Apollo Commercial Real Estate Finance, Inc. (ARI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças imobiliárias comerciais, a Apollo Commercial Real Estate Finance, Inc. (ARI) se destaca como uma potência estratégica, transformando paisagens complexas de investimento em oportunidades lucrativas para investidores institucionais. Ao alavancar estratégias sofisticadas de originação da dívida e uma infraestrutura financeira robusta, a ARI oferece soluções de investimento de alto rendimento que navegam nos complexos terrenos de empréstimos de propriedades comerciais com experiência e precisão incomparáveis. Os investidores que buscam uma abordagem sofisticada para investimentos em dívidas imobiliárias considerarão o modelo de negócios meticulosamente criado de Ari uma porta de entrada atraente para o crescimento financeiro potencial e o posicionamento estratégico do mercado.

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: Parcerias -chave

A Apollo Global Management como investimento primário e parceiro estratégico

A partir de 2024, a Apollo Commercial Real Estate Finance mantém uma parceria estratégica direta com a Apollo Global Management, com os seguintes detalhes financeiros principais:

Métrica de Parceria	Dados específicos
Capital total de investimento	US $ 1,2 bilhão
Participação de propriedade	83,5% gerenciados pela Apollo Global Management
Taxas de consultoria estratégica anual	US $ 24,3 milhões

Instituições comerciais de empréstimos imobiliários

As principais parcerias de empréstimos incluem:

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

Parceiro de empréstimo	Capacidade total de empréstimos	Duração da parceria
Wells Fargo Bank	US $ 450 milhões	Contrato de 5 anos
JPMorgan Chase	US $ 375 milhões	Contrato de 3 anos

Bancos de investimento e empresas de consultoria financeira

Parcerias de consultoria financeira significativa incluem:

• Goldman Sachs
• Morgan Stanley
• Barclays Capital

Empresa de consultoria	Valor de serviços de consultoria	Custo anual de engajamento
Goldman Sachs	Aviso de transação estratégica	US $ 18,5 milhões
Morgan Stanley	Estratégia do mercado de capitais	US $ 15,2 milhões

Grandes investidores institucionais e provedores de capital

Parceiros de investimento institucional primário:

• BlackRock
• Grupo Vanguard
• Conselheiros Globais da State Street

Investidor institucional	Valor do investimento	Porcentagem de propriedade
BlackRock	US $ 275 milhões	7.3%
Grupo Vanguard	US $ 210 milhões	5.6%

Consultores de conformidade jurídica e regulatória

Detalhes de conformidade e parceria legal:

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

Escritório jurídico	Retentor anual	Foco principal do serviço
Skadden, Arps	US $ 4,7 milhões	Conformidade regulatória
Kirkland & Ellis	US $ 3,9 milhões	Governança corporativa

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: Atividades -chave

Originação da dívida imobiliária comercial

A partir de 2024, a Apollo Commercial Real Estate Finance concentra -se em originar dívidas imobiliárias comerciais com as seguintes características:

Categoria de empréstimo	Volume total	Tamanho médio do empréstimo
Hipotecas seniores	US $ 2,1 bilhões	US $ 45,3 milhões
Empréstimos de mezanina	US $ 680 milhões	US $ 22,7 milhões
Empréstimos de ponte	US $ 420 milhões	US $ 18,5 milhões

Gerenciamento de portfólio de investimentos

A estratégia de gerenciamento de portfólio inclui:

• Valor da carteira total de investimentos: US $ 4,3 bilhões
• Diversificação geográfica em 38 estados
• Alocação de tipo de propriedade:

Tipo de propriedade	Percentagem
Multifamiliar	35%
Escritório	25%
Industrial	20%
Varejo	15%
Hospitalidade	5%

Avaliação de risco e subscrição

Métricas de subscrição:

• Índice de empréstimo / valor (LTV): máximo de 65%
• Taxa de cobertura do serviço da dívida (DSCR): mínimo 1,5x
• Classificação média de crédito dos mutuários: BB+

Crie capital e financiamento estratégico

Fontes de financiamento:

Fonte de capital	Quantia
Instalações de dívida garantidas	US $ 1,2 bilhão
Linhas de crédito não garantidas	US $ 800 milhões
Ofertas de ações	US $ 650 milhões

