--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-26-177686" form_type: "8-K" ticker: "ARI" cik: "0001467760" company_name: "Apollo Commercial Real Estate Finance, Inc." filed_at: "2026-04-24T23:59:59+00:00" generated_at: "2026-05-15T04:12:11.669143+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # ARI closes $9B loan portfolio sale to Athene; post-closing book value $12.05/share ## Summary - 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. ## SEC filing metadata - accession: 0001193125-26-177686 - form_type: 8-K - ticker: ARI - cik: 0001467760 - company_name: Apollo Commercial Real Estate Finance, Inc. - filed_at: 2026-04-24T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 1.02, 2.01, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/d24584d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-26-177686 - JSON: https://secwatch.observer/filing/0001193125-26-177686.json - Plain text: https://secwatch.observer/filing/0001193125-26-177686.txt ## Key facts - M&A Transactions Apollo Commercial Real Estate Finance, Inc. completed a disposition involving Athene Holding Ltd. for approximately $8.6 billion (closed 2026-04-24). - Action: disposition - Counterparty: Athene Holding Ltd. - Consideration: approximately $8.6 billion - Closing: 2026-04-24 source text: On the Closing Date, pursuant to the terms and subject to the conditions of the Asset Purchase and Sale Agreement, dated January 27, 2026 (as amended or modified, the “Purchase Agreement”), by and between the Company and Athene Holding Ltd. (“Athene”), the Company sold its commercial real estate loan portfolio (other than loans that were repaid prior to closing or are expected to be repaid in May) to Athene (the “Asset Sale”) for cash consideration of approximately $8.6 billion, which is based on 99.7% of the total commitment amount of such loans as of the Closing Date, subject to certain adjustments as provided in the Purchase Agreement. evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm - Material Agreements Apollo Commercial Real Estate Finance, Inc. terminated Indenture with Computershare Trust Company, National Association valued at $500,000,000 (effective 2026-04-24). - Action: termination - Agreement: notes offering - Counterparty: Computershare Trust Company, National Association - Value: $500,000,000 - Effective: 2026-04-24 source text: the Trustee delivered a notice of redemption to the holders of the Company’s 4.625% Senior Secured Notes due 2029 (the “Notes”), stating that the Company will redeem in full all $500,000,000 in aggregate principal amount of the outstanding Notes on the redemption date of June 15, 2026 evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm - Material Agreements Apollo Commercial Real Estate Finance, Inc. terminated Term Loan Credit Agreement with Goldman Sachs Bank USA (effective 2026-04-24). - Action: termination - Agreement: credit facility - Counterparty: Goldman Sachs Bank USA - Effective: 2026-04-24 source text: the Company caused the repayment in full of (i) all outstanding term loans and other obligations under the Term Loan Credit Agreement, dated as of June 13, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”), among the Company, as Borrower, the lenders party thereto from time to time, and Goldman Sachs Bank USA, as Administrative Agent and Collateral Agent evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm - Material Agreements Apollo Commercial Real Estate Finance, Inc. entered into Amended and Restated Management Agreement with ACREFI Management, LLC (effective 2026-04-24). - Action: entry - Counterparty: ACREFI Management, LLC - Effective: 2026-04-24 source text: Amended and Restated Management Agreement Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (the “Company”), ACREFI Operating, LLC, a subsidiary of the Company (“Operating LLC”), and ACREFI Management, LLC (the “Manager”) have entered into an Amended and Restated Management Agreement (the “A&R Management Agreement”) on April 24, 2026 evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm - Material Agreements Apollo Commercial Real Estate Finance, Inc. terminated Amended and Restated Credit Agreement with Bank of America, N.A. valued at $275,000,000 (effective 2026-04-24). - Action: termination - Agreement: credit facility - Counterparty: Bank of America, N.A. - Value: $275,000,000 - Effective: 2026-04-24 source text: all commitments under the Revolving Credit Facility were terminated in accordance with the terms of the Revolving Credit Facility. 4.625% Senior Secured Notes due 2029 On the Closing Date, in connection with the closing of the Asset Sale and in accordance with the Indenture, dated as of June 29, 2021 evidence_url: https://www.sec.gov/Archives/edgar/data/1467760/000119312526177686/0001193125-26-177686-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.