ARI
Apollo Commercial Real Estate Finance, Inc.9.92
-0.27-2.65%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Coy on strategy, REO exit details
Q&A shed light on post-portfolio sale strategy without firm commitments, as management evaluates internal ideas, inbound proposals, and dissolution while stressing the need for a sustainable path trading above book--not a one-off trade. On REO assets, Stuart detailed Brook's 20-40 units/month leasing pace toward late-2025 stabilization before marketing, Mayflower's imminent cash flow boost via efficiencies, and Cortland's solid value post-fire rethink; exits remain independent of ARI's future. Q1 dividend holds at $0.25/share, with future payouts TBD amid return-of-capital talks. No quick fixes here. Investors eye proxy filing for capital deployment clarity.
Key Stats
Market Cap
1.38BP/E (TTM)
11.27Basic EPS (TTM)
0.88Dividend Yield
0.1%Recent Filings
8-K
ARI reports earnings, plans portfolio sale
Apollo Commercial Real Estate Finance reported Q4 and full-year 2025 results on February 10, 2026, posting net income of $0.18 per diluted share for Q4 and $0.81 for the year, with Distributable Earnings at $0.26 quarterly and $0.98 annually—fully covering $1.00 annual dividends. Portfolio hit $8.8B at 7.3% unlevered yield, 99% first mortgages, yet entered deal to sell it all to Athene at 99.7% of commitments. Sale winds down operations.
10-K
FY2025 results
ARI posted FY2025 net income of $126.7M, up sharply from a $119.6M loss in 2024, fueled by $166.7M net interest income on a $8.7B commercial mortgage loan portfolio—despite a $32.3M y/y drop from lower index rates and loan mods—plus $8.5M from real estate owned operations. Q4 momentum shone through $4.4B new commitments ($3.3B funded) across residential, office, and hotels, with repayments of $2.9B; Distributable Earnings hit $148.7M or $1.05/share, backing a steady $1.00 common dividend. Debt-to-equity rose to 4.1x on $6.3B secured borrowings at 5.5% cost, with $139.8M cash bolstering $1.0B unfunded commitments. Pending Athene asset sale of nearly all loans could reshape strategy. Loan delinquencies risk quarterly cash flows.
8-K
ARI sells CRE loans to Athene
Apollo Commercial Real Estate Finance signed a deal on January 27, 2026, to sell its entire CRE loan portfolio to Athene Holding for 99.7% of commitments at closing, excluding two $146 million loans expected to repay beforehand. Board-approved via special committee; needs majority stockholder vote and other conditions by October 27. Paired with amended management deal slashing base fee to 0.75% of equity if ROE under 7.5%, paid in stock. Deal leaves cash for strategy refresh.
8-K
Q3 earnings, $1B originations
Apollo Commercial Real Estate Finance reported Q3 net income of $0.34 per diluted share, with Distributable Earnings at $0.30 per share after adjustments. Originated $1.0 billion in new loans while repaying $1.3 billion, maintaining an $8.3 billion portfolio at 7.7% yield. Non-earnings boost starts Q4. Freed capital redeploys swiftly.
10-Q
Q3 FY2025 results
Apollo Commercial Real Estate Finance swung to a $50.8M net income in Q3 FY2025 ended September 30, 2025, up from a $91.5M loss y/y, driven by $17.4M litigation gain from the Massachusetts Healthcare JV and a $7.5M Specific CECL reversal on the Michigan Office Loan payoff—yet net interest income dipped 15% y/y to $40.0M amid lower loan balances. Total revenue fell 14% y/y to $61.6M, with commercial mortgage interest down 14% y/y to $155.3M, while operating expenses edged lower to $37.5M; diluted EPS rose to $0.34 from -$0.69, reconciling to 139.7M shares. Liquidity stood solid at $245.9M cash plus $53.3M borrowing capacity, supporting $1.0B unfunded commitments, with total debt at $7.6B (3.8x equity) across diversified facilities maturing through 2030. No M&A noted. Regulatory risks loom from ongoing AmBase appeal over mezzanine loan disputes.
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