ARI closes $9B loan portfolio sale to Athene; post-closing book value $12.05/share

Apollo Commercial Real Estate Finance, Inc.

Sold $9B CRE loan portfolio to Athene for $8.6B cash (99.7% of commitment); stockholders approved Apr 21.
Post-closing total assets ~$2.2B cash; book value per share $12.05.
Management fee reduced 50%, paid in shares of common stock to align interests.
Evaluating new CRE strategies; if none announced by year-end, Apollo to recommend dissolution.
Repaid $500M 4.625% notes (redemption June 15, 2026) and terminated term loan & revolver.

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