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Apollo Commercial Real Estate Finance (ARI) Financials

Apollo Commercial Real Estate Finance logo
$10.76 -0.20 (-1.81%)
As of 09:56 AM Eastern
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Annual Income Statements for Apollo Commercial Real Estate Finance

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 91 128 156 193 212 4.84 211 253 46 -132 114
Consolidated Net Income / (Loss)		 103 158 193 220 230 18 224 265 58 -120 127
Net Income / (Loss) Continuing Operations		 103 158 193 220 230 18 224 265 58 -120 127
Total Pre-Tax Income 		100 158 196 220 230 18 224 265 59 -119 127
Total Revenue		 126 221 216 297 315 250 279 369 267 196 288
Net Interest Income / (Expense)		 143 201 260 289 334 279 266 242 252 199 167
Total Interest Income		 192 264 339 404 487 428 428 242 252 199 167
Loans and Leases Interest Income		 56 103 159 264 322 309 328 457 701 699 625
Investment Securities Interest Income		 136 161 180 140 165 118 100 56 17 3.54 1.29
Other Interest Income		 - - - - - - - -271 -466 -504 -460
Total Interest Expense		 49 64 78 115 153 149 163 0.00 0.00 0.00 0.00
Total Non-Interest Income		 -17 21 -44 7.59 -19 -29 13 127 14 -3.32 122
Other Service Charges		 1.24 1.09 0.94 1.44 2.11 1.60 3.82 2.49 4.62 4.50 7.87
Net Realized & Unrealized Capital Gains on Investments		 -19 20 -45 6.15 -22 -30 -9.47 63 -83 -113 8.78
Other Non-Interest Income		 - - - - - 0.00 19 62 92 105 105
Provision for Credit Losses		 0.00 15 5.00 20 20 126 -35 -18 59 156 3.23
Total Non-Interest Expense		 26 48 52 57 65 67 90 121 149 159 158
Other Operating Expenses		 26 48 21 57 65 67 87 120 140 147 147
Depreciation Expense		 - - - - 0.00 0.00 2.65 0.70 8.25 12 11
Other Special Charges		 - - - - - - - - 0.00 - 0.00
Income Tax Expense		 - - - - - - 0.00 0.00 0.44 0.39 0.33
Preferred Stock Dividends Declared		 12 30 37 27 19 14 13 12 12 12 12
Basic Earnings per Share		 $1.54 $1.74 $1.54 $1.52 $1.41 $0.01 $1.48 $1.77 $0.29 ($0.97) $0.81
Weighted Average Basic Shares Outstanding		 58.67M 72.37M 99.86M 124.15M 146.88M 148.00M 139.87M 140.53M 141.28M 139.67M 138.87M
Diluted Earnings per Share		 $1.54 $1.74 $1.54 $1.48 $1.40 $0.01 $1.46 $1.68 $0.29 ($0.97) $0.81
Weighted Average Diluted Shares Outstanding		 59.27M 73.31M 101.23M 153.82M 175.79M 148.00M 168.40M 165.50M 141.28M 139.67M 138.87M
Weighted Average Basic & Diluted Shares Outstanding		 59.30M 73.30M 101.50M 126.70M 154.04M 139.85M 140.54M 141.27M 142.10M 138.87M 139.60M
Cash Dividends to Common per Share		 $1.78 $1.84 $1.84 $1.84 $1.84 $1.45 $1.40 $1.40 $1.40 $1.20 $1.00

