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Apollo Commercial Real Estate Finance, Inc. operates as a real estate investment trust that originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. The company is qualified as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income taxes, if the company distributes at least 90% of its REIT taxable income to its stockholders. Apollo Commercial Real Estate Finance, Inc. was incorporated in 2009 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $273M | - | $127M | $42M | 6.8% | 39.4% | -205.9% |
| 2024 | $196M | - | $-120M | $31M | -6.4% | -26.4% | -305.8% |
| 2023 | $266M | - | $58M | $201M | 2.6% | -27.9% | -78.1% |
| 2022 | $369M | - | $265M | $235M | 11.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 368.76 | 266.01 | 195.66 | 272.83 |
| Operating Revenue | - | 368.76 | 266.01 | 195.66 | 272.83 |
| Selling General And Administration | - | 29.66 | 29.52 | 29.65 | 27.41 |
| Interest Income | - | 512.10 | 718.28 | 702.93 | 626.78 |
| Interest Expense | - | 270.52 | 466.11 | 503.95 | 460.09 |
| Net Interest Income | - | 241.58 | 252.17 | 198.98 | 166.69 |
| Pretax Income | - | 265.23 | 58.57 | -119.24 | 127.05 |
| Tax Provision | - | 0 | 0.44 | 0.39 | 0.33 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 265.23 | 58.13 | -119.64 | 126.72 |
| Net Income From Continuing And Discontinued Operation | - | 265.23 | 58.13 | -119.64 | 126.72 |
| Net Income From Continuing Operation Net Minority Interest | - | 265.23 | 58.13 | -119.64 | 126.72 |
| Net Income | - | 265.23 | 58.13 | -119.64 | 126.72 |
| Net Income Common Stockholders | - | 248.83 | 41.50 | -135.16 | 111.91 |
| Net Income Including Noncontrolling Interests | - | 265.23 | 58.13 | -119.64 | 126.72 |
| Normalized Income | - | 265.23 | 57.64 | -119.64 | 126.72 |
| Diluted NI Availto Com Stockholders | - | 278.35 | 41.50 | -135.16 | 111.91 |
| Basic Average Shares | - | 140.53 | 141.28 | 139.67 | 138.87 |
| Diluted Average Shares | - | 165.50 | 141.28 | 139.67 | 138.87 |
| Reconciled Depreciation | - | 0.70 | 8.25 | 11.67 | 11.17 |
| Total Unusual Items | - | 0 | 0.50 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0.50 | 0 | 0 |
| Preferred Stock Dividends | - | 12.27 | 12.27 | 12.27 | 12.27 |
| Special Income Charges | - | 0 | 0.50 | 0 | 0 |
| Gain On Sale Of Security | - | 179.03 | -135.23 | -75.03 | -106.12 |
| Depreciation Amortization Depletion Income Statement | - | 0.70 | 8.25 | 11.67 | 11.17 |
| Depreciation And Amortization In Income Statement | - | 0.70 | 8.25 | 11.67 | 11.17 |
| General And Administrative Expense | - | 29.66 | 29.52 | 29.65 | 27.41 |
| Other Gand A | - | 29.66 | 29.52 | 29.65 | 27.41 |
| Salaries And Wages | 17.63 | 18.25 | 17.44 | - | - |
| Otherunder Preferred Stock Dividend | - | 4.13 | 4.35 | 3.25 | 2.54 |
| Average Dilution Earnings | - | 29.52 | 0 | 0 | 0 |
| Depreciation Income Statement | - | 0.70 | 8.25 | 11.67 | 11.17 |
| Professional Expense And Contract Services Expense | 38.16 | 38.42 | - | - | - |
| Other Non Interest Expense | - | 90.79 | 110.74 | 117.80 | 119.38 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apollo Commercial Real Estate Finance, Inc.this co. | ARI | $1.4B | 11.28↑ premium | 0.77 | 6.8% | - |
| Kennedy-Wilson Holdings, Inc. | KW | $1.5B | - | 1.00 | -2.5% | 14.28 |
| NexPoint Residential Trust, Inc. | NXRT | $1.5B | - | 5.03 | -10.8% | 20.72 |
| CBL & Associates Properties, Inc. | CBL | $1.5B | 10.99 | 3.92 | 35.7% | 6.74 |
| Forestar Group Inc. |
| 2021 | - | - | - | - | - | - | - |
| FOR |
| $1.5B |
| 8.65 |
| 0.82 |
| 9.5% |
| 8.89 |
| Orchid Island Capital, Inc. | ORC | $1.3B | 8.43 | 0.98 | 11.6% | - |
| Alexander's, Inc. | ALX | $1.3B | 46.31 | 11.98 | 25.9% | 17.98 |
| Ladder Capital Corp | LADR | $1.3B | 20.23 | 0.87 | 4.3% | - |
| Two Harbors Investment Corp. | TWO | $1.3B | -2.86 | 1.09 | -38.3% | - |
| Peer Median | - | 9.82 | 1.05 | 6.9% | 14.28 | |