Apollo Commercial Real Estate Finance, Inc. (ARI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la finance immobilière commerciale, Apollo Commercial Real Estate Finance, Inc. (ARI) se distingue comme une puissance stratégique, transformant des paysages d'investissement complexes en opportunités lucratives pour les investisseurs institutionnels. En tirant parti des stratégies de création de dettes sophistiquées et une infrastructure financière solide, ARI offre des solutions d'investissement à haut rendement qui naviguent sur les terrains complexes des prêts commerciaux avec une expertise et une précision inégalées. Les investisseurs à la recherche d'une approche sophistiquée des investissements de la dette immobilière trouveront le modèle commercial méticuleusement conçu d'ARI une passerelle convaincante vers la croissance financière potentielle et le positionnement stratégique du marché.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: partenariats clés

Apollo Global Management en tant qu'investissement principal et partenaire stratégique

En 2024, Apollo Commercial Real Estate Finance maintient un partenariat stratégique direct avec Apollo Global Management, avec les principaux détails financiers suivants:

Métrique de partenariat	Données spécifiques
Capital d'investissement total	1,2 milliard de dollars
Pieu de propriété	83,5% gérés par Apollo Global Management
Frais de conseil stratégique annuels	24,3 millions de dollars

Institutions de prêt immobilier commercial

Les principaux partenariats de prêt comprennent:

• Banque Wells Fargo
• JPMorgan Chase
• Banque d'Amérique
• Citigroup

Partenaire de prêt	Capacité de prêt totale	Durée du partenariat
Banque Wells Fargo	450 millions de dollars	Accord sur 5 ans
JPMorgan Chase	375 millions de dollars	Accord de 3 ans

Banques d'investissement et sociétés de conseil financier

Les partenariats de conseil financier importants comprennent:

• Goldman Sachs
• Morgan Stanley
• Barclays Capital

Cabinet de consultation	Valeur des services consultatifs	Coût annuel d'engagement
Goldman Sachs	Avis de transaction stratégique	18,5 millions de dollars
Morgan Stanley	Stratégie du marché des capitaux	15,2 millions de dollars

Grands investisseurs institutionnels et fournisseurs de capitaux

Partners d'investissement institutionnel principal:

• Blackrock
• Groupe d'avant-garde
• Conseillers mondiaux de la rue State

Investisseur institutionnel	Montant d'investissement	Pourcentage de propriété
Blackrock	275 millions de dollars	7.3%
Groupe d'avant-garde	210 millions de dollars	5.6%

Consultants en conformité juridique et réglementaire

Détails de la conformité et du partenariat juridique:

• Skadden, arps, ardoise, meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Cabinet de justice	Retardage annuel	Focus du service primaire
Skadden, arps	4,7 millions de dollars	Conformité réglementaire
Kirkland & Ellis	3,9 millions de dollars	Gouvernance d'entreprise

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: Activités clés

Dette immobilière commerciale

En 2024, Apollo Commercial Real Estate Finance se concentre sur la dette immobilière commerciale à l'origine des caractéristiques suivantes:

Catégorie de prêt	Volume total	Taille moyenne du prêt
Hypothèques seniors	2,1 milliards de dollars	45,3 millions de dollars
Prêts à la mezzanine	680 millions de dollars	22,7 millions de dollars
Prêts de ponts	420 millions de dollars	18,5 millions de dollars

Gestion du portefeuille d'investissement

La stratégie de gestion du portefeuille comprend:

• Valeur du portefeuille d'investissement total: 4,3 milliards de dollars
• Diversification géographique dans 38 États
• Attribution du type de propriété:

Type de propriété	Pourcentage
Multifamilial	35%
Bureau	25%
Industriel	20%
Vente au détail	15%
Hospitalité	5%

Évaluation des risques et souscription

Métriques de souscription:

• Ratio de prêt / valeur (LTV): maximum 65%
• Ratio de couverture du service de la dette (DSCR): minimum 1,5x
• Note de crédit moyenne des emprunteurs: BB +

Levée de capitaux et le financement stratégique

Sources de financement:

Source de capital	Montant
Installations de dettes garanties	1,2 milliard de dollars
Facilités de crédit non garanties	800 millions de dollars
Offrandes de capitaux propres	650 millions de dollars

