Company: ARI
Filing Date: 2025-04-11
Form Type: 40-APP/A
Source: 0001193125-25-079184
Chunk: 15

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-11
Form: 40-APP/A
Chunk 15
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. AOP II (UL)

| 10 | Lord Abbett is not (i) an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of ACM;                                                                                        
 or (ii) an affiliated person of an affiliated person of ACM, except for the affiliation that arises as a result of serving as the investment adviser to LA Fund that is subadvised by ACM. |

6

AOP II (UL) is a specialty finance company that is a
closed-end, non-diversified management investment company organized as a Delaware statutory trust. AOP II (UL) has elected to be regulated as a BDC under the 1940 Act
and intends to elect to be treated as a RIC under Subchapter M of the Code, and intends to qualify annually thereafter as a RIC.

AOP II
(UL)’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. AOP II (UL) seeks to invest, directly or indirectly, globally across private credit opportunities, primarily investing in
certain originated, secured loans or similar financial instruments, including bonds, debentures and other debt securities, made to or issued by corporate borrowers and issuers that generally generate on an annual basis $100 million or greater
in earnings before interest, taxes, depreciation and amortization EBITDA, and, to the extent applicable, equity-kickers or similar financial instruments issued, received or otherwise purchased in connection with such investment opportunities. For at
least 80% of its portfolio, AOP II (UL) intends to target loans to large private U.S. borrowers.

AOP II (UL)’s business and affairs
are managed under the direction of a board of trustees, which currently consists of three members, two of whom are not “interested” persons of AOP II (UL) within the meaning of Section 2(a)(19) of the 1940 Act (the “AOP II (UL) Board” and, together with the MFIC Board, the ADS Board, the ADCF Board, the ASPM Board, the MAIPL Board, the LA Fund Board, the ADREF Board, the AOP II (L) Board and the board of directors or trustees of any Future Regulated
Fund, the “Board”).

J.

AIM, a Delaware limited partnership that is registered under the Advisers Act, serves as the investment adviser to MFIC pursuant to the
Investment