Apollo Commercial Real Estate Finance Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Apollo Commercial Real Estate Finance Inc reported revenue of $271.6M (-10.6% year on year) and net income of $127.1M (+206.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income from commercial mortgage loans | $625.5M | $699.4M | $701.0M | $456.5M |
| Interest income from subordinate loans and other lending assets | $1.3M | $3.5M | $17.3M | $55.6M |
| Interest expense | ($460.1M) | ($503.9M) | ($466.1M) | ($270.5M) |
| Net interest income | $166.7M | $199.0M | $252.2M | $241.6M |
| Revenue from real estate owned operations | $104.9M | $104.7M | $92.4M | $62.1M |
| Total net revenue | $271.6M | $303.7M | $344.6M | $303.6M |
| General and administrative expenses (includes equity-based compensation of $13,631, $16,468 and $17,444 in 2025, 2024 and 2023, respectively) | ($27.4M) | ($29.6M) | ($29.5M) | ($29.7M) |
| Management fees to related party | ($34.2M) | ($36.1M) | ($38.0M) | ($38.4M) |
| Operating expenses related to real estate owned | ($85.2M) | ($81.7M) | ($72.8M) | ($52.4M) |
| Depreciation and amortization on real estate owned | ($11.2M) | ($11.7M) | ($8.2M) | ($704.0K) |
| Total operating expenses | ($158.0M) | ($159.1M) | ($148.5M) | ($121.2M) |
| Other income, net | $7.9M | $4.5M | $4.6M | $2.5M |
| Income from equity method investment | $15.4M | — | — | — |
| Decrease (increase) in current expected credit loss allowance, net | ($3.2M) | ($155.8M) | ($59.4M) | $17.6M |
| Foreign currency translation gain (loss) | $99.5M | ($37.5M) | $52.0M | ($116.4M) |
| Gain (loss) on sale of derivatives | ($98.7M) | $53.2M | ($48.6M) | $147.0M |
| Net realized loss on investments | ($7.4M) | ($128.2M) | — | — |
| Gain on extinguishment of debt | $0 | $0 | $495.0K | — |
| Net income (loss) before taxes | $127.1M | ($119.2M) | $58.6M | — |
| Income tax provision | ($331.0K) | ($394.0K) | ($442.0K) | — |
| Net income (loss) | $126.7M | ($119.6M) | $58.1M | $265.2M |
| Preferred dividends | ($12.3M) | ($12.3M) | ($12.3M) | ($12.3M) |
| Net income (loss) available to common stockholders | $114.4M | ($131.9M) | $45.9M | $253.0M |
| Basic | $0.81 | -$0.97 | $0.29 | $1.77 |
| Diluted | $0.81 | -$0.97 | $0.29 | $1.68 |
| Basic weighted-average shares of common stock outstanding | 138.9M | 139.7M | 141.3M | 140.5M |
| Diluted weighted-average shares of common stock outstanding | 138.9M | 139.7M | 141.3M | 165.5M |
| Dividend declared per share of common stock | $1.00 | $1.20 | $1.40 | $1.40 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income from commercial mortgage loans | $41.7M | $150.0M | $155.3M | $166.7M |
| Interest income from subordinate loans and other lending assets | $0 | $0 | $86.0K | $557.0K |
| Interest expense | ($33.6M) | ($113.9M) | ($115.4M) | ($124.2M) |
| Net interest income | $8.1M | $36.1M | $40.0M | $43.1M |
| Revenue from real estate owned operations | $36.2M | $22.6M | $21.6M | $27.8M |
| Total net revenue | $44.4M | $58.6M | $61.6M | $70.9M |
| General and administrative expenses (includes equity-based compensation of $3,047 and $36,094 in 2026 and $3,400 and $6,830 in 2025, respectively) | ($5.8M) | ($6.0M) | ($6.7M) | ($6.6M) |
