DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt consisted of the following:


	As of September 30, 2020							As of December 31, 2019
	Outstanding Balance		Fair Value			Annualized Weighted Average Interest Rate		Outstanding Balance		Fair Value			Annualized Weighted Average Interest Rate
2024 Senior Notes(1)	$	497,654	$	552,105	(4)	4.00	%	$	497,164	$	529,333	(4)	4.00	%
2026 Senior Notes(1)	497,089		575,491		(4)	4.40		496,704		540,713		(4)	4.40
2029 Senior Notes(1)	674,749		792,870		(4)	4.87		674,727		761,780		(4)	4.87
2030 Senior Notes(1)	494,273		501,906		(4)	2.65		—		—			—
2039 Senior Secured Guaranteed Notes(1)	316,807		370,392		(5)	4.77		316,100		354,093		(5)	4.77
2048 Senior Notes(1)	296,602		369,164		(4)	5.00		296,510		350,331		(4)	5.00
2050 Subordinated Notes(1)	296,527		296,625		(4)	4.95		297,008		304,125		(4)	4.95
Secured Borrowing I(2)	18,734		18,624		(3)	1.84		17,921		17,921		(3)	1.99
Secured Borrowing II(2)	19,925		19,713		(3)	1.71		—		—			—
2014 AMI Term Facility II(2)	—		—			—		17,266		17,266		(3)	1.75
2016 AMI Term Facility I(2)	19,773		19,773		(3)	1.30		18,915		18,915		(3)	1.30
2016 AMI Term Facility II(2)	19,114		19,114		(3)	1.40		18,285		18,285		(3)	1.40
Total Debt	$	3,151,247	$	3,535,777				$	2,650,600	$	2,912,762

(1)Includes amortization of note discount, as applicable. Outstanding balance is presented net of unamortized debt issuance costs:


	As of September 30, 2020		As of December 31, 2019
2024 Senior Notes	$	1,979	$	2,394
2026 Senior Notes	2,662		3,014
2029 Senior Notes	5,443		5,928
2030 Senior Notes	4,296		—
2039 Senior Secured Guaranteed Notes	8,193		8,900
2048 Senior Notes	3,101		3,185
2050 Subordinated Notes	3,473		2,992
Total	$	29,147	$	26,413

(2)Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into several credit facilities (collectively referred to as the “AMI Facilities”) to fund the Company’s investment in certain European CLOs it manages:


Facility	Date	Loan Amount
Secured Borrowing I	December 19, 2019	€	15,984
Secured Borrowing II	March 5, 2020	€	17,000
2016 AMI Term Facility I	January 18, 2016	€	16,870
2016 AMI Term Facility II	June 22, 2016	€	16,308

The Secured Borrowings consists of obligations through repurchase agreements redeemable at maturity with third party lenders. The weighted average remaining maturity of Secured Borrowing I and II is 10.9 years.

(3)Fair value is based on obtained broker quotes. These notes are classified as a Level III liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services. For instances where broker quotes are not available, a discounted cash flow method is used to obtain a fair value.

(4)Fair value is based on obtained broker quotes. These notes are classified as a Level II liability within the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.

(5)Fair value is based on a discounted cash flow method. These notes are classified as a Level III liability within the fair value hierarchy.

Schedule of Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Interest Expense:(1)

2018 AMH Credit Facility	$	316	$	334	$	945	$	961
2024 Senior Notes	5,163		5,163		15,489		15,489
2026 Senior Notes	5,628		5,629		16,885		16,885
2029 Senior Notes	8,229		8,412		24,687		19,514
2030 Senior Notes	3,465		—		4,428		—
2039 Senior Secured Guaranteed Notes	4,111		4,112		12,334		5,071
2048 Senior Notes	3,781		3,781		11,343		11,343
2050 Subordinated Notes	3,742		—		11,228		—
AMI Term Facilities/Secured Borrowings	454		402		1,083		980
Total Interest Expense	$	34,889	27,833		$	98,422	$	70,243

(1)Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.

The following table presents the revenues earned in aggregate from Athene and Athora:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues earned in aggregate from Athene and Athora, net(1)(2)	$	363,746	$	141,273	$	(297,924)	$	505,780

(1) Consisting of management fees, sub-advisory fees, performance revenues (net of related profit sharing expense) and changes in the market value of the Athene Holding shares owned directly by Apollo. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of Athene Holding restricted share awards (“AHL Awards”) granted to employees of Apollo.

(2) Gains (losses) on the market value of the shares of Athene Holding owned directly by Apollo were $145.0 million and $(19.2) million for the three months ended September 30, 2020 and 2019, respectively, and $(851.4) million and $42.6 million for the nine months ended September 30, 2020 and 2019, respectively.