Company: ARI
Filing Date: 2025-03-14
Form Type: 40-APP
Source: 0001193125-25-054632
Chunk: 11

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-03-14
Form: 40-APP
Chunk 11
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 to an administration agreement. Merx, a vehicle owned by MFIC to engage in aircraft leasing and related businesses, is a Delaware limited liability company. If Applicants receive the requested Order, Merx may on occasion engage in Co-InvestmentTransactions with other Regulated Funds and with Affiliated Entities. MFIC owns 100% of the equity, and has sole control, of Merx. Merx engages primarily in aircraft operating and leasing activities and is thus excluded from investment company status under Section 3(a) of the 1940 Act. Applicants believe that allowing the other Regulated Funds and the Affiliated Entities to co-investwith Merx does not raise any legal or policy concerns that are not otherwise raised by allowing a Regulated Fund to co-investwith another Regulated Fund and/or one or more Affiliated Entities because, in terms of its operation and purpose, Merx differs from a private fund only in that it invests in and operates primarily aircrafts subject to leases instead of in investment securities.

| B. | ADS |

ADS is a specialty finance company that is a closed-end,diversified management investment company organized as a Delaware statutory trust. ADS has elected to be regulated as a BDC under the 1940 Act and has elected to be treated as a RIC under Subchapter M of the Code, and intends to qualify annually thereafter as a RIC. ADS’ investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. ADS seeks to invest primarily in certain directly originated assets, including debt securities, made to or issued by large private U.S. borrowers, which it generally defines as companies with more than $75 million in earnings before interest, taxes, depreciation and amortization (“ EBITDA”). ADS invests primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, with a strong emphasis on senior secured lending. Under normal circumstances, ADS invests directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

| 9 | The Board of each Future Regulated Fund will consist of a majority of members who are not “interested 
 persons” of such Future Regulated Fund within the meaning of Section 2(a)(19) of the 1940 Act.        |

4

ADS’ business and affairs are managed under the direction of a board of trustees, which currently consists of five members