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Apollo Commercial Real Estate Finance

ARI Real Estate Reit Mortgage

Apollo Commercial Real Estate Finance’s revenue for fiscal 2025 (year ended December 2025) was $271.6 million, down 10.6% from fiscal 2024.

Revenue
−37.4%
EPS
−8.33%
Free cash flow
−20.1%
Total debt
−2.04%

Quarter to June 2026, against a year earlier

2.34 0.07 −2.90%
Market cap
$309.8M
P/E
3.0×
Fwd P/E
10.2×
Dividend yield
176.4%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.59
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 1 — — 1 — — —
Insider Ownership 2.91%

Capital & Financial Ratios $m

Size
Market Cap 309.80
Revenue ttm 237.89
Net income ttm 132.00
Free cash flow ttm 21.41
Net debt Q (1,239.48)
Valuation
P/E 3.01
Forward P/E 10.20
Price / sales 1.33
Forward P/S Powerpack
Price / FCF 14.75
Price / book 0.25
Financial health
Current ratio Q 2.45
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −37.40% (below 0%: shrinking)
Operating income growth Q −77.41% (below 0%: shrinking)
EPS, this year −323.81% (below 0%: weak)
EPS, next year A +107.23% (at or above 15%: strong)
Revenue, next year A −84.54% (below 0%: weak)
EPS, past 5 yrs +140.82% (at or above 15%: strong)
EPS, next 5 yrs A +43.50% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 9.4×; over the ten years it ranged from 1.2× in 2026 to 32.6× in 2026.
P/E against its own 10 years 0.21%
10-year low 10-year high
P/S against its own 10 years 0.15%
10-year low 10-year high
P/B against its own 10 years 0.18%
10-year low 10-year high
EV/Sales against its own 10 years 0.15%
10-year low 10-year high
EV/FCF against its own 10 years 41.55%
10-year low 10-year high

Dividends

Yield
176.4%
Annual rate
4.25
Payout ratio
531.3%
Growth, 2018–26
+10.2%/yr
  1. 1.84 ’18
  2. 1.84 ’19 +0
  3. 1.45 ’20 −21
  4. 1.40 ’21 −3
  5. 1.40 ’22 +0
  6. 1.40 ’23 +0
  7. 1.20 ’24 −14
  8. 1.00 ’25 −17
  9. 4.00 ’26 +300
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 225 317 140 1,239
Receivables — — — —
Inventory — — — —
Other — — — —
8,151 7,074 8,852 1,239
2023 2024 2025 Q'26
Payables 120 138 91 507
ST’ Debt — — — —
Other — — — —
120 138 91 507

Compound Annual Growth %

10y 5y 3y
Sales 6.60% (0.51%) (3.65%)
Cash Flow 4.93% (2.77%) (18.95%)
Earnings 2.28% 88.28% (23.23%)
Book Value 3.04% (3.95%) (7.62%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.09 Actual 0.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.05 0.30 Beat by 0.25
Q4 FY25 0.27 0.26 Miss by 0.01
Q1 FY26 0.29 0.22 Miss by 0.07
Q2 FY26 0.09 0.15 Beat by 0.06
Q3 FY26 −0.20 — Reports 29 October 2026

