Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 23

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 23
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 procedures approved pursuant to (b) above. (d) Every year, each Regulated Fund’s Adviser and chief compliance officer will provide the Regulated Fund’s Board with reports or other information requested by the Board related to the Regulated Fund’s participation in the co-investmentprogram and any material changes in the Affiliated Entities’ participation in the co-investmentprogram, including changes to the Affiliated Entities’ Co-InvestmentPolicies. (e) The Adviser and the chief compliance officer will also notify the Regulated Fund’s Board of a compliance matter related to the Regulated Fund’s participation in the co-investmentprogram and related Co-InvestmentPolicies or the Regulated Fund’s policies and procedures approved pursuant to (b) above that a Regulated Fund’s chief compliance officer considers to be material. 8. Recordkeeping. All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section 57(f)(3) as if it were a business development company and each of the Co-InvestmentTransactions were approved by the Required Majority under Section 57(f). 19

| 18 | “Tradable Security” means a security which trades: (i) on a national securities                                                                                                                                                                      
 exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers 
 to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.                                                    |

| 19 | If a Regulated Fund enters into a transaction that would be a                                                                                                                                                     
 Co-Investment Transaction pursuant to this Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the Regulated Fund will expressly 
 indicate the order relied upon by the Regulated Fund to enter into such transaction.                                                                                                                              |

11

| IV. | STATEMENT IN SUPPORT OF RELIEF REQUESTED |

Applicants submit that allowing the Co-InvestmentTransactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their respective shareholders and (ii) the protections found