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 $10.2 million during the three and nine months ended September 30, 2025, respectively, and $4.2 million and $12.5 million during the three and nine months ended September 30, 2024, respectively.

The following table summarizes the grants, vesting and forfeitures of restricted common stock and RSUs during the nine months ended September 30, 2025:


Type	Restricted Stock			RSUs			Grant Date Fair Value ($ in millions)
Outstanding at December 31, 2024		63,980			2,243,259
Granted		71,134			—		$	0.7
Vested		(63,980	)		(7,865	)	N/A
Forfeiture		—			(17,978	)	N/A
Outstanding at September 30, 2025		71,134			2,217,416

Below is a summary of restricted stock and RSU vesting dates as of September 30, 2025:


Vesting Year	Restricted Stock		RSUs		Total Awards
2025		—		1,177,803		1,177,803
2026		71,134		693,813		764,947
2027		—		345,800		345,800
Total		71,134		2,217,416		2,288,550

As of September 30, 2025, we had unrecognized compensation expense of approximately $0.3 million and $13.6 million related to the vesting of restricted stock awards and RSUs, respectively, presented in the table above.

The unrecognized compensation expense related to the vesting of restricted stock awards and RSUs are expected to be recognized over a weighted-average period of 1.2 years.

During the nine months ended September 30, 2025 and 2024, we delivered 698,061 and 759,984 shares of common stock for 1,246,704 and 1,395,966 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 $5.0 million and $7.4 million for the nine months ended September 30, 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.