Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Merger or Acquisition (January 2026)
8 slides from Apollo Commercial Real Estate Finance's merger presentation, Jan 28, 2026
Slide 1: Strategic Loan Portfolio Sale Transaction
Apollo Commercial Real Estate Finance (“ARI”) Strategic Loan Portfolio Sale Transaction January 28, 2026 Unless otherwise noted, information as of January 2026.
Slide 2: Disclaimer
Disclaimer Disclaimer No representation or warranty, express or implied, is or will be made by Apollo Commercial Real Estate Finance, Inc. (“ARI” or the “Company”), Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”) or any of their respective directors, officers, employees or
Slide 3: Key Transaction Highlights
Key Transaction Highlights Apollo Commercial Real Estate Finance, Inc. (“ARI” or the “Company”) today announced the Company has entered into a definitive agreement with Athene Holding Ltd. (“Athene”) to sell the Company’s entire loan portfolio1 for a purchase price based on 99.7% of total loan commi
Slide 4: Why Sell Now? | Benefits of Sale Today
Why Sell Now? | Benefits of Sale Today 01 Ability to monetize loan portfolio in a single transaction1, eliminating future asset level execution risk Closes valuation gap through sale to a high-conviction buyer that values high-grade capital efficient 02 assets with excess return Validates ARI book v
Slide 5: Historical ARI P/BV Trading Levels
Historical ARI P/BV Trading Levels ARI P/BV Trading – Last 4 Years 1.10x ARI P/BV1 ARI 4-Year Average1 Comparable cmREITs P/BV2 Implied Transaction Value of ~0.99x 1.00x 0.90x 0.80x 4-Year ARI 0.70x Average: 0.77x 0.60x 0.50x 0.40x Jan-22 Feb-22 Jan-23 Feb-23 Jan-24 Feb-24 Jan-25 Feb-25 Dec-22 Dec-2
Slide 6: ARI Post-Sale Strategic Assessment
ARI Post-Sale Strategic Assessment ARI’s management team, in consultation with the board of directors, will spend the remainder of 2026 evaluating a range of commercial real estate-related strategies designed to reposition ARI and unlock additional value for stockholders Review of Potential Intend
Slide 7: Real Estate Owned Overview
Real Estate Owned Overview ARI will continue proactive REO asset management, seeking to optimize run-rate cash flows and value realization at exit for the real estate owned Brooklyn Multifamily (The Brook) | $288 million1 Washington, D.C. Hotel (The Mayflower) | $85 million1 Newly-built, Class A m
Slide 8: Summary of Key Transaction Terms
Summary of Key Transaction Terms Athene to purchase ARI’s entire loan portfolio with the exception of two loans with a combined total Transaction Structure principal balance of $146 million that are expected to be repaid prior to closing Asset Purchase Price Purchased price based on 99.7% of total l
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