Document:

Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.

 3,000,000 Shares of Common Stock 
 Purchase Agreement (this “Agreement”) 
 July 25, 2011

 J.P. Morgan Securities LLC 
 383
Madison Avenue 
 New York, New York 10179 
 Ladies and Gentlemen: 
 Apollo Commercial Real Estate Finance, Inc., a Maryland
corporation (the “Company”), which is externally managed and advised by ACREFI Management, LLC, a limited liability company organized and existing under the laws of Delaware (the “Manager”), proposes to issue and
sell to you (the “Initial Purchaser”), an aggregate of 3,000,000 shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”; and such shares, the “Shares”). 

The shares of Common Stock to be outstanding after giving effect to the sale of the Shares are referred to herein as the
“Stock”. 
 The Company hereby confirms its agreement with the Initial Purchaser concerning the purchase and
sale of the Shares, as follows: 
 1. Purchase and Resale of the Shares. The Shares will be offered and sold to the
Initial Purchaser without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on an exemption pursuant to Section 4(2) under the Securities Act. The Company has prepared a preliminary
offering memorandum, dated July 22, 2011 (the “Preliminary Offering Memorandum”) setting forth information regarding the Company and the Shares. The Preliminary Offering Memorandum, together with any documents it specifically
incorporates by reference (the “Incorporated Documents”) and as supplemented and amended as of the Applicable Time (as defined below), together with the information listed on Annex C hereto are collectively referred to as the
“Pricing Disclosure Package”. The Company hereby confirms that it has authorized the use of the Pricing Disclosure Package in connection with the offering and resale of the Shares by the Initial Purchaser. “Applicable
Time” means 4:45 p.m. (New York City time) on July 25, 2011. 
 You acknowledge that the Shares have not been and
will not be registered under the Securities Act and may not be offered or sold within the United States to, or for the account of benefit of, “U.S. Persons”, except pursuant to an effective registration statement or an exemption from, or
in a transaction not subject to, the registration requirements of the Securities Act. You have advised the Company that you will offer and resell (the “Exempt Resales”) the Shares purchased by you hereunder in private sales exempt
from registration under the Securities Act on the terms set forth in the Pricing Disclosure Package, as amended or supplemented, to institutional “accredited investors” as defined in Rule 501 of Regulation D promulgated under the
Securities Act (“Regulation D”) pursuant to a valid exemption from the registration requirements under the Securities Act. Those investors are referred to herein as “Eligible Purchasers”. 

  
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 2. Purchase of the Shares by the Initial Purchaser. 

(a) Shares . The Company agrees to issue and sell the Shares to the Initial Purchaser as provided in this
Agreement, and the Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, to purchase from the Company the number of Shares set forth in Schedule 1
hereto, at a price per share set forth in paragraph 2 of Schedule 3 hereto. 
 (b) No Public Offering. The
parties hereto intend that the distribution of the Shares will be by a private resale of the Shares to Eligible Purchasers pursuant to a valid exemption from the registration requirements of the Securities Act. The Company acknowledges and agrees
that the Initial Purchaser may offer and sell Shares to or through any affiliate of an Initial Purchaser. 
 (c)
Closing. Payment for the Shares shall be made by wire transfer in immediately available funds to the account specified by the Company to the Initial Purchaser at the offices of Clifford Chance US LLP at 10:00 A.M., New York City time, on
July 29, 2011, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Initial Purchaser and the Company may agree upon in writing. The time and date of such payment for the Shares
is referred to herein as the “Closing Date”. 
 Payment for the Shares to be purchased on the Closing Date
shall be made against delivery to the Initial Purchaser of the Shares to be purchased on such date with any transfer taxes payable in connection with the sale of such Shares duly paid by the Company. 

For purposes of this Section 2 and Schedule 3 hereto: 
 “GAAP” means generally accepted accounting principles in the United States applied on a consistent basis. 

(d) The Company acknowledges and agrees that the Initial Purchaser is acting solely in the capacity of an arm’s
length contractual counterparty to the Company with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the
Company or any other person. Additionally, the Initial Purchaser is not advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors
concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchaser shall have no responsibility or liability to the Company with respect
thereto. Any review by the Initial Purchaser of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Initial Purchaser and shall not be on behalf of the
Company. 

  
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 (e) Legend. Each certificate, if any, representing the Shares shall
be endorsed with the following legend or a substantially similar legend: 
 “The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are “restricted securities” as defined in Rule 144 promulgated under the Securities Act. The securities may not be sold or offered
for sale or otherwise transferred or distributed except (i) pursuant to an effective registration statement under the Securities Act for the sale of the securities represented by this certificate or (ii) pursuant to an opinion of counsel,
satisfactory to the issuer of this security, that such registration is not required in connection with the proposed sale, offer for sale, or other transfer or distribution.” 

3. Representations and Warranties of the Company. The Company represents and warrants to the Initial Purchaser that: 

(a) No General Solicitation. No form of general solicitation or general advertising within the meaning of Rule
502(c) under Regulation D (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising) was used by the Company, any of its affiliates or any of their respective agents or representatives (other than you, as to whom the Company makes no representation) in
connection with the offer and sale of the Shares. 
 (b) No Integration. Neither the Company nor any other
person acting on behalf of the Company has sold or issued any securities that would be integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the
interpretations thereof by the Commission. 
 (c) No registration. Assuming the accuracy of the
representations and warranties of the Initial Purchaser set forth in Section 7(a) of this Agreement and the representations and warranties of each of the Eligible Purchasers in the Preliminary Offering Memorandum, no registration of the Shares
under the Securities Act is required for the purchase of the Shares by the Initial Purchaser or the initial resale of the Shares by the Initial Purchaser to Eligible Purchasers, in each case, in the manner contemplated by the Preliminary Offering
Memorandum and the Pricing Disclosure Package. 
 (d) Offering Documents. The Preliminary Offering
Memorandum and the Pricing Disclosure Package have been prepared by the Company for use by the Initial Purchaser in connection with the Exempt Resales. No order or decree preventing the use of the Preliminary Offering Memorandum or the Pricing
Disclosure Package, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the Securities Act, has been issued and no proceeding for that purpose has commenced or is pending or, to
the knowledge of the Company, is contemplated. 
 (e) Pricing Disclosure Package. The Pricing Disclosure
Package as of the Applicable Time did not, and as of the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to the Initial Purchaser

  
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furnished to the Company in writing by the Initial Purchaser expressly for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by the
Initial Purchaser consists of the information described as such in Section 9(b) hereof. 
 (f) Graphic
Communication. Other than the Preliminary Offering Memorandum, the Pricing Disclosure Package, the confidential road show slides shown to prospective investors and any other written communications approved in writing in advance by the Initial
Purchaser, the Company has not prepared, used, authorized, approved or referred to and will not prepare, use, authorize approve or refer to any “graphic communications” (as defined in Rule 405 under the Securities Act) that constitutes and
offer to sell or solicitation of an offer to buy the Shares. 
 (g) Intentionally Omitted. 

