Apollo Commercial Real Estate Finance (ARI) Financials

$10.01 +0.01 (+0.05%)

Closing price 10/7/2025 03:59 PM Eastern

Extended Trading

$10.01 0.00 (0.00%)

As of 10/7/2025 07:44 PM Eastern

Annual Income Statements for Apollo Commercial Real Estate Finance

This table shows Apollo Commercial Real Estate Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	75	91	128	156	193	212	4.84	211	253	46	-132
Consolidated Net Income / (Loss)	83	103	158	193	220	230	18	224	265	58	-120
Net Income / (Loss) Continuing Operations	83	103	158	193	220	230	18	224	265	58	-120
Total Pre-Tax Income	83	100	158	196	220	230	18	224	265	59	-119
Total Revenue	101	126	221	216	297	315	250	279	369	267	196
Net Interest Income / (Expense)	97	143	201	260	289	334	279	266	242	252	199
Total Interest Income	123	192	264	339	404	487	428	428	242	252	199
Loans and Leases Interest Income	28	56	103	159	264	322	309	328	457	701	699
Investment Securities Interest Income	96	136	161	180	140	165	118	100	56	17	3.54
Other Interest Income	-	-	-	-	-	-	-	-	-271	-466	-504
Total Interest Expense	27	49	64	78	115	153	149	163	0.00	0.00	0.00
Total Non-Interest Income	4.20	-17	21	-44	7.59	-19	-29	13	127	14	-3.32
Other Service Charges	0.03	1.24	1.09	0.94	1.44	2.11	1.60	3.82	2.49	4.62	4.50
Net Realized & Unrealized Capital Gains on Investments	4.17	-19	20	-45	6.15	-22	-30	-9.47	63	-83	-113
Other Non-Interest Income	-	-	-	-	-	-	0.00	19	62	92	105
Provision for Credit Losses	0.00	0.00	15	5.00	20	20	126	-35	-18	59	156
Total Non-Interest Expense	18	26	48	52	57	65	67	90	121	149	159
Other Operating Expenses	18	26	48	21	57	65	67	87	120	140	147
Depreciation Expense	-	-	-	-	-	0.00	0.00	2.65	0.70	8.25	12
Income Tax Expense	-	-	-	-	-	-	-	0.00	0.00	0.44	0.39
Preferred Stock Dividends Declared	7.44	12	30	37	27	19	14	13	12	12	12
Basic Earnings per Share	$1.72	$1.54	$1.74	$1.54	$1.52	$1.41	$0.01	$1.48	$1.77	$0.29	($0.97)
Weighted Average Basic Shares Outstanding	43.46M	58.67M	72.37M	99.86M	124.15M	146.88M	148.00M	139.87M	140.53M	141.28M	139.67M
Diluted Earnings per Share	$1.72	$1.54	$1.74	$1.54	$1.48	$1.40	$0.01	$1.46	$1.68	$0.29	($0.97)
Weighted Average Diluted Shares Outstanding	43.68M	59.27M	73.31M	101.23M	153.82M	175.79M	148.00M	168.40M	165.50M	141.28M	139.67M
Weighted Average Basic & Diluted Shares Outstanding	43.80M	59.30M	73.30M	101.50M	126.70M	154.04M	139.85M	140.54M	141.27M	142.10M	138.87M
Cash Dividends to Common per Share	$1.60	$1.78	$1.84	$1.84	$1.84	$1.84	$1.45	$1.40	$1.40	$1.40	$1.20

This table shows Apollo Commercial Real Estate Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.06	46	-86	43	43	-108	33	-95	38	23	18
Consolidated Net Income / (Loss)	-3.99	49	-83	46	47	-105	36	-92	41	26	21
Net Income / (Loss) Continuing Operations	-3.99	49	-83	46	47	-103	36	-92	41	26	21
Total Pre-Tax Income	-3.99	49	-83	47	46	-104	36	-91	41	26	21
Total Revenue	32	88	-44	78	145	86	77	-54	77	69	59
Net Interest Income / (Expense)	67	71	63	60	58	57	52	47	44	39	43
Total Interest Income	-107	176	179	60	-163	57	52	47	-213	39	43
Loans and Leases Interest Income	152	166	174	180	180	184	179	180	156	144	167
Investment Securities Interest Income	12	9.71	5.11	1.60	0.86	0.85	0.84	1.21	0.64	0.56	0.56
Other Interest Income	-	-	-	-122	-	-128	-128	-134	-	-105	-124
Total Interest Expense	-174	105	116	0.00	-221	0.00	0.00	0.00	-256	0.00	0.00
Total Non-Interest Income	-35	17	-107	18	87	29	25	-101	34	29	16
Other Service Charges	2.14	0.73	2.34	1.47	0.08	0.57	0.64	1.57	1.71	1.19	1.23
Net Realized & Unrealized Capital Gains on Investments	4.73	-0.02	-139	-4.72	61	4.19	-5.15	-127	5.15	1.54	-13
Other Non-Interest Income	-42	16	29	21	26	25	29	25	27	26	28
Total Non-Interest Expense	17	35	39	37	38	41	41	39	38	38	39
Other Operating Expenses	17	31	37	36	37	37	38	36	36	36	36
Depreciation Expense	-	3.99	2.20	1.02	1.04	4.66	2.29	2.34	2.38	2.46	2.53
Income Tax Expense	-	0.00	0.00	0.52	-0.08	0.11	0.10	0.07	0.11	0.12	0.12
Preferred Stock Dividends Declared	3.07	3.07	3.07	3.07	3.07	3.07	3.07	3.07	3.07	3.07	3.07
Basic Earnings per Share	($0.06)	$0.32	($0.62)	$0.30	$0.29	($0.76)	$0.23	($0.69)	$0.25	$0.16	$0.12
Weighted Average Basic Shares Outstanding	140.53M	141.07M	141.34M	141.35M	141.28M	141.87M	140.44M	138.25M	139.67M	138.64M	138.94M
Diluted Earnings per Share	$0.03	$0.32	($0.62)	$0.30	$0.29	($0.76)	$0.23	($0.69)	$0.25	$0.16	$0.12
Weighted Average Diluted Shares Outstanding	165.50M	155.48M	141.34M	141.35M	141.28M	141.87M	140.61M	138.25M	139.67M	138.99M	139.21M
Weighted Average Basic & Diluted Shares Outstanding	141.27M	141.34M	141.35M	141.36M	142.10M	142.16M	138.35M	138.17M	138.87M	138.94M	138.94M
Cash Dividends to Common per Share	$0.35	$0.35	$0.35	$0.35	$0.35	$0.35	$0.35	$0.25	$0.25	$0.25	$0.25

