Apollo Commercial Real Estate Finance, Inc. ARI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 6.42 2026-10-23
Market cap $823.1M 2026-06-30 share count
52-week range 6.11 - 11.24

Valuation FY2025 figures against the last close

P/S3.0x
P/E7.9x
P/FCF5.8x
EV/EBITDA—
Dividend yield17.2%
Diluted EPS0.81

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.81-0.970.291.771.480.011.411.521.541.74
EPS, diluted 0.81-0.970.291.681.460.011.401.481.541.74
Shares, diluted (wtd. avg.) 138.9M139.7M141.3M165.5M168.4M148.0M175.8M153.8M101.2M73.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M Net income, FY2016: 157.9M Net income, FY2017: 193M Net income, FY2018: 220M Revenue, FY2019: 334.5M Net income, FY2019: 230.2M Revenue, FY2020: 278.7M Net income, FY2020: 18.4M Revenue, FY2021: 284.5M Net income, FY2021: 223.5M Revenue, FY2022: 303.6M Net income, FY2022: 265.2M Revenue, FY2023: 344.6M Net income, FY2023: 58.1M Revenue, FY2024: 303.7M Net income, FY2024: -119.6M Revenue, FY2025: 271.6M Net income, FY2025: 126.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — $334.5M $278.7M $284.5M $303.6M $344.6M $303.7M $271.6M
Gross profit — — — — — — — — — —
Net income $157.9M $193.0M $220.0M $230.2M $18.4M $223.5M $265.2M $58.1M -$119.6M $126.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6798

TickerCompanyMarket capP/ERevenue growth
WELL WELLTOWER INC. $167.53B 170.7x 40.2%
PLD Prologis, Inc. $117.89B 35.5x 7.2%
EQIX EQUINIX INC $94.23B 69.4x 5.4%
AMT AMERICAN TOWER CORP /MA/ $88.04B 35.0x 20.8%
SPG SIMON PROPERTY GROUP INC. $68.57B 14.9x 6.7%
DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
PSA Public Storage $54.42B 34.4x 2.7%
O REALTY INCOME CORP $53.83B 48.6x 9.1%