| Management fees to related party | ($3.6M) | ($8.1M) | ($8.6M) | ($8.4M) |
| Operating expenses related to real estate owned | ($23.1M) | ($18.2M) | ($19.5M) | ($21.1M) |
| Depreciation and amortization on real estate owned | ($4.6M) | ($4.0M) | ($2.8M) | ($2.5M) |
| Total operating expenses | ($37.1M) | ($36.3M) | ($37.5M) | ($38.6M) |
| Other income, net | $8.4M | $1.4M | $2.4M | $1.2M |
| Loss from equity method investment | ($178.0K) | ($274.0K) | $17.1M | — |
| Decrease (increase) in current expected credit loss allowance, net | $379.2M | $3.3M | $6.4M | ($3.1M) |
| Foreign currency translation gain | $18.9M | ($17.1M) | ($16.9M) | $73.7M |
| Gain (loss) on sale of derivatives | ($18.0M) | $16.8M | $24.2M | ($82.1M) |
| Decrease in valuation allowance, loans and other lending assets held for sale | $0 | — | $1.2M | ($1.2M) |
| Net realized loss on investments | ($339.1M) | — | ($7.4M) | $0 |
| Loss on extinguishment of debt | ($30.7M) | — | — | — |
| Net income before taxes | $25.8M | $26.5M | $51.0M | $20.9M |
| Income tax provision | ($27.0K) | ($230.0K) | ($234.0K) | ($116.0K) |
| Net income | $25.8M | $26.2M | $50.8M | $20.7M |
| Preferred dividends | ($3.1M) | ($3.1M) | ($3.1M) | ($3.1M) |
| Net income available to common stockholders | $22.7M | $23.2M | $47.7M | $17.7M |
| Basic | $0.11 | $0.16 | $0.34 | $0.12 |
| Diluted | $0.11 | $0.16 | $0.34 | $0.12 |
| Basic weighted-average shares of common stock outstanding | 131.0M | 139.1M | 138.9M | 138.9M |
| Diluted weighted-average shares of common stock outstanding | 131.6M | 139.7M | 139.7M | 139.2M |
| Dividend declared per share of common stock | $3.75 | $0.25 | $0.25 | $0.25 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $139.8M | $317.4M | $225.4M | $222.0M |
| Commercial mortgage loans, net | $8.8B | $7.1B | $8.4B | $8.7B |
| Real estate owned, held for investment, net (net of $34,438 and $23,266 accumulated depreciation in 2025 and 2024, respectively) | $842.9M | $752.6M | — | — |
| Other assets | $144.0M | $138.0M | $85.6M | $70.6M |
| Note receivable, held for sale | $0 | $41.2M | — | — |
| Derivative assets, net | $0 | $58.2M | $29.4M | $128.6M |
| Total Assets | $9.9B | $8.4B | $9.3B | $9.6B |
| Secured debt arrangements, net | $6.3B | $4.8B | $5.5B | $5.3B |
| Senior secured term loans and notes, net | $1.2B | $1.3B | $1.3B | $1.3B |
| Debt related to real estate owned, held for investment, net | $424.7M | $324.6M | $161.6M | $160.3M |
| Accounts payable, accrued expenses and other liabilities | $91.5M | $138.2M | $120.3M | $227.4M |
| Derivative liabilities, net | $26.8M | — | — | — |
| Payable to related party | $8.6M | $8.7M | $9.6M | $9.7M |
| Total Liabilities | $8.0B | $6.5B | $7.1B | $7.2B |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2025 and 2024 (see Note 15) | 68.0K | 68.0K | 68.0K | 68.0K |
| Common stock, $0.01 par value, 450,000,000 shares authorized, 138,943,831 and 138,174,636 shares issued and outstanding in 2025 and 2024, respectively | 1.4M | 1.4M | 1.4M | 1.4M |
| Additional paid-in-capital | $2.7B | $2.7B | $2.7B | $2.7B |
