ARI · Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (ARI) completed the sale of its commercial real estate loan portfolio to Athene Holding Ltd. for approximately $8.6 billion in cash, representing 99.7% of the total commitment amount. The transaction, approved by stockholders on April 21, 2026, resulted in ARI holding $2.2 billion in cash (book value per share $12.05) after repaying its financing facilities. Concurrently, ARI entered into an amended management agreement with ACREFI Management, LLC, reducing the base management fee to 0.75% (if ROE <7.5%) or 1.5% (if ROE ≥7.5%), payable in shares initially, with a permanent increase to 1.5% cash after achieving a 7.5% ROE for two consecutive quarters. The company also terminated its Term Loan B and $275 million revolving credit facility, and will redeem $500 million in 4.625% Senior Secured Notes due 2029 on June 15, 2026. Management is evaluating new commercial real estate strategies; if none announced by year-end, the board may explore dissolution. The sale delivered a premium to recent trading prices, reflecting stockholder value maximization.