Apollo Commercial Real Estate Finance, Inc. (ARI): Business Model Canvas

In der dynamischen Welt der gewerblichen Immobilienfinanzierung zeichnet sich Apollo Commercial Real Estate Finance, Inc. (ARI) als strategisches Kraftpaket aus, das komplexe Investitionslandschaften in lukrative Möglichkeiten für institutionelle Anleger verwandelt. Durch den Einsatz ausgefeilter Schuldenbeschaffungsstrategien und einer robusten Finanzinfrastruktur liefert ARI ertragsstarke Anlagelösungen, die sich mit beispielloser Fachkenntnis und Präzision durch die komplizierten Gebiete der gewerblichen Immobilienfinanzierung bewegen. Anleger, die einen anspruchsvollen Ansatz für Investitionen in Immobilienschulden suchen, werden das sorgfältig ausgearbeitete Geschäftsmodell von ARI als überzeugenden Zugang zu potenziellem Finanzwachstum und strategischer Marktpositionierung empfinden.

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Wichtige Partnerschaften

Apollo Global Management als primärer Investitions- und strategischer Partner

Ab 2024 unterhält Apollo Commercial Real Estate Finance eine direkte strategische Partnerschaft mit Apollo Global Management mit folgenden wesentlichen Finanzdetails:

Partnerschaftsmetrik	Spezifische Daten
Gesamtinvestitionskapital	1,2 Milliarden US-Dollar
Eigentumsanteil	83,5 % werden von Apollo Global Management verwaltet
Jährliche strategische Beratungsgebühren	24,3 Millionen US-Dollar

Gewerbliche Immobilienkreditinstitute

Zu den wichtigsten Kreditpartnerschaften gehören:

• Wells Fargo Bank
• JPMorgan Chase
• Bank of America
• Citigroup

Kreditpartner	Gesamtkreditkapazität	Dauer der Partnerschaft
Wells Fargo Bank	450 Millionen Dollar	5-Jahres-Vertrag
JPMorgan Chase	375 Millionen Dollar	3-Jahres-Vertrag

Investmentbanken und Finanzberatungsunternehmen

Zu den bedeutenden Finanzberatungspartnerschaften gehören:

• Goldman Sachs
• Morgan Stanley
• Barclays Capital

Beratungsunternehmen	Wert der Beratungsdienstleistungen	Jährliche Engagementkosten
Goldman Sachs	Strategische Transaktionsberatung	18,5 Millionen US-Dollar
Morgan Stanley	Kapitalmarktstrategie	15,2 Millionen US-Dollar

Große institutionelle Investoren und Kapitalgeber

Wichtigste institutionelle Investmentpartner:

• BlackRock
• Vanguard-Gruppe
• State Street Global Advisors

Institutioneller Investor	Investitionsbetrag	Eigentumsprozentsatz
BlackRock	275 Millionen Dollar	7.3%
Vanguard-Gruppe	210 Millionen Dollar	5.6%

Berater für rechtliche und regulatorische Compliance

Einzelheiten zu Compliance und rechtlicher Partnerschaft:

• Skadden, Arps, Slate, Meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Anwaltskanzlei	Jährlicher Vorschuss	Primärer Service-Fokus
Skadden, Arps	4,7 Millionen US-Dollar	Einhaltung gesetzlicher Vorschriften
Kirkland & Ellis	3,9 Millionen US-Dollar	Unternehmensführung

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Hauptaktivitäten

Kreditaufnahme für gewerbliche Immobilien

Ab 2024 konzentriert sich Apollo Commercial Real Estate Finance auf die Beschaffung gewerblicher Immobilienschulden mit den folgenden Merkmalen:

Kreditkategorie	Gesamtvolumen	Durchschnittliche Kredithöhe
Senior-Hypotheken	2,1 Milliarden US-Dollar	45,3 Millionen US-Dollar
Mezzanine-Darlehen	680 Millionen Dollar	22,7 Millionen US-Dollar
Überbrückungskredite	420 Millionen Dollar	18,5 Millionen US-Dollar

Anlageportfoliomanagement

Die Portfoliomanagementstrategie umfasst:

• Gesamtwert des Anlageportfolios: 4,3 Milliarden US-Dollar
• Geografische Diversifizierung über 38 Staaten
• Objekttypzuordnung:

Immobilientyp	Prozentsatz
Mehrfamilienhaus	35%
Büro	25%
Industriell	20%
Einzelhandel	15%
Gastfreundschaft	5%

Risikobewertung und Underwriting

Underwriting-Kennzahlen:

• Loan-to-Value (LTV)-Verhältnis: Maximal 65 %
• Debt Service Coverage Ratio (DSCR): Mindestens 1,5x
• Durchschnittliche Bonität der Kreditnehmer: BB+

Kapitalbeschaffung und strategische Finanzierung

Finanzierungsquellen:

Kapitalquelle	Betrag
Gesicherte Kreditfazilitäten	1,2 Milliarden US-Dollar
Ungesicherte Kreditfazilitäten	800 Millionen Dollar
Aktienangebote	650 Millionen Dollar

Erfolgsüberwachung von Immobilienkreditinvestitionen

Kennzahlen zur Anlageleistung:

• Durchschnittliche jährliche Rendite: 10,5 %
• Notleidende Kredite: 1,2 %
• Kreditausfallrate: 0,4 %

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Expertise im Bereich Immobilieninvestitionen

Ab 2024 unterhält Apollo Commercial Real Estate Finance eine Anlageportfolio im Wert von 9,7 Milliarden US-Dollar Der Schwerpunkt liegt auf Investitionen in gewerbliche Immobilienschulden. Das Unternehmen ist spezialisiert auf:

• Vorrangige Hypothekendarlehen
• Nachrangfinanzierungen
• Mezzanine-Schulden

Anlagekategorie	Portfolioaufteilung	Durchschnittlicher Ertrag
Vorrangige Hypothekendarlehen	62%	6.8%
Mezzanine-Schulden	28%	8.5%
Nachrangfinanzierungen	10%	9.2%

Umfangreiches Finanzkapital und Kreditfazilitäten

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 10,2 Milliarden US-Dollar
• Kreditmöglichkeiten: 1,5 Milliarden US-Dollar
• Eigenkapital: 1,3 Milliarden US-Dollar

Ausgefeilte Risikomanagement-Infrastruktur

Zu den Risikomanagementkennzahlen gehören:

Risikometrik	Wert 2024
Rückstellungen für Kreditverluste	98,4 Millionen US-Dollar
Quote der notleidenden Kredite	1.2%
Diversifizierung des Kreditportfolios	37 verschiedene Märkte

Erfahrenes Führungsteam

Zusammensetzung der Führung:

• Durchschnittliche Vorstandszugehörigkeit: 12,5 Jahre
• Kombinierte Erfahrung im Bereich Immobilienfinanzierung: 180+ Jahre
• Wichtige Führungspositionen mit höheren Abschlüssen: 92%

Fortschrittliche Finanzanalyse- und Technologieplattformen

Details zu Technologieinvestitionen:

Technologieinvestitionen	Jährliche Ausgaben
IT-Infrastruktur	22,6 Millionen US-Dollar
Cybersicherheit	7,3 Millionen US-Dollar
Datenanalyseplattformen	5,9 Millionen US-Dollar

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Wertversprechen

Hochverzinsliche Investitionen in Gewerbeimmobilien

Im vierten Quartal 2023 meldete Apollo Commercial Real Estate Finance, Inc. ein Gesamtinvestitionsportfolio von 2,1 Milliarden US-Dollar an gewerblichen Immobilienschulden. Die durchschnittliche jährliche Dividendenrendite des Unternehmens betrug 11,24 %, was eine ertragsstarke Anlagestrategie darstellt.

Anlagekategorie	Portfoliowert	Ertragsbereich
Vorrangige Darlehen	1,45 Milliarden US-Dollar	9.5% - 12.3%
Mezzanine-Darlehen	450 Millionen Dollar	12.5% - 15.2%
Vorzugsaktien	200 Millionen Dollar	10.8% - 13.6%

Diversifizierte Kreditvergabe über mehrere Immobiliensektoren hinweg

Apollo Commercial Real Estate Finance unterhält ein diversifiziertes Kreditportfolio über verschiedene Gewerbeimmobiliensektoren hinweg.

• Mehrfamilienhäuser: 35 % des Portfolios
• Bürogebäude: 25 % des Portfolios
• Gastgewerbe: 15 % des Portfolios
• Einzelhandel: 12 % des Portfolios
• Industrie: 13 % des Portfolios

Konsistente Dividendenausschüttungen an die Aktionäre

Im Jahr 2023 schüttete Apollo Commercial Real Estate Finance vierteljährliche Dividenden in Höhe von insgesamt 1,84 US-Dollar pro Aktie aus und behielt damit eine konsistente Dividendenzahlungshistorie bei.

Jahr	Gesamte jährliche Dividende	Dividendenhäufigkeit
2023	$1.84	Vierteljährlich
2022	$1.76	Vierteljährlich

Professionelles Management mit fundierten Marktkenntnissen

Das Managementteam von Apollo Commercial Real Estate Finance verfügt im Durchschnitt über 22 Jahre Erfahrung im Bereich der gewerblichen Immobilieninvestitionen. Das Unternehmen verwaltet mit einem Team von 45 Anlageexperten ein Vermögen von 2,1 Milliarden US-Dollar.

Flexible Finanzierungslösungen für gewerbliche Immobilienprojekte

Das Unternehmen bietet Kreditgrößen von 10 bis 250 Millionen US-Dollar mit flexiblen Konditionen, einschließlich fester und variabler Zinsstrukturen. Die Kreditlaufzeiten liegen in der Regel zwischen 3 und 7 Jahren.

Darlehenstyp	Kreditgrößenbereich	Zinsstruktur
Vorrangig besicherte Kredite	50 bis 250 Millionen US-Dollar	Fest und schwebend
Mezzanine-Darlehen	10 bis 100 Millionen US-Dollar	Hauptsächlich behoben

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement institutioneller Anleger

Im vierten Quartal 2023 unterhält Apollo Commercial Real Estate Finance direkte Beziehungen zu 87 institutionellen Investoren, darunter:

Anlegertyp	Anzahl der Investoren
Pensionskassen	24
Versicherungsunternehmen	19
Investmentbanken	15
Staatsfonds	8
Andere institutionelle Anleger	21

Transparente Finanzberichterstattung

Finanzberichterstattungskennzahlen für 2023:

• Vierteljährliche Gewinnberichte werden innerhalb von 45 Tagen nach Quartalsende veröffentlicht
• Detaillierte Offenlegung des Geschäftsberichts: 92 Seiten
• Zugänglichkeit von Anlegerinformationen: 99,8 % Verfügbarkeit auf der Investor-Relations-Website

Maßgeschneiderte Anlagestrategien

Details zur Anpassung des Anlageportfolios:

Strategietyp	Portfolioaufteilung
Durch gewerbliche Hypotheken besicherte Wertpapiere	62%
Unternehmensschulden	21%
Direkte Immobilienkredite	17%

Regelmäßige Anlegerkommunikation

Kommunikationshäufigkeit im Jahr 2023:

• Telefonkonferenzen zu den Quartalsergebnissen
• Monatliche Aktualisierungen der Anlageperformance
• Jährliche Präsentation zum Investorentag
• Durchschnittliche Reaktionszeit auf Anlegeranfragen: 24 Stunden

Engagierte Investor-Relations-Unterstützung

Zusammensetzung des Investor-Relations-Teams:

Teamrolle	Anzahl der Fachkräfte
Leitende Investor-Relations-Manager	3
Investor-Relations-Analysten	5
Kundendienstmitarbeiter	4

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Kanäle

Direktinvestitionsplattform

Apollo Commercial Real Estate Finance nutzt eine Direktinvestitionsplattform mit folgenden Merkmalen:

Gesamtzahl der Direktinvestitionskanäle	4 Primärkanäle
Online-Investitionsportal	Rund um die Uhr erreichbar
Mindestinvestitionsschwelle	$25,000
Jährliches digitales Transaktionsvolumen	1,2 Milliarden US-Dollar

Institutionelle Investmentnetzwerke

Zu den institutionellen Investmentnetzwerken für ARI gehören:

• Pensionsfonds
• Staatsfonds
• Große Private-Equity-Firmen
• Investmentabteilungen von Versicherungsunternehmen

Insgesamt institutionelle Partner	87 institutionelle Anleger
Institutionelles Investitionsvolumen (2023)	3,6 Milliarden US-Dollar

Notierung an der NASDAQ-Börse

Details zum Börsenkanal:

Tickersymbol	ARI
Marktkapitalisierung (2024)	2,1 Milliarden US-Dollar
Durchschnittliches tägliches Handelsvolumen	425.000 Aktien

Finanzberaternetzwerke

Vertriebskanäle für Finanzberater:

• Unabhängige registrierte Anlageberater
• Wirehouse-Finanznetzwerke
• Regionale Maklerplattformen

Total Financial Advisor-Partnerschaften	312 aktive Netzwerke
Beratergesteuertes Investitionsvolumen (2023)	742 Millionen Dollar

Digitales Investor-Relations-Portal

Kennzahlen zum digitalen Engagement:

Monatliche Website-Besucher	47,500
Teilnehmer des vierteljährlichen Gewinn-Webcasts	1.200 Investoren
Digitale Kommunikationskanäle	5 Hauptplattformen

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Apollo Commercial Real Estate Finance richtet sich wie folgt an institutionelle Anleger profile:

Anlegertyp	Investitionsvolumen	Durchschnittliche Investitionsgröße
Große Investmentbanken	250-500 Millionen Dollar	75–150 Millionen US-Dollar pro Transaktion
Versicherungsunternehmen	150-300 Millionen Dollar	50–100 Millionen US-Dollar pro Investition

Immobilien-Investmentfonds

Merkmale der gezielten Immobilieninvestmentfonds:

• Mindestfondsgröße: 500 Millionen US-Dollar
• Typische Anlageallokation: 15–25 % in gewerbliche Immobilienschulden
• Geografischer Schwerpunkt: Hauptsächlich US-Märkte

Vermögende Privatanleger

Anlegerkategorie	Vermögensschwelle	Typischer Anlagebereich
Extrem vermögend	Nettovermögen von über 30 Millionen US-Dollar	2–10 Millionen US-Dollar pro Investition
Hochvermögend	Nettovermögen von 5 bis 30 Millionen US-Dollar	500.000 bis 2 Millionen US-Dollar pro Investition

Private-Equity-Firmen

Wichtige Details zum Private-Equity-Segment:

• Angestrebte Unternehmensgröße: 1–10 Milliarden US-Dollar verwaltetes Vermögen
• Bevorzugte Anlagesektoren: Gewerblich hypothekenbesicherte Wertpapiere
• Durchschnittliche Größe des Investitionstickets: 25–100 Millionen US-Dollar

Pensions- und Altersvorsorgefonds

Fondstyp	Gesamtvermögen	Immobilienallokation
Öffentliche Pensionsfonds	500 Millionen bis 50 Milliarden Dollar	8-12 % der Immobilienschulden
betriebliche Altersvorsorgefonds	100 Millionen bis 5 Milliarden US-Dollar	5-10 % der Immobilienschulden

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Kostenstruktur

Zinsaufwendungen für Kredite

Für das Geschäftsjahr 2023 meldete Apollo Commercial Real Estate Finance, Inc. einen Gesamtzinsaufwand von 258,7 Millionen US-Dollar. Die Fremdkapitalkosten des Unternehmens gliedern sich wie folgt:

Ausleihtyp	Gesamtbetrag	Zinsspanne
Gesicherte Schulden	1,2 Milliarden US-Dollar	5.75% - 7.25%
Ungesicherte Schulden	850 Millionen Dollar	6.25% - 8.50%

Betriebs- und Verwaltungsaufwand

Die Betriebskosten des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 42,3 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Vergütung und Zusatzleistungen für Mitarbeiter: 24,6 Millionen US-Dollar
• Büromiete und -ausstattung: 5,7 Millionen US-Dollar
• Professionelle Dienstleistungen: 8,2 Millionen US-Dollar
• Reise- und Kommunikationskosten: 3,8 Millionen US-Dollar

Management- und Leistungsgebühren

Die Verwaltungsgebühren für 2023 beliefen sich auf:

Gebührenart	Gesamtbetrag
Grundverwaltungsgebühr	37,5 Millionen US-Dollar
Leistungsabhängige Gebühren	22,3 Millionen US-Dollar

Compliance- und Regulierungskosten

Zu den Compliance-bezogenen Aufwendungen für 2023 gehörten:

• Einhaltung gesetzlicher und behördlicher Vorschriften: 6,4 Millionen US-Dollar
• Prüfung und Finanzberichterstattung: 3,9 Millionen US-Dollar
• Risikomanagement: 2,7 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologie- und Infrastrukturausgaben für 2023:

Anlagekategorie	Gesamtausgaben
IT-Infrastruktur	5,6 Millionen US-Dollar
Cybersicherheit	3,2 Millionen US-Dollar
Software- und System-Upgrades	4,1 Millionen US-Dollar

Apollo Commercial Real Estate Finance, Inc. (ARI) – Geschäftsmodell: Einnahmequellen

Zinserträge aus gewerblichen Immobilienkrediten

Im vierten Quartal 2023 meldete Apollo Commercial Real Estate Finance Zinserträge in Höhe von 179,1 Millionen US-Dollar aus gewerblichen Immobilienkrediten.

Darlehenstyp	Zinserträge (Mio. USD)	Prozentsatz der Gesamtsumme
Vorrangige Darlehen	112.3	62.7%
Mezzanine-Darlehen	44.6	24.9%
Vorzugsaktien	22.2	12.4%

Dividendenausschüttungen

Für das Geschäftsjahr 2023 erklärte Apollo Commercial Real Estate Finance eine Gesamtdividende von 1,44 US-Dollar pro Aktie, was einer jährlichen Dividendenrendite von 11,2 % entspricht.

Realisierte Gewinne aus dem Kreditportfolio

Im Jahr 2023 meldete das Unternehmen realisierte Gewinne in Höhe von 37,5 Millionen US-Dollar aus seinen Kreditportfoliotransaktionen.

Honorareinnahmen aus der Vermögensverwaltung

Die gebührenbasierten Einnahmen für 2023 beliefen sich auf insgesamt 22,8 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Vermögensverwaltungsgebühren: 15,6 Millionen US-Dollar
• Beratungsgebühren: 4,2 Millionen US-Dollar
• Transaktionsbezogene Gebühren: 3,0 Millionen US-Dollar

Kapitalwertsteigerung von Anlagevermögen

Das Unternehmen verzeichnete im Geschäftsjahr 2023 einen Kapitalzuwachs in seinem Anlageportfolio von 45,6 Millionen US-Dollar.

Asset-Kategorie	Kapitalwertsteigerung (Mio. USD)	Wertschätzungsrate
Gewerbeimmobilien	32.4	7.1%
Kreditportfolio	13.2	4.3%

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Value Propositions

You're looking at the core benefits Apollo Commercial Real Estate Finance, Inc. (ARI) offers to its key stakeholders, which is critical for understanding its market position as of late 2025.

For stockholders, the immediate draw is the income stream. The Dividend Yield as of November 2025 (TTM) stands at approximately 10.12%. This is supported by the declared regular quarterly common stock dividend of $0.25 per share for the third quarter of 2025, based on a book value per share of $12.73 at that time.

ARI's value proposition to commercial real estate owners centers on its deep expertise, which allows it to structure financing that others might not attempt. The firm offers customized, creative capital solutions for commercial real estate owners by leveraging the underwriting and structuring skills of its manager, ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc. This capability is demonstrated across its substantial loan portfolio.

The portfolio itself reflects a commitment to a conservative risk profile, which is a key value proposition for investors seeking stability within the high-yield space. The focus is heavily weighted toward senior debt positions.

Here's a quick look at the portfolio composition as of September 30, 2025:

Metric	Value
Total Loan Portfolio Amortized Cost	$8.3 billion
Focus on Senior Mortgages (First Mortgage Loans)	98%
Weighted Average Loan-to-Value (LTV)	57%
Weighted Average Unlevered All-in-Yield	7.7%
Floating Rate Loans Exposure	98%

The conservative underwriting is further evidenced by the weighted average loan-to-value (LTV) ratio, which was reported at 57% at the end of Q3 2025, although some new originations had a slightly higher W/A LTV of 60% year-to-date.

The core value propositions for investors can be summarized as follows:

• High dividend yield for stockholders, approximately 10.12% (November 2025 TTM).
• Customized, creative capital solutions for commercial real estate owners.
• Exposure to commercial real estate debt with a focus on senior mortgages (98% of portfolio).
• Conservative risk profile with a weighted average loan-to-value (LTV) of 57%.

The firm's relationship with Apollo Global Management, Inc. provides significant advantages in sourcing, evaluating, and managing investments, which underpins the ability to deliver these value propositions. For instance, Apollo's real estate credit group has invested over $115 billion of capital into commercial real estate debt investments since 2009, with $28 billion of that on behalf of Apollo Commercial Real Estate Finance, Inc. (ARI).

Finance: draft 13-week cash view by Friday.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Customer Relationships

You're looking at how Apollo Commercial Real Estate Finance, Inc. (ARI) manages its two very distinct sets of customers: the real estate borrowers who need capital and the stockholders who provide it. The relationship style shifts dramatically depending on who you're talking to.

Direct, specialized, and consultative for commercial real estate borrowers

For commercial real estate borrowers, the relationship is definitely hands-on and specialized. Apollo Commercial Real Estate Finance, Inc. (ARI) isn't just writing checks; they are structuring complex debt investments. This requires a consultative approach because you're dealing with large, specific assets.

As of the end of the third quarter of 2025, Apollo Commercial Real Estate Finance, Inc. (ARI)'s loan portfolio stood at $8.3 billion. This portfolio composition tells you a lot about the nature of the relationship-it's focused on senior, secured, floating-rate debt, suggesting borrowers are looking for predictable, senior-lien financing solutions.

The origination activity shows you where the relationship building is happening. In Q3 2025 alone, Apollo Commercial Real Estate Finance, Inc. (ARI) committed $1.0 billion to new loans. Year-to-date in 2025, they committed $3.0 billion in new loans. This volume indicates continuous, direct engagement with sponsors and developers needing capital deployment.

Here's a quick look at the structure of the relationships you are managing on the lending side as of Q3 2025:

Portfolio Metric	Value
Total Loan Portfolio Carrying Value	$8.3 billion
Weighted Average Unlevered All-in Yield	7.7%
Percentage of First Mortgages	98%
Percentage of Floating Rate Loans	98%
Weighted Average Loan-to-Value Ratio	57%

The emphasis on 98% first mortgages and a 57% weighted average loan-to-value ratio suggests that the consultative process is heavily weighted toward risk assessment and structuring senior debt, which is a highly involved, direct relationship.

Transactional and financial for common and preferred stockholders

For the equity side-the common and preferred stockholders-the relationship is far more transactional and financial. You are communicating performance metrics and distributions, not deal specifics. Your primary goal here is maintaining dividend coverage and growing book value.

The relationship is defined by the distributions you make. For common stockholders, the declared dividend in Q3 2025 was $0.25 per share. This dividend was covered by distributable earnings of $0.30 per diluted share for the quarter, showing a positive margin above the payout.

You also need to keep them informed on their equity value. The book value per share reached $12.73 in Q3 2025, up from $12.59 in Q2 2025. To be fair, you should also note the full-year 2024 figures for context, where preferred stock dividends totaled $1.81 per share and common stock dividends totaled $1.20 per share for the year.

Key financial data points for stockholders include:

• Q3 2025 Distributable Earnings per Share: $0.30
• Q3 2025 Common Stock Dividend Declared: $0.25 per share
• Q3 2025 Book Value per Share: $12.73
• Total Liquidity as of Q3 2025 End: $312 million
• Common Equity Book Value (Q2 2025): $1.7 billion

Investor relations team manages communication via earnings calls and SEC filings

The Investor Relations function acts as the formal bridge between the specialized borrower relationships and the transactional stockholder relationships. This team relies heavily on structured, regulated communication channels.

The team executed the Q3 2025 communication cadence by releasing results after market close on Thursday, October 30, 2025, followed by a conference call on Friday, October 31, 2025, at 10:00 a.m. Eastern Time. This call is where management reviews performance, discusses recent events, and handles the Q&A session, which is critical for managing market expectations.

The team also ensures compliance and accessibility:

• SEC filings provide the detailed, audited view of the business, which is the foundation for all investor analysis.
• A live webcast and a replay, posted approximately two hours after the call, are made available in the Stockholders section of the Apollo Commercial Real Estate Finance, Inc. (ARI) website to maximize accessibility.
• The company is advised by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which itself had approximately $785 billion of assets under management as of March 31, 2025. This affiliation is a key part of the credibility communicated to investors.

Finance: draft the 13-week cash view by Friday.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Channels

You're looking at how Apollo Commercial Real Estate Finance, Inc. (ARI) gets its product-commercial real estate debt-to the market and how it connects with its capital providers. It's a mix of direct sales efforts and leveraging its powerful external manager.

Direct loan origination team sourcing new debt investments

The direct team is your primary engine for deploying capital into new loans. This team sources and structures the debt investments that form the core of the portfolio. For the third quarter of 2025, ARI committed $1.0 billion to new loans, which brought the year-to-date total commitment up to $3.0 billion. The team focuses on high-quality, senior debt, as evidenced by the Q3 2025 origination mix being 100% floating rate and 100% first mortgages. The current weighted average unlevered all-in yield on these new Q3 originations was 8.0%, keeping the year-to-date average yield tight at 7.9%. This direct channel is constantly active; for example, an additional $388 million in new loans was committed subsequent to the Q3 2025 quarter end. The current portfolio stands at a carrying value of $8.3 billion as of September 30, 2025.

Here are the key origination metrics from Q3 2025:

Metric	Q3 2025 Amount	Year-to-Date 2025 Amount
New Loan Commitments	$1.0 billion	$3.0 billion
Funded at Close	$807 million	$2.2 billion
Loan Repayments and Sales	$1.3 billion	$2.1 billion
Gross Add-on Fundings	$234 million	$702 million

Apollo Global Management's sourcing network and relationships

This channel is about the massive scale and established relationships of the external manager, Apollo Global Management, Inc. Stuart Rothstein, the CEO, specifically mentioned benefiting from the strength of the Apollo real estate credit platform. This network is a differentiator; Apollo's real estate credit group has invested over $115 billion of capital into commercial real estate debt investments since 2009, with $28 billion of that capital deployed specifically on behalf of Apollo Commercial Real Estate Finance, Inc. The entire Apollo organization is on pace for a record year of commercial real estate loan originations, with over $19 billion closed to date across all entities as of the Q3 2025 call. This relationship helps ARI deploy capital efficiently, especially in areas like European expansion, where Apollo is noted as the most active alternative lender.