| Accumulated deficit | ($849.7M) | ($822.7M) | ($520.2M) | ($363.9M) |
| Total Stockholders' Equity | $1.9B | $1.9B | $2.2B | $2.4B |
| Total Liabilities and Stockholders' Equity | $9.9B | $8.4B | $9.3B | $9.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.2B | $126.8M | $245.9M | $177.6M |
| Commercial mortgage loans, net | $0 | $8.9B | $8.3B | $8.6B |
| Real estate owned, held for investment, net (net of $43,048 and $34,438 accumulated depreciation in 2026 and 2025, respectively) | $857.0M | $852.1M | $827.7M | $805.7M |
| Other assets | $39.9M | $208.6M | $141.9M | $168.6M |
| Total Assets | $2.1B | $10.1B | $9.5B | $9.8B |
| Secured debt arrangements, net | $0 | $6.5B | $5.9B | $6.2B |
| Senior secured term loans and notes, net | $0 | $1.2B | $1.2B | $1.2B |
| Debt related to real estate owned, held for investment, net | $371.4M | $439.2M | $402.9M | $376.5M |
| Accounts payable, accrued expenses and other liabilities | $506.6M | $109.5M | $93.0M | $88.5M |
| Derivative liabilities, net | $0 | $0 | $31.0M | $57.8M |
| Payable to related party | $3.4M | $8.1M | $8.6M | $8.4M |
| Total Liabilities | $881.4M | $8.3B | $7.7B | $8.0B |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2026 and 2025 (see Note 15) | 68.0K | 68.0K | 68.0K | 68.0K |
| Common stock, $0.01 par value, 450,000,000 shares authorized, 128,212,093 and 138,943,831 shares issued and outstanding in 2026 and 2025, respectively | 1.3M | 1.4M | 1.4M | 1.4M |
| Additional paid-in-capital | $2.6B | $2.7B | $2.7B | $2.7B |
| Accumulated deficit | ($1.3B) | ($861.3M) | ($840.2M) | ($852.6M) |
| Total Stockholders' Equity | $1.3B | $1.8B | $1.9B | $1.8B |
| Total Liabilities and Stockholders' Equity | $2.1B | $10.1B | $9.5B | $9.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net Income | $126.7M | ($119.6M) | $58.1M | $265.2M |
| Amortization of discount/premium, deferred fees and payment-in-kind interest | ($33.1M) | ($30.0M) | ($30.8M) | ($51.0M) |
| Amortization of deferred financing costs | $17.2M | $17.4M | $16.0M | $12.0M |
| Straight-line rent amortization | ($985.0K) | — | — | — |
| Equity-based compensation | $13.6M | $16.5M | $17.4M | $18.3M |
| Increase in current expected credit loss allowance, net | $3.2M | $155.8M | $59.4M | ($17.6M) |
| Foreign currency loss (gain) | ($99.1M) | $110.4M | ($40.9M) | $97.3M |
| Unrealized loss on derivatives | $84.9M | ($28.3M) | $101.5M | ($111.9M) |
| Depreciation and amortization on real estate owned | $11.2M | $11.7M | $8.2M | $704.0K |
| Income from equity method investment | ($15.4M) | — | — | — |
| Gain on extinguishment of debt | $0 | $0 | ($495.0K) | — |
| Net realized loss on investment | $7.4M | $128.2M | $86.6M | — |
| Proceeds received from payment-in-kind interest | $39.1M | $0 | $15.4M | $83.7M |
| Other assets | ($20.1M) | $15.0M | ($13.4M) | ($22.9M) |
| Payment for interest rate cap | ($8.0K) | ($429.0K) | ($2.3M) | — |
| Accounts payable, accrued expenses and other liabilities | $7.9M | ($75.5M) | ($769.0K) | $12.5M |
| Payable to related party | ($116.0K) | ($825.0K) | ($175.0K) | ($45.0K) |
| Net cash provided by operating activities | $142.5M | $200.3M | $273.9M | $267.7M |
