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Apollo Commercial Real Estate Finance, Inc.

American real estate investment trust based in Baltimore, listed on NYSE (ARI)2

In its 2026 annual report the company says: “Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments.”5

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Last updated Oct 21, 2026.

Overview

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  • TickerARI on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business addressC/O Apollo Global Management, Llc, 9 West 57Th Street, 43Rd Floor, New York, Ny 100193
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI549300E0AN7M2AQHSY292
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-Lawyers Incorporating Service Company, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D131228412

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All currency figures expressed herein are expressed in thousands, except share or per share amounts.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.7%Net margin6
-10.6%Revenue growth, 20256
6.8%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs53¢$144.5M
  • Income tax0¢$331.0K
  • Profit47¢$126.7M

Out of $271.6M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid99¢$141.3M
  • Kept or used elsewhere1¢$1.2M

Out of $142.5M of cash from operations.6

Financial statements

Revenue789106$271.6M in 2025−19% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $334.5M$334.5M20192020: $278.7M$278.7M2020−17%2021: $284.5M$284.5M2021+2%2022: $303.6M$303.6M2022+7%2023: $344.6M$344.6M2023+13%2024: $303.7M$303.7M2024−12%2025: $271.6M$271.6M2025−11%
Net income789106$126.7M in 2025−45% since 2019
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2019: $230.2M$230.2M20192020: $18.4M$18.4M2020−92%2021: $223.5M$223.5M2021+1116%2022: $265.2M$265.2M2022+19%2023: $58.1M$58.1M2023−78%2024: -$119.6M-$119.6M20242025: $126.7M$126.7M2025
Fiscal year2019202020212022202320242025
Revenue$334.5M7$278.7M8$284.5M9$303.6M10$344.6M6$303.7M6$271.6M6
Operating expenses$89.6M9$121.2M10$148.5M6$159.1M6$158.0M6
Interest$152.9M7$148.9M8$162.5M9$270.5M9$466.1M9
Income before tax$223.5M9$265.2M10$58.6M6-$119.2M6$127.1M6
Income tax$09$010$442.0K6$394.0K6$331.0K6
Net income$230.2M7$18.4M8$223.5M9$265.2M10$58.1M6-$119.6M6$126.7M6
Earnings per share$1.417$0.018$1.489$1.7710$0.296-$0.976$0.816
Earnings per share (diluted)$1.407$0.018$1.469$1.6810$0.296-$0.976$0.816
Shares (weighted, basic)139.9M shares9140.5M shares10141.3M shares6139.7M shares6138.9M shares6
Shares (weighted, diluted)168.4M shares9165.5M shares10141.3M shares6139.7M shares6138.9M shares6

Compare Apollo Commercial Real Estate Finance, Inc. with another company

Corporate structure

Apollo Commercial Real Estate Finance, Inc. sits at the top of its group. 94 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Apollo Commercial Real Estate Finance, Inc.

