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PI Business. On November 12. 2010. Apollo completed the acquisition of the CPI business. which was the real estate investment management business of Citigroup Inc. The CPI business had AUM of approximately 53.5 billion as of December 31. 2011. CPI is an integrated real estate investment platform with investment

g the expense associated with Apollo Operating Group unit described below, have been recorded as compensation expense. The AOG Units were granted to the Managing Partners and Contributing Partners at the time of the Reorganization. as discussed in note I to our consolidated financial statements. In addition, certain professionals and selected

pollo completed the acquisition of substantially all of the assets of Citi Property Investors ("CM"). the real estate investment management group of Citigroup Inc. CPI had AUM of approximately $3.6 billion as of December 31. 2010. CPI is an integrated real estate investment platform with investment professional

se subsequent to September 2012. Additionally. our Managing Partners can receive other forms of compensation. In connection with the Reorganization. the Managing Partners and Contributing Partners received AOG Units with a vesting period of five to six years and certain employees were granted RSUs that typically have a vesting period of six ye

stributed from SOMA. Due from Real Estate Funds In connection with the acquisition of CPI during November 2010. Apollo is contingently obligated to Citigroup Inc. based on a specified percentage of future earnings from the date of acquisition through December 31. 2012. The estimated fair value of the contingen

of Gulf Stream as discussed in note 3 to the consolidated financial statements. Tax Receivable Agreement Subject to certain restrictions, each of the Managing Partners and Contributing Partners has the right to exchange their vested AOG Units for the Company's Class A shares. Certain Apollo Operating Group entities have made an election und