Apollo Commercial Real Estate Finance, Inc.: management transactions · United States · SEC (Form 4)

About Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a United States-listed real estate investment trust focused on commercial real estate credit rather than traditional property ownership. The company was organized in Maryland in 2009 and began operations on September 29, 2009. Its operating headquarters are in New York, at 9 West 57th Street, 42nd Floor, New York, NY 10019. ARI is externally managed and advised by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, giving it access to Apollo’s broader real estate and credit platform. ARI’s core business is the origination, acquisition, investment in, and management of performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. In practical terms, the company operates as a direct lender and capital solutions provider to commercial real estate sponsors. It is active across the capital structure, with capabilities in senior mortgages, mezzanine loans, bridge-style financings, preferred equity, and related debt products. Management emphasizes its ability to underwrite and structure complex transactions tailored to borrower needs, which is important in a market where financing demand varies widely by asset type, sponsor quality, and property-level fundamentals. From a competitive standpoint, ARI sits in a crowded but specialized segment of the commercial real estate lending market. Its differentiation lies in its combination of Apollo-backed origination capabilities, disciplined credit underwriting, and flexibility across property types and geographies. The company states that it finances a broad spectrum of commercial property types and invests across the United States and Europe. For investors, that means ARI should be viewed as a credit-oriented REIT with exposure to commercial mortgage spreads, asset valuations, refinancing conditions, and macro interest-rate trends, rather than as a conventional equity REIT tied primarily to rental income. Its principal products and services are commercial first mortgages, mezzanine debt, subordinate financings, and other real-estate debt instruments. These solutions may be used for office, retail, industrial, multifamily, hospitality, and other commercial assets, depending on market opportunities. The geographic footprint is concentrated in the United States, with additional exposure to Europe, which provides some diversification but also adds cross-border underwriting and currency considerations. Recent developments underscore an actively managed balance sheet and origination platform. In its second-quarter 2025 release, ARI said it continued to execute on its business plan and committed $2.0 billion to new loans in the first half of 2025, reflecting ongoing redeployment of capital. The company also reported second-quarter 2025 results and announced portfolio-related transaction activity, highlighting management’s focus on liquidity, capital recycling, and disciplined deployment. For investors following U.S. listed financials on the NYSE, ARI is a niche commercial real estate credit vehicle with a clear Apollo affiliation and a business model closely linked to the health of U.S. CRE financing markets.