So, that should step down a bit again next quarter. homeBut all of this sort of underpins our expectation to pay $1.00 a share for the management business. ——————————————————————————– Josh Harris, Apollo Global Management, LLC – Co-Founder, Senior Managing Director  ——————————————————————————– In other words, certainly transaction fees are unpredictable, but they happen. And the reality is we will pay them out. When we are talking about a dollar a share, we are excluding the ongoing transaction fees. So you have upside from those which you are seeing in this quarter. You also have upside certainly from the incentive income, which is largely not included, which is not included — largely not included in the $1.00 a share. So I think all those things are upside, but because of the focus on quarterly performance, we don’t include them. Now, having said that, I think over time they certainly have repeated and we would expect them to repeat. ——————————————————————————– Alex Blostein, Goldman Sachs – Analyst  ——————————————————————————– Chris Kotowski, Oppenheimer & Co.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/edited-transcript-apo-earnings-conference-163518945.html