Apollo Commercial Real Estate Finance
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.
- Company typePublic
- Founded2009
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Apollo Commercial Real Estate Finance firmographics
Firmographics- 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
Apollo Commercial Real Estate Finance industry classification
Industry- 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
Where Apollo Commercial Real Estate Finance is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Apollo Commercial Real Estate Finance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Quarterly dividend of $0.25 per share (pre-wind-down) |
| One time/ perpetual license | One-time | Special dividend of $3.75 per share (liquidation) |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Apollo Commercial Real Estate Finance product offering
Product offeringCore 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)
Companies that use Apollo Commercial Real Estate Finance
Customer profileSegments1 record
Ideal customer profiles2 records
Apollo Commercial Real Estate Finance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Apollo Commercial Real Estate Finance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- EQ Shareowner ServicesminorEQ 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
Apollo Commercial Real Estate Finance competitors and assessment
Company assessmentDirect 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
Apollo Commercial Real Estate Finance social profiles
Digital presenceApollo Commercial Real Estate Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Apollo Commercial Real Estate Finance leadership team
Management profileNumber of profiles
Profiles13 records
Apollo Commercial Real Estate Finance funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Apollo Commercial Real Estate Finance M&A and investment
M&A and investmentM&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
What does Apollo Commercial Real Estate Finance do?
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.
Is Apollo Commercial Real Estate Finance a public or private company?
Apollo Commercial Real Estate Finance is a public company. It is classified as public and is currently closed.
When was Apollo Commercial Real Estate Finance founded?
Apollo Commercial Real Estate Finance was founded in 2009. It employs 1 to 10 people.
Where is Apollo Commercial Real Estate Finance based?
Apollo Commercial Real Estate Finance is headquartered in New York, United States, in the North America region.
How does Apollo Commercial Real Estate Finance make money?
Two revenue lines are on record. Interest Income from Commercial Real Estate Loans are the primary driver. The others are asset Liquidation and Return of Capital.
Who are Apollo Commercial Real Estate Finance's main competitors?
Direct peers on record are Ready Capital, Ladder Capital, Ares Commercial Real Estate, BrightSpire Capital, TPG RE Finance Trust, KKR Real Estate Finance Trust, Blackstone Mortgage Trust and Starwood Property Trust. Broad incumbents are Annaly Capital Management and Apollo Realty Income Solutions (ARIS).
Does Apollo Commercial Real Estate Finance have an API?
No public API is recorded for Apollo Commercial Real Estate Finance.
What industry is Apollo Commercial Real Estate Finance in?
Apollo Commercial Real Estate Finance's product category is Commercial Real Estate Lending. Its primary akta.pro industry code is FSAHAIAB, Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO), with a secondary code of FSALADAI, Mezzanine Debt & Preferred Equity (CRE Capital Stack). Its NAICS code is 523940 and its SIC code is 6162.