  • BlackRock Filed SCHEDULE 13G/A on Apollo Commercial Real Estate Finance, Inc., latest Aug 6, 2026 (8 filings since Jan 26, 2022)
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G/A on Apollo Commercial Real Estate Finance, Inc., latest Jul 31, 2026 (2 filings since Apr 28, 2026)
  • MILLENNIUM MANAGEMENT LLC Filed SCHEDULE 13G on Apollo Commercial Real Estate Finance, Inc., latest Jul 30, 2026
  • Newtyn Management, LLC Filed SCHEDULE 13G on Apollo Commercial Real Estate Finance, Inc., latest Jul 30, 2026
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Apollo Commercial Real Estate Finance, Inc., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Apollo Commercial Real Estate Finance, Inc., latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • Apollo Commercial Real Estate Finance, Inc. Baltimore, Maryland, United States
    • ACRE Debt 2 PLC Subsidiary · United Kingdom
    • ACREFI ASP HOLDINGS, LLC Subsidiary · Delaware, United States
    • ACREFI ASP, LLC Subsidiary · Delaware, United States
    • ACREFI ATL LESSEE, LLC Subsidiary · Delaware, United States
    • ACREFI ATL, LLC Subsidiary · Delaware, United States
    • ACREFI B, LLC Subsidiary · Delaware, United States
    • ACREFI B-II, LLC Subsidiary · Delaware, United States
    • ACREFI BA, LLC Subsidiary · Delaware, United States
    • ACREFI BKLN, LLC Subsidiary · Delaware, United States
    • ACREFI BN, LLC Subsidiary · Delaware, United States
    • ACREFI Cash Management, LLC Subsidiary · Delaware, United States
    • ACREFI CHRC Holding, LLC Subsidiary · Delaware, United States
    • ACREFI CHRC, LLC Subsidiary · Delaware, United States
    • ACREFI CS Member, LLC Subsidiary · Delaware, United States
    • ACREFI CS U Member, LLC Subsidiary · Delaware, United States
    • ACREFI CS U, LLC Subsidiary · Delaware, United States
    • ACREFI CS, LLC Subsidiary · Delaware, United States
    • ACREFI Currency, LLC Subsidiary · Delaware, United States
    • ACREFI Europe Lending, LLC Subsidiary · Delaware, United States
    • ACREFI FS, LLC Subsidiary · Delaware, United States
    • ACREFI GS Member, LLC Subsidiary · Delaware, United States
    • ACREFI GS UK Member, LLC Subsidiary · Delaware, United States
    • ACREFI GS UK, LLC Subsidiary · Delaware, United States
    • ACREFI GS, LLC Subsidiary · Delaware, United States
    • ACREFI HIS, LLC Subsidiary · Delaware, United States
    • and 68 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Apollo Commercial Real Estate Finance, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$296.6M6 Dec 31, 2025$296.6M6 Dec 31, 20240%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$842.9M6 Dec 31, 2025$752.6M6 Dec 31, 2024+12.0%
Real estate accumulated depreciation$34.4M6 Dec 31, 2025$23.3M6 Dec 31, 2024+48.0%
Real estate properties36 Dec 31, 2025310 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$139.8M6 Dec 31, 2025$317.4M6 Dec 31, 2024−55.9%
Stakes in other companies (equity method)$23.8M6 Dec 31, 2025$20.1M6 Dec 31, 2024+18.4%
Loans, net of allowance$312.7M6 Dec 31, 2025$486.8M6 Dec 31, 2024−35.8%

Properties, in its own words

Our principal executive office is located at 9 West 57th Street, 42nd Floor, New York, New York 10019,

telephone 212-515-3200.

Item 2 of the 10-K filed Feb 10, 2026.5

Leadership

Who has led Apollo Commercial Real Estate Finance, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph F. Azrack2009–2011
  2. Stuart Rothstein2012–now

