2026 Apollo Global Management (Commercial Real Estate) Funding Report

High Stakes Conference – Raiders Division

Explore the benefits of Apollo Global Management for your commercial real estate financing needs

Website: https://www.apollo.com/strategies/asset-management/real-assets/real-estate
LinkedIn: https://www.linkedin.com/company/apollo-global-management-inc/

🏀 2026 SEASON (CURRENT)

Lender Name	Total Points	Deals Logged	Volume Drafted	Primary Asest Focus	Most Common Loan Term	Primary Loan Type	Top States	Pace Score	Wins	Losses
Bank OZK	98	5	$853,100,000	Condo (3), Multifamily, Industrial	Construction loan (5)	Construction (5)	Florida (2), Pennsylvania, New York, California	0.33	2	TBD
European Investment Bank	85	4	$925,520,000	Industrial/Biorefinery, Shore Power Infrastructure, EV Charging Infrastructure, Wind Farm	15 years (1)	Construction (2)	Italy, Netherlands, Estonia, Spain	0.27	TBD	TBD
Mitsubishi UFJ Financial Group (MUFG) - Commercial RE	265	13	$3,930,177,778	Solar (4), Geothermal (2), BESS/Storage (2)	Construction-to-term / Non-recourse senior secured	Construction (8)	Louisiana (3), Utah (2), Chile, Japan, Spain, India	0.87	1	TBD
Wells Fargo - Commercial RE	571	24	$6,392,550,000	Office (7), Industrial (5), Multifamily (5), Mixed-Use (3), Hotel/Casino, Data Centers, Energy/LNG, Retail	5-year fixed-rate (3); 2-year floating-rate (2), floating-rate (2), construction loan (2)	Refinance (12), Acquisition (4), Construction (4), Bridge (2), Credit Facility, CMBS Refinance	New York (12), Texas (2), California (2), Virginia (2), Florida (2), Illinois (2)	1.5	1	1
Bank of Montreal (BMO) - Commercial RE	171	9	$1,329,000,000	Industrial (5), Multifamily (2), Data Centers, Retail	2-year floating-rate (2); construction loan (1), fund-level revolving (1)	Acquisition (4), Refinance (3), Construction, Credit Facility	Georgia (3), Florida (2), Virginia, New Jersey, Nevada, Texas	0.56	1	TBD
Deutsche Bank - Commercial RE	244	12	$2,726,870,000	Office (7), Multifamily (2), Energy/LNG, Hotel, Life Sciences	5-year fixed-rate (2); 2-year floating-rate (1), construction financing (1), CMBS conduit (1)	Refinance (8), Construction (2), CMBS Refinance	New York (5), California (2), Ireland, Washington, Delaware, Louisiana	0.75	1	TBD
First Citizens Bank - CRE	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JP Morgan - Commercial RE	445	22	$7,051,238,096	Office (6), Industrial (3), Multifamily (2), Mixed-Use (2)	5-year, fixed-rate (3)	Refinance (5), CMBS for Refinance (5), Construction (4), Acquisition (4), Bridge for Refinance, Senior Loan + Mezzanine, Revolving Credit Facility	New York (6), Texas (2), California (2), Florida (2), Pennsylvania (2), Louisiana	1.31	3	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - Commercial RE	147	4	$1,004,790,000	Energy Infrastructure (3: geothermal, HVDC, BESS), Data Centers, Multifamily, Renewable Energy	Green loan (1), construction-to-term (1), floating-rate (1)	Construction (5), Refinance	Japan, Canada, India, Portugal, New York, Utah	0.38	1	1
BNP Paribas	68	4	$521,481,762	Industrial, Agrivoltaic/BESS, Solar PV/BESS, Retail/Mall	2-year floating-rate (2)	CMBS for Refinance (2), Commercial Real Estate (2)	Italy, Chile, Florida, California, Georgia, Texas	0.25	TBD	TBD
Citigroup - Commercial RE	209	11	$2,190,404,762	Industrial (3, incl. Data Centers), Office (3), Multifamily (2), Retail (2)	5-year (3)	CMBS for Refinance (5), Refinance (3), Acquisition (2)	Florida (4), New York (3), Georgia (3), Texas (2), Virginia, Arizona	0.69	1	TBD
Morgan Stanley - Commercial RE	204	10	$3,832,443,333	Retail (3), Office (2), Industrial/Data Center (2)	2-year floating-rate with extension options (3)	Refinance (5), CMBS for Refinance (2), CMBS for Acquisition	New York (3), Virginia (2), Texas (2), Multiple States, Ireland	0.63	3	TBD
Santander Bank - Commercial RE	146	6	$1,168,871,633	Solar/BESS/Energy Storage (7), Multifamily (2)	Construction (4)	Refi (1), Construction (8)	Chile, Portugal, Peru, United Kingdom, California, Texas	0.56	1	1
