Apollo Commercial Real Estate Finance, Inc. ARI
All currency figures expressed herein are expressed in thousands, except share or per share amounts.
Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. These asset classes are referred to as our target assets.
We are externally managed and advised by the Manager, an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), a global, high-growth alternative asset manager with assets under management of approximately $938.4 billion as of December 31, 2025. The Manager is led by an experienced team of senior real estate professionals who have significant experience in underwriting and structuring commercial real estate financing transactions. We benefit from Apollo's global infrastructure and operating platform, through which we are able to source, evaluate and manage potential investments in our target assets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $271.6M | $303.7M | $344.6M | $303.6M | $284.5M | $278.7M | $334.5M | — | — | — |
| SG&A | $27.4M | $29.6M | $29.5M | $29.7M | $28.8M | $26.8M | $24.1M | $20.5M | $20.7M | $25.0M |
| Total operating expenses | $158.0M | $159.1M | $148.5M | $121.2M | $89.6M | $66.6M | $64.8M | $56.9M | $52.4M | $48.4M |
| Interest expense | $166.7M | $199.0M | $252.2M | $241.6M | $162.5M | $148.9M | $152.9M | $114.6M | $78.1M | $63.8M |
| Pre-tax income | $127.1M | -$119.2M | $58.6M | $265.2M | $223.5M | — | — | — | — | — |
| Income tax | $331.0K | $394.0K | $442.0K | $0 | $0 | — | — | — | — | — |
| Net income | $126.7M | -$119.6M | $58.1M | $265.2M | $223.5M | $18.4M | $230.2M | $220.0M | $193.0M | $157.9M |
| EPS, basic | 0.81 | -0.97 | 0.29 | 1.77 | 1.48 | 0.01 | 1.41 | 1.52 | 1.54 | 1.74 |
| EPS, diluted | 0.81 | -0.97 | 0.29 | 1.68 | 1.46 | 0.01 | 1.40 | 1.48 | 1.54 | 1.74 |
| Shares, diluted (wtd. avg.) | $138.9M | $139.7M | $141.3M | $165.5M | $168.4M | $148.0M | $175.8M | $153.8M | $101.2M | $73.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $139.8M | $317.4M | $225.4M | $222.0M | $343.1M | $325.5M | $452.3M | $109.8M | $77.7M | $263.5M |
| Total assets | $9.90B | $8.41B | $9.30B | $9.57B | $8.42B | $6.94B | $6.89B | $5.10B | $4.09B | $3.48B |
| Total liabilities | $8.04B | $6.54B | $7.09B | $7.21B | $6.12B | $4.67B | $4.26B | $2.59B | $2.00B | $1.55B |
| Retained earnings | -$849.7M | -$822.7M | -$520.2M | -$363.9M | -$427.9M | -$438.7M | -$196.9M | -$130.2M | -$83.1M | -$48.1M |
| Total equity | $1.86B | $1.87B | $2.21B | $2.35B | $2.29B | $2.27B | $2.63B | $2.51B | $2.09B | $1.93B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $142.5M | $200.3M | $273.9M | $267.7M | $199.4M | $164.1M | $273.4M | $266.0M | $154.9M | $123.9M |
| Depreciation and amortisation | $11.2M | $11.7M | $8.2M | $704.0K | $2.6M | $0 | $0 | — | — | — |
| Stock-based compensation | $13.6M | $16.5M | $17.4M | $18.3M | $17.6M | $16.8M | $15.9M | $8.8M | $11.0M | $4.5M |
| Investing cash flow | -$1.39B | $577.2M | $68.4M | -$1.34B | -$1.36B | -$215.7M | -$1.44B | -$998.9M | -$720.7M | $1.07B |
| Financing cash flow | $1.06B | -$689.3M | -$343.4M | $958.0M | $1.18B | -$75.1M | $1.50B | $765.1M | $380.1M | -$1.02B |
| Dividends paid | $141.3M | $185.9M | $202.0M | $200.6M | $199.6M | $237.8M | $269.2M | $227.2M | $183.9M | $132.2M |
| Buybacks | $0 | $40.8M | $0 | $0 | $0 | $128.0M | $0 | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-248362.
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