President

  1. Joseph F. Azrack2009–2011
  2. Stuart Rothstein2013–now

Chief financial officer

  1. Stuart Rothstein2009–2013
  2. Megan B. Gaul2013–2016
  3. Jai Agarwal2016–2021
  4. Anastasia G. Mironova2022–now
2010201520202025
Board members and other officers (17)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ACRE Debt 2 PLC United Kingdom4
  • ACREFI ASP HOLDINGS, LLC Delaware4
  • ACREFI ASP, LLC Delaware4
  • ACREFI ATL LESSEE, LLC Delaware4
  • ACREFI ATL, LLC Delaware4
  • ACREFI B, LLC Delaware4
  • ACREFI B-II, LLC Delaware4
  • ACREFI BA, LLC Delaware4
  • ACREFI BKLN, LLC Delaware4
  • ACREFI BN, LLC Delaware4
  • ACREFI CHRC Holding, LLC Delaware4
  • ACREFI CHRC, LLC Delaware4
  • ACREFI CS Member, LLC Delaware4
  • ACREFI CS U Member, LLC Delaware4
  • ACREFI CS U, LLC Delaware4
  • ACREFI CS, LLC Delaware4
  • ACREFI Cash Management, LLC Delaware4
  • ACREFI Currency, LLC Delaware4
  • ACREFI Europe Lending, LLC Delaware4
  • ACREFI FS, LLC Delaware4
  • ACREFI GS Member, LLC Delaware4
  • ACREFI GS UK Member, LLC Delaware4
  • ACREFI GS UK, LLC Delaware4
  • ACREFI GS, LLC Delaware4
All 93 listed subsidiaries
  • ACREFI HIS, LLC Delaware4
  • ACREFI HS II, LLC Delaware4
  • ACREFI HS Member, LLC Delaware4
  • ACREFI HS, LLC Delaware4
  • ACREFI Holdings DB Member, LLC Delaware4
  • ACREFI Holdings DB – Series XXI Delaware4
  • ACREFI Holdings DB – Series XXII Delaware4
  • ACREFI Holdings DB, LLC Delaware4
  • ACREFI Holdings DB-Series I Delaware4
  • ACREFI Holdings DB-Series II Delaware4
  • ACREFI Holdings DB-Series III Delaware4
  • ACREFI Holdings DB-Series IV Delaware4
  • ACREFI Holdings DB-Series IX Delaware4
  • ACREFI Holdings DB-Series V Delaware4
  • ACREFI Holdings DB-Series VI Delaware4
  • ACREFI Holdings DB-Series VII Delaware4
  • ACREFI Holdings DB-Series VIII Delaware4
  • ACREFI Holdings DB-Series X Delaware4
  • ACREFI Holdings DB-Series XI Delaware4
  • ACREFI Holdings DB-Series XII Delaware4
  • ACREFI Holdings DB-Series XIII Delaware4
  • ACREFI Holdings DB-Series XIV Delaware4
  • ACREFI Holdings DB-Series XIX Delaware4
  • ACREFI Holdings DB-Series XV Delaware4
  • ACREFI Holdings DB-Series XVI Delaware4
  • ACREFI Holdings DB-Series XVII Delaware4
  • ACREFI Holdings DB-Series XVIII Delaware4
  • ACREFI Holdings DB-Series XX Delaware4
  • ACREFI Holdings J-I JV Managing Member, LLC Delaware4
  • ACREFI Holdings J-I JV Member, LLC Delaware4
  • ACREFI Holdings J-I, LLC Delaware4
  • ACREFI Holdings J-II, LLC Delaware4
  • ACREFI Holdings U-1, LLC Delaware4
  • ACREFI I TRS, Inc. Delaware4
  • ACREFI II TRS, Ltd. Cayman Islands4
  • ACREFI III TRS, Inc. Delaware4
  • ACREFI Insurance Services, LLC Michigan4
  • ACREFI Lender, LLC Delaware4
  • ACREFI M JV, LLC Delaware4
  • ACREFI MF, LLC Delaware4
  • ACREFI MU II, LLC Delaware4
  • ACREFI MU Member, LLC Delaware4
  • ACREFI MU, LLC Delaware4
  • ACREFI Mezzanine, LLC Delaware4
  • ACREFI Mortgage Lending, LLC Delaware4
  • ACREFI Operating, LLC Delaware4
  • ACREFI RCF I, LLC Delaware4
  • ACREFI RCF Member, LLC Delaware4
  • ACREFI SAN Holdings, LLC Delaware4
  • ACREFI SAN, LLC Delaware4
  • ACREFI STWD JV, LLC Delaware4
  • ACREFI W-1, LLC Delaware4
  • ACREFI W-2, LLC Delaware4
  • ARM Operating, LLC Delaware4
  • ARM TRS, LLC Delaware4
  • ARWL 2013-1 REO Trust Delaware4
  • ARWL 2013-1 Trust Delaware4
  • ARWL 2014-1 Trust Delaware4
  • Apollo Commercial Lending (Italy) - ARI Sub Fund Italy4
  • Apollo Residential Mortgage Loans, LLC Delaware4
  • Apollo Residential Mortgage Securities, LLC Delaware4
  • Brook NY Holdings, LLC Delaware4
  • Brook NY JV, LLC Delaware4
  • Brook NY Residential, LLC Delaware4
  • Holdings J-1 JV, LLC Delaware4
  • Operating J-1 JV, LLC Delaware4
  • PEM Kent Holdings, LLC Delaware4
  • Rockwood Mayflower, Inc Delaware4
  • WSRH Washington, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 29, 20268-K Entered a material agreement; Shareholder vote37
  2. Sep 16, 20268-K Other events38
  3. Aug 11, 20268-K Results of operations39
  4. Jul 13, 20268-K Shareholder vote40
  5. Jun 16, 20268-K Other events41
  6. May 15, 20268-K Executive or director change42
  7. Apr 29, 20268-K Results of operations43
  8. Apr 24, 20268-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale44
  9. Apr 22, 20268-K Shareholder vote45
  10. Feb 11, 20268-K Results of operations46
  11. Jan 28, 20268-K Entered a material agreement; Regulation FD disclosure47
  12. Oct 31, 20258-K Results of operations48
  13. Mar 19, 2012New chief executive Stuart Rothstein becomes CEO15
  14. Sep 23, 2009New chief executive Joseph F. Azrack becomes CEO16
  15. Jun 29, 2009Founded Apollo Commercial Real Estate Finance, Inc. is founded2

