recallable capital to the extent a fund is within the commitment period in which managementfees are calculated based on
total commitments to the fund;
3
EFTA00623395
Table of Contents ... generating AUM consists of assets that we manage and on which we earn managementfees or monitoring fees pursuant to management agreements
on a basis that varies among the Apollo ... funds. Managementfees arc normally based on "net asset value.""gross assets.' "adjusted par asset value: "adjusted
cost of all unrealized portfolio investments: "capital commitments: "adjusted assets.""stockholders equity: "invested