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Apollo Commercial Real Estate Finance, Inc. Announces Preferred Dividends

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Apollo Commercial Real Estate Finance, Inc. (the "Company") (NYSE:ARI)
today announced the Board of Directors declared a cash dividend on the
Company's 8.00% Fixed to Floating Series B Cumulative Redeemable
Perpetual Preferred Stock (the "Series B Preferred") of $0.50 per share
for the quarterly period from July 15, 2018 to, but not including,
October 15, 2018. The Series B Preferred dividend is payable on October
15, 2018 to Series B Preferred stockholders of record as of September
28, 2018.

In addition, the Board of Directors declared a cash dividend on the
Company's 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock
(the "Series C Preferred") of $0.50 per share for the period from July
31, 2018 to, but not including, October 31, 2018. The Series C Preferred
dividend is payable on October 31, 2018 to Series C Preferred
stockholders of record as of September 28, 2018.

About Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) is a real estate
investment trust that primarily originates, acquires, invests in and
manages performing commercial real estate mortgage loans, subordinate
financings and other commercial real estate-related debt investments.
The Company is externally managed and advised by ACREFI Management, LLC,
a Delaware limited liability company and an indirect subsidiary of
Apollo Global Management, LLC, a leading global alternative investment
manager with approximately $269.5 billion of assets under management at
June 30, 2018.

Additional information can be found on the Company's website at www.apolloreit.com.

Forward-Looking Statements

Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended to be
covered by the safe harbor provided by the same. Forward-looking
statements are subject to substantial risks and uncertainties, many of
which are difficult to predict and are generally beyond the Company's
control. These forward-looking statements include information about
possible or assumed future results of the Company's business, financial
condition, liquidity, results of operations, plans and objectives. When
used in this release, the words believe, expect, anticipate, estimate,
plan, continue, intend, should, may or similar expressions, are intended
to identify forward-looking statements. Statements regarding the
following subjects, among others, may be forward-looking: the return on
equity; the yield on investments; the ability to borrow to finance
assets; the Company's ability to deploy the proceeds of its capital
raises or acquire its target assets; and risks associated with investing
in real estate assets, including changes in business conditions and the
general economy. For a further list and description of such risks and
uncertainties, see the reports filed by the Company with the Securities
and Exchange Commission. The forward-looking statements, and other
risks, uncertainties and factors are based on the Company's beliefs,
assumptions and expectations of its future performance, taking into
account all information currently available to the Company.
Forward-looking statements are not predictions of future events. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.

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