Quarterly Income Statements for Apollo Commercial Real Estate Finance

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 43 43 -108 33 -95 38 23 18 48 26 23
Consolidated Net Income / (Loss)		 46 47 -105 36 -92 41 26 21 51 29 26
Net Income / (Loss) Continuing Operations		 46 47 -103 36 -92 41 26 21 48 32 26
Total Pre-Tax Income 		47 46 -104 36 -91 41 26 21 51 29 26
Total Revenue		 78 145 86 77 -54 77 69 59 81 79 59
Net Interest Income / (Expense)		 60 58 57 52 47 44 39 43 40 44 36
Total Interest Income		 60 -163 57 52 47 -213 39 43 40 44 36
Loans and Leases Interest Income		 180 180 184 179 180 156 144 167 155 160 150
Investment Securities Interest Income		 1.60 0.86 0.85 0.84 1.21 0.64 0.56 0.56 0.09 0.09 0.00
Other Interest Income		 -122 - -128 -128 -134 - -105 -124 -115 -115 -114
Total Interest Expense		 0.00 -221 0.00 0.00 0.00 -256 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 18 87 29 25 -101 34 29 16 41 35 23
Other Service Charges		 1.47 0.08 0.57 0.64 1.57 1.71 1.88 1.23 2.39 3.06 1.41
Net Realized & Unrealized Capital Gains on Investments		 -4.72 61 4.19 -5.15 -127 5.15 0.86 -13 17 3.02 -0.61
Other Non-Interest Income		 21 26 25 29 25 27 26 28 22 29 23
Provision for Credit Losses		 -5.83 - 148 - -0.90 -1.26 4.01 - -6.37 - -3.29
Total Non-Interest Expense		 37 38 41 41 39 38 38 39 39 42 36
Other Operating Expenses		 36 37 37 38 36 36 36 36 35 40 32
Depreciation Expense		 1.02 1.04 4.66 2.29 2.34 2.38 2.46 2.53 2.78 3.40 3.98
Income Tax Expense		 0.52 -0.08 0.11 0.10 0.07 0.11 0.12 0.12 0.23 -0.14 0.23
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		 $0.30 $0.29 ($0.76) $0.23 ($0.69) $0.25 $0.16 $0.12 $0.34 $0.19 $0.16
Weighted Average Basic Shares Outstanding		 141.35M 141.28M 141.87M 140.44M 138.25M 139.67M 138.64M 138.94M 138.94M 138.87M 139.11M
Diluted Earnings per Share		 $0.30 $0.29 ($0.76) $0.23 ($0.69) $0.25 $0.16 $0.12 $0.34 $0.19 $0.16
Weighted Average Diluted Shares Outstanding		 141.35M 141.28M 141.87M 140.61M 138.25M 139.67M 138.99M 139.21M 139.67M 138.87M 139.71M
Weighted Average Basic & Diluted Shares Outstanding		 141.36M 142.10M 142.16M 138.35M 138.17M 138.87M 138.94M 138.94M - 139.60M 132.85M
Cash Dividends to Common per Share		 $0.35 $0.35 $0.35 $0.35 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25

Annual Cash Flow Statements for Apollo Commercial Real Estate Finance

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 27 166 -186 32 342 -127 18 -119 -1.08 89 -180
Net Cash From Operating Activities		 88 124 155 266 273 164 199 268 274 200 143
Net Cash From Continuing Operating Activities		 88 124 155 266 273 164 199 262 274 200 143
Net Income / (Loss) Continuing Operations		 103 158 193 220 230 18 224 265 58 -120 127
Consolidated Net Income / (Loss)		 103 158 193 220 230 18 224 265 58 -120 127
Provision For Loan Losses		 0.00 15 5.00 20 20 126 - - 59 156 3.23
Depreciation Expense		 - - - - 0.00 0.00 2.65 0.70 8.25 12 11
Amortization Expense		 -8.22 -6.07 -41 -53 -70 -49 -56 -39 -15 -13 -17
Non-Cash Adjustments to Reconcile Net Income		 20 -16 12 41 75 76 22 -21 164 227 -8.55
Changes in Operating Assets and Liabilities, net		 -27 -27 -14 38 18 -7.20 6.89 56 -1.22 -62 27
Net Cash From Investing Activities		 -791 1,067 -721 -999 -1,435 -216 -1,357 -1,339 68 577 -1,387
Net Cash From Continuing Investing Activities		 -791 -631 -721 -999 -1,435 -216 -1,357 -1,339 68 577 -1,387
Purchase of Investment Securities		 -1,351 -1,138 -1,836 -2,351 -3,084 -891 -2,909 -33 -626 -1,468 -3,176
Sale and/or Maturity of Investments		 540 506 1,091 1,352 2,035 675 1,903 2,201 1,183 2,590 2,735
Other Investing Activities, net		 - - - - -386 - -351 -3,507 -489 -544 -946
Net Cash From Financing Activities		 730 -1,025 380 765 1,504 -75 1,175 958 -343 -689 1,065
Net Cash From Continuing Financing Activities		 730 -1,025 380 765 1,504 -75 1,175 958 -343 -689 1,065
Issuance of Debt		 0.00 0.00 343 227 497 34 797 2,836 807 1,998 3,752
Repayment of Debt		 -1.25 -4.37 -85 -56 -2.50 -5.00 -150 -1,807 -917 -2,593 -2,598
Repurchase of Common Equity		 -1.74 - - 0.00 0.00 -128 - 0.00 0.00 -41 0.00
Payment of Dividends		 -108 -160 -220 -255 -291 -251 -213 -213 -214 -198 -154
Other Financing Activities, Net		 300 -1,038 179 573 1,158 275 741 141 -19 144 65
Cash Interest Paid		 43 53 56 98 133 130 138 246 444 495 456
Cash Income Taxes Paid		 - - - - - - 0.00 0.00 0.80 0.03 0.19

