Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated
as of July 27, 2011, is made and entered into by and between Apollo Residential Mortgage, Inc., a Maryland corporation (the “Company”), and certain persons listed on Schedule 1 hereto (such persons, in their capacity as
holders of Registrable Shares, the “Holders” and each a “Holder”). 
 RECITALS

 WHEREAS, the Company has prepared a registration statement on Form S-11 (File No. 333-172980) with respect to the
issuance and sale of its common stock, par value $0.01 per share (the “Common Stock”), with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Securities Act”), pursuant to which the Company intends to conduct an underwritten initial public offering of shares of the Company’s Common Stock (the “IPO”); 

WHEREAS, concurrent with the consummation of the IPO, the Company desires to issue and sell, and the Holders desire to purchase, upon the
terms and conditions set forth in those certain Private Placement Purchase Agreements, dated as of July 27, 2011 (the “Private Placement Purchase Agreement”), 250,000 shares of Common Stock (the “Private Placement
Shares”); 
 WHEREAS, in order to induce the Holders to purchase the Private Placement Shares from the Company, the
Company has agreed to provide to the Holders the registration rights set forth in this Agreement; and 
 WHEREAS, the execution
of this Agreement is a condition to the closing under the Private Placement Purchase Agreement. 
 NOW, THEREFORE, in
consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 Section 1. Definitions. As used in this Agreement, the following terms shall have the following meanings:

 “Agreement” shall mean this Registration Rights Agreement as originally executed and as amended,
supplemented or restated from time to time. 
 “Board” shall mean the Board of Directors of the Company.

 “Business Day” shall mean Monday, Tuesday, Wednesday, Thursday, and Friday that is not a day on which
banking institutions in New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 
 “Common Stock” shall have the meaning set forth in the Recitals hereof. 
 “Commission” shall have the meaning set forth in the Recitals hereof. 
 “Company” shall have the meaning set forth in the introductory paragraph hereof. 
 “Controlling Person” shall have the meaning set forth in Section 5(a) of this Agreement. 

  
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 “Demand Notice” shall have the meaning set forth in Section 2(b)(i) of
this Agreement. 
 “Depositary” shall mean The Depository Trust Company, or any other depositary appointed by
the Company, provided, however, that such depositary must have an address in the Borough of Manhattan, in the City of New York. 
 “End of Suspension Notice” shall have the meaning set forth in Section 3(b) of this Agreement. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law) and the rules and regulations thereunder. 

“FINRA” shall mean the Financial Industry Regulatory Authority. 

“Holder” shall mean each holder of the Common Stock, listed in Schedule 1 hereto, in his, her or its capacity as
a holder of Registrable Shares and their direct and indirect transferees. For purposes of this Agreement, the Company may deem and treat the registered holder of a Registrable Share as the Holder and absolute owner thereof, unless notified to the
contrary in writing by the registered Holder thereof. 
 “IPO” shall have the meaning set forth in the Recitals
hereof. 
 “Liabilities” shall have the meaning set forth in Section 5(a)(i) of this Agreement.

 “Management Agreement” shall mean the management agreement, dated as of July 21, 2011, by and among the
Company, ARM Operating, LLC and the Manager. 
 “Manager” shall mean ARM Manager, LLC, a Delaware limited
liability company. 
 “Maximum Threshold” shall have the meaning set forth in Section 2(b)(ii) of
this Agreement. 
 “Non-Holder Securities” shall have the meaning set forth in Section 2(b)(iii) of
this Agreement. 
 “Person” shall mean any individual, partnership, corporation, limited liability company,
joint venture, association, trust, unincorporated organization or other governmental or legal entity. 
 “Piggyback
Registration” shall have the meaning set forth in Section 2(b)(i) of this Agreement. 
 “Private
Placement Purchase Agreement” shall have the meaning set forth in the Recitals hereof. 
 “Private Placement
Shares” shall have the meaning set forth in the Recitals hereof. 
 “Prospectus” means the prospectus
or prospectuses included in any Registration Statement (including without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to be
incorporated by reference in such prospectus or prospectuses. 
 “Registrable Shares” with respect to any
Holder, shall mean at any time the Private Placement Shares, together with any class of equity securities of the Company or of a successor to the entire business 

  
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of the Company which are issued in exchange for the Private Placement Shares; provided, however, that such Registrable Shares shall cease to be Registrable Shares with respect to
any Holder upon the earliest to occur of (A) when a Registration Statement with respect to such Holder’s Registrable Shares shall have been declared effective under the Securities Act and all of such Holder’s Registrable Shares shall
have been disposed of pursuant to such Registration Statement, (B) when such Holder’s Registrable Shares may be sold without restriction pursuant to Rule 144(b) under the Securities Act or (C) when such Holder’s Registrable
Shares shall have ceased to be outstanding. 
 “Registration Expenses” shall mean (i) the fees and
disbursements of counsel and independent public accountants for the Company incurred in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any special audits or “comfort” letters
required by or incident to such performance and compliance, and any premiums and other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and (ii) all registration, filing and
stock exchange fees, all fees and expenses of complying with securities or “blue sky” laws, all fees and expenses of custodians, transfer agents and registrars, all printing expenses, messenger and delivery expenses and any fees and
disbursements of one common counsel retained by a majority of the Registrable Shares; provided, however, that “Registration Expenses” shall not include any out-of-pocket expenses of the Holders, transfer taxes, underwriting
or brokerage commissions or discounts associated with effecting any sales of Registrable Shares that may be offered, which expenses shall be borne by each Holder of Registrable Shares on a pro rata basis with respect to the Registrable Shares
so sold. 
 “Registration Statement” means any registration statement of the Company filed with the Commission
under the Securities Act which covers any of the Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement. 

“Securities Act” shall have the meaning set forth in the Recitals hereof. 

“Selling Holders’ Counsel” shall mean counsel for the Holders that is selected by the Holders holding a majority of
the Registrable Shares included in a Registration Statement and that is reasonably acceptable to the Company. 
 “Shelf
Registration Statement” shall have the meaning set forth in Section 2(a) of this Agreement. 

“Suspension Event” shall have the meaning set forth in Section 3(b) of this Agreement. 

“Suspension Notice” shall have the meaning set forth in Section 3(a) of this Agreement. 

“Underwritten Offering” shall mean a sale of securities of the Company to an underwriter or underwriters for reoffering
to the public. 
 Section 2. Shelf Registrations and Piggy Back Registrations. 

(a) Shelf Registration. 
 (i) Upon the written request of any Holder, the Company agrees to use commercially reasonable efforts to file with the Commission following the receipt of such written request (the “Demand
Notice”), one or more registration statements with respect to the Registrable Shares under the Securities Act for the offering to be made on a continuous basis 

  
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pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”); provided however, no request shall be made by any Holder prior to the 12-month
anniversary of the closing of the IPO. The Company will use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable after the filing thereof. The Shelf Registration
Statement shall be on an appropriate form and the registration statement and any form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method of sale as the Holders may from time to
time notify the Company. Following the receipt by the Company of any Demand Notice, all of the Registrable Shares of any Holder shall be included in the Shelf Registration Statement without any further action by any Holder 

(ii) Effectiveness. The Company shall use commercially reasonable efforts to keep the Shelf Registration Statement
continuously effective for the period beginning on the date on which the Shelf Registration Statement is declared effective and ending on the date that all of the Registrable Shares registered under the Shelf Registration Statement cease to be
Registrable Shares. During the period that the Shelf Registration Statement is effective, the Company shall supplement or make amendments to the Shelf Registration Statement, if required by the Securities Act or if reasonably requested by the
Holders (whether or not required by the form on which the securities are being registered), including to reflect any specific plan of distribution or method of sale, and shall use its commercially reasonable efforts to have such supplements and
amendments declared effective, if required, as soon as practicable after filing. 
 (iii) Selection of
Underwriters. If any offering pursuant to a Shelf Registration Statement is an underwritten offering, a majority-in-interest of the Holders participating in such underwritten offering shall have the right to select the managing underwriter or
underwriters to administer any such offering, which managing underwriter or underwriters shall be reasonably acceptable to the Company. 
 (b) Piggyback Registrations. 
 (i) Right to
Piggyback. Subject to Section 2(b)(v), from and after the 12-month anniversary of the closing of the IPO, whenever the Company proposes to register any of its common equity securities under the Securities Act (other than a registration
statement on Form S-8 or on Form S-4 or any similar successor forms thereto), whether for its own account or for the account of one or more stockholders of the Company, and the registration form to be used may be used for any registration
of Registrable Shares (a “Piggyback Registration”), the Company shall give prompt written notice to all Holders of its intention to effect such a registration and, subject to Sections 2(b)(ii) and 2(b)(iii), shall include in
such registration all Registrable Shares with respect to which the Company has received written requests for inclusion therein within 20 days after the receipt of the Company’s notice. The Company may postpone or withdraw the filing or the
effectiveness of a Piggyback Registration at any time in its sole discretion. 
 (ii) Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in
such registration exceeds the number that can be sold in such offering and/or that the number of Registrable Shares proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities
to be sold in such offering (such maximum number of securities or Registrable Shares, as applicable, the “Maximum Threshold”), the underwriting shall be allocated among the Company and all Holders as follows (A) first, the

  
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shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Threshold; (B) second, to the extent that the Maximum Threshold has
not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable Shares, as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such Holders, pro rata, among the Holders who have elected to participate in such offering that can be sold without exceeding the Maximum Threshold; (C) third, to the extent that the Maximum Threshold has not been
reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with
such Persons and that can be sold without exceeding the Maximum Threshold. 
 (iii) Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company’s securities other than Registrable Shares (“Non-Holder Securities”), and the managing underwriters
advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering and/or that the number of Registrable Shares proposed to be included in
any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the underwriting shall be allocated among the holders of Non-Holder Securities and all Holders electing to
participate in such offering pro-rata on the basis of the Non-Holder Securities and Registrable Shares offered for such registration by the holder of Non-Holder Securities and each Holder, respectively, electing to participate in such
registration. 
 (iv) Withdrawal. Any Holder may elect to withdraw such Holder’s request for
inclusion of Registrable Shares in any Piggyback Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its own determination or as the
result of a withdrawal by Persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of the Registration Statement without thereby incurring any liability to the
Holders of Registrable Shares. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the Holders in connection with such Piggyback Registration as provided in Section 9(c). 

