Apollo Commercial director sells 960 shares at $6.86

Q: What insider transactions did ARI director Michael Salvati report?

Michael Salvati reported two sales totaling 960 shares of Apollo Commercial Real Estate Finance, Inc. common stock on 2026-08-25, both coded as open-market or private-sale transactions at a reported price of $6.86 per share.

Q: How many ARI shares did Michael Salvati sell from indirect holdings?

Salvati reported selling 835 shares of ARI common stock held indirectly through his spouse’s IRA on 2026-08-25 at $6.86 per share, leaving 0 shares in that indirect account after the transaction.

Q: Were Michael Salvati’s ARI stock sales under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not checked, and there is no footnote indicating a trading plan, so the reported 2026-08-25 ARI stock sales were not identified as made pursuant to a Rule 10b5-1 plan.

Q: What ARI shares were held in a joint account mentioned in the Form 4?

A footnote states that 125 shares of ARI common stock sold on 2026-08-25 were held in a joint account with the reporting person’s son, over which the reporting person had direct control, and those shares are reported as directly owned.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

A director of Apollo Commercial Real Estate Finance, Inc. (ARI), Michael Salvati, reported two open-market sales of common stock on 2026-08-25 totaling 960 shares at $6.86 per share. An 835-share sale from a spouse’s IRA eliminated his indirect holdings, while a 125-share sale from a joint account left him with 162,417 directly held shares. The trades were not reported as made under a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Seller: 960 shares

Net Sell 2 txns

Insider SALVATI MICHAEL

Role Director

Sold 960 shs ($7K)

Type	Security	Shares	Price	Value
Sale	Common Stock	835	$6.86	$6K
Sale	Common Stock ^F1	125	$6.86	$857.50

Holdings After Transaction: Common Stock — 0 shares (Indirect, By spouse's IRA); Common Stock — 162,417 shares (Direct)

Footnotes (1)

F1. These shares of the Issuer's common stock were held in a joint account with the Reporting Person's son. The Reporting Person had direct control over the joint account.

Key Figures

Shares sold (spouse’s IRA, indirect): 835 shares at $6.86 per share Shares sold (joint account, direct): 125 shares at $6.86 per share Total shares sold: 960 shares +2 more

5 metrics

Shares sold (spouse’s IRA, indirect) 835 shares at $6.86 per share Sale of ARI common stock on 2026-08-25; indirect ownership by spouse’s IRA reduced to 0 shares

Shares sold (joint account, direct) 125 shares at $6.86 per share Sale of ARI common stock on 2026-08-25 from joint account with son under direct control

Total shares sold 960 shares Aggregate of two sale transactions of ARI common stock reported for 2026-08-25

Direct holdings after transactions 162,417 shares Directly owned ARI common stock following the 125-share sale from the joint account

Indirect holdings after transactions 0 shares Indirect ARI holdings in spouse’s IRA after the 835-share sale

Key Terms

indirect, IRA, joint account, Rule 10b5-1

4 terms

indirect financial

"ownership_type": "indirect""

IRA financial

"nature_of_ownership": "By spouse's IRA""

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

joint account financial

"were held in a joint account with the Reporting Person's son."

Rule 10b5-1 regulatory

"aff_10b5_one": false"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider transactions did ARI director Michael Salvati report?

Michael Salvati reported two sales totaling 960 shares of Apollo Commercial Real Estate Finance, Inc. common stock on 2026-08-25, both coded as open-market or private-sale transactions at a reported price of $6.86 per share.

How many ARI shares did Michael Salvati sell from indirect holdings?

Salvati reported selling 835 shares of ARI common stock held indirectly through his spouse’s IRA on 2026-08-25 at $6.86 per share, leaving 0 shares in that indirect account after the transaction.

What are Michael Salvati’s ARI holdings after these transactions?

After the reported 2026-08-25 sales, Michael Salvati holds of ARI common stock directly. His indirect holdings via his spouse’s IRA were reduced to 0 shares following the 835-share sale from that account.

Were Michael Salvati’s ARI stock sales under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is not checked, and there is no footnote indicating a trading plan, so the reported 2026-08-25 ARI stock sales were not identified as made pursuant to a Rule 10b5-1 plan.

What ARI shares were held in a joint account mentioned in the Form 4?

A footnote states that 125 shares of ARI common stock sold on 2026-08-25 were held in a joint account with the reporting person’s son, over which the reporting person had direct control, and those shares are reported as directly owned.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/27/2026 - 04:16 PM Accepted by SEC EDGAR 08/27/2026 - 04:15 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SALVATI MICHAEL

(Last)

(First)

(Middle)

C/O APOLLO GLOBAL MANAGEMENT, INC.

9 WEST 57TH STREET, 42ND FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Apollo Commercial Real Estate Finance, Inc. [ ARI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/25/2026		S		835	D	$6.86	0	I	By spouse's IRA
Common Stock	08/25/2026		S		125⁽¹⁾	D	$6.86	162,417	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. These shares of the Issuer's common stock were held in a joint account with the Reporting Person's son. The Reporting Person had direct control over the joint account.

	/s/ Jessica L. Lomm, as Attorney-in-Fact	08/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR