Apollo Commercial Real Estate Finance, Inc. (ARI): Lienzo del modelo de negocio [Actualizado en enero de 2025]

En el mundo dinámico de las finanzas inmobiliarias comerciales, Apollo Commercial Real Estate Finance, Inc. (ARI) se destaca como una potencia estratégica, transformando los paisajes de inversión complejos en oportunidades lucrativas para los inversores institucionales. Al aprovechar las estrategias sofisticadas de origen de la deuda y una sólida infraestructura financiera, ARI ofrece soluciones de inversión de alto rendimiento que navegan por los intrincados terrenos de los préstamos de propiedades comerciales con experiencia y precisión incomparables. Los inversores que buscan un enfoque sofisticado para las inversiones de la deuda inmobiliaria encontrarán que el modelo comercial meticulosamente elaborado de Ari es una puerta de entrada convincente para el posible crecimiento financiero y el posicionamiento estratégico del mercado.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: asociaciones clave

Apollo Global Management como socio de inversión principal y estratégica

A partir de 2024, Apollo Commercial Real Estate Finance mantiene una asociación estratégica directa con Apollo Global Management, con los siguientes detalles financieros clave:

Métrico de asociación	Datos específicos
Capital de inversión total	$ 1.2 mil millones
Estaca de propiedad	83.5% administrado por Apollo Global Management
Tarifas de asesoramiento estratégico anual	$ 24.3 millones

Instituciones de préstamos de bienes raíces comerciales

Las asociaciones de préstamos clave incluyen:

• Wells Fargo Bank
• JPMorgan Chase
• Banco de América
• Citigroup

Compañero de préstamo	Capacidad de préstamo total	Duración de la asociación
Wells Fargo Bank	$ 450 millones	Acuerdo a 5 años
JPMorgan Chase	$ 375 millones	Acuerdo de 3 años

Bancos de inversión y firmas de asesoramiento financiero

Las asociaciones de asesoramiento financiero significativos incluyen:

• Goldman Sachs
• Morgan Stanley
• Capital de Barclays

Firma de asesoramiento	Valor de servicios de asesoramiento	Costo de participación anual
Goldman Sachs	Aviso de transacción estratégica	$ 18.5 millones
Morgan Stanley	Estrategia del mercado de capitales	$ 15.2 millones

Grandes inversores institucionales y proveedores de capital

Partidos de inversión institucional primario:

• Roca negra
• Grupo de vanguardia
• Asesores globales de State Street

Inversor institucional	Monto de la inversión	Porcentaje de propiedad
Roca negra	$ 275 millones	7.3%
Grupo de vanguardia	$ 210 millones	5.6%

Consultores de cumplimiento legal y regulatorio

Cumplimiento y detalles de asociación legal:

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

Firma legal	Retenedor anual	Enfoque de servicio primario
Skadden, Arps	$ 4.7 millones	Cumplimiento regulatorio
Kirkland & Ellis	$ 3.9 millones	Gobierno corporativo

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocio: actividades clave

Originación de deuda inmobiliaria comercial

A partir de 2024, la financiación inmobiliaria comercial de Apollo se enfoca en originar la deuda inmobiliaria comercial con las siguientes características:

Categoría de préstamo	Volumen total	Tamaño promedio del préstamo
Hipotecas senior	$ 2.1 mil millones	$ 45.3 millones
Préstamos entre mezzaninos	$ 680 millones	$ 22.7 millones
Préstamos de puente	$ 420 millones	$ 18.5 millones

Gestión de la cartera de inversiones

La estrategia de gestión de cartera incluye:

• Valor total de la cartera de inversiones: $ 4.3 mil millones
• Diversificación geográfica en 38 estados
• Asignación de tipo de propiedad:

Tipo de propiedad	Porcentaje
Multifamiliar	35%
Oficina	25%
Industrial	20%
Minorista	15%
Hospitalidad	5%

Evaluación de riesgos y suscripción

Métricas de suscripción:

• Relación de préstamo a valor (LTV): máximo 65%
• Ratio de cobertura del servicio de la deuda (DSCR): mínimo 1.5x
• Calificación crediticia promedio de los prestatarios: BB+

Aumento de capital y financiamiento estratégico

Fuentes de financiamiento:

