Apollo Commercial Real Estate Finance, Inc. Announces Pricing

Apollo Commercial Real Estate Finance, Inc. Announces Pricing of
Public Offering of Common Stock 
NEW YORK, NY -- (Marketwire) -- 10/03/12 --  Apollo Commercial Real
Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI) today
announced the Company has priced an underwritten public offering of
7,000,000 shares of common stock. The Company has granted the
underwriters a 30-day option to purchase up to an additional
1,050,000 shares of common stock. The offering is expected to close
on October 9, 2012, and is subject to customary closing conditions.  
The Company intends to use the net proceeds from the offering to
acquire the Company's target assets, which include commercial first
mortgage loans, commercial mortgage-backed securities, subordinate
financings and other commercial real estate-related debt investments,
and for general corporate purposes.  
J.P. Morgan, BofA Merrill Lynch and Citigroup are the joint
book-running managers for the offering.  
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. The
offering will be made only by means of a prospectus supplement and
prospectus, which have been filed with the Securities and Exchange
Commission. A copy of the prospectus supplement and prospectus
related to the offering can be obtained by contacting J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by
calling 866-803-9204; BofA Merrill Lynch, Attention: Prospectus
Department, 222 Broadway, 7th Floor, New York, NY 10038, Email:
dg.prospectus_requests@baml.com; or Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
Email: BATProspectusdept@citi.com, Telephone: 800-831-9146.  
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
About Apollo Commercial Real Estate Finance, Inc. 
 Apollo Commercial
Real Estate Finance, Inc. (NYSE: ARI) is a commercial mortgage real
estate investment trust that primarily originates, invests in,
acquires and manages senior performing commercial real estate
mortgage loans, commercial mortgage-backed securities and other
commercial real estate-related debt investments throughout the U.S.
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 $105 billion of assets under management at
June 30, 2012.  
The Company maintains a 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;
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. 
Hilary Ginsberg
Investor Relations 
(212) 822-0767 
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