Epstein Secrets

on, the tax receivable agreement provides that, upon a merger. asset sale or other form of business combination or certain other changes of control. APO Corp.'s (or its successor's) obligations with respect to exchanged or acquired units (whether exchanged or acquired before or after such change of control)

s in. and advisory agreements with, various real estate investment funds and co-invest vehicles and added to its team of real estate professionals. Apollo Commercial Real Estate Finance, Inc. In 2009. we launched Apollo Commercial Real Estate Finance. Inc. ("ARE). a real estate investment trust managed by Apollo that acquires. originates,

tain circumstances. payments could be made to our managing partners and contributing partners under the tax receivable agreement in excess of 85% of APO Corp.'s actual cash tax savings. In general. estimating the amount of payments that may be made to our managing partners and contributing partners under the

.979.031 Purchases 59.494 Granted (90.688) Forfeited Balance at December 31. 2011 1.947.837 Restricted Stock and Restricted Stock Unit Awards—Apollo Commercial Real Estate Finance, Inc. ("ARI") On September 29. 2009.97.500 and 145.000 shams of ARI restricted stock were granted to the Company and certain of the Company's employees.

m the portion of our business that we hold through APO Corp. will be subject to U.S. Federal corporate income tax and other taxes. As the holder of APO Corp.'s shares, we will not be taxed directly on earnings of entities we hold through APO Corp. Distributions of cash or other property that APO Corp. pays

and managed by Apollo Capital Management, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Tactical Income Fund Inc. ("AIF"), and Apollo Senior Floating Rate Fund Inc. ("AFT"), in each case that do not have redemption prov