Truist Bank - Commercial RE	64	4	$283,000,000	Multifamily (4)	N/A	Permanent loan, Construction (2), Refi	New Jersey, New York (2), D.C.	0.5	1	1
Bank of America - Commercial RE	307	14	$2,971,404,762	Office (5), Industrial (3), Energy/Geothermal (3), Retail (2)	2-year floating-rate (3)	Construction (4), Refinance (3), CMBS for Refinance (3), Acquisition (2)	New York (4), Florida (2), Virginia (2), Texas (2), California (2), Utah (2)	0.88	3	TBD
Goldman Sachs - Commercial RE	347	17	$3,862,750,000	Office (6), Mixed-Use (2), Hotel (2), Industrial (2), Retail (2)	5-year, fixed-rate (4)	CMBS for Refinance (6), Refinance (5), Construction (2), Revolving Credit Facility	California (3), New York (3), Virginia (3), Florida (2), Texas, Louisiana	1.06	2	1
ING Groep NV - Commercial RE	168	9	$1,597,212,833	Energy/Solar (6), Energy Storage (2), Office (1)	Non-recourse senior secured credit facilities (2); Construction-to-term (2)	Construction (7), Construction and Term (1), Refinance (1)	Louisiana (2), Pennsylvania, California, Texas, Italy, Romania	0.56	1	TBD
KeyBank	79	5	$768,200,000	Energy/Solar (3), Energy Storage (1), Senior Living (1)	7-year fixed (1 — Brookdale); Construction-to-term (1 — rPlus)	Construction (3), Refinance (2)	Idaho (2), Colorado	0.31	TBD	TBD
Natixis - Commercial RE	107	5	$1,693,166,667	Energy/Solar (2), Energy Storage (2), Energy/LNG, Retail	Construction-to-term / senior secured facilities (2)	Construction (4), Refinance	Texas, California, New York, Louisiana, Peru	0.31	TBD	TBD
Barclays - Commercial RE	175	11	$1,919,601,429	Industrial/Data Center (2), Office (2), Energy (2), Mixed-Use/Retail (2), Multifamily (2)	5-year (3)	Refinance (4), Acquisition (3), Construction (2)	Virginia (2), Louisiana, Utah, Pennsylvania, Maryland, United Kingdom	0.69	1
ACORE Capital	19	1	$160,000,000	Industrial	2-year floating-rate; 3×1-year extensions	Bridge	Texas, Maryland, Georgia, Pennsylvania, Illinois, Arizona	0.07	TBD	TBD
Affinius Capital	84	8	$921,628,000	Multifamily (6), Office, Student Housing	Floating-rate	Refinance (5), Acquisition (2), Construction	New York (3), Pennsylvania (2), California, Florida, United Kingdom	0.53	1	TBD
Barings	67	3	$861,400,000	Mixed-Use (Hotel to Residential Conversion), Mixed-Use (Retail + Condominium), Industrial	N/A	Construction (2), Refinance	New York, California, Tennessee	0.75	TBD	1
Brookfield	37	2	$739,000,000	Multifamily (2)	Three-year bridge (only stated term)	Refinance, Bridge	New York (2)	0.13	TBD	TBD
S3 Capital	24	2	$78,750,000	Mixed-Use Residential, Multifamily	TBD	Construction (2)	New Jersey, South Carolina	0.13	TBD	TBD
Berkadia	27	2	$110,942,000	Multifamily (2)	Freddie Mac	Acquisition (2)	Virginia, Wisconsin	0.5	TBD	TBD
Dwight Capital/Dwight Mortgage Trust	121	8	$497,500,000	Multifamily (6), Mixed-Use, Condo	HUD 221(d)(4) (2), HUD 223(f) (2)	Refinance (4), Construction (3), Bridge	New York (2), New Jersey (2), Texas, Florida, Utah, California	0.53	2	TBD
Greystone	92	6	$482,374,222	Multifamily (6)	24-month bridge with extension options (2)	Bridge for Refinance (2), Refinance (2), Acquisition, Construction/Rehabilitation	Illinois (2), North Carolina (2), New York, Mississippi	0.38	4	TBD
Madison Realty Capital	49	6	$703,550,000	Condominium (3), Hotel/Mixed-Use, Multifamily, Self-Storage	Construction completion 2027-2028 (2)	Construction (3), Condominium Inventory Loan, Bridge for Refinance, Acquisition	New Jersey (2), New York, Florida, Tennessee, Multiple States	0.38	1	TBD
Nuveen	99	7	$1,144,600,000	Multifamily (5), Office/Lab, Hotel	C-PACE (Full stack capitalization), 5-year floating-rate loan	C-PACE for construction (4), C-PACE for refinance, Acquisition (permanent financing)	Texas (2), Florida, Arizona, Pennsylvania, Philadelphia, D.C. (2)	1.16	1	1
Blackstone - Commercial RE	58	2	$10,223,000,000	Industrial, Data Center	Bridge Loan	Acquisition, Construction	Gerogia, Florida, New Jersey, Texas, Pennsylvania, Australia	0.33	TBD	TBD
