Company: ARI
Filing Date: 2025-04-04
Form Type: 40-APP/A
Source: 0001193125-25-073269
Chunk: 20

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-04
Form: 40-APP/A
Chunk 20
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11

| 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.                                     |

9

2. Existing Investments in the Issuer. Prior to a Regulated Fund acquiring in a 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. 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 amounts of the securities being acquired, held or disposed of, as the case may be. 14 4. No Remuneration. Any transaction fee 15(including break-up,structuring, monitoring or commitment fees but excluding broker’s fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable), received by an Adviser and/or a Participant in connection with a Co-InvestmentTransaction will be distributed to the Participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such Co-InvestmentTransaction. If any transaction fee is to be held by an Adviser pending consummation of the transaction, the fee will be deposited into an account maintained by the Adviser at a bank or banks having the qualifications prescribed in Section 26(a)(1) of the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata among the Participants based on the amount they invest in such Co-InvestmentTransaction. No Affiliated Entity, Regulated Fund, or any of their affiliated persons will accept any compensation, remuneration or financial benefit in connection with a Regulated Fund’s participation in a Co-InvestmentTransaction, except: (i) to the extent permitted by Section 17(e) or 57(k