Apollo Commercial Real Estate Finance, Inc. (ARI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARI SEC filings page.
Apollo Commercial Real Estate Finance, Inc. (ARI) reported $237.9M in revenue over the twelve months to Jun 30, 2026, down 14.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The reported portfolio is financed mainly with liabilities, while earnings and assets swing sharply across years.
FY2025 earnings reversed direction, moving from a loss of$119.6M in FY2024 to income of$126.7M , but equity stayed essentially flat at$1.9B ; the improvement did not rebuild the capital base. The reported 4.3x debt-to-equity ratio indicates that the larger asset base remains financed predominantly through obligations rather than accumulated equity.
The reported asset base expanded from
Operating cash flow of
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Apollo Commercial Real Estate Finance, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Apollo Commercial Real Estate Finance, Inc. scores 40/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Apollo Commercial Real Estate Finance, Inc. scores 86/100 on it among other REITs.
Not available for Apollo Commercial Real Estate Finance, Inc., and counted as zero in the overall score.
Not available for Apollo Commercial Real Estate Finance, Inc., and counted as zero in the overall score.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Apollo Commercial Real Estate Finance, Inc. scores 46/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Apollo Commercial Real Estate Finance, Inc. scores 28/100 on it among other REITs.
Apollo Commercial Real Estate Finance, Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Apollo Commercial Real Estate Finance, Inc. generates $1.12 in operating cash flow ($142.5M OCF vs $126.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Apollo Commercial Real Estate Finance, Inc. generated $44.4M in revenue in Q2 2026. This represents a decrease of 37.4% from the same quarter a year earlier. Against the prior quarter it is down 24.3%.
Apollo Commercial Real Estate Finance, Inc. reported $25.8M in net income in Q2 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is down 1.7%.
Apollo Commercial Real Estate Finance, Inc. earned $0.11 per diluted share (EPS) in Q2 2026. This represents a decrease of 8.3% from the same quarter a year earlier. Against the prior quarter it is down 31.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
Apollo Commercial Real Estate Finance, Inc. held $1.2B in cash as of Q2 2026; long-term debt is not reported for that period.
Apollo Commercial Real Estate Finance, Inc. paid $3.75 per share in dividends in Q2 2026. This represents an increase of 1400.0% from the same quarter a year earlier. Against the prior quarter it is up 1400.0%.
Not reported for Q2 2026.
Margins & Returns
Apollo Commercial Real Estate Finance, Inc.'s net profit margin was 58.1% in Q2 2026, showing the share of revenue converted to profit. This is up 28.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 13.4 percentage points.
Apollo Commercial Real Estate Finance, Inc.'s ROE was 2.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Apollo Commercial Real Estate Finance, Inc. spent $93.2M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 207.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ARI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.4M-37.4% | $58.6M-10.9% | $73.3M+4.0% | $61.6M-13.9% | $70.9M-12.6% | $65.8M-18.3% | $70.5M-16.3% | $71.6M-11.8% |
