MM HF Questions

Have been reading about MM HFs / pod shops (Citadel, Millennium, P72, etc.) and have a few (basic) questions - can anyone enlighten me?  

  • When a PM says "I manage $xm / $xbn", is that number the unlevered or levered amount of capital?
  • Same thing at the fund level, when people say Citadel has $60bn AUM, is that excluding leverage? 
  • Do pods get paid their 15-20% on the levered or unlevered net P&L? Would assume it's the unlevered one (why should you get paid for leverage?...)
  • What is GMV? 

Thanks!

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