Corebridge	12	1	$46,000,000	Multifamily (Mixed-Use)	5-year; nonrecourse; interest rate in low 5% range	Refinance	New York	0.125	TBD	TBD
MonticelloAM	69	5	$312,800,000	Healthcare (Skilled Nursing) (5)	Bridge loan (3), 36-month (2) + 2x 6-month ext	Refinance (2), Acquisition (3)	Florida, Illinois (2), South Carolina, Pennsylvania	0.625	3	TBD
Peachtree Group	54	4	$181,400,000	Hotel (2), Multifamily, Film Studio	C-PACE, 3-year bridge loan, 3-year floating-rate	C-PACE for construction, Construction (2), C-PACE for Refi	North Carolina (2), Ohio, Georgia	0.57	1	TBD
Tyko Capital	29	1	$410,000,000	Condominium	TBD	Construction	Florida	0.25	TBD	TBD
Apollo Global Management	147	6	$2,476,480,000	Industrial, Office, Multifamily (Conversion), logistics, industrial , Hotel	Senior secured financing across three separate loan facilities, Floating-rate debt, 36-month SOFR floating; Mezzanine fixed	Bridge for refinance, Construction (3), Refinance, Acquisition	New York (3), North Carolina, UK, Germany, Netherlands, Spain, Ireland, Poland	0.75	2	1
Ares Real Estate Management	52	2	$1,550,000,000	Casino/Entertainment, Multifamily	TBD	Construction, Refinance	New York (2), Illinois	0.33	TBD	TBD
New York Life	12	1	$35,700,000	Retail	5-year term with interest-only payments for full term	Bridge for refinance, Construction (2), Refinance	California	0.25	TBD	TBD
PGIM Real Estate	64	3	$549,435,000	Industrial, Mixed-Use, Retail (grocery)	Fixed and floating rate components	Acquisition, Refi (2)	Florida, California, Texas, Massachusetts, Germany	0.375	2	1
Starwood Property Trust	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Deutsche Bank - Growth Cap	41	2	$3,015,000,000	TBD	Revolving credit facility	Acquisition, Working Capital	Spain, Switzerland	0.5	TBD	1
HSBC	67	3	$2,003,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, 95% covered buyer credit guarantee, Put option arrangement with exit path in three years with certain returns	Growth Capital	Chile, France, Sweden	0.6	TBD	TBD
JP Morgan - Growth Cap	175	11	$6,068,250,000	TBD	4-year loan with 2 6-month extension, SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension & SOFR plus 85 bps), 2 years with three 1-year extension options, Revolving facility due February 2030 with two six-month extension options, 7-year Term Loan, 5-year revolving credit facility	Revolving Credit Facility (2), Senior Secured Revolver (3), Acquisition Credit Facility, Unsecured Term Loan (2)	New York (2), Texas (2), New Jersey, Illinois (2), California (2), Canada	1.375	2	1
Natixis - Growth Cap	15	1	$1,500,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion	Construction Warehouse Revolving Credit Facility	Texas	0.2	TBD	TBD
PNC Bank	102	7	$4,250,000,000	TBD	4-year loan with 2 6-month extension-SOFR plus 77.5 bps & 15 bps facility fee, Term loan (3 year loan with 1-yr extension-SOFR plus 85 bps), 5 years-matures 1/15/2031-SOFR + 1.15% to 1.65% depending on leverage, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility, Five-Year Unsecured Term Loan, Unsecured Term Loan (5), Construction Warehouse Revolving Credit Facility	New York, Washington, Illinois (2), Texas, Florida, California	1.4	1	TBD
Bank of America - Growth Cap	49	3	$4,938,250,000	TBD	4-year loan, 4-year loan with an option for two 6-month extensions or one 12-month extension, SOFR plus 77.5 bps, 15 bps facility fee, Term Loan: Initial maturity January 31, 2029 with two 1-year extensions, SOFR plus 85 bps, Three-year construction warehouse revolving credit facility with $500M accordion	Revolving Credit Facility; Unsecured Term Loan, Construction Warehouse Revolving Credit Facility	Canada, New York, Texas	0.6	TBD	TBD
Barclays - Growth Cap	57	3	$3,550,000,000	TBD	N/A	Senior Secured Green Revolving Loan and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Pennsylvania, Texas, Spain	0.75	TBD	TBD
