Apollo Commercial Real Estate Finance

What Apollo Commercial Real Estate Finance does

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) was a publicly traded commercial mortgage real estate investment trust (REIT) founded in 2009 and headquartered at 9 West 57th Street in New York. The company originated, acquired, invested in, and managed performing commercial first mortgage loans and other commercial real estate-related debt investments, including mezzanine loans, preferred equity investments, and commercial mortgage-backed securities (CMBS). It served commercial real estate operators, developers, and owners seeking capital for income-producing properties across office, retail, industrial, multifamily, and hospitality asset classes, and distributed shares to institutional and retail investors through the NYSE and a direct stock purchase plan administered by EQ Shareowner Services.

The company was externally managed by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which provided institutional deal flow, origination capabilities, and access to a global CRE debt platform with approximately $19 billion in originations and parent AUM of roughly $938 billion as of December 31, 2025. Revenue was generated primarily through interest income from the loan portfolio, with a historical dividend policy of $0.25 per share quarterly (approximately 9% annualized yield). The company operated offices in New York (headquarters), San Francisco (originations), and London (European loan inquiries).

In January 2026, ARI announced the sale of its entire $9 billion commercial real estate loan portfolio to Athene Holding Ltd. (an Apollo affiliate), which closed on April 24, 2026 at 99.7% of loan value. Following the sale, ARI retained approximately $2.2 billion in total assets (primarily cash and four REO assets valued at $466 million). On June 15, 2026, the Board of Directors approved a plan to dissolve and liquidate the company, declaring a special cash dividend of $3.75 per share. The company was subsequently removed from the S&P SmallCap 600 index on June 24, 2026, and is now in active wind-down.

Name

Apollo Commercial Real Estate Finance

Legal name

Apollo Commercial Real Estate Finance, Inc.

Website

https://apolloreit.com

Company type

Public

Founded year

2009

Operating status

Closed

Headcount range

1–10 employees

Short description

Apollo Commercial Real Estate Finance (NYSE: ARI) was a commercial mortgage REIT that originated and managed first mortgage loans and CRE-related debt investments. Externally managed by an Apollo Global Management subsidiary, the company sold its $9B loan portfolio to Athene in April 2026 and is now dissolving.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189)

akta.pro primary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

akta.pro secondary industries

Mezzanine Debt & Preferred Equity (CRE Capital Stack) (FSALADAI), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate lending
• Mortgage REIT
• Commercial mortgage loans
• Real estate debt investments
• Mezzanine financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Interest Income from Commercial Real Estate Loans: The company historically generated revenue through interest income from its commercial real estate loan portfolio, including first mortgage loans, mezzanine loans, and preferred equity investments. Following the sale of its $9 billion loan portfolio to Athene in April 2026, the company is in wind-down mode with remaining assets being liquidated.
2. Asset Liquidation and Return of Capital: Following the board-approved dissolution plan announced in June 2026, the company is liquidating remaining assets including approximately $2.2 billion in cash and REO portfolio valued at $466 million, with proceeds being returned to shareholders through special dividends.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Apollo Commercial Real Estate Finance is a publicly traded mortgage REIT that originated, acquired, invested in, and managed performing commercial first mortgage loans and other commercial real estate-related debt investments. The company provided senior and mezzanine debt, preferred equity investments, and CMBS exposure to commercial real estate owners, operators, and developers. Following the April 2026 sale of its $9 billion loan portfolio to Athene Holding Ltd., the company is in dissolution mode, liquidating remaining assets and returning capital to shareholders.

Product overview

Apollo Commercial Real Estate Finance, Inc. (ARI) was a real estate investment trust (REIT) externally managed by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc. The company primarily originated, acquired, invested in and managed performing commercial first mortgage loans and other commercial real estate-related debt investments. Following the sale of its loan portfolio to Athene Holding Ltd. in April 2026, the company announced a wind-down and dissolution plan. As of the dissolution announcement, the company held approximately $2.2 billion in total assets (mostly cash) and four REO assets with $900 million in gross value, with plans to sell its $466 million REO portfolio and return cash to shareholders. No specific named products, modules, or sub-brands were identified in the source data—the company operated as a single business entity focused on commercial real estate lending.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial First Mortgage Loans
• Mezzanine Loans
• Preferred Equity Investments
• Commercial Mortgage-Backed Securities (CMBS)
• Direct Stock Purchase and Dividend Reinvestment Plan
• Special Cash Dividend (Liquidation Distribution)

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• EQ Shareowner ServicesminorOthersEQ Shareowner Services serves as the transfer agent and administrator for ARI's Direct Stock Purchase and Dividend Reinvestment Plan. Contact: 1110 Centre Point Curve, Suite 101, Mendota Heights, MN 55120.

Scale indicators12 records

Recent moves7 records

Expansion highlights2 records

Direct peers

• Ready Capital: Public CRE finance company (NYSE: RC) that originates and acquires small-balance CRE loans and CMBS — competes in adjacent CRE lending segments and was itself subject to a take-private in 2024.
• Ladder Capital: Public CRE-focused commercial mortgage REIT and balance-sheet lender (NYSE: LADR) that originates senior and subordinate CRE loans, competes head-to-head for institutional CRE credit deals.
• Ares Commercial Real Estate: Externally managed CRE mortgage REIT (NYSE: ACRE) sponsored by Ares Management, originating senior floating-rate and bridge CRE loans — same sponsor/REIT structure as ARI with overlapping product.
• BrightSpire Capital: Public externally managed CRE debt REIT (NYSE: BRSP) that invests in senior and mezzanine CRE loans, directly comparable to ARI in product mix and shareholder structure.
• TPG RE Finance Trust: Externally managed CRE mortgage REIT (NYSE: TRTX) sponsored by TPG focused on senior floating-rate CRE loans — direct competitor with same sponsor-driven origination model.
• KKR Real Estate Finance Trust: Externally managed mortgage REIT (NYSE: KREF) sponsored by KKR that focuses on senior CRE loans, directly comparable in structure (external manager) and product mix (first mortgage + mezzanine).
• Blackstone Mortgage Trust: Public mortgage REIT (NYSE: BXMT) externally managed by Blackstone Real Estate that originates and holds senior floating-rate CRE loans — the closest direct competitor to ARI in scale, structure, and underwriting approach.
• Starwood Property Trust: Diversified CRE finance REIT (NYSE: STWD) that originates senior and mezzanine CRE loans and invests in CMBS — overlaps ARI's whole-loan, mezzanine, and CMBS strategies with similar scale.

Broad incumbents

• Annaly Capital Management: Large public mortgage REIT (NYSE: NLY) primarily focused on residential agency MBS but with a sizable CRE debt book — comparable as a publicly traded yield-oriented mortgage REIT serving income-focused equity investors.
• Apollo Realty Income Solutions (ARIS): Non-traded Apollo-managed REIT (managed by Apollo Global Management, the same sponsor as ARI) — a direct successor vehicle inheriting Apollo's CRE credit origination platform post-ARI's wind-down.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/apollo-commercial-real-estate-finance-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apollo Commercial Real Estate Finance