Apollo Commercial Real Estate Finance (NYSE: ARI) is Apollo’s CRE lending balance sheet: floating-rate senior mortgages on institutional properties in the U.S. and Europe, carrying the scars of the office cycle (including a famously troubled Manhattan luxury condo loan) and a dividend already reset to match.
| Apollo Commercial Real Estate Finance (ARI) Snapshot | |
|---|---|
| Share Price (delayed) | $10.43 +2.05% |
| Market Cap | $1.4B |
| Annualized Dividend | $0.75 (Quarterly) |
| Dividend Yield | 7.19% |
| Sector | Mortgage ยท Commercial Lending |
Market data updates automatically several times daily. Last price refresh: Jul 12, 2026.
Business Model
ARI writes large senior loans sourced through Apollo’s global machine, with more European exposure than any U.S. peer, a genuine diversifier when U.S. office was the epicenter. The 2023 dividend reset (to $0.25 quarterly) right-sized the payout to post-shock earnings, and management has been rotating recoveries from legacy workouts into new-vintage loans at today’s better spreads and lower bases.
Dividend Reality
The reduced dividend is roughly covered by distributable earnings, with the trajectory hinging on legacy resolutions (the 111 West 57th Street condo exposure being the marquee saga) converting dead capital back into earning assets. The cut already happened; the question is redeployment speed.
The Honest Risk Section
Concentrated large-loan risk: a handful of big positions drive outcomes, external management fees drag, and European exposure adds FX and jurisdictional complexity along with diversification. New-vintage lending is genuinely attractive; the book still carries old vintage.
Frequently Asked Questions
Did ARI cut its dividend?
Yes, to $0.25 quarterly in 2023 as office and condo exposures hit earnings; the reduced level has been maintained and roughly covered since.
What makes ARI different from other CRE lenders?
Apollo sourcing and meaningful European lending exposure, larger average loans, and a legacy New York condo position that dominates its workout narrative.
Analysis based on public disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
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