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ARI logoApollo Commercial Real Estate Finance, Inc.(ARI)Earnings, Financials & Key Ratios

ARI•NYSE•REIT / Real Estate
$10.95
$1.45B mkt cap·13.5× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutApollo Commercial Real Estate Finance, Inc. operates as a real estate investment trust (REIT) that originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments in the United States. It is qualified as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if the company distributes at least 90% of its REIT taxable income to its stockholders. Apollo Commercial Real Estate Finance, Inc. was founded in 2009 and is based in New York, New York.Show more
  • Revenue$710M+1.3%
  • FFO$138M+227.7%
  • FFO/Share0.99+228.5%
  • FFO Payout102.45%+159.5%
  • FFO per Share0.99+228.5%
  • NOI Margin80.05%+0.2%
  • FFO Margin19.41%+226.1%
  • ROE6.79%+215.9%
  • ROA1.38%+202.4%
  • Debt/Assets79.97%+5.3%
  • Net Debt/EBITDA16.36+15.6%
  • Book Value/Share13.37-0.4%
Technical→

ARI Key Insights

Apollo Commercial Real Estate Finance, Inc. (ARI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 47.1%
  • ✓FFO growing 586.4% TTM
  • ✓High NOI margin of 80.1%
  • ✓Trading near 52-week high
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗High debt to equity ratio of 4.3x
  • ✗Weak 3Y average ROE of 1.2%
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ARI Price & Volume

Apollo Commercial Real Estate Finance, Inc. (ARI) stock price & volume — 10-year historical chart

Loading chart...

ARI Growth Metrics

Apollo Commercial Real Estate Finance, Inc. (ARI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.69%
5 Years15.69%
3 Years3.47%
TTM7.28%

Profit CAGR

10 Years2.07%
5 Years47.13%
3 Years-21.82%
TTM1066.98%

EPS CAGR

10 Years-6.1%
5 Years143.31%
3 Years-21.59%
TTM2766.67%

Return on Capital

10 Years5.59%
5 Years6.05%
3 Years5.4%
Last Year5.59%

ARI Recent Earnings

Apollo Commercial Real Estate Finance, Inc. (ARI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 28, 2026
EPS
$0.22
Est $0.29
-24.1%
Revenue
$59M
Est $78M
-24.7%
Q1 2026
Feb 10, 2026
EPS
$0.26
Est $0.27
-3.7%
Revenue
$73M
Est $70M
+5.1%
Q4 2025
Oct 30, 2025
EPS
$0.30
Est $0.25
+21.4%
Revenue
$167M
Est $49M
+240.1%
Q3 2025
Jul 29, 2025
EPS
$0.26
Est $0.26
+0.0%
Revenue
$187M
Est $50M
+276.9%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.22vs $0.29-24.1%
$59Mvs $78M-24.7%
Q1 2026Feb 10, 2026
$0.26vs $0.27-3.7%
$73Mvs $70M+5.1%
Q4 2025Oct 30, 2025
$0.30vs $0.25+21.4%
$167Mvs $49M+240.1%
Q3 2025Jul 29, 2025
$0.26vs $0.26+0.0%
$187Mvs $50M+276.9%
Based on last 12 quarters of dataView full earnings history →

ARI Peer Comparison

Apollo Commercial Real Estate Finance, Inc. (ARI) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.25B19.2930.14-13.96%6.75%2.93%4.61
KREF logoKREFKKR Real Estate Finance Trust Inc.Direct Competitor422.45M6.57-6.26-22.72%-23.56%-8.4%3.83
TRTX logoTRTXTPG RE Finance Trust, Inc.Direct Competitor664.08M8.5915.07123.25%23.2%5.7%3.08
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
ACRE logoACREAres Commercial Real Estate CorporationDirect Competitor287.24M5.22-318.29-2.79%-1.6%-0.18%2.06
LADR logoLADRLadder Capital CorpProduct Competitor1.31B10.2920.18-23.26%16.52%4.29%2.37
BRSP logoBRSPBrightSpire Capital, Inc.Product Competitor775.15M5.95-22.88-4.5%-9.47%-3.34%2.68

Compare ARI vs Peers

Apollo Commercial Real Estate Finance, Inc. (ARI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BXMT

Most directly comparable listed peer for ARI.

Scale Benchmark

vs MS

Larger-name benchmark to compare ARI against a more recognizable public peer.

Peer Set

Compare Top 5

vs BXMT, KREF, TRTX, GPMT

ARI Income Statement

Apollo Commercial Real Estate Finance, Inc. (ARI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue288.17M413.6M489.05M342.84M421.23M641.34M777M701.53M710.49M709.18M
Revenue Growth %-2.89%43.53%18.24%-29.9%22.86%52.26%21.15%-9.71%1.28%7.28%
Property Operating Expenses31.65M36.42M40.73M39.75M63.37M92.19M127.23M141.14M141.72M239.62M
Net Operating Income (NOI)
256.52M▲ 0%
377.18M▲ 47.0%
448.31M▲ 18.9%
303.09M▼ 32.4%
357.85M▲ 18.1%
549.15M▲ 53.5%
649.77M▲ 18.3%
560.39M▼ 13.8%
568.76M▲ 1.5%
469.56M▲ 0%
NOI Margin %89.02%91.19%91.67%88.41%84.96%85.62%83.63%79.88%80.05%66.21%
Operating Expenses78.14M11.13M240.07M164.34M-56.6M-100.52M182.23M142.71M104.39M72.23M
G&A Expenses0000000061.58M30.22M
EBITDA271.09M334.58M383.1M167.27M417.1M650.37M475.78M429.35M475.55M410.02M
EBITDA Margin %94.07%80.89%78.34%48.79%99.02%101.41%61.23%61.2%66.93%57.82%
Depreciation & Amortization00002.65M704K8.25M11.67M11.17M12.7M
D&A / Revenue %0%0%0%0%0.63%0.11%1.06%1.66%1.57%1.79%
Operating Income
178.38M▲ 0%
366.05M▲ 105.2%
208.24M▼ 43.1%
138.75M▼ 33.4%
414.45M▲ 198.7%
649.66M▲ 56.8%
467.54M▼ 28.0%
417.69M▼ 10.7%
464.37M▲ 11.2%
397.32M▲ 0%
Operating Margin %61.9%88.5%42.58%40.47%98.39%101.3%60.17%59.54%65.36%56.03%
Interest Expense78.06M114.6M152.93M148.89M162.52M270.52M466.11M503.95M460.09M4M
Interest Coverage3.47x2.92x2.51x1.12x2.38x1.98x1.13x0.76x1.28x-
Non-Operating Income-92.71M31.47M-174.86M-28.52M28.42M113.91M-57.14M32.98M-122.77M-81.02M
Pretax Income
193.03M▲ 0%
219.99M▲ 14.0%
230.17M▲ 4.6%
18.38M▼ 92.0%
223.51M▲ 1116.3%
265.23M▲ 18.7%
58.57M▼ 77.9%
-119.24M▼ 303.6%
127.05M▲ 206.5%
127.4M▲ 0%
Pretax Margin %66.98%53.19%47.07%5.36%53.06%41.36%7.54%-17%17.88%17.96%
Income Tax000000442K394K331K445K
Effective Tax Rate %0%0%0%0%0%0%0.75%-0.33%0.26%0.35%
Net Income
193.03M▲ 0%
219.99M▲ 14.0%
230.17M▲ 4.6%
18.38M▼ 92.0%
223.51M▲ 1116.3%
265.23M▲ 18.7%
58.13M▼ 78.1%
-119.64M▼ 305.8%
126.72M▲ 205.9%
126.96M▲ 0%
Net Margin %66.98%53.19%47.07%5.36%53.06%41.36%7.48%-17.05%17.84%17.9%
Net Income Growth %22.27%13.96%4.63%-92.02%1116.28%18.66%-78.08%-305.82%205.92%1066.98%
Funds From Operations (FFO)
151.64M▲ 0%
166.9M▲ 10.1%
230.17M▲ 37.9%
-30.51M▼ 113.3%
226.16M▲ 841.4%
265.94M▲ 17.6%
66.37M▼ 75.0%
-107.97M▼ 262.7%
137.89M▲ 227.7%
139.65M▲ 0%
FFO Margin %52.62%40.35%47.07%-8.9%53.69%41.47%8.54%-15.39%19.41%19.69%
FFO Growth %-0.11%10.07%--841.36%17.59%-75.04%-262.66%227.72%103.12%
FFO per Share1.501.091.31-0.211.341.610.47-0.770.991.00
FFO Payout Ratio %121.26%136.14%116.97%-779.36%88.28%75.42%304.36%-172.23%102.45%75.8%
EPS (Diluted)
1.51▲ 0%
1.48▼ 2.0%
1.40▼ 5.4%
0.01▼ 99.3%
1.46▲ 15268.4%
1.68▲ 15.1%
0.29▼ 82.7%
-0.97▼ 434.5%
0.81▲ 183.5%
0.91▲ 0%
EPS Growth %-11.7%-1.99%-5.41%-99.32%-15.07%-82.74%-434.48%183.51%2766.67%
EPS (Basic)1.541.521.410.011.481.770.29-0.970.81-
Diluted Shares Outstanding101.23M153.82M175.79M148M168.4M165.5M141.28M139.67M138.87M139.71M

ARI Balance Sheet

Apollo Commercial Real Estate Finance, Inc. (ARI) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets4.09B5.1B6.89B6.94B8.42B9.57B9.3B8.41B9.9B10.09B
Asset Growth %17.39%24.63%35.18%0.75%21.28%13.68%-2.84%-9.52%17.71%43.04%
Real Estate & Other Assets3.99B4.93B6.4B6.57B7.86B8.85B8.45B7.22B8.8B0
PP&E (Net)0000000000
Investment Securities01000K001000K1000K1000K1000K1000K0
Total Current Assets100.77M143.21M487.86M366.06M384.32M287.41M297.79M375.87M210.66M126.85M
Cash & Equivalents77.67M109.81M452.28M325.5M343.11M222.03M225.44M317.4M139.82M126.85M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets0000000000
Intangible Assets0000000000
Total Liabilities2B2.59B4.26B4.67B6.12B7.21B7.09B6.54B8.04B8.28B
Total Debt1.92B2.47B4.13B4.55B6.01B6.97B6.95B6.39B7.92B0
Net Debt1.84B2.36B3.68B4.23B5.67B6.75B6.73B6.07B7.78B-126.85M
Long-Term Debt1.92B1.69B3.31B4.05B4.77B6.52B6.09B5.39B7.22B0
Short-Term Borrowings0779.4M812.98M501.64M1.24B451.63M864.18M1B701.11M0
Capital Lease Obligations0000000000
Total Current Liabilities0779.4M812.98M501.64M1.24B451.63M864.18M1B701.11M0
Accounts Payable0000000000
Deferred Revenue0000000000
Other Liabilities84.72M114.55M130.49M115.73M112.38M243.58M133.17M146.91M126.86M8.28B
Total Equity
2.09B▲ 0%
2.51B▲ 20.2%
2.63B▲ 4.8%
2.27B▼ 13.7%
2.29B▲ 1.1%
2.35B▲ 2.6%
2.21B▼ 6.2%
1.87B▼ 15.1%
1.86B▼ 1.0%
1.81B▲ 0%
Equity Growth %8.07%20.19%4.79%-13.67%1.06%2.61%-6.19%-15.13%-0.98%-11.49%
Shareholders Equity2.09B2.51B2.63B2.27B2.29B2.35B2.21B1.87B1.86B1.81B
Minority Interest0000000000
Common Stock1.07M1.34M1.53M1.39M1.4M1.41M1.41M1.38M1.39M1.37M
Additional Paid-in Capital2.17B2.64B2.83B2.71B2.72B2.72B2.73B2.7B2.7B0
Retained Earnings-83.14M-130.17M-196.94M-438.72M-427.88M-363.88M-520.24M-822.67M-849.68M-861.27M
Preferred Stock137K137K68K68K68K68K68K68K68K68K
Return on Assets (ROA)5.1%4.79%3.84%0.27%2.91%2.95%0.62%-1.35%1.38%1.29%
Return on Equity (ROE)9.6%9.57%8.96%0.75%9.79%11.41%2.55%-5.86%6.79%6.88%
Debt / Assets46.86%48.5%59.93%65.62%71.4%72.85%74.81%75.97%79.97%0%
Debt / Equity0.92x0.98x1.57x2.01x2.62x2.96x3.15x3.41x4.27x4.27x
Net Debt / EBITDA6.78x7.06x9.59x25.28x13.59x10.38x14.14x14.14x16.36x16.36x
Book Value per Share20.6316.3214.9615.3413.6314.2315.6313.4213.3712.97

ARI Cash Flow Statement

Apollo Commercial Real Estate Finance, Inc. (ARI) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations154.87M265.96M273.44M164.05M199.38M267.7M273.86M200.26M142.52M142.52M
Operating CF Growth %30.28%71.73%2.81%-40%21.54%34.27%2.3%-26.88%-28.83%-158.52%
Operating CF / Revenue %53.74%64.3%55.91%47.85%47.33%41.74%35.25%28.55%20.06%20.1%
Net Income193.03M219.99M230.17M18.38M223.51M261.1M58.13M-122.89M126.72M126.96M
Depreciation & Amortization-41.39M-53.08M0-48.88M2.65M704K8.25M11.67M-15.88M-22.95M
Stock-Based Compensation10.98M8.81M15.9M16.82M17.63M017.44M013.63M13.25M
Other Non-Cash Items6.67M75.65M26.15M136.06M-50.68M-67.38M190.5M373.26M-8.76M-29.02M
Working Capital Changes-13.7M-8.24M1.21M-7.2M6.27M73.28M-452K-61.78M26.81M27.53M
Cash from Investing-720.71M-998.92M-1.44B-215.72M-1.36B-1.34B68.42M577.17M-1.39B-1.16B
Acquisitions (Net)000000569K000
Purchase of Investments-927K0000000-6.04M-3.66M
Sale of Investments492.67M000000000
Other Investing-1.21B-998.92M-1.44B-215.72M-1.36B-1.31B140.48M746.67M-1.28B-1.08B
Cash from Financing380.06M765.09M1.5B-75.12M1.18B957.97M-343.36M-689.31M1.06B798.63M
Dividends Paid-219.68M-254.56M-291.21M-251.29M-212.61M-212.85M-214.29M-198.22M-153.55M-115.06M
Common Dividends-183.88M-227.22M-269.23M-237.75M-199.65M-200.57M-202.02M-185.95M-141.28M-105.86M
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K-1000K-1000K1000K1000K
Share Repurchases-116.99M00-127.99M000-40.81M00
Other Financing147.65M-15.82M-19.02M-17.61M-28.34M141.37M-19.07M144.47M64.72M53.23M
Net Change in Cash
-185.78M▲ 0%
32.13M▲ 117.3%
342.48M▲ 965.7%
-126.78M▼ 137.0%
17.61M▲ 113.9%
-121.08M▼ 787.6%
3.41M▲ 102.8%
91.96M▲ 2598.3%
-177.57M▼ 293.1%
-26.6M▲ 0%
Exchange Rate Effect00000-7.4M4.49M3.84M2.2M1.13M
Cash at Beginning263.45M77.67M109.81M452.28M325.5M343.11M222.03M225.44M317.4M0
Cash at End77.67M109.81M452.28M325.5M343.11M222.03M225.44M317.4M139.82M0
Free Cash Flow
153.49M▲ 0%
265.96M▲ 73.3%
273.44M▲ 2.8%
164.05M▼ 40.0%
199.25M▲ 21.5%
234.67M▲ 17.8%
201.23M▼ 14.2%
30.75M▼ 84.7%
42.31M▲ 37.6%
40.42M▲ 0%
FCF Growth %30.92%73.27%2.81%-40%21.46%17.78%-14.25%-84.72%37.59%33.59%
FCF / Revenue %53.26%64.3%55.91%47.85%47.3%36.59%25.9%4.38%5.96%5.7%

ARI Key Ratios

Apollo Commercial Real Estate Finance, Inc. (ARI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share1.51.091.31-0.211.341.610.47-0.770.991
FFO Payout Ratio121.26%136.14%116.97%-779.36%88.28%75.42%304.36%-172.23%102.45%75.8%
NOI Margin89.02%91.19%91.67%88.41%84.96%85.62%83.63%79.88%80.05%66.21%
Net Debt / EBITDA6.78x7.06x9.59x25.28x13.59x10.38x14.14x14.14x16.36x16.36x
Debt / Assets46.86%48.5%59.93%65.62%71.4%72.85%74.81%75.97%79.97%0%
Interest Coverage3.47x2.92x2.51x1.12x2.38x1.98x1.13x0.76x1.28x-
Book Value / Share20.6316.3214.9615.3413.6314.2315.6313.4213.3712.97
Revenue Growth-2.89%43.53%18.24%-29.9%22.86%52.26%21.15%-9.71%1.28%7.28%

ARI SEC Filings & Documents

Apollo Commercial Real Estate Finance, Inc. (ARI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 24, 2026·SEC

Material company update

Apr 22, 2026·SEC

10-K Annual Reports

5
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 10, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 29, 2025·SEC

ARI Frequently Asked Questions

Apollo Commercial Real Estate Finance, Inc. (ARI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Apollo Commercial Real Estate Finance, Inc. (ARI) reported $709.2M in revenue for fiscal year 2025. This represents a 119090% increase from $0.6M in 2009.

Apollo Commercial Real Estate Finance, Inc. (ARI) grew revenue by 1.3% over the past year. Growth has been modest.

Yes, Apollo Commercial Real Estate Finance, Inc. (ARI) is profitable, generating $127.0M in net income for fiscal year 2025 (17.8% net margin).

Dividend & Returns

Yes, Apollo Commercial Real Estate Finance, Inc. (ARI) pays a dividend with a yield of 9.29%. This makes it attractive for income-focused investors.

Apollo Commercial Real Estate Finance, Inc. (ARI) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Industry Metrics

Apollo Commercial Real Estate Finance, Inc. (ARI) generated Funds From Operations (FFO) of $139.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Apollo Commercial Real Estate Finance, Inc. (ARI) offers a 9.29% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More ARI

Apollo Commercial Real Estate Finance, Inc. (ARI) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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