Goldman Sachs - Growth Cap	82	4	$2,950,000,000	TBD	6% interest rate with AMD guarantee	Acquisition, Senior Secured Credit Facility, Loan with Equipment Guarantee	Spain, Nebraska, Connecticut, California	0.5	TBD	TBD
Santander Bank - Growth Cap	79	4	$5,150,000,000	TBD	MIGA-guaranteed; Climate-linked conditions, Long-term optimisation agreement with guaranteed minimum income level providing downside protection, Three-year construction warehouse revolving credit facility with $500M accordion	Senior Secured Corporate Credit Facility, Acquisition, Construction Warehouse Revolving Credit Facility	Pennsylvania, Chile, Spain, Texas	0.8	1	TBD
Sumitomo Mitsui Banking Corporation (SMBC) - GC	79	4	$1,712,400,000	TBD	Senior Secured Green Revolving Loan and Letter of Credit Facility, 3-year availability period; 5-year tenor; partial guarantee from EIFO, Put option arrangement with exit path in three years with certain returns, 5-year Revolving Credit Facility	Senior Secured Green Revolving Loan (2) and Letter of Credit Facility, Senior Secured Corporate Credit Facility	Texas, Denmark, Sweden, Louisiana	0.5	1	1
Citigroup - Growth Cap	95	5	$7,191,250,000	TBD	5-year loan, 4-year loan (secured to unsecured), 95% covered buyer credit guarantee, 5-year Interest at base rate, Term SOFR, EURIBOR	Acquisition (2), Growth Capital (2), Senior Secured Revolving Credit Facility	Canada, Spain, Florida, France, Texas	0.71	1	TBD
Huntington Bank - Growth Cap	69	5	$1,220,000,000	TBD	5 years, matures 1/15/2031; SOFR + 1.15% to 1.65% depending on leverage, Revolving facility with two six-month extension options (2)	Five-Year Unsecured Term Loan, Commercial Aircraft Engine Acquisition Facility, Unsecured Credit Facility (Revolver + Term Loans) (2), Revolving Credit Facility (2)	Washington, Illinois, California, Florida, Colorado	0.833	1	TBD
Morgan Stanley - Growth Cap	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Mitsubishi UFJ Financial Group (MUFJ) - Growth Cap	12	1	$150,000,000	TBD	5-year loan	Debt Financing	Florida	0.2	TBD	TBD
Truist Bank - Growth Cap	34	2	$1,050,000,000	TBD	2 years with three 1-year extension options, 4 years revolving credit facility with two six-month extension options (Pricing grid based on leverage ratio plus SOFR, 10-15 bps lower than prior debt)	Acquisition Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	New Jersey, Florida	0.4	TBD	TBD
Bank of Montreal (BMO) - Growth Cap	31	2	$2,618,250,000	TBD	Term loan under Softwood Lumber Program	Growth Capital (2)	Canada (2)	0.4	TBD	TBD
Canadian Imperial Bank of Commerce (CIBC)	49	3	$4,165,425,000	TBD	4-year loan (secured to unsecured), Three-year construction warehouse revolving credit facility with $500M accordion, Initial 3-year term with consecutive 1-year extension (prime rate + .75%)	Acquisition, Construction Warehouse Revolving Credit Facility, Growth Capital	Canada (2), Texas	0.42	1	1
ING Groep NV - Growth Cap	68	4	$3,403,000,000	TBD	Three-year construction warehouse revolving credit facility with $500M accordion, 95% covered buyer credit guarantee	Senior Secured Corporate Credit Facility, Senior Secured Green Revolving Loan and Letter of Credit Facility, Construction Warehouse Revolving Credit Facility, Growth Capital	Pennsylvania, Texas (2), France	0.8	1	TBD
Royal Bank of Canada	80	5	$5,093,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, 2-year loan with potential 90-month extension	Acquisition, Refinance & Growth Capital, Construction Warehouse Revolving Credit Facility, Senior Secured Credit Facilities	Illinois, Canada (2), Texas, New York, Louisiana	0.625	2	TBD
Wells Fargo - Growth Cap	113	7	$6,313,250,000	TBD	4-year loan (secured to unsecured), 3-year loan with two one-year extension options; SOFR plus 85 bps; interest-only payments, with one-year extension option; SOFR plus 85 bps; interest-only payments, Three-year construction warehouse revolving credit facility with $500M accordion, Revolving facility with two six-month extension options	Acquisition, Refinance (2), Growth Capital (2), Construction Warehouse Revolving Credit Facility, Unsecured Credit Facility (Revolver + Term Loans)	Illinois (2), Canada, New York, Texas, California	1.4	1	TBD
