|APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. filed this Form 424B5 on 11/08/2017|
Investment in our securities involves a high degree of risk. You should carefully consider the risks described in the section Risk
Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2014, which has been filed with the Securities and Exchange Commission, or the SEC, as well as other information in this prospectus and any applicable
prospectus supplement before purchasing our securities. Each of the risks described could materially adversely affect our business, financial condition, results of operations, or ability to make distributions to our stockholders. In such case, you
could lose all or a portion of your original investment. See Where You Can Find More Information beginning on page 61 of this prospectus.