| New funding of commercial mortgage loans | ($3.0B) | ($1.2B) | ($456.2M) | ($3.0B) |
| Add-on funding of commercial mortgage loans | ($864.2M) | ($573.1M) | ($376.1M) | ($483.8M) |
| Add-on funding of subordinate loans | ($35.2M) | ($54.3M) | — | — |
| Proceeds received from the repayment and sale of commercial mortgage loans | $2.5B | $2.4B | $1.1B | — |
| Proceeds received from the repayment of subordinate loans and other lending assets | $176.6M | $23.1M | $75.3M | $279.3M |
| Proceeds and payments received of notes receivable, held for sale | $40.0M | — | — | $1.9B |
| Contributions to equity method investment | ($6.0M) | — | — | — |
| Distributions from equity method investment | $18.1M | $9.0M | — | — |
| Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net | $47.0M | $39.6M | $13.9M | $46.9M |
| Increase (decrease) in collateral related to derivative contracts, net | ($81.9M) | $28.6M | ($112.8M) | — |
| Capital expenditures on real estate owned assets | ($100.2M) | ($169.5M) | ($72.6M) | ($33.0M) |
| Proceeds received from the sale of other assets | $0 | $91.9M | — | — |
| Cash received from hotel title assumption | $0 | $0 | $569.0K | $0 |
| Net cash provided by (used in) investing activities | ($1.4B) | $577.2M | $68.4M | ($1.3B) |
| Proceeds from secured debt arrangements | $3.8B | $2.0B | $806.8M | $2.8B |
| Proceeds related to financing on real estate owned | $98.1M | $162.8M | $0 | $164.8M |
| Repayments of secured debt arrangements | ($2.6B) | ($2.6B) | ($679.3M) | ($1.5B) |
| Repayments of senior secured term loan principal | ($15.0M) | ($8.0M) | ($8.0M) | ($8.0M) |
| Repayments and repurchases of convertible notes | $0 | $0 | ($229.5M) | ($345.0M) |
| Payment of deferred financing costs | ($22.8M) | ($10.9M) | ($12.2M) | ($16.5M) |
| Payment of issuance discount | ($5.6M) | — | — | — |
| Payment of withholding tax on RSU delivery | ($5.0M) | ($7.5M) | ($6.9M) | — |
| Repurchase of common stock | $0 | ($40.8M) | — | $0 |
| Dividends on common stock | ($141.3M) | ($185.9M) | ($202.0M) | ($200.6M) |
| Dividends on preferred stock | ($12.3M) | ($12.3M) | ($12.3M) | ($12.3M) |
| Net cash provided by (used in) financing activities | $1.1B | ($689.3M) | ($343.4M) | $958.0M |
| Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale | ($179.8M) | $88.1M | ($1.1M) | ($113.7M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net lncome | $52.0M | $26.2M | $97.5M | $46.7M |
| Amortization of discount/premium, deferred fees and payment-in-kind interest | ($13.3M) | ($9.5M) | ($23.2M) | ($11.8M) |
| Amortization of deferred financing costs | $6.9M | $4.9M | $13.0M | $8.2M |
| Straight-line rent amortization | ($2.2M) | ($898.0K) | ($281.0K) | — |
| Equity-based compensation | $6.1M | $3.0M | $10.2M | $6.8M |
| Increase (decrease) in current expected credit loss allowance, net | ($382.5M) | ($3.3M) | $755.0K | $7.1M |
| Valuation allowance, loans and other lending assets held for sale | $0 | — | — | $1.2M |
| Foreign currency gain | ($11.6M) | $24.3M | ($95.7M) | ($108.7M) |
| Unrealized loss on derivatives | ($26.7M) | ($44.5M) | $89.1M | $115.8M |
