ARI 8-K SEC Filing Analysis

Latest settled — T+20d

ARI ▼ -0.45% at T+20d

NEUTRAL call ✗ call lost -0.45% · α vs SPY -5.41% · entry $11.09 → $11.04

Next anchor: T+60d in 5w

Currently $10.74 · -3.16% from $11.09 entry

Entry anchored
Apr 24, 03:59 PM ET
via Databento tick

T+1d

-0.27%

call -0.27% · α +0.21%

$11.06

settled 7w ago

T+5d

-0.90%

call -0.90% · α -1.30%

$10.99

settled 6w ago

T+20d

-0.45%

call -0.45% · α -5.41%

$11.04

settled 22d ago

T+60d

—

call — · α —

—

in 5w

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Executive Summary

Apollo Commercial Real Estate Finance, Inc. (ARI) completed the sale of its $9 billion commercial real estate loan portfolio to Athene Holding Ltd. for $8.6 billion in cash. The proceeds were used to repay all outstanding debt, including a $500 million bond redemption and credit facilities. ARI now holds $2.2 billion in cash with a book value per share of $12.05. The company also amended its management agreement to reduce fees and is evaluating strategic alternatives, including potential dissolution if no new strategy is announced by year-end.

Key Financial Metrics

Deal Value

$8.6B

Actionable Insight

Monitor ARI's strategic direction over the next 7 months as management evaluates options, with dissolution a stated possibility by year-end. The company's future value hinges entirely on capital deployment decisions from its $2.2 billion cash position.

Key Facts

Completed sale of $9 billion commercial real estate loan portfolio to Athene Holding Ltd. for $8.6 billion in cash
Repaid $500 million in senior secured notes and terminated all credit facilities
Post-transaction cash position of $2.2 billion with book value per share of $12.05
Amended management agreement reduces base fee from 1.5% to 0.75% and pays fees in stock during evaluation period
Management evaluating strategic alternatives with commitment to explore dissolution if no new strategy by year-end

Financial Impact

Transformative capital structure change: $8.6 billion asset sale, $825 million debt elimination, $2.2 billion cash balance

total assetsdebtcashbook value per sharerevenueearnings

Risk Factors

Strategic uncertainty with potential dissolution if no new direction is announced by year-end
Significant revenue and earnings decline from elimination of loan portfolio income
Management fee structure changes may impact alignment with shareholders

Market Snapshot

Exchange

NYSE

Sector

Real Estate Investment Trusts

Analyst Consensus

78% bullish (9 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-177686
Document: d24584d8k.htm	0001193125-26-177686
Document: d24584dex991.htm	0001193125-26-177686
Document: 0001193125-26-177686-index-headers.html	0001193125-26-177686
Document: 0001193125-26-177686-index.html	0001193125-26-177686
Document: 0001193125-26-177686.txt	0001193125-26-177686

5 reports for ARI

T+1T+5T+20T+60

Filters

Reports for ARI — sortable, filterable
	Type				Now
May 29, 2026 14d ago	DEFA14A NEUTRAL ★ 2/10	$10.92 $10.98	▲ +0.55%	▲ +3.30%	$10.74 (−1.65%)
May 15, 2026 28d ago	8-K NEUTRAL ★ 2/10	$10.90 $11.04	▲ +1.28%	▼ −0.33%	$10.74 (−1.47%)
Apr 24, 2026 7w ago	8-K MIXED ★ 8/10	$11.09 $10.99	▼ −0.90%	▼ −1.30%	$10.74 (−3.16%)
Apr 8, 2026 9w ago	Press Release NEUTRAL ★ 3/10	$10.76 $11.22	▲ +4.28%	▲ +0.76%	$10.74 (−0.19%)
Mar 9, 2026 13w ago	Press Release NEUTRAL ★ 3/10	$10.30 $10.18	▼ −1.14%	▼ −0.23%	$10.74 (+4.27%)

US Market Status

Market Closed — Opens Mon (49h 28m)

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