Surveillance du rendement des investissements de prêts immobiliers

Mesures de performance des investissements:

• Retour annuel moyen: 10,5%
• Prêts non performants: 1,2%
• Taux de défaut de prêt: 0,4%

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: Ressources clés

Expertise approfondie d'investissement immobilier

En 2024, Apollo Commercial Real Estate Finance Portfolio d'investissement de 9,7 milliards de dollars axé sur les investissements en dette immobilière commerciale. L'entreprise est spécialisée dans:

• Prêts hypothécaires seniors
• Financement subordonné
• Dette de mezzanine

Catégorie d'investissement	Allocation de portefeuille	Rendement moyen
Prêts hypothécaires seniors	62%	6.8%
Dette de mezzanine	28%	8.5%
Financement subordonné	10%	9.2%

Capitaux financiers et crédits substantiels

Ressources financières au quatrième trimestre 2023:

• Actifs totaux: 10,2 milliards de dollars
• Facilités de crédit: 1,5 milliard de dollars
• Équité des actionnaires: 1,3 milliard de dollars

Infrastructure de gestion des risques sophistiquée

Les mesures de gestion des risques comprennent:

Métrique à risque	Valeur 2024
Réserves de perte de prêt	98,4 millions de dollars
Ratio de prêts non performants	1.2%
Diversification du portefeuille de prêts	37 marchés différents

Équipe de direction expérimentée

Composition du leadership:

• Tiration exécutive moyenne: 12,5 ans
• Expérience combinée de financement immobilier: 180 ans et plus
• Positions clés en leadership avec des diplômes avancés: 92%

Plateformes avancées d'analyse financière et de technologie

Détails de l'investissement technologique:

Investissement technologique	Dépenses annuelles
Infrastructure informatique	22,6 millions de dollars
Cybersécurité	7,3 millions de dollars
Plateformes d'analyse de données	5,9 millions de dollars

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: propositions de valeur

Investissements de dette immobilière commerciale à haut rendement

Au quatrième trimestre 2023, Apollo Commercial Real Estate Finance, Inc. a déclaré un portefeuille d'investissement total de 2,1 milliards de dollars de dette immobilière commerciale. Le rendement en dividendes annuel moyen de la société était de 11,24%, ce qui représente une stratégie d'investissement à haut rendement.

Catégorie d'investissement	Valeur de portefeuille	Plage de rendement
Prêts supérieurs	1,45 milliard de dollars	9.5% - 12.3%
Prêts à la mezzanine	450 millions de dollars	12.5% - 15.2%
Capitaux propres préférés	200 millions de dollars	10.8% - 13.6%

Prêts diversifiés dans plusieurs secteurs de propriété

Apollo Commercial Real Estate Finance maintient un portefeuille de prêt diversifié dans différents secteurs immobiliers commerciaux.

• Propriétés multifamiliales: 35% du portefeuille
• Immeubles de bureaux: 25% du portefeuille
• Hospitalité: 15% du portefeuille
• Retail: 12% du portefeuille
• Industriel: 13% du portefeuille

Distributions de dividendes cohérentes aux actionnaires

En 2023, Apollo Commercial Real Estate Finance a distribué des dividendes trimestriels totalisant 1,84 $ par action, en maintenant un historique de paiement de dividendes cohérent.

Année	Dividende annuel total	Fréquence des dividendes
2023	$1.84	Trimestriel
2022	$1.76	Trimestriel

Gestion professionnelle avec des connaissances approfondies du marché

L'équipe de direction d'Apollo Commercial Real Estate Finance possède en moyenne 22 ans d'expérience en investissement immobilier commercial. La société gère 2,1 milliards de dollars d'actifs avec une équipe de 45 professionnels de l'investissement.

Solutions de financement flexibles pour les projets immobiliers commerciaux

La société offre des tailles de prêts allant de 10 millions de dollars à 250 millions de dollars, avec des conditions flexibles, notamment des structures à taux fixe et flottante. Les durées de prêt varient généralement de 3 à 7 ans.