Calendar

Coming up

  1. Oct 29, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.27 a share, on Oct 30, 2025.49

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results39
  2. Apr 29, 2026Reported quarterly or annual results43
  3. Feb 11, 2026Reported quarterly or annual results46
  4. Oct 31, 2025Reported quarterly or annual results48
  5. Jul 30, 2025Reported quarterly or annual results50
  6. Apr 25, 2025Reported quarterly or annual results51
  7. Feb 11, 2025Reported quarterly or annual results52
  8. Oct 31, 2024Reported quarterly or annual results53

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

209 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 36 major events, 81 insider forms, 17 large holders, 54 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 16, 20268-K EDGAR
  3. Aug 27, 20264 EDGAR
  4. Aug 25, 2026144 EDGAR
  5. Aug 24, 2026DEFM14A EDGAR
  6. Aug 11, 20268-K EDGAR
  7. Aug 10, 202610-Q EDGAR
  8. Aug 6, 2026SCHEDULE 13G/A EDGAR
  9. Jul 31, 2026SCHEDULE 13G/A EDGAR
  10. Jul 30, 2026SCHEDULE 13G EDGAR
  11. Jul 30, 2026SCHEDULE 13G EDGAR
  12. Jul 14, 2026PREM14A EDGAR
  13. Jul 13, 20268-K EDGAR
  14. Jul 8, 2026SCHEDULE 13G/A EDGAR
  15. Jun 16, 2026DEFA14A EDGAR
  16. Jun 16, 20268-K EDGAR
  17. May 29, 2026ARS EDGAR
  18. May 29, 2026DEFA14A EDGAR
  19. May 29, 2026DEF 14A EDGAR
  20. May 15, 20264 EDGAR

The 209 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

27 open-market trades by officers, directors and large owners since October 2021: 2 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 25, 2026SALVATI MICHAELDirectorSale960$6.86$6.6KForm 4
May 13, 2026Whonder Carmencita N.M.DirectorSale4,574$10.93$50.0KForm 4
Dec 15, 2025ROTHSTEIN STUARTPresident & CEOSale52,072$10.16$529.1KForm 4
Sep 15, 2025ROTHSTEIN STUARTPresident & CEOSale52,073$10.78$561.3KForm 4
Jun 16, 2025ROTHSTEIN STUARTPresident & CEOSale52,074$9.83$511.9KForm 4
Apr 29, 2025BIDERMAN MARK CDirectorSale10,000$9.48$94.8KForm 4
Mar 17, 2025ROTHSTEIN STUARTPresident & CEOSale52,074$9.99$520.2KForm 4
Mar 4, 2025Whonder Carmencita N.M.DirectorSale11,000$9.96$109.6KForm 4
Sep 6, 2024Carlton Pamela GDirectorSale833$10.32$8.6KForm 4
Aug 15, 2024Prince ScottDirectorSale10,000$10.10$101.0KForm 4
Aug 14, 2024Prince ScottDirectorSale20,000$10.06$201.2KForm 4
Aug 13, 2024Prince ScottDirectorSale10,000$10.04$100.4KForm 4
Aug 8, 2024Prince ScottDirectorSale4,935$10.12$49.9KForm 4
May 28, 2024Whonder Carmencita N.M.DirectorSale11,400$10.21$116.4KForm 4
May 1, 2024BIDERMAN MARK CDirectorSale15,000$10.00$150.0KForm 4
Apr 15, 2024ROTHSTEIN STUARTPresident & CEOSale40,000$10.60$424.0KForm 4
Jan 16, 2024ROTHSTEIN STUARTPresident & CEOSale40,000$11.45$458.0KForm 4
Oct 16, 2023ROTHSTEIN STUARTPresident & CEOSale40,000$10.09$403.6KForm 4
Sep 6, 2023BIDERMAN MARK CDirectorSale10,000$10.60$106.0KForm 4
Aug 17, 2023Carlton Pamela GDirectorSale833$10.41$8.7KForm 4