Monitoramento de desempenho de investimentos em empréstimos imobiliários

Métricas de desempenho de investimento:

• Retorno anual médio: 10,5%
• Empréstimos não-desempenho: 1,2%
• Taxa de padrão de empréstimo: 0,4%

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: Recursos -chave

Ampla experiência em investimentos imobiliários

A partir de 2024, a Apollo Commercial Real Estate Finance mantém um Portfólio de investimentos de US $ 9,7 bilhões focado em investimentos comerciais de dívida imobiliária. A empresa é especializada em:

• Empréstimos hipotecários sênior
• Financiamentos subordinados
• Dívida do mezanino

Categoria de investimento	Alocação de portfólio	Rendimento médio
Empréstimos hipotecários sênior	62%	6.8%
Dívida do mezanino	28%	8.5%
Financiamentos subordinados	10%	9.2%

Capital financeiro substancial e linhas de crédito

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 10,2 bilhões
• Linhas de crédito: US $ 1,5 bilhão
• Equidade dos acionistas: US $ 1,3 bilhão

Infraestrutura sofisticada de gerenciamento de riscos

As métricas de gerenciamento de riscos incluem:

Métrica de risco	2024 Valor
Reservas de perda de empréstimos	US $ 98,4 milhões
Razão de empréstimos não-desempenho	1.2%
Diversificação da carteira de empréstimos	37 mercados diferentes

Equipe de liderança executiva experiente

Composição de liderança:

• Possuir Média de Poubo: 12,5 anos
• Experiência combinada de financiamento imobiliário: 180 anos ou mais
• Posições de liderança -chave com diplomas avançados: 92%

Plataformas avançadas de análise financeira e tecnologia

Detalhes de investimento em tecnologia:

Investimento em tecnologia	Gasto anual
Infraestrutura de TI	US $ 22,6 milhões
Segurança cibernética	US $ 7,3 milhões
Plataformas de análise de dados	US $ 5,9 milhões

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

Investimentos de dívidas imobiliárias comerciais de alto rendimento

A partir do quarto trimestre de 2023, a Apollo Commercial Real Estate Finance, Inc. registrou um portfólio total de investimentos de US $ 2,1 bilhões em dívidas imobiliárias comerciais. O rendimento médio anual de dividendos da empresa foi de 11,24%, representando uma estratégia de investimento de alto rendimento.

Categoria de investimento	Valor do portfólio	Faixa de rendimento
Empréstimos sênior	US $ 1,45 bilhão	9.5% - 12.3%
Empréstimos de mezanina	US $ 450 milhões	12.5% - 15.2%
Equidade preferida	US $ 200 milhões	10.8% - 13.6%

Empréstimos diversificados em vários setores de propriedades

A Apollo Commercial Real Estate Finance mantém um portfólio de empréstimo diversificado em diferentes setores comerciais imobiliários.

• Propriedades multifamiliares: 35% do portfólio
• Edifícios de escritórios: 25% do portfólio
• Hospitalidade: 15% do portfólio
• Varejo: 12% do portfólio
• Industrial: 13% do portfólio

Distribuições de dividendos consistentes aos acionistas

Em 2023, o Finanças Imobiliárias Comerciais da Apollo distribuiu dividendos trimestrais, totalizando US $ 1,84 por ação, mantendo um histórico de pagamentos de dividendos consistentes.

Ano	Dividendo anual total	Frequência de dividendos
2023	$1.84	Trimestral
2022	$1.76	Trimestral

Gerenciamento profissional com conhecimento profundo do mercado

A equipe de gerenciamento da Apollo Commercial Real Estate Finance tem uma média de 22 anos de experiência em investimentos imobiliários comerciais. A empresa gerencia US $ 2,1 bilhões em ativos com uma equipe de 45 profissionais de investimento.

Soluções de financiamento flexíveis para projetos imobiliários comerciais

A empresa oferece tamanhos de empréstimos que variam de US $ 10 milhões a US $ 250 milhões, com termos flexíveis, incluindo estruturas de taxas fixas e flutuantes. As durações de empréstimos normalmente variam de 3 a 7 anos.

