Company: ARI
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079184
Chunk: 8

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 8
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 referred to herein as “ Participants.” 7The Applicants do not seek relief for transactions effected consistent with Commission staff no-actionpositions. 8

| II. | GENERAL DESCRIPTION OF THE APPLICANTS |

Apollo Global Management, Inc. (“ AGM”), a publicly traded company, owns controlling interests in the Advisers, and thus may be deemed to control the Regulated Funds and the Affiliated Entities. AGM, however, is a holding company and does not currently offer investment advisory services to any person, is not expected to do so in the future, and will not be the source of any Co-InvestmentTransactions under the requested Order. Accordingly, AGM has not been included as an Applicant.

| 4 | “Regulated Fund” means the Existing Regulated Funds and any Future Regulated Funds.                                                                                                                                                                   
 “Future Regulated Fund” means an entity (a) that is a closed-end management investment company registered under the 1940 Act, or a closed-end management investment company that has elected to be regulated as a business                            
 development company under the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a Regulated 
 Fund whose primary adviser is not also an Adviser, such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.                                                                                                     |

The term Regulated Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b) any Joint Venture (as defined below) of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. “ Wholly-Owned Investment Sub” means an entity: (a) that is a “wholly-owned subsidiary” (as defined in Section 2(a)(43) of the 1940 Act) of a Regulated Fund; (b) whose sole business purpose is to hold one or more investments and which may issue debt on behalf or in lieu of such Regulated Fund; and (c) is not a registered investment company or a business development company. “ Joint Venture” means an unconsolidated joint venture subsidiary of a Regulated Fund, in which all portfolio decisions, and generally all other decisions in respect of such joint venture