---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-219682"
form_type: "8-K"
ticker: "ARI"
cik: "0001467760"
company_name: "Apollo Commercial Real Estate Finance, Inc."
filed_at: "2021-07-20T23:59:59+00:00"
generated_at: "2026-06-30T04:04:31.461861+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# ARI exchanges 6.77M shares of 8% Series B Preferred for new 7.25% Series B-1 Preferred

## Summary
- Issued 6,770,393 shares of 7.25% Series B-1 Preferred in exchange for same number of 8% Series B Preferred held by Qatari government entities.
- New preferred has $25 liquidation preference, cumulative 7.25% dividend ($1.8125/yr), payable quarterly; first dividend Oct 15, 2021.
- Company may optionally redeem Series B-1 after July 15, 2026 at $25/share; mandatory redemption on change of control if majority holders elect.
- Registration rights agreement filed: company must use commercially reasonable efforts to file resale shelf registration within 180 days.
- Exchange exempt from registration under Securities Act Section 3(a)(9); no commissions paid.

## SEC filing metadata
- accession: 0001193125-21-219682
- form_type: 8-K
- ticker: ARI
- cik: 0001467760
- company_name: Apollo Commercial Real Estate Finance, Inc.
- filed_at: 2021-07-20T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 3.02, 3.03, 312.00, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1467760/000119312521219682/0001193125-21-219682-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467760/000119312521219682/d176660d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-219682
- JSON: https://secwatch.observer/filing/0001193125-21-219682.json
- Plain text: https://secwatch.observer/filing/0001193125-21-219682.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.