(h) Incorporated Documents. The documents incorporated by reference in the Preliminary Offering Memorandum and the
Pricing Disclosure Package, when they were filed with the Commission, conformed in all material respects to the requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (the
“Exchange Act”), and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. 
 (i) Financial Statements. The financial statements (including the related notes
thereto) of the Company and its consolidated subsidiaries included in the Preliminary Offering Memorandum and the Pricing Disclosure Package comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act,
as applicable, and present fairly the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial
statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, and any supporting schedules included in the Incorporated Documents
present fairly the information required to be stated therein; and the other financial information of the Company included in the Preliminary Offering Memorandum and the Pricing Disclosure Package has been derived from the accounting records of the
Company and its consolidated subsidiaries and presents fairly, in all material respects, the information shown thereby. 
 (j) No Material Adverse Change. Except as disclosed in the Preliminary Offering Memorandum and the Pricing Disclosure Package, since the date of the most recent financial statements of the Company
included in the Preliminary Offering Memorandum and the Pricing Disclosure Package, (i) there has not been any change in the capital stock (other than the issuance of shares of Common Stock upon exercise of stock options and warrants or vesting
of restricted stock units described as outstanding in, and the grant of options and awards under existing equity incentive plans described in the Preliminary Offering Memorandum and the Pricing Disclosure Package), short-term debt or long-term debt
of the Company or any of its subsidiaries (other than under the revolving credit facilities and repurchase facilities described in the Preliminary Offering Memorandum and the Pricing Disclosure Package or immaterial short-term indebtedness incurred
in the ordinary course of business), or, except for regular quarterly dividends on the shares of Common Stock in amounts per share that are consistent with past practice, any dividend or distribution of any kind declared, set aside for payment, paid
or made by the Company on any 

  
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class of capital stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial
position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as a whole; and (ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement, except in the
ordinary course of business, that is material to the Company and its subsidiaries taken as a whole or, subject to Section 3(qq), incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries
taken as a whole, except any liability or obligation in the ordinary course of business. 
 (k) Organization
and Good Standing. Each of the Company and its subsidiaries has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, is duly qualified to do business and is in good standing in each
jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, and has all power and authority necessary to own or hold its properties and to conduct the business in which it is now engaged and
in which it proposes to be engaged as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in
the aggregate, have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as a whole (a “Company
Material Adverse Effect”). The subsidiaries listed in Schedule 2 to this Agreement are the only significant subsidiaries of the Company. 
 (l) Capitalization. All the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any
pre-emptive or similar rights; except as described in or expressly contemplated by the Preliminary Offering Memorandum and the Pricing Disclosure Package and other than the issuance of shares of Common Stock upon exercise of stock options and
warrants or vesting of restricted stock units under existing equity incentive plans described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, there are no outstanding rights (including, without limitation, pre-emptive
rights), restricted stock units, warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract, commitment,
agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock of
the Company conforms in all material respects to the description thereof contained in the Preliminary Offering Memorandum and the Pricing Disclosure Package; and all the outstanding shares of capital stock or other equity interests of each
subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance,
security interest, restriction on voting or transfer or any other claim of any third party. 
 (m) Equity
Incentive Awards. With respect to the stock options, restricted stock awards, restricted stock units and/or other equity incentive awards (the “Equity Incentive Awards”) granted pursuant to the stock-based compensation plans of
the Company and its subsidiaries, including without limitation the Company’s 2009 Equity Incentive Plan (the “Company Stock Plans”), (i) each Equity Incentive Award intended to qualify as an “incentive stock
option” under Section 422 of the Code so qualifies, (ii) each grant of an Equity Incentive 

  
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Award was duly authorized no later than the date on which the grant of such Equity Incentive Award was by its terms to be effective (the “Grant Date”) by all necessary corporate
action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents, and the award
agreement governing such grant (if any) was duly executed and delivered by each party thereto, (iii) each such grant was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory
rules or requirements, including the rules of the New York Stock Exchange (the “Exchange”) and any other exchange on which Company securities are traded, and (iv) each such grant was properly accounted for in accordance with
GAAP in the financial statements (including the related notes) of the Company and disclosed in the Company’s filings with the Commission in accordance with the Exchange Act and all other applicable laws. The Company has not knowingly granted,
and there is no and has been no policy or practice of the Company of granting, Equity Incentive Awards prior to, or otherwise coordinating the grant of Equity Incentive Awards with, the release or other public announcement of material information
regarding the Company or its subsidiaries or their results of operations or prospects. 
 (n) Due
Authorization. The Company has full right, power and authority to execute and deliver this Agreement and that certain registration rights agreement, to be dated as of the Closing Date, between the Company and the Initial Purchaser with respect
to the registration of the Shares with the Commission under the Securities Act (the “Registration Rights Agreement”) and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper
authorization, execution and delivery by it of this Agreement and the Registration Rights Agreement and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken. 

(o) Purchase Agreement. This Agreement has been duly authorized, executed and delivered by the Company. 

(p) Registration Rights Agreement. The Registration Rights Agreement has been duly authorized, executed and
delivered by the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited (A) by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable
principles relating to enforceability or (B) with respect to any indemnification or contribution obligation rights of the Holders under such agreement. 
 (q) The Shares. The Shares to be issued and sold by the Company hereunder have been duly authorized and, when issued and delivered and paid for as provided herein, will be duly and validly issued,
will be fully paid and nonassessable and will conform to the descriptions thereof in the Preliminary Offering Memorandum and the Pricing Disclosure Package; and the issuance of the Shares is not subject to any preemptive or similar rights. The form
of certificates used to represent the Shares, where the Shares are represented by certificates, complies in all material respects with all applicable statutory requirements and any requirements of the Exchange and with any applicable requirements of
the charter, by-laws and other organizational documents of the Company. The Shares have been registered pursuant to Section 12(b) of the Exchange Act. The issuance and resale of the Shares as contemplated hereunder do not require shareholder
approval pursuant to the rules and regulations of the Exchange applicable to companies listed on the Exchange. The Company has applied to list the Shares on the Exchange, and the Company 

  
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has taken no action designed to, or likely to have the effect of, terminating the registration of the Shares under the Exchange Act or de-listing the Shares from the Exchange, nor has the Company
received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. 
 (r) Other Material Agreements. Each of the Management Agreement, dated September 23, 2009, between the Company and the Manager which, among other things, provides for the management of the
Company by the Manager (the “Management Agreement”) and that certain license agreement, dated September 23, 2009, between the Company and Apollo Global Management, LLC (“Apollo”) pursuant to which, among other
things, Apollo granted to the Company a non-exclusive, royalty-free license to use the name “Apollo” (the “License Agreement”) remains in full force and effect. 

(s) Descriptions of Documents. The Purchase Agreement conforms in all material respects to the description thereof
contained in the Preliminary Offering Memorandum and the Pricing Disclosure Package. 
 (t) No Violation or
Default. Neither the Company nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Company Material
Adverse Effect. 
 (u) No Conflicts. The execution, delivery and performance by the Company of this
Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated hereby and thereby will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any
violation of the provisions of the charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court
or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Company Material
Adverse Effect. 
 (v) No Consents Required. No consent, approval, authorization, order, license,
registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and the
consummation of the transactions contemplated hereby, except for (i) such as has been obtained or made and (ii) registrations or qualifications as may be required under applicable state securities laws in connection with the purchase and
distribution of the Shares by the Initial Purchaser. 