This table details how cash moves in and out of Apollo Commercial Real Estate Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	21	27	166	-186	32	342	-127	18	-119	4.02	89
Net Cash From Operating Activities	67	88	124	155	266	273	164	199	268	274	200
Net Cash From Continuing Operating Activities	67	88	124	155	266	273	164	199	262	279	200
Net Income / (Loss) Continuing Operations	83	103	158	193	220	230	18	224	265	58	-120
Consolidated Net Income / (Loss)	83	103	158	193	220	230	18	224	265	58	-120
Depreciation Expense	-	-	-	-	-	0.00	0.00	2.65	0.70	8.25	12
Amortization Expense	-2.24	-8.22	-6.07	-41	-53	-70	-49	-56	-39	-15	-13
Non-Cash Adjustments to Reconcile Net Income	-3.32	20	-16	12	41	75	76	22	-21	169	227
Changes in Operating Assets and Liabilities, net	-10	-27	-27	-14	38	18	-7.20	6.89	56	58	94
Net Cash From Investing Activities	-887	-791	1,067	-721	-999	-1,435	-216	-1,357	-1,339	68	577
Net Cash From Continuing Investing Activities	-516	-791	-631	-721	-999	-1,435	-216	-1,357	-1,339	68	577
Purchase of Investment Securities	-847	-1,351	-1,138	-1,836	-2,351	-3,084	-891	-2,909	-33	-73	-1,468
Sale of Property, Leasehold Improvements and Equipment	-	-	-	-	-	-	-	-	-	-	40
Sale and/or Maturity of Investments	331	540	506	1,091	1,352	2,035	675	1,903	2,201	1,183	2,550
Other Investing Activities, net	0.00	-	-	-	-	-386	-	-351	-3,507	-1,042	-544
Net Cash From Financing Activities	840	730	-1,025	380	765	1,504	-75	1,175	958	-343	-689
Net Cash From Continuing Financing Activities	849	730	-1,025	380	765	1,504	-75	1,175	958	-343	-689
Issuance of Debt	346	0.00	0.00	343	227	497	34	797	2,836	807	1,998
Repayment of Debt	0.00	-1.25	-4.37	-85	-56	-2.50	-5.00	-150	-1,807	-917	-2,593
Repurchase of Common Equity	0.00	-1.74	-	-	0.00	0.00	-128	-	0.00	0.00	-41
Payment of Dividends	-75	-108	-160	-220	-255	-291	-251	-213	-213	-214	-198
Other Financing Activities, Net	420	300	-1,038	179	573	1,158	275	741	141	-19	144
Cash Interest Paid	18	43	53	56	98	133	130	138	246	444	495
Cash Income Taxes Paid	-	-	-	-	-	-	-	0.00	0.00	0.80	0.03

This table details how cash moves in and out of Apollo Commercial Real Estate Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-104	104	-23	4.22	-82	-65	12	19	123	-152	10.00
Net Cash From Operating Activities	43	110	49	83	31	53	50	47	50	39	63
Net Cash From Continuing Operating Activities	37	110	49	83	36	53	50	47	50	39	63
Net Income / (Loss) Continuing Operations	-3.99	49	-83	46	47	-105	36	-92	41	26	21
Consolidated Net Income / (Loss)	-3.99	49	-83	46	47	-105	36	-92	41	26	21
Depreciation Expense	-	3.99	2.20	1.02	1.04	4.66	2.29	2.34	2.38	2.46	2.53
Amortization Expense	-7.69	-6.21	-2.61	-4.50	-1.56	-2.69	-2.22	-3.71	-3.93	-1.86	-1.72
Non-Cash Adjustments to Reconcile Net Income	42	48	88	21	12	7.89	4.23	134	81	9.44	5.69
Changes in Operating Assets and Liabilities, net	-31	11	-16	85	-22	148	-0.09	164	-70	-0.72	40
Net Cash From Investing Activities	184	87	23	115	-157	-167	-49	206	586	-458	-798
Net Cash From Continuing Investing Activities	184	87	23	115	-157	-167	-49	206	586	-458	-798
Purchase of Investment Securities	3,235	-360	-96	150	233	-52	-652	-107	-350	-502	441
Sale and/or Maturity of Investments	457	447	188	191	358	173	577	833	947	145	615
Other Investing Activities, net	-	-	-	-235	-738	-288	-	-554	-16	-100	-1,853
Net Cash From Financing Activities	-326	-93	-95	-198	43	48	11	-235	-513	266	744
Net Cash From Continuing Financing Activities	-326	-93	-95	-198	43	48	11	-235	-513	266	744
Issuance of Debt	-	-	-	33	451	549	-	505	315	407	1,602
Repayment of Debt	-1,456	-8.88	-382	-177	-349	-436	-1,033	-724	-834	-113	-832
Payment of Dividends	-53	-54	-54	-54	-54	-54	-54	-52	-38	-38	-38
Other Financing Activities, Net	-1,653	-30	17	-0.40	-5.06	-11	-43	39	44	11	13
Cash Interest Paid	95	90	118	109	127	116	136	122	121	102	121
Cash Income Taxes Paid	-	-	-	-	-	0.00	-	-	-	0.00	0.11