Quarterly Cash Flow Statements for Apollo Commercial Real Estate Finance

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 4.22 -82 -65 12 19 123 -152 10.00 67 -105 -13
Net Cash From Operating Activities		 83 31 53 50 47 50 39 63 32 8.24 13
Net Cash From Continuing Operating Activities		 83 36 53 50 47 50 39 63 32 7.96 13
Net Income / (Loss) Continuing Operations		 46 47 -105 36 -92 41 26 21 51 29 26
Consolidated Net Income / (Loss)		 46 47 -105 36 -92 41 26 21 51 29 26
Provision For Loan Losses		 - - - 10 - - 4.01 - - 2.47 -3.29
Depreciation Expense		 1.02 1.04 4.66 2.29 2.34 2.38 2.46 2.53 2.78 3.40 3.98
Amortization Expense		 -4.50 -1.56 -2.69 -2.22 -3.71 -3.93 -1.86 -1.72 -6.62 -6.67 -5.51
Non-Cash Adjustments to Reconcile Net Income		 21 12 7.89 4.23 134 81 10 5.69 -20 -3.94 -17
Changes in Operating Assets and Liabilities, net		 85 -22 148 -0.09 164 -70 -1.40 40 4.04 -17 8.08
Net Cash From Investing Activities		 115 -157 -167 -49 206 586 -458 -798 314 -446 -227
Net Cash From Continuing Investing Activities		 115 -157 -167 -49 206 586 -458 -798 314 -446 -227
Purchase of Investment Securities		 150 233 -52 -652 -107 -350 -561 441 -2,240 -875 -652
Sale and/or Maturity of Investments		 191 358 173 577 833 947 145 615 1,355 619 376
Other Investing Activities, net		 -235 -738 -288 - -554 -16 -41 -1,853 1,199 -191 49
Net Cash From Financing Activities		 -198 43 48 11 -235 -513 266 744 -279 333 201
Net Cash From Continuing Financing Activities		 -198 43 48 11 -235 -513 266 744 -279 333 201
Issuance of Debt		 33 451 549 - 505 315 407 1,602 1,042 701 594
Repayment of Debt		 -177 -349 -436 -1,033 -724 -834 -113 -832 -1,304 -348 -327
Repurchase of Common Equity		 - - 0.00 - -2.89 -0.00 0.00 - - - -30
Payment of Dividends		 -54 -54 -54 -54 -52 -38 -38 -38 -38 -39 -39
Other Financing Activities, Net		 -0.40 -5.06 -11 -43 39 44 11 13 21 19 2.30
Cash Interest Paid		 109 127 116 136 122 121 102 121 112 120 112