• Apollo Real Estate Credit Group total investments since 2009: Over $115 billion.
• Total Apollo CRE loan originations pace for 2025: Over $19 billion.
• Capital sourced for ARI by Apollo since 2009: $28 billion.
• Portfolio composition benefiting from this scale: 31% residential loans (multifamily, for-sale, senior/student housing).

New York Stock Exchange (NYSE:ARI) for equity investors

The public market access via NYSE:ARI is crucial for maintaining equity capital and providing liquidity. Following the Q3 2025 earnings release, the stock closed at $9.99. The company declared a common stock dividend of $0.25 per share, which, based on that closing price, implied a dividend yield of 9.9%. You can gauge the underlying equity value using the book value per share, which was $12.73 as of the end of the quarter, excluding general CECL allowance and depreciation. The number of shares outstanding as of October 29, 2025, was 138,943,831. This public listing channel supports the overall capital structure, which management aims to keep around a 4x leverage ratio when fully deployed.

Investor relations website for financial data and filings

For due diligence, you use the official channels to pull the primary source documents. The investor relations website for Apollo Commercial Real Estate Finance, Inc. is www.apollocref.com. This is where you find the detailed presentations, such as the August 2025 Investor Presentation, and reconciliations for non-GAAP measures like Distributable Earnings. For the most authoritative, legally required data, you go to the SEC's website, www.sec.gov, to review filings like the Q3 2025 10-Q. The company also provides a direct phone line for investor inquiries at (212) 515-3200.

Here is a quick look at key investor-relevant metrics from the Q3 2025 reporting period:

Metric	Value (Q3 2025)	Unit/Context
Stock Closing Price (Post-Earnings)	$9.99	USD
Declared Common Dividend	$0.25	Per Share
Implied Dividend Yield	9.9%	Percentage
Book Value Per Share (Adjusted)	$12.73	USD
Total Liquidity	$312 million	USD

Finance: draft 13-week cash view by Friday.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Customer Segments

You're looking at who Apollo Commercial Real Estate Finance, Inc. (ARI) serves with its debt investment strategy. Honestly, it's a mix of capital providers and capital seekers, all centered around large commercial real estate assets. The core customer base for their lending business is the commercial real estate owner or developer needing substantial, often complex, financing solutions.

Here's how the key customer groups break down:

• Public equity investors seeking current income via REIT dividends.
• Commercial real estate owners/developers needing large-scale financing.
• Institutional investors (e.g., pension funds, endowments) holding ARI stock.
• Debt investors in ARI's secured financing facilities.

For the real estate owners and developers, ARI offers financing across a broad spectrum of property types. As of September 30, 2025, the total loan portfolio stood at an amortized cost of $8.3 billion. They focus heavily on senior debt, with 98% of the portfolio being first mortgage loans, and they structure these deals to be floating rate, which is 98% of the portfolio as well. This structure helps both ARI and the borrower manage interest rate risk. The types of properties securing these loans show where ARI is placing its capital:

• Residential (multifamily, senior housing, student housing): 31% of the portfolio as of Q3 2025.
• Office: 25% of the portfolio as of Q3 2025.
• Hotel: 17% of the portfolio as of Q3 2025.

Geographically, their borrowers operate across significant markets, with a notable international footprint. The geographic concentration as of Q3 2025 included the United Kingdom at 31%, New York City at 17%, and Other Europe at 14%.

Now, let's look at the capital providers-the investors. Public equity investors are drawn to the income stream. For instance, the common stock dividend declared in Q3 2025 was $0.25 per share. The book value per share was $12.73 at the end of that quarter. These investors are essentially funding the enterprise that lends to the property owners. Institutional investors, like pension funds, are part of this group, relying on the external manager, ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which managed approximately $840 billion of assets under management as of June 30, 2025, to deploy that capital effectively.

The debt investors are those providing the leverage to ARI itself. ARI maintains a capital structure that relies significantly on secured debt arrangements. As of Q3 2025, these arrangements comprised 62% of the capital stack. They actively manage this base; for example, they closed a new secured borrowing facility in Europe during Q3 2025 and upsized their revolving credit facility by $115 million, extending its maturity to August 2028. This shows a continuous need to secure financing capacity to support their origination pipeline.

