Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) Completes Sale of \$9 Billion Commercial Real Estate Loan Portfolio

Key Highlights

• Transaction Size: ARI has completed the sale of its \$9 billion commercial real estate loan portfolio to Athene Holding Ltd.
• Shareholder Approval: The transaction was approved by a majority of ARI’s outstanding common shareholders at a special meeting held on April 21, 2026, reflecting broad shareholder support.
• Resulting Financial Position: Following repayment of all outstanding financing facilities, other indebtedness, and transaction expenses, ARI’s total assets will primarily consist of cash, totaling \$2.2 billion, or a book value per share of \$12.05.
• Management Statement: CEO Stuart Rothstein stated that the sale affirms ARI’s thesis that its loan portfolio was undervalued in public markets, and that the direct sale to an institutional buyer like Athene was the optimal way to realize value for shareholders. The transaction delivered a compelling premium over recent trading levels.

Strategic Implications and Shareholder Considerations

• Future Strategy Under Review: ARI’s management, in consultation with the board of directors and Apollo senior investment professionals, is currently evaluating a range of commercial real estate–related strategies to reposition the company. The goal is to deliver attractive returns to shareholders going forward.
• Management Fee Reduction: During this evaluation period, ARI’s annual management fee will be reduced by 50% and paid in shares of common stock, further aligning Apollo’s interests with those of ARI’s shareholders.
• Potential Corporate Actions: If a new strategy or strategic transaction is not announced by year-end 2026, Apollo intends to recommend that ARI’s board explore all available strategic alternatives, including a possible dissolution of the company.

Advisors on the Transaction

• BofA Securities served as independent financial advisor to ARI’s board special committee.
• Fried, Frank, Harris, Shriver & Jacobson LLP was the special committee’s independent legal advisor.
• Clifford Chance US LLP served as ARI’s legal counsel.
• Sidley Austin LLP and Eastdil Secured acted as legal and financial advisors, respectively, to Athene Holding Ltd.
• Goldman Sachs served as a financial advisor to Apollo.

What Investors Need to Know

• Significant Cash Position: With \$2.2 billion in cash post-transaction, ARI is in a strong position to either return capital to shareholders or redeploy into new strategies. This could lead to share buybacks, special dividends, or strategic reinvestment.
• Premium Realized: The transaction delivered a premium to where ARI shares have traded in recent years, which is likely to be price sensitive and may result in share price appreciation.
• Uncertainty and Opportunity: Investors should be aware of the ongoing strategic review, the temporary reduction in management fees, and the potential for major corporate actions, including company dissolution, if no new strategy is announced by year-end. These factors could create both risk and opportunity for ARI’s share price in the near to medium term.

About Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust (REIT) that primarily originates, acquires, invests in, and manages performing commercial first mortgage loans, subordinate financings, and other commercial real estate–related debt investments. The company is externally managed by ACREFI Management, LLC, an Apollo Global Management subsidiary, which as of December 31, 2025, managed approximately \$938 billion in assets.

Forward-Looking Statements

This article contains information based on forward-looking statements, including possible future results of ARI’s business, financial condition, and strategic plans. These statements involve substantial risks and uncertainties, including but not limited to market trends, real estate values, and execution of new strategies. Investors are encouraged to read ARI’s public filings for a complete list of risk factors.

Contact Information

• For ARI investor inquiries: Hilary Ginsberg, ARI Investor Relations, (212) 822-0767, [email protected]
• For Apollo investor inquiries: Noah Gunn, Global Head of Investor Relations, Apollo Global Management, Inc., (212) 822-0540, [email protected]
• For media inquiries: Joanna Rose, Global Head of Corporate Communications, Apollo Global Management, Inc., (212) 822-0491, [email protected]

Disclaimer

This article is provided for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with their financial advisors before making investment decisions. The information herein is based on company disclosures as of April 24, 2026, and may be subject to change.

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