Management fees from Apollo's credit segment were $90.4 million for the second quarter ended June 30, 2013, which increased by $16.1 million, or 22%, compared to the same period in 2012. The increase in management fees was largely driven by growth in the fee-generating AUM within the credit segment. Total Management Business expenses within the credit segment were $77.3 million for the second quarter of 2013, which increased by $2.6 million, or 3%, compared to the same period in 2012.Real Estate Segment Apollo's real estate segment had an economic net loss of $1.6 million for the second quarter of 2013, compared to economic net income of $0.6 million for the second quarter of 2012. Total revenues for the real estate segment during the second quarter of 2013 were $8.3 million, a decrease of $9.4 million, or 53%, compared to $17.7 million for the same period in 2012. The revenue decline during the second quarter of 2013 was due to a $6.2 million carried interest loss primarily driven by an unrealized loss in the CPI Capital Partners Europe fund. As of June 30, 2013, Apollo's real estate AUM was $9.5 billion, compared to $7.9 billion at June 30, 2012. Capital and Liquidity As of June 30, 2013, Apollo had $1,203 million of cash and cash equivalents and $728 million of debt. These amounts exclude cash and debt associated with Apollo's consolidated funds and consolidated variable interest entities (“VIEs”). As of June 30, 2013, Apollo had a $2,014.7 million carried interest receivable and corresponding profit sharing payable of $908.2 million, as well as total investments in its private equity, credit and real estate funds of $448 million, excluding investments held by consolidated VIEs and consolidated funds. Distribution Apollo Global Management, LLC has declared a second quarter 2013 cash distribution of $1.32 per Class A share, which comprises a regular distribution of $0.07 per Class A share and a quarterly distribution of $1.25 per Class A share primarily attributable to fund realizations and interest and dividend income earned by our funds. This distribution will be paid on August 30, 2013 to holders of record at the close of business on August 26, 2013.