Annual Balance Sheets for Apollo Commercial Real Estate Finance

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 2,713 3,483 4,089 5,096 6,888 6,940 8,417 9,568 9,297 8,412 9,901
Cash and Due from Banks		 67 201 78 110 452 325 343 222 225 317 140
Trading Account Securities		 3.33 483 0.00 24 - 0.00 17 129 29 58 0.00
Loans and Leases, Net of Allowance		 0.00 0.00 3,680 0.00 0.00 6,497 0.00 0.00 0.00 7,104 8,774
Loans and Leases		 - - 3,680 - - 6,497 - - - 7,104 8,774
Other Assets		 0.24 43 331 35 61 118 200 536 684 891 987
Total Liabilities & Shareholders' Equity		 2,713 3,483 4,089 5,096 6,888 6,940 8,417 9,568 9,297 8,412 9,901
Total Liabilities		 1,337 1,551 2,000 2,586 4,258 4,669 6,122 7,214 7,088 6,537 8,045
Short-Term Debt		 918 1,140 1,336 1,880 - 31 - - - 0.00 27
Long-Term Debt		 248 335 585 592 4,138 4,554 6,019 6,977 6,958 6,390 7,918
Other Long-Term Liabilities		 - 69 71 105 120 75 103 237 130 147 100
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		 1,375 1,932 2,088 2,510 2,630 2,271 2,295 2,355 2,209 1,874 1,856
Total Preferred & Common Equity		 1,375 1,932 2,088 2,510 2,630 2,271 2,295 2,355 2,209 1,874 1,856
Preferred Stock		 0.12 - - 0.14 0.07 0.07 0.07 0.07 0.07 0.07 0.07
Total Common Equity		 1,378 1,932 2,088 2,510 2,630 2,270 2,295 2,354 2,209 1,874 1,856
Common Stock		 1,411 1,984 2,171 2,640 2,827 2,709 2,722 2,718 2,729 2,697 2,706
Retained Earnings		 -32 -48 -83 -130 -197 -439 -428 -364 -520 -823 -850

Quarterly Balance Sheets for Apollo Commercial Real Estate Finance

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 9,824 9,508 9,360 9,157 9,225 9,272 9,098 8,784 9,817 9,519 10,087
Cash and Due from Banks		 319 332 308 308 161 175 194 166 178 246 127
Trading Account Securities		 249 89 64 94 47 48 0.58 16 0.17 0.04 18
Loans and Leases, Net of Allowance		 0.00 0.00 8,295 0.00 0.00 0.00 0.00 7,687 8,625 8,304 8,882
Loans and Leases		 - - 8,295 - - - - 7,687 8,625 8,304 8,882
Other Assets		 524 616 693 781 731 756 1,073 873 974 970 1,061
Total Liabilities & Shareholders' Equity		 9,824 9,508 9,360 9,157 9,225 9,272 9,098 8,784 9,817 9,519 10,087
Total Liabilities		 7,416 7,161 7,145 6,945 7,178 7,275 7,230 6,924 7,971 7,657 8,275
Short-Term Debt		 - - - - - - - 0.00 58 31 0.00
Long-Term Debt		 7,038 6,967 6,971 6,733 7,013 7,117 7,044 6,815 7,816 7,524 8,158
Other Long-Term Liabilities		 378 193 165 212 165 158 185 109 97 102 118
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		 2,408 2,348 2,215 2,212 2,047 1,997 1,868 1,861 1,846 1,862 1,812
Total Preferred & Common Equity		 2,408 2,348 2,215 2,212 2,047 1,997 1,868 1,861 1,846 1,862 1,812
Preferred Stock		 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07
Total Common Equity		 2,408 2,347 2,215 2,212 2,047 1,997 1,868 1,861 1,846 1,862 1,812
Common Stock		 2,714 2,716 2,720 2,725 2,726 2,692 2,693 2,696 2,699 2,702 2,673
Retained Earnings		 -306 -368 -505 -513 -678 -695 -825 -835 -853 -840 -861

Annual Metrics And Ratios for Apollo Commercial Real Estate Finance

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.54 $1.74 $1.54 $1.52 $1.41 $0.01 $1.48 $1.77 $0.29 ($0.97) $0.81
Adjusted Weighted Average Basic Shares Outstanding		 58.67M 72.37M 99.86M 124.15M 146.88M 148.00M 139.87M 140.53M 141.28M 139.67M 138.87M
Adjusted Diluted Earnings per Share		 $1.54 $1.74 $1.54 $1.48 $1.40 $0.01 $1.46 $1.68 $0.29 ($0.97) $0.81
Adjusted Weighted Average Diluted Shares Outstanding		 59.27M 73.31M 101.23M 153.82M 175.79M 148.00M 168.40M 165.50M 141.28M 139.67M 138.87M
Adjusted Basic & Diluted Earnings per Share		 $1.54 $1.74 $1.54 $0.00 $1.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 67.39M 91.62M 107.47M 134.29M 154.04M 139.85M 140.54M 141.27M 142.10M 138.87M 139.60M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Apollo Commercial Real Estate Finance

