阿波罗房地产金融 2025年季度报告

(Mark One) ☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For thequarterly period endedMarch 31,2025 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from Apollo Commercial Real Estate Finance, Inc. (Exact name of registrant as specified in its charter) Maryland(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 York10019(Address of principal executive offices) (Zip Code)(212)515–3200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller Large accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 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 April 23, 2025, there were138,943,831shares, $0.01 par value per share, of the registrant's common stock issued and Table of Contents Part I - Financial Information Item 1. Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and Procedures Part II - Other Information Item 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits PART I - FINANCIAL INFORMATION Apollo Commercial Real Estate Finance, Inc. and SubsidiariesCondensed Consolidated Statement of Cash Flows (Unaudited) Apollo Commercial Real Estate Finance, Inc. and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) Note 1 – Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this reportas the "Company," "ARI," "we," "us" and "our") is a corporation that has elected to be taxed as a real estate investment trust("REIT") for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial We were formed in Maryland on June 29, 2009, commenced operations on September 29, 2009 and are externally managedand advised by ACREFI Management, LLC (the "Manager"), an indirect subsidiary of Apollo Global Management, Inc. (together We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable yearended December 31, 2009. To maintain our tax qualification as a REIT, we are required to distribute at least 90% of our taxableincome, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests. Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include our accounts and those of our consolidatedsubsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity withaccounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Reporton Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC"). In theopinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial We currently operate inonereporting segment. Refer to "Note 19 - Segment Reporting"for additional information. Recent Accounting Pronouncements In November 2024, the Financial Accou