  
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 (w) Legal Proceedings. Except as described in the Preliminary
Offering Memorandum and the Pricing Disclosure Package, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries is a party or to which any property of the
Company or any of its subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be expected to have a Company Material Adverse Effect; no such
investigations, actions, suits or proceedings are, to the knowledge of the Company, threatened or contemplated by any governmental or regulatory authority or threatened by others; and there are no statutes, regulations or contracts or other
documents that are required under the Securities Act to be filed as exhibits to a registration statement for an offering of securities registered under the Securities Act or described in the Preliminary Offering Memorandum or the Pricing Disclosure
Package that are not so filed as an Incorporated Document or described in the Preliminary Offering Memorandum and the Pricing Disclosure Package. 
 (x) Accuracy of Disclosure. The descriptions in the Preliminary Offering Memorandum and the Pricing Disclosure Package of statutes, legal, governmental and regulatory proceedings and organizational
documents, contracts, benefit plans, and other documents are accurate in all material respects; the statements in the Preliminary Offering Memorandum and Offering Memorandum under the headings “Summary —Ownership and Transfer
Restrictions,” “Description of Certain provisions of the Maryland Law and our charter and bylaws,” “U.S. federal income tax considerations,” and “Plan of Distribution,” to the extent that they constitute summaries
of the terms of stock, matters of law or regulation or legal conclusions, fairly summarize the matters described therein in all material respects. 
 (y) Independent Accountants. Deloitte & Touche LLP, who has certified certain financial statements of the Company and its subsidiaries, is an independent registered public accounting firm
with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act. 

(z) Title to Real and Personal Property. The Company and its subsidiaries have good and marketable title in fee
simple (in the case of real property) to, or have valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that are material to the respective businesses of the Company and its subsidiaries, in each
case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) are described in the Preliminary Offering Memorandum and the Pricing Disclosure Package or may arise or exist directly as a
result of borrowings under any applicable repurchase agreements or the Term Asset-Backed Securities Loan Facility program which are described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, (ii) do not materially
interfere with the use made and proposed to be made of such property by the Company and its subsidiaries or (iii) could not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect. 

(aa) Title to Intellectual Property. The Company and its subsidiaries own or possess adequate rights to use all
material patents, patent applications, trademarks, service marks, trade 

  
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names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted and as proposed to be conducted (as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package), and to the
knowledge of the Company, the conduct of their respective businesses will not conflict in any material respect with any such rights of others. The Company and its subsidiaries have not received any notice of any claim of infringement,
misappropriation or conflict with any such rights of others in connection with its patents, patent rights, licenses, inventions, trademarks, service marks, trade names, copyrights and know-how, which could reasonably be expected to result in a
Company Material Adverse Effect. 
 (bb) No Undisclosed Relationships. No relationship, direct or
indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the Securities
Act to be described in a registration statement for a securities offering registered under the Securities Act and that is not so described in the Preliminary Offering Memorandum and the Pricing Disclosure Package. 

(cc) Investment Company Act. The Company is not, and after giving effect to the offering and sale of the Shares and
the application of the proceeds thereof as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package will not be, required to register as an “investment company” or an entity “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 

(dd) Taxes. The Company and its subsidiaries have paid all material federal, state, local and foreign taxes and
filed all material tax returns required to be filed through the date hereof; and except as otherwise disclosed in the Preliminary Offering Memorandum and the Pricing Disclosure Package, there is no material tax deficiency that has been, or could
reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets. 
 (ee) Real Estate Investment Trust. Commencing with its taxable year ended December 31, 2009, the Company has been organized and operated in conformity with the requirements for qualification
as a real estate investment trust (“REIT”) under the Code, and its method of operation enables it to continue to meet the requirements for qualification and taxation as a REIT under the Code. 

(ff) Description of Organization and Method of Operations. The description of the Company’s organization and
method of operation and its qualification and taxation as a REIT set forth in the Preliminary Offering Memorandum and the Pricing Disclosure Package is accurate and presents fairly the matters referred to therein; the Company’s operating
policies and investment guidelines described in the Preliminary Offering Memorandum and the Pricing Disclosure Package accurately reflect in all material respects the operation of the Company’s business, and no material deviation from such
guidelines or policies is currently contemplated. 
 (gg) Licenses and Permits. The Company and its
subsidiaries possess all licenses, certificates, permits and other authorizations (collectively, “Licenses”) issued by, and have made 

  
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all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective
properties and the conduct of their respective businesses as now conducted as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, except where the failure to possess or make the same would not, individually or in the
aggregate, have a Company Material Adverse Effect; and except as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, neither the Company nor any of its subsidiaries has received notice of any revocation or
modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course. 

(hh) No Labor Disputes. The Company is not aware of any existing or imminent labor disturbance by, or dispute with,
the employees of any of the Company, its subsidiaries or the Manager, except as would not have a Company Material Adverse Effect. 
 (ii) Employee Matters. Neither the Company nor, to the best of the Company’s knowledge, any employer of any officers, investment professionals or other key persons of the Company or the
Manager named in the Preliminary Offering Memorandum and the Pricing Disclosure Package (each, a “Company-Focused Professional”) has been notified that any such Company-Focused Professional plans to terminate his or her employment
or association with his or her employer. Neither the Company nor, to the best of the Company’s knowledge, any Company-Focused Professional is subject to any non-competition, non-disclosure, confidentiality, employment, consulting or similar
agreement that would be violated by the business activities of the Company or the Manager as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package. The Company does not have any employees. No subsidiary of the Company
has any employees. 
 (jj) ERISA. Prior to the Closing Date, the Company will not have an employee benefit
plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974. 
 (kk)
Disclosure Controls. The Company and its subsidiaries maintain an effective system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange Act
and that has been designed to provide reasonable assurances that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding
required disclosure. The Company and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act. 

(ll) Accounting Controls. The Company and its subsidiaries are in compliance with the applicable provisions of the
Sarbanes Oxley Act of 2002 and maintain systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the
supervision of, their respective principal executive and principal financial officers, or persons performing 

  
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similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
As disclosed in the Preliminary Offering Memorandum and the Pricing Disclosure Package, there are no material weaknesses in the Company’s internal controls. The Company’s auditors and the Audit Committee of the Board of Directors of the
Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the
Company’s ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls
over financial reporting. 
 (mm) Insurance. The Company and its subsidiaries have insurance covering
their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in such amounts as are prudent and customary for the businesses in which they are engaged; and neither the Company nor
any of its subsidiaries has been refused any insurance coverage sought or applied for or has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at
reasonable cost from similar insurers as may be necessary for it to continue business. 
 (nn) No Unlawful
Payments. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its subsidiaries has
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or
employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. 

(oo) Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(pp) Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or 

  
 11 

 
any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the
Company will not, directly or indirectly, use the proceeds of the offering of the Shares hereunder or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 (qq)
No Restrictions on Subsidiaries. Except as disclosed in the Preliminary Offering Memorandum and the Pricing Disclosure Package or directly as a result of borrowings under any applicable repurchase agreements or the Term Asset-Backed
Securities Loan Facility program which are described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to
which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from
transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company. 
 (rr) Indebtedness. Neither the Company nor any of its direct or indirect subsidiaries has any indebtedness as of the date hereof other (A) than as described in the Preliminary Offering
Memorandum and the Pricing Disclosure Package, (B) increases in the principal amount outstanding under revolving credit facilities and repurchase facilities which are described in the Preliminary Offering Memorandum and the Pricing Disclosure
Package and (C) immaterial short-term indebtedness incurred in the ordinary course of business. 
 (ss)
No Dissolution Proceedings. Neither the Company nor any subsidiary of the Company has commenced any legal proceedings, nor have any legal proceedings been threatened, to the knowledge of the Company, against the Company or any subsidiary of
the Company for the winding up, liquidation or dissolution of the Company or any subsidiary of the Company. 

(tt) No Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to any contract, agreement
or understanding with any person (other than this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or the Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection
with the offering and sale of the Shares. 
 (uu) Intentionally Omitted. 