| SG&A Expenses | $5.8M-11.4% | $6.0M-10.5% | $7.5M+4.2% | $6.7M-11.9% | $6.6M-12.4% | $6.7M-9.8% | $7.2M-1.8% | $7.5M-1.5% |
| Interest Expense | $33.6M-73.0% | $113.9M+8.4% | $115.5M+1.7% | $115.4M-14.0% | $124.2M-3.3% | $105.1M-17.9% | $113.5M-7.8% | $134.1M+10.1% |
| Income Tax | $27K-76.7% | $230K+98.3% | -$135K-218.4% | $234K+254.5% | $116K+16.0% | $116K+1.8% | $114K+252.0% | $66K-87.2% |
| Net Income | $25.8M+24.3% | $26.2M+0.9% | $29.2M-28.2% | $50.8M+155.5% | $20.7M-42.0% | $26.0M+124.9% | $40.7M-12.7% | -$91.5M-298.7% |
| EPS (Basic) | $0.11-8.3% | $0.160.0% | $0.19-26.9% | $0.34+149.3% | $0.12-47.8% | $0.16+121.1% | $0.26-10.3% | -$0.69-330.0% |
| EPS (Diluted) | $0.11-8.3% | $0.160.0% | $0.19-26.9% | $0.34+149.3% | $0.12-47.8% | $0.16+121.1% | $0.26-10.3% | -$0.69-330.0% |
| Diluted Shares (Avg) | 132M-5.5% | 140M+0.5% | N/A | 140M+1.0% | 139M-1.0% | 139M-2.0% | N/A | 138M-2.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
ARI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B-78.2% | $10.1B+14.8% | $9.9B+17.7% | $9.5B+4.6% | $9.8B+5.9% | $8.8B-4.8% | $8.4B-9.5% | $9.1B-0.6% |
| Cash & Equivalents | $1.2B+597.8% | $126.8M-23.8% | $139.8M-55.9% | $245.9M+26.5% | $177.6M+1.7% | $166.4M+3.2% | $317.4M+40.8% | $194.3M-36.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $881.4M-88.9% | $8.3B+19.5% | $8.0B+23.1% | $7.7B+5.9% | $8.0B+9.6% | $6.9B-3.5% | $6.5B-7.8% | $7.2B+4.1% |
| Total Equity | $1.3B-32.0% | $1.8B-2.6% | $1.9B-1.0% | $1.9B-0.3% | $1.8B-7.5% | $1.9B-9.1% | $1.9B-15.1% | $1.9B-15.5% |
| Retained Earnings | -$1.3B-55.7% | -$861.3M-3.1% | -$849.7M-3.3% | -$840.2M-1.9% | -$852.6M-22.7% | -$835.0M-23.1% | -$822.7M-58.1% | -$824.8M-60.8% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
ARI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $33.9M-46.3% | $12.6M-68.1% | $8.2M-83.5% | $31.7M-32.8% | $63.2M+25.8% | $39.3M-25.6% | $49.9M+61.9% | $47.2M-43.4% |
| Depreciation & Amortization | $4.6M+83.0% | $4.0M+62.1% | $3.4M+42.8% | $2.8M+18.8% | $2.5M+10.7% | $2.5M-47.3% | $2.4M+129.1% | $2.3M+129.6% |
| Stock-Based Compensation | $3.0M-11.8% | $3.0M-11.2% | N/A | $3.4M-19.0% | $3.4M-19.0% | $3.4M-18.1% | N/A | $4.2M-4.5% |
| Investing Cash Flow | $9.1B+1244.1% | -$226.7M+50.5% | -$446.0M-176.1% | $314.1M+52.2% | -$797.7M-1532.6% | -$457.7M-174.6% | $586.3M+473.8% | $206.4M+79.1% |
| Financing Cash Flow | -$8.0B-1181.1% | $200.8M-24.6% | $333.0M+164.9% | -$278.9M-18.6% | $744.5M+6671.6% | $266.3M+451.2% | -$513.5M-1300.7% | -$235.1M-18.9% |
| Dividends Paid | $34.8M-1.5% | $35.6M+0.5% | $35.8M+2.0% | $34.7M-29.6% | $35.3M-30.3% | $35.4M-30.3% | $35.2M-30.3% | $49.3M-2.2% |
| Share Buybacks | $93.2M | $30.3M | $0-100.0% | $0-100.0% | $0 | $0 | $1K | $2.9M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
ARI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 58.1%+28.8pp | 44.7%+5.2pp | 39.9%-17.8pp | 82.4% | 29.3%-14.9pp | 39.5% | 57.7%+2.4pp | -127.9% |
| Return on Equity | 2.1%+0.9pp | 1.5%+0.1pp | 1.6%-0.6pp | 2.7%+7.6pp | 1.1%-0.7pp | 1.4%+6.5pp | 2.2%+0.1pp | -4.9%-7.0pp |
| Return on Assets | 1.2%+1.0pp | 0.3%0.0pp | 0.3%-0.2pp | 0.5%+1.5pp | 0.2%-0.2pp | 0.3%+1.4pp | 0.5%0.0pp | -1.0%-1.5pp |
| Debt-to-Equity | 0.70-3.6x | 4.57+0.8x | 4.33+0.8x | 4.11+0.2x | 4.32+0.7x | 3.72+0.2x | 3.49+0.3x | 3.87+0.7x |
| Asset Turnover | 0.020.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Apollo Commercial Real Estate Finance, Inc. ARI | FY2025 | $271.6M | $126.7M | 46.7% | $815.0M | 33/100 |
| LADDER CAPITAL CORP LADR | FY2025 | $266.9M | $63.7M | 23.9% | $1.1B | 26/100 |
