Apollo Commercial Real Estate Finance, Inc. (ARI) CEO 10b5-1 Plan Stock Sale

Rhea-AI Filing Summary

Apollo Commercial Real Estate Finance, Inc. disclosed that its President & CEO and director sold 52,072 shares of common stock on December 15, 2025. The transactions were reported with a sale code at a weighted average price of $10.1616 per share, with individual trade prices ranging from $10.08 to $10.21.

After these sales, the insider beneficially owns 229,709 shares of common stock. This total includes 210,122 restricted stock units granted under the company’s equity incentive plans, with each unit representing the contingent right to receive one share as it vests, subject to continued service. The sales were effected under a Rule 10b5-1 trading plan adopted on November 13, 2024.

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).

X

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^*

ROTHSTEIN STUART

(Last) (First) (Middle)

C/O APOLLO GLOBAL MANAGEMENT, INC.

9 WEST 57TH STREET, 42ND FLOOR

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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

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

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

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	12/15/2025		S(1)		52,072	D	$10.1616(2)	229,709(3)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales by the reporting person reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024.

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.08 to $10.21, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Reported amount includes 210,122 restricted stock units ("RSUs") granted under the Amended and Restated Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan and the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of the Issuer's common stock for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU Award Agreement by and between the reporting person and the Issuer, provided the reporting person remains in service through the applicable vesting dates.

	/s/ Jessica L. Lomm, as attorney-in-fact	12/16/2025
	** 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.

FAQ

What insider transaction did Apollo Commercial Real Estate Finance (ARI) report?

The company reported that its President & CEO and director sold 52,072 shares of Apollo Commercial Real Estate Finance, Inc. common stock on December 15, 2025, as shown in Table I of the filing.

At what price were the ARI shares sold by the insider?

The filing states a weighted average sale price of $10.1616 per share. The shares were sold in multiple transactions at prices ranging from $10.08 to $10.21, inclusive.

How many Apollo Commercial Real Estate Finance shares does the insider own after the sale?

Following the reported transaction, the insider beneficially owns 229,709 shares of Apollo Commercial Real Estate Finance, Inc. common stock, as disclosed in column 5 of Table I.

How many RSUs are included in the insider’s ARI holdings?

The reported beneficial ownership includes 210,122 restricted stock units (RSUs) granted under the 2019 Equity Incentive Plan and the 2024 Equity Incentive Plan. Each RSU represents the contingent right to receive one share of common stock for each vested unit.

How do the RSUs for ARI’s insider vest?

The RSUs vest in installments according to the terms of the applicable RSU Award Agreement between the reporting person and the issuer. Vesting requires that the reporting person remains in service through the applicable vesting dates.

Was the ARI insider sale made under a Rule 10b5-1 trading plan?

Yes. The explanation of responses notes that the sales reported were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on November 13, 2024, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

What is the insider’s relationship to Apollo Commercial Real Estate Finance (ARI)?

The reporting person is identified as both a Director and an Officer of Apollo Commercial Real Estate Finance, Inc., serving as President & CEO, as indicated in the relationship section of the form.