(vv) No Stabilization. Neither the Company nor its affiliates has taken, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares. 
 (ww) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Preliminary
Offering Memorandum or the Pricing Disclosure Package has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

  
 12 

 (xx) Statistical and Market Data. Nothing has come to the attention
of the Company that has caused the Company to believe that the statistical and market-related data included in the Preliminary Offering Memorandum, Pricing Disclosure Package and the Offering Memorandum is not based on or derived from sources that
are reliable and accurate in all material respects. 
 (yy) Apollo-Related Data. Any financial or other
data regarding Apollo and its direct and indirect subsidiaries, including, but not limited to, the Manager, included in the Preliminary Offering Memorandum and the Pricing Disclosure Package, is derived from Apollo’s accounting or other
applicable records and is accurate in all material respects. 
 4. Representations and Warranties of the Manager. The
Manager represents and warrants to the Initial Purchaser that: 
 (a) No General Solicitation. No form of
general solicitation or general advertising within the meaning of Regulation D (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over
television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) was used by the Manager, any of its affiliates or any of their respective agents or representatives (other than you,
as to whom the Manager makes no representation) in connection with the offer and sale of the Shares. 
 (b) No
Integration. Neither the Manager nor any other person acting on behalf of the Manager has sold or issued any securities that would be integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the
rules and regulations thereunder or the interpretations thereof by the Commission. 
 (c) No registration.
Assuming the accuracy of the representations and warranties of the Initial Purchaser set forth in Section 7(a) of this Agreement and the accuracy of the representations and warranties of each of the Eligible Purchasers in the Offering
Memorandum, no registration of the Shares under the Securities Act is required for the purchase of the Shares by the Initial Purchaser or the initial resale of the Shares by the Initial Purchaser to Eligible Purchasers, in each case, in the manner
contemplated by the Preliminary Offering Memorandum and the Pricing Disclosure Package. 
 (d) Manager-Related
Disclosure. Any financial or other data regarding the Manager and its direct and indirect subsidiaries, included in the Preliminary Offering Memorandum and the Pricing Disclosure Package, is derived from the Manager’s accounting or other
applicable records and is accurate in all material respects. 
 (e) Organization and Good Standing. The
Manager is an indirect subsidiary of Apollo and does not have any subsidiaries. The Manager has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, is duly qualified to do business and
is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, and has all power and authority necessary to own or hold its respective properties and to conduct the
business in which it is engaged and in which it proposes to be engaged as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package, except where the failure to be so qualified or in good standing or have such power or
authority would not, individually or in the aggregate, 

  
 13 

 
have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Manager and its subsidiaries taken
as a whole (a “Manager Material Adverse Effect”). 
 (f) Manager Ownership Interests. The
ownership interests of the Manager are owned indirectly by Apollo, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party. 

(g) Due Authorization. The Manager has full right, power and authority to execute and deliver this Agreement and to
perform its obligations hereunder and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly
taken. 
 (h) The Management Agreement. The Management Agreement has been duly authorized, executed and
delivered by the Manager and constitutes a valid and legally binding agreement of the Manager enforceable against the Manager in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting creditors’ rights generally or by equitable principles relating to enforceability. 
 (i)
Purchase Agreement. This Agreement has been duly authorized, executed and delivered by the Manager. 
 (j)
No Violation or Default. Neither the Manager nor any of its subsidiaries is (i) in violation of its certificate of formation or limited liability company agreement or similar organizational documents; (ii) in default, and no event
has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Manager or any of its subsidiaries is a party or by which the Manager or any of its subsidiaries is bound or to which any of the property or assets of the Manager or any of its subsidiaries is subject; or (iii) in
violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that
would not, individually or in the aggregate, have a Manager Material Adverse Effect. 
 (k) No Conflicts.
The execution, delivery and performance by the Manager of this Agreement and the performance by the Manager of the Management Agreement and the consummation of the transactions contemplated hereby and thereby will not (i) conflict with or
result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Manager or any of its subsidiaries
pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Manager or any of its subsidiaries is a party or by which the Manager or any of its subsidiaries is bound or to which any of the
property or assets of the Manager or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the certificate of formation or limited liability company agreement or similar organizational documents of the Manager or
any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i) and
(iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Manager Material Adverse Effect. 

  
 14 

 (l) No Consents Required. Except as described in the Preliminary
Offering Memorandum and the Pricing Disclosure Package, no consent, approval, authorization, order, license, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution,
delivery and performance by the Manager of this Agreement or the performance by the Manager of the Management Agreement or the consummation of the transactions contemplated by this Agreement or the Management Agreement. 

(m) No Material Adverse Change. Except as described in the Preliminary Offering Memorandum and the Pricing
Disclosure Package, since its formation, there has not been any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, stockholders’
equity, results of operations or prospects of the Manager or that could prevent the Manager from carrying out its obligations under this Agreement or the Management Agreement. 

(n) Legal Proceedings. Except as described in the Preliminary Offering Memorandum and the Pricing Disclosure
Package, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Manager is or may be a party or to which any property of the Manager may be the subject that, individually or in the
aggregate, if determined adversely to the Manager or any of its subsidiaries, could reasonably be expected to have a Manager Material Adverse Effect; no such investigations, actions, suits or proceedings are, to the knowledge of the Manager,
threatened or contemplated by any governmental or regulatory authority or threatened by others. 
 (o)
Employee Matters. The Manager has not been notified that any of the Manager’s officers, investment committee members, investment professionals or other key persons named in the Preliminary Offering Memorandum and the Pricing Disclosure
Package plans to terminate his or her employment or association with the Manager. Neither the Manager nor any of the Manager’s officers, investment committee members or other key persons named in the Preliminary Offering Memorandum or the
Pricing Disclosure Package is subject to any non-competition, non-disclosure, confidentiality, employment, consulting or similar agreement that would be violated by the business activities of the Company or the Manager as described in the
Preliminary Offering Memorandum and the Pricing Disclosure Package. 
 (p) Investment Advisers Act. The
Manager is not prohibited by the Investment Advisers Act of 1940, as amended, or the rules and regulations thereunder, from performing its obligations under the Management Agreement as described in the Preliminary Offering Memorandum and the Pricing
Disclosure Package. 
 (q) No Stabilization. Neither the Manager nor any of its affiliates has taken,
directly or indirectly, any action designed to, or that could reasonably be expected to, cause or result in any stabilization or manipulation of the price of the Shares. 

  
 15 

 5. Further Agreements of the Company. The Company covenants and agrees with the
Initial Purchaser that: 
 (a) Delivery of Copies. The Company will deliver, without charge, to the
Initial Purchaser during the Offering Memorandum Delivery Period (as defined below), as many copies of the Preliminary Offering Memorandum (including all amendments and supplements thereto, all documents incorporated by reference therein) as the
Initial Purchaser may reasonably request. As used herein, the term “Offering Memorandum Delivery Period” means such period of time after the first date of the offering of the Shares as in the opinion of counsel for the Initial
Purchaser an offering memorandum relating to the Shares should be delivered in connection with resales of the Shares by the Initial Purchaser. 
 (b) Amendments or Supplements. Before using any amendment or supplement to the Preliminary Offering Memorandum, the Company will furnish to the Initial Purchaser and counsel for the Initial
Purchaser a copy of the proposed amendment or supplement for review and will not use any such proposed amendment or supplement to which the Initial Purchaser reasonably object. 

