Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 20

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 20
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 Co-InvestmentTransaction a security of an issuer in which an Affiliated Entity has an existing interest in such issuer, the “required majority,” as defined in Section 57(o) of the 1940 Act, 12of the Regulated Fund (“ Required Majority”) will take the steps set forth in Section 57(f) of the 1940 Act, 13unless: (i) the Regulated Fund already holds the same security as each such Affiliated Entity; and (ii) the Regulated Fund and each other Affiliated Entity holding the security is participating in the acquisition in approximate proportion to its then-current holdings.

| 11 | Such a Board can also, consistent with applicable fund documents, facilitate this opportunity by delegating the 
 authority to veto the selection of such person to a committee of the Board.                                     |

| 12 | Section 57(o) defines the term “required majority,” in relevant part, with respect to the                                                                                                                                                         
 approval of a proposed transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund that is 
 not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 Act.                                                                              |

| 13 | Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that,                                                                                                                                        
 in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any 
 person concerned; (ii) the proposed transaction is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by the BDC with the Commission and the BDC’s reports to shareholders; and             
 (iii) the BDC’s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.           |

9

3. Related Expenses. Any expenses associated with acquiring, holding or disposing of any securities acquired in a Co-InvestmentTransaction, to the extent not borne by the Adviser(s), will be shared among the Participants in proportion to the relative