A
Apollo Commercial Real Estate Finance, Inc.
Period
FY 2025
Revenue
$271.59M
Net Income
—
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 performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The company finances its portfolio through secured debt arrangements, term loans, senior secured notes, and equity offerings. It is externally managed by an Apollo Global Management subsidiary and targets institutional-quality real estate secured loans throughout the United States and Europe.
Summary from 10-K filed 2026-02-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro
Frequently asked questions
What is Apollo Commercial Real Estate Finance, Inc.'s CIK number?
Apollo Commercial Real Estate Finance, Inc.'s SEC CIK number is 0001467760 (1467760). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Apollo Commercial Real Estate Finance, Inc.'s SEC filings?
All of Apollo Commercial Real Estate Finance, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Apollo Commercial Real Estate Finance, Inc. last report earnings?
Apollo Commercial Real Estate Finance, Inc. (ARI) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-188383). This is Apollo Commercial Real Estate Finance, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Apollo Commercial Real Estate Finance, Inc.'s most recent earnings 8-K?
Apollo Commercial Real Estate Finance, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001193125-26-188383. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Apollo Commercial Real Estate Finance, Inc.'s latest earnings 8-K →
Look up any company's CIK number →