Apollo Commercial (ARI) announces redemption of 8.00% preferred stock.
Apollo Commercial Real Estate Finance (ARI) announced today that it intends to redeem all 6.9 million shares ($172.5 million) of its 8.00% Series C Cumulative Stock on June 10, 2019. The preferred stock is being redeemed with proceeds from ARI's recent $277 million common stock offering, resulting in an approximate $100 million net increase in equity capital. ARI had assumed the Series C preferred in its 2016 merger with Apollo Residential Mortgage, Inc. (AMTG), an affiliated REIT.
Established in 2009, Apollo Commercial Real Estate Finance (ARI) is a commercial mortgage REIT with a total market capitalization of approximately $5.5 billion. The company originates and holds first mortgage and subordinate 'B-note' loans on a variety of commercial property types, with a current emphasis on hotel properties (26%), condo financing (23%), and properties located in Manhattan (34%). ARI is externally managed by Apollo Global Management, LLC, a publicly-traded alternative asset manager with AUM of approximately $280 billion.