Apollo Commercial Real Estate Finance declares an initial $4.10-per-share liquidation distribution

Apollo Commercial Real Estate Finance, Inc. has declared an initial cash distribution of $4.10 for each share of common stock.¹ The company’s board made the declaration, and the payment is described as an initial distribution rather than as the complete return of the company’s assets.¹ The announced payment date is October 29, 2026, while eligibility is limited to shareholders recorded as owners on October 20, 2026.¹ Those dates define different parts of the arrangement: one identifies the ownership record used for eligibility, and the other is when the company says the cash is payable.¹ The per-share rate tells stockholders how the announced payment applies to each common share, while the record date establishes which shareholders qualify under the stated terms.¹

The exchange date attached to the distribution is October 30, 2026, which the NYSE set as the ex-dividend date.¹ The company’s announcement places that date one business day after the October 29 payment date.¹ The sequence therefore includes a record date, a payment date, and an ex-dividend date, each serving a separate role in the announced process.¹ The NYSE’s due-bill arrangement applies during the period beginning on the record date and ending when trading closes on the payment date.¹ For shareholders, the calendar distinguishes the date used to determine eligibility from the dates governing payment and the exchange’s ex-dividend treatment.¹

The NYSE will use due bills because the distribution is greater than 25% of the share price.¹ The exchange’s specified Dividend Right Period runs from October 20, 2026, through the close of trading on October 29, 2026.¹ Within that interval, a sale transfers the distribution entitlement to the purchaser, while the seller loses the entitlement.¹ This means the record-date condition and the transaction rules during the Dividend Right Period must be read together to understand who receives the payment.¹ Because the right moves to a buyer when a sale occurs during this period, the person who ultimately receives the distribution may depend on whether shares change hands within that window.¹

Under the due-bill process, the seller has to pass the distribution on to the buyer.¹ The buyer’s right in this situation is linked to a sale during the stated Dividend Right Period, rather than simply to the fact that a payment has been announced.¹ The company says it is not responsible for the amount of due bills or for processing them.¹ That statement separates the company’s announced cash distribution from the handling of the obligations that arise when shares change hands during the period.¹ A buyer whose purchase falls within the specified period is entitled to receive the distribution through the seller’s due-bill obligation, while the company says it does not administer that obligation.¹

The distribution is part of a broader plan following the stockholders’ approval of liquidation and dissolution on September 29, 2026.¹ Before liquidation, the company operated as a real estate investment trust, or REIT.¹ Its business involved originating, acquiring, investing in, and managing commercial mortgage loans and related debt investments.¹ The payment announcement thus concerns a company that has received shareholder approval to wind down, rather than an announcement describing only its former lending and investment operations.¹ The approved wind-down marks a change from the company’s former focus on commercial mortgage loans and related debt investments to liquidation.¹

The company plans to sell all of its assets and return the resulting net proceeds, along with cash it holds, to stockholders.¹ That return is to follow the payment of liabilities and the creation of reserves, so the amount available for stockholders is described as what remains after those steps.¹ The stated plan covers both proceeds from selling assets and cash on hand, while also placing liabilities and reserves ahead of distributions to stockholders.¹ The $4.10 payment is identified as an initial distribution within this liquidation context, while the company’s plan describes a later return of net proceeds and cash after those obligations and reserves.¹ Stockholders are therefore described as receiving net asset-sale proceeds and cash only after liabilities have been paid and reserves created; the initial payment is not presented as the complete return.¹

Apollo Commercial Real Estate Finance is managed externally by ACREFI Management, LLC.¹ That manager is an indirect subsidiary of Apollo Global Management, Inc.¹ The announcement reports that Apollo Global Management had approximately $1.05 trillion in assets under management as of June 30, 2026.¹ The assets-under-management figure describes Apollo Global Management, not the amount of assets held by Apollo Commercial Real Estate Finance or the cash available for this distribution.¹ The reported assets-under-management total belongs to the parent organization and should not be read as the amount available to stockholders in the liquidation.¹

The payment is stated per share of common stock, so the announced $4.10 rate is applied on a per-share basis rather than given as one total amount for all stockholders.¹ The announcement identifies shareholders of record on October 20, 2026, as those eligible to receive the distribution, but it also specifies that sales during the Dividend Right Period transfer the right to the buyer.¹ The due-bill requirement provides for the seller to deliver the distribution to that buyer, and the company disclaims responsibility for the amount or processing of those bills.¹ Together, these terms describe the payment rate, the record-based eligibility rule, and the allocation of the distribution when shares are sold during the specified period.¹ The payment terms thus affect both shareholders who continue to hold shares and those who sell during the Dividend Right Period, because the entitlement transfers in the latter case.¹

The NYSE set October 30, 2026, as the ex-dividend date and states that it falls on the first business day after the payment date.¹ The separate due-bill period ends with the close of trading on October 29, 2026, the same date the distribution is payable.¹ The announcement therefore distinguishes the last day of the stated Dividend Right Period from the following ex-dividend date.¹ Against the company’s approved dissolution and plan to sell its assets, the initial cash payment is one element of a process that also accounts for liabilities, reserves, and later returns of net proceeds and cash.¹ For stockholders, the timeline places the end of the due-bill period on the payment date, with the ex-dividend date following and the broader liquidation plan accounting for asset proceeds after liabilities and reserves.¹