Blue Owl Capital	24	1	$1,400,000,000	TBD	TBD	Delayed-Draw Term Loan	Germany	0.16	TBD	TBD
Comvest Partners	19	1	$130,000,000	TBD	TBD	Senior Secured Credit Facility	California	0.125	TBD	TBD
MidCap Financial	16	2	0	TBD	Revolver with accordion feature; term loan; delayed draw term loan	Senior Secured Credit Facility (Revolver), Senior Secured Credit Facility (Revolver + Term Loan + DDTL)	Colorado, California	0.4	1	TBD
Mountain Ridge Capital	8	1	$15,000,000	TBD	Revolving facility maximizing availability against working capital assets	Senior Secured Credit Facility	Midwest	0.25	TBD	TBD
SLR Credit Solutions	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Blackstone - Growth Cap	29	1	$600,000,000	TBD	TBD	Growth Capital	India	0.14	TBD	TBD
Hercules Capital	12	1	$25,000,000	TBD	4-year loan with three tranches up to $75M milestone-based, final $25M at Hercules discretion	Growth Capital	California	0.25	TBD	TBD
Monroe Capital	74	7	$100,000,000	TBD	Prime plus 3.75% (currently 10.50%); 60-month term with amortization at month 36 (or month 48 if milestones met)	Senior Secured Term Loan (6), Debt Financing + Equity Co-Investment	Delaware, New York, Michigan, Illinois, Florida (2), Iowa	0.875	4	TBD
SG Credit Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Stellus Capital Management	16	2	Undisclosed	TBD	TBD	Senior Debt Financing and Equity Co-Investment (2)	Viriginia, Tennessee	0.4	1	TBD
HPS Investment Partners	29	1	$500,000,000	TBD	Four-year secured term loan, SOFR + 675 basis points	Secured Term Loan	New York	0.2	1	TBD
NXT Capital	24	2	Undisclosed	TBD	TBD	Senior Credit Facility	Pennsylvania (2)	0.25	TBD	TBD
Siena Lending Group - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Trinity Capital	27	2	$83,915,000	TBD	Commitment structure	TBD	United Kingdom	0.25	TBD	TBD
Wingspire Capital	36	3	$120,000,000	TBD	N/A	Senior Secured Revolving Credit Facility	Florida	0.66	1	1
Ares Management - Growth Cap	67	2	$4,000,000,000	TBD	TBD	M&A, Debt Facility	New Jersey, Colorado	0.33	1	TBD
Encina Private Credit	15	1	$75,000,000	Consumer lease-to-own contracts	Senior credit facility secured by diversified pool of small balance lease-to-own contracts	Senior Credit Facility	TBD	0.25	TBD	TBD
Great Rock Capital - GC	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
KKR	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Whitehawk Capital Partners	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Advantage Business Capital	8	1	$1,000,000	Invoices	TBD	Invoice Factoring Facility	TBD	0.16	TBD	TBD
First Citizens Bank - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gibraltar Business Capital	8	1	0	TBD	TBD	Senior Secured Facility	TBD	0.25	TBD	TBD
nFusion Capital	24	3	$13,000,000	Accounts receivable and inventory, Inventory	TBD	Asset-Based Lending Facility (2), Factoring Line	Colorado, California, Arizona	0.42	3	TBD
Culain Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
First Business Bank	32	4	$12,200,000	Vehicle inventory, Accounts Receivable	Factoring facility	Credit Facility, Inventory Floorplan, Factoring Facility (2)	Hawaii, Pennsylvania, Virginia	0.57	1	TBD
Great Rock Capital - ABL	49	3	$340,000,000	Accounts receivable and best-in-class machinery and equipment (2)	TBD	Senior Secured Revolver (3)	Pennsylvania	0.5	TBD	TBD
Rosenthal Capital Group	16	2	$4,000,000	Accounts receivable (2)	TBD	Recourse Factoring Facility (2)	California, Michigan	0.25	TBD	TBD
Ares Commercial Finance	12	1	$175,000,000	Accounts receivable; Machinery & equipment	TBD	Senior Secured Revolving Credit Facility	TBD	0.16	TBD	TBD
Sallyport Commercial Finance	8	1	$2,000,000	Accounts receivable	TBD	Accounts Receivable Facility	Canada	0.5	TBD	TBD
SLR Healthcare ABL	8	1	$7,000,000	TBD	TBD	Asset-Based Revolving Line of Credit	Northeast	0	TBD	TBD
