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Apollo Commercial Real Estate Finance

ARI on NYSE. Apollo Commercial Real Estate Finance makes commercial real estate loans to property owners using investor money. Market value $799m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.7%low

For every $100 of what the whole company costs, it produced $2.67 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 60 of 100. Price score: 64 of 100. Our list needs 70 on quality and 60 on price.

$6.25 a share, 2% above its 1-year low

Over the past year the price has ranged from $6.11 to $11.24.

Dividend: 17.6% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Yields this high often come before a cut. Check the company's latest news.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.2
0.2
0.0
0.0
0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $21 million in the past 12 months, $42 million in the year to December 2025.

Revenue
$285m$304m$345m$304m$272m
Operating margin
135.7%176.4%152.3%-104.8%-14.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.14bn0.14bn0.14bn0.14bn0.13bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 0.5% a year
  • Buying back its own sharesYes, 9% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $44 million last quarter, down 37% on a year ago.
  • Profit: $26 million, up 24% on a year ago.
  • Spare cash over the past 12 months: $21 million, down from $51 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$72m
December 2024$70m
March 2025$66m
June 2025$71m
September 2025$62m
December 2025$73m
March 2026$59m
June 2026$44m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$92m
December 2024$41m
March 2025$26m
June 2025$21m
September 2025$51m
December 2025$29m
March 2026$26m
June 2026$26m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
10 February 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 284 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $585,631, $529,052 of it under preset trading plans.

  • SALVATI MICHAEL
    Director
    Sold
    Date
    25 August 2026
    Shares
    960
    Price
    $6.86
    Value
    $6,586
  • Whonder Carmencita N.M.
    Director
    Sold
    Date
    13 May 2026
    Shares
    4,574
    Price
    $10.93
    Value
    $49,994
  • ROTHSTEIN STUART
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    15 December 2025
    Shares
    52,072
    Price
    $10.16
    Value
    $529,052

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 0.5% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.

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Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.