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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) after adjustments, and $32 million ($0.23 per share) prior to realized loss and litigation gain.
Over $1.0 billion in new loan originations during the quarter, with year-to-date originations reaching $3.0 billion and a robust pipeline in both the U.S. and Europe.
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.
Portfolio is diversified by property type and geography, with 31% residential, 25% office, and significant exposure to the UK, New York City, and other US regions.
Financial highlights
Loan portfolio carrying value stood at $8.3 billion with a weighted average unleveraged yield of 7.7%, and 98% of the portfolio is first mortgages and floating rate.
Q3 dividend yield on book value per share was 8.2%.
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 million, mainly from a discounted payoff on a Michigan office loan and sale of a promissory note.
Leverage decreased from 4.1x to 3.8x quarter-over-quarter.
Outlook and guidance
Expect meaningful earnings uplift from capital rotation out of focus assets, especially as proceeds from 111 West 57th Street are reinvested.
Anticipate resolutions on several focus assets in the second half of 2026, providing further earnings uplift.
Robust loan origination pipeline expected to close before year-end, with $388 million in new floating-rate first mortgages committed post quarter-end.
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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