Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 12

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 12
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, four of whom are not “interested” persons of ADS within the meaning of Section 2(a)(19) of the 1940 Act (the “ ADS Board”).

| C. | ADCF |

ADCF is a continuously offered, diversified, closed-endmanagement investment company that is operated as an interval fund and is organized as a Delaware statutory trust. ADCF has elected to be treated as a RIC under Subchapter M of the Code, and intends to qualify annually thereafter as a RIC. ADCF’s investment objective is to generate a return comprised of both current income and capital appreciation with an emphasis on current income with low volatility and low correlation to the broader markets. ADCF pursues its investment objective through a “multi-asset” approach across private and public credit markets and is centered around five key strategy pillars: (1) corporate direct lending, (2) asset-backed lending, (3) performing credit, (4) dislocated credit and (5) structured credit. Under normal market conditions, ADCF will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in debt securities. ADCF’s business and affairs are managed under the direction of a board of trustees, which currently consists of five members, four of whom are not “interested” persons of ADCF within the meaning of Section 2(a)(19) of the 1940 Act (the “ ADCF Board”).

| D. | ASPM |

ASPM is a continuously offered, non-diversified, closed-endmanagement investment company that is organized as a Delaware statutory trust. ASPM intends to elect to be treated as a RIC under Subchapter M of the Code, and intends to qualify annually thereafter as a RIC. ASPM’s investment objective is to seek to provide long-term capital appreciation. ASPM intends to pursue its investment objective by investing in a portfolio of private equity, private credit and other private assets (collectively, “ private market investments”). The Fund’s private market investments predominantly focus on private equity (including buyout and growth equity) and private credit strategies, and may opportunistically include select exposures in other private markets strategies including real assets, infrastructure and venture capital, among others. Under normal circumstances, ASPM seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in private market investments. ASPM’s business and affairs are managed under the direction of a board of trustees, which consists of five members,