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 139,598,983.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 139,598,983.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -55.73% 351.59% -2.11% 295.73% -169.07% -46.73% -20.26% -22.43% 250.42% - -13.30%
EBITDA Growth		 -75.30% 917.48% -316.47% 142.90% -315.42% -63.92% 126.41% -39.74% 148.16% - -6.64%
EBIT Growth		 -74.74% 2,095.09% -310.67% 143.03% -296.37% -62.65% 125.33% -41.88% 153.07% - 1.34%
NOPAT Growth		 -74.83% 1,767.56% -249.41% 161.30% -239.00% -12.65% 135.56% -42.05% 179.31% - 0.91%
Net Income Growth		 -74.83% 1,267.29% -313.68% 142.91% -298.71% -12.65% 124.87% -42.05% 155.48% - 0.91%
EPS Growth		 -73.45% 866.67% -337.50% 137.10% -330.00% -13.79% 121.05% -47.83% 149.28% - 0.00%
Operating Cash Flow Growth		 -33.61% -27.57% -52.07% 1.85% -43.39% 61.88% -25.60% 25.83% -32.81% - -68.05%
Free Cash Flow Firm Growth		 133.27% 120.68% 131.52% 35.11% -105.91% 346.91% 125.94% -646.02% -1,304.25% - -408.83%
Invested Capital Growth		 -5.30% -1.76% -2.73% -0.78% -0.35% -9.84% -4.24% 6.65% 5.66% - 14.91%
Revenue Q/Q Growth		 275.56% 86.30% -40.76% 1.83% -161.96% 243.68% -11.34% -13.33% 36.23% - -25.07%
EBITDA Q/Q Growth		 151.43% 147.79% -194.64% 135.33% -358.27% 141.51% -30.72% -18.85% 106.40% - -26.38%
EBIT Q/Q Growth		 155.86% 130.39% -196.01% 134.59% -354.93% 143.82% -34.87% -20.12% 132.81% - -28.73%
NOPAT Q/Q Growth		 178.92% 1.02% -257.04% 148.96% -278.95% 163.48% -36.06% -20.21% 144.91% - -10.18%
Net Income Q/Q Growth		 155.24% 1.02% -324.59% 134.24% -355.83% 144.40% -36.06% -20.21% 144.91% - -10.18%
EPS Q/Q Growth		 148.39% -3.33% -362.07% 130.26% -400.00% 136.23% -36.00% -25.00% 183.33% - -15.79%
Operating Cash Flow Q/Q Growth		 69.13% -63.03% 71.32% -4.91% -5.99% 5.71% -21.26% 60.81% -49.80% - 52.42%
Free Cash Flow Firm Q/Q Growth		 589.56% -61.44% -13.89% -41.00% -130.15% 3,017.10% -56.47% -242.59% 22.45% - 15.89%
Invested Capital Q/Q Growth		 -2.62% 2.49% -1.17% 0.60% -2.21% -7.27% 4.97% 12.04% -3.11% - 1.72%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 55.33% 73.59% -117.57% 41.39% 0.00% 49.85% 38.95% 36.46% 55.24% - 41.94%
EBIT Margin		 59.80% 73.95% -119.86% 41.31% 0.00% 51.84% 38.08% 35.10% 59.98% - 44.51%
Profit (Net Income) Margin		 59.14% 32.07% -121.57% 41.20% 0.00% 52.58% 37.91% 34.90% 62.75% - 44.13%
Tax Burden Percent		 98.89% 100.16% 100.11% 99.72% 100.07% 99.72% 99.56% 99.44% 99.54% - 99.13%
Interest Burden Percent		 100.00% 43.29% 101.32% 100.00% 100.00% 101.69% 100.00% 100.00% 105.09% - 100.00%
Effective Tax Rate		 1.11% -0.16% 0.00% 0.28% 0.00% 0.28% 0.44% 0.56% 0.46% - 0.87%
Return on Invested Capital (ROIC)		 0.99% 0.92% -2.45% 1.78% 0.00% 1.18% 0.76% 0.60% 2.03% - 1.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.99% 0.92% -2.90% 1.78% 0.00% 1.18% 0.76% 0.60% 2.03% - 1.32%
Return on Net Nonoperating Assets (RNNOA)		 2.94% 2.82% -9.22% 5.95% 0.00% 3.86% 2.70% 2.33% 7.93% - 5.39%
Return on Equity (ROE)		 3.93% 3.75% -11.67% 7.73% 0.00% 5.04% 3.46% 2.93% 9.95% - 6.71%
Cash Return on Invested Capital (CROIC)		 5.54% 2.41% 2.05% 1.04% -0.53% 9.39% 4.46% -6.46% -4.00% - -12.52%
Operating Return on Assets (OROA)		 0.97% 2.09% -3.39% 1.75% 0.00% 1.15% 0.75% 0.59% 1.91% - 1.32%
Return on Assets (ROA)		 0.96% 0.91% -3.44% 1.75% 0.00% 1.16% 0.75% 0.59% 1.99% - 1.31%
Return on Common Equity (ROCE)		 3.93% 3.75% -11.67% 7.73% 0.00% 5.04% 3.46% 2.93% 9.95% - 6.71%
