Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 17

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 17
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REF |

AREF is a Delaware limited liability company that is registered under the Advisers Act. Pursuant to an investment advisory agreement, AREF serves as the investment adviser to ADREF. Pursuant to an administration agreement, AREF serves as the administrator to ADREF.

| O. | The Existing Affiliated Entities and Existing Proprietary Accounts |

The Existing Advisers to Affiliated Entities are the investment advisers to the Existing Affiliated Entities. Each of the Existing Advisers to Affiliated Entities is registered as an investment adviser under the Advisers Act. A complete list of the Existing Affiliated Entities and the Existing Advisers to Affiliated Entities is included in Appendix A. Each Existing Proprietary Account is subject to oversight by an Adviser. As a result, an Adviser will ensure compliance by each Existing Proprietary Account with the Conditions of the Order in the same manner in which an Adviser will ensure compliance by each Affiliated Entity with the Conditions of the Order. The Existing Proprietary Accounts are included in Appendix A.

| III. | ORDER REQUESTED |

The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1thereunder to permit, subject to the terms and conditions set forth below in this Application (the “ Conditions”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-InvestmentTransactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1thereunder.

| A. | Applicable Law |

Section 17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person” in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.” Rule 17d-1prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan” 10in which the fund is a participant without first obtaining an order from the SEC. Section 57(a)(