ARI Apollo Commercial Real Estate Finance, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q1 2026: $0M, Q3 2025: $3M, Q3 2024: $0M, Q3 2021: $46M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $16M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-156M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 17,230,571 shares = 12.4% of 138,943,831 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $1M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 1602223.4x more than bought. 1 C-suite officers among sellers

• ROTHSTEIN STUART (President & CEO) sold 52,072 shares on 2025-12-15
• ROTHSTEIN STUART (President & CEO) sold 52,073 shares on 2025-09-15
• ROTHSTEIN STUART (President & CEO) sold 52,074 shares on 2025-06-16