Fuente del capital	Cantidad
Instalaciones de deuda aseguradas	$ 1.2 mil millones
Capacidades de crédito no garantizadas	$ 800 millones
Ofrendas de capital	$ 650 millones

Monitoreo del desempeño de las inversiones de préstamos inmobiliarios

Métricas de rendimiento de la inversión:

• Retorno anual promedio: 10.5%
• Préstamos sin rendimiento: 1.2%
• Tasa de incumplimiento del préstamo: 0.4%

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: recursos clave

Experiencia extensa de inversión inmobiliaria

A partir de 2024, Apollo Commercial Real Estate Finance mantiene un Cartera de inversiones de $ 9.7 mil millones centrado en inversiones de deuda inmobiliaria comerciales. La compañía se especializa en:

• Préstamos hipotecarios para personas mayores
• Financiamiento subordinado
• Deuda de entrepiso

Categoría de inversión	Asignación de cartera	Rendimiento promedio
Préstamos hipotecarios para personas mayores	62%	6.8%
Deuda de entrepiso	28%	8.5%
Financiamiento subordinado	10%	9.2%

Capital financiero y facilidades de crédito sustanciales

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 10.2 mil millones
• Facilidades de crédito: $ 1.5 mil millones
• Equidad de los accionistas: $ 1.3 mil millones

Infraestructura sofisticada de gestión de riesgos

Las métricas de gestión de riesgos incluyen:

Métrico de riesgo	Valor 2024
Reservas de pérdida de préstamos	$ 98.4 millones
Relación de préstamos sin rendimiento	1.2%
Diversificación de cartera de préstamos	37 mercados diferentes

Equipo de liderazgo ejecutivo experimentado

Composición de liderazgo:

• Promedio de tenencia ejecutiva: 12.5 años
• Experiencia de finanzas inmobiliarias combinadas: Más de 180 años
• Posiciones clave de liderazgo con títulos avanzados: 92%

Plataformas avanzadas de análisis financiero y tecnología

Detalles de la inversión tecnológica:

Inversión tecnológica	Gasto anual
Infraestructura	$ 22.6 millones
Ciberseguridad	$ 7.3 millones
Plataformas de análisis de datos	$ 5.9 millones

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocio: propuestas de valor

Inversiones de deuda inmobiliaria comercial de alto rendimiento

A partir del cuarto trimestre de 2023, Apollo Commercial Real Estate Finance, Inc. informó una cartera de inversiones total de $ 2.1 mil millones en deuda inmobiliaria comercial. El rendimiento promedio de dividendos anuales de la compañía fue del 11.24%, lo que representa una estrategia de inversión de alto rendimiento.

Categoría de inversión	Valor de cartera	Rango de rendimiento
Préstamos para personas mayores	$ 1.45 mil millones	9.5% - 12.3%
Préstamos entre mezzaninos	$ 450 millones	12.5% - 15.2%
Equidad preferida	$ 200 millones	10.8% - 13.6%

Préstamos diversificados en múltiples sectores de propiedades

Apollo Commercial Real Estate Finance mantiene una cartera de préstamos diversificada en diferentes sectores de bienes raíces comerciales.

• Propiedades multifamiliares: 35% de la cartera
• Edificios de oficinas: 25% de la cartera
• Hospitalidad: 15% de la cartera
• Minorista: 12% de la cartera
• Industrial: 13% de la cartera

Distribuciones de dividendos consistentes a los accionistas

En 2023, el Apollo Commercial Real Estate Finance distribuyó dividendos trimestrales por un total de $ 1.84 por acción, manteniendo un historial de pago de dividendos consistente.

Año	Dividendo anual total	Frecuencia de dividendos
2023	$1.84	Trimestral
2022	$1.76	Trimestral

Gestión profesional con profundo conocimiento del mercado

El equipo de gestión de Apollo Commercial Real Estate Finance tiene un promedio de 22 años de experiencia en inversión inmobiliaria comercial. La compañía administra $ 2.1 mil millones en activos con un equipo de 45 profesionales de inversión.

Soluciones de financiamiento flexible para proyectos inmobiliarios comerciales

La compañía ofrece tamaños de préstamos que van desde $ 10 millones a $ 250 millones, con términos flexibles que incluyen estructuras de tarifas fijas y flotantes. Las duraciones de los préstamos generalmente varían de 3 a 7 años.