All 27 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Stuart A. RothsteinPresident and Chief Executive Officer$1.1M60
2025Anastasia MironovaChief Financial Officer, Treasurer and Secretary (commenced serving as Chief Financial Officer, Treasurer and Secretary on April 4, 2022)$230.0K$956.5K60
2024Stuart A. RothsteinPresident and Chief Executive Officer$743.7K60
2024Anastasia MironovaChief Financial Officer, Treasurer and Secretary (commenced serving as Chief Financial Officer, Treasurer and Secretary on April 4, 2022)$193.0K$703.8K60
2023Stuart A. RothsteinPresident and Chief Executive Officer$1.1M60
2023Anastasia MironovaChief Financial Officer, Treasurer and Secretary (commenced serving as Chief Financial Officer, Treasurer and Secretary on April 4, 2022)$329.8K$1.0M60

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,929,835$127.4M0.0%−9,254,061
Vanguard Portfolio Management LLC6,088,701$65.0M0.0%−1,847,716
Vanguard Capital Management LLC6,025,495$64.4M0.0%−379,448
Millennium Management LLC4,563,909$48.7M0.0%+3,277,403
Geode Capital Management, LLC3,383,089$36.1M0.0%+58,437
State Street Corp3,331,999$35.6M0.0%−1,934,220
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,834,255$30.3M0.0%+89,349
No Street GP LP2,440,900$26.1M1.6%−909,100
Charles Schwab Investment Management Inc2,035,950$21.7M0.0%−122,028
Schonfeld Strategic Advisors LLC1,917,086$20.5M0.1%New
Jane Street Group, LLC1,819,330$19.4M0.0%+1,666,138
Northern Trust Corp1,657,726$17.7M0.0%−39,138
Qube Research & Technologies Ltd1,644,857$17.6M0.0%New
Susquehanna International Group, Llp1,614,946$17.2M0.0%+1,277,540
Morgan Stanley1,566,768$16.7M0.0%−214,195
Nuveen, LLC1,221,853$13.0M0.0%+886,948
Goldman Sachs Group Inc1,122,279$12.0M0.0%+665,491
Van Eck Associates Corp1,086,119$11.6M0.0%−150,529
Alpine Global Management, LLC901,968$9.6M1.6%+734,195
Empyrean Capital Partners, LP883,751$9.4M0.4%No change
Greenland Capital Management LP865,000$9.2M1.9%New
Vanguard Fiduciary Trust Co834,783$8.9M0.0%−55,081
Citadel Advisors LLC822,385$8.8M0.0%+714,729
First Trust Advisors LP783,805$8.4M0.0%+1,291
Apollo Management Holdings, L.P.665,573$7.1M0.1%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 24, 2019Donna Shalala, HouseSale$1,001 - $15,000+228.7%Report
Jan 9, 2019Donna Shalala, HouseBuy$1,001 - $15,000−262.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Apollo Commercial Real Estate Finance, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARApollo Commercial Real Estate Finance, Inc.1
  • CIK0001467760
  • Employer ID (EIN)27-04671135
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business addressC/O Apollo Global Management, Llc, 9 West 57Th Street, 43Rd Floor, New York, NY 100191
  • Phone(212) 515-32001
  • Shares outstanding128,212,093 as of Aug 7, 202613
  • Public float$1.3B as of Jun 30, 20255
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJul 10, 20091
  • Filings865 in all: 4 (284), 8-K (173), 10-Q (51), 424B5 (29), SC 13G/A (29), 3 (22), UPLOAD (21), DEFA14A (20)1
    All 49 form types

