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Share-Based Payments | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Payments | Note 14 – Share-Based Payments On June 17, 2024, our board of directors adopted the Apollo Commercial Real Estate Finance, Inc. 2024 Equity Incentive Plan ("2024 LTIP"). Following the approval of the 2024 LTIP by our stockholders at our 2024 annual meeting of stockholders on June 7, 2024, 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 related to restricted stock and RSU vesting of $3.4 million and $4.2 million during the three months ended March 31, 2025 and 2024, respectively. The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2025:
Type |  | Restricted Stock |  |  | RSUs |  |  | Grant Date Fair Value ($ in millions)
Outstanding at December 31, 2024 |  |  | 63,980 |  |  |  | 2,243,259 |  |  |
Granted |  |  | — |  |  |  | — |  |  | N/A
Vested |  |  | — |  |  |  | — |  |  | N/A
Forfeiture |  |  | — |  |  |  | — |  |  | N/A
Outstanding at March 31, 2025 |  |  | 63,980 |  |  |  | 2,243,259 |  |  |
Below is a summary of restricted stock and RSU vesting dates as of March 31, 2025:
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 |
As of March 31, 2025, we had unrecognized compensation expense of approximately $20.2 million related to the vesting of RSUs, presented in the table above. As of March 31, 2025, we have recognized all compensation expense related to the restricted stock awards presented above. The unrecognized compensation expense related to the vesting of RSUs are expected to be recognized over a weighted-average period of 1.4 years. RSU Deliveries During the three months ended March 31, 2025 and 2024, we delivered 696,552 and 738,110 shares of common stock for 1,244,343 and 1,358,418 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 condensed consolidated statement of changes in stockholders' equity. The adjustment was $4.9 million and $7.3 million for the three months ended March 31, 2025 and 2024, respectively. The adjustment is a reduction of capital related to our equity incentive plan and is presented net of increases of capital related to our equity incentive plan in our condensed consolidated statement of changes in stockholders' equity.

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