阿波罗房地产金融 2024年度报告

(Mark One) ☐Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of1934For the fiscal year ended December 31, 2024OR ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Actof 1934For the transition period fromtoCommission File Number: 001-34452__________________________________ Apollo Commercial Real Estate Finance,Inc. (Exact name of registrant as specified in its charter)__________________________________ Maryland 27-0467113 (State or other jurisdiction ofincorporation or organization)Apollo Commercial Real Estate Finance, Inc.c/o Apollo Global Management, Inc.9 West 57th Street, 42nd Floor,New York, New York 10019(Address of principal executive offices) (Zip Code)(212) 515–3200(Registrant's telephone number, including area code)__________________________________ (I.R.S. EmployerIdentification No.) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,""accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant's executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☐ As of June 28, 2024, the aggregate market value of the registrant's common stock held by non-affiliates of theregistrant was $1.3 billion based on the closing sales price of our common stock on such date as reported on theNew York Stock Exchange As of February 7, 2025, there were 138,871,188 shares, $0.01 par value per share, of the registrant's commonstock issued and outstanding. Documents Incorporated by ReferencePortions of the registrant's proxy statement for the 2025 annual meeting of stockholders are incorporated by reference into Part III of this annual report on Form 10-K. Table of Contents Part I Item 1.Business.Item1A.Risk Factors.Item1B.Unresolved Staff Comments.Item1C.Cybersecurity.Item 2.Properties.Item 3.Legal Proceedings.Item 4.Mine Safety Disclosures. 7103636383838 Part II Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities.38Item 6.[Reserved]40Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations.41Item7A.Quantitative and Qualitative Disclosures about Market Risk.56Item 8.Financial Statements and Supplementary Data.59Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.106Item9A.Controls and Procedures.107Item9B.Other Information.107Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.108 Part III Item10.Directors, Executive Officers and Corporate Governance.109Item11.Executive Compensation.109Item12.Security Ownership of Certain Beneficial Owners and Management Related StockholderMatters.109 Item13.Certain Relationships and Related Transactions, and Director Independence.109Item14.Princ