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Apollo Commercial Real Estate Finance, Inc. shares were reported as beneficially owned jointly by Irenic Capital Management LP, Irenic Capital Evergreen Master Fund LP, ICM ARI Investor LLC, Adam Katz and Andrew Dodge: 8,410,009 shares, or 6.5% of the class. The reporting persons listed shared voting and dispositive power over all 8,410,009 shares.
As of October 30, 2026, Irenic Capital Evergreen Master Fund LP held the shares and stated its intention to transfer them to ICM ARI Investor LLC. Irenic Capital Management LP is the fund’s investment manager; Adam Katz is its Chief Investment Officer and Andrew Dodge its Director of Research. The 6.5% calculation uses 128,544,353 shares outstanding as of August 24, 2026, as reported in the issuer’s most recent Schedule 14A.
Key Figures
Beneficially owned:8,410,009 sharesPercent of class:6.5%Shares outstanding:128,544,353 shares
Percent of class6.5%Based on shares outstanding as of August 24, 2026
Shares outstanding128,544,353 sharesAs of August 24, 2026
Key Terms
beneficially owned, shared voting power, shared dispositive power
3 terms
beneficially ownedregulatory
"Amount beneficially owned: 8,410,009"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerregulatory
"Shared Voting Power 8,410,009.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 8,410,009.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many ARI shares did Irenic report owning?
The joint reporting persons reported beneficial ownership of 8,410,009 ARI shares, equal to 6.5% of the class. They reported shared voting and dispositive power over 8,410,009 shares.
What transfer did Irenic report for ARI shares?
As of October 30, 2026, Irenic Capital Evergreen Master Fund LP held the 8,410,009 shares and intended to transfer them to ICM ARI Investor LLC.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Apollo Commercial Real Estate Finance, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
03762U105
(CUSIP Number)
10/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
03762U105
1
Names of Reporting Persons
Irenic Capital Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,410,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,410,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,410,009.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
03762U105
1
Names of Reporting Persons
Irenic Capital Evergreen Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,410,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,410,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,410,009.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
03762U105
1
Names of Reporting Persons
ICM ARI Investor LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,410,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,410,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,410,009.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
03762U105
1
Names of Reporting Persons
Adam Katz
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,410,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,410,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,410,009.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
03762U105
1
Names of Reporting Persons
Andrew Dodge
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,410,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,410,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,410,009.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Apollo Commercial Real Estate Finance, Inc.
(b)
Address of issuer's principal executive offices:
c/o Apollo Global Management, Inc., 9 West 57th Street, 42nd Floor, New York, New York 10019
Item 2.
(a)
Name of person filing:
This report on Schedule 13G (this "Schedule 13G") is being jointly filed by (i) Irenic Capital Management LP, a Delaware limited partnership ("Irenic Capital"), (ii) Irenic Capital Evergreen Master Fund LP, a Cayman Islands limited partnership ("Irenic Evergreen Master Fund") (iii) ICM ARI Investor LLC, a Deleware limited liability company ("ICM ARI"), (iv) Adam Katz and (v) Andrew Dodge, with respect to the shares of Class A Common Stock, $0.01 par value (the "Class A Common Stock"), of the Company held by Irenic Evergreen Master Fund and ICM ARI. Irenic Capital is the investment manager of Irenic Evergreen Master Fund. Irenic Capital Management GP LLC ("Irenic Capital GP"), a Delaware limited liability company, is the general partner of Irenic Capital. Irenic Capital Evergreen Fund GP LLC ("Irenic Evergreen GP"), a Delaware limited liability company, is the general partner of Irenic Evergreen Master Fund. Irenic Evergreen Master Fund is the sole member of ICM ARI. Adam Katz is the Chief Investment Officer of Irenic Capital and a managing member of each of Irenic Capital GP and Irenic Evergreen GP. Andrew Dodge is the Director of Research of Irenic Capital and a managing member of each of Irenic Capital GP and Irenic Evergreen GP.
As of October 30, 2026, Irenic Evergreen Master Fund held 8,410,009 shares of the Company, which it intends to transfer to ICM ARI. The percentages reported herein are based on 128,544,353 shares outstanding as of August 24, 2026, as reported on the Company's most recent Schedule 14A filing.
(b)
Address or principal business office or, if none, residence:
The business address of each of Irenic Capital, Irenic Evergreen Master Fund, ICM ARI, Irenic Capital GP, Irenic Evergreen GP and Messrs. Katz and Dodge is 767 Fifth Avenue, 15th Floor, New York, NY 10153.
(c)
Citizenship:
Irenic Capital is a Delaware limited partnership. Irenic Evergreen Master Fund is a Cayman Islands limited partnership. ICM ARI, Irenic Capital GP and Irenic Evergreen GP are Delaware limited liability companies. Messrs. Katz and Dodge are citizens of the United States of America.
(d)
Title of class of securities:
Common Stock, $0.01 par value
(e)
CUSIP Number(s):
03762U105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
8,410,009
(b)
Percent of class:
6.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
8,410,009
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
8,410,009
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