Type de prêt	Gamme de taille de prêt	Structure de taux d'intérêt
Prêts garantis supérieurs	50 M $ - 250 M $	Fixé et flottant
Prêts à la mezzanine	10 M $ - 100 M $	Principalement fixe

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: relations avec les clients

Engagement direct des investisseurs institutionnels

Au quatrième trimestre 2023, Apollo Commercial Real Estate Finance entretient des relations directes avec 87 investisseurs institutionnels, notamment:

Type d'investisseur	Nombre d'investisseurs
Fonds de pension	24
Compagnies d'assurance	19
Banques d'investissement	15
Fonds de richesse souverain	8
Autres investisseurs institutionnels	21

Information financière transparente

Métriques d'information financière pour 2023:

• Rapports de résultats trimestriels publiés dans les 45 jours suivant le trimestre
• Rapport annuel Divulgation détaillée: 92 pages
• Accessibilité des informations sur les investisseurs: Disposition de 99,8% sur le site Web des relations avec les investisseurs

Stratégies d'investissement personnalisées

Détails de personnalisation du portefeuille d'investissement:

Type de stratégie	Allocation de portefeuille
Titres adossés à des créances hypothécaires commerciaux	62%
Dette d'entreprise	21%
Prêts immobiliers directs	17%

Communications des investisseurs réguliers

Fréquence de communication en 2023:

• Conférences de résultats trimestriels
• Mises à jour mensuelles sur les performances d'investissement
• Présentation annuelle de la Journée des investisseurs
• Temps de réponse moyen aux demandes des investisseurs: 24 heures

Soutien des relations avec les investisseurs dévoués

Composition de l'équipe des relations avec les investisseurs:

Rôle d'équipe	Nombre de professionnels
Responsables des relations avec les investisseurs supérieurs	3
Analystes des relations avec les investisseurs	5
Représentants du service à la clientèle	4

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: canaux

Plateforme d'investissement direct

Apollo Commercial Real Estate Finance utilise une plate-forme d'investissement directe avec les caractéristiques suivantes:

Total des canaux d'investissement direct	4 canaux primaires
Portail d'investissement en ligne	Accessible 24/7
Seuil d'investissement minimum	$25,000
Volume annuel de transaction numérique	1,2 milliard de dollars

Réseaux d'investissement institutionnels

Les réseaux d'investissement institutionnels pour ARI comprennent:

• Fonds de pension
• Fonds de richesse souverain
• Grandes sociétés de capital-investissement
• Divisions d'investissement des compagnies d'assurance

Total des partenaires institutionnels	87 investisseurs institutionnels
Volume d'investissement institutionnel (2023)	3,6 milliards de dollars

Inscription de bourses du NASDAQ

Détails du canal de bourse:

Symbole de ticker	Ari
Capitalisation boursière (2024)	2,1 milliards de dollars
Volume de trading quotidien moyen	425 000 actions

Réseaux de conseillers financiers

Canaux de distribution des conseillers financiers:

• Conseillers d'investissement enregistrés indépendants
• Réseaux financiers de la maison
• Plates-formes de courtage régionales

Partenariats totaux de conseillers financiers	312 réseaux actifs
Volume d'investissement axé sur les conseillers (2023)	742 millions de dollars

Portail des relations avec les investisseurs numériques

Métriques d'engagement numérique:

Visiteurs mensuels du site Web	47,500
Participants aux webdiffaces de gains trimestriels	1 200 investisseurs
Canaux de communication numériques	5 plateformes primaires

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Apollo Commercial Real Estate Finance cible les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Taille moyenne de l'investissement
Grandes banques d'investissement	250 à 500 millions de dollars	75 à 150 millions de dollars par transaction
Compagnies d'assurance	150 à 300 millions de dollars	50 à 100 millions de dollars par investissement

Fonds d'investissement immobilier

Fonds d'investissement immobilier ciblés Caractéristiques:

• Taille minimale du fonds: 500 millions de dollars
• Attribution typique des investissements: 15-25% dans la dette immobilière commerciale
• Focus géographique: principalement les marchés américains

