Apollo Commercial Real Estate Finance (ARI) Company Report

Apollo Commercial Real Estate Finance (ARI) reported Q4 2025 Net income available to common stockholders of $26 million ($0.18 per diluted share) and Distributable Earnings of $37 million ($0.26 per diluted share). For the full year 2025, net income was $114 million ($0.81 per diluted share) and Distributable Earnings were $139 million ($0.98 per diluted share).
The company declared common stock dividends of $1.00 per share in 2025, resulting in an annual dividend coverage ratio of 0.98x.
Subsequent to year-end, ARI entered into a definitive agreement to sell its entire loan portfolio (excluding two loans) to Athene Holding Ltd. for a purchase price based on 99.7% of total loan commitments.
As of December 31, 2025, ARI's total loan portfolio was $8.8 billion, characterized by 99% first mortgages and 96% floating rate loans, with a weighted-average unlevered all-in yield of 7.3%.
The company ended the year with $151 million of total liquidity, including $144 million of cash, and has no corporate debt maturities until June 2029.

Feb 11, 2026, 3:00 PM

Presentation

Apollo Commercial Real Estate Finance Reports Q4 and Full-Year 2025 Results, Discusses Strategic Future

ARI

Earnings

Dividends

M&A

Apollo Commercial Real Estate Finance (ARI) reported distributable earnings of $0.26 per diluted share for Q4 2025 and $0.98 per diluted share for the full year 2025.
The loan portfolio grew by approximately $1.6 billion year-over-year to $8.8 billion by amortized cost, maintaining a weighted average risk rating of 3.0 and a weighted average unlevered all-in yield of 7.3%.
At year-end 2025, ARI had $151 million in total liquidity and a book value per share of $12.14.
The company is actively managing its retained real estate owned (REO) assets, including The Brook, which is 56% leased and expected to reach stabilization later in 2026.
Following the announced sale of its loan portfolio, ARI envisions paying a Q1 2026 dividend of $0.25 per share and is evaluating future strategic options, including potential dissolution, to maximize shareholder value.

Feb 11, 2026, 3:00 PM

Transcript

Apollo Commercial Real Estate Finance Reports Q4 and Full Year 2025 Results and Discusses Strategic Outlook

ARI

Earnings

Dividends

New Projects/Investments

Apollo Commercial Real Estate Finance (ARI) reported Q4 2025 distributable earnings of $0.26 per diluted share and full-year 2025 distributable earnings of $0.98 per diluted share, with book value per share at $12.14 at year-end.
The company's loan portfolio grew to approximately $8.8 billion by amortized cost in 2025, with $4.4 billion committed to new loans and $2.9 billion in loan repayments and sales for the full year.
Following the recent announcement to sell ARI's loan portfolio to Athene, the company is actively managing its retained REO assets, including The Brook (expected stabilization later this year), the Mayflower, the Courtland Grand, and a Massachusetts pre-development portfolio, with a focus on improving cash flow and maximizing value at exit.
ARI plans to pay a Q1 2026 dividend of $0.25 per share and is actively evaluating future strategies post-loan sale, considering options such as dissolution or new investment opportunities to enhance shareholder value.

Feb 11, 2026, 3:00 PM

Transcript

ARI Reports Q4 2025 Results and Discusses Post-Loan Portfolio Sale Strategy

ARI

Earnings

M&A

Dividends

Apollo Commercial Real Estate Finance (ARI) reported Q4 2025 distributable earnings of $0.26 per diluted share and full-year 2025 distributable earnings of $0.98 per diluted share.
The company concluded 2025 with a loan portfolio of approximately $8.8 billion by amortized cost and a book value per share of $12.14.
Following the announced sale of its loan portfolio to Athene, ARI will retain four REO assets and is focused on managing them for value maximization.
ARI anticipates paying a Q1 2026 dividend of $0.25 per share and is actively evaluating future strategies for the company, including potential dissolution or new growth opportunities, which will inform subsequent dividend decisions.

Feb 11, 2026, 3:00 PM

Transcript

Apollo Commercial Real Estate Finance Announces Q4 2025 Results and Portfolio Sale Agreement

ARI

Earnings

M&A

Dividends

Apollo Commercial Real Estate Finance (ARI) entered into a definitive agreement with Athene Holding Ltd. to sell its entire loan portfolio for a purchase price based on 99.7% of total loan commitments.
For Q4 2025, ARI reported Net income available to common stockholders of $26 million, or $0.18 per diluted share, and Distributable Earnings of $37 million, or $0.26 per diluted share. For the full year 2025, net income was $114 million, or $0.81 per diluted share, and Distributable Earnings were $139 million, or $0.98 per diluted share.
The company declared common stock dividends of $1.00 per share in 2025.
As of year-end 2025, the total loan portfolio was $8.8 billion with a weighted-average unlevered all-in yield of 7.3%.