    144 (19), 40-APP/A (18), 10-K (17), DEF 14A (17), CORRESP (15), 425 (11), SC 13G (11), S-3ASR (10), SC 13D/A (10), ARS (8), S-11/A (8), 4/A (7), EFFECT (7), FWP (7), 40-APP (5), S-3/A (5), SCHEDULE 13G/A (5), 3/A (4), 8-K/A (4), D (4), S-3 (4), S-8 (4), SCHEDULE 13G (4), 8-A12B (3), CERTNYS (3), IRANNOTICE (3), S-4/A (3), 25-NSE (2), 424B1 (2), 424B3 (2), DEFM14A (2), PREM14A (2), S-11 (2), 10-K/A (1), 5 (1), POS EX (1), POSASR (1), RW (1), S-3D (1), S-4 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 10, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) May 29, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueARINew York Stock Exchange

From the cover page of the 10-K filed Feb 10, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Apollo Commercial Real Estate Finance, Inc. names in Item 1A of its 10-K filed Feb 10, 2026: 74 risks under these headings, as written.5

  • RISKS RELATED TO OUR BUSINESS AND STRUCTURE
  • We operate in a competitive market for investment opportunities and future competition may limit our ability to acquire desirable target assets or dispose of our target assets and could also affect the pricing of these securities.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, a misappropriation of funds, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We cannot assure our stockholders of our ability to pay dividends in the future.
  • We cannot predict the unintended consequences and market distortions that may stem from far-ranging governmental intervention in the economic and financial system or from regulatory reform of the oversight of financial markets.
  • The Manager may be unable to operate us within the parameters that allow the Manager to be exempt from regulation as a commodity pool operator, which would subject us to additional regulation and compliance requirements, and could materially adversely affect our business and financial condition.
  • The long term impact from major public health events and related disruptions in the U.S. and global economy and financial markets could adversely impact or disrupt our financial condition and results of operations.
  • Climate change-related risks and regulatory and other efforts to address potential climate change impacts could adversely affect our business.
  • Evolving investor-related sentiment to environmental, social, and/or governance issues could adversely affect our business.
  • Certain provisions of Maryland law could inhibit changes in control.
  • Loss of our exclusion from registration under the 1940 Act would adversely affect us.
  • Securities eligible for future sale may have adverse effects on the market price of our common stock.
The other 63 risks
  • Our authorized but unissued shares of common or preferred stock may prevent a change in control.
  • Certain provisions in the indentures governing the 2029 Notes could delay or prevent an otherwise beneficial takeover or takeover attempt of us.
  • Our rights and the rights of our stockholders to take action against our directors and officers are limited, which could limit stockholders' recourse in the event of actions not in stockholders' best interests.
  • Our charter contains provisions that make removal of our directors difficult, which could make it difficult for stockholders to effect changes to our management.
  • Ownership limitations may restrict change of control or business combination opportunities in which our stockholders might receive a premium for their shares.
  • Future litigation or administrative proceedings could have a material and adverse effect on our business, financial condition and results of operations.
  • RISKS RELATED TO OUR FINANCING AND HEDGING
  • Our access to sources of financing may be limited and thus our ability to potentially enhance our returns may be adversely affected.
  • We leverage certain of our target assets, which may adversely affect our return on our assets and may reduce cash available for distribution.
  • We may increase the amount of leverage we use in our financing strategy, which would subject us to greater risk of loss.
  • Additionally, we may fail to comply with our covenants prescribed in our debt agreements, which may impact our ability to borrow under our financing arrangements and/or result in acceleration of debt.
  • Credit facilities and secured debt arrangements that we may use to finance our assets may require us to provide additional collateral or pay down debt.
  • Our existing secured debt arrangements impose restrictive covenants.
  • Should we choose to employ non-recourse long-term securitizations in the future, such structures may expose us to risks which could result in losses to us.
  • An increase in our borrowing costs relative to the interest we receive on our leveraged assets may adversely affect our profitability and our cash available for distribution to our stockholders.
