ARI to sell ~$9B loan portfolio to Athene at 99.7% of commitments; validates BV ~$12.05

Apollo Commercial Real Estate Finance, Inc.

ARI agrees to sell entire commercial real estate loan portfolio (~$9B) to Athene for 99.7% of total loan commitments, net of CECL reserves.
After debt repayment, ARI expects ~$1.4B net cash and ~$1.7B equity (~$12.05 per share); retains $466M net equity in properties.
Transaction represents ~23% premium to recent stock trading levels; board unanimously approved, requires majority stockholder vote.
Annual management fee reduced by 50% and paid in stock until new strategy announced; if no strategy by year-end 2026, board may explore dissolution.
ARI intends to declare $0.25 Q1 2026 dividend targeting ~8% annualized yield post-transaction.

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