(v) Limitation on Piggy Back Registrations. Notwithstanding anything to the contrary, no Holder shall be entitled
to any rights under this Section 2(b), including the right to receive notice of a Piggyback Registration, unless such Holder holds in excess of 250,000 Registrable Shares. 

Section 3. Black-Out Periods. 
 (a) Subject to the provisions of this Section 3, the Company shall be permitted, in limited circumstances, to suspend the use, from time to time, of the Prospectus that is part of a Shelf
Registration Statement (and therefore suspend sales of the Registrable Shares under such Shelf Registration Statement), by providing written notice (a “Suspension Notice”) to the Selling Holders’ Counsel, if any, and the
Holders and by issuing a press release, making a filing with the Commission or such other means that the Company reasonably believes to be a reliable means of communication, for such times as the Company reasonably may determine is necessary and
advisable (but in no event for more than an aggregate of 90 days in any rolling 12-month period commencing on the date of this Agreement or more than 45 consecutive days, except as a result of a refusal by the Commission to declare any
post-effective amendment to the Shelf Registration Statement effective after the Company has used 

  
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all commercially reasonable efforts to cause the post-effective amendment to be declared effective by the Commission, in which case, the Company must terminate the black-out period immediately
following the effective date of the post-effective amendment) if any of the following events shall occur: (i) a majority of the Board determines in good faith that (A) the offer or sale of any Registrable Shares would materially impede,
delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to
the Shelf Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the
confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with
Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Shelf Registration Statement (or such filings) to become effective or to promptly amend or supplement the Shelf Registration
Statement on a post effective basis, as applicable; or (ii) a majority of the Board determines in good faith, upon the advice of counsel, that it is in the Company’s best interest or it is required by law, rule or regulation to supplement
the Shelf Registration Statement or file a post-effective amendment to the Shelf Registration Statement in order to ensure that the prospectus included in the Shelf Registration Statement (1) contains the information required under
Section 10(a)(3) of the Securities Act; (2) discloses any facts or events arising after the effective date of the Shelf Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate,
represents a fundamental change in the information set forth therein; or (3) discloses any material information with respect to the plan of distribution that was not disclosed in the Shelf Registration Statement or any material change to such
information. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become effective or to promptly amend or supplement the Shelf Registration Statement on a
post effective basis or to take such action as is necessary to make resumed use of the Shelf Registration Statement as soon as possible. 
 (b) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in paragraph (a) above (a “Suspension Event”), the Company shall
give a Suspension Notice to the Selling Holders’ Counsel, if any, and the Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long
as the Suspension Event or its effect is continuing and the Company is using its commercially reasonable efforts and taking all reasonable steps to terminate suspension of the use of the Shelf Registration Statement as promptly as possible. A Holder
shall not effect any sales of the Registrable Shares pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as
defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the prospectus covering the Registrable
Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an
“End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and to the Selling Holders’ Counsel, if any, promptly following the conclusion of any Suspension Event
and its effect. 
 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with
respect to any Shelf Registration Statement pursuant to this Section 3, the Company agrees that it shall extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by
the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended prospectus

  
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necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that Common Stock covered by such Shelf
Registration Statement are no longer Registrable Shares. 
 Section 4. Registration Procedures. 

(a) In connection with the filing of any Registration Statement as provided in this Agreement, the Company shall use commercially
reasonable efforts to, as expeditiously as reasonably practicable: 
 (i) prepare and file with the Commission
the Registration Statement, within the relevant time period specified in Section 2, on the appropriate form under the Securities Act, which form (1) shall be selected by the Company, (2) shall be available for the registration
and sale of the Registrable Shares by the selling Holders thereof, (3) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by
the Commission to be filed therewith or incorporated by reference therein, and (4) shall comply in all respects with the requirements of Regulation S-T under the Securities Act, and otherwise comply with its obligations under
Section 2 hereof; 
 (ii) prepare and file with the Commission such amendments and post-effective
amendments to each Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable period; and cause each prospectus to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provision then in force) under the Securities Act and comply with the provisions of the Securities Act, the Exchange Act and the rules and regulations thereunder applicable to
them with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

(iii) (1) notify each Holder of Registrable Shares, at least five Business Days after filing, that a Registration
Statement with respect to the Registrable Shares has been filed and advising such Holders that the distribution of Registrable Shares will be made in accordance with any method or combination of methods legally available by the Holders of any and
all Registrable Shares; (2) furnish to each Holder of Registrable Shares and to each underwriter of an Underwritten Offering of Registrable Shares, if any, without charge, as many copies of each prospectus, including each preliminary
prospectus, and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request, including financial statements and schedules in order to facilitate the public sale or other disposition of the
Registrable Shares; and (3) hereby consent to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of Registrable Shares in connection with the offering and sale of the Registrable Shares covered by
the prospectus or any amendment or supplement thereto; 
 (iv) use its commercially reasonable efforts to
register or qualify the Registrable Shares under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Shares covered by a Registration Statement and each underwriter of an Underwritten
Offering of Registrable Shares shall reasonably request by the time the applicable Registration Statement is declared effective by the Commission, and do any and all other acts and things which may be reasonably necessary or advisable to enable each
such Holder and underwriter to consummate the disposition in each such jurisdiction of such Registrable Shares 

  
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owned by such Holder; provided, however, that the Company shall not be required to (1) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where
it would not otherwise be required to qualify but for this Section 4(a)(iv), or (2) take any action which would subject it to general service of process or taxation in any such jurisdiction where it is not then so subject;

 (v) notify promptly each Holder of Registrable Shares under a Registration Statement and, if requested by such
Holder, confirm such advice in writing promptly at the address determined in accordance with Section 8(e) of this Agreement (1) when a Registration Statement has become effective and when any post-effective amendments and
supplements thereto become effective, (2) of any request by the Commission or any state securities authority for post-effective amendments and supplements to a Registration Statement and prospectus or for additional information after the
Registration Statement has become effective, (3) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that
purpose, (4) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Shares covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities
sales agreement or other similar agreement, if any, relating to the offering cease to be true and correct in all material respects, (5) of the happening of any event or the discovery of any facts during the period a Registration Statement is
effective as a result of which such Registration Statement or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading or, in the case of the prospectus, contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration Statement and the prospectus (such instruction to be provided in the same manner as a
Suspension Notice) until the requisite changes have been made, at which time notice of the end of suspension shall be delivered in the same manner as an End of Suspension Notice), (6) of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Registrable Shares, for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (7) of the filing of a post-effective amendment to such Registration
Statement; 
 (vi) furnish Selling Holders’ Counsel, if any, copies of any comment letters relating to the
selling Holders received from the Commission or any other request by the Commission or any state securities authority for amendments or supplements to a Registration Statement and prospectus or for additional information relating to the selling
Holders; 
 (vii) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness
of a Registration Statement at the earliest possible moment; 
 (viii) furnish to each Holder of Registrable
Shares, and each underwriter, if any, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto, including financial statements and schedules (without documents incorporated therein by
reference and all exhibits thereto, unless requested); 
 (ix) cooperate with the selling Holders to facilitate
the timely preparation and delivery of certificates representing Registrable Shares to be sold and not bearing any restrictive legends; and enable such Registrable Shares to be in such denominations and registered in such names as the selling
Holders or the underwriters, if any, may reasonably request at least three Business Days prior to the closing of any sale of Registrable Shares; 

  
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 (x) upon the occurrence of any event or the discovery of any facts, as
contemplated by Sections 4(a)(v)(5) and 4(a)(v)(6) hereof, as promptly as practicable after the occurrence of such an event, use its best efforts to prepare a supplement or post-effective amendment to the Registration Statement or
the related prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such prospectus will not contain at the time of such delivery
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or will remain so qualified, as applicable. At such time as
such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify each
Holder of such determination and to furnish each Holder such number of copies of the prospectus as amended or supplemented, as such Holder may reasonably request; 

