre Street Partnership, L.P. (“ACSP”)	512				181
Apollo Investment Corporation (“AINV”)	3,176			(1)	(627		)	(2)
Apollo SK Strategic Investments, L.P. ("SK")	80				26
Apollo SPN Investments I, L.P.	182				(413		)
Apollo Tactical Income Fund Inc. (“AIF”)	(1		)		5
Apollo Franklin Partnership, L.P. ("Franklin Fund")	216				—
Apollo Zeus Strategic Investments, L.P. ("Zeus")	148				—
Real Estate:
Apollo Commercial Real Estate Finance, Inc. (“ARI”)	364			(1)	223			(2)
AGRE U.S. Real Estate Fund, L.P.	292				14
CPI Capital Partners North America L.P.	—				58
CPI Capital Partners Asia Pacific, L.P.	(1		)		2
Apollo GSS Holding (Cayman), L.P.	81				(4		)
BEA/AGRE China Real Estate Fund, L.P.	(2		)		—
Other Equity Method Investments:
VC Holdings, L.P. Series A (“Vantium A/B”)	—				13
VC Holdings, L.P. Series C (“Vantium C”)	3,687				(8		)
VC Holdings, L.P. Series D (“Vantium D”)	(1,475		)		(47		)
Other	—				(8		)
Total Income from Equity Method Investments	$	22,910			$	27,790

(1) Amounts are for the three months ended December 31, 2013, respectively.

(2) Amounts are for the three months ended December 31, 2012, respectively.

Other Investments

Other investments as of March 31, 2014 and December 31, 2013 consisted of the following:

	Equity Held as of
	March 31, 2014			% of Ownership			December 31, 2013			% of Ownership
Investments:
Private Equity Funds:
AAA Investments	$	1,293		0.057	%		$	1,168		0.057	%
Fund IV	8			0.023			9			0.019
Fund V	97			0.019			94			0.020
Fund VI	8,992			0.104			9,964			0.103
Fund VII	127,509			1.263			137,960			1.258
Fund VIII	16,169			3.098			4,310			3.996
ANRP	3,898			0.821			3,735			0.831
AION	11,365			7.135			6,425			9.970
APC	35			0.045			49			0.046
Credit Funds:
SOMA	7,282			0.843			6,833			0.853
VIF	155			0.070			151			0.124
SVF	14			0.032			17			0.079
ACLF	4,737			3.297			4,559			3.341
COF I	10,016			1.850			10,077			1.850
COF II	3,421			1.413			5,015			1.428
COF III	11,748			2.444			6,720			2.450
EPF I	16,585			1.367			19,332			1.363
EPF II	32,739			1.838			23,212			1.994
AIE II	4,642			2.834			4,500			2.772
Palmetto	16,915			1.186			16,054			1.186
AFT	96			0.034			95			0.034
AMTG(3)	4,047		(1)	0.637		(1)	4,015		(2)	0.632		(2)
AEC	2,580			1.076			2,482			1.230
AESI	4,111			0.990			3,732			0.956
ACSP	9,056			2.474			7,690			2.465
AINV(4)	59,128		(1)	3.004		(1)	55,951		(2)	2.933		(2)
SK	1,794			1.012			1,714			0.997
Apollo SPN Investments I, L.P.	4,353			0.721			4,457			0.828
CION Investment Corporation	1,000			0.463			1,000			0.716
AIF	93			0.036			94			0.036
Franklin Fund	10,395			9.162			10,178			9.107
Zeus	2,770			3.386			1,678			3.383
Apollo Lincoln Fixed Income Fund, L.P.	600			0.990			—			—
Apollo Structured Credit Recovery Master Fund III, L.P.	425			2.439			—			—
Apollo Total Return Fund L.P.	80			0.080			—			—
Real Estate:
ARI(3)	11,427		(1)	1.499		(1)	11,550		(2)	1.500		(2)
AGRE U.S. Real Estate Fund, L.P.	9,175			1.845			9,473			1.845
CPI Capital Partners North America, L.P.	257			0.417			272			0.416
CPI Capital Partners Europe, L.P.	5			0.001			5			0.001
CPI Capital Partners Asia Pacific, L.P.	105			0.042			106			0.042
Apollo GSS Holding (Cayman), L.P.	3,583			4.751			3,670			3.460
BEA/AGRE China Real Estate Fund, L.P.	70			1.031			72			1.031
Other Equity Method Investments:
Vantium A/B	15			6.450			15			6.450
Vantium C	528			2.071			1,233			2.071
Vantium D	715			6.345			2,190			6.345
Total Other Investments	$	404,028					$	381,856

(1) Amounts are as of December 31, 2013.

(2) Amounts are as of September 30, 2013.

(3) Investment value includes the fair value of RSUs granted to the Company as of the grant date. These amounts are not considered in the percentage of ownership until the RSUs are vested and issued to the Company, at which point the RSUs are converted to common stock and delivered to the Company.

(4) The value of the Company’s investment in AINV was $56,102 and $57,249 based on the quoted market price as of March 31, 2014 and December 31, 2013, respectively.