Contractual recurring fee revenues due to a significant portion of assets under management (AUM) being locked in for multiyear periods Experienced investment and management teams that have significant side-by-side fund investments Long-term track record Diversification outside of credit and private-equity businesses still somewhat limited compared with peers Low leverage, with weighted debt to EBITDA below 1.5x, and weighted EBITDA to interest of approximately 17.5X Substantial decline in realizations in 2015 and expected to remain low in 2016 The rating outlook on Apollo Global Management LLC is stable. S&P Global Ratings expects the company's fee-paying assets under management (FPAUM) to continue to increase modestly over the next 18-24 months but realized performance fees to remain subdued in the next 12 months.