Tipo de préstamo	Rango de tamaño de préstamo	Estructura de tasas de interés
Préstamos para personas mayores aseguradas	$ 50M - $ 250M	Fijo y flotante
Préstamos entre mezzaninos	$ 10M - $ 100M	Principalmente fijo

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: relaciones con los clientes

Participación directa de los inversores institucionales

A partir del cuarto trimestre de 2023, el Apollo Commercial Real Estate Finance mantiene relaciones directas con 87 inversores institucionales, que incluyen:

Tipo de inversor	Número de inversores
Fondos de pensiones	24
Compañías de seguros	19
Bancos de inversión	15
Fondos de riqueza soberana	8
Otros inversores institucionales	21

Información financiera transparente

Métricas de informes financieros para 2023:

• Informes de ganancias trimestrales publicados dentro de los 45 días posteriores al final
• Informe anual Divulgación detallada: 92 páginas
• Accesibilidad a la información del inversor: 99.8% de tiempo de actividad en el sitio web de relaciones con los inversores

Estrategias de inversión personalizadas

Detalles de personalización de la cartera de inversiones:

Tipo de estrategia	Asignación de cartera
Valores comerciales respaldados por hipotecas	62%
Deuda corporativa	21%
Préstamos inmobiliarios directos	17%

Comunicaciones de inversores regulares

Frecuencia de comunicación en 2023:

• Llamadas de conferencia trimestrales de ganancias
• Actualizaciones mensuales de rendimiento de inversión
• Presentación anual del Día del Inversor
• Tiempo de respuesta promedio para consultas de inversores: 24 horas

Soporte dedicado de relaciones con los inversores

Composición del equipo de relaciones con los inversores:

Rol de equipo	Número de profesionales
Gerentes de relaciones con inversores senior	3
Analistas de relaciones con los inversores	5
Representantes de servicio al cliente	4

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: canales

Plataforma de inversión directa

Apollo Commercial Real Estate Finance utiliza una plataforma de inversión directa con las siguientes características:

Canales de inversión directos totales	4 canales principales
Portal de inversión en línea	Accesible las 24 horas, los 7 días de la semana
Umbral mínimo de inversión	$25,000
Volumen anual de transacción digital	$ 1.2 mil millones

Redes de inversión institucionales

Las redes de inversión institucionales para ARI incluyen:

• Fondos de pensiones
• Fondos de riqueza soberana
• Grandes empresas de capital privado
• Divisiones de inversión de la compañía de seguros

Socios institucionales totales	87 inversores institucionales
Volumen de inversión institucional (2023)	$ 3.6 mil millones

Listado de la Bolsa de Nasdaq

Detalles del canal de la Bolsa de Valores:

Símbolo de ticker	Ari
Capitalización de mercado (2024)	$ 2.1 mil millones
Volumen comercial diario promedio	425,000 acciones

Redes de asesores financieros

Canales de distribución de asesores financieros:

• Asesores de inversiones registrados independientes
• Redes financieras de Wirehouse
• Plataformas de corretaje regionales

Asociaciones de asesores financieros totales	312 redes activas
Volumen de inversión impulsado por asesores (2023)	$ 742 millones

Portal de relaciones con inversores digitales

Métricas de compromiso digital:

Sitio web Visitantes mensuales	47,500
Participantes de transmisión por Internet de ganancias trimestrales	1.200 inversores
Canales de comunicación digital	5 plataformas principales

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Apollo Commercial Real Estate Finance se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Volumen de inversión	Tamaño de inversión promedio
Grandes bancos de inversión	$ 250-500 millones	$ 75-150 millones por transacción
Compañías de seguros	$ 150-300 millones	$ 50-100 millones por inversión

Fondos de inversión inmobiliaria

Características de los fondos de inversión inmobiliaria específicas:

• Tamaño mínimo del fondo: $ 500 millones
• Asignación de inversión típica: 15-25% en deuda inmobiliaria comercial
• Enfoque geográfico: principalmente mercados estadounidenses

