Contractual recurring fee revenues because a significant portion of assets under management (AUM) is locked in for multiyear periods Experienced investment and management teams who have significant side-by-side fund investments Long-term track record Realizations that largely depend on market conditions Diversification outside of credit and private-equity businesses that is still somewhat limited compared with its peers Low leverage, with debt to EBITDA below 1.5x and EBITDA to interest at approximately 25.0x The rating outlook on Apollo Global Management LLC (AGM) is stable. We expect the company's fee paying assets under management (FPAUM) to grow modestly over the next 18-24 months. We also expect the firm to be successful in broadening its franchise and geographical footprint, increase product offerings, such as