This table presents Apollo Commercial Real Estate Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,845	2,713	3,483	4,089	5,096	6,888	6,940	8,417	9,568	9,297	8,412
Cash and Due from Banks	41	67	201	78	110	452	325	343	222	225	317
Trading Account Securities	698	3.33	483	0.00	24	-	0.00	17	129	29	58
Loans and Leases, Net of Allowance	1,020	0.00	0.00	3,680	0.00	0.00	6,497	0.00	0.00	0.00	7,104
Loans and Leases	1,020	-	-	3,680	-	-	6,497	-	-	-	7,104
Loans Held for Sale	-	-	-	-	-	-	-	-	-	0.00	41
Other Assets	49	0.24	43	331	35	61	118	200	536	684	891
Total Liabilities & Shareholders' Equity	1,845	2,713	3,483	4,089	5,096	6,888	6,940	8,417	9,568	9,297	8,412
Total Liabilities	990	1,337	1,551	2,000	2,586	4,258	4,669	6,122	7,214	7,088	6,537
Short-Term Debt	622	918	1,140	1,336	1,880	-	31	-	-	-	0.00
Long-Term Debt	339	248	335	585	592	4,138	4,554	6,019	6,977	6,958	6,390
Other Long-Term Liabilities	29	-	69	71	105	120	75	103	237	130	147
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	855	1,375	1,932	2,088	2,510	2,630	2,271	2,295	2,355	2,209	1,874
Total Preferred & Common Equity	855	1,375	1,932	2,088	2,510	2,630	2,271	2,295	2,355	2,209	1,874
Preferred Stock	0.04	0.12	-	-	0.14	0.07	0.07	0.07	0.07	0.07	0.07
Total Common Equity	855	1,378	1,932	2,088	2,510	2,630	2,270	2,295	2,354	2,209	1,874
Common Stock	869	1,411	1,984	2,171	2,640	2,827	2,709	2,722	2,718	2,729	2,697
Retained Earnings	-10	-32	-48	-83	-130	-197	-439	-428	-364	-520	-823

This table presents Apollo Commercial Real Estate Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	9,553	9,824	9,508	9,360	9,157	9,225	9,272	9,098	8,784	9,817
Cash and Due from Banks	242	319	332	308	308	161	175	194	166	178
Trading Account Securities	140	249	89	64	94	47	48	0.58	16	0.17
Loans and Leases, Net of Allowance	8,937	0.00	0.00	8,295	0.00	0.00	0.00	0.00	7,687	8,625
Loans and Leases	8,937	-	-	8,295	-	-	-	-	7,687	8,625
Loans Held for Sale	-	-	-	-	-	135	0.00	-	41	40
Other Assets	234	524	616	693	781	731	756	1,073	873	974
Total Liabilities & Shareholders' Equity	9,553	9,824	9,508	9,360	9,157	9,225	9,272	9,098	8,784	9,817
Total Liabilities	7,280	7,416	7,161	7,145	6,945	7,178	7,275	7,230	6,924	7,971
Short-Term Debt	-	-	-	-	-	-	-	-	0.00	58
Long-Term Debt	7,050	7,038	6,967	6,971	6,733	7,013	7,117	7,044	6,815	7,816
Other Long-Term Liabilities	220	378	193	165	212	165	158	185	109	97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,273	2,408	2,348	2,215	2,212	2,047	1,997	1,868	1,861	1,846
Total Preferred & Common Equity	2,273	2,408	2,348	2,215	2,212	2,047	1,997	1,868	1,861	1,846
Preferred Stock	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
Total Common Equity	2,273	2,408	2,347	2,215	2,212	2,047	1,997	1,868	1,861	1,846
Common Stock	2,709	2,714	2,716	2,720	2,725	2,726	2,692	2,693	2,696	2,699
Retained Earnings	-436	-306	-368	-505	-513	-678	-695	-825	-835	-853

