Company: ARI
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001193125-25-104054
Chunk: 51

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 51
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 Ms. Mironova for the applicable period. Anastasia Mironova became our Chief Financial Officer, Treasurer and Secretary effective April 4, 2022, succeeding Jai Agarwal who resigned from these positions effective January 21, 2022. For purposes of determining compensation and compensation actually paid tonon-PEONEOs, we have shown the aggregate compensation for Mr. Agarwal and Ms. Mironova as they werenon-PEONEOs at different times of the year. |

| (3) | Total Stockholder Return and FNMRC Index return represents the return on a $100 investment for the year ended December 31, 2020, the two years ended December 31, 2021, the three years ended December 31, 2022, the four years ended December 31, 2023, and the five years ended December 31, 2024 assuming investment at the closing price on December 31, 2019 and reinvestment of all dividends. |

| (4) | Net Income as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). Amounts in thousands. |

| (5) | RepresentsDistributable Earnings, anon-GAAPfinancial measure as defined below. Amounts in thousands. |

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The graphs below reflect the relationship between “compensation actually paid” to our PEO and non-PEONEOs and (i) Total Stockholder Return (of both our Company and the FNMRC Index), (ii) Net Income, and (iii) Distributable Earnings, for the periods indicated. Compensation Actually Paid vs Total Stockholder Return (“TSR”): Compensation Actually Paid vs Net Income(in thousands): Compensation Actually Paid vs Distributable Earnings(in thousands): - 38 -

List of Financial Performance Measures

The Compensation Committee considers various financial performance metrics, along with other quantitative, qualitative, and individual performance measures when determining the appropriate compensation for our named executive officers. Pursuant to Item 402(v)(6) of Regulation S-K, the most important measures considered for the year ended December 31, 2024 include:

| Most Important Financial Performance Measures |
| Distributable Earnings                        |
| Dividend Coverage Ratio                       |
| Book Value Per Share                          |

Non-GAAPFinancial Measures We refer to certain non-GAAPfinancial measures within this Proxy Statement. The below provides definitions for these measures. See also “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of