Company: ARI
Filing Date: 2025-04-04
Form Type: 40-APP/A
Source: 0001193125-25-073269
Chunk: 10

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-04
Form: 40-APP/A
Chunk 10
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 in a transaction effected in reliance on the Order or previously granted relief. |

| 7 | “Adviser” means the Existing Advisers, and any other investment adviser controlling,                                                       
 controlled by, or under common control with the Existing Advisers. The term “Adviser” also includes any internally-managed Regulated Fund. |

3

A. MFIC and Merx MFIC is a specialty finance company that is a closed-end,diversified management investment company incorporated in Maryland. MFIC has elected to be regulated as a BDC under the 1940 Act, has qualified and elected to be treated as a regulated investment company (“ RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “ Code”), and intends to continue to qualify as a RIC in the future. MFIC’s investment objective is to generate both current income and capital appreciation through debt and equity investments. MFIC invests primarily in middle market companies, where it believes the supply of primary capital is limited and investment opportunities are most attractive. MFIC’s primary investment mandate (as more fully described in MFIC’s disclosure documents, as may be amended or supplemented from time to time) is to focus on senior secured loans and subordinated and mezzanine investments and/or equity in private middle market companies, which may include an equity component such as warrants. MFIC may also invest in the securities of public companies. In addition, MFIC and its affiliated persons, as defined in Section 2(a)(3)(C) of the 1940 Act (“ Affiliates”), together have the ability to provide “one stop” financing with the ability to hold larger investments than many of MFIC’s competitors. The ability to hold larger investments benefits MFIC’s stockholders by: (i) increasing flexibility, (ii) broadening market relationships and access to deal flow, (iii) allowing MFIC to optimize its portfolio composition, (iv) allowing MFIC to provide capital to middle market companies, which MFIC believes currently have limited access to capital from traditional lending sources, and (v) potentially increasing the availability of more favorable investment terms and protections. MFIC’s business and affairs are managed under the direction of a board of directors, which currently consists of seven members, four of whom are not “interested” persons of MFIC within the meaning of Section 2(a)(19) of the 1940 Act (the “ MFIC Board”). 9The MFIC Board has delegated daily management