| SEGMENT REPORTING | SEGMENT REPORTING Apollo conducts its management and incentive businesses primarily in the United States and substantially all of its revenues are generated domestically. These businesses are conducted through the following three reportable segments: • Private Equity —primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments; • Credit —primarily invests in non-control corporate and structured debt instruments; and • Real Estate —primarily invests in real estate equity for the acquisition and recapitalization of real estate assets, portfolios, platforms and operating companies, and real estate debt including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities. These business segments are differentiated based on the varying investment strategies. The performance is measured by management on an unconsolidated basis because management makes operating decisions and assesses the performance of each of Apollo’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds. The Company’s financial results vary since carried interest, which generally constitutes a large portion of the income from the funds that Apollo manages, as well as the transaction and advisory fees that the Company receives, can vary significantly from quarter to quarter and year to year. As a result, the Company emphasizes long-term financial growth and profitability to manage its business. The tables below present the financial data for Apollo’s reportable segments further separated between the management business and incentive business as of June 30, 2015 and 2014 , and for the three and six months ended June 30, 2015 and 2014 , which management believes is useful to the reader. The Company’s management business has fairly stable revenues and expenses except for transaction fees, while its incentive business is more volatile and can have significant fluctuations as it is affected by changes in the fair value of investments due to market performance. The financial results of the management entities, as reflected in the “management” business section of the segment tables that follow, generally include management fee revenues, advisory and transaction fees and expenses exclusive of profit sharing expense. The financial results of the advisory entities, as reflected in the “incentive” business sections of the segment tables that follow, generally include carried interest income, investment income and profit sharing expense. During the first quarter of 2015 the Company renamed Economic Net Income to Economic Income (“EI”). Additionally, the definition of EI was changed to exclude transaction-related charges related to contingent consideration associated with acquisitions. The impact of this change on EI is reflected in the table below for Apollo’s three reportable segments for the three and six months ended June 30, 2014 . The exclusion of transaction-related charges relating to contingent consideration associated with acquisitions only impacted the credit segment. Impact of Revised Definition on Economic Income (Loss) Total EI as Previously Reported Impact of Revised Definition Total EI After Revised Definition For the Three Months Ended June 30, 2014 $ 267,062 $ (727 ) $ 266,335 For the Six Months Ended June 30, 2014 536,313 4,794 541,107 Also during the first quarter of 2015, interest expense, net of interest income (“net interest expense”) was reallocated from the management business to the incentive business to align with the earnings from our investments which are principally funded by our outstanding debt. The impact of this reallocation on management business EI and incentive business EI is reflected in the tables below for Apollo’s three reportable segments for the three and six months ended June 30, 2014 . Impact of Net Interest Expense Reclassification on Management Business Economic Income (Loss) Private Equity Segment Credit Segment Real Estate Segment Total Combined Segments For the Three Months Ended June 30, 2014 $ 1,601 $ 1,397 $ 418 $ 3,416 For the Six Months Ended June 30, 2014 2,725 1,968 707 5,400 Impact of Net Interest Expense Reclassification on Incentive Business Economic Income (Loss) Private Equity Segment Credit Segment Real Estate Segment Total Combined Segments For the Three Months Ended June 30, 2014 $ (1,601 ) $ (1,397 ) $ (418 ) $ (3,416 ) For the Six Months Ended June 30, 2014 (2,725 ) (1,968 ) (707 ) (5,400 ) As it relates to the reclassification described above, the impact to the combined segments total Economic Income (Loss) for all periods