Apollo Commercial Real Estate Finance to Delist From NYSE in $11.50 Per Share Liquidation

Key highlights

• Voluntary NYSE delisting notice to be filed via Form 25 on October 27, 2026
• Final day of common stock trading on the NYSE expected to be November 6, 2026
• Assets and liabilities will transfer to a Liquidating Trust on November 9, 2026
• Stockholders to receive non-transferable beneficial interests on a one-for-one basis
• Initial cash liquidating distribution of $4.10 per share payable on October 29, 2026

Process and Delisting Timeline

Apollo Commercial Real Estate Finance has issued notice to the New York Stock Exchange regarding its intent to voluntarily delist its common shares. The company expects to file a Form 25 on October 27, 2026, with the final day of NYSE trading anticipated on November 6, 2026. This move follows the approval of a Plan of Complete Liquidation and Dissolution by stockholders in late September. Subsequent to the delisting, the company will deregister its securities with the SEC on November 9, 2026, and terminate its legal existence through a formal voluntary dissolution process.

The Liquidating Trust Structure

Upon the effective date of the dissolution, the company will transfer all remaining assets and liabilities into a statutory Maryland Liquidating Trust. Stockholders of record will receive beneficial interests in the trust on a one-for-one basis. These interests are strictly non-transferable and will not trade on the NYSE or any other secondary exchange, with limited exceptions for transfers by will or operation of law. The trust will be managed by ACREFI Management, LLC, which will oversee the final asset monetization and provide required annual and current reporting to the SEC.

Financial Context and Asset Monetization

• Completed sale of its core commercial loan portfolio to Athene Holding Ltd. for approximately $8.60 billion in April 2026
• Estimated total liquidation value between $11.50 and $12.25 per share to be returned to investors by mid-2028
• Initial cash liquidating distribution of $4.10 per share scheduled for payment to record holders on October 29, 2026
• Reported a zero-dollar order book as of June 2026 following the conclusion of primary lending operations

Up 0.0% since our story on 16 Oct: $6.38 when we broke it → $6.38 at the close on 16 Oct. Daily closing prices. Source: Yahoo Finance.

Show the prices

16 Sep	$6.50
17 Sep	$6.45
18 Sep	$6.42
21 Sep	$6.43
22 Sep	$6.41
23 Sep	$6.26
24 Sep	$6.26
25 Sep	$6.24
28 Sep	$6.20
29 Sep	$6.23
30 Sep	$6.20
1 Oct	$6.28
2 Oct	$6.20
5 Oct	$6.23
6 Oct	$6.25
7 Oct	$6.23
8 Oct	$6.24
9 Oct	$6.24
12 Oct	$6.30
13 Oct	$6.43
14 Oct	$6.31
15 Oct	$6.41
16 Oct	$6.38

Industry Landscape

The decision to liquidate reflects broader strategic shifts within the mortgage REIT sector as firms navigate valuation challenges. Many entities have faced pressure from fluctuating interest rates and commercial property market volatility, leading some to pursue orderly liquidations to maximize shareholder value through direct asset sales rather than ongoing public market operations. By transitioning into a pure-play liquidating entity, the company aims to preserve the value of its remaining assets for distribution while reducing the regulatory and administrative costs associated with maintaining a public exchange listing.

Apollo Commercial Real Estate Finance, Inc. · financial snapshot

Share price	$6.38
Market cap	$818M
Revenue (annual)	$273M
P/E (TTM)	8.0×
1-month price change	-1.85%
Sector	Real EstateREIT - Mortgage

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.