(c) Notice to the Initial Purchaser. The Company will advise the Initial Purchaser promptly, and confirm such
advice in writing, (i) of any action by the Commission, the Exchange that prevents or suspends the use of the Preliminary Offering Memorandum or the Pricing Disclosure Package or the initiation or threatening of any proceeding for that purpose
or pursuant to Section 8A of the Securities Act; (ii) of the occurrence of any event within the Offering Memorandum Delivery Period as a result of which the Preliminary Offering Memorandum or the Pricing Disclosure Package as then amended
or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Preliminary Offering Memorandum or the
Pricing Disclosure Package is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Shares for offer and sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; and the Company will use its best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Preliminary Offering Memorandum or the Pricing
Disclosure Package or suspending any such qualification of the Shares and, if any such order is issued, will obtain as soon as possible the withdrawal thereof. 
 (d) Ongoing Compliance. (1) If during the Offering Memorandum Delivery Period (i) any event shall occur or condition shall exist as a result of which the Preliminary Offering Memorandum
as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Preliminary Offering
Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Preliminary Offering Memorandum to comply with law, the Company will promptly notify the Initial Purchaser thereof and forthwith prepare
and, subject to paragraph (c) above, furnish to the Initial Purchaser and to such dealers as the Initial Purchaser may designate such amendments or supplements to the Preliminary Offering Memorandum as may be necessary so that the statements in
the Preliminary Offering Memorandum as so amended or supplemented will not, in the light of the circumstances existing when the Preliminary Offering Memorandum is delivered to a purchaser, be misleading or so that the Preliminary Offering Memorandum
will comply with law and (2) if at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary in 

  
 16 

 
order to make the statements therein, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii) it is necessary to
amend or supplement the Pricing Disclosure Package to comply with law, the Company will immediately notify the Initial Purchaser thereof and forthwith prepare and, subject to paragraph (c) above, furnish to the Initial Purchaser and to such
dealers as the Initial Purchaser may designate such amendments or supplements to the Pricing Disclosure Package as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the
circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package will comply with law. 

(e) Blue Sky Compliance. The Company will use its reasonable best efforts to qualify the Shares for offer and sale
under the securities or Blue Sky laws of such jurisdictions as the Initial Purchaser shall reasonably request and will continue such qualifications in effect so long as required for resale of the Shares; provided that the Company shall not be
required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such
jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (f) Clear Market. For a period of 90 days after the date of the Offering Memorandum, the Company will not (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file any registration statement with respect to, any shares of
Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common
Stock or any such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, without the prior written consent of the Initial
Purchaser, other than: (A) the offer and sale of the Shares as contemplated hereunder and the registration of the Shares pursuant to the Registration Rights Agreement, (B) any shares of Common Stock issued upon the exercise of options
granted under the Company Stock Plans and/or any shares of Common Stock issued upon final vesting of restricted stock units granted under the Company Stock Plans, (C) any shares of Common Stock or restricted stock units issued under the Company
Stock Plans, as described in the Disclosure Package and the Offering Memorandum, to the Company’s officers and independent directors, the Manager and personnel of the Manager, (D) issuance or other transfers of shares of Common Stock by
the Company to the Manager (in whose hands such shares of Common Stock will be locked-up pursuant to Section 6(b) below) in connection with the payment of any tax withholding obligations incurred by the Company’s officers and personnel of
the Manager in relation to the vesting of restricted shares of Common Stock issued pursuant to the Company Stock Plans, (E) the filing of a registration statement in respect of a dividend reinvestment plan of the Company and any shares of
Common Stock issued pursuant thereto (F) the filing of one or more pre-effective amendment to the Company’s registration statement of Form S-3 (File No. 333-174108) and (G) transfers of Common Stock required by Section 7.2.1
of the charter of the Company. Notwithstanding the foregoing, if (1) during the last 17 days of the 90-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or
(2) prior to the expiration of the 90-day restricted period, the Company announces that it will release earnings results during the 16-day period 

  
 17 

 
beginning on the last day of the 90-day period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event. 
 (g) Use of Proceeds. The
Company will apply the net proceeds from the sale of the Shares as described in the Preliminary Offering Memorandum and the Pricing Disclosure Package under the heading “Use of proceeds”. 

(h) No Stabilization. The Company will not take, and will cause its subsidiaries and affiliates not to take,
directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock. 

(i) Exchange Listing. The Company will use its best efforts to list, subject to notice of issuance, the Shares on
the Exchange. 
 (j) Reports. During the period from two years from the date of this Agreement, so long as
the Shares are outstanding, the Company will furnish to the Initial Purchaser, as soon as they are available, copies of all reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports and
financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system; provided that the Company will be deemed to have furnished such reports and financial statements to the Initial
Purchaser to the extent they are filed on the Commission’s Electronic Data Gathering, Analysis, and Retrieval system. 
 (k) Intentionally Omitted.  
 (l) Qualification and
Taxation as a REIT. The Company will use its best efforts to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2011, and the Company will use its best efforts to continue
to qualify for taxation as a REIT under the Code unless the Company’s Board of Directors determines in good faith that it is no longer in the best interest of the Company and its stockholders to be so qualified. 

(m) Intentionally Omitted.  

(n) No General Solicitation. The Company will not offer or sell the Shares or otherwise engage in any form of
general solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over
television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) and will not engage in any directed selling efforts within the meaning of Rule 902 under the Securities Act in
connection with the offering of the Shares. 
 (o) No Integration. The Company agrees not to sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) that would be integrated with the sale of the Shares in a manner that would require the registration under the Securities Act of
the sale of the Shares to the Initial Purchaser or the Eligible Purchasers. The Company will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule
902 under the Securities Act), of any Shares or any substantially similar security issued by the Company, within six 

  
 18 

 
months subsequent to the date on which the distribution of the Shares has been completed (as notified to the Company by the Initial Purchaser), is made under restrictions and other circumstances
reasonably designed not to affect the status of the offer and sale of the Shares in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration provisions of the Securities Act, including any
sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act. 
 6. Further Agreements of the Manager.
The Manager covenants and agrees with the Initial Purchaser that: 
 (a) No Stabilization. The Manager
will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock. 

(b) Manager Lock-Up. The Manager will not, during the period ending 90 days after the date of the Offering
Memorandum, (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (including without limitation, Common Stock, or such other securities, which may be deemed to be
beneficially owned by the undersigned in accordance with the rules and regulations of the Commission and securities which may be issued upon exercise of a stock option or warrant) or (2) enter into any swap or other agreement that transfers, in
whole or in part, any of the economic consequences of ownership of the Common Stock or any such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock without the prior
written consent of the Initial Purchaser, in each case other than (A) transfers of shares of Common Stock to members of the Manager; provided that in the case of any such transfer, each transferee shall execute and deliver to the
Representative a lock-up letter in the form of this paragraph and provided, further, that in the case of any such transfer, no filing by any party (transferor or transferee) under the Exchange Act, or other public announcement shall be
required or shall be made voluntarily in connection with such transfer (other than a filing on a Form 5 made after the expiration of the 90-day period referred to above) or (B) shares of Common Stock or restricted stock units issued to the
Manager under the Company Stock Plans, as described in the Disclosure Package and the Offering Memorandum, which are transferred to personnel of the Manager. Notwithstanding the foregoing, if (1) during the last 17 days of the 90-day restricted
period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (2) prior to the expiration of the 90-day restricted period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of the 90-day period, the restrictions imposed by this Section 6(b) shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the
occurrence of the material news or material event. 
 (c) No General Solicitation. The Manager will not
offer the Shares or otherwise engage in any form of general solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other

  
 19 

 
communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) and will not engage in any directed selling efforts within the meaning of Rule 902 under the Securities Act in connection with the offering of the Shares. 

