I saw an article that disclosed that APO would pay-out incentive compensation in APO stock with a 3-year vest to eligible investment professionals who earn a share of realized incentive fees that APO generates from this new fund. This is noteworthy because if you assume a 2.5x multiple on invested capital on Fund 7, a 17.5% incentive fee and a 40% pay-out rate to the investment professionals, this move could increase distributable net income by roughly 1bn over the next 7 years. Shareholders would pick up this amount in dividends (after dilution for the shares issued to pay the incentives. In the past, they paid these amounts out in cash so distributable net income would be lower historically than what it will be on this fund prospectively. Unless this somewhat novel approach to compensation creates turnover, it is a shareholder friendly move that should increase their $.15 stated quarterly dividend.