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Apollo Commercial Real Estate Finance (ARI) investor relations material
Apollo Commercial Real Estate Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net income for Q3 2025 was $48 million ($0.34 per diluted share), with distributable earnings of $42 million ($0.30 per share) and strong progress in redeploying non-performing capital.
$1.0 billion in new loan originations during the quarter, contributing to over $3 billion year-to-date.
Book value per share at quarter end was $12.73, with common equity book value of $1.8 billion.
Declared common stock dividends of $0.25 per share, implying a 9.9% dividend yield.
Distributable earnings prior to realized loss and gain were $32 million ($0.23 per share).
Financial highlights
Loan portfolio carrying value was $8.3 billion, with a weighted average unleveraged yield of 7.7% and 98% in floating rate first mortgages.
$1 billion in new loan originations and $234 million in add-on fundings completed in the quarter.
Realized gain on litigation settlement with Massachusetts was $17.4 million, increasing book value by $0.13 per share.
Realized loss on investments totaled $7.4 million, mainly from a discounted payoff on a Michigan office loan.
Q3 dividend yield on book value per share was 8.2%.
Outlook and guidance
Expect continued earnings uplift as capital is recycled from focus assets, with further impact anticipated in 2026.
Committed $388 million to two new floating-rate first mortgages post quarter-end.
Monetization of 111 West 57th expected in early 2026; The Brooke targeted for market in late spring/summer 2026.
Liberty Center exit timing to be clearer after bankruptcy process, likely late Q1 or early Q2 2026.
Earnings benefit from redeployment of non-performing capital expected to begin materializing in Q4 2025.
Current status of Manhattan Residential loan?
Strategy for increased debt-to-equity and unfunded commitments?
Expected impact of Brooklyn Multifamily operational shift?
Quantify Q4 earnings benefit from capital redeployment
Average yield on $1.0B Q3 loan originations?
Breakdown of $0.07 DE impact from realized items?
Which focus assets drive 2026 earnings uplift?
How does leverage strategy drive portfolio growth?
What makes Europe a key differentiator for ARI?
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Next Apollo Commercial Real Estate Finance earnings date
Q4 202510 Feb, 2026
Next Apollo Commercial Real Estate Finance earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Apollo Commercial Real Estate Finance Inc is a real estate investment trust that originates, invests in, and manages commercial real estate debt. Its portfolio includes senior mortgages, mezzanine loans, and other debt instruments secured by commercial properties. The company primarily operates in the U.S. and Europe. Apollo Commercial Real Estate Finance Inc is headquartered in New York, New York, and its shares are listed on the NYSE.
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