---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-027340"
form_type: "8-K"
ticker: "ARI"
cik: "0001467760"
company_name: "Apollo Commercial Real Estate Finance, Inc."
filed_at: "2026-01-28T23:59:59+00:00"
generated_at: "2026-05-16T06:57:55.756431+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-027340
- form_type: 8-K
- ticker: ARI
- cik: 0001467760
- company_name: Apollo Commercial Real Estate Finance, Inc.
- filed_at: 2026-01-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1467760/000119312526027340/0001193125-26-027340-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467760/000119312526027340/d58100d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-027340
- JSON: https://secwatch.observer/filing/0001193125-26-027340.json
- Plain text: https://secwatch.observer/filing/0001193125-26-027340.txt

## Key facts
- Material Agreements
  Apollo Commercial Real Estate Finance, Inc. entered into Asset Purchase and Sale Agreement with Athene Holding Ltd. (effective 2026-01-27).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Athene Holding Ltd.
  - Effective: 2026-01-27
  source text: On January 27, 2026, Apollo Commercial Real Estate Finance, Inc. (the “Company”) entered into an Asset Purchase and Sale Agreement (the “Purchase Agreement”) with Athene Holding Ltd. (“Athene”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526027340/0001193125-26-027340-index.htm

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