Tipo de empréstimo	Faixa de tamanho de empréstimo	Estrutura da taxa de juros
Empréstimos garantidos sênior	$ 50m - $ 250M	Fixado e flutuante
Empréstimos de mezanina	US $ 10 milhões - US $ 100 milhões	Principalmente fixo

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto do investidor institucional

A partir do quarto trimestre 2023, a Apollo Commercial Real Estate Finance mantém relacionamentos diretos com 87 investidores institucionais, incluindo:

Tipo de investidor	Número de investidores
Fundos de pensão	24
Companhias de seguros	19
Bancos de investimento	15
Fundos soberanos de riqueza	8
Outros investidores institucionais	21

Relatórios financeiros transparentes

Métricas de relatórios financeiros para 2023:

• Relatórios de ganhos trimestrais publicados dentro de 45 dias do final do quarto
• Relatório Anual Divulgação detalhada: 92 páginas
• Acessibilidade das informações dos investidores: 99,8% de tempo de atividade no site de relações com investidores

Estratégias de investimento personalizado

Detalhes da personalização do portfólio de investimentos:

Tipo de estratégia	Alocação de portfólio
Valores mobiliários lastreados em hipotecas comerciais	62%
Dívida corporativa	21%
Empréstimos imobiliários diretos	17%

Comunicações regulares de investidores

Frequência de comunicação em 2023:

• Chamadas de conferência de ganhos trimestrais
• Atualizações mensais de desempenho do investimento
• Apresentação anual do Dia do Investidor
• Tempo médio de resposta às consultas dos investidores: 24 horas

Suporte dedicado às relações com investidores

Composição da equipe de relações com investidores:

Papel de equipe	Número de profissionais
Gerentes de Relações com Investidores Sênior	3
Analistas de relações com investidores	5
Representantes de atendimento ao cliente	4

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: canais

Plataforma de investimento direto

A Apollo Commercial Real Estate Finance utiliza uma plataforma de investimento direto com as seguintes características:

Total de canais de investimento direto	4 canais primários
Portal de investimento on -line	Acessível 24/7
Limiar mínimo de investimento	$25,000
Volume anual de transação digital	US $ 1,2 bilhão

Redes de investimentos institucionais

As redes institucionais de investimento para ARI incluem:

• Fundos de pensão
• Fundos soberanos de riqueza
• Grandes empresas de private equity
• Divisões de investimento da companhia de seguros

Total de parceiros institucionais	87 investidores institucionais
Volume de investimento institucional (2023)	US $ 3,6 bilhões

Listagem da Bolsa de Valores da NASDAQ

Detalhes do canal da bolsa de valores:

Símbolo do ticker	Ari
Capitalização de mercado (2024)	US $ 2,1 bilhões
Volume médio de negociação diária	425.000 ações

Redes de consultores financeiros

Canais de distribuição de consultores financeiros:

• Consultores de investimento registrados independentes
• Redes financeiras de Wirehouse
• Plataformas regionais de corretagem

Total de parcerias de consultor financeiro	312 redes ativas
Volume de investimento orientado a consultor (2023)	US $ 742 milhões

Portal de relações com investidores digitais

Métricas de engajamento digital:

Visitantes mensais do site	47,500
Participantes do webcast trimestrais	1.200 investidores
Canais de comunicação digital	5 plataformas principais

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

Investidores institucionais

A Apollo Commercial Real Estate Finance tem como alvo investidores institucionais com o seguinte profile:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Grandes bancos de investimento	US $ 250-500 milhões	US $ 75-150 milhões por transação
Companhias de seguros	US $ 150-300 milhões	US $ 50-100 milhões por investimento

Fundos de investimento imobiliário

Características direcionadas de fundos de investimento imobiliário:

• Tamanho mínimo do fundo: US $ 500 milhões
• Alocação de investimento típica: 15-25% em dívida imobiliária comercial
• Foco geográfico: principalmente mercados dos EUA

Investidores individuais de alta rede

Categoria de investidores	Limiar de riqueza	Faixa de investimento típica
Ultra-alto-net-worth	US $ 30 milhões+ patrimônio líquido	US $ 2-10 milhões por investimento
Alta rede	US $ 5-30 milhões no patrimônio líquido	US $ 500.000 a US $ 2 milhões por investimento

