Real Estate SegmentApollo’s real estate segment had an economic net loss of $2.1 million for the fourth quarter of 2012, compared to a $15.4 million loss for the fourth quarter of 2011. Total revenues for the real estate segment during the fourth quarter of 2012 were $16.6 million, an increase of $5.6 million or 51% compared to $11.0 million for the same period in 2011. The increase in revenues during the fourth quarter of 2012 was largely due to a $4.4 million increase in total carried interest income. As of December 31, 2012, Apollo’s real estate AUM was $8.8 billion, compared to $8.0 billion at December 31, 2011. Capital and Liquidity As of December 31, 2012, Apollo had $946 million of cash and cash equivalents and $738 million of debt. These amounts exclude cash and debt associated with Apollo’s consolidated funds and consolidated variable interest entities (“VIEs”). As of December 31, 2012, Apollo had a $1,878.3 million carried interest receivable and corresponding profit sharing payable of $857.7 million as well as total investments in its private equity, credit and real estate funds of $444 million, excluding investments held by consolidated VIEs and consolidated funds. Distribution Apollo Global Management, LLC has declared a fourth quarter 2012 cash distribution of $1.05 per Class A share, which comprises a regular distribution of $0.07 per Class A share and a quarterly distribution of $0.98 per Class A share primarily attributable to fund realizations and interest and dividend income earned by our funds. This distribution will be paid on February 28, 2013 to holders of record at the close of business on February 20, 2013. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its net after-tax cash flow in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. However, Apollo cannot assure its shareholders that they will receive any distributions.