Apollo to Dissolve, Liquidate Assets

June 16, 2026

The move follows the REIT's $9 billion loan portfolio sale.

Apollo Commercial Real Estate Finance’s board has approved a plan to wind down operations, dissolve the company and liquidate its remaining assets. However, the dissolution needs the shareholders’ approval.

The REIT intends to file a preliminary proxy statement with the Securities and Exchange Commission which would include a detailed proposal of the liquidation and dissolution strategy.

In addition, the board retains the option to terminate, modify or amend the liquidation plan at any time without stockholder approval and may authorize the company to sell its assets through a merger, business combination or other strategic alternative.

The REIT also declared a special dividend of $3.75 per share, payable July 15 to shareholders of record as of June 30. The distribution will be mainly treated as a return of capital.

The board’s decision follows the sale of the REIT’s approximately $9 billion commercial real estate loan portfolio to Athene Holding, which closed earlier this year. The transaction generated roughly $1.4 billion in net cash and left the company with approximately $2.2 billion in total assets.

The portfolio included 54 loans totaling $8.3 billion as of September 2025, with a weighted average remaining term of three years. Office assets accounted for 25 percent of the debt exposure, followed by industrial at 10 percent and retail at 4 percent.

Apollo’s recent CRE deals

Apollo Commercial Real Estate Finance is a publicly traded mortgage REIT focused on commercial real estate debt investments. The company is externally managed by an affiliate of Apollo Global Management, a global alternative firm with roughly $1 trillion of assets under management at the end of March.

The same month, Apollo paid $1 billion for a 49 percent stake in a new joint venture with Realty Income Corp. The resulting partnership now has a 500-asset portfolio of single-tenant retail assets across the country.