ARI · Apollo Commercial Real Estate Finance, Inc.

The shareholder approval of both proposals represents a significant corporate action for Apollo Commercial Real Estate Finance, Inc. The Asset Sale Proposal authorizes the company to sell its core commercial real estate loan portfolio to Athene Holding Ltd., fundamentally changing the company's asset base and business composition. This transaction is governed by an asset purchase and sale agreement dated January 27, 2026. The related Common Stock Issuance Proposal, which was contingent on approval of the Asset Sale Proposal, authorizes the company to issue shares of common stock to its manager, ACREFI Management, LLC, in lieu of cash payments under an amended management agreement. This equity issuance will affect the company's capital structure and shareholder dilution. Both proposals received strong shareholder support, with the Asset Sale Proposal passing with approximately 99.2% of votes cast in favor and the Common Stock Issuance Proposal passing with approximately 98.5% of votes cast in favor. The high approval margins suggest broad shareholder alignment with management's strategic direction. The transaction represents a material disposition of assets that will significantly impact the company's future operations and financial profile.