(xi) within a reasonable time prior to the filing of any Registration Statement, any prospectus, any amendment to a
Registration Statement or amendment or supplement to a prospectus, provide copies of such document to the Selling Holders’ Counsel, if any, on behalf of such Holders, and make representatives of the Company as shall be reasonably requested by
the Holders of Registrable Shares available for discussion of such document; 
 (xii) obtain a CUSIP number for
the Registrable Shares not later than the effective date of a Registration Statement, and provide the Company’s transfer agent with printed certificates for the Registrable Shares, in a form eligible for deposit with the Depositary, in each
case, to the extent necessary or applicable; 
 (xiii) enter into agreements (including underwriting agreements)
and take all other customary appropriate actions in order to expedite or facilitate the disposition of such Registrable Shares whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten
registration: 
 (A) make such representations and warranties to the Holders of such Registrable Shares and the
underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in similar Underwritten Offerings as may be reasonably requested by them; 

(B) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to any managing underwriter(s) and their counsel) addressed to the underwriters, if any (and in the case of an underwritten registration, each selling Holder), covering the matters customarily covered in
opinions requested in Underwritten Offerings and such other matters as may be reasonably requested by the underwriter(s); 
 (C) obtain “comfort” letters and updates thereof from the Company’s independent registered public accounting firm (and, if necessary, any other independent certified public accountants of
any subsidiary of the Company or of any business acquired by the Company for which financial statements are, or are required to be, included in the Registration Statement) addressed to the underwriter(s), if any, and use reasonable efforts to have
such letter addressed to the selling Holders in the case of an 

  
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underwritten registration (to the extent consistent with Statement on Auditing Standards No. 72 of the American Institute of Certified Public Accounts), such letters to be in customary form
and covering matters of the type customarily covered in “comfort” letters to underwriters in connection with similar Underwritten Offerings; 
 (D) enter into a securities sales agreement with the Holders and an agent of the Holders providing for, among other things, the appointment of such agent for the selling Holders for the purpose of
soliciting purchases of Registrable Shares, which agreement shall be in form, substance and scope customary for similar offerings; 
 (E) if an underwriting agreement is entered into, cause the same to set forth indemnification provisions and procedures substantially equivalent to the indemnification provisions and procedures set forth
in Section 5 hereof with respect to the underwriters and all other parties to be indemnified pursuant to said Section or, at the request of any underwriters, in the form customarily provided to such underwriters in similar types of
transactions; and 
 (F) deliver such documents and certificates as may be reasonably requested and as are
customarily delivered in similar offerings to the Holders of a majority in principal amount of the Registrable Shares being sold and the managing underwriters, if any; 

(xiv) make available for inspection by any underwriter participating in any disposition pursuant to a Registration
Statement, Selling Holders’ Counsel and any accountant retained by a majority in principal amount of the Registrable Shares being sold, all financial and other records, pertinent corporate documents and properties or assets of the Company
reasonably requested by any such persons, and cause the respective officers, directors, employees, and any other agents of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in
connection with a Registration Statement, and make such representatives of the Company available for discussion of such documents as shall be reasonably requested by the Company; provided, however, that the Selling Holders’
Counsel, if any, and the representatives of any underwriters will use commercially reasonable efforts, to the extent reasonably practicable, to coordinate the foregoing inspection and information gathering and to not materially disrupt the
Company’s business operations; 
 (xv) a reasonable time prior to filing any Registration Statement, any
prospectus forming a part thereof, any amendment to such Registration Statement, or amendment or supplement to such prospectus, provide copies of such document to the underwriter(s) of an Underwritten Offering of Registrable Shares; within five
Business Days after the filing of any Registration Statement, provide copies of such Registration Statement to Selling Holders’ Counsel; make such changes in any of the foregoing documents prior to the filing thereof, or in the case of changes
received from Selling Holders’ Counsel by filing an amendment or supplement thereto, as the underwriter or underwriters, or in the case of changes received from Selling Holders’ Counsel relating to the selling Holders or the plan of
distribution of Registrable Shares, as Selling Holders’ Counsel, reasonably requests; not file any such document in a form to which any underwriter shall not have previously been advised and furnished a copy of or to which the Selling
Holders’ Counsel, if any, on behalf of the Holders of Registrable Shares, or any underwriter shall reasonably object; not include in any amendment or supplement to such documents any information about the selling Holders or any change to the
plan of distribution of Registrable Shares that would limit the method of distribution of the Registrable Shares unless Selling Holders’ Counsel has been advised in advance and has approved such information or

  
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change; and make the representatives of the Company available for discussion of such document as shall be reasonably requested by the Selling Holders’ Counsel, if any, on behalf of such
Holders, Selling Holders’ Counsel or any underwriter; 
 (xvi) furnish to each Holder, if it has a due
diligence defense under the Securities Act, and to each underwriter, if any, a signed counterpart, addressed to such Holder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) if eligible under SAS 72, a
comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the Holders of a
majority of the Registrable Shares included in such offering or the managing underwriter or underwriters therefor reasonably requests; 
 (xvii) use its best efforts to cause all Registrable Shares to be listed on any national securities exchange; 
 (xviii) otherwise comply with all applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least
12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (xix) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified
independent underwriter” that is required to be retained in accordance with the rules and regulations of the FINRA); and 
 (xx) the Company may (as a condition to a Holder’s participation in a Shelf Registration or Piggyback Registration) require each Holder of Registrable Shares to furnish to the Company such
information regarding the Holder and the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing. 
 Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event or the discovery of any facts of the type described in Section 4(a)(v) hereof, such Holder
will forthwith discontinue disposition of Registrable Shares pursuant to a Registration Statement relating to such Registrable Shares until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 4(a)(v) hereof, and, if so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in such Holder’s possession, other than permanent file copies then in such Holder’s
possession, of the prospectus covering such Registrable Shares current at the time of receipt of such notice. 
 Section 5.
Indemnification. 
 (a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each
Holder, and the respective officers, directors, partners, employees, representatives and agents of any such Person, and each Person (a “Controlling Person”), if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) any of the foregoing Persons, as follows: 
 (i) against
any and all loss, liability, claim, damage, judgment, actions, other liabilities and expense whatsoever (the “Liabilities”), as incurred, arising out of any untrue 

  
 - 11 -

 
statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto) pursuant to which Registrable Shares were registered
under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or
arising out of any untrue statement or alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom at such date of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(ii) against any and all Liabilities, as incurred, to the extent of the aggregate amount paid in settlement of any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 5(d) below) any such settlement is effected with the written consent of the Company; and 
 (iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to
the extent that any such expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that this indemnity
agreement shall not apply to any Liabilities to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the
Holder expressly for use in a Registration Statement (or any amendment thereto) or any prospectus (or any amendment or supplement thereto). 
 (b) Indemnification by the Holders. Each Holder severally, but not jointly, agrees to indemnify and hold harmless the Company and the other selling Holders, and each of their respective officers,
directors, partners, employees, representatives and agents, and each of their respective Controlling Persons, against any and all Liabilities described in the indemnity contained in Section 5(a) hereof, as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any prospectus included therein (or any amendment or supplement thereto) in reliance upon and in
conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or such prospectus (or any amendment or supplement thereto);
provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable Shares pursuant to such Registration Statement. 

(c) Notices of Claims, etc. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is
not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense
of such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event

  
 - 12 -

 
shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties
in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whosoever in respect of which
indemnification or contribution could be sought under this Section 5 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. 
 (d) Indemnification Payments. If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 5(a)(ii) effected without its written
consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least
30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. 

(e) Contribution. If the indemnification provided for in this Section 5 is for any reason unavailable to or
insufficient to hold harmless an indemnified party in respect of any Liabilities referred to therein, then each indemnifying party shall contribute to the aggregate amount of such Liabilities incurred by such indemnified party, as incurred, in such
proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holders on the other hand in connection with the statements or omissions which resulted in such Liabilities, as well as any other relevant equitable
considerations. 
 The relative fault of the Company on the one hand and the Holders on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Holders and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The
Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable
considerations referred to above in this Section 5. The aggregate amount of Liabilities incurred by an indemnified party and referred to above in this Section 5 shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission. 
 No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

For purposes of this Section 5, each Person, if any, who controls the a Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act shall have the same rights to 

  
 - 13 -

 
contribution as a Holder, and each director of the Company, and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act shall have the same rights to contribution as the Company. 
 Section 6. Market Stand-Off Agreement.
Each Holder hereby agrees that it shall not, directly or indirectly sell, offer to sell (including without limitation any short sale), pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant for the sale of or otherwise dispose of or transfer any Registrable Shares or other Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock then owned by such Holder (other than to
permitted transferees of the Holder who agree to be similarly bound) for up to 60 days following the date of an underwriting agreement with respect to an underwritten public offering of the Company’s securities; provided, however, that:

 (a) the restrictions above shall not apply to Registrable Shares sold on the Holder’s behalf to the public in an
Underwritten Offering pursuant to such Registration Statement; 
 (b) all officers and directors of the Company then holding
Common Stock or securities convertible into or exchangeable or exercisable for Common Stock enter into similar agreements for not less than the entire time period required of the Holders hereunder; and 

(c) the Holders shall be allowed any concession or proportionate release allowed to any (i) officer, (ii) director,
(iii) other holder of the Company’s Common Stock that entered into similar agreements (with such proportion being determined by dividing the number of shares being released with respect to such officer, director or other holder of the
Company’s Common Stock by the total number of issued and outstanding shares held by such officer, director or holder). 