Return on Equity Simple (ROE_SIMPLE)		 0.34% 0.00% -4.66% 1.20% -6.09% 0.00% 0.58% -0.23% 7.42% - 7.01%
Net Operating Profit after Tax (NOPAT)		 46 47 -73 36 -64 41 26 21 51 - 26
NOPAT Margin		 59.14% 32.07% -85.01% 41.20% 0.00% 52.58% 37.91% 34.90% 62.75% - 44.13%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.45% 0.00% 0.40% 0.00% 0.00% 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%
Operating Expenses to Revenue		 47.69% 26.05% 48.09% 46.88% 0.00% 49.78% 56.07% 64.90% 47.88% - 61.02%
Earnings before Interest and Taxes (EBIT)		 47 107 -103 36 -91 40 26 21 49 - 26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 43 107 -101 36 -93 39 27 22 45 - 25
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.57 0.66 0.68 0.70 0.68 0.64 0.71 0.73 0.76 - 0.81
Price to Tangible Book Value (P/TBV)		 0.57 0.66 0.68 0.70 0.68 0.64 0.71 0.73 0.76 - 0.81
Price to Revenue (P/Rev)		 8.25 5.50 5.29 3.52 4.83 6.12 7.46 8.35 4.76 - 5.28
Price to Earnings (P/E)		 0.00 31.98 0.00 119.98 0.00 0.00 0.00 0.00 11.18 - 12.85
Dividend Yield		 15.63% 13.50% 14.14% 14.30% 14.15% 13.86% 11.49% 10.33% 9.87% - 9.47%
Earnings Yield		 0.00% 3.13% 0.00% 0.83% 0.00% 0.00% 0.00% 0.00% 8.95% - 7.78%
Enterprise Value to Invested Capital (EV/IC)		 0.86 0.89 0.91 0.91 0.91 0.88 0.92 0.93 0.93 - 0.95
Enterprise Value to Revenue (EV/Rev)		 50.11 30.77 31.18 21.09 30.82 37.15 44.76 56.14 29.47 - 34.05
Enterprise Value to EBITDA (EV/EBITDA)		 654.13 157.87 0.00 35.28 77.21 0.00 1,041.46 1,649.24 63.36 - 79.48
Enterprise Value to EBIT (EV/EBIT)		 300.97 139.99 0.00 34.99 77.31 0.00 804.44 1,292.51 61.58 - 74.61
Enterprise Value to NOPAT (EV/NOPAT)		 947.54 141.05 0.00 349.12 0.00 0.00 733.30 0.00 63.09 - 74.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.93 29.94 38.12 38.34 44.83 36.30 42.72 45.27 47.32 - 82.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.11 36.84 43.79 87.48 0.00 8.88 20.18 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.04 3.15 3.43 3.56 3.77 3.41 3.66 4.26 4.06 - 4.50
Long-Term Debt to Equity		 3.04 3.15 3.43 3.56 3.77 3.41 3.66 4.23 4.04 - 4.50
Financial Leverage		 2.98 3.05 3.18 3.34 3.38 3.27 3.54 3.90 3.91 - 4.08
Leverage Ratio		 4.11 4.13 4.26 4.42 4.47 4.34 4.61 4.97 4.99 - 5.14
Compound Leverage Factor		 4.11 1.79 4.32 4.42 4.47 4.41 4.61 4.97 5.24 - 5.14
Debt to Total Capital		 75.27% 75.91% 77.40% 78.09% 79.04% 77.32% 78.55% 81.00% 80.23% - 81.83%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.59% 0.33% - 0.00%
Long-Term Debt to Total Capital		 75.27% 75.91% 77.40% 78.09% 79.04% 77.32% 78.55% 80.41% 79.90% - 81.83%
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%
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%
Common Equity to Total Capital		 24.73% 24.09% 22.60% 21.91% 20.96% 22.68% 21.45% 18.99% 19.77% - 18.17%
Debt to EBITDA		 572.61 133.98 -73.16 30.13 66.97 -53.20 889.68 1,436.28 54.91 - 68.22
Net Debt to EBITDA		 546.43 129.64 -71.48 29.39 65.12 -50.55 867.96 1,403.88 53.13 - 67.16
Long-Term Debt to EBITDA		 572.61 133.98 -73.16 30.13 66.97 -53.20 889.68 1,425.75 54.69 - 68.22
Debt to NOPAT		 829.47 119.71 -105.72 298.13 -88.63 -76.56 626.43 -2,995.51 54.68 - 64.26
Net Debt to NOPAT		 791.54 115.83 -103.29 290.82 -86.19 -72.75 611.14 -2,927.93 52.90 - 63.26
Long-Term Debt to NOPAT		 829.47 119.71 -105.72 298.13 -88.63 -76.56 626.43 -2,973.53 54.46 - 64.26
Noncontrolling Interest Sharing Ratio		 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)		 547 211 182 107 -32 943 410 -585 -454 - -1,268