This table displays calculated financial ratios and metrics derived from Apollo Commercial Real Estate Finance's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	44.17%	24.65%	75.80%	-2.37%	37.39%	6.11%	-20.69%	11.63%	32.24%	-27.73%	-26.58%
EBITDA Growth	69.33%	13.54%	65.88%	-22.77%	42.26%	-3.82%	-94.56%	1,848.40%	33.29%	-77.12%	-331.30%
EBIT Growth	57.94%	20.38%	58.30%	0.47%	38.61%	4.63%	-74.97%	287.89%	18.66%	-77.92%	-303.59%
NOPAT Growth	57.94%	20.38%	58.30%	0.47%	38.61%	4.63%	-74.97%	287.89%	18.66%	-78.08%	-243.60%
Net Income Growth	57.64%	24.80%	52.90%	22.27%	13.96%	4.63%	-92.02%	1,116.28%	18.66%	-78.08%	-305.82%
EPS Growth	36.51%	-10.47%	12.99%	-11.49%	-3.90%	-5.41%	-99.29%	14,500.00%	15.07%	-82.74%	-434.48%
Operating Cash Flow Growth	45.79%	31.45%	40.58%	25.01%	71.73%	2.81%	-40.00%	21.54%	34.27%	2.30%	-26.88%
Free Cash Flow Firm Growth	-1,304.56%	26.28%	-13.00%	37.23%	-69.38%	-107.10%	98.10%	-4,071.57%	39.12%	129.60%	267.87%
Invested Capital Growth	105.26%	39.94%	34.03%	17.69%	24.24%	35.88%	1.29%	21.28%	12.23%	-1.76%	-9.84%
Revenue Q/Q Growth	6.54%	4.47%	20.29%	-17.66%	24.42%	15.14%	-33.98%	36.60%	-9.16%	73.62%	-25.74%
EBITDA Q/Q Growth	9.61%	-0.03%	15.95%	-54.49%	197.39%	4.57%	-96.28%	1,835.55%	-17.15%	341.69%	-214.20%
EBIT Q/Q Growth	8.13%	2.20%	14.55%	-41.36%	76.85%	3.63%	-80.47%	394.78%	-13.78%	129.19%	-213.51%
NOPAT Q/Q Growth	8.13%	2.20%	28.53%	-40.26%	40.52%	23.02%	-80.47%	3,718.81%	-13.41%	616.11%	-5.02%
Net Income Q/Q Growth	8.07%	5.30%	25.21%	-8.41%	5.60%	8.95%	-65.71%	0.19%	-13.41%	664.83%	-5.18%
EPS Q/Q Growth	2.99%	-7.78%	27.94%	-18.95%	0.00%	10.24%	-96.00%	6.57%	-13.40%	866.67%	-4.30%
Operating Cash Flow Q/Q Growth	27.46%	-0.59%	17.11%	-1.75%	1.31%	17.29%	-17.22%	-7.65%	3.11%	-4.11%	10.54%
Free Cash Flow Firm Q/Q Growth	-30.01%	0.75%	-11.15%	5.10%	13.49%	-32.93%	89.95%	-58.51%	50.56%	-56.29%	1,814.10%
Invested Capital Q/Q Growth	10.80%	7.37%	8.97%	3.88%	1.96%	8.40%	0.32%	9.13%	-1.21%	2.49%	-7.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	79.85%	72.73%	68.63%	54.29%	56.22%	50.96%	3.50%	61.07%	61.56%	19.49%	-61.39%
EBIT Margin	82.07%	79.26%	71.37%	73.45%	74.10%	73.07%	23.07%	80.15%	71.93%	21.98%	-60.94%
Profit (Net Income) Margin	81.91%	82.01%	71.33%	89.33%	74.10%	73.07%	7.36%	80.15%	71.93%	21.81%	-61.14%
Tax Burden Percent	99.81%	103.47%	99.94%	98.55%	100.00%	100.00%	100.00%	100.00%	100.00%	99.25%	100.33%
Interest Burden Percent	100.00%	100.00%	100.00%	123.42%	100.00%	100.00%	31.89%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	0.00%
Return on Invested Capital (ROIC)	6.14%	4.58%	5.31%	4.28%	4.89%	3.92%	0.85%	2.95%	3.01%	0.63%	-0.96%
ROIC Less NNEP Spread (ROIC-NNEP)	6.11%	4.90%	5.30%	6.30%	4.89%	3.92%	-0.05%	2.95%	3.01%	0.63%	-1.50%
Return on Net Nonoperating Assets (RNNOA)	4.62%	4.68%	4.24%	5.32%	4.68%	5.04%	-0.10%	6.85%	8.40%	1.92%	-4.90%
Return on Equity (ROE)	10.76%	9.26%	9.55%	9.60%	9.57%	8.96%	0.75%	9.79%	11.41%	2.55%	-5.86%
Cash Return on Invested Capital (CROIC)	-62.83%	-28.71%	-23.77%	-11.97%	-16.72%	-26.50%	-0.43%	-16.28%	-8.52%	2.41%	9.39%
Operating Return on Assets (OROA)	6.02%	4.38%	5.10%	4.19%	4.79%	3.84%	0.83%	2.91%	2.95%	0.62%	-1.35%
Return on Assets (ROA)	6.01%	4.53%	5.10%	5.10%	4.79%	3.84%	0.27%	2.91%	2.95%	0.62%	-1.35%
Return on Common Equity (ROCE)	10.76%	9.27%	9.55%	9.60%	9.57%	8.96%	0.75%	9.79%	11.41%	2.55%	-5.86%
Return on Equity Simple (ROE_SIMPLE)	9.68%	7.51%	8.17%	9.24%	8.77%	8.75%	0.81%	9.74%	11.26%	2.63%	-6.38%
Net Operating Profit after Tax (NOPAT)	83	100	158	159	220	230	58	224	265	58	-83
NOPAT Margin	82.07%	79.26%	71.37%	73.45%	74.10%	73.07%	23.07%	80.15%	71.93%	21.81%	-42.66%
Net Nonoperating Expense Percent (NNEP)	0.03%	-0.33%	0.01%	-2.02%	0.00%	0.00%	0.90%	0.00%	0.00%	0.00%	0.54%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.93%	20.74%	21.85%	24.24%	19.16%	20.58%	26.66%	32.32%	32.85%	55.72%	81.32%
Earnings before Interest and Taxes (EBIT)	83	100	158	159	220	230	58	224	265	59	-119
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	81	92	152	117	167	161	8.74	170	227	52	-120
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.31	0.29	0.44	0.45	0.60	0.45	0.58	0.50	0.66	0.64
Price to Tangible Book Value (P/TBV)	0.30	0.31	0.29	0.44	0.45	0.60	0.45	0.58	0.50	0.66	0.64
Price to Revenue (P/Rev)	2.56	3.43	2.54	4.22	3.84	5.03	4.11	4.76	3.18	5.50	6.12
Price to Earnings (P/E)	3.43	4.73	4.40	5.84	5.91	7.48	212.24	6.30	4.63	31.98	0.00
Dividend Yield	29.04%	27.65%	26.48%	21.61%	21.62%	17.85%	19.82%	14.76%	16.80%	13.50%	13.86%
Earnings Yield	29.18%	21.14%	22.71%	17.14%	16.91%	13.37%	0.47%	15.86%	21.59%	3.13%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.63	0.60	0.52	0.69	0.70	0.78	0.77	0.84	0.85	0.89	0.88
Enterprise Value to Revenue (EV/Rev)	11.37	12.16	8.01	12.75	11.79	16.73	21.16	25.12	21.50	30.77	37.15
Enterprise Value to EBITDA (EV/EBITDA)	14.24	16.72	11.67	23.49	20.98	32.82	604.75	41.12	34.92	157.87	0.00
Enterprise Value to EBIT (EV/EBIT)	13.86	15.35	11.22	17.36	15.91	22.89	91.74	31.33	29.89	139.99	0.00