EPS $

Mar Jun Sep Dec Year
’26 0.17 0.11 — — —
’25 0.16 0.12 0.34 0.18 0.81
’24 (0.76) 0.23 (0.69) 0.27 (0.97)
’23 0.32 (0.62) 0.30 0.30 0.29
’22 0.08 0.44 1.13 (0.06) 1.68
’21 0.37 0.42 0.38 0.23 1.46
’20 (0.86) 0.36 0.31 0.23 0.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 59 44 — — —
’25 66 71 62 73 272
’24 81 81 72 70 304
’23 87 92 81 84 345
’22 64 76 76 87 304
’21 71 76 67 71 285
’20 75 71 69 65 279
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 34 — — —
’25 39 63 32 8 143
’24 53 50 47 50 200
’23 110 49 83 31 274
’22 50 50 126 43 268
’21 44 77 44 35 199
’20 54 (1) 60 51 164
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 0 25 — — —
’25 14 31 7 (10) 42
’24 15 10 2 96 123
’23 96 34 66 5 201
’22 50 50 105 31 235
’21 44 119 44 34 242
’20 54 (1) 60 51 164
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 201 260 289 334 279 285 304 345 304 272 238 +3.4% 42 42 — (60.7%)
Gross margin, % 88.34 87.85 87.41 87.82 85.74 86.59 87.35 88.98 88.11 87.42 87.84 (0.9) pt
EBT 158 193 220 230 18 224 265 59 (119) 127 132 (2.4%)
EBT margin, % 78.70 74.11 76.04 68.82 6.59 78.56 87.35 17.00 (39.27) 46.78 55.64 (31.9) pt
Net income 158 193 220 230 18 224 265 58 (120) 127 132 (2.4%)
Per share, $
Per share, $ Revenue 2.77 2.61 2.33 2.28 1.88 2.03 2.16 2.44 2.17 1.96 1.82 (3.8%)
Earnings 1.74 1.54 1.52 1.41 0.01 1.48 1.77 0.29 (0.97) 0.81 0.80 (8.1%)
Cash flow 1.71 1.55 2.14 1.86 1.11 1.43 1.90 1.94 1.43 1.03 0.66 (5.5%)
Capex 20.84 0.00 0.00 0.00 0.00 0.30 (0.24) (0.51) (0.56) (0.72) (0.50) n/m
Free cash flow 22.55 1.55 2.14 1.86 1.11 1.73 1.67 1.42 0.88 0.30 0.16 (38.0%)
Book value 26.70 20.91 20.22 17.91 15.34 16.41 16.75 15.63 13.42 13.37 9.58 (7.4%)
Shares, m 72 100 124 147 148 140 141 141 140 139 137 +7.5%
Valuation, ×
Valuation, × P/E 10.13 11.82 10.89 12.79 223.40 8.95 6.15 38.80 0.00 12.10 3.01 33.5
P/S 6.10 7.02 7.15 8.03 5.93 6.47 5.04 4.77 3.98 4.95 1.33 5.9
P/B 0.63 0.88 0.82 1.02 0.73 0.80 0.65 0.74 0.65 0.72 0.25 0.8
EV/Sales 3.65 8.97 8.82 9.82 8.53 11.70 9.21 7.76 7.06 32.03 1.26 10.8
EV/FCF 5.92 15.09 9.59 12.01 14.49 12.08 11.91 13.29 17.47 205.57 14.03 31.7
Cash, $m
Cash, $m Operating cash flow 124 155 266 273 164 199 268 274 200 143 86 +1.6%
Capex 1,508 (1) — — — 42 (33) (73) (78) (100) (65) n/m
Free cash flow 1,632 155 266 273 164 242 235 201 123 42 21 (33.4%)
Balance, $m
Balance, $m Working capital 2,314 2,661 3,884 5,679 5,702 7,253 8,116 8,030 6,936 8,760 733 +15.9%
Net debt (491) 507 482 597 724 1,489 1,266 1,029 933 1,085 (1,239) n/m
Shareholders’ equity 1,932 2,088 2,510 2,630 2,271 2,295 2,355 2,209 1,874 1,856 1,255 (0.4%)
Returns, %
Returns, % ROA 4.12 4.13 4.20 3.53 0.07 2.74 2.81 0.49 (1.49) 1.25 2.00 (2.9) pt
ROIC 6.60 5.01 4.85 5.22 4.43 3.22 3.15 3.78 3.22 2.41 339.65 (4.2) pt
ROE 7.71 7.77 8.38 8.24 0.20 9.22 10.88 2.01 (6.46) 6.14 7.72 (1.6) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Apollo Commercial Real Estate Finance vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%) Compare
KREF KKR Real Estate Finance Trust $329.7M — (loss-making) — (loss-making) −21.85% (below 0%: shrinking) n/m −194.41% (below 0%: shrinking) 100.00% (3.15%) Compare
ARI Apollo Commercial Real Estate Finance $309.8M 3.0× 10.2× −37.40% (below 0%: shrinking) −8.33% (below 0%: shrinking) −20.13% (below 0%: shrinking) 91.99% 16.46%
ABR Arbor Realty Trust $305.7M — (loss-making) — (loss-making) −6.33% (below 0%: shrinking) n/m +22.05% (above 0%: growing) 14.29% (18.36%) Compare
NREF NexPoint Real Estate Finance, Inc. $256.2M 3.9× 10.9× +11.50% (above 0%: growing) −57.97% (below 0%: shrinking) −363.98% (below 0%: shrinking) 100.00% 25.54% Compare
CMTG Claros Mortgage Trust, Inc. $241.3M — (loss-making) — (loss-making) −29.16% (below 0%: shrinking) n/m +36.67% (above 0%: growing) 79.10% (44.62%) Compare
REFI Chicago Atlantic Real Estate Finance, Inc. $229.1M 6.5× 6.7× −11.02% (below 0%: shrinking) −16.67% (below 0%: shrinking) +40.10% (above 0%: growing) 100.00% 59.97% Compare
Median of peers $317.7M 6.5× 11.9× −13.67% −16.67% +28.29% 96.09% (3.92%)

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 29 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.09m 1.38m 155.00
2024 743.72k 34.86k 128.00
2023 1.10m 1.69m 152.00
2022 2.20m 1.50m 123.00
2021 2.20m 3.13m 134.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 15.90%
Qatar Investment Authority 8.00%
Vanguard Portfolio Management 6.10%
Vanguard Capital Management 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Apollo Commercial Real Estate Finance (ARI) Latest News

16 Oct

Impact 4 · · GlobeNewswire

9 Oct

Impact 4 · · GlobeNewswire

10 Aug

Impact 3 ·

15 Jun

Impact 4 ·

29 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby

28 Apr

Impact 4 · · GlobeNewswire
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks

24 Apr

Impact 4 · · GlobeNewswire

22 Apr

Impact 4 · · The Motley Fool transcript

12 Feb

Impact 4 · · Simply Wall St.

11 Feb

Impact 4 · · GuruFocus.com transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

10 Feb

Impact 4 · · GlobeNewswireZacksSimply Wall St.
Impact 3 · · Zacks
Impact 3 · · Associated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press FinanceAssociated Press FinanceMarketBeatBloombergMT Newswires

31 Jan

Impact 4 · · MarketBeat

29 Jan

Impact 3 · · ZacksZacksZacksBloomberg

28 Jan

Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.

27 Jan

Impact 4 · · Zacks
Impact 3 · · Zacks

31 Dec

Impact 3 · · ZacksSimply Wall St.Simply Wall St.ZacksZacksZacksZacks
Impact 3 · · Zacks

15 Dec

Impact 3 · · ZacksSimply Wall St.ZacksZacksZacks

11 Dec

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.

27 Nov

Impact 3 · · Zacks
Impact 3 · · ZacksAssociated Press FinanceZacksZacksZacksSimply Wall St.ZacksZacks
stockrow.com/ARI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com