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%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.83 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.39 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.39 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.03 0.04 0.03 0.02 0.02 0.02 0.03 - 0.03
Fixed Asset Turnover		 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		 8,945 9,167 9,060 9,114 8,913 8,265 8,676 9,720 9,417 - 9,969
Invested Capital Turnover		 0.02 0.03 0.03 0.04 0.03 0.02 0.02 0.02 0.03 - 0.03
Increase / (Decrease) in Invested Capital		 -501 -164 -255 -71 -32 -902 -384 606 505 - 1,294
Enterprise Value (EV)		 7,691 8,199 8,251 8,334 8,122 7,269 7,978 9,041 8,717 - 9,505
Market Capitalization		 1,266 1,466 1,400 1,392 1,271 1,197 1,329 1,345 1,408 - 1,474
Book Value per Share		 $15.65 $15.62 $14.43 $14.05 $13.50 $13.57 $13.40 $13.29 $13.40 - $12.98
Tangible Book Value per Share		 $15.65 $15.62 $14.43 $14.05 $13.50 $13.57 $13.40 $13.29 $13.40 - $12.98
Total Capital		 8,945 9,167 9,060 9,114 8,913 8,265 8,676 9,720 9,417 - 9,969
Total Debt		 6,733 6,958 7,013 7,117 7,044 6,390 6,815 7,874 7,555 - 8,158
Total Long-Term Debt		 6,733 6,958 7,013 7,117 7,044 6,390 6,815 7,816 7,524 - 8,158
Net Debt		 6,425 6,733 6,851 6,942 6,850 6,073 6,649 7,696 7,309 - 8,031
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 -5.09 0.00 0.00 0.00 - 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 31 0.00 28 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 6,733 6,958 7,013 7,117 7,044 6,390 6,815 7,874 7,555 - 8,158
Total Depreciation and Amortization (D&A)		 -3.48 -0.52 1.97 0.07 -1.37 -1.55 0.59 0.81 -3.84 - -1.53
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.30 $0.29 ($0.76) $0.23 ($0.69) $0.25 $0.16 $0.12 $0.34 $0.19 $0.16
Adjusted Weighted Average Basic Shares Outstanding		 141.35M 141.28M 141.87M 140.44M 138.25M 139.67M 138.64M 138.94M 138.94M 138.87M 139.11M
Adjusted Diluted Earnings per Share		 $0.30 $0.29 ($0.76) $0.23 ($0.69) $0.25 $0.16 $0.12 $0.34 $0.19 $0.16
Adjusted Weighted Average Diluted Shares Outstanding		 141.35M 141.28M 141.87M 140.61M 138.25M 139.67M 138.99M 139.21M 139.67M 138.87M 139.71M
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		 141.36M 142.10M 142.16M 138.35M 138.17M 138.87M 138.94M 138.94M 0.00 139.60M 132.85M
Normalized Net Operating Profit after Tax (NOPAT)		 46 33 -73 36 -64 41 26 21 52 - 26
Normalized NOPAT Margin		 59.14% 22.41% -85.01% 41.20% 0.00% 52.58% 37.91% 34.90% 64.27% - 44.13%
Pre Tax Income Margin		 59.80% 32.01% -121.44% 41.31% 0.00% 52.72% 38.08% 35.10% 63.04% - 44.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.28 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.28 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.28 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.28 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2,814.93% 368.66% -225.03% 899.22% -187.72% -165.69% 1,680.28% -4,018.62% 110.63% - 121.09%
Augmented Payout Ratio		 2,814.93% 368.66% -225.03% 899.22% -187.72% -199.80% 2,055.41% -4,088.00% 110.63% - 144.94%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Apollo Commercial Real Estate Finance (NYSE: ARI) based on the latest four years of quarterly statements. The bullets focus on trends that may matter to retail investors, with items grouped as positive, neutral, or negative. Positive items are shown first, followed by neutral, then negative.