presented was zero . These changes have been made to prior period financial data reportable segments to conform to the current period presentation. Economic Income (Loss) EI is a key performance measure used by management in evaluating the performance of Apollo’s private equity, credit and real estate segments. Management believes the components of EI, such as the amount of management fees, advisory and transaction fees and carried interest income, are indicative of the Company’s performance. Management also uses EI in making key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and • Decisions relating to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in such funds and those of the Company’s shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on the Company’s performance and growth for the year. EI is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. EI represents segment income (loss) before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, segment data excludes non-cash revenue and expense related to equity awards granted by unconsolidated affiliates to employees of the Company, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the condensed consolidated financial statements. The following table presents financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2015 : As of and for the Three Months Ended Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ 8,913 $ 4,420 $ 2,117 $ 15,450 Management fees from affiliates 74,269 140,632 12,372 227,273 Carried interest income from affiliates 81,328 22,449 1,915 105,692 Total Revenues 164,510 167,501 16,404 348,415 Expenses 109,619 94,094 18,868 222,581 Other income (loss) 8,138 25,623 1,161 34,922 Non-Controlling Interests — (3,223 ) — (3,223 ) Economic Income (Loss) $ 63,029 $ 95,807 $ (1,303 ) $ 157,533 Total Assets $ 1,615,722 $ 2,038,452 $ 217,544 $ 3,871,718 The following table reconciles the total segments to Apollo Global Management, LLC’s condensed consolidated financial statements as of and for the three months ended June 30, 2015 : As of and for the Three Months Ended Total Reportable Segments Consolidation Adjustments and Other Consolidated Revenues $ 348,415 $ 3,312 (1) $ 351,727 Expenses 222,581 21,958 (2) 244,539 Other income (loss) 34,922 15,056 (3) 49,978 Non-Controlling Interests (3,223 ) (88,423 ) (91,646 ) Economic Income $ 157,533 (4) N/A N/A Total Assets $ 3,871,718 $ 1,029,982 (5) $ 4,901,700 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and transaction-related charges. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Three Months Ended Net gains from investment activities $ 142 Net gains from investment activities of consolidated variable interest entities 5,800 Income from equity method investments 729 Other income, net 8,385 Total Consolidation Adjustments $ 15,056 (4) The reconciliation of Economic Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following: For the Three Months Ended Economic Income $ 157,533 Income tax provision (9,092 ) Net income attributable to Non-Controlling Interests in Apollo Operating Group (83,148 ) Transaction-related charges and equity-based compensation (6) (8,865 ) Net Income Attributable to Apollo Global Management, LLC $ 56,428 (5) Represents the addition of assets of consolidated funds and the consolidated VIEs. (6) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. The following tables present additional financial data for Apollo’s reportable segments for the three months ended June 30, 2015 : For the Three Months Ended Private Equity Credit Management Incentive Total Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 8,913 $ — $ 8,913 $ 4,420 $ — $ 4,420 Management fees from affiliates 74,269 — 74,269 140,632 — 140,632 Carried interest income from affiliates: Unrealized losses (1) — (76,674 ) (76,674 ) — (6,922 ) (6,922 ) Realized gains — 158,002 158,002 10,815 18,556 29,371 Total Revenues 83,182 81,328 164,510 155,867 11,634 167,501 Compensation and benefits (2) 35,116 58,041 93,157 58,136 3,897 62,033 Other expenses 16,462 — 16,462 32,061 — 32,061 Total Expenses 51,578 58,041 109,619 90,197 3,897 94,094 Other Income (Loss) 327 7,811 8,138 546 25,077 25,623 Non-Controlling Interests — — — (3,223 ) — (3,223 ) Economic Income (Loss) $ 31,931 $ 31,098 $ 63,029 $ 62,993 $ 32,814 $ 95,807 (1) Included in unrealized carried interest income (loss) from affiliates for the three months ended June 30, 2015 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income with respect to Fund V, ACLF and certain SIAs within the credit segment of $4.9 million , $1.5 million and $0.2 million , respectively. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations with respect to Fund V, ACLF and certain SIAs within the credit segment was $60.6 million , $16.7 million and $53.2 million , respectively, as of June 30, 2015 . The general partner obligation is recognized based upon a hypothetical liquidation of the fund’s net assets as of the reporting date. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement of the fund. (2) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. For the Three Months Ended Real Estate Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 2,117 $ — $ 2,117 Management fees from affiliates 12,372 — 12,372 Carried interest income from affiliates: Unrealized gains — 666 666 Realized gains — 1,249 1,249 Total Revenues 14,489 1,915 16,404 Compensation and benefits (1) 11,074 934 12,008 Other expenses 6,860 — 6,860 Total Expenses 17,934 934 18,868 Other Income (Loss) 968 193 1,161 Economic Income (Loss) $ (2,477 ) $ 1,174 $ (1,303 ) (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. The following table presents the financial data for Apollo’s reportable segments as of and for the three months ended June 30, 2014 : As of and for the Three Months Ended Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ 5,178 $ 55,609 $ — $ 60,787 Management fees from affiliates 82,045 134,605 12,208 228,858 Carried interest income from affiliates 187,709 96,909 4,986 289,604 Total Revenues 274,932 287,123 17,194 579,249 Expenses 168,365 141,435 16,379 326,179 Other Income 12,604 1,007 2,778 16,389 Non-Controlling Interests — (3,124 ) — (3,124 ) Economic Income $ 119,171 $ 143,571 $ 3,593 $ 266,335 Total Assets $ 2,689,643 $ 2,251,624 $ 195,452 $ 5,136,719 The following table reconciles the total reportable segments to Apollo Global Management, LLC’s financial statements as of and for the three months ended June 30, 2014 : As of and for the Three Months Ended Total Reportable Segments Consolidation Adjustments and Other Consolidated Revenues $ 579,249 $ (7,097 ) (1) $ 572,152 Expenses 326,179 28,190 (2) 354,369 Other income 16,389 53,167 (3) 69,556 Non-Controlling Interests (3,124 ) (177,510 ) (180,634 ) Economic Income $ 266,335 (5) N/A N/A Total Assets $ 5,136,719 $ 17,310,672 (6) $ 22,447,391 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and transaction-related charges. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Three Months Ended Net gains from investment activities $ (353 ) Net gains from investment activities of consolidated VIEs 43,425 Income from equity method investments (4) 4,833 Other income, net 5,262 Total Consolidation Adjustments $ 53,167 (4) Includes $1.8 million reflecting the remaining interest of certain individuals who receive an allocation of income from a private equity co-investment vehicle. (5) The reconciliation of Economic Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following: For the Three Months Ended Economic Income $ 266,335 Income tax provision (35,037 ) Net income attributable to Non-Controlling Interests in Apollo Operating Group (151,995 ) Transaction-related charges and equity-based compensation (7) (7,635 ) Net Income Attributable to Apollo Global Management, LLC $ 71,668 (6) Represents the addition of assets of consolidated funds and the consolidated VIEs. (7) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. The following tables present additional financial data for Apollo’s reportable segments for the three months ended June 30, 2014 : For the Three Months Ended Private Equity Credit Management Incentive Total Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 5,178 $ — $ 5,178 $ 55,609 $ — $ 55,609 Management fees from affiliates 82,045 — 82,045 134,605 — 134,605 Carried interest income from affiliates: Unrealized gains (losses) — (10,394 ) (10,394 ) — 47,174 47,174 Realized gains — 198,103 198,103 10,009 39,726 49,735 Total Revenues 87,223 187,709 274,932 200,223 86,900 287,123 Compensation and benefits (1) 33,670 115,894 149,564 61,303 42,797 104,100 Other expenses 18,801 — 18,801 37,335 — 37,335 Total Expenses 52,471 115,894 168,365 98,638 42,797 141,435 Other Income (Loss) 786 11,818 12,604 2,213 (1,206 ) 1,007 Non-Controlling Interests — — — (3,124 ) — (3,124 ) Economic Income $ 35,538 $ 83,633 $ 119,171 $ 100,674 $ 42,897 $ 143,571 (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. For the Three Months Ended Real Estate Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ — $ — $ — Management