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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

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

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

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

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%

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