Company: ARI
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079184
Chunk: 5

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 5
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2 TO THE APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1UNDER THE INVESTMENT COMPANY ACT OF 1940 PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF AND RULE 17d-1UNDER THE INVESTMENT COMPANY ACT OF 1940 All Communications, Notices and Orders to: Tanner Powell Chief Executive Officer MidCap Financial Investment Corporation 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3450 and Kristin Hester Chief Legal Officer MidCap Financial Investment Corporation 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3450 Copies to:

| David Blass                    
 Simpson Thacher & Bartlett LLP 
 900 G Street, NW               
 Washington, DC 20001           
 (202) 636-5863                 |     | Steven Grigoriou               
 Simpson Thacher & Bartlett LLP 
 900 G Street, NW               
 Washington, DC 20001           
 (202) 636-5592                 |

April 11, 2025

| I. | SUMMARY OF APPLICATION |

The following entities hereby request an order (the “ Order”) of the U.S. Securities and Exchange Commission (the “ SEC” or “ Commission”) under Section 57(i) of the Investment Company Act of 1940, as amended (the “ 1940 Act”), 1and Rule 17d-1,permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1thereunder. The Order would supersede the exemptive order issued by the Commission on January 14, 2025 (the “ Prior Order”) 2that was granted pursuant to Sections 57(a)(4), 57(i) and Rule 17d-1,with the result that no person will continue to rely on the Prior Order if the Order is granted.

| • |     | MidCap Financial Investment Corporation (“MFIC”), a                                                                              
 closed-end diversified management investment company that has elected to be regulated as a business development company (“BDC”); |

| • |     | Apollo Debt Solutions BDC (“ADS”), a diversified,                                   
 closed-end management investment company