  • Interest rate fluctuations could reduce the income on our assets and could increase our financing costs, which may adversely affect our earnings and our cash available for distribution to our stockholders.
  • Our rights under our secured debt arrangements may be subject to the effects of the bankruptcy laws in the event of the bankruptcy or insolvency of us or our lenders under the secured debt arrangements, which may allow our lenders to repudiate our secured debt arrangements.
  • We may enter into hedging transactions that could expose us to contingent liabilities in the future and adversely impact our financial condition.
  • RISKS RELATED TO OUR ASSETS
  • We cannot assure stockholders that we will be successful in consummating additional opportunities we identify which would likely materially affect our business, financial condition, liquidity and results of operations.
  • We may not achieve our weighted-average all-in yield on our assets, which may lead to future returns that may be significantly lower than anticipated.
  • We may be subject to lender liability claims.
  • Any credit ratings assigned to our assets will be subject to ongoing evaluations and revisions and we cannot assure stockholders that those ratings will not be downgraded.
  • Acquisitions of preferred equity involve a greater risk of loss than traditional debt transactions.
  • The lack of liquidity of our assets may adversely affect our business, including our ability to value and sell our assets.
  • Allowances for loan losses are difficult to estimate.
  • Our assets may be concentrated and are subject to risk of default.
  • The commercial mortgage loans and other commercial real estate-related loans we acquire are subject to delinquency, foreclosure and loss, any or all of which could result in losses to us.
  • We may need to foreclose on certain of the loans we originate or acquire and may take title to the properties securing such loans. Owning and operating real property involves risks that are different (and in many ways more significant) than the risks faced in owning an asset secured by that property, which could result in losses that harm our results of operations and financial condition.
  • B Notes and mezzanine loans we acquire may be subject to losses. The B Notes we acquire may be subject to additional risks relating to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • Our commercial real estate corporate debt assets and loans and debt securities of commercial real estate operating or finance companies will be subject to the specific risks relating to the particular company and to the general risks of investing in real estate-related loans and securities, which may result in significant losses.
  • A prolonged economic slowdown, a lengthy or severe recession or declining real estate values could impair our assets and harm our operations.
  • Recent macroeconomic trends, including inflation and higher interest rates, may adversely affect our business, financial condition and results of operations.
  • Our real estate assets are subject to risks particular to real property. These risks may have resulted and may continue to result in a reduction or elimination of return from a loan secured by a particular property.
  • Certain of our loans are denominated in currencies other than USD or are secured by assets located outside of the United States which subject us to the uncertainty of foreign laws and markets, geopolitical issues, and foreign currency risks.
  • We maintain cash balances in our bank accounts that exceed the Federal Deposit Insurance Corporation insurance limitation.
  • Assets that we acquire with co-investors could be materially and adversely affected by our lack of sole decision-making authority, our reliance on our co-investors' financial condition and disputes between us and our co-investors.
  • RISKS RELATED TO OUR RELATIONSHIP WITH THE MANAGER
  • There are various conflicts of interest in our relationship with Apollo which could result in decisions that are not in the best interests of our stockholders.
  • The Manager's and Apollo's liability is limited under the Management Agreement, and we have agreed to indemnify the Manager against certain liabilities. As a result, we could experience poor performance or losses for which the Manager would not be liable.
  • The termination of the Management Agreement may be difficult and costly, which may adversely affect our inclination to end our relationship with the Manager.
  • We do not own the Apollo name but may use it pursuant to a license agreement with Apollo. Use of the name by other parties or the termination of our license agreement may harm our business.
  • The manner of determining the base management fee may not provide sufficient incentive to the Manager to maximize risk-adjusted returns on our investment portfolio since it is based on our stockholders' equity (as defined in the Management Agreement) and not on other measures of performance.