Enterprise Value to NOPAT (EV/NOPAT)	13.86	15.35	11.22	17.36	15.91	22.89	91.74	31.33	29.89	141.05	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.14	17.38	14.31	17.79	13.16	19.27	32.22	35.13	29.61	29.94	36.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.84	8.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.12	0.85	0.76	0.92	0.98	1.57	2.02	2.62	2.96	3.15	3.41
Long-Term Debt to Equity	0.40	0.18	0.17	0.28	0.24	1.57	2.01	2.62	2.96	3.15	3.41
Financial Leverage	0.76	0.95	0.80	0.84	0.96	1.29	1.78	2.32	2.80	3.05	3.27
Leverage Ratio	1.79	2.04	1.87	1.88	2.00	2.33	2.82	3.36	3.87	4.13	4.34
Compound Leverage Factor	1.79	2.04	1.87	2.32	2.00	2.33	0.90	3.36	3.87	4.13	4.34
Debt to Total Capital	52.93%	45.89%	43.29%	47.92%	49.62%	61.14%	66.88%	72.40%	74.77%	75.91%	77.32%
Short-Term Debt to Total Capital	34.25%	36.13%	33.45%	33.33%	37.73%	0.00%	0.46%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.68%	9.76%	9.83%	14.59%	11.88%	61.14%	66.42%	72.40%	74.77%	75.91%	77.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.07%	54.23%	56.71%	52.08%	50.38%	38.86%	33.12%	27.60%	25.23%	24.09%	22.68%
Debt to EBITDA	11.92	12.74	9.71	16.38	14.81	25.78	524.54	35.34	30.73	133.98	-53.20
Net Debt to EBITDA	11.04	12.00	7.97	15.72	14.15	22.96	487.30	33.33	29.76	129.64	-50.55
Long-Term Debt to EBITDA	4.21	2.71	2.21	4.99	3.55	25.78	520.97	35.34	30.73	133.98	-53.20
Debt to NOPAT	11.60	11.69	9.34	12.11	11.23	17.98	79.57	26.93	26.30	119.71	-76.56
Net Debt to NOPAT	10.75	11.01	7.67	11.62	10.74	16.01	73.92	25.40	25.47	115.83	-72.75
Long-Term Debt to NOPAT	4.09	2.49	2.12	3.69	2.69	17.98	79.03	26.93	26.30	119.71	-76.56
Noncontrolling Interest Sharing Ratio	-0.05%	-0.14%	-0.09%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-849	-626	-707	-444	-752	-1,557	-30	-1,235	-752	223	819
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-31.98	-12.81	-11.09	-5.69	-6.56	-10.18	-0.20	-7.60	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.53	1.80	1.94	1.98	2.32	1.79	1.10	1.23	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.53	1.80	1.94	1.98	2.32	1.79	1.10	1.23	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.06	0.07	0.06	0.06	0.05	0.04	0.04	0.04	0.03	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,817	2,542	3,407	4,010	4,981	6,768	6,856	8,314	9,331	9,167	8,265
Invested Capital Turnover	0.07	0.06	0.07	0.06	0.07	0.05	0.04	0.04	0.04	0.03	0.02
Increase / (Decrease) in Invested Capital	932	725	865	603	972	1,787	87	1,459	1,017	-164	-902
Enterprise Value (EV)	1,149	1,532	1,773	2,756	3,501	5,269	5,286	7,004	7,927	8,199	7,269
Market Capitalization	258	432	562	912	1,139	1,583	1,027	1,327	1,172	1,466	1,197
Book Value per Share	$18.25	$20.53	$23.90	$19.49	$18.75	$17.13	$16.18	$16.40	$16.75	$15.62	$13.57
Tangible Book Value per Share	$18.25	$20.53	$23.90	$19.49	$18.75	$17.13	$16.18	$16.40	$16.75	$15.62	$13.57
Total Capital	1,817	2,542	3,407	4,010	4,981	6,768	6,856	8,314	9,331	9,167	8,265
Total Debt	961	1,167	1,475	1,921	2,472	4,138	4,585	6,019	6,977	6,958	6,390
Total Long-Term Debt	339	248	335	585	592	4,138	4,554	6,019	6,977	6,958	6,390
Net Debt	891	1,099	1,211	1,844	2,362	3,686	4,260	5,676	6,755	6,733	6,073
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-40
Net Nonoperating Expense (NNE)	0.16	-3.46	0.10	-34	0.00	0.00	39	0.00	0.00	0.00	36
Net Nonoperating Obligations (NNO)	961	1,167	1,475	1,921	2,472	4,138	4,585	6,019	6,977	6,958	6,390
Total Depreciation and Amortization (D&A)	-2.24	-8.22	-6.07	-41	-53	-70	-49	-53	-38	-6.64	-0.88
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$1.54	$1.74	$1.54	$1.52	$1.41	$0.01	$1.48	$1.77	$0.29	($0.97)
Adjusted Weighted Average Basic Shares Outstanding	43.46M	58.67M	72.37M	99.86M	124.15M	146.88M	148.00M	139.87M	140.53M	141.28M	139.67M
Adjusted Diluted Earnings per Share	$1.72	$1.54	$1.74	$1.54	$1.48	$1.40	$0.01	$1.46	$1.68	$0.29	($0.97)
Adjusted Weighted Average Diluted Shares Outstanding	43.68M	59.27M	73.31M	101.23M	153.82M	175.79M	148.00M	168.40M	165.50M	141.28M	139.67M
Adjusted Basic & Diluted Earnings per Share	$1.72	$1.54	$1.74	$1.54	$0.00	$1.41	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.90M	67.39M	91.62M	107.47M	134.29M	154.04M	139.85M	140.54M	141.27M	142.10M	138.87M
Normalized Net Operating Profit after Tax (NOPAT)	58	70	111	133	154	161	40	157	186	58	-83
Normalized NOPAT Margin	57.45%	55.48%	49.96%	61.67%	51.87%	51.15%	16.15%	56.24%	50.35%	21.81%	-42.66%
Pre Tax Income Margin	82.07%	79.26%	71.37%	90.65%	74.10%	73.07%	7.36%	80.15%	71.93%	21.98%	-60.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.12	2.04	2.48	2.03	1.92	1.51	0.39	1.38	0.00	0.00	0.00
NOPAT to Interest Expense	3.12	2.04	2.48	2.03	1.92	1.51	0.39	1.38	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	3.12	2.04	2.48	2.03	1.92	1.51	0.39	1.38	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	3.12	2.04	2.48	2.03	1.92	1.51	0.39	1.38	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	90.94%	104.87%	101.45%	113.81%	115.72%	126.52%	1,367.42%	95.12%	80.25%	368.66%	-165.69%
Augmented Payout Ratio	90.94%	106.56%	101.45%	113.81%	115.72%	126.52%	2,063.91%	95.12%	80.25%	368.66%	-199.80%

