--- title: "Apollo Commercial Real | 10-K: FY2025 Revenue: USD 271.59 M" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275512300.md" datetime: "2026-02-10T21:22:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275512300.md) - [en](https://longbridge.com/en/news/275512300.md) - [zh-HK](https://longbridge.com/zh-HK/news/275512300.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275512300.md) | [English](https://longbridge.com/en/news/275512300.md) # Apollo Commercial Real | 10-K: FY2025 Revenue: USD 271.59 M Revenue: As of FY2025, the actual value is USD 271.59 M. EPS: As of FY2025, the actual value is USD 0.81, beating the estimate of USD 0.7407. EBIT: As of FY2025, the actual value is USD -53.06 M. Apollo Commercial Real Estate Finance, Inc. operates in one reporting segment and reported the following key financial and operational metrics: #### Operational Metrics - **Net Income (Loss) Available to Common Stockholders**: - For the year ended December 31, 2025: $114.4 million. - For the year ended December 31, 2024: - $131.9 million. - **Net Interest Income**: - For the year ended December 31, 2025: $166.7 million. - For the year ended December 31, 2024: $199.0 million. This represents a decrease of $32.3 million, primarily due to lower average index rates, a loss on investment in Q3 2024, and the modification of two commercial mortgage loans from floating to fixed rates in Q2 2024. - **Revenue from Real Estate Owned Operations**: - For the year ended December 31, 2025: $104.9 million. - For the year ended December 31, 2024: $104.7 million. - **Operating Expenses Related to Real Estate Owned**: - For the year ended December 31, 2025: - $85.2 million. - For the year ended December 31, 2024: - $81.7 million. - **Depreciation and Amortization on Real Estate Owned**: - For the year ended December 31, 2025: - $11.2 million. - For the year ended December 31, 2024: - $11.7 million. - **General and Administrative Expenses**: - For the year ended December 31, 2025: - $27.4 million. - For the year ended December 31, 2024: - $29.6 million. This represents a decrease of $2.2 million, mainly due to a decrease in amortization of Restricted Stock Units (RSUs). - **Management Fees to Related Party**: - For the year ended December 31, 2025: - $34.2 million. - For the year ended December 31, 2024: - $36.1 million. This represents a decrease of $2.0 million, primarily due to a decrease in Stockholders’ Equity. - **Other Income, Net**: - For the year ended December 31, 2025: $7.9 million. - For the year ended December 31, 2024: $4.5 million. - **Income from Equity Method Investment**: - For the year ended December 31, 2025: $15.4 million, including a $17.4 million net gain from a litigation settlement related to the Massachusetts Healthcare JV. - For the year ended December 31, 2024: $0. - **Net Realized Loss on Investments**: - For the year ended December 31, 2025: - $7.4 million, consisting of a - $1.2 million loss on a promissory note sale and a - $6.2 million loss on the Michigan Office Loan payoff. - For the year ended December 31, 2024: - $128.2 million, primarily from the extinguishment of the Massachusetts Healthcare Loan (- $127.5 million) and the sale of a commercial mortgage loan (- $0.7 million). - **Decrease (Increase) in Specific CECL Allowance, Net**: - For the year ended December 31, 2025: $4.5 million decrease. - For the year ended December 31, 2024: - $149.5 million increase. - **Increase in General CECL Allowance, Net**: - For the year ended December 31, 2025: - $7.7 million. - For the year ended December 31, 2024: - $6.3 million. - **Gain (Loss) on Foreign Currency Forward Contracts**: - For the year ended December 31, 2025: - $98.7 million. - For the year ended December 31, 2024: $52.6 million. - **Foreign Currency Translation Gain (Loss)**: - For the year ended December 31, 2025: $99.5 million. - For the year ended December 31, 2024: - $37.5 million. - **Gain on Interest Rate Hedging Instruments**: - For the year ended December 31, 2025: $23 thousand. - For the year ended December 31, 2024: $570 thousand. - **Net Income (Loss) Before Taxes**: - For the year ended December 31, 2025: $127.1 million. - For the year ended December 31, 2024: - $119.2 million. - **Income Tax Provision**: - For the year ended December 31, 2025: - $331 thousand. - For the year ended December 31, 2024: - $394 thousand. - **Net Income (Loss)**: - For the year ended December 31, 2025: $126.7 million. - For the year ended December 31, 2024: - $119.6 million. #### Non-GAAP Financial Measures - **Distributable Earnings**: - For the year ended December 31, 2025: $148.7 million, or $1.05 per share. - For the year ended December 31, 2024: $61.3 million, or $0.43 per share. - **Book Value Per Share**: - As of December 31, 2025: $12.14. - As of December 31, 2024: $12.34. #### Loan Portfolio Overview (as of December 31, 2025) - **Total Loans, Net (Carrying Value)**: $8.77 billion, consisting of $8.71 billion in commercial mortgage loans and $62.2 million in subordinate loans. - **Weighted-Average Risk Rating of Loan Portfolio**: 3.0. - **Weighted-Average Coupon**: 6.5%. - **Weighted-Average All-in Yield**: 7.3%. - **Secured Debt Arrangements**: $6.28 billion. - **Cost of Funds**: 5.5%. - **Equity at Cost**: $2.50 billion. - **Loan Originations and Repayments (Year Ended December 31, 2025)**: - Committed capital to new loans: $4.4 billion ($3.3 billion funded at closing). - Add-on fundings: $899.4 million. - Repayments and sales of loans: $2.9 billion. - **Unfunded Loan Commitments**: $1.0 billion, with $590.9 million expected to be funded in the short term. - **Debt-to-Equity Ratio**: 4.1. #### Outlook / Guidance Apollo Commercial Real Estate Finance, Inc. entered into an agreement on January 27, 2026, to sell its entire commercial real estate loan portfolio, excluding two loans totaling $146 million expected to be repaid prior to closing. This potential sale is expected to significantly change the company’s strategy and operations, though it intends to continue to qualify as a REIT and maintain compliance with REIT asset tests after the transaction and any new asset strategy. ### 相關股票 - [Apollo Commercial Real (ARI.US)](https://longbridge.com/zh-HK/quote/ARI.US.md) ## 相關資訊與研究 - [Qualitas Real Estate Income Fund Posts Estimated NTA of $1.6093 per Unit](https://longbridge.com/zh-HK/news/281156355.md) - [12:45 ETUnited Real Estate Expands East and West Coast Presence with Allison James Estates and Homes](https://longbridge.com/zh-HK/news/281556523.md) - [Roadside Real Estate Triggers CSS Stake Sale to Fund Fuels Acquisition](https://longbridge.com/zh-HK/news/281138098.md) - [Riverview Bancorp Expands Board, Adds Technology and Real Estate Expertise](https://longbridge.com/zh-HK/news/281576639.md) - [Chestertons taps RESAAS to power new global real estate referral platform](https://longbridge.com/zh-HK/news/281225880.md)