Utica Equipment Finance	8	1	$11,000,000	Heavy equipment (trucks, trailers, dozers, excavators, graders, loaders, turf-farm machinery)	TBD	Capital Lease	Mid-Atlantic	0.25	TBD	TBD
Amerisource Business Capital	16	2	$9,000,000	Accounts receivable (2), commercial real estate	A/R Only Facility, Asset-Based Lending Facility	Asset-Based Lending Facility, A/R Only Facility	Midwest US, Texas	0.5	TBD	TBD
King Trade Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Business Credit	24	3	$31,000,000	Accounts receivable (2), inventory (2), machinery and equipment, Distributor of specialty chemicals and materials	Working capital revolver and machinery/equipment term loan	Working Capital Revolver (2), Machinery and Equipment Term Loan, Asset-Based Credit Facility	TBD	0.75	TBD	TBD
White Oak Commercial Finance	15	1	$35,000,000	Various assets across UK and U.S. platforms (multi-currency facility)	$20M uncommitted accordion feature; structured in USD, GBP, EUR	ABL Revolver Facility	Texas	0.125	TBD	TBD
Loeb Equipment	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Prestige Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
JPalmer Collective	32	4	$15,000,000	Inventory (2)	Line of credit with flexible structure	Line of Credit (2), Debt Facility, Working Capital Facility (Asset-Based)	California, Oregon, New York, Georgia	0.8	1	TBD
Austin Financial Services	8	1	$10,000,000	TBD	TBD	TBD	TBD	0.2	0	1
eCapital	40	5	$31,500,000	Accounts receivable (2), Freight receivables (2)	ABL facility with advances against accounts receivable and inventory	A/R Financing Facility (3), Freight Factoring Facility (2)	Canada, Massachusetts	1	1	TBD
Porter Capital	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Siena Lending Group - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Gateway Trade Funding	15	2	$500,000	Purchase orders (letter of credit-backed), Inventory	Letter of credit-backed	Purchase Order Facility (2)	TBD	0.33	TBD	TBD
Republic Business Credit	47	6	$23,000,000	Accounts receivable (3)	Ledgered line of credit, Includes $10 million accordion feature, Accordion up to $6M with $2M inventory lending option after 6 months upon meeting performance thresholds	Ledgered Line of Credit, Factoring Facility (3), Asset-Based Loan (2)	Northeast US, Southwest US, Midwest US, California, West Coast	0.75	2	TBD
SLR Business Credit	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
TAB Bank	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Alpine Ridge Funding	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Celtic Capital	23	3	$4,320,700	Accounts receivable (3)	AR Line (2), Equipment Loan (2)	Accounts Receivable Line of Credit (2), Equipment Loan	Pacific, South-Central US, California	0.375	TBD	TBD
Clarus Capital	8	1	$10,000,000	Essential use assets (medical transportation vehicles)	Loan facility for sponsor-backed company	Loan Facility	TBD	0.25	TBD	TBD
Gordon Brothers	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Assembled Brands	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
MidCap Financial - ABL	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
Southstar Capital	75	10	$14,500,000	Invoices (4), Accounts receivable (5)	Accounts receivable (3), Flexible structure; potential payment assurance arrangements	Accounts Receivable Facility (7), Invoice Factoring Facility (3)	SouthEast US (2), Midwest, Indiana	1.25	3	TBD
Wintrust Equipment Finance	0	0	0	TBD	TBD	TBD	TBD	0	TBD	TBD
The Hedaya Capital Group	24	3	$11,000,000	Accounts receivable (2)	Factoring facility	Factoring Facility (3)	Texas, New Jersey, New York	0.42	1	TBD
Sigma Funding	15	2	$2,600,000	Accounts receivable (2)	TBD	Accounts Receivable Funding Facility (2)	California, Florida	0.28	TBD	TBD
Capteris	12	1	$25,000,000	New and existing assets acquired over past year	TBD	Lease Facility	TBD	0.5	TBD	TBD
Baker Garrington	38	5	$5,750,000	Accounts receivable (4)	Factoring facility	Factoring Facility (5)	Colorado, Oklahoma, Indiana, Louisiana, Texas	0.625	TBD	TBD