(d) No Integration. The Manager agrees not to sell, offer for sale or solicit offers to buy or otherwise negotiate
in respect of any security (as defined in the Securities Act) that would be integrated with the sale of the Shares in a manner that would require the registration under the Securities Act of the sale of the Shares to the Initial Purchaser or the
Eligible Purchasers. 
 7. Certain Agreements of the Initial Purchaser. The Initial Purchaser hereby represents and
agrees that: 
 (a) on the basis of the representations, warranties and agreements of the Company and the Manager
set forth in this Agreement and the representations and warranties of each of the Eligible Purchasers in the Offering Memorandum, the Initial Purchaser: (i) is an “accredited investor” as defined in Rule 501 of Regulation D with such
knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the Shares; (ii) is purchasing the Shares pursuant to a private sale exempt from registration under the
Securities Act; (iii) in connection with the Exempt Resales, will solicit offers to buy the Shares only from, and will offer to sell the Shares only to, the Eligible Purchasers in accordance with this Agreement and on the terms contemplated by
the Pricing Disclosure Package; and (iv) will not offer or sell the Shares, nor has it offered or sold the Shares by, or otherwise engaged in, any form of general solicitation or general advertising (within the meaning of Regulation D,
including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by
any general solicitation or general advertising). 
 (b) It is not subject to any pending proceeding under
Section 8A of the Securities Act with respect to the Placement (and will promptly notify the Company if any such proceeding against it is initiated during the Offering Memorandum Delivery Period). 

8. Conditions of Initial Purchaser’ Obligations. The obligation of the Initial Purchaser to purchase the Shares on the
Closing Date as provided herein is subject to the performance by the Company and the Manager of their covenants and other obligations hereunder and to the following additional conditions: 

(a) Intentionally Omitted. 
 (b) Representations and Warranties. The respective representations and warranties of the Company and the Manager contained herein shall be true and correct on the date hereof and on and as of the
Closing Date; and the respective statements of the Company and the Manager and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date. 

(c) No Downgrade. Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery
of this Agreement, if there are any debt securities or preferred stock of, or 

  
 20 

 
guaranteed by, the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined by the Commission for purposes
of Rule 436(g)(2) under the Securities Act, (i) no downgrading shall have occurred in the rating accorded any such debt securities or preferred stock and (ii) no such organization shall have publicly announced that it has under
surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock (other than an announcement with positive implications of a possible upgrading). 

(d) No Material Adverse Change. No event or condition of a type described in Section 3(j) or Section 4(m)
hereof shall have occurred or shall exist, which event or condition is not described in the Preliminary Offering Memorandum, the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any
amendment or supplement thereto) and the effect of which in the judgment of the Initial Purchaser makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date, on the terms and in the manner
contemplated by this Agreement, the Preliminary Offering Memorandum and the Pricing Disclosure Package. 
 (e)
Company Officer’s Certificate. The Initial Purchaser shall have received on and as of the Closing Date, a certificate of the chief financial officer or chief accounting officer of the Company and one additional senior executive officer
of the Company who is satisfactory to the Initial Purchaser (i) confirming that such officers have carefully reviewed the Preliminary Offering Memorandum and the Pricing Disclosure Package and, to the knowledge of such officers, the
representations set forth in Section 3(e) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs (a), (c) and (d) above. 

(f) Manager Officer’s Certificate. The Initial Purchaser shall have received on and as of the Closing Date, a
certificate of the chief financial officer or chief accounting officer of the Manager and one additional senior executive officer of the Manager who is satisfactory to the Initial Purchaser (i) confirming that the representations and warranties
of the Manager in this Agreement are true and correct and that the Manager has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and (ii) to the effect
set forth in paragraph (d) above. 
 (g) Comfort Letters. On the date of this Agreement and on the
Closing Date, Deloitte & Touche LLP shall have furnished to the Initial Purchaser, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchaser, in form and substance
reasonably satisfactory to the Initial Purchaser, containing statements and information of the type customarily included in accountants’ “comfort letters” to Initial Purchaser with respect to the financial statements and certain
financial information contained in the Preliminary Offering Memorandum and the Pricing Disclosure Package; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to
such Closing Date. 

  
 21 

 (h) Registration Rights Agreement. On or before the Closing Date the
Company shall have duly authorized, executed and delivered the Registration Rights Agreement to the Initial Purchaser. 
 (i) Opinions of Counsel for the Company. At the request of the Company, (i) Venable LLP, Maryland counsel for the Company, shall have furnished to the Initial Purchaser their written opinion,
dated the Closing Date, and addressed to the Initial Purchaser, in form and substance reasonably satisfactory to the Initial Purchaser, to the effect set forth in Annex A-1 hereto, (ii) Clifford Chance US LLP, special counsel for the Company,
shall have furnished to the Initial Purchaser their written opinion (which written opinion shall include a 10b-5 opinion), dated the Closing Date and addressed to the Initial Purchaser, in form and substance reasonably satisfactory to the Initial
Purchaser, to the effect set forth in Annex A-2 hereto, and (iii) Clifford Chance US LLP, counsel for the Company, shall have furnished to the Initial Purchaser their written tax opinion, dated the Closing Date and addressed to the Initial
Purchaser, in form and substance reasonably satisfactory to the Initial Purchaser, to the effect set forth in Annex A-3 hereto. 
 (j) Opinion and 10b-5 Statement of Counsel for the Initial Purchaser. The Initial Purchaser shall have received on and as of the Closing Date an opinion and 10b-5 statement of Latham &
Watkins LLP, counsel for the Initial Purchaser, with respect to such matters as the Initial Purchaser may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass
upon such matters. 
 (k) No Legal Impediment to Issuance. No action shall have been taken and no statute,
rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date prevent the issuance or sale of the Shares; and no injunction or order of
any federal, state or foreign court shall have been issued that would, as of the Closing Date prevent the issuance or sale of the Shares. 
 (l) Good Standing. The Initial Purchaser shall have received on and as of the Closing Date satisfactory evidence of the good standing of the Company, the Manager and their respective subsidiaries
in their respective jurisdictions of organization and their good standing as foreign entities in such other jurisdictions as the Initial Purchaser may reasonably request, in each case in writing or any standard form of telecommunication from the
appropriate governmental authorities of such jurisdictions. 
 (m) Exchange Listing. The Shares to be
delivered on the Closing Date shall have been approved for listing on the Exchange, subject to official notice of issuance. 
 (n) Lock-up Agreements. The “lock-up” agreements, each substantially in the form of Exhibit A hereto, between you and the persons and entities listed on Annex D hereto relating to sales
and certain other dispositions of shares of Common Stock or certain other securities, delivered to you on or before the date hereof, shall be full force and effect on the Closing Date. 

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with
the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchaser. 

  
 22 

 9. Indemnification and Contribution. 

(a) Indemnification of the Initial Purchaser. The Company agrees to indemnify and hold harmless the Initial
Purchaser, its affiliates, directors and officers and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses,
claims, damages and liabilities (including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several,
that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum (or any amendment or supplement thereto) or any Pricing Disclosure Package (including any
Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
any information relating to the Initial Purchaser furnished to the Company in writing by the Initial Purchaser expressly for use therein, it being understood and agreed that the only such information furnished by the Initial Purchaser consists of
the information described as such in subsection (b) below. 
 (b) Indemnification of the Company. The
Initial Purchaser agrees to indemnify and hold harmless the Company, its directors, its officers 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 to
the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating to the Initial Purchaser furnished to the Company in writing by the Initial Purchaser expressly for use in the Preliminary Offering Memorandum (or any amendment or
supplement thereto) or any Pricing Disclosure Package, it being understood and agreed upon that the only such information furnished by the Initial Purchaser consists of the following information in the Preliminary Offering Memorandum furnished on
behalf of the Initial Purchaser: the third paragraph and the first two sentences of the tenth paragraph of text under the caption “Plan of Distribution.” 

