Company: ARI
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079184
Chunk: 19

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 19
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 investment adviser or sub-adviserto each Regulated Fund. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-endfund or a business development company, respectively, including a sub-adviser.Thus, an Adviser and any Affiliated Entities that it advises could be deemed to be persons related to Regulated Funds in a manner described by Sections 17(d) and 57(b). The Existing Advisers are each controlled by Apollo Global Management, Inc., a publicly traded company, and are thus affiliated persons of each other. Accordingly, with respect to the Existing Advisers, and any other Advisers that are deemed to be affiliated persons of each other, Affiliated Entities advised by any of them could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition, any entities or accounts controlled by or under common control with the Existing Advisers and/or any other Advisers that are deemed to be affiliated persons of each other that may, from time to time, hold various financial assets in a principal capacity, could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). Finally, with respect to any Wholly-Owned Investment Sub, Joint Venture, or BDC Downstream Fund of a Regulated Fund, such entity would be a company controlled by its parent Regulated Fund for purposes of Section 57(a)(4) of the 1940 Act and Rule 17d-lunder the 1940 Act. C. Conditions Applicants agree that any Order granting the requested relief will be subject to the following Conditions. 1. Same Terms. With respect to any Co-InvestmentTransaction, each Regulated Fund, and Affiliated Entity participating in such transaction will acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and with substantially the same other terms (provided that the settlement date for an Affiliated Entity may occur up to ten business days after the settlement date for the Regulated Fund, and vice versa). If a Participant, but not all of the Regulated Funds, has the right to nominate a director for election to a portfolio company’s board of directors, the right to appoint a board observer or any similar right