Tale of the Tape (YTD 2025)

Total Points: 216
Deals Logged: 16
Volume Drafted: $5.74 Billion*
Primary Asset Focus: Multifamily (3), Condominium (2), Hospitality (2), Office (1), Light Industrial (1), Mumbai International Airport (1)
Most Common Loan Term: 3-year extension, Five-year, Specific Term Details (BBB- rated investment-grade bond, Floating-rate, Permanent financing)
Primary Loan Type: Refinance (7), Construction (2), Loan (1), Construction Takeout (1), Inventory loan (1)
Top States: New York (8), Florida (4), India, Indiana, Tennessee
Win-Loss-Draw: 1-5-6

SEE THEIR RANKING

Week	Opponent	Result	Score & Top Deal	Top Deal Source
12	Affinius Capital	Loss	0-7 ($74M Refi El Paso, TX)
11	Dwight Capital: Commercial Real Estate	Loss	0-7 ($41M Bridge Refi Augusta, GA)
10	Blackstone	Loss	0-14 ($220M Refi Brooklyn, NY)
9	New York Life	Draw	0-0 (No Decisive Deal)
8	Starwood Property Trust: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
7	PGIM Real Estate: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
6	Affinius Capital	Loss	0-14 ($204M Sarasota, FL)
5	Dwight Capital: Commercial Real Estate	Win	33-0 ($1.45B Manhattan, NY)	Link to Deal
4	Blackstone	Draw	0-0 (No Decisive Deal)
3	New York Life: Commercial Real Estate	Loss	0-10 ($130M LA/Orange County/San Diego County/Inland Empire County, CA)
2	Starwood Property Trust: Commercial Real Estate	Draw	0-0 (No Decisive Deal)
1	PGIM Real Estate: Commercial Real Estate	Draw	0-0 (No Decisive Deal)

*Indicates a syndicated loan. Per “The Lead Arranger & The Syndicate Rule”, scoring is based on the lender’s specific allocation or lead arranger status. See The Rulebook for details.

Lender Overview

Headquarters: New York, NY
Founded: 1990
Ownership: Public Company (NYSE: APO)
Primary Focus: Large-Cap Commercial Real Estate Debt & Corporate Credit
Typical Deal Size: ~$358.7 Million (Average based on 2025 volume)

2025 Performance Summary

The disparity between their record (1 win) and volume ($5.74B) confirms an extreme-selectivity strategy. The high number of Draws (6) and Losses (5) suggests that while Apollo Global Management reviews numerous opportunities, they frequently decline to compete on terms or pricing for “standard” deals, reserving their firepower for complex, ten-figure transactions where they hold a distinct advantage.

Deal Flow Analysis

Analyzing the verified 2025 deal history reveals a lender with broad flexibility in deal size and structure.