| Depreciation and amortization on real estate owned | $8.6M | $4.0M | $7.8M | $5.0M |
| Income from equity method investment | $452.0K | $274.0K | ($15.7M) | — |
| Realized loss on extinguishment of debt | $30.7M | — | — | — |
| Net realized loss on investment | $339.1M | — | $7.4M | $0 |
| Proceeds received from payment-in-kind interest | $0 | — | $39.1M | $39.1M |
| Other assets | $77.1M | $37.1M | ($4.8M) | ($12.6M) |
| Accounts payable, accrued expenses and other liabilities | ($32.9M) | ($28.5M) | $9.1M | $6.0M |
| Payable to related party | ($5.2M) | ($486.0K) | ($87.0K) | ($368.0K) |
| Net cash provided by operating activities | $46.5M | $12.6M | $134.3M | $102.5M |
| New funding of commercial mortgage loans | ($299.9M) | ($299.9M) | ($2.2B) | ($1.4B) |
| Add-on funding of commercial mortgage loans | ($368.3M) | ($333.4M) | ($670.7M) | ($444.7M) |
| Add-on funding of subordinate loans | ($5.5M) | ($5.5M) | ($30.8M) | ($22.5M) |
| Proceeds received from the repayment and sale of commercial mortgage loans | $9.5B | $355.6M | $1.9B | $653.9M |
| Proceeds received from the repayment of subordinate loans and other lending assets | $67.6M | $16.6M | $80.5M | $79.2M |
| Contributions to equity method investment | ($1.7M) | ($869.0K) | ($5.4M) | ($4.2M) |
| Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net | $4.8M | $4.2M | $36.9M | $26.9M |
| Increase (decrease) in collateral related to derivative contracts, net | $27.4M | $49.4M | ($84.4M) | ($110.6M) |
| Capital expenditures on real estate owned assets | ($22.2M) | ($12.8M) | ($81.8M) | ($57.4M) |
| Net cash provided by (used in) investing activities | $8.9B | ($226.7M) | ($941.3M) | ($1.3B) |
| Proceeds from secured debt arrangements | $594.1M | $594.1M | $3.1B | $2.0B |
| Proceeds related to financing on real estate owned | $19.4M | $14.0M | $76.9M | $50.9M |
| Repayments of secured debt arrangements | ($6.9B) | ($324.8M) | ($2.2B) | ($934.4M) |
| Repayments of senior secured term loan principal | ($746.3M) | ($1.9M) | ($13.1M) | ($11.3M) |
| Repayments of senior secured notes | ($500.0M) | — | — | — |
| Payment of deferred financing costs | ($6.5M) | ($6.1M) | ($20.5M) | ($15.5M) |
| Payment of issuance discount | $0 | — | ($5.6M) | ($5.6M) |
| Repayments of mortgages on real estate owned | ($73.7M) | — | — | — |
| Payment of withholding tax on RSU delivery | ($5.6M) | ($5.6M) | ($5.0M) | ($4.9M) |
| Repurchase of common stock | ($123.5M) | ($30.3M) | $0 | $0 |
| Dividends on common stock | ($70.4M) | ($35.6M) | ($105.4M) | ($70.7M) |
| Dividends on preferred stock | ($6.1M) | ($3.1M) | ($9.2M) | ($6.1M) |
| Net cash provided by (used in) financing activities | ($7.8B) | $200.8M | $731.9M | $1.0B |
| Net increase (decrease) in cash and cash equivalents | $1.1B | ($13.4M) | ($75.1M) | ($142.1M) |
| Cash and cash equivalents beginning of period | $139.8M | $139.8M | $317.4M | $317.4M |
| Effects of foreign currency translation on cash and cash equivalents | $1.7M | $387.0K | $3.5M | $2.3M |
| Cash and cash equivalents end of period | $1.2B | $126.8M | $245.9M | $177.6M |
Apollo Commercial Real Estate Finance Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.