In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates
representing the securities subject to this Section 6 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities of every other Person subject to the
foregoing restriction) until the end of such period. 
 Section 7. Termination; Survival. The rights of each Holder
under this Agreement shall terminate upon the date that all of the Registrable Shares cease to be Registrable Shares. Notwithstanding the foregoing, the obligations of the parties under Sections 5 and 6 of this Agreement shall remain
in full force and effect following such time. 
 Section 8. Miscellaneous. 

(a) Covenants Relating To Rule 144. For so long as the Company is subject to the reporting requirements of Section 13 or 15
of the Securities Act, the Company covenants that it will file the reports required to be filed by it under the Securities Act and Section 13(a) or 15(d) of the Exchange Act and the rules and regulations adopted by the Commission thereunder. If
the Company ceases to be so required to file such reports, the Company covenants that it will upon the request of any Holder of Registrable Shares (a) make publicly available such information as is necessary to permit sales pursuant to
Rule 144 under the Securities Act, (b) deliver such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under the Securities Act and it will take such further action as any Holder of
Registrable Shares may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable Shares without registration
under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, (ii) Rule 144A under the Securities Act, as such rule may be
amended from time to time, or 

  
 - 14 -

 
(iii) any similar rules or regulations hereafter adopted by the Commission. Upon the request of any Holder of Registrable Shares, the Company will deliver to such Holder a written statement
as to whether it has complied with such requirements (at any time after 90 days after the effective date of the first Registration Statement filed by the Company for an offering of its Common Stock to the general public) and of the Securities Act
and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), a copy of the most recent annual and quarterly report(s) of the Company, and such other reports, documents or stockholder
communications of the Company, and take such further actions consistent with this Section 8(a), as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such
Registrable Shares without registration. 
 (b) No Inconsistent Agreements. The Company has not entered into and the
Company will not after the date of this Agreement enter into any agreement which is inconsistent with the rights granted to the Holders of Registrable Shares pursuant to this Agreement or otherwise conflicts with the provisions of this Agreement.
The rights granted to the Holders hereunder do not and will not for the term of this Agreement in any way conflict with the rights granted to the holders of the Company’s other issued and outstanding securities under any such agreements.

 (c) Expenses. All Registration Expenses incurred in connection with any Registration Statement shall be borne by the
Company, whether or not any Registration Statement related thereto becomes effective. 
 (d) Amendments and Waivers. The
provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company and the Holders of a majority of the Registrable Shares; provided, however, that the provisions of this Agreement may not be
amended or waived without the consent of the Holders of all the Registrable Shares adversely affected by such amendment or waiver if such amendment or waiver adversely affects a portion of the Registrable Shares but does not so adversely affect all
of the Registrable Shares; provided, further, that the provisions of the preceding provision may not be amended or waived except in accordance with this sentence. Any waiver, permit, consent or approval of any kind or character on the part of
any such Holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding
upon each Holder of Registrable Shares and the Company. 
 (e) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, facsimile or any courier guaranteeing overnight delivery (a) if to a Holder, at the most current address given by such
Holder to the Company by means of a notice given in accordance with the provisions of this Section 8(e) and (b) if to the Company, to Apollo Residential Mortgage, Inc., c/o Apollo Global Management, LLC, 9 West 57th Street, 43rd Floor, New York, NY 10019, Attention: John J. Suydam, Esq. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; two
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party)
and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. 
 (f) Successor and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders;
provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Shares in 

  
 - 15 -

 
violation of the terms of the Private Placement Purchase Agreement. If any transferee of any Holder shall acquire Registrable Shares, in any manner, whether by operation of law or otherwise, such
Registrable Shares shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Shares such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions
of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Private Placement Purchase Agreement, and such person shall be entitled to receive the benefits hereof. 

(g) Specific Enforcement. Without limiting the remedies available to the Holders, the Company acknowledges that any failure by the
Company to comply with its obligations under Section 2 hereof may result in material irreparable injury to the Holders for which there is no adequate remedy at law, that it would not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, a Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 2 hereof. 

(h) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (i) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

(j) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
 (k) Severability. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 16 -

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the
date first written above. 
  

			
	 APOLLO RESIDENTIAL MORTGAGE, INC.,
 a Maryland corporation

		
	By:	 	 /s/ Stuart A. Rothstein

	Name: Stuart A. Rothstein
	Title: Chief Financial Officer, Treasurer and Secretary

 
			
	APOLLO PRINCIPAL HOLDINGS I, L.P.,
	a Delaware limited partnership
	
	 By: APOLLO PRINCIPAL HOLDINGS I GP, LLC,

its General Partner

		
	By:	 	 /s/ Jessica L. Lomm

	Name: Jessica L. Lomm
	Title: Vice President

  
 - 2 -

 
			
	By:	 	 /s/ Michael A. Commaroto

		 	Name: Michael A. Commaroto

  
 - 3 -

 
			
	By:	 	 /s/ Paul Mangione

		 	Name: Paul Mangione

  
 - 4 -

 
			
	By:	 	 /s/ Keith Rosenbloom

		 	Name: Keith Rosenbloom

  
 - 5 -

 SCHEDULE 1 

HOLDERS 
  

							
	 Name of the Holder
	 	Number of Shares of
Common Stock Held	 	 	Address of the Holder
	 Apollo Principal Holdings I, L.P.
	 	 	190,000	  	 	
			
	 Michael A. Commaroto
	 	 	50,000	  	 	
			
	 Paul Mangione
	 	 	5,000	  	 	
			
	 Keith Rosenbloom
	 	 	5,000	  	 	

  
 Sch. 1-1Management Agreement

 Exhibit 10.2 
 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT is made as of
July 21, 2011 to be effective as of July 27, 2011 by and among APOLLO RESIDENTIAL MORTGAGE, INC., a Maryland corporation (the “Company”), ARM OPERATING, LLC, a Delaware limited liability company (“Operating
LLC”) and ARM MANAGER, LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 
 WHEREAS, the Company is a corporation that intends to elect and to qualify to be taxed as a REIT for federal income tax purposes; and 

WHEREAS, the Company and each of the Subsidiaries desire to retain the Manager to provide investment advisory services to them on the
terms and conditions hereinafter set forth, and the Manager wishes to be retained to provide such services. 
 NOW THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows: 
 Section 1.
Definitions. The following terms have the following meanings assigned to them: 
 (a) “Advisers Act”
shall have the meaning set forth in Section 2(b). 
 (b) “Agency” means a U.S. government
agency, such as Ginnie Mae, or a federally chartered corporation, such as Fannie Mae or Freddie Mac, which guarantees payments of principal and interest on MBS. 
 (c) “Agreement” means this Management Agreement, as amended, restated or supplemented from time to time. 
 (d) “Apollo” means Apollo Global Management, LLC, a Delaware limited liability company, together with its subsidiaries. 

(e) “Apollo Capital Management” shall have the meaning set forth in Section 2(b). 

(f) “Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the Person specified. 
 (g) “Agency MBS” means government
agency MBS, which are mortgage pass-through certificates backed by pools of residential mortgage loans issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac. Agency MBS may also consist of Agency CMOs, which are securities that are
structured by an Agency-backed mortgage pass-through certificates. 
 (h) “Assets” means the assets of the
Company and the Subsidiaries. 
 (i) “Bankruptcy” means, with respect to any Person, (a) the filing by
such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s
filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 60 days after the filing of an involuntary petition under Title 11
of the Unites States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, 

  
 1 

 
reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed
within such 60-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect. 

(j) “Board of Directors” means the Board of Directors of the Company. 

(k) “CMO” means collateralized mortgage obligation. 

(l) “Code” means the Internal Revenue Code of 1986, as amended. 

(m) “Company” shall have the meaning set forth in the introductory paragraph of this Agreement. 

(n) “Company Account” shall have the meaning set forth in Section 5 of this Agreement. 

(o) “Company Indemnified Party” shall have the meaning set forth in Section 11(b) of this Agreement. 

(p) “Effective Termination Date” shall have the meaning set forth in Section 13(a) of this Agreement.

 (q) “Excess Funds” shall have the meaning set forth in Section 2(n) of this Agreement.

 (r) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(s) “Expenses” shall have the meaning set forth in Section 9 of this Agreement. 

(t) “Fannie Mae” means the Federal National Mortgage Association. 

(u) “Freddie Mac” means the Federal Home Loan Mortgage Corporation. 

(v) “GAAP” means generally accepted accounting principles, as applied in the United States. 

(w) “Ginnie Mae” means the Government National Mortgage Association, a wholly-owned corporate instrumentality of the
United States of America within the U.S. Department of Housing and Urban Development. 
 (x) “Governing
Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited
partnership, the articles of formation and the Operating LLC agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 

(y) “Guidelines” shall have the meaning set forth in Section 2(c)(i) of this Agreement. 

(z) “Indemnitee” shall have the meaning set forth in Section 11(b) of this Agreement. 