  • The Manager manages our portfolio pursuant to very broad investment guidelines and our board of directors does not approve each decision made by the Manager, which may result in us undertaking riskier transactions.
  • Possession of material, non-public information could prevent us from undertaking advantageous transactions; Apollo could decide to establish information barriers.
  • We are dependent on the Manager and its key personnel for our success and upon their access to Apollo's investment professionals and partners. We may not find a suitable replacement for the Manager if the Management Agreement is terminated, or if key personnel leave the employment of the Manager or Apollo or otherwise become unavailable to us.
  • We do not have a policy that expressly prohibits our directors, officers, security holders or affiliates from engaging for their own account in business activities of the types conducted by us. The ability of the Manager and its officers and employees to engage in other business activities may reduce the time the Manager spends managing our business.
  • Our business may be adversely affected if our reputation, the reputation of the Manager or Apollo, or the reputation of counterparties with whom we associate is harmed.
  • RISKS RELATED TO OUR TAXATION AS A REIT
  • Qualifying as a REIT involves highly technical and complex provisions of the Internal Revenue Code, and our failure to qualify as a REIT or remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of cash available for distribution to our stockholders.
  • Complying with REIT requirements may force us to liquidate or forego otherwise attractive investments, to incur debt, or could otherwise adversely affect our ability to execute our business plan.
  • Even if we qualify as a REIT, we may face tax liabilities that reduce our cash flow.
  • The failure of mortgage loans subject to a secured debt arrangement to qualify as a real estate asset would adversely affect our ability to qualify as a REIT.
  • The failure of a loan, including a mezzanine loan or modified loan, to qualify as a real estate asset, or the failure of certain arrangements relating to our hotels to satisfy the REIT requirements, could adversely affect our ability to qualify as a REIT.
  • We may fail to qualify as a REIT or become subject to a penalty tax if the IRS successfully challenges our treatment of our mezzanine loans and certain preferred equity investments as debt for U.S. federal income tax purposes.
  • We may be required to report taxable income for certain investments in excess of the economic income we ultimately realize from them.
  • The "taxable mortgage pool" rules may increase the taxes that we or our stockholders may incur, and may limit the manner in which we effect future securitizations.
  • Although our use of TRSs may be able to partially mitigate the impact of meeting the requirements necessary to maintain our qualification as a REIT, our ownership of and relationship with our TRSs is limited and a failure to comply with the limits would jeopardize our REIT qualification and may result in the application of a 100% excise tax.
  • Complying with REIT requirements may limit our ability to hedge effectively.
  • The tax on prohibited transactions will limit our ability to engage in transactions, including certain methods of securitizing mortgage loans, that would be treated as sales for U.S. federal income tax purposes.
  • We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of shares of our common stock.
  • Our qualification as a REIT and exemption from U.S. federal income tax with respect to certain assets may be dependent on the accuracy of legal opinions or advice rendered or given or statements by the issuers of assets that we acquire, and the
  • inaccuracy of any such opinions, advice or statements may adversely affect our REIT qualification and result in significant corporate-level tax.
  • RISKS RELATED TO THE ASSET SALE
  • While the Asset Sale is pending, we are subject to uncertainty and contractual restrictions that could disrupt our business.
  • The Purchase Agreement contains a termination fee and may discourage competing offers.
  • The Purchase Agreement contains provisions that, after expiration of the go-shop period, could discourage a potential competing acquiror or could result in any competing proposal being at a lower price than it might otherwise be.
  • Our management agreement with our Manager is difficult to terminate, which may discourage competing proposals from other bidders.

Legal proceedings

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Refer to "Note 18 - Commitments and Contingencies" for further detail regarding legal proceedings.

The opening of Item 3, Legal Proceedings.5

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