Feb 11, 2026, 3:00 PM

Presentation

Apollo Commercial Real Estate Finance, Inc. Reports Q4 and Full Year 2025 Results and Announces Loan Portfolio Sale

ARI

Earnings

Dividends

M&A

Apollo Commercial Real Estate Finance, Inc. reported net income available to common stockholders per diluted share of $0.18 for Q4 2025 and $0.81 for the full year 2025, with Distributable Earnings per diluted share of $0.26 for Q4 2025 and $0.98 for the full year 2025.
The company declared common stock dividends of $1.00 per share in 2025, and Q4 Distributable Earnings of $0.26 per share covered the $0.25 per share dividend.
As of December 31, 2025, ARI's total loan portfolio was $8.8 billion with a weighted-average unlevered all-in yield of 7.3%.
ARI entered into a definitive agreement to sell its entire loan portfolio to Athene Holding Ltd. for a purchase price based on 99.7% of total loan commitments.

Feb 11, 2026, 2:07 AM

8-K

Apollo Commercial Real Estate Finance Reports Q4 and Full Year 2025 Results

ARI

Earnings

Dividends

Apollo Commercial Real Estate Finance, Inc. (ARI) reported net income available to common stockholders per diluted share of $0.18 and Distributable Earnings per diluted share of $0.26 for the quarter ended December 31, 2025.
For the full year ended December 31, 2025, ARI's net income available to common stockholders per diluted share was $0.81 and Distributable Earnings per diluted share was $0.98.
The company will hold a conference call to review these results on February 11, 2026, at 10 am ET.
Distributable Earnings, a non-GAAP financial measure, is a key factor considered by the company's board of directors in setting the dividend.

Feb 10, 2026, 9:15 PM

Press Release

Apollo Commercial Real Estate Finance, Inc. Announces Agreement to Sell Loan Portfolio

ARI

M&A

New Projects/Investments

Dividends

Apollo Commercial Real Estate Finance, Inc. (ARI) has entered into a definitive agreement to sell its entire approximately $9 billion commercial real estate loan portfolio to Athene Holding Ltd. for a purchase price based on 99.7% of total loan commitments. The transaction is subject to shareholder approval and a "go-shop" period until February 21, 2026, with closing expected in the second quarter of 2026.
Following the transaction, ARI expects to have approximately $1.4 billion of net cash and $1.7 billion of common stockholders' equity, which equates to approximately $12.05 per share. The company will retain $466 million in net equity interest in real estate properties as of September 30, 2025.
ARI plans to evaluate new commercial real estate-related strategies and potential M&A opportunities for the remainder of the year. During this period, the annual management fee rate will be reduced by 50% and paid in shares of common stock.
If a new strategy or transaction is not announced by year-end, Apollo intends to recommend exploring all strategic alternatives, including dissolution. ARI intends to declare a $0.25 per share dividend for Q1 2026 and continue quarterly dividends targeting an 8% annualized yield on the post-transaction book value per share.

Jan 28, 2026, 9:45 PM

8-K

ARI announces sale of entire loan portfolio to Athene

ARI

M&A

Dividends

New Projects/Investments

Apollo Commercial Real Estate Finance (ARI) has entered into a definitive agreement to sell its entire loan portfolio to Athene Holding Ltd. for a purchase price based on 99.7% of total loan commitments, excluding two loans totaling $146 million.
The transaction provides ARI with approximately $1.4 billion of deployable cash and represents a compelling ~23% premium to recent stock trading levels.
ARI intends to declare a $0.25 dividend per share for Q1 2026 and target an 8% annualized yield on book value post-transaction.
ARI's management will spend the remainder of 2026 evaluating new commercial real estate-related strategies, with the intention to explore strategic alternatives, including dissolution, if a new strategy or transaction is not announced by year-end 2026.
The management fee structure will be modified, with the base management fee initially 0.75% of stockholders equity (compared to the current 1.5%) payable in common stock under specific return on equity conditions.

Jan 28, 2026, 1:30 PM

Presentation

ARI announces sale of loan portfolio to Athene and strategic repositioning

ARI

M&A

Dividends

New Projects/Investments

Apollo Commercial Real Estate Finance, Inc. (ARI) has entered into a definitive agreement to sell its loan portfolio to Athene for a purchase price of 99.7% based on total loan commitments, excluding two loans with a principal balance of $146 million.
The transaction is expected to provide ARI with approximately $1.4 billion of net cash and result in a common equity book value per share of approximately $12.05. ARI will retain its net equity interest in real estate properties, valued at approximately $466 million as of September 30, 2025.
The sale, which represents a 23% premium to ARI's recent trading levels, was approved by ARI's board and is subject to stockholder approval, with closing expected in the second quarter.
ARI intends to continue paying a quarterly dividend, targeting an approximately 8% annualized yield based on post-transaction book value per share. The company will evaluate new commercial real estate-related strategies by year-end, with Apollo agreeing to a 50% reduction in ARI's annual management fee rate and reimbursing up to $10 million in transaction expenses.