Apollo Commercial Real Estate Finance, Inc.

Listed Company

ARICIK 0001467760NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$271.59M

Net Income

$126.72M

Total Assets

—

Equity

—

Shares Out

132.85M

Op. Cash Flow

$142.52M

Business

Apollo Commercial Real Estate Finance, Inc. is a REIT that originates, acquires, invests in and manages commercial real estate-related debt investments. It primarily offers performing commercial first mortgage loans, subordinate financings and other commercial real estate lending products, together with asset management and hedging services. The company is externally managed by the Manager, an indirect subsidiary of Apollo Global Management, and operates through underwriting, origination, acquisition, financing and asset-management functions. Its investments are concentrated in institutional-quality real estate across the United States and Europe and are distributed through capital markets, secured facilities and private securitizations.

Summary from filing dated 2025-02-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income from commercial mortgage loans	625	699	701	457	328
Interest income from subordinate loans and other lending assets	1	4	17	56	100
Interest expense	−460	−504	−466	−271	—
Net interest income	167	199	252	242	266
Revenue from real estate owned operations	105	105	92	62	19
Total net revenue	272	304	345	304	285
General and administrative expenses (includes equity-based compensation of $13,631, $16,468 and $17,444 in 2025, 2024 and 2023, respectively)	−27	−30	−30	−30	−29
Operating expenses related to real estate owned	−85	−82	−73	−52	−20
Depreciation and amortization on real estate owned	−11	−12	−8	−704,000	−3
Total operating expenses	−158	−159	−149	−121	−90
Other income, net	8	4	5	2	4
Income from equity method investment	15	0	0	—	—
Decrease (increase) in current expected credit loss allowance, net	−3	−156	−59	18	35
Foreign currency translation gain (loss)	99	−37	52	−116	−32
Net realized loss on investments	−7	−128	−87	19	—
Gain on extinguishment of debt	0	0	495,000	0	0
Net income (loss) before taxes	127	−119	59	265	224
Income tax provision	−300,000	−400,000	−400,000	0	0
Net income (loss)	127	−120	58	265	224
Preferred dividends	−12	−12	−12	−12	−13
Net income (loss) available to common stockholders	114	−132	46	253	211
Basic	0.81	−0.97	0.29	1.77	1.48
Diluted	0.81	−0.97	0.29	1.68	1.46
Basic weighted-average shares of common stock outstanding	139	140	141	141	140
Diluted weighted-average shares of common stock outstanding	139	140	141	166	168
Dividend declared per share of common stock	1	1.2	1.4	1.4	1.4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	140	317	225	222	343
Commercial mortgage loans, net	8,774	7,104	8,358	8,682	7,857
Real estate owned, held for investment, net (net of $34,438 and $23,266 accumulated depreciation in 2025 and 2024, respectively)	843	753	519	—	—
Other assets	144	138	86	71	48
Note receivable, held for sale	0	41	0	—	—
Derivative assets, net	0	58	29	129	17
Total Assets	9,901	8,412	9,297	9,568	8,417
Debt related to real estate owned, held for investment, net	425	325	162	160	0
Accounts payable, accrued expenses and other liabilities	91	138	120	227	103
Derivative liabilities, net	27	0	—	—	0
Total Liabilities	8,045	6,537	7,088	7,214	6,122
Commitments and Contingencies (see Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2025 and 2024 (see Note 15)	68,000	68,000	68,000	68,000	68,000
Common stock, $0.01 par value, 450,000,000 shares authorized, 138,943,831 and 138,174,636 shares issued and outstanding in 2025 and 2024, respectively	1	1	1	1	1
Additional paid-in-capital	2,704	2,696	2,727	2,717	2,721
Accumulated deficit	−850	−823	−520	−364	−428
Total Stockholders' Equity	1,856	1,874	2,209	2,355	2,295
Total Liabilities and Stockholders' Equity	9,901	8,412	9,297	9,568	8,417

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of discount/premium, deferred fees and payment-in-kind interest	−33	−30	−31	−51	−70
Amortization of deferred financing costs	17	17	16	12	14
Straight-line rent amortization	−985,000	0	0	—	—
Equity-based compensation	14	16	17	18	18
Foreign currency loss (gain)	−99	110	−41	97	31
Net realized loss on investment	7	128	87	−19	21
Proceeds received from payment-in-kind interest	39	0	15	84	35
Other assets	−20	15	−13	−23	2
Payment for interest rate cap	−8,000	−429,000	−2	0	0
Accounts payable, accrued expenses and other liabilities	8	−75	−769,000	13	4
Payable to related party	−116,000	−825,000	−175,000	−45,000	175,000
Net cash provided by operating activities	143	200	274	268	199
New funding of commercial mortgage loans	−3,034	−1,244	−456	−3,028	—
Add-on funding of commercial mortgage loans	−864	−573	−376	−484	—
Add-on funding of subordinate loans	−35	−54	−97	−113	—
Proceeds received from the repayment and sale of commercial mortgage loans	2,453	2,426	1,093	1,875	1,509
Proceeds received from the repayment of subordinate loans and other lending assets	177	23	75	—	—
Proceeds and payments received of notes receivable, held for sale	40	0	0	1,875	1,509
Contributions to equity method investment	−6	0	0	—	—
Distributions from equity method investment	18	9	0	0	—
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net	47	40	14	47	43
Increase (decrease) in collateral related to derivative contracts, net	−82	29	−113	117	—
Capital expenditures on real estate owned assets	−100	−170	−73	−33	−133,000
Proceeds received from the sale of other assets	0	92	0	0	—
Cash received from hotel title assumption	0	0	569,000	0	4
Net cash provided by (used in) investing activities	−1,387	577	68	−1,339	−1,357
Proceeds from secured debt arrangements	3,752	1,998	807	2,836	297
Proceeds related to financing on real estate owned	98	163	0	165	0
Repayments of secured debt arrangements	−2,583	−2,585	−679	−1,454	−7
Repayments of senior secured term loan principal	−15	−8	−8	−8	—
Repayments and repurchases of convertible notes	0	0	−230	−345	0
Payment of deferred financing costs	−23	−11	−12	−16	−24
Payment of issuance discount	−6	0	0	—	—
Payment of withholding tax on RSU delivery	−5	−7	−7	−7	−4
Repurchase of common stock	0	−41	0	0	0
Dividends on common stock	−141	−186	−202	−201	−200
Dividends on preferred stock	−12	−12	−12	−12	−13
Net cash provided by (used in) financing activities	1,065	−689	−343	958	1,175
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale	−180	88	−1	−114	18
Decrease in cash classified within assets related to real estate owned, held for sale	0	577,000	5	−6	0
Net increase (decrease) in cash and cash equivalents	−180	89	4	−119	18
Effects of foreign currency translation on cash and cash equivalents	2	3	−614,000	−2	0
Interest paid	456	495	444	246	138
Income tax paid	194,000	34,000	795,000	0	0
Change in loan proceeds held by servicer	−47	45	3	−192,000	3
Change in participation sold	0	0	−25	−2	20
Assumption of real estate	0	0	75	270	154
Assumption of other assets related to real estate owned	0	0	3	0	—
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	0	0	−3	0	—
Transfer of assets to assets related to real estate owned, held for sale	0	0	79	156	0
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net	0	71	152	0	—
Transfer of assets related to real estate owned, held for sale to other assets	0	2	4	0	—
Transfer of liabilities to liabilities related to real estate owned, held for sale	0	0	1	7	—
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities	0	4	7	0	0
Transfer of commercial mortgage loan to other assets	0	20	0	—	—
Restructuring of commercial mortgage loan to subordinate loan	0	74	0	0	—
Loan modification accounted for as a new loan	262	0	0	—	—
Restructuring of subordinate loan to commercial mortgage loan	148	—	—	0	0

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