Epstein Secrets

, a substantial portion of the accelerated liability that APO Corp. must pay the TRA Holders as a result of the Special Allocation will be borne by Holdings; although such portion is expected to remain substantial, it will decline over time as Holdings' ownership interest in the Apollo Operating Group i

taking into account Apollo's capital needs as well as actual and potential earnings and borrowings. Distribution to Our Managing Partners Prior to the Private Offering Transactions On April 20, 2007, AMH, one of the entities in the Apollo Operating Group, entered into a credit facility, or the "AMH credit facility," under whic

ional Class A shams in one or more future primary offerings. Our managing partners and contributing partners. through their partnership interests in Holdings. owned an aggregate of 65.9% of the Apollo Operating Group units as of December 31. 2011. Subject to certain procedures and restrictions (including

lect the disproportionate income allocation to our managing partners and contributing partners with respect to "built-in gain" assets at the time of the Private Offering Transactions. There may be circumstances under which we are restricted from paying distributions under applicable law or regulation (for example. due to Delaware

ging Partners can receive other forms of compensation. Any additional consideration will be paid to them in their proportional ownership interest in Holdings. Additionally. 85% of any tax savings APO Corp. recognizes as a result of the tax receivable agreement will be paid to any exchanging or selling Man

contributing partners. representing all of the undistributed earnings generated by the businesses contributed to the Apollo Operating Group prior to the Private Offering Transactions. For this purpose. income attributable to carried interest on private equity funds related to either carry-generating transactions that closed prior

o holder of Class B shares will be entitled to preemptive, redemption or conversion rights. Voting Rights The Class B share that we have issued to Holdings is initially entitled to 240.000,000 votes on all matters submitted to a vote of our shareholders. To the extent a Managing Partner or Contributing

Shareholders Agreement" in our 2015 Annual Report, which is incorporated by reference in this prospectus. Roll-Up Agreements Upon consummation of the Private Offering Transactions, we entered into roll-up agreements with the Contributing Partners and Holdings. See "Certain Relationships and Related Party Transactions—Roll-Up