Apollo Commercial Real Estate Finance to sell $9 billion loan portfolio

Apollo Commercial Real Estate Finance Inc. (ARI) entered into a definitive agreement to sell its entire commercial real estate loan portfolio to Athene Holding Ltd. for approximately $9 billion, the company announced.

The purchase price is based on 99.7% of total loan commitments, net of asset specific CECL reserves, excluding two loans with a combined principal balance of $146 million expected to be repaid before closing. Following the transaction, ARI expects to have approximately $1.4 billion of net cash and $1.7 billion of common stockholders’ equity, equating to about $12.05 per share of common stock.

Under the agreement, Athene may assign acquisition rights to affiliates of Apollo Global Management Inc., including Athene Co-Investment Reinsurance Affiliate entities. ARI’s board of directors approved the transaction based on unanimous recommendation from a special committee of independent directors.

The transaction requires approval from holders of a majority of ARI’s outstanding common shares. ARI may solicit alternative proposals from third parties through February 21, 2026, during a 25-day period.