Apollo Commercial Real Estate Finance, Inc., is a Maryland corporation that was organized in 2009. The Company is a real estate investment trust that focuses on 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 in the United States. It is externally managed and advised by ACREFI Management, LLC. Its business objective is to make investments in its target assets in order to provide attractive risk adjusted returns to its stockholders over the long term through dividends and secondarily through capital appreciation. The Company competes with other REITs, specialty finance companies, savings and loan associations, banks, mortgage bankers, insurance companies, mutual funds, institutional investors, investment banking firms, financial institutions, governmental bodies and other entities.