Apollo Commercial Real Estate Finance Inc (NYSE: ARI) is a commercial real estate finance company that originates, acquires, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate debt investments. It makes money by earning net interest income on its loan portfolio, collecting the spread between borrowing costs and the interest rates charged on originated or acquired debt instruments. ARI is externally managed by an affiliate of Apollo Global Management Inc, a large alternative asset manager, which directs investment strategy and day-to-day operations. The company is structured as a real estate investment trust (REIT), requiring it to distribute at least 90% of taxable income to shareholders as dividends. Its loan book is concentrated in senior mortgage loans secured by commercial real estate assets. The 10-K for the fiscal year ended December 31, 2025 was filed February 10, 2026 under accession number 000119312526044725. Because the filing excerpts provided do not include portfolio size, loan counts, segment revenue breakdowns, or geographic concentration data, those specifics are omitted here.

Revenue model

Net interest income earned on commercial real estate loans and debt investments, including first mortgage loans and subordinate financings. As an externally managed REIT, ARI pays management and incentive fees to its Apollo-affiliated manager rather than bearing those costs internally.

Products and services

Commercial first mortgage loans, subordinate financings, and other commercial real estate debt investments.

Customers and end markets

Commercial real estate borrowers seeking debt financing. End markets include commercial property owners and developers across property types secured by real estate collateral.

Value-chain role

Direct lender and debt investor in commercial real estate capital structures, sitting between equity owners and senior secured creditors depending on loan seniority.

Source: SEC 10-K, filed 2026-02-10

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