Company: ARI
Filing Date: 2025-04-04
Form Type: 40-APP/A
Source: 0001193125-25-073269
Chunk: 7

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-04
Form: 40-APP/A
Chunk 7
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 and rule references herein are to the 1940 Act and rules promulgated 
 thereunder.                                                                                                  |

| 2 | MidCap Financial Investment Corporation, et al., (File                                                       
 No. 812-15538) Release No. 35423 (December 18, 2024) (notice), Release No. 35448 (January 14, 2025) (order). |

| • |     | Apollo Real Estate Fund Adviser, LLC (“AREF”), the investment adviser to ADREF; |

| • |     | Any Existing Adviser (as defined below) that acts in a principal capacity or any other affiliate of an Existing                                                                               
 Adviser identified in Appendix A, that, from time to time, will hold various financial assets in a principal capacity and intends to participate in Co-Investment Transactions (the “Existing 
 Proprietary Accounts”);                                                                                                                                                                       |

| • |     | The investment vehicles identified in Appendix A, each of which is a separate and distinct legal entity and would  
 be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act (the “Existing Affiliated Funds”); and |

| • |     | The investment advisers to the Existing Affiliated Funds that are identified in Appendix A (the                                                                                                      
 “Existing Advisers to Affiliated Entities” and, together with AREF, AIM, ACM, ACC and ASRM, the “Existing Advisers” and, the Existing Advisers together with the Existing Regulated Funds, Merx, the 
 Existing Proprietary Accounts and the Existing Affiliated Funds, the “Applicants”),3 each of which is registered as an investment adviser under the Investment Advisers Act                          
 of 1940, as amended (the “Advisers Act”).                                                                                                                                                            |

| 3 | All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any                     
 other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application. |

2

The relief requested in this application for the Order (the “ Application”) would allow a Regulated Fund 4and one or more Affiliated Entities 5to engage in Co-InvestmentTransactions 6subject to the terms and conditions described herein. The Regulated Funds and Affiliated Entities that participate in a Co-InvestmentTransaction are collectively referred to herein as “ Participants.” 7The Applicants do not seek relief for transactions effected consistent with Commission