ARI

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Apollo Commercial Real Estate Finance, Inc

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Key Metrics

Previous Close: $6.90
52-Week Range: $6.43 – $11.24
Market Cap: $889.79M
P/E (TTM): 8.68
EPS (TTM): 0.80
Dividend Yield: 14.49%

Advanced Metrics

Price/Book: 0.71
PEG Ratio: 1.33
Return on Equity: 8.51%
Return on Assets: 2.21%
Gross Margin: 86.44%
Operating Margin: 91.25%
Profit Margin: 21.14%
Current Ratio: 2.43
Debt/Equity: 0.30
Total Debt: $371.43M
Free Cash Flow: —
Revenue Growth: 524.90%
Earnings Growth: -10.00%
Enterprise Value: $21.81M

ARI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$368.76M	$266.01M	$195.66M	$272.83M
Selling, General & Admin	$29.66M	$29.52M	$29.65M	$27.41M
Pretax Income	$265.23M	$58.57M	-$119.24M	$127.05M
Income Tax	$0.00	$442.00K	$394.00K	$331.00K
Net Income	$265.23M	$58.13M	-$119.64M	$126.72M
Diluted EPS	1.68	0.29	-0.97	0.81
Diluted Shares	165.50M	141.28M	139.67M	138.87M

ARI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$222.03M	$225.44M	$317.40M	$139.82M
Receivables	$65.38M	$72.35M	$58.47M	$70.83M
Total Assets	$9.57B	$9.30B	$8.41B	$9.90B
Long-Term Debt	$1.67B	$1.42B	$1.58B	$1.65B
Total Debt	$6.97B	$6.95B	$6.39B	$7.92B
Total Liabilities	$7.21B	$7.09B	$6.54B	$8.04B
Retained Earnings	-$363.88M	-$520.24M	-$822.67M	-$849.68M
Shareholders' Equity	$2.35B	$2.21B	$1.87B	$1.86B
Net Debt	$6.75B	$6.73B	$6.07B	$7.78B

ARI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$267.70M	$273.86M	$200.26M	$142.52M
Capital Expenditure	-$33.03M	-$72.63M	-$169.51M	-$100.21M
Free Cash Flow	$234.67M	$201.23M	$30.75M	$42.31M
Depreciation & Amortisation	$704.00K	$8.25M	$11.67M	$11.17M
Stock-Based Compensation	$18.25M	$17.44M	$16.47M	$13.63M
Investing Cash Flow	-$1.34B	$68.42M	$577.17M	-$1.39B
Financing Cash Flow	$957.97M	-$343.36M	-$689.31M	$1.06B
Dividends Paid	-$212.85M	-$214.29M	-$198.22M	-$153.55M
Share Repurchases	$0.00	$0.00	-$40.81M	$0.00
Net Change in Cash	-$119.35M	$4.02M	$88.69M	-$179.77M

ARI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$69.24M	$62.53M	$65.11M	$75.23M	$59.71M
Selling, General & Admin	$6.65M	$6.56M	$6.65M	$7.55M	$5.95M
Pretax Income	$26.11M	$20.86M	$51.02M	$29.06M	$26.46M
Income Tax	$116.00K	$116.00K	$234.00K	-$135.00K	$230.00K
Net Income	$25.99M	$20.74M	$50.79M	$29.20M	$26.23M
Diluted EPS	0.16	0.12	0.34	—	0.16
Diluted Shares	138.99M	139.21M	139.67M	—	139.71M

ARI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$166.42M	$177.62M	$245.86M	$139.82M	$126.85M
Receivables	$61.05M	$74.89M	$65.48M	$70.83M	$58.40M
Total Assets	$8.78B	$9.82B	$9.52B	$9.90B	$10.09B
Long-Term Debt	$1.60B	$1.60B	$1.63B	$1.65B	$1.66B
Total Debt	$6.81B	$7.82B	$7.52B	$7.92B	$8.16B
Total Liabilities	$6.92B	$7.97B	$7.66B	$8.04B	$8.28B
Retained Earnings	-$835.03M	-$852.65M	-$840.21M	-$849.68M	-$861.27M
Shareholders' Equity	$1.86B	$1.85B	$1.86B	$1.86B	$1.81B
Net Debt	$6.65B	$7.64B	$7.28B	$7.78B	$8.03B

ARI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$39.32M	$63.23M	$31.74M	$8.24M	$12.56M
Capital Expenditure	-$24.87M	-$32.50M	-$24.49M	-$18.36M	-$12.83M
Free Cash Flow	$14.45M	$30.73M	$7.25M	-$10.12M	-$271.00K
Depreciation & Amortisation	$2.46M	$2.53M	$2.78M	$3.40M	$3.98M
Stock-Based Compensation	$3.43M	$3.40M	$3.42M	$3.38M	$3.05M
Investing Cash Flow	-$457.70M	-$797.70M	$314.15M	-$446.00M	-$226.73M
Financing Cash Flow	$266.34M	$744.47M	-$278.89M	$333.05M	$200.81M
Dividends Paid	-$38.48M	-$38.35M	-$37.80M	-$38.91M	-$38.67M
Share Repurchases	$0.00	$0.00	$0.00	$0.00	-$30.28M
Net Change in Cash	-$152.05M	$9.99M	$66.99M	-$104.71M	-$13.37M

Market Snapshot

About

Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. The company focuses on senior secured lending backed by institutional-quality commercial real estate across office, hotel, multifamily, retail, and industrial properties. Apollo CRE generates income through interest earned on its loan portfolio and origination fees. The company is externally managed by a subsidiary of Apollo Global Management, providing access to Apollo's deal flow, market intelligence, and credit expertise. Founded in 2009 and headquartered in New York, Apollo Commercial Real Estate Finance operates as a commercial mortgage REIT. The company benefits from demand for commercial real estate financing, spread income from its lending activities, and the Apollo relationship while navigating credit risk, interest rate environments, and commercial real estate market cycles. The REIT distributes the majority of earnings to shareholders as dividends.