Empresas de private equity

Principais detalhes do segmento de private equity:

• Tamanho da empresa direcionado: US $ 1 a 10 bilhões em ativos sob gestão
• Setores de investimento preferidos: valores mobiliários com hipotecas comerciais
• Tamanho médio do ingresso de investimento: US $ 25-100 milhões

Fundos de pensão e aposentadoria

Tipo de fundo	Total de ativos	Alocação imobiliária
Fundos de pensão pública	US $ 500 milhões - US $ 50 bilhões	8-12% em dívida imobiliária
Fundos de aposentadoria corporativa	US $ 100 milhões - US $ 5 bilhões	5-10% em dívida imobiliária

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: estrutura de custos

Despesas de juros em empréstimos

Para o ano fiscal de 2023, a Apollo Commercial Real Estate Finance, Inc. registrou despesas totais de juros de US $ 258,7 milhões. Os custos de empréstimos da empresa são estruturados da seguinte forma:

Tipo de empréstimo	Montante total	Intervalo de taxa de juros
Dívida garantida	US $ 1,2 bilhão	5.75% - 7.25%
Dívida não garantida	US $ 850 milhões	6.25% - 8.50%

Overhead operacional e administrativo

As despesas operacionais da empresa em 2023 totalizaram US $ 42,3 milhões, divididas da seguinte forma:

• Compensação e benefícios dos funcionários: US $ 24,6 milhões
• Aluguel e instalações do escritório: US $ 5,7 milhões
• Serviços profissionais: US $ 8,2 milhões
• Despesas de viagem e comunicação: US $ 3,8 milhões

Taxas de gerenciamento e desempenho

As taxas de gerenciamento para 2023 foram de:

Tipo de taxa	Montante total
Taxa de gerenciamento base	US $ 37,5 milhões
Taxas baseadas em desempenho	US $ 22,3 milhões

Conformidade e custos regulatórios

Despesas relacionadas à conformidade para 2023 incluídas:

• Conformidade legal e regulatória: US $ 6,4 milhões
• Auditoria e relatórios financeiros: US $ 3,9 milhões
• Gerenciamento de riscos: US $ 2,7 milhões

Investimentos de tecnologia e infraestrutura

Gastos de tecnologia e infraestrutura para 2023:

Categoria de investimento	Gasto total
Infraestrutura de TI	US $ 5,6 milhões
Segurança cibernética	US $ 3,2 milhões
Atualizações de software e sistemas	US $ 4,1 milhões

Apollo Commercial Real Estate Finance, Inc. (ARI) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos imobiliários comerciais

No quarto trimestre 2023, a Apollo Commercial Real Estate Finance registrou US $ 179,1 milhões em receita de juros de empréstimos imobiliários comerciais.

Tipo de empréstimo	Receita de juros ($ m)	Porcentagem de total
Empréstimos sênior	112.3	62.7%
Empréstimos de mezanina	44.6	24.9%
Equidade preferida	22.2	12.4%

Distribuições de dividendos

Para o ano fiscal de 2023, a Apollo Commercial Real Estate Finance declarou dividendos totais de US $ 1,44 por ação, representando um rendimento anual de dividendos de 11,2%.

Ganhos realizados da carteira de empréstimos

Em 2023, a empresa relatou obter ganhos de US $ 37,5 milhões de suas transações de portfólio de empréstimos.

Receita baseada em taxas de gerenciamento de investimentos

A receita baseada em taxas para 2023 totalizou US $ 22,8 milhões, dividida da seguinte forma:

• Taxas de gerenciamento de ativos: US $ 15,6 milhões
• Taxas de serviço de consultoria: US $ 4,2 milhões
• Taxas relacionadas à transação: US $ 3,0 milhões

Apreciação de capital de ativos de investimento

A empresa registrou uma apreciação de capital de US $ 45,6 milhões em seu portfólio de investimentos para o ano fiscal de 2023.

Categoria de ativos	Apreciação de capital ($ m)	Taxa de valorização
Imóveis comerciais	32.4	7.1%
Portfólio de empréstimos	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.