阿波罗房地产金融 2026年季度报告

FORM 10-Q (Mark One) ☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended June 30, 2026OR ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 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(State or other jurisdiction ofincorporation or organization) 27-0467113(I.R.S. EmployerIdentification No.) 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) Securities registered pursuant to Section 12(b) of the Act: Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which RegisteredCommon Stock, $0.01 par valueARINew York Stock Exchange 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 suchreports), 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 be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe 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, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-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 August 7, 2026, there were 128,212,093 shares, $0.01 par value per share, of the registrant's common stock issued andoutstanding. Table of Contents Part I - Financial InformationItem 1. Financial StatementsItem 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 InformationItem 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 Apollo Commercial Real Estate Finance, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)(in thousands—except share data) Condensed Consolidated Statement of Operations (Unaudited)(in thousands—except share and per share data) Apollo Commercial Real Estate Finance, Inc. and SubsidiariesCondensed Consolidated Statement of Cash Flows (Unaudited) (Continued)(in thousands) 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. 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. (togetherwith its subsidiaries, "Apollo"). 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. On April 24, 2026 (the "Closing Date"), we sold our commercial real estate loan portfolio (other than loans that were repaidprior to closing and the Chicago Hotel Loan (as defined below) which was repaid after closing) (the "Asset Sale") to AtheneHolding Ltd. ("Athene"), a subsidiary of Apollo Global Management, Inc. ("AGM," and together with its subsidiaries, "Apollo"),for cash consideration of approximately $8.6 billion. A portion of the proceeds