| Dynex Capital, Inc. DX | FY2025 | N/A | $319K | N/A | $2.7B | — |
| Ellington Financial Inc. EFC | FY2025 | $336.4M | $150.8M | 44.8% | $1.5B | 43/100 |
| ARMOUR Residential REIT, Inc. ARR | FY2025 | N/A | $322.7M | N/A | $1.8B | — |
| Chimera Investment Corporation CIM | FY2025 | N/A | $230.5M | N/A | $701.5M | — |
Where Apollo Commercial Real Estate Finance, Inc. Ranks
Frequently Asked Questions
What is Apollo Commercial Real Estate Finance, Inc.'s annual revenue?
Apollo Commercial Real Estate Finance, Inc. (ARI) reported $271.6M in total revenue for fiscal year 2025. This represents a -10.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Apollo Commercial Real Estate Finance, Inc.'s revenue growing?
Apollo Commercial Real Estate Finance, Inc. (ARI) revenue declined by 10.6% year-over-year, from $303.7M to $271.6M in fiscal year 2025.
Is Apollo Commercial Real Estate Finance, Inc. profitable?
Yes, Apollo Commercial Real Estate Finance, Inc. (ARI) reported a net income of $126.7M in fiscal year 2025, with a net profit margin of 46.7%.
What is Apollo Commercial Real Estate Finance, Inc.'s net profit margin?
Apollo Commercial Real Estate Finance, Inc. (ARI) had a net profit margin of 46.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Apollo Commercial Real Estate Finance, Inc. pay dividends?
Yes, Apollo Commercial Real Estate Finance, Inc. (ARI) paid $1.00 per share in dividends during fiscal year 2025.
What is Apollo Commercial Real Estate Finance, Inc.'s return on equity (ROE)?
Apollo Commercial Real Estate Finance, Inc. (ARI) has a return on equity of 6.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Apollo Commercial Real Estate Finance, Inc.'s operating cash flow?
Apollo Commercial Real Estate Finance, Inc. (ARI) generated $142.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Apollo Commercial Real Estate Finance, Inc.'s total assets?
Apollo Commercial Real Estate Finance, Inc. (ARI) had $9.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Apollo Commercial Real Estate Finance, Inc.'s debt-to-equity ratio?
Apollo Commercial Real Estate Finance, Inc. (ARI) had a debt-to-equity ratio of 4.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Apollo Commercial Real Estate Finance, Inc.'s return on assets (ROA)?
Apollo Commercial Real Estate Finance, Inc. (ARI) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Apollo Commercial Real Estate Finance, Inc.'s P/E ratio?
Apollo Commercial Real Estate Finance, Inc. (ARI) trades at 6.2x earnings, its market capitalization divided by net income of $132.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $815.0M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Apollo Commercial Real Estate Finance, Inc.'s price-to-sales ratio?
Apollo Commercial Real Estate Finance, Inc. (ARI) trades at 3.4x sales, its market capitalization divided by revenue of $237.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $815.0M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Apollo Commercial Real Estate Finance, Inc.'s Piotroski F-Score?
Apollo Commercial Real Estate Finance, Inc. (ARI) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Apollo Commercial Real Estate Finance, Inc.'s earnings high quality?
Apollo Commercial Real Estate Finance, Inc. (ARI) has an earnings quality ratio of 1.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Apollo Commercial Real Estate Finance, Inc.?
Apollo Commercial Real Estate Finance, Inc. (ARI) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.