Apollo Commercial Real Estate Finance, Inc. (ARI)

ARI Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	126.96	126.72	-119.64	58.13	265.23	223.52
Depreciation & Amortization	-5.93	-4.71	-0.88	-6.64	-38.23	-53.21
Provision for Credit Losses	-4.07	3.23	155.78	59.43	-17.62	-34.77
Stock-Based Compensation	13.25	13.63	16.47	17.44	18.25	17.63
Other Adjustments	-33.47	-23.16	210.31	146.72	-33.2	4.55
Changes in Other Operating Activities	16.03	26.81	-61.78	-1.22	73.28	41.67
Operating Cash Flow	115.77	142.52	200.26	273.86	267.71	199.38
Operating Cash Flow Growth	-38.00%	-28.83%	-26.88%	2.30%	34.27%	21.54%
Net Change in Loans Held-for-Investment	-1,176	-1,304	577.61	239.35	-1,470	-1,496
Capital Expenditures	-88.18	-100.21	-169.51	-72.63	-33.04	-0.13
Sale of Property, Plant & Equipment	-	-	91.89	0.57	-	46.5
Other Investing Activities	49.37	17.17	77.18	-98.86	164.07	92.49
Investing Cash Flow	-1,156	-1,387	577.17	68.42	-1,339	-1,357
Long-Term Debt Issued	4,030	3,850	2,161	806.84	3,001	3,077
Long-Term Debt Repaid	-2,811	-2,598	-2,593	-916.85	-1,807	-1,661
Net Long-Term Debt Issued (Repaid)	1,220	1,252	-431.93	-110	1,194	1,416
Repurchase of Common Stock	-35.92	-5.01	-48.29	-6.86	-6.97	-4.28
Net Common Stock Issued (Repurchased)	-35.92	-5.01	-48.29	-6.86	-6.97	-4.28
Common Dividends Paid	-141.46	-141.28	-185.95	-202.02	-200.57	-199.65
Preferred Share Dividends Paid	-12.27	-12.27	-12.27	-12.27	-12.27	-12.96
Other Financing Activities	-27.62	-28.41	-10.87	-12.21	-16.49	-24.06
Financing Cash Flow	999.43	1,065	-689.31	-343.36	957.97	1,175
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1.51	2.2	3.26	-0.61	-1.73	-
Net Cash Flow	-149.84	-359.54	176.81	2.94	-233.03	35.22
Free Cash Flow	27.59	42.31	30.75	201.23	234.67	199.25
Free Cash Flow Growth	-34.79%	37.59%	-84.72%	-14.25%	17.78%	21.45%
FCF Margin	10.44%	15.58%	10.13%	58.40%	77.29%	70.03%
Free Cash Flow Per Share	0.20	0.30	0.22	1.42	1.42	1.18
Levered Free Cash Flow	1,256	1,288	-796.01	-144.63	1,449	1,615
Unlevered Free Cash Flow	-78.07	-78.11	-232.17	-80.49	2.01	-11.67

Updated Apr 29, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q