Apollo Commercial Real Estate Finance (ARI)
Winding down a formerly Apollo-managed commercial real estate loan REIT.
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After selling its commercial real estate loan portfolio, the vehicle now holds cash and retained real estate while its board pursues liquidation and winding up. Its prior model was an Apollo-managed mortgage REIT focused on senior commercial mortgages, subordinate financings, and related real estate debt.
Formed in 2009 as an Apollo-sponsored commercial real estate finance vehicle, the legacy business originated, acquired, and managed senior mortgage loans, subordinate financings, and related real estate debt. Collateral was tied to commercial properties in the United States and Europe, with real estate owned also part of the asset base.
After the Athene portfolio sale, the public company shifted from credit origination to cash, retained real estate interests, and disposition work. Remaining properties cited in company materials include multifamily, hotel, and healthcare real estate.
Execution runs through ACREFI Management and Apollo affiliates because the issuer has no employees and is externally managed. The board has said liquidation, asset sales, and winding up are advisable, while retaining authority to modify the plan or pursue another strategic alternative.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 25, 2026 | BTIG | Downgrade | ||
| Oct 20, 2025 | JP Morgan | Upgrade | ||
| Apr 7, 2025 | Keefe, Bruyette & Woods | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.24B · Total debt $371.4M · Total assets $2.14B · Shareholders' equity $1.25B
- Revenue
- −$261.4M
- Operating income
- $63.0M
- Net income
- $25.8M
HistoryDividendAnnual yield
| Institutions | ≈ 64.25% | 82.37M shares | |
|---|---|---|---|
| 295 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.91% | 11.42M shares | |
| 10 holders · as of Aug 27, 2026 | |||
| Other | ≈ 26.84% | 34.42M shares | |
| remainder | |||
128.21M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.30% | 11.93M | as of Jun 30, 2026 |
Investment Authority Qatar1,2Insider10 percent owner | 8.18% | 10.49M | filed Jan 27, 2021 |
Newtyn Management, LLCInstitution | 8.04% | 10.31M | filed Jul 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.75% | 6.09M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.70% | 6.03M | as of Jun 30, 2026 |
- Investment Authority Qatar's transaction reports restate only vehicles that traded; the 2021 ownership statement (10.49M) is used instead.
- Investment Authority Qatar reports a block also reported by Newtyn Management, LLC; it is counted once, under Newtyn Management, LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Michael Salvati | director | −960 | $6.86 |
| May 13, 2026 | Carmencita N.M. Whonder | director | −4,574 | $10.93 |
| Dec 15, 2025 | Stuart Rothstein | director, officer: President & CEO | −52,072 | $10.16 |
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CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Apollo Commercial Real Estate Finance | $6.40 | −0.31% | $842.0M | 8.1 | 57.5 | 3.2 | +3.1% |
| Blackstone Mortgage Trust | $13.14 | −0.08% | $2.24B | 165.9 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.18 | +0.56% | $5.56B | 22.0 | 9.0 | 2.7 | +7.9% |
| KKR Real Estate Finance Trust | $6.62 | +0.08% | $434.7M | — | — | 1.0 | −41.6% |
| Ladder Capital | $9.41 | −0.05% | $1.20B | 22.5 | 8.7 | 3.2 | −40.9% |
| Ares Commercial Real Estate | $4.45 | +0.23% | $243.0M | — | 20.4 | 2.5 | — |
| BrightSpire Capital | $4.28 | +0.12% | $528.9M | — | 7.1 | 1.6 | −2.8% |
| Median | 22.5 | 9.0 | 2.0 | −2.8% |