(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall
promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it
may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further, that the failure to
notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified
Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to

  
 23 

 
the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such
proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall
have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that
there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying
Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses
shall be paid or reimbursed as they are incurred. Any such separate firm for the Initial Purchaser, its affiliates, directors and officers and any control persons of the Initial Purchaser shall be designated in writing by the Initial Purchaser and
any such separate firm for the Company, its directors and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying
Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying
Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending
or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of
such Indemnified Person from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person. 
 (d) Contribution. If the indemnification provided for in paragraphs (a) and (b) above
is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one
hand, and the Initial Purchaser on the other, from the offering of the Shares or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Company, on the one hand, and the Initial Purchaser on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities,
as well as any 

  
 24 

 
other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial Purchaser on the other, shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Shares and the total discounts and commissions received by the Initial Purchaser in connection therewith, in each case as set forth in the table
on the cover of the Offering Memorandum, bear to the aggregate offering price of the Shares. The relative fault of the Company, on the one hand, and the Initial Purchaser on the other, shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Initial Purchaser and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. 
 (e) Limitation on
Liability. The Company and the Initial Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed
to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 9, in no event shall the Initial
Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by the Initial Purchaser with respect to the offering of the Shares exceeds the amount of any damages that the Initial
Purchaser has otherwise been required to pay by reason of 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. 
 (f)
Non-Exclusive Remedies. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. 

10. Effectiveness of Agreement. This Agreement shall become effective upon the execution and delivery hereof by the parties
hereto. 
 11. Termination. This Agreement may be terminated in the absolute discretion of the Initial Purchaser, by
notice to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange, the NASDAQ Stock
Market or the Chicago Board Options Exchange; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking
activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the
United States, that, in the judgment of the Initial Purchaser, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date on the terms and in the manner
contemplated by this Agreement, the Preliminary Offering Memorandum and the Pricing Disclosure Package. 

  
 25 

 12. Payment of Expenses. 

(a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the
Company will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the
Shares and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any Pricing Disclosure Package (including all exhibits, amendments and supplements thereto) and the
distribution thereof; (iii) the costs of reproducing and distributing this Agreement and the Registration Rights Agreement; (iv) the fees and expenses of the Company’s counsel and independent accountants; (v) the fees and
expenses incurred in connection with the registration or qualification of the Shares under the state or foreign securities or blue sky laws of such jurisdictions as the Initial Purchaser may designate and the preparation, printing and distribution
of a Blue Sky Memorandum (including the reasonable fees and expenses of counsel for the Initial Purchaser in connection therewith); (vi) the cost of preparing stock certificates; (vii) the costs and charges of any transfer agent and any
registrar; (viii) all expenses incurred by the Company in connection with any “road show” presentation to potential investors; (ix) all expenses and application fees related to the listing of the Shares on the Exchange; and
(x) all fees and expenses in connection with the registration of the Shares under the Exchange Act, if necessary. It is understood, however, that, except as otherwise provided in this Agreement, the Initial Purchaser will pay all fees and
expenses of counsel for the Initial Purchaser. 
 (b) If (i) this Agreement is terminated pursuant to
Section 11, (ii) the Company for any reason fails to tender the Shares for delivery to the Initial Purchaser or (iii) the Initial Purchaser declines to purchase the Shares for any reason permitted under this Agreement, the Company
agrees to reimburse the Initial Purchaser for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchaser in connection with this Agreement and the offering contemplated
hereby. 
 13. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and the officers and directors and any controlling persons referred to in Section 9 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or
equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from the Initial Purchaser shall be deemed to be a successor merely by reason of such purchase. 

14. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the
Manager and the Initial Purchaser contained in this Agreement or made by or on behalf of the Company, the Manager or the Initial Purchaser pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and
payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company or the Initial Purchaser. 

15. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York City; and
(c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act. 

  
 26 

 16. Miscellaneous. 

(a) Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchaser shall be given to J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax:
(212) 622-8358); Attention: Equity Syndicate Desk. Notices to the Company or the Manager shall be given to it at Apollo Commercial Real Estate Finance, Inc. c/o Apollo Global Management, LLC, 9 West 57th Street, 43rd Floor, New York, New York 10019, (fax: (212) 515-3251); Attention: John J. Suydam. 

(b) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made and to be performed in such state. 
 (c) Counterparts. This
Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

(d) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval
to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 (e) Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

  
 27 

 If the foregoing is in accordance with your understanding, please indicate your acceptance
of this Agreement by signing in the space provided below. 
  

			
	Very truly yours,
	
	Apollo Commercial Real Estate Finance, Inc.
		
	By:	 	 /s/ Stuart A. Rothstein

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

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

			
	Accepted: July 25, 2011
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Ray Craig

		 	 Name:  Ray Craig

		 	 Title:    Executive Director

  
 2 

 Schedule 1 
  

					
	 Initial Purchaser
	  	Number of Shares	 
		
	 J.P. Morgan Securities LLC
	  	 	3,000,000	  
		  	  
	  
	 
		
	 Total
	  	 	3,000,000	  
		  	  
	  
	 

 Schedule 2 
 SIGNIFICANT SUBSIDIARIES OF THE COMPANY 
  

	1.	ACREFI Operating, LLC 

  

	2.	ACREFI Lender, LLC 

  

	3.	ACREFI I TRS, Inc. 

  

	4.	ACREFI T-1, LLC 

  

	5.	ACREFI T-2, LLC 

  

	6.	ACREFI T-3, LLC 

  

	7.	ACREFI T-4, LLC 

  

	8.	ACREFI T-5, LLC 

  

	9.	ACREFI Mezzanine, LLC 

  

	10.	ACREFI Holdings J-II, LLC 

  

	11.	ACREFI Holdings W-1, LLC 

  

	12.	ACREFI Mortgage Lending, LLC 

  

	13.	ACREFI Holdings J-1, LLC 

  

	14.	ACREFI Cash Management, LLC 

  

	15.	ACREFI II TRS, Ltd. 

 Schedule 3 
 Purchase Price 
  

	1.	The initial offering price for the Shares is $16.66 per Share. 

  

	2.	With respect to Section 2(b) of the Agreement, the purchase price per Share to be paid by the Initial Purchaser shall be approximately $16.33 per Share, being an
amount equal to the initial offering price set forth in paragraph 1 above minus approximately $0.33 per share and resulting in a total selling commission to the Initial Purchaser of $1,000,000. 

 Annex A-1 
 Form of Opinion of Venable LLP 
  

 Annex A-2 
 Form of Opinion of Clifford Chance US LLP 
  

 Annex A-3 
 Form of Tax Opinion of Clifford Chance US LLP 
  

 Annex B 
 None. 

