[Form 4] Apollo Commercial Real Estate Finance, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Apollo Commercial Real Estate Finance insider sale and holdings summary. Stuart Rothstein, President & CEO and a director, reported selling 52,073 shares of ARI common stock on 09/15/2025 at a weighted average price of $10.7785 under a Rule 10b5-1 plan adopted on 11/13/2024. Following the sale, the reporting person beneficially owns 281,781 shares, which includes 210,122 restricted stock units that convert to shares as they vest. The Form 4 was filed and executed by an attorney-in-fact on 09/16/2025.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating pre-scheduled trades and reduced insider trading concerns
• Reporting person retains 281,781 beneficial shares, including a large RSU component that aligns executive and shareholder interests
• Disclosure includes clear footnotes (weighted average price range and RSU details) enhancing transparency

Negative

• Insider disposition of 52,073 shares reduces the reporting person’s immediate equity stake
• Weighted average sale price of $10.7785 reflects liquidity taken at current market levels

Insights

Financial Analyst

TL;DR: Insider sold a modest number of shares under a pre-arranged 10b5-1 plan; holdings remain substantial due to RSUs.

The reported sale of 52,073 shares at an average price of $10.7785 was executed pursuant to a Rule 10b5-1 plan adopted 11/13/2024, which provides an affirmative defense to insider trading claims for pre-scheduled trades. The reporting person still beneficially owns 281,781 shares, including 210,122 RSUs that vest over time, preserving future equity exposure. This disclosure is routine and provides transparency about timed insider liquidity while retaining long-term alignment via unvested RSUs.

Corporate Governance Expert

TL;DR: Transaction appears compliant and disclosed; materiality is limited given retention of sizeable RSU holdings.

The sale was flagged as pursuant to a Rule 10b5-1 plan, reducing governance concerns about opportunistic trades. Continued beneficial ownership of 281,781 shares, including significant RSUs, indicates the executive retains economic exposure to shareholder outcomes. The Form 4 includes required explanatory footnotes and was timely executed by an attorney-in-fact, consistent with standard compliance practice for insider dispositions.

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)
09/15/2025

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	09/15/2025		S(1)		52,073	D	$10.7785(2)	281,781(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 $10.72 to $10.88, 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	09/16/2025
	** 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 did ARI insider Stuart Rothstein sell and when?

The Form 4 reports a sale of 52,073 shares of Apollo Commercial Real Estate Finance (ARI) on 09/15/2025.

At what price were the ARI shares sold?

The shares were sold at a weighted average price of $10.7785, with individual trade prices ranging from $10.72 to $10.88.

Were the sales part of a pre-arranged plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on 11/13/2024.

How many ARI shares does the reporting person beneficially own after the sale?

After the reported transaction the reporting person beneficially owns 281,781 shares, which includes 210,122 RSUs.

What are the RSUs included in the reported holdings?

The Form 4 discloses 210,122 restricted stock units granted under ARI equity incentive plans; each RSU converts to one share upon vesting according to the award agreements.