Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2026 Results

Rhea-AI Summary

Apollo Commercial Real Estate Finance (NYSE: ARI) reported results for the quarter ended March 31, 2026. Net income available to common stockholders per diluted share was $0.16; Distributable Earnings per diluted share (non‑GAAP) was $0.22. The company recorded no realized losses during the quarter.

The company will host a conference call and webcast on April 29, 2026 at 10:00 AM ET. Distributable Earnings is described as a key input the board considers when setting dividends, with a detailed reconciliation available in the company presentation at the investor website.

Positive

• Net income per diluted share: $0.16
• Distributable Earnings per diluted share (non‑GAAP): $0.22
• No realized losses recorded in the quarter

Negative

• Distributable Earnings is a non‑GAAP measure and excludes unrealized gains/losses

News Market Reaction – ARI

-2.89%

-2.89% Session close to close

In the Apr 29 session, ARI declined 2.89%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Q1 2026 net income of $0.16 per diluted share and Distributable Earnings o...

Analysis

This announcement details Q1 2026 net income of $0.16 per diluted share and Distributable Earnings of $0.22, reaffirming ARI’s focus on non‑GAAP cash‑flow metrics for dividend decisions. The company again highlights REIT rules requiring distribution of at least 90% of taxable income and notes no realized losses in the quarter. Relative to prior periods, these results extend a pattern of steady profitability while investors monitor how capital and earnings evolve after recent portfolio sales and strategic reviews.

Key Figures

Net income per share: $0.16 Distributable Earnings/share: $0.22 REIT distribution requirement: 90% +2 more

5 metrics

Net income per share $0.16 Quarter ended March 31, 2026; diluted EPS available to common

Distributable Earnings/share $0.22 Quarter ended March 31, 2026; diluted, non-GAAP

REIT distribution requirement 90% Minimum of REIT taxable income to be distributed annually under U.S. law

Net taxable income distribution target 100% Company’s stated long-term intention for dividend payouts, if authorized

Realized losses in quarter 0 Realized losses recorded in three months ended March 31, 2026

Previous Earnings Reports

5 past events · Latest: Feb 10 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 10	Quarterly earnings	Positive	-0.3%	Reported Q4 2025 and full-year results with positive net income and DE.
Oct 30	Quarterly earnings	Positive	-2.0%	Q3 2025 earnings with strong net income and Distributable Earnings metrics.
Jul 29	Quarterly earnings	Positive	-1.3%	Q2 2025 results with positive net income and $0.26 DE per share.
Apr 24	Quarterly earnings	Positive	+1.3%	Q1 2025 earnings showing positive net income and $0.24 DE per share.
Feb 10	Quarterly & annual earnings	Positive	+9.9%	Q4 and full-year 2024 results with positive quarterly DE and active portfolio.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have often seen muted or negative next-day moves despite generally positive profit and Distributable Earnings metrics, with occasional strong upside outliers.

Recent Company History

Over the last five earnings releases, ARI has consistently reported positive net income and Distributable Earnings per diluted share, with Q1 2025 and Q2 2025 at $0.16/$0.24 and $0.12/$0.26, respectively, and Q3 2025 at $0.34/$0.30. Q4 2024 delivered $0.27 net income per share and $0.32 Distributable Earnings, while Q4 2025 produced $0.18 and $0.26. Today’s Q1 2026 report of net income $0.16 and Distributable Earnings $0.22 continues this pattern of steady profitability amid portfolio repositioning.

Key Terms

distributable earnings, non-gaap, reit, gaap, +4 more

8 terms

distributable earnings financial

"Distributable Earnings per diluted share of common stock (a non-GAAP financial measure..."

Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.

non-gaap financial

"Distributable Earnings per diluted share of common stock (a non-GAAP financial measure..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

reit financial

"As a REIT, U.S. federal income tax law generally requires the Company to distribute..."

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

gaap financial

"net income available to common stockholders, computed in accordance with GAAP, adjusted for..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

equity-based compensation financial

"adjusted for (i) equity-based compensation expense (a portion of which may become cash-based..."

Equity-based compensation is pay given to employees or contractors in the form of company ownership—such as stock, stock options, or restricted shares—instead of or in addition to cash. It matters to investors because it aligns workers’ interests with shareholders (like giving employees a slice of the company pie), but can also dilute existing owners and appears as a real cost on financial statements, affecting earnings and share value.

unrealized gains financial

"adjusted for (ii) any unrealized gains or losses or other non-cash items..."

An unrealized gain is the increase in value of an asset you still own that hasn’t been sold, so the profit exists on paper but hasn’t been converted into cash. It matters to investors because it changes the apparent wealth of a portfolio and can influence decisions about selling, risk-taking and taxes—like a house that’s worth more now but won’t pay you until you sell it.

View in glossary

unconsolidated joint ventures financial

"adjusted for (iii) unrealized income from unconsolidated joint ventures..."

Unconsolidated joint ventures are business partnerships where a company shares ownership and control but keeps the venture’s full financials separate from its own books; the company typically reports only its share of profit or loss instead of combining all assets, liabilities and sales. This matters to investors because it can hide the venture’s full risks, debts and revenues from the parent’s financial statements, so understanding these arrangements helps assess true exposure and future cash flow potential — like seeing only your slice of a pie rather than the whole pie’s size.

current expected credit losses financial

"and (v) provision for current expected credit losses."

An accounting rule that requires lenders and creditors to estimate and record expected loan losses up front, based on current information and reasonable forecasts, rather than waiting until losses actually occur. Think of it as a bank setting aside a rainy-day fund based on the weather report instead of only after storms hit; for investors this affects reported profits, reserves and capital levels and can change perceptions of a firm’s financial strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE: ARI) today reported results for the quarter ended March 31, 2026.

Net income available to common stockholders per diluted share of common stock was $0.16 for the quarter ended March 31, 2026. Distributable Earnings per diluted share of common stock (a non-GAAP financial measure defined below) was $0.22 for the quarter ended March 31, 2026.

ARI issued a detailed presentation of the Company’s quarter ended March 31, 2026 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review first quarter 2026 results on April 29, 2026 at 10am ET. To register for the call, please use the following link:

 https://register-conf.media-server.com/register/BI073b00720c8d4549af7fd43ddcdbcb97

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

Distributable Earnings
“Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for current expected credit losses.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

The Company believes it is useful to its investors to also present Distributable Earnings prior to realized loss on investments, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to realized loss on investments or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

During the three months ended March 31, 2026, the Company recorded no realized losses in the consolidated statement of operations.

A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter ended March 31, 2026 results, which can be viewed at www.apollocref.com.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $938 billion of assets under management at December 31, 2025.

Additional information can be found on the Company’s website at www.apollocref.com.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:	Hilary Ginsberg
	Investor Relations
	(212) 822-0767

FAQ

What did ARI report for net income per diluted share in Q1 2026 (NYSE:ARI)?

ARI reported net income available to common stockholders per diluted share of $0.16 for the quarter ended March 31, 2026. According to the company, this figure is GAAP net income available to common stockholders per diluted share.

What were ARI's Distributable Earnings per diluted share for Q1 2026 (NYSE:ARI)?

ARI reported Distributable Earnings per diluted share of $0.22 for the quarter ended March 31, 2026. According to the company, Distributable Earnings is a non‑GAAP measure used by its board when considering dividend decisions.

Did ARI record any realized losses in Q1 2026 (NYSE:ARI)?

ARI recorded no realized losses in the consolidated statement of operations for the three months ended March 31, 2026. According to the company, Distributable Earnings are reduced for realized losses when they occur.

When is ARI's Q1 2026 conference call and how can investors access it (NYSE:ARI)?

ARI will hold a conference call on April 29, 2026 at 10:00 AM ET with registration via the provided link and a live webcast on the company's Stockholders section. A replay will be posted about two hours after the call.

How does ARI describe Distributable Earnings and its role for dividends (NYSE:ARI)?

ARI describes Distributable Earnings as a non‑GAAP measure that excludes certain non‑cash items and is a key factor the board considers when setting dividends. According to the company, a reconciliation to GAAP net income is available on its website.