fees from affiliates 12,208 — 12,208 Carried interest income from affiliates: Unrealized gains — 988 988 Realized gains — 3,998 3,998 Total Revenues 12,208 4,986 17,194 Compensation and benefits (1) 8,441 2,817 11,258 Other expenses 5,121 — 5,121 Total Expenses 13,562 2,817 16,379 Other Income 120 2,658 2,778 Economic Income (Loss) $ (1,234 ) $ 4,827 $ 3,593 (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. The following table presents financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2015 : As of and for the Six Months Ended Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ 12,754 $ 9,772 $ 2,467 $ 24,993 Management fees from affiliates 148,866 280,084 23,036 451,986 Carried interest income from affiliates 136,254 33,725 4,306 174,285 Total Revenues 297,874 323,581 29,809 651,264 Expenses 188,459 195,866 34,405 418,730 Other income 12,693 19,309 1,135 33,137 Non-Controlling Interests — (6,069 ) — (6,069 ) Economic Income (Loss) $ 122,108 $ 140,955 $ (3,461 ) $ 259,602 Total Assets $ 1,615,722 $ 2,038,452 $ 217,544 $ 3,871,718 The following table reconciles the total segments to Apollo Global Management, LLC’s condensed consolidated financial statements as of and for the six months ended June 30, 2015 : As of and for the Six Months Ended Total Reportable Segments Consolidation Adjustments and Other Consolidated Revenues $ 651,264 $ 3,487 (1) $ 654,751 Expenses 418,730 49,805 (2) 468,535 Other income (loss) 33,137 24,825 (3) 57,962 Non-Controlling Interests (6,069 ) (136,148 ) (142,217 ) Economic Income $ 259,602 (4) N/A N/A Total Assets $ 3,871,718 $ 1,029,982 (5) $ 4,901,700 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and transaction-related charges. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Six Months Ended Net gains from investment activities $ 497 Net gains from investment activities of consolidated variable interest entities 7,128 Income from equity method investments 866 Other income, net 16,334 Total Consolidation Adjustments $ 24,825 (4) The reconciliation of Economic Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following: For the Six Months Ended Economic Income $ 259,602 Income tax provision (14,606 ) Net income attributable to Non-Controlling Interests in Apollo Operating Group (131,160 ) Transaction-related charges and equity-based compensation (6) (26,481 ) Net Income Attributable to Apollo Global Management, LLC $ 87,355 (5) Represents the addition of assets of consolidated funds and the consolidated VIEs. (6) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. The following tables present additional financial data for Apollo’s reportable segments for the six months ended June 30, 2015 : For the Six Months Ended Private Equity Credit Management Incentive Total Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 12,754 $ — $ 12,754 $ 9,772 $ — $ 9,772 Management fees from affiliates 148,866 — 148,866 280,084 — 280,084 Carried interest income from affiliates: Unrealized losses (1) — (97,783 ) (97,783 ) — (52,692 ) (52,692 ) Realized gains — 234,037 234,037 21,589 64,828 86,417 Total Revenues 161,620 136,254 297,874 311,445 12,136 323,581 Compensation and benefits (2) 69,972 86,840 156,812 117,571 14,114 131,685 Other expenses 31,647 — 31,647 64,181 — 64,181 Total Expenses 101,619 86,840 188,459 181,752 14,114 195,866 Other Income 1,786 10,907 12,693 3,350 15,959 19,309 Non-Controlling Interests — — — (6,069 ) — (6,069 ) Economic Income $ 61,787 $ 60,321 $ 122,108 $ 126,974 $ 13,981 $ 140,955 (1) Included in unrealized carried interest income (loss) from affiliates for the six months ended June 30, 2015 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income with respect to Fund V, ACLF and certain SIAs within the credit segment of $9.1 million , $5.9 million and $27.1 million , respectively. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations with respect to Fund V, ACLF and certain SIAs within the credit segment was $60.6 million , $16.7 million and $53.2 million , respectively, as of June 30, 2015. The general partner obligation is recognized based upon a hypothetical liquidation of the fund’s net assets as of the reporting date. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement of the fund. (2) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. For the Six Months Ended Real Estate Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 2,467 $ — $ 2,467 Management fees from affiliates 23,036 — 23,036 Carried interest income from affiliates: Unrealized gains — 640 640 Realized gains — 3,666 3,666 Total Revenues 25,503 4,306 29,809 Compensation and benefits (1) 20,166 2,750 22,916 Other expenses 11,489 — 11,489 Total Expenses 31,655 2,750 34,405 Other Income (Loss) 1,397 (262 ) 1,135 Economic Income (Loss) $ (4,755 ) $ 1,294 $ (3,461 ) (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. The following table presents the financial data for Apollo’s reportable segments as of and for the six months ended June 30, 2014 : As of and for the Six Months Ended Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ 42,814 $ 133,089 $ 949 $ 176,852 Management fees from affiliates 161,466 266,234 24,988 452,688 Carried interest income from affiliates 290,960 163,261 4,642 458,863 Total Revenues 495,240 562,584 30,579 1,088,403 Expenses 298,596 288,229 34,160 620,985 Other Income 33,444 42,984 3,641 80,069 Non-Controlling Interests — (6,380 ) — (6,380 ) Economic Income $ 230,088 $ 310,959 $ 60 $ 541,107 Total Assets $ 2,689,643 $ 2,251,624 $ 195,452 $ 5,136,719 The following table reconciles the total reportable segments to Apollo Global Management, LLC’s financial statements as of and for the six months ended June 30, 2014 : As of and for the Six Months Ended Total Reportable Segments Consolidation Adjustments and Other Consolidated Revenues $ 1,088,403 $ (24,851 ) (1) $ 1,063,552 Expenses 620,985 47,503 (2) 668,488 Other income 80,069 304,399 (3) 384,468 Non-Controlling Interests (6,380 ) (561,729 ) (568,109 ) Economic Income $ 541,107 (5) N/A N/A Total Assets $ 5,136,719 $ 17,310,672 (6) $ 22,447,391 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and the consolidated VIEs and transaction-related charges. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Six Months Ended Net gains from investment activities $ 205,041 Net gains from investment activities of consolidated variable interest entities 91,160 Loss from equity method investments (4) (552 ) Other income, net 8,750 Total Consolidation Adjustments $ 304,399 (4) Includes $2.1 million reflecting the remaining interest of certain individuals who receive an allocation of income from a private equity co-investment vehicle. (5) The reconciliation of Economic Income to Net Income Attributable to Apollo Global Management, LLC reported in the condensed consolidated statements of operations consists of the following: For the Six Months Ended Economic Income $ 541,107 Income tax provision (67,586 ) Net income attributable to Non-Controlling Interests in Apollo Operating Group (307,095 ) Transaction-related charges and equity-based compensation (7) (22,589 ) Net Income Attributable to Apollo Global Management, LLC $ 143,837 (6) Represents the addition of assets of consolidated funds and the consolidated VIEs. (7) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. The following tables present additional financial data for Apollo’s reportable segments for the six months ended June 30, 2014 : For the Six Months Ended Private Equity Credit Management Incentive Total Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 42,814 $ — $ 42,814 $ 133,089 $ — $ 133,089 Management fees from affiliates 161,466 — 161,466 266,234 — 266,234 Carried interest income from affiliates: Unrealized gains (losses) — (303,983 ) (303,983 ) — 39,276 39,276 Realized gains — 594,943 594,943 18,473 105,512 123,985 Total Revenues 204,280 290,960 495,240 417,796 144,788 562,584 Compensation and benefits (1) 80,388 181,989 262,377 140,298 75,742 216,040 Other expenses 36,219 — 36,219 72,189 — 72,189 Total Expenses 116,607 181,989 298,596 212,487 75,742 288,229 Other Income 2,351 31,093 33,444 5,558 37,426 42,984 Non-Controlling Interests — — — (6,380 ) — (6,380 ) Economic Income $ 90,024 $ 140,064 $ 230,088 $ 204,487 $ 106,472 $ 310,959 (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. For the Six Months Ended Real Estate Management Incentive Total Revenues: Advisory and transaction fees from affiliates, net $ 949 $ — $ 949 Management fees from affiliates 24,988 — 24,988 Carried interest income from affiliates: Unrealized gains — 644 644 Realized gains — 3,998 3,998 Total Revenues 25,937 4,642 30,579 Compensation and benefits (1) 21,396 2,215 23,611 Other expenses 10,549 — 10,549 Total Expenses 31,945 2,215 34,160 Other Income 525 3,116 3,641 Economic Income (Loss) $ (5,483 ) $ 5,543 $ 60 (1) Compensation and benefits includes equity-based compensation expense related to the management business for RSUs (excluding transaction-related charges arising from the 2007 private placement, and any acquisitions) and share options. |