  
 2 

 (aa) “Indemnitor” shall have the meaning set forth in Section 11(c) of
this Agreement. 
 (bb) “Independent Directors” means the members of the Board of Directors who are not
officers, personnel or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise “independent” in accordance with the Company’s Governing Instruments and, if
applicable, the rules of any national securities exchange on which the Company’s common stock is listed. 
 (cc)
“Initial Term” shall have the meaning set forth in Section 12 of this Agreement. 
 (dd)
“Initial Public Offering” means the initial public offering and concurrent private placement of the Company’s common stock. 
 (ee) “Investment Committee” means the Manager’s investment committee that will oversee, advise and consult with respect to the Company’s investment strategy, acquisition of
Assets, sourcing, financing and leveraging strategies and compliance with the Company’s Guidelines. 
 (ff)
“Investment Company Act” means the Investment Company Act of 1940, as amended. 
 (gg) “LIBOR”
means London Interbank Offered Rate. 
 (hh) “Management Fee” means a management fee equal to 1.5% per
annum, calculated and paid (in cash) quarterly in arrears, of the Stockholders’ Equity. 
 (ii) “Manager”
shall have the meaning set forth in the introductory paragraph of this Agreement. 
 (jj) “Manager Indemnified
Party” shall have the meaning set forth in Section 11(a) of this Agreement. 
 (kk) “MBS” means
mortgage-backed securities. 
 (ll) “Monitoring Services” shall have the meaning set forth in
Section 2(c) of this Agreement. 
 (mm) “non-Agency MBS” means MBS that are not issued or
guaranteed by an Agency, including investment grade (AAA through BBB rated) and non-investment grade (BB rated through unrated) classes. 
 (nn) “Notice of Proposal to Negotiate” shall have the meaning set forth in Section 13(a) of this Agreement. 

(oo) “NYSE” means the New York Stock Exchange Euronext. 

(pp) “Operating LLC” shall have the meaning set forth in the introductory paragraph of this Agreement. 

(qq) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

  
 3 

 (rr) “Portfolio Management Services” shall have the meaning set forth in
Section 2(c) of this Agreement. 
 (ss) “REIT” means a “real estate investment trust,” as
defined under the Code. 
 (tt) “Renewal Term” shall have the meaning set forth in Section 13(a) of
this Agreement. 
 (uu) “SEC” means the Securities and Exchange Commission. 

(vv) “Securities Act” means the Securities Act of 1933, as amended. 

(ww) “Stockholders’ Equity” means: 
 (i) the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any
such issuance), plus 
 (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (as
determined in accordance with GAAP, except without taking into account any non-cash equity compensation expense incurred in current or prior periods), less 
 (iii) any amount that the Company pays for repurchases of its common stock since inception, any unrealized gains, losses or other items that do not affect realized net income (regardless of whether such
items are included in other comprehensive income or loss, or in net income), as adjusted to exclude 
 (iv) one-time events
pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors. 

(xx) “Subsidiary” means any subsidiary of the Company; any partnership, the general partner of which is the Company or
any subsidiary of the Company; any limited liability company, the managing member of which is the Company or any subsidiary of the Company; and any corporation or other entity of which a majority of (i) the voting power of the voting equity
securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company or any subsidiary of the Company. 
 (yy) “Target Assets” shall have the meaning set forth in Section 2(c)(iv) of this Agreement. 
 (zz) “Termination Fee” shall have the meaning set forth in Section 13(b) of this Agreement. 
 (aaa) “Termination Notice” shall have the meaning set forth in Section 13(a) of this Agreement. 

  
 4 

 (bbb) “Treasury Regulations” means the regulations promulgated under the
Code as amended from time to time. 
 Section 2. Appointment and Duties of the Manager. 

(a) The Company and each of the Subsidiaries hereby appoints the Manager to manage the assets of the Company and the Subsidiaries subject
to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager
except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by
third parties. 
 (b) The parties acknowledge that (i) the Manager is a special purpose vehicle formed for the principal
purpose of serving as the investment manager of the Company; (ii) the Manager is an affiliate of Apollo Capital Management, L.P. (“Apollo Capital Management”), an investment adviser that is registered under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”); (iii) the Manager performs its services for the Company through the personnel and facilities of Apollo Capital Management; (iv) the Manager has no, and will have no,
employees or other persons acting on its behalf other than (A) officers, partners and employees of Apollo Capital Management, or (B) other persons who are subject to the supervision and control of Apollo Capital Management; (v) all of
the investment advisory activities of the Manager are subject to the Advisers Act and the rules thereunder; and (vi) the Manager relies upon Apollo Capital Management’s registration under the Advisers Act in not registering itself.

 (c) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and the Subsidiaries,
at all times will be subject to the supervision of the Board of Directors and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority identified herein and delegated to
the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and the Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the Company and
the Subsidiaries as may be appropriate, including, without limitation: 
  

	 	i.	serving as the Company’s and the Subsidiaries’ consultant with respect to the periodic review of the investment guidelines and other parameters for
acquisitions of Assets, financing activities and operations, any modification to which shall be approved by a majority of the Independent Directors (such guidelines as initially approved and attached hereto as Exhibit A, as the same may be
modified with such approval, the “Guidelines”), and other policies for approval by the Board of Directors; 

  

	 	ii.	forming the Investment Committee; 

  

	 	iii.	investigating, analyzing and selecting possible opportunities and acquiring, financing, retaining, selling, restructuring or disposing of Assets consistent with the
Guidelines; 

  

	 	iv.	representing and making recommendations to the Company in connection with the purchase and finance of, and commitment to purchase and finance, Agency MBS, non-Agency
MBS, residential mortgage loans and other residential mortgage assets (collectively, the “Target Assets”) and the sale and commitment to sell such assets; 

  
 5 

	 	v.	with respect to prospective purchases, sales or exchanges of Assets, conducting negotiations on behalf of the Company and the Subsidiaries with sellers, purchasers and
brokers and, if applicable, their respective agents and representatives; 

  

	 	vi.	advising the Company and the Subsidiaries on and, negotiating and entering into, on behalf of the Company and the Subsidiaries, credit facilities (including term loans
and revolving facilities), repurchase agreements, resecuritizations, securitizations, warehouse facilities, commercial papers, interest rate swap agreements and other hedging instruments, and all other agreements and engagements required for the
Company and the Subsidiaries to conduct their business; 

  

	 	vii.	establishing and implementing loan origination networks, conducting loan underwriting and the execution of loan transactions; 

 

	 	viii.	oversight of loan portfolio servicers; 

  

	 	ix.	providing the Company with portfolio management; 

  

	 	x.	engaging and supervising, on behalf of the Company and the Subsidiaries and at the Company’s expense, independent contractors which provide investment banking,
mortgage brokerage, securities brokerage, other financial services, due diligence services, underwriting review services, legal and accounting services, and all other services as may be required relating to Assets; 

 

	 	xi.	coordinating and managing operations of any co-investment interests or joint venture held by the Company and the Subsidiaries and conducting all matters with the
co-investment partners or joint venture; 

  

	 	xii.	arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional
efforts designed to promote the Company’s business; 

  

	 	xiii.	providing executive and administrative personnel, office space and office services required in rendering services to the Company and the Subsidiaries;

  

	 	xiv.	administering the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the management of the Company
and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the debts and obligations of the Company and the Subsidiaries and maintenance of
appropriate computer services to perform such administrative functions; 

  

	 	xv.	communicating on behalf of the Company and the Subsidiaries with the holders of any of their equity or debt securities as required to satisfy the reporting and other
requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

  

	 	xvi.	counseling the Company in connection with policy decisions to be made by the Board of Directors; 

  
 6 

	 	xvii.	evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of the Company and the Subsidiaries, consistent
with such strategies as so modified from time to time, with the Company’s qualification as a REIT and with the Guidelines; 

  

	 	xviii.	counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT qualification tests and other rules set
out in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 

  

	 	xix.	counseling the Company and the Subsidiaries regarding the maintenance of their exemptions from the status of an investment company required to register under the
Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such status; 

 

	 	xx.	furnishing reports and statistical and economic research to the Company and the Subsidiaries regarding their activities and services performed for the Company and the
Subsidiaries by the Manager; 

  

	 	xxi.	monitoring the operating performance of the Assets and providing periodic reports with respect thereto to the Board of Directors, including comparative information with
respect to such operating performance and budgeted or projected operating results; 

  

	 	xxii.	investing and reinvesting any moneys and securities of the Company and the Subsidiaries (including investing in short-term Assets pending the acquisition of other
Assets, payment of fees, costs and expenses, or payments of dividends or distributions to stockholders and partners of the Company and the Subsidiaries) and advising the Company and the Subsidiaries as to their capital structure and capital raising;

  

	 	xxiii.	assisting the Company and the Subsidiaries in retaining qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting systems
and procedures, internal controls and other compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and to conduct quarterly compliance reviews with
respect thereto; 

  

	 	xxiv.	assisting the Company and the Subsidiaries to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;

  

	 	xxv.	assisting the Company and the Subsidiaries in complying with all regulatory requirements applicable to them in respect of their business activities, including preparing
or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act, or by stock exchange requirements;

  

	 	xxvi.	assisting the Company and the Subsidiaries in taking all necessary action to enable them to make required tax filings and reports, including soliciting stockholders for
required information to the extent required by the provisions of the Code applicable to REITs; 

  
 7 

	 	xxvii.	placing, or facilitating the placement of, all orders pursuant to the Manager’s investment determinations for the Company and the Subsidiaries either directly with
the issuer or with a broker or dealer (including any affiliated broker or dealer); 

  

	 	xxviii.	handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) on the
Company’s and/or the Subsidiaries’ behalf in which the Company and/or the Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or its Affiliates), subject to
such limitations or parameters as may be imposed from time to time by the Board of Directors; 

  

	 	xxix.	using commercially reasonable efforts to cause expenses incurred by the Company and the Subsidiaries or on their behalf to be commercially reasonable or commercially
customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

  

	 	xxx.	advising the Company and the Subsidiaries with respect to and structuring long-term financing vehicles for the Assets, and offering and selling securities publicly or
privately in connection with any such structured financing; 

  

	 	xxxi.	serving as the Company’s and the Subsidiaries’ consultant with respect to decisions regarding any of their financings, hedging activities or borrowings
undertaken by the Company and the Subsidiaries, including (1) assisting the Company and the Subsidiaries in developing criteria for debt and equity financing that are specifically tailored to their investment objectives, and (2) advising
the Company and the Subsidiaries with respect to obtaining appropriate financing for their investments; 

  

	 	xxxii.	performing such other services as may be required from time to time for management and other activities relating to the Assets and business of the Company and the
Subsidiaries as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and 

  

	 	xxxiii.	using commercially reasonable efforts to cause the Company and the Subsidiaries to comply with all applicable laws. 

Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management Services”) on behalf
of the Company and the Subsidiaries with respect to the Assets. Such services will include, but not be limited to, consulting with the Company and the Subsidiaries on the purchase and sale of, and other opportunities in connection with, the
Company’s portfolio of assets; the collection of information and the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the
Company’s portfolio of assets; acting as liaison between the Company and the Subsidiaries and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary
functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the Company and the Subsidiaries with respect to any loan servicing activities provided
by third parties. Such Monitoring Services will include, but not be limited to, negotiating servicing agreements; acting as a liaison between the servicers of the assets and the Company and the Subsidiaries; review of servicers’ delinquency,
foreclosure and other reports on assets; supervising claims filed under any insurance policies; and enforcing the obligation of any servicer to repurchase assets. 

  
 8 

 (d) For the period and on the terms and conditions set forth in this Agreement, the Company
and each of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such credit finance, securities
repurchase and reverse repurchase agreements and arrangements, warehouse finance, brokerage agreements, interest rate swap agreements, custodial agreements and such other agreements, instruments and authorizations on their behalf, on such terms and
conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest. 
 (e) The Manager may enter into agreements with other parties, including its Affiliates, for the purpose of engaging one or more parties for and on behalf, and at the sole cost and expense, of the Company
and the Subsidiaries to provide loan origination services, asset management services, portfolio servicing, and/or other services to the Company and the Subsidiaries (including, without limitation, Portfolio Management Services and Monitoring
Services) pursuant to agreement(s) with terms which are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value to the assets of the Company and the Subsidiaries;
provided that (i) any such agreements entered into with Affiliates of the Manager shall be (A) on terms no more favorable to such Affiliate than would be obtained from a third party on an arm’s-length basis and (B) to the
extent the same do not fall within the provisions of the Guidelines, approved by a majority of the Independent Directors, (ii) with respect to Portfolio Management Services, (A) any such agreements shall be subject to the Company’s
prior written approval and (B) the Manager shall remain liable for the performance of such Portfolio Management Services, and (iii) with respect to Monitoring Services, any such agreements shall be subject to the Company’s prior
written approval. 
 (f) In addition, to the extent that the Manager deems necessary or advisable, the Manager may, from time to
time, propose to retain one or more additional entities for the provision of sub-advisory services to the Manager in order to enable the Manager to provide the services to the Company and the Subsidiaries specified by this Agreement; provided
that any such agreement (i) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company and the Subsidiaries, and (ii) shall be approved by the Independent
Directors of the Company. 
 (g) The Manager may retain, for and on behalf and at the sole cost and expense of the Company and
the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, valuation firms, financial advisors, due diligence firms, underwriting review firms, banks and
other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company and the Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to
cause any such services to be rendered by its personnel or Affiliates. Except as otherwise provided herein, the Company and the Subsidiaries shall pay or reimburse the Manager or its Affiliates performing such services for the cost thereof;
provided that, subject to Section 9 of this Agreement, such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements
negotiated on an arm’s-length basis. 
 (h) The Manager may effect transactions by or through the agency of another Person
with it or its Affiliates which have an arrangement under which that party or its Affiliates will from time to time provide to or procure for the Manager and/or its Affiliates goods, services or other benefits (including, but not limited to,
research and advisory services; economic and political analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and
custodian services and investment related publications), the nature of which is such that provision can reasonably be expected to 

  
 9 

 
benefit the Company and the Subsidiaries as a whole and may contribute to an improvement in the performance of the Company and the Subsidiaries or the Manager or its Affiliates in providing
services to the Company and the Subsidiaries on terms that no direct payment is made but instead the Manager and/or its Affiliates undertake to place business with that party. 
 (i) In executing portfolio transactions and selecting brokers or dealers, the Manager will use its commercially reasonable efforts to seek on behalf of the Company and the Subsidiaries the best overall
terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors that it deems relevant, including, without limitation, the breadth of the market in the security, the price of the security,
the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting
the broker or dealer to execute a particular transaction, the Manager may also consider whether such broker or dealer furnishes research and other information or services to the Manager. 

(j) The Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any
particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to
minimize the expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies of the Company and the Subsidiaries. Although the Manager will generally seek competitive commission rates,
it is not required to pay the lowest commission or commission equivalent, provided that such decision is made in good faith to promote the best interests of the Company and the Subsidiaries. 

(k) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at
the sole cost and expense of the Company and the Subsidiaries, prepare, or cause to be prepared, with respect to any Asset, reports and other information with respect to such Asset as may be reasonably requested by the Company. 

(l) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company and the Subsidiaries, all reports,
financial or otherwise, with respect to the Company and the Subsidiaries reasonably required by the Board of Directors in order for the Company and the Subsidiaries to comply with their Governing Instruments or any other materials required to be
filed with any governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s and the
Subsidiaries’ books of account by a nationally recognized registered independent public accounting firm. 
 (m) The Manager
shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company’s and the Subsidiaries’ acquisitions, portfolio composition and characteristics, credit quality, performance and compliance
with the Guidelines and policies approved by the Board of Directors. 
 (n) Notwithstanding anything contained in this Agreement
to the contrary, except to the extent that the payment of additional moneys is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company and the Subsidiaries to
terminate this Agreement pursuant to Section 15 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to be paid for or reimbursed by the
Company and the Subsidiaries pursuant to Section 9 in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company and the Subsidiaries to be expended by the Manager hereunder.
Failure of the Manager to 

  
 10 

 
expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company and the Subsidiaries under Section 13(a) of this Agreement to terminate
this Agreement due to the Manager’s unsatisfactory performance. 
 (o) In performing its duties under this
Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager at the Company’s and the
Subsidiaries’ sole cost and expense. 
 Section 3. Devotion of Time; Additional Activities. 

(a) The Manager and its Affiliates will provide the Company and the Subsidiaries with a management team, including a chief executive
officer, a chief financial officer and other appropriate support personnel. The Manager is not obligated to dedicate any of its personnel exclusively to the Company, nor is the Manager or its personnel obligated to dedicate any specific portion of
its or their time to the Company. 
 (b) The Manager agrees to offer the Company and the Subsidiaries the right to participate
in all opportunities that the Manager determines are appropriate for the Company and the Subsidiaries in view of its objectives, policies and strategies, and other relevant factors, subject to the exception that the Company and the Subsidiaries
might not participate in each such opportunity but will on an overall basis equitably participate with the Manager’s other funds and clients in relevant opportunities. Nothing in this Agreement shall (i) prevent the Manager or any of its
Affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind to any other Person, including, without limitation, investing in, or rendering advisory services to others investing
in, any type of business (including, without limitation, acquisitions of assets that meet the principal objectives of the Company), whether or not the objectives or policies of any such other Person or entity are similar to those of the Company or
(ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or assets for their own accounts or for the account of others for whom the Manager
or any of its Affiliates, officers, directors, employees or personnel may be acting. When making decisions where a conflict of interest may arise, the Manager will endeavor to allocate acquisition and financing opportunities in a fair and equitable
manner over time as between the Company and the Subsidiaries and the Manager’s other funds and clients. 
 (c) Managers,
partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as directors, officers, employees, personnel, agents, nominees or signatories for the Company and/or any Subsidiary, to the extent permitted by
their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or the Subsidiaries, such
persons shall use their respective titles in the Company or the Subsidiaries. 
 Section 4. Agency. The Manager
shall act as agent of the Company and the Subsidiaries in making, acquiring, financing and disposing of Assets, disbursing and collecting the funds of the Company and the Subsidiaries, paying the debts and fulfilling the obligations of the Company
and the Subsidiaries, supervising the performance of professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and settling any claims of or against the Company and the Subsidiaries, the Board of Directors,
holders of the Company’s securities or representatives or property of the Company and the Subsidiaries. 