Inversores individuales de alto nivel de red

Categoría de inversionista	Umbral de riqueza	Rango de inversión típico
Ultra altura	$ 30 millones+ patrimonio neto	$ 2-10 millones por inversión
De alto nivel	$ 5-30 millones de patrimonio neto	$ 500,000- $ 2 millones por inversión

Empresas de capital privado

Detalles clave del segmento de capital privado:

• Tamaño objetivo de la empresa: $ 1-10 mil millones en activos bajo administración
• Sectores de inversión preferidos: valores respaldados por hipotecas comerciales
• Tamaño promedio de boletos de inversión: $ 25-100 millones

Fondos de pensiones y jubilación

Tipo de fondo	Activos totales	Asignación inmobiliaria
Fondos de pensiones públicas	$ 500 millones - $ 50 mil millones	8-12% en deuda inmobiliaria
Fondos de jubilación corporativa	$ 100 millones - $ 5 mil millones	5-10% en deuda inmobiliaria

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocio: Estructura de costos

Gastos de intereses en préstamos

Para el año fiscal 2023, Apollo Commercial Real Estate Finance, Inc. reportó gastos de intereses totales de $ 258.7 millones. Los costos de endeudamiento de la compañía se estructuran de la siguiente manera:

Tipo de préstamo	Cantidad total	Rango de tasas de interés
Deuda asegurada	$ 1.2 mil millones	5.75% - 7.25%
Deuda no garantizada	$ 850 millones	6.25% - 8.50%

Gastos generales operativos y administrativos

Los gastos operativos de la compañía para 2023 totalizaron $ 42.3 millones, desglosados ​​de la siguiente manera:

• Compensación y beneficios de los empleados: $ 24.6 millones
• Alquiler e instalaciones de la oficina: $ 5.7 millones
• Servicios profesionales: $ 8.2 millones
• Gastos de viaje y comunicación: $ 3.8 millones

Tarifas de gestión y rendimiento

Las tarifas de gestión para 2023 ascendieron a:

Tipo de tarifa	Cantidad total
Tarifa de gestión base	$ 37.5 millones
Tarifas basadas en el desempeño	$ 22.3 millones

Cumplimiento y costos regulatorios

Los gastos relacionados con el cumplimiento para 2023 incluyeron:

• Cumplimiento legal y regulatorio: $ 6.4 millones
• Auditoría e informes financieros: $ 3.9 millones
• Gestión de riesgos: $ 2.7 millones

Inversiones de tecnología e infraestructura

Tecnología e gastos de infraestructura para 2023:

Categoría de inversión	Gasto total
Infraestructura	$ 5.6 millones
Ciberseguridad	$ 3.2 millones
Actualizaciones de software y sistemas	$ 4.1 millones

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos inmobiliarios comerciales

A partir del cuarto trimestre de 2023, el Apollo Commercial Real Estate Finance reportó $ 179.1 millones en ingresos por intereses de préstamos inmobiliarios comerciales.

Tipo de préstamo	Ingresos de intereses ($ M)	Porcentaje de total
Préstamos para personas mayores	112.3	62.7%
Préstamos entre mezzaninos	44.6	24.9%
Equidad preferida	22.2	12.4%

Distribuciones de dividendos

Para el año fiscal 2023, el Apollo Commercial Real Estate Finance declaró dividendos totales de $ 1.44 por acción, lo que representa un rendimiento anual de dividendos del 11.2%.

Ganancias realizadas de la cartera de préstamos

En 2023, la compañía informó ganancias realizadas de $ 37.5 millones de sus transacciones de cartera de préstamos.

Ingresos basados ​​en tarifas de la gestión de inversiones

Los ingresos basados ​​en tarifas para 2023 totalizaron $ 22.8 millones, desglosados ​​de la siguiente manera:

• Tarifas de gestión de activos: $ 15.6 millones
• Tarifas de servicio de asesoramiento: $ 4.2 millones
• Tarifas relacionadas con la transacción: $ 3.0 millones

Apreciación de capital de los activos de inversión

La compañía registró una apreciación de capital de $ 45.6 millones en su cartera de inversiones para el año fiscal 2023.

Categoría de activos	Apreciación de capital ($ M)	Tasa de apreciación
Inmobiliario comercial	32.4	7.1%
Cartera de préstamos	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.