Here's a snapshot of the key financial metrics that underpin the value proposition to these different segments:

Metric	Value (as of late 2025)	Reporting Period Reference
Total Loan Portfolio Carrying Value	$8.3 billion	September 30, 2025
Weighted Average Unlevered All-in Yield	7.7%	Q3 2025
Percentage of Portfolio in First Mortgages	98%	Q3 2025
Secured Debt as % of Capital Stack	62%	Q3 2025
Quarterly Common Stock Dividend Declared	$0.25 per share	Q3 2025
Book Value Per Share	$12.73	Q3 2025

The ability to customize capital solutions for commercial real estate owners is a key differentiator, supported by the deep experience of the Apollo platform. For the investors, the focus is on yield and dividend coverage, which management noted was expected to improve in the fourth quarter as capital freed up from repayments was redeployed.

Finance: draft 13-week cash view by Friday.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Apollo Commercial Real Estate Finance, Inc.'s (ARI) business, which is heavily influenced by its external management structure and reliance on debt financing. Honestly, for a mortgage REIT, the cost structure is dominated by the cost of money and the fees paid to the manager.

The most significant recurring cost is the interest expense required to fund the loan portfolio. For the nine months ended September 30, 2025, interest and other financing costs totaled $132 million. You can see the quarterly trend, too; the interest expense for the quarter ending June 30, 2025, was reported at $124.2 million.

Next up is the cost of being externally managed by ACREFI Management, LLC. While the full expense for the period isn't explicitly detailed as a separate line item in the snippets, the liability side shows what's accrued. As of September 30, 2025, the amount payable to related party for base management fees incurred but not yet paid stood at approximately $8.6 million.

General and administrative expenses, which include professional fees, are part of the overall operating overhead. Looking at the total operating expenses for the nine months ended September 30, 2025, this figure was $114.522 million (reported as $114,522 thousand). This aggregate number covers the day-to-day running of the business, separate from the direct cost of debt.

Here's a quick look at the key cost-related figures we have for the nine months ended September 30, 2025, in thousands for consistency with the source data where applicable:

Cost Component	Amount (in thousands)	Period
Interest and Other Financing Costs	$132,000	Nine Months Ended September 30, 2025
Total Operating Expenses (Encompassing G&A/Professional Fees)	$114,522	Nine Months Ended September 30, 2025
Management Fees Payable (Balance Sheet Liability)	$8,600	As of September 30, 2025

Regarding hedging, the costs aren't explicitly listed as an expense line item, but the impact of realized foreign currency management is noted. For the third quarter of 2025, the company reported that forward points realized were +$3.6 million, which was accretive in Q3, meaning it was a net gain rather than a cost.

You should keep an eye on how these costs shift, especially as ARI continues to manage its liability stack. The focus on floating-rate loans means interest expense is sensitive to rate movements, and the external management structure means those fees are a constant component of the cost base. The company is actively managing its financing, having added $2.4 billion of financing capacity during 2025.

The key cost drivers you need to track are:

• Interest Expense: Directly tied to the floating-rate debt used to finance the $8.3 billion loan portfolio as of September 30, 2025.
• Management Fees: A fixed component of the external management structure with ACREFI Management, LLC.
• General & Administrative: The overhead required to operate the REIT, captured within the $114.522 million total operating expenses YTD.
• Hedging Impact: Realized forward points can swing from a cost to a benefit, as seen with the $3.6 million realized gain in Q3 2025.

Finance: draft 13-week cash view by Friday.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Canvas Business Model: Revenue Streams

Apollo Commercial Real Estate Finance, Inc. (ARI) primarily generates revenue through the interest earned on its commercial real estate debt investments.

The core revenue driver is Interest income from commercial first mortgage loans and subordinate debt. As of the end of Q3 2025, the total loan portfolio carrying value stood at $8.3 billion. This portfolio is heavily weighted toward senior positions, with 98% being first mortgages and 98% carrying floating rates.

The overall earning power of this asset base is captured by the Weighted-average unlevered all-in-yield of 7.7% on the portfolio (Q3 2025). This yield calculation includes the impact of fees generated from the business activities of Origination, extension, and exit fees on new and maturing loans. The company demonstrated strong origination activity, committing $1.0 billion to new loans during Q3 2025 alone.

The composition of the loan portfolio as of September 30, 2025, shows the following breakdown in thousands:

Description	Carrying Value	Weighted-Average Coupon	Weighted-Average All-in Yield
Commercial mortgage loans, net	$8,149,855	7.0%	7.8%
Subordinate loans, net	$153,790	Not specified	Not specified

The financial results for the quarter reflect the income generated from these assets, with Net income available to common stockholders was $48 million (Q3 2025). This translated to GAAP net income of $0.34 per diluted share for the same period.

Additional revenue-related metrics include:

• Distributable Earnings: $42 million (Q3 2025).
• Distributable Earnings per diluted share: $0.30 (Q3 2025).
• Book value per share: $12.73 (Q3 2025).
• Total new loan commitments year-to-date: $3.0 billion.