<SEC-DOCUMENT>0001467760-19-000007.txt : 20190416
<SEC-HEADER>0001467760-19-000007.hdr.sgml : 20190416
<ACCEPTANCE-DATETIME>20190318170743
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001467760-19-000007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Apollo Commercial Real Estate Finance, Inc.
		CENTRAL INDEX KEY:			0001467760
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				270467113
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O APOLLO GLOBAL MANAGEMENT, LLC
		STREET 2:		9 WEST 57TH STREET, 43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 515-3200

	MAIL ADDRESS:	
		STREET 1:		C/O APOLLO GLOBAL MANAGEMENT, LLC
		STREET 2:		9 WEST 57TH STREET, 43RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div><a name="sDF4716DE27D76C72071A9283A3D71B43"></a></div><div><div style="line-height:120%;text-align:left;"><img src="aricommentletterrespo_image1.gif" alt="aricommentletterrespo_image1.gif" style="height:58px;width:624px;"></div></div><div><br></div><div style="line-height:120%;padding-top:8px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">March 18, 2019</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;text-decoration:underline;">VIA EDGAR AND FEDEX</font></div><div style="line-height:120%;text-align:left;text-indent:312px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">William Demarest</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Jennifer Monick</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Office of Real Estate and Commodities</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">100 F Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Re: </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;Apollo Commercial Real Estate Finance, Inc.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;&#32;&#32;&#32;&#32;&#32;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;Form&#160;10-K&#160;for the fiscal year ended December&#160;31, </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">2018</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">&#32;&#32;&#32;&#32;&#32;&#32;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">&#32;Filed February&#160;13, 2019</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">&#32;&#32;&#32;&#32;&#32;&#32;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">&#32;File&#160;No.&#160;1-34452</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Dear Mr. Demarest and Ms. Monick:</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (the&#160;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">&#8220;Company,</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221; &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">our</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">,&#8221; or &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">we</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;), hereby responds to the comment of the staff (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">Staff</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">Commission</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;) by letter dated March 12, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">Comment Letter</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;) with respect to the Company&#8217;s Form&#160;10-K&#160;for the year ended December&#160;31, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">Form&#160;10-K</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#8221;). To assist your review, we have set forth below the comment contained in the Comment Letter followed by the Company&#8217;s response to the comment.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Non-GAAP Financial Measures, page 43</font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;background-color:#ffffff;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">We note your disclosure that your weighted-average diluted shares outstanding used for </font></div></td></tr></table><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Operating Earnings excludes shares issued from a potential conversion of the Notes and</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">that you believe this is a useful presentation for investors. Please tell us and revise future</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">filings to disclose why you believe this presentation is useful for investors. In addition,</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">please revise to disclose the amount of related interest expense on the Notes that is not</font></div><div style="line-height:130%;padding-bottom:10px;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">being adjusted from the numerator. Reference is made to Item 10(e) of Regulation S-K.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;text-decoration:underline;">Company Response</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">The Company believes that excluding shares issued in connection with a potential conversion of the Notes from its computation of operating earnings per weighted-average diluted share, is useful to investors for various reasons including the following: (i) conversion of the Notes to shares requires both the holder of a Note to elect to convert the Note and the Company to elect to settle the conversion in the form of shares; (ii) future conversion decisions by note holders will be based on the Company&#8217;s stock price in the future, which is presently undeterminable; (iii) the exclusion of shares issued in connection with a potential conversion of the Notes from the computation of operating earnings per weighted-average diluted share is consistent with how the Company treats other unrealized items in its computation of operating earnings per weighted-average diluted share; and (iv) the Company believes that when evaluating the Company&#8217;s operating performance, investors and potential investors, consider the Company&#8217;s operating earnings relative to its actual distributions, which are on shares outstanding and not shares that may be issued in the future. As requested by the Staff, we will include disclosure to this effect in future filings. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;"><img src="aricommentletterrespo_image1.gif" alt="aricommentletterrespo_image1.gif" style="height:58px;width:624px;"></div></div><div><br></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:justify;padding-left:76px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">The Company notes the Staff&#8217;s comment regarding the disclosure of the amount of related interest expense on the Notes that is not being adjusted from the numerator of Operating Earnings and will make this disclosure in future filings. </font></div><div style="line-height:120%;padding-top:32px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">* * * * *</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Should the Staff have additional questions or comments regarding any of the foregoing, please do not hesitate to contact the undersigned at (212)&#160;515-3200.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;background-color:#ffffff;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:39.95726495726496%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:16px;text-indent:-16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Jai Agarwal</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Jai Agarwal</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer, Treasurer and Secretary</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
