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Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
Net Gains (Losses) from Investment Activities of Consolidated VIEs
The following table presents net gains from investment activities of the consolidated VIEs for the three months ended March 31, 2014 and 2013, respectively: 
 
For the Three Months Ended 
 March 31,
 
2014
 
2013
Net unrealized (losses) gains from investment activities
$
(911
)
 
$
25,120

Net realized gains from investment activities
17,014

 
50,930

Net gains from investment activities
16,103

 
76,050

Net unrealized losses from debt
(14,119
)
 
(88,236
)
Net realized gains (losses) from debt
357

 
(7,603
)
Net losses from debt
(13,762
)
 
(95,839
)
Interest and other income
170,994

 
177,125

Interest and other expenses
(125,600
)
 
(109,475
)
Net Gains from Investment Activities of Consolidated VIEs
$
47,735

 
$
47,861
Principal Provisions of Debt
Senior Secured Notes and Subordinated Notes—Included within debt are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of the debt of the consolidated VIEs as of March 31, 2014 and December 31, 2013:
 
 
As of March 31, 2014
 
As of December 31, 2013
 
Principal
Outstanding
 
Weighted
Average
Interest
Rate
 
Weighted
Average
Remaining
Maturity in
Years
 
Principal
Outstanding
 
Weighted
Average
Interest
Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior Secured Notes(2)(3)
$
12,006,603

 
1.33
%
 
7.3
 
$
11,877,744

 
1.31
%
 
7.3
Subordinated Notes(2)(3)
947,357

 
N/A

(1) 
8.1
 
963,099

 
N/A

(1) 
8.1
Total
$
12,953,960

 
 
 
 
 
$
12,840,843

 
 
 
 
 
(1)
The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs.
(2)
The fair value of Senior Secured Notes and Subordinated Notes as of March 31, 2014 and December 31, 2013 was $12,528 million and $12,424 million, respectively.
(3)
The debt at fair value of the consolidated VIEs is collateralized by assets of the consolidated VIEs and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of March 31, 2014 and December 31, 2013, the fair value of the consolidated VIE assets was $15,960 million and $15,502 million, respectively. This collateral consisted of cash and cash equivalents, investments, at fair value, and other assets.
Carrying Amounts of Assets and Liabilities
The following tables present the carrying amounts of the assets and liabilities of the VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary as of March 31, 2014 and December 31, 2013. In addition, the tables present the maximum exposure to losses relating to those VIEs.
 
 
As of March 31, 2014
 
 
Total Assets
 
Total Liabilities
 
Apollo Exposure
 
Private Equity
$
7,641,759

 
$
(11,748
)
 
$
1,243

 
Credit
4,575,031

 
(481,817
)
 
33,962

 
Real Estate
414,869

 
(268,946
)
 
—

 
Total
$
12,631,659

(1) 
$
(762,511
)
(2) 
$
35,205

(3) 
 
(1)
Consists of $278,131 in cash, $11,622,052 in investments and $731,476 in receivables.
(2)
Represents $608,225 in debt and other payables, $150,658 in securities sold, not purchased, and $3,628 in capital withdrawals payable.
(3)
Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo's funds, including those entities in which Apollo holds a significant variable interest, is $4,904 million as of March 31, 2014 as discussed in note 14.
 
As of December 31, 2013
 
 
Total Assets
 
Total Liabilities
 
Apollo Exposure
 
Private Equity
$
7,631,592

 
$
(38,970
)
 
$
3,424

 
Credit
3,926,347

 
(321,888
)
 
31,241

 
Real Estate
1,308,559

 
(950,421
)
 
—

 
Total
$
12,866,498

(1) 
$
(1,311,279
)
(2) 
$
34,665

(3) 
 
(1)
Consists of $354,686 in cash, $12,034,487 in investments and $477,325 in receivables.
(2)
Represents $1,161,549 in debt and other payables, $106,532 in securities sold, not purchased, and $43,198 in capital withdrawals payable.
(3)
Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo's funds, including those entities in which Apollo holds a significant variable interest, was $4,858 million as of December 31, 2013.