Here are the 10-K annual reports from Apollo Commercial Real Estate Finance, Inc. (ARI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ARI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ARI filings page.
Apollo Commercial Real Estate Finance, Inc. filed an amended annual report to add Part III information on directors, governance, compensation and ownership, and to describe a major portfolio transaction. As of April 29, 2026, the company had 132,849,702 common shares outstanding, and non‑affiliate market value was about $1.3 billion as of June 30, 2025.
The nine‑member board features a mix of financial, real estate, legal and policy experience, with average tenure of 9.8 years and majority independence. Standing audit, compensation and nominating committees met regularly in 2025, and a special committee held about 24 meetings to evaluate strategic options.
Director pay in 2025 combined cash retainers with equity; most non‑employee directors received total compensation just above $200,000, including restricted stock that vests after one year. The compensation committee also granted 1,400,000 restricted stock units under the 2024 Equity Incentive Plan, including 109,452 units to the CEO and 34,825 to the CFO, vesting over three years.
The filing highlights Apollo’s human‑capital approach as external manager and notes minimum equity‑ownership guidelines for directors. It also discloses an asset purchase agreement under which the company sold its commercial real estate loan portfolio (excluding certain repaid or expected‑to‑repay loans) to Athene for approximately $8.6 billion, equal to about 99.7% of total loan commitments, with up to $10 million of related expenses reimbursable by an Apollo affiliate.
Apollo Commercial Real Estate Finance, Inc. is a REIT that focuses on originating and investing in commercial first mortgage loans, subordinate financings and other real estate debt. As of December 31, 2025, it held about $8.7 billion of commercial mortgage loans, $62.2 million of subordinate loans and $842.9 million of real estate assets.
The portfolio is financed with $6.3 billion of secured debt, $746.3 million of senior secured term loans and $500.0 million of 4.625% senior secured notes due 2029. The company is externally managed by an Apollo subsidiary and relies on leverage, securitizations and hedging to enhance returns while maintaining REIT and 1940 Act exemptions.
A key development is a January 27, 2026 Purchase Agreement with Athene Holding Ltd. to sell substantially all of its commercial real estate loan portfolio, excluding two loans with $146 million principal that are expected to repay before closing. The filing highlights extensive risks around competition, financing, regulation, cybersecurity, climate, REIT status and execution of the proposed asset sale.