Short answer
Apollo Commercial Real Estate Finance, Inc. (ARI) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $272M (−10.6% year over year) and net income of $127M.
- Top risk flagged: Cybersecurity breach risk with potential disruption, fund misappropriation, and damage to business relationships
FY2025 key financial metrics · XBRL
- Revenue
- $272M
- −10.6% YoY
- Net income
- $127M
- +205.9% YoY
- EPS (diluted)
- $0.81
- +183.5% YoY
- ROE
- 6.8%
- +13.2 pp YoY
- Operating cash flow
- $143M
- −28.8% YoY
Source: XBRL data from the Apollo Commercial Real Estate Finance, Inc. (ARI) FY2025 10-K on SEC EDGAR. USD.
Apollo Commercial Real Estate Finance, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Originates, acquires, manages performing commercial first mortgage loans, subordinate financings, commercial real estate debt investments as a REIT
- New emphasis: Consolidation of Barclays securitization vehicle ACRE Debt 2 PLC as VIE, enhancing control over securitized commercial mortgage assets
- Strategic positioning: Returned to net income $126.7M in 2025 from net loss $(119.6)M in 2024, driven by $8.7B commercial mortgage loans (29.7% YoY growth)
- Quantitative highlight: Increase in commercial mortgage loans from $6.7B (2024) to $8.7B (2025); secured debt arrangements rose to $6.27B from $4.81B
- Noteworthy detail: Significant foreign currency translation gain of $99.5M in 2025 reversing prior year $(37.5)M loss, impacting income volatility
Management Discussion & Analysis
- Best performing segment not specified; discussion centers on real estate owned and loan loss allowances without segment profit data
- Capital allocation details (buybacks, dividends, capex) not addressed in provided text
- Forward-looking risk: CECL allowance sensitive to macroeconomic forecasts and loan performance assumptions impacting credit loss estimates
Risk Factors
- Cybersecurity breach risk with potential disruption, fund misappropriation, and damage to business relationships
- Board-level oversight by AGM audit committee with quarterly cyber risk updates from CISO and risk management teams
- Dependency on Apollo Technology and ERM teams for cybersecurity threat detection, mitigation, and incident response
- Regular third-party and independent cybersecurity reviews informing risk management and compliance efforts
Generated from the filing text; verify against the original. How to read a 10-K
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