Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 22

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 22
---
position 17by an Affiliated Entity of a security acquired in a Co-InvestmentTransaction, the Adviser to each Regulated Fund that participated in the Co-InvestmentTransaction will be notified and each such Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition.

| 14 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique 
 circumstances (such as legal and compliance expenses) will be borne by such Participant.            |

| 15 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received in 
 connection with any Co-Investment Transaction.                                                                |

| 16 | The Affiliated Entities may adopt shared Co-Investment Policies. |

| 17 | “Disposition” means the sale, exchange, transfer or other disposition of an interest in 
 a security of an issuer.                                                                |

10

(b) Prior to any Disposition by a Regulated Fund of a security acquired in a Co-InvestmentTransaction, the Required Majority will take the steps set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security. 18 7. Board Oversight (a) Each Regulated Fund’s directors will oversee the Regulated Fund’s participation in the co-investmentprogram in the exercise of their reasonable business judgment. (b) Prior to a Regulated Fund’s participation in Co-InvestmentTransactions, the Regulated Fund’s Board, including a Required Majority, will: (i) review the Co-InvestmentPolicies, to ensure that they are reasonably designed to prevent the Regulated Fund from being disadvantaged by participation in the co-investmentprogram; and (ii) approve policies and procedures of the Regulated Fund that are reasonably designed to ensure compliance with the terms of the Order. (c) At least quarterly, each Regulated Fund’s Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4))will provide the Regulated Fund Boards with reports or other information requested by the Board related to a Regulated Fund’s participation in Co-InvestmentTransactions and a summary of matters, if any, deemed significant that may have arisen during the period related to the implementation of the Co-InvestmentPolicies and the Regulated Fund’s policies and