This table displays calculated financial ratios and metrics derived from Apollo Commercial Real Estate Finance's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-53.64%	44.59%	-144.42%	-55.73%	351.59%	-2.11%	295.73%	-169.07%	-46.73%	-20.26%	-22.43%
EBITDA Growth	-138.50%	945.85%	-237.12%	-75.30%	917.48%	-316.47%	142.90%	-315.42%	-63.92%	126.41%	-39.74%
EBIT Growth	-114.53%	221.01%	-217.55%	-74.74%	2,095.09%	-310.67%	143.03%	-296.37%	-62.65%	125.33%	-41.88%
NOPAT Growth	-107.52%	221.01%	-182.28%	-74.83%	1,767.56%	-249.41%	161.30%	-239.00%	-12.65%	135.56%	-42.05%
Net Income Growth	-110.75%	221.01%	-217.55%	-74.83%	1,267.29%	-313.68%	142.91%	-298.71%	-12.65%	124.87%	-42.05%
EPS Growth	-89.66%	300.00%	-240.91%	-73.45%	866.67%	-337.50%	137.10%	-330.00%	-13.79%	121.05%	-47.83%
Operating Cash Flow Growth	23.40%	122.01%	-0.91%	-33.61%	-27.57%	-52.07%	1.85%	-43.39%	61.88%	-25.60%	25.83%
Free Cash Flow Firm Growth	28.24%	62.68%	105.65%	133.27%	120.68%	131.52%	35.11%	-105.91%	346.91%	125.94%	-646.02%
Invested Capital Growth	12.23%	7.20%	-1.48%	-5.30%	-1.76%	-2.73%	-0.78%	-0.35%	-9.84%	-4.24%	6.65%
Revenue Q/Q Growth	-81.74%	173.27%	-150.52%	275.56%	86.30%	-40.76%	1.83%	-161.96%	243.68%	-11.34%	-13.33%
EBITDA Q/Q Growth	-107.49%	457.39%	-279.47%	151.43%	147.79%	-194.64%	135.33%	-358.27%	141.51%	-30.72%	-18.85%
EBIT Q/Q Growth	-102.92%	1,009.22%	-270.50%	155.86%	130.39%	-196.01%	134.59%	-354.93%	143.82%	-34.87%	-20.12%
NOPAT Q/Q Growth	-101.52%	1,852.70%	-219.35%	178.92%	1.02%	-257.04%	148.96%	-278.95%	163.48%	-36.06%	-20.21%
Net Income Q/Q Growth	-102.18%	1,326.89%	-270.50%	155.24%	1.02%	-324.59%	134.24%	-355.83%	144.40%	-36.06%	-20.21%
EPS Q/Q Growth	-97.35%	966.67%	-293.75%	148.39%	-3.33%	-362.07%	130.26%	-400.00%	136.23%	-36.00%	-25.00%
Operating Cash Flow Q/Q Growth	-66.11%	158.88%	-55.25%	69.13%	-63.03%	71.32%	-4.91%	-5.99%	5.71%	-21.26%	60.81%
Free Cash Flow Firm Q/Q Growth	37.96%	43.50%	113.77%	589.56%	-61.44%	-13.89%	-41.00%	-130.15%	3,017.10%	-56.47%	-242.59%
Invested Capital Q/Q Growth	-1.21%	-0.18%	-1.39%	-2.62%	2.49%	-1.17%	0.60%	-2.21%	-7.27%	4.97%	12.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-40.65%	53.17%	0.00%	55.33%	73.59%	-117.57%	41.39%	0.00%	49.85%	38.95%	36.46%
EBIT Margin	-16.74%	55.69%	0.00%	59.80%	73.95%	-119.86%	41.31%	0.00%	51.84%	38.08%	35.10%
Profit (Net Income) Margin	-12.41%	55.69%	0.00%	59.14%	32.07%	-121.57%	41.20%	0.00%	52.58%	37.91%	34.90%
Tax Burden Percent	100.00%	100.00%	100.00%	98.89%	100.16%	100.11%	99.72%	100.07%	99.72%	99.56%	99.44%
Interest Burden Percent	74.11%	100.00%	100.00%	100.00%	43.29%	101.32%	100.00%	100.00%	101.69%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	1.11%	-0.16%	0.00%	0.28%	0.00%	0.28%	0.44%	0.56%
Return on Invested Capital (ROIC)	-0.36%	2.45%	0.00%	0.99%	0.92%	-2.45%	1.78%	0.00%	1.18%	0.76%	0.60%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.38%	2.45%	0.00%	0.99%	0.92%	-2.90%	1.78%	0.00%	1.18%	0.76%	0.60%
Return on Net Nonoperating Assets (RNNOA)	-1.07%	7.14%	0.00%	2.94%	2.82%	-9.22%	5.95%	0.00%	3.86%	2.70%	2.33%
Return on Equity (ROE)	-1.43%	9.59%	0.00%	3.93%	3.75%	-11.67%	7.73%	0.00%	5.04%	3.46%	2.93%
Cash Return on Invested Capital (CROIC)	-8.52%	-3.63%	3.05%	5.54%	2.41%	2.05%	1.04%	-0.53%	9.39%	4.46%	-6.46%
Operating Return on Assets (OROA)	-0.69%	2.41%	0.00%	0.97%	2.09%	-3.39%	1.75%	0.00%	1.15%	0.75%	0.59%
Return on Assets (ROA)	-0.51%	2.41%	0.00%	0.96%	0.91%	-3.44%	1.75%	0.00%	1.16%	0.75%	0.59%
Return on Common Equity (ROCE)	-1.43%	9.59%	0.00%	3.93%	3.75%	-11.67%	7.73%	0.00%	5.04%	3.46%	2.93%
Return on Equity Simple (ROE_SIMPLE)	0.00%	12.73%	6.53%	0.34%	0.00%	-4.66%	1.20%	-6.09%	0.00%	0.58%	-0.23%
Net Operating Profit after Tax (NOPAT)	-2.79	49	-58	46	47	-73	36	-64	41	26	21
NOPAT Margin	-8.68%	55.69%	0.00%	59.14%	32.07%	-85.01%	41.20%	0.00%	52.58%	37.91%	34.90%
Net Nonoperating Expense Percent (NNEP)	0.02%	0.00%	0.36%	0.00%	0.00%	0.45%	0.00%	0.40%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.66%	39.31%	0.00%	47.69%	26.05%	48.09%	46.88%	0.00%	49.78%	56.07%	64.90%
Earnings before Interest and Taxes (EBIT)	-5.38	49	-83	47	107	-103	36	-91	40	26	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	47	-84	43	107	-101	36	-93	39	27	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.50	0.48	0.63	0.57	0.66	0.68	0.70	0.68	0.64	0.71	0.73
Price to Tangible Book Value (P/TBV)	0.50	0.48	0.63	0.57	0.66	0.68	0.70	0.68	0.64	0.71	0.73
Price to Revenue (P/Rev)	3.18	2.83	5.58	8.25	5.50	5.29	3.52	4.83	6.12	7.46	8.35
Price to Earnings (P/E)	4.63	3.90	10.61	0.00	31.98	0.00	119.98	0.00	0.00	0.00	0.00
Dividend Yield	16.80%	17.68%	14.09%	15.63%	13.50%	14.14%	14.30%	14.15%	13.86%	11.49%	10.33%
Earnings Yield	21.59%	25.62%	9.42%	0.00%	3.13%	0.00%	0.83%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.85	0.83	0.88	0.86	0.89	0.91	0.91	0.91	0.88	0.92	0.93
Enterprise Value to Revenue (EV/Rev)	21.50	19.59	32.07	50.11	30.77	31.18	21.09	30.82	37.15	44.76	56.14
Enterprise Value to EBITDA (EV/EBITDA)	34.92	28.80	86.36	654.13	157.87	0.00	35.28	77.21	0.00	1,041.46	1,649.24
