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ulf Stream"). a leading asset manager of ten collateralized loan obligations. or "CLOs". primarily focused on the U.S. corporate credit markets. The Gulf Stream acquisition increased Apollo's AUM by $3 billion. We believe Gulf Stream is highly complementary to our existing CLO management activities, and brin

ons. or "CLOs". primarily focused on the U.S. corporate credit markets. The Gulf Stream acquisition increased Apollo's AUM by $3 billion. We believe Gulf Stream is highly complementary to our existing CLO management activities, and brings our total number of CLOs under management to 14 as of December 31. 201

rns that have been geometrically linked based on capital contributions. distributions and dividend reinvestments. as applicable; 'our manager" means AGM Management. LW. a Delaware limited liability company that is controlled by our managing partners: 'permanent capital" means capital of funds that do not have r

ts held by the consolidated VIEs of $54.1 million. along with higher expenses of $37.9 million during the period primarily due to the acquisition of Gulf Stream in October 2011. These decreases were partially offset by higher net unrealized and realized gains relating to the debt held by the consolidated VIE

(Value Funds. SOMA. AAOF) 977.341 12,625 Mezzanine Funds (ME II) 20,459 Non-Performing Loan Fund (EPF) 51.463 Senior Credit Funds (COF LON II. Gulf Stream. CLOs) 233.139 Total Capital Market Funds 317.686 Total 1.295.027 154 EFTA00623546 Table of Contents Additionally. at the end of the life o

ompleted a reorganization of its predecessor businesses on July 13. 2007 (the "Reorganization"). The Company is managed and operated by its manager. AGM Management. LLC. which in turn is wholly-owned and controlled by Leon Black. Joshua Harris and Marc Rowan (the "Managing Partners"). As of December 31. 2011.

f the funds we manage. As of December 31. 2011. there were no underwriting commitments outstanding related to such offerings. In connection with the Gulf Stream acquisition. as discussed in note 3. the Company will also make payments to the former owners of Gulf Stream under a contingent consideration obliga

3 mu LIBOR — — July IS. 2022 (USD) plus 5.50% N/A N/A Subordinated Notes 43.350 38.582 N/A14) — — N/A141 July 18.2022 N/At4J N/A N/A Gulf Stream—Sextant CIA) 20064 461 y 3(17 430.997 Nisresg) Class A.I-R Notes 24.613 23.998 0.68% BBA 3 mo LIBOR — — — August 21. 2020 (USD) plus 0.28%

Registrant's Registration Statement on Form S-I (File No. 333-150141)). 10.1 Amended and Restated Limited Liability Company Operating Agreement of AGM Management. LLC dated as of July 10, 2097 (incorporated by reference to Exhibit 10.1 to the Registrant's Registration Statement on Form S-I (File No. 333-15014