Apollo Commercial Real Estate Finance, INC. (ARI)
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Joseph Azrack
Chairman

Joseph F. Azrack, has served as one of our directors since June 2009 and was appointed as the Chairperson of the board of directors in March 2012. From June 2009 through March 2012, Mr. Azrack also served as our President and Chief Executive Officer. He presently serves as a senior advisor in the real estate business of Apollo Global Management, LLC (NYSE: APO) (together with its subsidiaries, "Apollo"). Previously, Mr. Azrack served as the President and Chief Executive Officer of ACREFI Management, LLC (our "Manager"), the head of our Manager's Investment Committee, the partner of Apollo Global Real Estate Management, L.P., which was a position he held from August 2008 to January 2014, and the Chairman-Real Estate of Apollo, which was a position he held from December 2010 to January 2014. Mr. Azrack has 30 years of real estate investment management experience. Prior to joining Apollo, from 2004 to 2008, Mr. Azrack was President and Chief Executive Officer of Citi Property Investors, the real estate management group of Citigroup Inc. (NYSE: C), where he chaired the firm’s Management Committee and Investment Committees, directing investment policy and strategy. Mr. Azrack was also a member of the Citigroup Alternative Investments Management Committee (May 2004 to July 2008) and Investment Committee (May 2004 to July 2008), and a member of Citi Infrastructure Investments’ Investment Committee (September 2006 to July 2008). From 1996 to 2003, he was Chief Executive Officer and Chairman of AEW Capital Management, L.P., founder and President of the AEW Partners Funds (1988 to 2003), a director of Curzon Global Partners (1998 to 2003) and founder and Chairman of IXIS AEW Europe (2001 to 2003). As Chief Investment Officer of AEW Capital Management, L.P., in the early-mid 1990’s, Mr. Azrack was actively involved in the purchase of investment grade and below investment grade commercial mortgage-backed securities (“CMBS”) and the making of new first mortgage loans on behalf of AEW’s institutional clients. When interest rate spreads declined as the mortgage market became more efficient in the late 1990s, Mr. Azrack was instrumental in the liquidation of the mortgage and CMBS portfolio. Under Mr. Azrack’s leadership, AEW was an early and successful participant in the purchase of non-performing loan portfolios from the Resolution Trust Company and banks, the formation of the Taubman Realty Group, the initial public offering of Taubman Centers (NYSE: TCO) in 1992 as the first Umbrella Partnership Real Estate Investment Trust (“UPREIT”), and the management buildup and initial public offering of Evans-Withycombe Residential and its subsequent merger with Equity Residential Properties Trust (NYSE: EQR). Mr. Azrack served with AEW from 1983 to 2003. He is a past adjunct professor at Columbia University’s Graduate School of Business where he is a member of and from 1993 to 2003 chaired the Real Estate Program Advisory Board. He is also a member of the Board of Directors and Board of Trustees of the Urban Land Institute, as well as a Board member of Atrium European Real Estate, Ltd. Mr. Azrack graduated from Villanova University with a BS and from Columbia University with an MBA.