  • Consistent positive operating cash flow: Net cash from continuing operating activities has been positive across recent quarters (e.g., Q2 2025: about $63.2M; Q3 2025: about $32.0M; Q4 2025: about $8.0M; Q1 2025: about $39.3M). This supports ongoing liquidity to fund distributions and debt service.
  • Stable, regular dividend per share: Cash dividends to common per share are consistently $0.25 each quarter, indicating a predictable income stream for shareholders.
  • Net interest income remains a strong growth driver: Net interest income sits in the roughly $40–44M range per quarter in 2025, supported by solid interest income from loans and investments (e.g., Q4 2025 net interest income: $44.1M; Q3 2025: $40.0M; Q2 2025: $43.1M; Q1 2025: $39.5M).
  • Solid quarterly net income to common shareholders in 2025: Positive earnings footprints, with Q3 2025 net income attributable to common shareholders around $47.7M and other quarters also positive (e.g., Q4 2025: ~$26.1M; Q1 2025: ~$22.9M).
  • Balance sheet depth and capitalization: Total assets generally range around $9.0–9.8B, with total equity around $2.0–2.4B across the period. This reflects a sizable balance sheet typical of a mortgage REIT and a moderate leverage profile.
  • Mortgage servicing rights (MSRs) on the asset side: MSRs are a major asset line, suggesting potential ongoing servicing revenue, though MSR values can be sensitive to interest rates and changes in servicing economics.
  • Debt load and refinancing activity: Long-term debt remains substantial (roughly $7.0–7.6B), with periodic debt issuance and repayments. This indicates access to capital markets but also ongoing refinancing risk to watch.
  • Quarterly earnings per share show modest volatility: Basic and diluted EPS hover in the low-single digits, with examples like 0.34 (Q3 2025) and 0.19 (Q4 2025), reflecting earnings sensitivity to interest income, provisioning, and non-interest items.
  • Stable yet variable non-interest activity: Non-interest income and expense components vary by quarter (e.g., total non-interest income around $29–41M in 2025; total non-interest expense around $38–42M in some quarters). This contributes to earnings volatility but also diversified revenue sources.
  • Occasional financing and liquidity drawdowns: In some quarters, net change in cash and equivalents was negative (e.g., Q4 2025 net change in cash = about -$104.7M), highlighting periods where financing and investing outflows exceeded operating cash flow.
05/12/26 09:56 AM ETAI Generated. May Contain Errors.

Apollo Commercial Real Estate Finance Financials - Frequently Asked Questions

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 2025 ended on December 31, 2025.

Apollo Commercial Real Estate Finance's net income appears to be on a downward trend, with a most recent value of $126.72 million in 2025, rising from $103.26 million in 2015. The previous period was -$119.64 million in 2024. View Apollo Commercial Real Estate Finance's forecast to see where analysts expect Apollo Commercial Real Estate Finance to go next.

Over the last 10 years, Apollo Commercial Real Estate Finance's total revenue changed from $125.90 million in 2015 to $288.24 million in 2025, a change of 128.9%.

Apollo Commercial Real Estate Finance's total liabilities were at $8.04 billion at the end of 2025, a 23.1% increase from 2024, and a 501.6% increase since 2015.

In the past 10 years, Apollo Commercial Real Estate Finance's cash and equivalents has ranged from $67.42 million in 2015 to $452.28 million in 2019, and is currently $139.83 million as of their latest financial filing in 2025.


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Financial statements for NYSE:ARI last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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