 Annex C 
 Information 
  

	1.	The initial offering price per Share is $16.66. 

  

	2.	The number of Shares purchased by the Initial Purchaser is 3,000,000. 

 Annex D 
 PERSONS AND ENTITIES SUBJECT TO LOCK-UP AGREEMENTS 

 Exhibit A 
 FORM OF LOCK-UP AGREEMENT 
 July [    ], 2011 

J.P. Morgan Securities LLC 
 383 Madison Avenue

 New York, New York 10179 
 Re: APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. – Public Offering 
 Ladies and Gentlemen:

 The undersigned understands that you, as Initial Purchaser, propose to enter into a Purchase Agreement (the “Purchase
Agreement”) with Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (the “Company”), providing for the placement (the “Placement”) by you of shares of common stock, par value $0.01 per
share, of the Company (the “Common Stock”; and such shares of Common Stock publicly offered by the Initial Purchaser, the “Shares”). Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Purchase Agreement. 
 In consideration of the Initial Purchaser’s agreement to purchase and make the
Placement of the Shares, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Initial Purchaser, the undersigned will not, during the
period ending 90 days after the date of the prospectus relating to the Placement (the “Offering Memorandum”), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or such other securities or any securities convertible into or
exercisable or exchangeable for Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and
securities which may be issued upon exercise of a stock option or warrant) or (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock or any such other
securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to
the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock without the prior written consent of the Initial Purchaser, in each case other than (A) transfers of shares of
Common Stock as a bona fide gift or gifts, (B) transfers of shares of Common Stock to members, partners, stockholders or other equity holders of the undersigned, (C) transfers to family members or trusts for the benefit of the
undersigned’s family members or (D) transfers of shares of Common Stock to the Company to pay any tax withholding obligations incurred by the undersigned in connection with the vesting of restricted shares of Common Stock issued pursuant
to Company Stock Plans held by the undersigned; provided that in the case of any transfer pursuant to clause (A), (B) or (C), each donee or transferee shall execute and deliver to the Representative a lock-up letter in the form of this
paragraph; and provided, further, that in the case of any transfer pursuant to clause (A), (B) or (C), no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934, as amended, or other
public announcement 

 
shall be required or shall be made voluntarily in connection with such transfer (other than a filing on a Form 5 made after the expiration of the 90-day period referred to above). Notwithstanding
the foregoing, if (1) during the last 17 days of the 90-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (2) prior to the expiration of the 90-day
restricted period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the 90-day period, the restrictions imposed by this Letter Agreement shall continue to apply until the expiration of
the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities
described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement. 
 The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be conferred and any
obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned. 
 The undersigned understands that, if the Purchase Agreement does not become effective, or if the Purchase Agreement (other than the provisions thereof which survive termination) shall terminate or be
terminated prior to payment for and delivery of the Common Stock to be sold thereunder, the undersigned shall be released from, all obligations under this Letter Agreement. The undersigned understands that the Initial Purchaser is entering into the
Purchase Agreement and proceeding with the Placement in reliance upon this Letter Agreement. 
 This Letter Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. 
  

			
	Very truly yours,
		
	By:	 	  

		 	Name:
		 	Title:Registration Rights Agreement

 Exhibit 10.2 
 Registration Rights Agreement 
 This REGISTRATION RIGHTS AGREEMENT, dated
as of July 29, 2011, is made and entered into by and between Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (the “Company”), and J.P. Morgan Securities LLC (the “Initial Purchaser”) on
behalf of Holders (as defined herein). 
 RECITALS 

WHEREAS, this Agreement is made in connection with that certain Purchase Agreement, dated as of July 25, 2011, between the Company
and the Initial Purchaser (the “Purchase Agreement”), with respect to the issuance and sale of the Company’s common stock, par value $0.01 per share (the “Common Stock”), in the amounts and for the
consideration set forth in the Purchase Agreement; and 
 WHEREAS, in order to induce the Initial Purchaser to enter into the
Purchase Agreement, the Company has agreed to provide to the Holders the registration rights set forth in this 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. 
 “Closing Date” shall have the meaning set forth in the Purchase Agreement. 
 “Common Stock” shall have the meaning set forth in the Recitals hereof. 
 “Commission” shall mean the Securities and Exchange Commission. 

“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. 

“Depositary” shall mean The Depository Trust Company, or any other depositary appointed by the Company. 

“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. 

  
 - 1 -

 “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. 

“Liabilities” shall have the meaning set forth in Section 5(a)(i) 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. 
 “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. 
 “Purchase Agreement” shall have the meaning
set forth in the Recitals hereof. 
 “Registrable Shares” shall mean any shares of Common Stock held by Holders
from time to time, which shares were originally issued and sold to the Initial Purchaser and resold by the Initial Purchaser pursuant to the Purchase Agreement, together with any class of equity securities of the Company or of a successor to the
entire business of the Company which are issued in exchange for such 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. 

  
 2 

 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “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. 

(a) Shelf Registration. 
 (i) The Company agrees to file with the Commission on the later of (A) the date that is 90 days after the Closing Date or (B) the date that is 30 days after a written filing request is made by a
Holder (provided that, if the deadline is not a Business Day, such filing deadline shall be the next succeeding Business Day) a registration statement under the Securities Act for the offering on a continuous or delayed basis pursuant to
Rule 415 of the Registrable Shares (the “Shelf Registration Statement”), and shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as reasonably
practicable thereafter. The Shelf Registration Statement shall be on Form S-3, unless the Company is not then eligible to file a registration statement on Form S-3 under the Securities Act, in which case such registration statement shall be on Form
S-11 or other appropriate form under the Securities Act which the Company is then eligible to file. 
 (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. 

  
 3 

 Section 3. Black-Out Periods. 

(a) Subject to the provisions of this Section 3, the Company shall be permitted, in limited circumstances, to delay the
filing of a Shelf Registration Statement or amendment thereto or the filing or 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 to the Holders 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 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) any such filing, use or 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, any such filing, use or the offer or sale of any 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 file the Shelf Registration Statement or 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 file the Shelf
Registration Statement, 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 delay any such
filing or 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
and such notice shall state generally the basis for the notice and that such delay or 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 file, or 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 

  
 4 

 
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. 
 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 

  
 5 

 
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 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; 
 (viii) 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; 

  
 6 

 (ix) 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; 

(x) 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 to the underwriter(s) and their counsel, if any, and make representatives
of the Company as shall be reasonably requested by the Holders of Registrable Shares available for discussion of such document; 
 (xi) 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; 
 (xii) 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 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; 

  
 7 

 (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; 
 (xiii) 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 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; 
 (xiv) 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; 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
reasonably approved such information or 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; 
 (xv) 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 

  
 8 

 
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;

 (xvi) use its best efforts to cause all Registrable Shares to be listed on any national securities exchange;

 (xvii) 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; 

(xviii) 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 

(xix) the Company may (as a condition to a Holder’s participation in a Shelf 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 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; 

  
 9 

 (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 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, acting reasonably, 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. 

  
 10 

 (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 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; and 

  
 11 

 (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. 
 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 use its
commercially reasonable efforts to 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 use its commercially reasonable efforts, upon the request of any Holder of Registrable Shares, to make publicly available such information as is necessary to permit sales
pursuant to Rule 144 under the Securities Act and (b) take such further action that is reasonable in the circumstances 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 Rule 144 under the Securities Act, as such Rule may be amended from time to time. 
 (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

  
 12 

 
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 Commercial Real Estate Finance, Inc., c/o Apollo Global Management, LLC, 9 West 57th Street, 43rd Floor, New York, NY 10019, Attention: Stuart A. Rothstein (facsimile: (646) 219-3826). 

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, the initial Holders who
purchase Shares from the Initial Purchaser pursuant to the Purchase Agreement, as well as any subsequent Holders. 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 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] 

  
 13 

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

			
	APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.
		
	By:	 	 /s/ Stuart A. Rothstein

	Name: Stuart A. Rothstein
	Title:   Chief Financial Officer, Treasurer and Secretary
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Ray Craig

	Name: Ray Craig
	Title:   Executive Director

  
 Registration
Rights Agreement 

 SCHEDULE 1 

HOLDERS 
  

					
	 Name of the Holder
	  	Number of Registrable
Shares Held	  	 Address of the Holder

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