Enterprise Value to EBIT (EV/EBIT)	29.89	25.94	70.97	300.97	139.99	0.00	34.99	77.31	0.00	804.44	1,292.51
Enterprise Value to NOPAT (EV/NOPAT)	29.89	25.94	55.80	947.54	141.05	0.00	349.12	0.00	0.00	733.30	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	29.61	23.62	24.61	26.93	29.94	38.12	38.34	44.83	36.30	42.72	45.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	28.58	15.11	36.84	43.79	87.48	0.00	8.88	20.18	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.96	2.97	3.15	3.04	3.15	3.43	3.56	3.77	3.41	3.66	4.26
Long-Term Debt to Equity	2.96	2.97	3.15	3.04	3.15	3.43	3.56	3.77	3.41	3.66	4.23
Financial Leverage	2.80	2.92	3.12	2.98	3.05	3.18	3.34	3.38	3.27	3.54	3.90
Leverage Ratio	3.87	3.99	4.21	4.11	4.13	4.26	4.42	4.47	4.34	4.61	4.97
Compound Leverage Factor	2.87	3.99	4.21	4.11	1.79	4.32	4.42	4.47	4.41	4.61	4.97
Debt to Total Capital	74.77%	74.80%	75.89%	75.27%	75.91%	77.40%	78.09%	79.04%	77.32%	78.55%	81.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.59%
Long-Term Debt to Total Capital	74.77%	74.80%	75.89%	75.27%	75.91%	77.40%	78.09%	79.04%	77.32%	78.55%	80.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	25.23%	25.20%	24.11%	24.73%	24.09%	22.60%	21.91%	20.96%	22.68%	21.45%	18.99%
Debt to EBITDA	30.73	25.88	74.63	572.61	133.98	-73.16	30.13	66.97	-53.20	889.68	1,436.28
Net Debt to EBITDA	29.76	24.65	71.33	546.43	129.64	-71.48	29.39	65.12	-50.55	867.96	1,403.88
Long-Term Debt to EBITDA	30.73	25.88	74.63	572.61	133.98	-73.16	30.13	66.97	-53.20	889.68	1,425.75
Debt to NOPAT	26.30	23.31	48.22	829.47	119.71	-105.72	298.13	-88.63	-76.56	626.43	-2,995.51
Net Debt to NOPAT	25.47	22.20	46.09	791.54	115.83	-103.29	290.82	-86.19	-72.75	611.14	-2,927.93
Long-Term Debt to NOPAT	26.30	23.31	48.22	829.47	119.71	-105.72	298.13	-88.63	-76.56	626.43	-2,973.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,020	-576	79	547	211	182	107	-32	943	410	-585
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-5.50	0.68	0.00	0.00	0.00	0.83	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	1.05	0.42	0.00	0.00	0.00	0.39	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.05	0.42	0.00	0.00	0.00	0.39	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.03	0.02	0.03	0.03	0.04	0.03	0.02	0.02	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,331	9,315	9,185	8,945	9,167	9,060	9,114	8,913	8,265	8,676	9,720
Invested Capital Turnover	0.04	0.04	0.03	0.02	0.03	0.03	0.04	0.03	0.02	0.02	0.02
Increase / (Decrease) in Invested Capital	1,017	625	-138	-501	-164	-255	-71	-32	-902	-384	606
Enterprise Value (EV)	7,927	7,754	8,067	7,691	8,199	8,251	8,334	8,122	7,269	7,978	9,041
Market Capitalization	1,172	1,119	1,404	1,266	1,466	1,400	1,392	1,271	1,197	1,329	1,345
Book Value per Share	$16.75	$16.62	$15.67	$15.65	$15.62	$14.43	$14.05	$13.50	$13.57	$13.40	$13.29
Tangible Book Value per Share	$16.75	$16.62	$15.67	$15.65	$15.62	$14.43	$14.05	$13.50	$13.57	$13.40	$13.29
Total Capital	9,331	9,315	9,185	8,945	9,167	9,060	9,114	8,913	8,265	8,676	9,720
Total Debt	6,977	6,967	6,971	6,733	6,958	7,013	7,117	7,044	6,390	6,815	7,874
Total Long-Term Debt	6,977	6,967	6,971	6,733	6,958	7,013	7,117	7,044	6,390	6,815	7,816
Net Debt	6,755	6,636	6,662	6,425	6,733	6,851	6,942	6,850	6,073	6,649	7,696
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-5.09	0.00	0.00
Net Nonoperating Expense (NNE)	1.20	0.00	25	0.00	0.00	31	0.00	28	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	6,977	6,967	6,971	6,733	6,958	7,013	7,117	7,044	6,390	6,815	7,874
Total Depreciation and Amortization (D&A)	-7.69	-2.22	-0.41	-3.48	-0.52	1.97	0.07	-1.37	-1.55	0.59	0.81
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	$0.32	($0.62)	$0.30	$0.29	($0.76)	$0.23	($0.69)	$0.25	$0.16	$0.12
Adjusted Weighted Average Basic Shares Outstanding	140.53M	141.07M	141.34M	141.35M	141.28M	141.87M	140.44M	138.25M	139.67M	138.64M	138.94M
Adjusted Diluted Earnings per Share	$0.03	$0.32	($0.62)	$0.30	$0.29	($0.76)	$0.23	($0.69)	$0.25	$0.16	$0.12
Adjusted Weighted Average Diluted Shares Outstanding	165.50M	155.48M	141.34M	141.35M	141.28M	141.87M	140.61M	138.25M	139.67M	138.99M	139.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.27M	141.34M	141.35M	141.36M	142.10M	142.16M	138.35M	138.17M	138.87M	138.94M	138.94M
Normalized Net Operating Profit after Tax (NOPAT)	-2.79	34	-58	46	33	-73	36	-64	41	26	21
Normalized NOPAT Margin	-8.68%	38.99%	0.00%	59.14%	22.41%	-85.01%	41.20%	0.00%	52.58%	37.91%	34.90%
Pre Tax Income Margin	-12.41%	55.69%	0.00%	59.80%	32.01%	-121.44%	41.31%	0.00%	52.72%	38.08%	35.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.47	-0.72	0.00	0.00	0.00	0.28	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.47	-0.50	0.00	0.00	0.00	0.28	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.47	-0.72	0.00	0.00	0.00	0.28	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.47	-0.50	0.00	0.00	0.00	0.28	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	80.25%	71.33%	147.74%	2,814.93%	368.66%	-225.03%	899.22%	-187.72%	-165.69%	1,680.28%	-4,018.62%
Augmented Payout Ratio	80.25%	71.33%	147.74%	2,814.93%	368.66%	-225.03%	899.22%	-187.72%	-199.80%	2,055.41%	-4,088.00%