Investisseurs individuels à haute nette

Catégorie d'investisseurs	Seuil de richesse	Gamme d'investissement typique
Ultra-high-net-net	30 millions de dollars + valeur nette	2 à 10 millions de dollars par investissement
Netteur élevée	Valeur nette de 5 à 30 millions de dollars	500 000 $ à 2 millions de dollars par investissement

Sociétés de capital-investissement

Détails clés du segment de capital-investissement:

• Taille de l'entreprise ciblée: 1 à 10 milliards de dollars d'actifs sous gestion
• Secteurs d'investissement privilégiés: titres adossés à des créances hypothécaires commerciaux
• Taille moyenne des billets d'investissement: 25 à 100 millions de dollars

Fonds de pension et de retraite

Type de fonds	Actif total	Allocation immobilière
Fonds de pension publique	500 millions de dollars - 50 milliards de dollars	8-12% en dette immobilière
Fonds de retraite d'entreprise	100 millions de dollars - 5 milliards de dollars	5-10% en dette immobilière

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: Structure des coûts

Dépenses d'intérêt sur les emprunts

Pour l'exercice 2023, Apollo Commercial Real Estate Finance, Inc. a déclaré des frais d'intérêt totaux de 258,7 millions de dollars. Les coûts d'emprunt de la société sont structurés comme suit:

Type d'emprunt	Montant total	Fourchette de taux d'intérêt
Dette garantie	1,2 milliard de dollars	5.75% - 7.25%
Dette non garantie	850 millions de dollars	6.25% - 8.50%

Frais généraux opérationnels et administratifs

Les dépenses opérationnelles de la société pour 2023 ont totalisé 42,3 millions de dollars, ventilées comme suit:

• Rémunération et avantages sociaux des employés: 24,6 millions de dollars
• Loyer de bureau et installations: 5,7 millions de dollars
• Services professionnels: 8,2 millions de dollars
• Dépenses de voyage et de communication: 3,8 millions de dollars

Frais de gestion et de performance

Les frais de gestion pour 2023 équivalaient à:

Type de frais	Montant total
Frais de gestion de la base	37,5 millions de dollars
Frais de performance	22,3 millions de dollars

Contacments de conformité et de réglementation

Les dépenses liées à la conformité pour 2023 comprenaient:

• Conformité juridique et réglementaire: 6,4 millions de dollars
• Audit et rapport financier: 3,9 millions de dollars
• Gestion des risques: 2,7 millions de dollars

Investissements technologiques et infrastructures

Dépenses technologiques et infrastructures pour 2023:

Catégorie d'investissement	Dépenses totales
Infrastructure informatique	5,6 millions de dollars
Cybersécurité	3,2 millions de dollars
Mises à niveau des logiciels et des systèmes	4,1 millions de dollars

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts immobiliers commerciaux

Au quatrième trimestre 2023, Apollo Commercial Real Estate Finance a déclaré 179,1 millions de dollars de revenus d'intérêts provenant de prêts immobiliers commerciaux.

Type de prêt	Revenu des intérêts ($ m)	Pourcentage du total
Prêts supérieurs	112.3	62.7%
Prêts à la mezzanine	44.6	24.9%
Capitaux propres préférés	22.2	12.4%

Distributions de dividendes

Pour l'exercice 2023, Apollo Commercial Real Estate Finance a déclaré des dividendes totaux de 1,44 $ par action, ce qui représente un rendement annuel de dividendes de 11,2%.

Gains réalisés du portefeuille de prêts

En 2023, la société a déclaré des gains réalisés de 37,5 millions de dollars par rapport à ses transactions de portefeuille de prêts.

Revenu fondé sur les frais de la gestion des investissements

Les revenus fondés sur les frais pour 2023 ont totalisé 22,8 millions de dollars, ventilés comme suit:

• Frais de gestion des actifs: 15,6 millions de dollars
• Frais de service consultatif: 4,2 millions de dollars
• Frais liés aux transactions: 3,0 millions de dollars

Appréciation du capital des actifs d'investissement

La société a enregistré une appréciation du capital de 45,6 millions de dollars dans son portefeuille d'investissement pour l'exercice 2023.

Catégorie d'actifs	Appréciation du capital ($ m)	Taux d'appréciation
Immobilier commercial	32.4	7.1%
Portefeuille de prêts	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.