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Apollo Commercial Real Estate Finance Inc. | 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (ARI.PRA)

Prospectus excerpt:  We are offering 3,000,000 shares of our 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share, which we refer to in this prospectus supplement as the Series A Preferred Stock. This is the original issuance of the Series A Preferred Stock.

Dividends on the Series A Preferred Stock will be cumulative from the date of original issue and payable quarterly on or about the 15th day of each January, April, July and October at the rate of 8.625% per annum of its $25.00 per share liquidation preference, which is equivalent to $2.15625 per annum per share. The first dividend on the Series A Preferred Stock sold in this offering, which is payable in respect of the partial period ending on October 15, 2012, will be in the amount of $0.4432 per share.

Generally, we may not redeem the Series A Preferred Stock until August 1, 2017, except under circumstances intended to preserve our qualification as a real estate investment trust, or REIT, for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On and after August 1, 2017, we may, at our option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. In addition, upon the occurrence of a Change of Control, as a result of which our common stock and the common securities of the acquiring or surviving entity (or American Depositary Receipts, or ADRs, representing such common securities) are not listed on the New York Stock Exchange, or NYSE, the NYSE MKT, or NYSE MKT, or the NASDAQ Stock Market, or NASDAQ, or listed or quoted on a successor exchange or quotation system we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. To the extent we exercise our redemption right relating to the Series A Preferred Stock, holders of Series A Preferred Stock will not be permitted to exercise the conversion right described below in respect of their shares called for redemption. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless repurchased or redeemed by us or converted in connection with a Change of Control by the holders of Series A Preferred Stock.

Upon the occurrence of a Change of Control, as a result of which our common stock and the common securities of the acquiring or surviving entity (or ADRs representing such common securities) are not listed on the NYSE, the NYSEMKT or the NASDAQ, or listed or quoted on a successor exchange or quotation system, each holder of Series A Preferred Stock will have the right (subject to our right to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series A Preferred Stock to be converted equal to the lesser of: the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends (whether or not declared) to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after the record date fixed for a Series A Preferred Stock dividend and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and 3.012, or the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in this prospectus supplement.

Full Prospectus PDF », ARI Page »

Series:A
Alternate symbology:ARI-A, ARI-PA, ARIprA
Redeemable?:Yes
Call Date:8/1/2017 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:3,000,000
Overallotment:450,000
Liquidation Preference:$25
Recent Market Price:$25.60
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.60 (2.40%)
Annualized Dividend:2.1564
Recent Ex-Date:6/28/2017
Current Yield:8.43%
Original Coupon:8.63%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
Apollo Commercial Real Estate Finance is a holding company and a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities and other commercial real estate-related debt investments. Co. is externally managed and advised by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, LLC.

Preferreds: ARI.PRA, ARI.PRC


Open the ARI Information Page »
Name:  Apollo Commercial Real Estate Finance Inc.
Website:  www.apolloreit.com
Sector:  REITs
Number of ETFs Holding ARI:  53 (see which ones)
Total Market Value Held by ETFs:  $336,703,674
Total Market Capitalization:  $1,889,000,000
% of Market Cap. Held by ETFs:  17.82%

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