  
 11 

 Section 5. Bank Accounts. At the direction of the Board of Directors, the
Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts,
and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to
the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 
 Section 6. Records;
Confidentiality. The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company
or any Subsidiary at any time during normal business hours upon reasonable advance notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any
such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and other
professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company’s business; (iv) to governmental officials having jurisdiction over the Company or any Subsidiary; (v) in connection
with any governmental or regulatory filings of the Company or any Subsidiary or disclosure or presentations to the Company’s stockholders or prospective stockholders; (vi) as required by law or legal process to which the Manager or any
Person to whom disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise publicly available. The foregoing shall not apply to information which has previously become publicly available through the
actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6. The provisions of this Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one
year. 
 Section 7. Obligations of Manager; Restrictions. 

(a) The Manager shall require each seller or transferor of investment assets to the Company and the Subsidiaries to make such
representations and warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of
the Assets. 
 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in
compliance with the Guidelines, (ii) would adversely and materially affect the status of the Company as a REIT under the Code, (iii) would adversely and materially affect the Company’s or any Subsidiary’s status as an entity
intended to be exempted or excluded from investment company status under the Investment Company Act or (iv) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or
that would otherwise not be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment
that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, members, officers, stockholders, managers,
personnel, employees and any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any
Subsidiary’s stockholders, members or partners, for any act or omission by the Manager, its directors, officers, stockholders, personnel or employees except as provided in Section 11 of this Agreement. 

(c) The Board of Directors shall periodically review the Guidelines and the Company’s portfolio of Assets but will not review each
proposed Asset, except as otherwise provided 

  
 12 

 
herein. If a majority of the Independent Directors determines in their periodic review of transactions that a particular transaction does not comply with the Guidelines, then a majority of the
Independent Directors will consider what corrective action, if any, can be taken. The Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the Independent
Directors with respect to a proposed acquisition. 
 (d) Neither the Company nor the Subsidiaries shall acquire any security
structured or issued by an entity managed by the Manager or any Affiliate thereof, or purchase or sell any Asset from or to any entity managed by the Manager or its Affiliates unless (i) the transaction is made in accordance with the
Guidelines; (ii) the transaction is approved in advance by a majority of the Independent Directors; and (iii) the transaction is made in accordance with applicable laws. 

(e) The Manager shall at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and
other insurance coverage which is customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company and the Subsidiaries, in an
amount which is comparable to that customarily maintained by other managers or servicers of similar assets. 
 (f) In the event
that the Company invests in, acquires or sells assets to any joint ventures with Apollo or its Affiliates or if it purchases assets from, sells assets to or arranges financing from or provides financing to Apollo, Apollo sponsored funds, including
new affiliated potential pooled investment vehicles or managed accounts not yet established, whether managed or sponsored by Apollo’s Affiliates or the Manager, any such transactions shall require the approval of the Independent Directors.

 Section 8. Compensation. 
 (a) During the Initial Term and any Renewal Term (each as defined below), the Company shall pay the Manager the Management Fee quarterly in arrears commencing with the quarter in which this Agreement was
executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect). 
 (b) The Manager shall compute each installment of the Management Fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made
by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment
of such installment of the Management Fee shown therein shall be due and payable in cash no later than the date which is five business days after the date of delivery to the Board of Directors of such computations. 

(c) The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this
Agreement. 
 Section 9. Expenses of the Company. The Company shall pay all of its expenses and shall reimburse the
Manager for documented expenses of the Manager incurred on its behalf (collectively, the “Expenses”) excepting those expenses that are specifically the responsibility of the Manager as set forth herein. Expenses include all costs
and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following: 
  

	 	(i)	expenses in connection with the issuance and transaction costs incident to the acquisition, disposition and financing of Assets; 

  
 13 

	 	(ii)	costs of legal, tax, accounting, third party administrators for the establishment and maintenance of the books and records, consulting, auditing, administrative and
other similar services rendered for the Company and the Subsidiaries by providers retained by the Manager; 

  

	 	(iii)	the compensation and expenses of the Company’s directors and the allocable share of cost of liability insurance under a universal insurance policy covering the
Manager, its Affiliates and/or the Company to indemnify the Company’s directors and officers and in connection with obtaining and maintaining the insurance coverage referred to in Section 7(c) of this Agreement;

  

	 	(iv)	costs associated with the establishment and maintenance of any of the Company’s credit facilities, repurchase agreements, and securitization vehicles or other
indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s or any Subsidiary’s securities offerings (including the Initial Public Offering);

  

	 	(v)	expenses connected with communications to holders of the Company’s or any Subsidiary’s securities and other bookkeeping and clerical work necessary in
maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with
the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by the Company to any such
exchange in connection with its listing, and the costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the Company’s stockholders;

  

	 	(vi)	costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors that is used for the
Company and the Subsidiaries; 

  

	 	(vii)	expenses incurred by managers, officers, personnel and agents of the Manager for travel on the Company’s behalf and other out-of-pocket expenses incurred by
managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition of an Asset or establishment and maintenance of any of the Company’s credit facilities, repurchase
agreements, securitization vehicles or any of the Company’s or any of the Subsidiary’s securities offerings (including the Initial Public Offering); 

 

	 	(viii)	costs and expenses incurred with respect to market information systems and publications, pricing and valuation services, research publications and materials, and
settlement, clearing and custodial fees and expenses; 

  
 14 

	 	(ix)	compensation and expenses of the Company’s custodian and transfer agent, if any; 

 

	 	(x)	the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency; 

 

	 	(xi)	all taxes and license fees; 

  

	 	(xii)	all insurance costs incurred in connection with the operation of the Company’s business; 

 

	 	(xiii)	costs and expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special servicing of the Assets;

  

	 	(xiv)	all other costs and expenses relating to the business operations of the Company and the Subsidiaries, including, without limitation, the costs and expenses of
acquiring, owning, protecting, maintaining, developing and disposing of Assets, including appraisal, reporting, audit and legal fees; 

  

	 	(xv)	expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained for the Company and
the Subsidiaries or Assets separate from the office or offices of the Manager; 

  

	 	(xvi)	expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board of Directors to or
on account of holders of the Company’s or any Subsidiary’s securities, including, without limitation, in connection with any dividend reinvestment plan; 

 

	 	(xvii)	any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise), including any costs or expenses in connection therewith, against
the Company or any Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director or officer by any court or
governmental agency; 

  

	 	(xviii)	all costs and expenses relating to the development and management of the Company’s website; 

 

	 	(xix)	the allocable share of expenses under a universal insurance policy covering the Manager, Apollo or their Affiliates in connection with obtaining and maintaining
“errors and omissions” insurance coverage and other insurance coverage which is customarily carried by property, asset and investment managers performing functions similar to those of the Manager in an amount which is comparable to that
customarily maintained by other managers or servicers of similar assets; and 

  
 15 

	 	(xx)	all other expenses actually incurred by the Manager (except as described below) which are reasonably necessary for the performance by the Manager of its duties and
functions under this Agreement. 

 The Company shall have no obligation to reimburse the Manager or its Affiliates
for the salaries and other compensation of the Manager’s investment professionals who provide services to the Company under this Agreement except that, the Company shall reimburse the Manager or its Affiliates, as applicable, for the
Company’s allocable share of the compensation, including without limitation, annual base salary, bonus, any related withholding taxes and employee benefits, paid to (1) the Manager’s personnel serving as the Company’s chief
financial officer based on the percentage of his or her time spent managing the Company’s affairs and (2) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment
personnel of the Manager and its Affiliates who spend all or a portion of their time managing the Company’s affairs. The Company’s share of such costs shall be based upon the percentage of time devoted by such personnel of the Manager or
its Affiliates to the Company’s and its Subsidiaries’ affairs. The Manager shall provide the Company with such written detail as the Company may reasonably request to support the determination of the Company’s share of such costs.

 In addition, the Company, at the option of the Manager, shall be required to pay the Company’s pro rata portion
of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses attributable to the personnel of the Manager and its Affiliates required for the operations of the Company and the Subsidiaries.
These expenses will be allocated to the Company based upon the percentage of time devoted by such personnel of the Manager or its Affiliates to the Company’s and its Subsidiaries’ affairs as calculated at each month end. The Manager and
the Company may modify this allocation methodology, subject to the Independent Directors’ approval. 
 The Manager may, at
its option, elect not to seek reimbursement for certain expenses during a given month, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. In the event that the Company’s Initial
Public Offering is consummated, the Company will reimburse the Manager for all organizational, formation and offering costs it has incurred on behalf of the Company. 
 Notwithstanding the provisions of Section 9(iv), the Company shall not reimburse the Manager for expenses incurred in connection with the Initial Public Offering which expenses are in excess of 1% of
the total gross proceeds from the Initial Public Offering. 
 The provisions of this Section 9 shall survive the
expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 

Section 10. Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses of the Company and the
Subsidiaries and the Expenses incurred by the Manager on behalf of the Company and the Subsidiaries during each month, and shall deliver such statement to the Company within 45 days after the end of each month. Expenses incurred by the Manager on
behalf of the Company and the Subsidiaries, including expenses allocated to the Company pursuant to Section 9 above, shall be reimbursed by the Company to the Manager on the fifth business day immediately following the date of delivery
of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company and the Subsidiaries. The provisions of this Section 10 shall survive the expiration or earlier
termination of this Agreement. 

