I am finally buying in. Apollo are the best in the biz and if they are raising $ at this price, then they must have some investments that are very accretive. Take a look at the S-11A filing if you really want to learn about ARI.
This is not a bad price, assuming the management doesn't do anything further to destroy existing share holder value. This becomes a bad price if they do another follow on in October at $14 per share.
By my calculation this follow on destroyed existing shareholders's economic value by around 10%. It's a lot of accretion to make up. They could have at least given the existing share holders a rights offering first. I guess you get what you pay for.