ARI director receives 9,587-share stock grant

SALVATI MICHAEL reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 04/03/2026 - 04:31 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

SALVATI MICHAEL reported acquisition or exercise transactions in this Form 4 filing.

Apollo Commercial Real Estate Finance director Michael Salvati received a stock grant of 9,587 shares of Common Stock on April 1, 2026. The shares were granted at no cash cost to him under the company’s 2024 Equity Incentive Plan, reflecting equity-based compensation rather than a market purchase.

After this award, Salvati directly owns 162,542 shares of Apollo Commercial Real Estate Finance common stock. He also has indirect ownership of 835 shares held in his spouse’s IRA and 125 shares held in a joint account with his son over which he has direct control.

Insider Trade Summary

Grant/Award: 9,587 shares

Grant/Award 1 txn

Insider SALVATI MICHAEL

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9,587	$0.00	$0.00
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 162,542 shares (Direct); Common Stock — 835 shares (Indirect, By spouse's IRA)

Footnotes (2)

1. F1. The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.
2. F2. 125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son. The Reporting Person has direct control over the joint account.

Key Figures

Shares granted: 9,587 shares Direct holdings after grant: 162,542 shares Indirect holdings via spouse’s IRA: 835 shares +2 more

5 metrics

Shares granted 9,587 shares Common Stock grant on April 1, 2026 under 2024 Equity Incentive Plan

Direct holdings after grant 162,542 shares Common Stock directly owned by Michael Salvati following the transaction

Indirect holdings via spouse’s IRA 835 shares Common Stock held indirectly in spouse’s IRA

Joint account holdings with son 125 shares Common Stock in joint account with son under Salvati’s direct control

Grant price per share $0.0000 per share Indicates no cash paid by Salvati for granted shares

Key Terms

Equity Incentive Plan, Common Stock, IRA, joint account

4 terms

Equity Incentive Plan financial

"The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan."

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

Common Stock financial

"125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

IRA financial

"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

"125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Apollo Commercial Real Estate Finance (ARI) director Michael Salvati report on this Form 4?

Director Michael Salvati reported receiving 9,587 shares of Apollo Commercial Real Estate Finance common stock. The shares were granted as equity compensation, not bought in the open market, and increased his direct holdings to 162,542 shares after the transaction.

Was the ARI stock transaction by Michael Salvati a market purchase or a grant?

The transaction was a share grant, not a market purchase. Apollo Commercial Real Estate Finance granted 9,587 shares to Salvati under its 2024 Equity Incentive Plan, meaning he did not pay cash for the shares reported on this Form 4.

How many Apollo Commercial Real Estate Finance (ARI) shares does Michael Salvati own after this filing?

After the reported grant, Michael Salvati directly owns 162,542 shares of Apollo Commercial Real Estate Finance common stock. In addition, he has indirect ownership of 835 shares in his spouse’s IRA and 125 shares in a joint account with his son.

What is the significance of the 9,587-share grant reported by ARI director Michael Salvati?

The 9,587-share grant represents equity-based compensation under Apollo Commercial Real Estate Finance’s 2024 Equity Incentive Plan. It increases Salvati’s alignment with shareholders by expanding his direct stake, but it is a routine compensation award rather than a discretionary open-market trade.

How are Michael Salvati’s indirect ARI share holdings structured in this Form 4?

The Form 4 shows 835 Apollo Commercial Real Estate Finance shares held indirectly through his spouse’s IRA and 125 shares in a joint account with his son. The filing notes that Salvati has direct control over the joint account with his son.

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

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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 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)
04/01/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		A		9,587(1)	A	$0	162,542(2)	D
Common Stock								835	I	By spouse's IRA

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Issuer granted these shares to the Reporting Person pursuant to the Issuer's 2024 Equity Incentive Plan.

2. 125 shares of the Issuer's common stock are held in a joint account with the Reporting Person's son. The Reporting Person has direct control over the joint account.

	/s/ Jessica L. Lomm, as Attorney-in-Fact	04/03/2026
	** 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)