Apollo Commercial Real Estate Finance, Inc. Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Apollo Commercial Real Estate Finance (NYSE: ARI) reported results for the quarter and year ended December 31, 2025 on Feb 10, 2026. Net income per diluted share was $0.18 for Q4 and $0.81 for the year. Distributable Earnings per diluted share were $0.26 for Q4 and $0.98 for the year, and $1.05 for the year prior to realized loss and litigation gain. The company recorded realized losses on a subordinate loan and promissory note and a realized gain from a litigation settlement. A conference call and webcast are scheduled for Feb 11, 2026; a detailed presentation and a reconciliation to GAAP are available on the company website.
Positive
- Yearly net income per diluted share of $0.81
- Distributable Earnings per diluted share of $0.98 for 2025
- Distributable Earnings prior to realized items of $1.05 for 2025
Negative
- Quarterly net income per diluted share of only $0.18
- Realized losses recorded on a subordinate loan and a promissory note
- Reported realized gain arose from a litigation settlement, offsetting other realized items
News Market Reaction – ARI
In the Feb 11 session, ARI declined 0.28%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q3 2025 earnings | Positive | -1.1% | Reported Q3 2025 net income and Distributable Earnings with new loan originations. |
| Jul 29 | Q2 2025 earnings | Positive | -1.3% | Q2 2025 net income and Distributable Earnings with $2.0B new loan commitments. |
| Apr 24 | Q1 2025 earnings | Positive | +1.3% | Q1 2025 net income and Distributable Earnings with $650M capital deployment. |
| Feb 10 | Q4 2024 earnings | Neutral | +9.9% | Q4 2024 net income and full-year loss with Distributable Earnings detail. |
| Oct 30 | Q3 2024 earnings | Negative | -0.3% | Q3 2024 net loss and negative Distributable Earnings tied to hospital portfolio. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across the last five earnings releases, three price reactions aligned with the news tone and two diverged, with most moves relatively modest.
Recent earnings releases for Apollo Commercial Real Estate Finance show steady communication of quarterly and annual performance. Q1–Q3 2025 reports highlighted net income per diluted share between $0.12 and $0.34, alongside Distributable Earnings metrics and significant loan deployment, including $2.0 billion of new loans in 1H 2025. Earlier, Q4 2024 showed a quarterly net income of $0.27 per share despite a full‑year net loss of ($0.97). The current Q4 and full‑year 2025 release continues this focus on net income and Distributable Earnings as key performance and dividend indicators.
Key Terms
distributable earnings financial
non-gaap financial
equity-based compensation financial
unrealized gains financial
unrealized income financial
real estate investment trust financial
current expected credit losses financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE: ARI) today reported results for the quarter and year ended December 31, 2025.
Net income available to common stockholders per diluted share of common stock was
ARI issued a detailed presentation of the Company’s quarter and year ended December 31, 2025 results, which can be viewed at www.apollocref.com.
Conference Call and Webcast
The Company will hold a conference call to review fourth quarter and full year 2025 results on February 11, 2026 at 10am ET. To register for the call, please use the following link:
https://register-conf.media-server.com/register/BI38479ef1e3ec49b4b441a21cb7cb9b63
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
The Company believes it is useful to its investors to also present Distributable Earnings prior to realized loss on investments and realized gain from litigation settlement, 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 and realized gain from litigation settlement or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.
During the year ended December 31, 2025, the Company recorded realized losses related to the discounted payoff of a subordinate loan secured by a pledge of equity interest in the entity owning an office, and the discounted sale of a promissory note previously recorded as Note receivable, held for sale. In addition, the Company recorded a realized gain related to a litigation settlement of a hospital property taken by eminent domain.
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 and year ended December 31, 2025 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
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 |
