Apollo Commercial Real Estate Finance
Winding down a formerly Apollo-managed commercial real estate loan REIT.
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Profile
After selling its commercial real estate loan portfolio, the vehicle now holds cash and retained real estate while its board pursues liquidation and winding up. Its prior model was an Apollo-managed mortgage REIT focused on senior commercial mortgages, subordinate financings, and related real estate debt.
Formed in 2009 as an Apollo-sponsored commercial real estate finance vehicle, the legacy business originated, acquired, and managed senior mortgage loans, subordinate financings, and related real estate debt. Collateral was tied to commercial properties in the United States and Europe, with real estate owned also part of the asset base.
After the Athene portfolio sale, the public company shifted from credit origination to cash, retained real estate interests, and disposition work. Remaining properties cited in company materials include multifamily, hotel, and healthcare real estate.
Execution runs through ACREFI Management and Apollo affiliates because the issuer has no employees and is externally managed. The board has said liquidation, asset sales, and winding up are advisable, while retaining authority to modify the plan or pursue another strategic alternative.
Company facts
Categories
Key statistics
Year to date −30.4% · Average volume (30d) 3.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Jun 25, 2026 | BTIG | Downgrade | Buy | Neutral |
| Oct 20, 2025 | JP Morgan | Upgrade | Neutral | Overweight |
| Apr 7, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.11 | −$2.62 | −2,585.8% | $34.7M | — | — | +2.68% |
| Aug 10, 2026Q2 FY26 | $0.11 | $0.15 | +42.3% | $34.7M | $44.4M | +27.9% | +1.05% |
| Apr 28, 2026Q1 FY26 | $0.29 | $0.22 | −24.1% | $77.9M | $58.6M | −24.7% | −2.89% |
| Feb 10, 2026Q4 FY25 | $0.27 | $0.26 | −3.7% | $69.7M | $73.2M | +5.1% | −0.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $173.9M | $186.8M | $167.1M | $182.7M | $172.6M | −$261.4M | |
| Gross profit | $139.6M | $152.2M | $133.5M | $143.4M | $40.4M | −$297.3M | |
| Operating income | $89.4M | $71.3M | $162.6M | $141.0M | $22.4M | $63.0M | |
| Net income | $26.0M | $20.7M | $50.8M | $29.2M | $26.2M | $25.8M | |
| Diluted EPS | $0.16 | $0.12 | $0.34 | $0.18 | $0.16 | $0.11 | |
| Gross margin | 80.3% | 81.5% | 79.9% | 78.5% | 23.4% | — | |
| Operating margin | 51.4% | 38.2% | 97.3% | 77.2% | 13.0% | — |
Fiscal years (4-quarter sums)FY21 $421.6M · FY22 $641.3M · FY23 $777.0M · FY24 $701.5M · FY25 $710.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.24B · Total debt $371.4M · Total assets $2.14B · Shareholders' equity $1.25B
Dividends
Last raised to $3.75 from $0.25 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 16, 2026 | Jun 30 | $3.75 | special dividend | |
| Jun 30, 2026 | Jun 30 | Jul 15 | $3.75 | raised from $0.25 |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.25 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.25 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.25 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.25 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.25 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.25 |
Ownership
Shares outstanding 130.95M · Float 129.60M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.93M | 9.11% | 13F | Aug 7, 2026 |
| Newtyn Management, LLC | 10.31M | 7.90% | 13G | Jul 30, 2026 |
| Millennium Management LLC | 6.74M | 5.30% | 13G | Jul 30, 2026 |
| Vanguard Portfolio Management LLC | 6.09M | 4.65% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 6.03M | 4.60% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Michael Salvati | director | −960 | $6.86 |
| May 13, 2026 | Carmencita N.M. Whonder | director | −4,574 | $10.93 |
| Dec 15, 2025 | Stuart Rothstein | director, officer: President & CEO | −52,072 | $10.16 |
| Sep 15, 2025 | Stuart Rothstein | director, officer: President & CEO | −52,073 | $10.78 |
Peers
- Blackstone Mortgage Trust
Blackstone-backed senior CRE loan platform with global sponsor reach
- Starwood Property Trust
Scaled CRE lender spanning mortgages, mezzanine credit and CMBS
- KKR Real Estate Finance Trust
KKR-backed senior CRE lender focused on transitional properties
- Ladder Capital
Internally managed CRE lender across loans, securities and real estate
- Ares Commercial Real Estate
Ares-managed CRE lender focused on senior mortgage loans
- BrightSpire Capital
Middle-market CRE credit REIT with senior and mezzanine lending
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Apollo Commercial Real Estate Finance | $6.85 | −0.15% | $897.0M | 8.7 | — | 3.4 | −76.2% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Median | 23.4 | 9.4 | 2.2 | −0.9% |