Deal Size Range: Ranged from a low of $41M (Augusta, GA) to a massive $1.45B (Manhattan, NY). The average deal size hovers near $360M, indicating that deals under $100M are the exception, not the rule.
Geographic Focus: Heavily concentrated in New York (8 deals) and Florida (4), with strategic outliers in India (Mumbai) and Tennessee. This “Gateway Plus” strategy targets high-liquidity coastal markets while opportunistically entering growing regions.
Industry Patterns: Dominance in Multifamily and Condominiums aligns with a defensive posture in residential assets, while the Mumbai International Airport deal highlights a unique appetite for infrastructure that most commercial lenders lack.
Loan Structures: Refinancing (7 deals) is the primary vehicle, vastly outpacing Construction (2). This signals a preference for stabilized cash flow over development risk in the current rate environment.
Deal Purposes: The majority of activity cites Refinance or Extension, suggesting Apollo is acting as a liquidity provider for borrowers needing to exit maturing debt in a tight credit market.

The “Whale Hunting” Inverse Correlation: A stark inverse relationship exists between deal size and win rate. Apollo Global Management lost every tracked matchup involving a deal under $220M (losing on $41M, $74M, $130M, $204M, $220M) but won decisively at $1.45B. This signals they are structurally uncompetitive or disinterested in the middle market ($50M-$250M), likely due to pricing models that only pencil out at massive scale.

Infrastructure as a Differentiator: The inclusion of Mumbai International Airport in a portfolio dominated by NY condos reveals a “Complexity Arbitrage” strategy. While rivals fight over apartment buildings, Apollo Global Management utilizes its global infrastructure platform to fund sovereign-grade assets, effectively creating a monopoly on deals requiring cross-border underwriting and 10-figure checks.

Counter-Cyclical Liquidity Provider: Their heavy “Refinance” activity in a high-rate year indicates they are serving as the “lender of last resort” for quality assets. When banks retreat from office and luxury condo refinancing, Apollo Global Management steps in—likely commanding superior spreads and structural controls because the borrower has no other option for that volume of capital.

Ideal Borrower Profile

The ideal borrower for Apollo is a global institution or ultra-high-net-worth developer seeking liquidity for a trophy asset that exceeds the hold limit of traditional banks.

STRATEGIC INTELLIGENCE

FOR BORROWERS

Data indicates Apollo Global Management consistently loses or draws on deals under $250M. Their underwriting engine is likely calibrated for scale; submitting “small” ($50M-$100M) deals risks getting stuck in prioritization purgatory.
They closed 7 refinances vs. only 2 construction loans. They are currently risk-off on vertical construction execution but risk-on for asset performance—bring them standing assets, not blueprints.
Explicitly highlight your need for certainty of execution on a single balance sheet. If you pitch them on price against a bank syndicate, you will lose. Pitch them on their ability to hold the entire $500M loan without syndication risk.

FOR BROKERS

A significant portion of their closed deals are “3-year extensions.” They are actively looking to solve maturity defaults. Bring them your clients whose bank loans are maturing and need a 36-month bridge to a better rate environment.
Their low activity rate relative to volume implies a heavy diligence process. They are not a “30-day close” shop for standard deals; they are a “custom solution” shop for complex ones.
Unless the deal has hair that requires complex structuring (e.g., distress, cross-border), do not take sub-$100M deals to Apollo Global Management . You risk burning relationship capital on deals they structurally cannot win against nimble private credit funds.

FOR COMPETITORS

Their concentration is hyper-focused (NY/FL). They showed weakness in secondary markets (El Paso, Augusta). Regional lenders with deep local market knowledge can easily outmaneuver them outside of Tier 1 cities.
Their model requires covering massive overhead. They likely burden small deals with excessive legal/diligence fees, making them uncompetitive for cost-sensitive borrowers on “standard” loans.
When competing, acknowledge Apollo Global Management’s scale but emphasize your relationship continuity. Apollo is transactional/institutional; sell your “partner for life” approach to family offices who fear being just a number in a $5B portfolio.

FOR ANALYSTS & FUNDS

A $5.74B volume with only 16 deals indicates a defensive allocation strategy. They are parking capital in “safe” mega-assets (Manhattan Refis) rather than chasing yield in the fragmented middle market—a signal of bearish macro sentiment.
The shift to “Inventory Loan” and “Mumbai Airport” suggests they are exhausting traditional multifamily/office opportunities and are now hunting yield in operating companies and infrastructure—a leading indicator for where private credit yield is moving.
Apollo Global Management’s focus on 3-year extensions is a bellwether. If this volume increases, it signals a market-wide belief that rates will not normalize until 2028. Adjust your own duration models accordingly.