Share-Based Payments

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Note 16 – Share-Based Payments

In June 2024, we adopted the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan ("2024 LTIP") following approval by our board of directors and approval by our stockholders at our 2024 annual meeting of stockholders on June 7, 2024 (the “2024 Annual Meeting”). Following the 2024 Annual Meeting, no additional awards have been or will be granted under the Apollo Commercial Real Estate Finance, Inc. 2019 Equity Incentive Plan ("2019 LTIP," and together with the 2024 LTIP, the "LTIPs" or "Equity Incentive Plans"), and all outstanding awards granted under the 2019 LTIP remain in effect in accordance with the terms in the 2019 LTIP.

The 2024 LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7,500,000 shares of our common stock. The LTIPs are administered by the compensation committee of our board of directors (the "Compensation Committee") and all grants under the LTIPs must be approved by the Compensation Committee.

We recognized stock-based compensation expense of $16.5 million, $17.4 million and $18.3 million during the years ended December 31, 2024, 2023 and 2022, respectively, related to restricted stock and RSU vesting.

The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the year ended December 31, 2024:


Type	Restricted Stock			RSUs			Grant Date Fair Value ($ in millions)
Outstanding at December 31, 2021		45,185			2,597,941
Granted		49,434			1,541,135		$	18.2
Vested		(38,517	)		(1,260,456	)	N/A
Forfeiture		—			(13,466	)	N/A
Outstanding at December 31, 2022		56,102			2,865,154
Granted		75,754			1,082,564		$	13.8
Vested		(52,768	)		(1,389,059	)	N/A
Forfeiture		—			(20,327	)	N/A
Outstanding at December 31, 2023		79,088			2,538,332
Granted		63,980			1,048,407		$	10.1
Vested		(79,088	)		(1,291,059	)	N/A
Forfeiture		—			(52,421	)	N/A
Outstanding at December 31, 2024		63,980			2,243,259

Below is a summary of restricted stock and RSU vesting dates as of December 31, 2024:


Vesting Year	Restricted Stock		RSUs		Total Awards
2025		63,980		1,193,965		1,257,945
2026		—		699,816		699,816
2027		—		349,478		349,478
Total		63,980		2,243,259		2,307,239

At December 31, 2024, we had unrecognized compensation expense of approximately $0.2 million and $23.5 million related to the vesting of restricted stock awards and RSUs, respectively, noted in the table above. The unrecognized compensation expense related to the vesting of restricted awards and RSUs are expected to be recognized over a weighted-average period of 1.6 years.

RSU Deliveries

During the years ended December 31, 2024, 2023 and 2022, we delivered 765,456, 686,856 and 652,501 shares of common stock for 1,405,134, 1,264,352 and 1,145,090 vested RSUs, respectively. We allow RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on our consolidated statement of changes in stockholders' equity. The adjustment was $7.5 million, $6.9 million and $7.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The adjustment is a reduction of capital related to our Equity Incentive Plans and is presented net of increases of capital related to our Equity Incentive Plans in our consolidated statement of changes in stockholders' equity.