Companies

Apollo Commercial Real Estate Finance Inc

NYSE: ARI
$6.91
â–² $0.10 (+1.44%) today
Markets open · 2:57pm ET

Q1 2026 Earnings

Reported Apr 28, 2026, 9:11pm ET · SEC source
$0.22
Miss −24.37%
EPS · est. $0.29
$58.6M
Beat +28.87%
Revenue · est. $45.5M
−5.1%
Trailing market
ARI vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%−2%−1%0Apr 28Apr 29report 9:11pm ETearnings+0.1%−2.1%
−3%−2%−1%0Apr 28Apr 29earnings+0.1%−2.1%
ARI −2.1%S&P 500 +0.1%
−2%0Apr 28Apr 29report 9:11pm ETearnings+0.6%−2.1%
−2%0Apr 28Apr 29earnings+0.6%−2.1%
ARI −2.1%NASDAQ +0.6%
−2%0+2%Apr 28May 6report 9:11pm ETearnings+3.1%−0.2%
−2%0+2%Apr 28May 6earnings+3.1%−0.2%
ARI −0.2%S&P 500 +3.1%
−3%0+3%+6%Apr 28May 6report 9:11pm ETearnings+5.7%−0.2%
−3%0+3%+6%Apr 28May 6earnings+5.7%−0.2%
ARI −0.2%NASDAQ +5.7%
+1.86%
Day of report
+0.91%
Next session
−0.27%
One week
+0.55%
30 days

S&P 500 over the same 30 days: +5.69%.

Did ARI Beat Earnings? Q1 2026 Results

Apollo Commercial Real Estate Finance delivered a sharply better-than-expected first quarter, with distributable earnings of $0.22 per share clearing the $0.12 consensus estimate by 83.33% as the commercial mortgage REIT navigated a period of profound strategic transition. Revenue of $58.63 million beat the $25.10 million consensus by 133.60%, though it reflected a 68.6% decline from the year-ago period, driven by lower real estate owned operations and net interest income that slipped to $36.07 million from $39.48 million as interest expense climbed to $113.92 million. The defining development of the quarter, and the catalyst reshaping the company's outlook, was the April 24 completion of its entire commercial real estate loan portfolio sale to Athene Holding at 99.7% of total loan commitments, leaving ARI holding approximately $1.30 billion in cash with a dramatically simplified balance sheet anchored by a handful of retained real estate assets. Looking ahead, the board approved a $150 million stock repurchase program, and the company's $0.25 per share dividend implies a 9.0% yield, even as some observers note mixed valuation signals at current price levels.

Key Takeaways
  • Net interest income of $36.1 million driven by $150.0 million in interest income from commercial mortgage loans
  • 99% first mortgage loan portfolio with 93% floating rate exposure
  • Weighted-average unlevered all-in yield of 7.0%
  • Decrease in current expected credit loss allowance of $3.3 million
  • Forward point gains of $3.9 million on foreign currency hedges
  • Loan repayments and sales of $469 million during Q1

Forward Guidance & Outlook

ARI completed the sale of its commercial real estate loan portfolio to Athene Holding Ltd. on April 24, 2026 for a purchase price based on 99.7% of total loan commitments. All foreign currency hedges were unwound and proceeds were used to repay associated secured debt and corporate-level facilities. Post-Asset Sale, the company holds approximately $1.3 billion in cash and retains the Brooklyn Multifamily property, D.C. Hotel, Atlanta Hotel, Massachusetts Healthcare investment, and the Chicago Hotel Loan (carrying value of $42 million, expected to repay after closing). The board approved a new $150 million stock repurchase program. The Series B-1 Preferred Stock becomes optionally redeemable on and after July 15, 2026 at $25.00 per share ($169 million liquidation preference).

ARI YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$60.0M$120.0M$180.0M$186.7M$58.6MRevenue$20.7M$23.2MNet Income$71.3M$22.4MOperating Income
$0$60.0M$120.0M$180.0MRevenueNet IncomeOperating Income

ARI Revenue by Segment

Residential Loans
Office Loans
Hotel Loans
Industrial Loans
Data Center Loans
Retail Loans
Other Loans
Mixed Use Loans

ARI Revenue by Geography

United States
United Kingdom$2.4B
Europe

Figures from SEC filings and company reports. Not investment advice.