Financials Breakdown Chart

Key Financial Trends

Apollo Commercial Real Estate Finance (NYSE: ARI) has shown notable financial trends over the past two years, reflecting both challenges and recovery in its earnings and cash flow positions.

Income and Earnings Trends:

Q2 2025 reported consolidated net income was $20.7 million, recovering significantly from larger losses in 2023 (e.g., Q3 2023 net loss was -$91.5 million).
Net interest income in Q2 2025 was positive at $43.1 million, indicating income generation from loan and lease interests despite fluctuations in other interest incomes.
Volatility remains: In 2023, ARI faced substantial net losses especially in Q1 and Q3, driven by significant realized and unrealized capital losses on investments.
Earnings per share stabilized around $0.12 in Q2 2025, down from $0.16 in Q1 2025, reflecting modest variability quarter over quarter.
High provision for credit losses notably impacted earnings in some quarters historically, such as $147.7 million in Q1 2024, indicating credit risk remains a concern.

Cash Flows and Liquidity:

In Q2 2025, net cash from continuing operating activities improved to $63.2 million, up from $39.3 million in Q1 2025, indicating operational cash inflow strength.
Investing cash flows have been heavily negative in recent quarters due to high purchases of investment securities (e.g., -$440.7 million in Q2 2025) outpacing proceeds from sales.
Positive net financing activities in Q2 2025 at $744.5 million suggest successful debt issuances and financing strategies to support asset growth.
Cash and cash equivalents have fluctuated but remained substantial, with $177.6 million at Q2 2025 compared to $166.4 million in Q1 2025.

Balance Sheet Highlights and Capital Structure:

Total assets grew from approximately $8.8 billion at Q1 2025 to about $9.8 billion by Q2 2025, driven by increased loans and leases on the books.
Long-term debt increased from about $6.8 billion at Q1 2025 to $7.8 billion in Q2 2025, reflecting higher leverage but managed via new debt issuance.
Common equity slightly decreased from $1.86 billion to $1.85 billion in Q2 2025, a relatively stable equity base.
Retained earnings remain negative (around -$852.6 million in Q2 2025), indicating accumulated losses or significant dividend payments compared to earnings.

Dividend and Shareholder Returns:

The company maintained quarterly dividends to common shareholders at $0.25 per share in Q2 2025, despite modest earnings, which might pressure retained earnings and cash reserves.
Weighted average shares outstanding have slightly increased, suggesting minimal dilution or issuance of shares over the periods reviewed.

Summary: Apollo Commercial Real Estate Finance is emerging from a period of significant losses in 2023 toward positive net income and stronger operational cash flow in 2025. Rising loan portfolios and active financing reflect growth ambitions but also increased leverage and risk considerations. Persistent negative retained earnings and ongoing dividend payouts warrant monitoring as they may affect future capital flexibility. Investors should watch for continued earnings recovery, credit quality trends, and cash flow management in upcoming quarters.

10/08/25 01:17 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Apollo Commercial Real Estate Finance's Financials

When does Apollo Commercial Real Estate Finance's fiscal year end?

According to the most recent income statement we have on file, Apollo Commercial Real Estate Finance's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Apollo Commercial Real Estate Finance's net income changed over the last 10 years?

Apollo Commercial Real Estate Finance's net income appears to be on a downward trend, with a most recent value of -$119.64 million in 2024, falling from $82.74 million in 2014. The previous period was $58.13 million in 2023. View Apollo Commercial Real Estate Finance's forecast to see where analysts expect Apollo Commercial Real Estate Finance to go next.

How has Apollo Commercial Real Estate Finance's revenue changed over the last 10 years?

Over the last 10 years, Apollo Commercial Real Estate Finance's total revenue changed from $101.01 million in 2014 to $195.66 million in 2024, a change of 93.7%.

How much debt does Apollo Commercial Real Estate Finance have?

Apollo Commercial Real Estate Finance's total liabilities were at $6.54 billion at the end of 2024, a 7.8% decrease from 2023, and a 560.3% increase since 2014.

How much cash does Apollo Commercial Real Estate Finance have?

In the past 10 years, Apollo Commercial Real Estate Finance's cash and equivalents has ranged from $40.64 million in 2014 to $452.28 million in 2019, and is currently $317.40 million as of their latest financial filing in 2024.

How has Apollo Commercial Real Estate Finance's book value per share changed over the last 10 years?

Over the last 10 years, Apollo Commercial Real Estate Finance's book value per share changed from 18.25 in 2014 to 13.57 in 2024, a change of -25.7%.

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This page (NYSE:ARI) was last updated on 10/8/2025 by MarketBeat.com Staff

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Apollo Commercial Real Estate Finance (ARI) Financials

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Apollo Commercial Real Estate Finance (ARI) Financials

Annual Income Statements for Apollo Commercial Real Estate Finance

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Quarterly Metrics And Ratios for Apollo Commercial Real Estate Finance

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