  
 16 

 Section 11. Limits of Manager Responsibility; Indemnification. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement and
shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its officers,
stockholders, members, managers, directors, employees, consultants, personnel, any Person controlling or controlled by the Manager and any of such Person’s officers, stockholders, members, managers, directors, employees, consultants and
personnel, and any Person providing sub-advisory services to the Manager (each a “Manager Indemnified Party”) will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any
Subsidiary’s stockholders, members or partners for any acts or omissions by any such Person (including, without limitation, trade errors that may result from ordinary negligence, such as errors in the investment decision making process or in
the trade process), pursuant to or in accordance with this Agreement, except by reason of acts or omissions constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement, as
determined by a final non-appealable order of a court of competent jurisdiction. The Company shall, to the full extent lawful, reimburse, indemnify and hold each Manager Indemnified Party harmless of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such Manager Indemnified Party made in good faith in the performance of the Manager’s
duties under this Agreement and not constituting such Manager Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. 

(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company (or any Subsidiary), its stockholders,
directors and officers and each other Person, if any, controlling the Company (each, a “Company Indemnified Party” and together with a Manager Indemnified Party, the “Indemnitee”), harmless of and from any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of
its duties under this Agreement or any claims by the Manager’s personnel relating to the terms and conditions of their employment by the Manager. 
 (c) The Indemnitee will promptly notify the party against whom indemnity is claimed (the “Indemnitor”) of any claim for which it seeks indemnification; provided, however,
that the failure to so notify the Indemnitor will not relieve the Indemnitor from any liability which it may have hereunder, except to the extent such failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the
defense and settlement of such claim; provided, that the Indemnitor notifies the Indemnitee of its election to assume such defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the
Indemnitee will not settle or compromise such claim, and the Indemnitor will not be liable for any such settlement made without its prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the
aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor’s counsel (which approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in
furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably request and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense.

 Section 12. No Joint Venture. Nothing in this Agreement shall be construed to make the Company and the Manager
partners or joint venturers or impose any liability as such on either of them. 

  
 17 

 Section 13. Term; Termination. 

(a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until July 27, 2014 (the
“Initial Term”) and shall be automatically renewed for a one-year term each anniversary date thereafter (a “Renewal Term”) unless at least two-thirds of the Independent Directors agree that (i) there has been
unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries or (ii) the compensation payable to the Manager hereunder is unfair; provided that the Company shall not have the right to
terminate this Agreement under clause (ii) above if the Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of the Independent Directors determines to be fair pursuant to the
procedure set forth below. If the Company elects not to renew this Agreement at the expiration of the Initial Term or any Renewal Term as set forth above, the Company shall deliver to the Manager prior written notice (the “Termination
Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this Section 13(a) not less than 180 days prior to the expiration of the then existing term. If the Company so elects not to
renew this Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than 180 days from the date of the notice, on which the Manager shall cease to provide services under this Agreement, and this
Agreement shall terminate on such date; provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have the
right to renegotiate such compensation by delivering to the Company, no fewer than 45 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its intention
to renegotiate its compensation under this Agreement. Thereupon, the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement.
Provided that the Manager and at least two-thirds of the Independent Directors agree to the terms of the revised compensation to be payable to the Manager within 45 days following the receipt of the Notice of Proposal to Negotiate, the
Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder shall be the revised
compensation then agreed upon by the parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding same. In
the event that the Company and the Manager are unable to agree to the terms of the revised compensation to be payable to the Manager during such 45-day period, this Agreement shall terminate, such termination to be effective on the date which is the
later of (A) 10 days following the end of such 45-day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 
 (b) In recognition of the level of the upfront effort required by the Manager to structure and acquire the assets of the Company and the Subsidiaries and the commitment of resources by the Manager, in the
event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the
“Termination Fee”) equal to three times the sum of the average annual Management Fee during the 24-month period immediately preceding the date of such termination, calculated as of the end of the most recently completed fiscal
quarter prior to the date of termination. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 
 (c) No later than 180 days prior to the anniversary date of this Agreement of any year during the Initial Term or Renewal Term, the Manager may deliver written notice to the Company informing it of the
Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement next following the delivery of such
notice. The Company is not required to pay to the Manager the Termination Fee if the Manager terminates this Agreement pursuant to this Section 13(c). 

  
 18 

 (d) If this Agreement is terminated pursuant to Section 13, such termination
shall be without any further liability or obligation of either party to the other, except as provided in Sections 6, 9, 10, 13(b), 15(b), and 16 of this Agreement. In addition, Sections 11 and 21 of this Agreement
shall survive termination of this Agreement. 
 Section 14. Assignment. 

(a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its
assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the approval of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under this
Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a
counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or other
organization which is a successor (by merger, consolidation, purchase of assets, or similar transaction) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same
manner as the Company is bound under this Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may
subcontract and assign any or all of its responsibilities under Sections 2(c), 2(d) and 2(e) of this Agreement to any of its Affiliates in accordance with the terms of this Agreement applicable to any such subcontract or
assignment, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement
shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. In addition, the Manager may assign this Agreement to any of its Affiliates without the approval of the Independent Directors,
provided that, such assignment does not require the Company’s approval under the Advisers Act. 
 Section 15.
Termination for Cause. 
 (a) The Company may terminate this Agreement effective upon 30 days’ prior written notice
of termination from the Board of Directors of the Company to the Manager, without payment of any Termination Fee, if (i) the Manager, its agents or its assignees materially breaches any provision of this Agreement and such breach shall continue
for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or 60 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days
of the written notice), (ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary, (iii) there is an event of any gross negligence on the part of the Manager in the
performance of its duties under this Agreement, (iv) there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing
or filing a voluntary bankruptcy petition, (v) the Manager is convicted (including a plea of nolo contendere) of a felony, or (vi) there is a dissolution of the Manager. 

(b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event
that the Company shall default in the performance or 

  
 19 

 
observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30-day period (or 60 days after written notice of such breach if the Company takes steps to cure such breach within 30 days of the written notice). The Company is required to pay to the Manager the
Termination Fee if the termination of this Agreement is made pursuant to this Section 15(b). 
 (c) The Manager may
terminate this Agreement, without payment of any Termination Fee, in the event the Company becomes regulated as an “investment company” under the Investment Company Act, with such termination deemed to have occurred immediately prior to
such event. 
 Section 16. Action Upon Termination. From and after the effective date of termination of this
Agreement, pursuant to Sections 13 or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if
terminated pursuant to Section 13(a) or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
  

	 	(i)	after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected
and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

  

	 	(ii)	deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the
period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 

  

	 	(iii)	deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

Section 17. Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of
the Company or any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such
money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other
property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event
later than 30 days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts performed or omissions to act by
the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second sentence of this Section 17. The Company and any Subsidiary shall indemnify the Manager
and its officers, directors, personnel, managers, and officers and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such
money or other property to the Company or any Subsidiary in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under
Section 11 of this Agreement. 

  
 20 

 Section 18. Notices. Unless expressly provided otherwise in this Agreement, all
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of
(i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt
requested, addressed as set forth below: 
  

	 	(a)	If to the Company: 

 Apollo
Residential Mortgage, Inc. 
 9 West 57th Street, 43rd Floor 

New York, New York 10019 
 Attention: 9 West 57th Street, New York, New York 10019 
 Facsimile:
(212) 515-3251 
  

	 	(b)	If to the Manager: 

 ARM
Manager, LLC 
 9 West 57th Street, 43rd Floor, 
 New York, New York 10019 
 Attention: 9 West 57th Street, New York, New York 10019

 Facsimile: (212) 515-3251 
 Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 18 for the
giving of notice. 
 Section 19. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

Section 20. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with
respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of
this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an
agreement in writing signed by the parties hereto. 
 Section 21. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES TO THE CONTRARY. 

Section 22. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party
hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereunder shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 21 

 Section 23. Headings. The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed part of this Agreement. 
 Section 24.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same
instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

Section 25. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 26. Gender. Words used herein regardless of the
number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

[SIGNATURE PAGE FOLLOWS] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	APOLLO RESIDENTIAL MORTGAGE, INC.
		
	By:	 	 /s/ Stuart A. Rothstein

		 	Name: Stuart A. Rothstein
		 	Title: Chief Financial Officer, Treasurer and Secretary
	
	ARM OPERATING, LLC
		
	By:	 	 /s/ Stuart A. Rothstein

		 	Name: Stuart A. Rothstein
		 	Title: Authorized Person
	
	ARM MANAGER, LLC
		
	By:	 	 /s/ Stuart A. Rothstein

		 	Name: Stuart A. Rothstein
		 	Title: Vice President

 Exhibit A 

 

	•	 	 No investment will be made that would cause the Company to fail to qualify as a REIT for U.S. federal income tax purposes;

  

	•	 	 No investment will be made that would cause the Company to register as an investment company under the Investment Company Act;

  

	•	 	 Investments will be predominantly in the Target Assets; 

 

	•	 	 No investment will be made in non-U.S. assets; and 

  

	•	 	 Until appropriate investments can be identified, the Manager may invest the proceeds of the Initial Public Offering and any future offerings in
interest-bearing, short-term investments, including money market accounts or funds, that are consistent with the Company’s intention to qualify as a REIT. 

  
 - Ex-1 -

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