Apollo Commercial Real Estate Finance, Inc. (ARI) Balance Sheet
ARI balance sheet, 2025
December 31, 2025 · U.S. dollars$9.90B assets = $8.04B liabilities + $1.86B equity
Both columns are drawn to the same scale: what ARI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARI financial health
Descriptive bands, not a rating. Fiscal 2025.
ARI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.48B2016 | $9.90B2025 | +12.3%/yr | |
| Total liabilities | $1.55B2016 | $8.04B2025 | +20.1%/yr | |
| Shareholders’ equity | $1.93B2016 | $1.86B2025 | −0.4%/yr | |
| Cash & short-term investments | $201.0M2016 | $139.8M2025 | −4.0%/yr | |
| Total debt | $1.72B2016 | $7.92B2025 | +18.5%/yr | |
| Net cash (debt) | −$1.52B2016 | −$7.78B2025 | −$6.3B | |
| Working capital | −$161.0M2016 | −$490.5M2025 | −$329.5M | |
| Book value per share | $26.362016 | $13.372025 | −7.3%/yr | |
| Current ratio | 0.002016 | 0.302025 | +0.30 | |
| Debt / equity | 0.892016 | 4.272025 | +3.37 | |
| Shares outstanding | 73.3M2016 | 138.9M2025 | +7.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARI assets
ARI liabilities and equity
ARI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $139.8M | $317.4M | $225.4M | $222.0M | $343.1M | $325.5M | $452.3M | $109.8M | $77.7M | $201.0M |
| Cash & equivalents | $139.8M | $317.4M | $225.4M | $222.0M | $343.1M | $325.5M | $452.3M | $109.8M | $77.7M | $201.0M |
| Short-term investments | — | — | $29.4M | $128.6M | $16.8M | — | — | $23.7M | $0 | $5.9M |
| Receivables | $70.8M | $58.5M | $72.4M | $65.4M | $41.2M | $40.6M | $35.6M | $33.4M | $23.1M | $19.3M |
| Inventory | $0 | $0 | −$29.4M | −$128.6M | −$16.8M | $42.9M | $0 | −$23.7M | $1 | −$5.9M |
| Other current assets | $0 | $0 | $29.4M | $63.3M | $16.8M | $0 | $0 | $23.7M | $0 | $0 |
| Total current assets | $210.7M | $375.9M | $297.8M | $222.0M | $384.3M | $366.1M | $487.9M | $143.2M | $100.8M | $1,094 |
| Property, plant & equipment (net) | $842.9M | $752.6M | $519.5M | $302.7M | $151.8M | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $8.81B | $7.87B | $6.54B | $6.38B | $4.95B | $3.68B | $2.87B |
| Other non-current assets | $8.85B | $7.28B | $8.48B | $233.0M | $6.5M | $34.1M | $25.4M | $1.3M | $308.1M | $615.5M |
| Total assets | $9.90B | $8.41B | $9.30B | $9.57B | $8.42B | $6.94B | $6.89B | $5.10B | $4.09B | $3.48B |
| Liabilities | ||||||||||
| Accounts payable | $33.9M | $28.3M | $31.0M | $31.2M | $25.2M | $18.8M | $6.9M | $1.5M | $1.5M | $17.7M |
| Short-term debt | $701.1M | $1.00B | $864.2M | $494.8M | $4.16B | $3.45B | $813.0M | $779.4M | $5.6M | $1.47B |
| Deferred revenue | — | — | — | — | — | — | — | −$779.4M | −$5.6M | −$1.47B |
| Total current liabilities | $701.1M | $1.00B | $864.2M | $722.2M | $4.18B | $3.47B | $813.0M | $779.4M | $84.7M | $161.0M |
| Long-term debt | $7.22B | $5.39B | $6.09B | $6.79B | $5.98B | $4.55B | $1.07B | $592.0M | $590.5M | $250.0M |
| Other long-term liabilities | $126.9M | $146.9M | $133.2M | $0 | $0 | $0 | $2.38B | $1.21B | $1.41B | $1.14B |
| Total liabilities | $8.04B | $6.54B | $7.09B | $7.21B | $6.12B | $4.67B | $4.26B | $2.59B | $2.00B | $1.55B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.5M | $1.3M | $1.1M | $914,000 |
| Retained earnings (deficit) | −$849.7M | −$822.7M | −$520.2M | −$363.9M | −$427.9M | −$438.7M | −$196.9M | −$130.2M | −$83.1M | −$48.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$68,000 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.8M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.86B | $1.87B | $2.21B | $2.35B | $2.29B | $2.27B | $2.63B | $2.51B | $2.09B | $1.93B |
| Key figures | ||||||||||
| Total debt | $7.92B | $6.39B | $6.95B | $7.29B | $10.14B | $8.00B | $4.13B | $2.47B | $1.92B | $1.72B |
| Net cash (debt) | −$7.78B | −$6.07B | −$6.73B | −$7.06B | −$9.80B | −$7.67B | −$3.68B | −$2.36B | −$1.84B | −$1.52B |
| Working capital | −$490.5M | −$628.3M | −$566.4M | −$500.2M | −$3.80B | −$3.10B | −$325.1M | −$636.2M | $16.1M | −$161.0M |
| Tangible book value | $1.86B | $1.87B | $2.21B | $2.35B | $2.29B | $2.27B | $2.63B | $2.51B | $2.09B | $1.93B |
| Book value per share | $13.37 | $13.42 | $15.63 | $14.23 | $13.63 | $15.34 | $14.96 | $16.32 | $20.63 | $26.36 |
| Shares outstanding | 138.9M | 139.7M | 141.3M | 165.5M | 168.4M | 148.0M | 175.8M | 153.8M | 101.2M | 73.3M |
| Current ratio | 0.30 | 0.37 | 0.34 | 0.31 | 0.09 | 0.11 | 0.60 | 0.18 | 1.19 | 0.00 |
| Quick ratio | 0.30 | 0.37 | 0.34 | 0.40 | 0.09 | 0.11 | 0.60 | 0.18 | 1.19 | 1.37 |
| Debt / equity | 4.27 | 3.41 | 3.15 | 3.09 | 4.42 | 3.52 | 1.57 | 0.98 | 0.92 | 0.89 |
| Equity / assets | 18.7% | 22.3% | 23.8% | 24.6% | 27.3% | 32.7% | 38.2% | 49.3% | 51.1% | 55.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.24B | $126.8M | $139.8M | $245.9M | $177.6M | $166.4M | $317.4M | $194.3M | $174.7M | $161.2M | $225.4M | $307.8M |
| Cash & equivalents | $1.24B | $126.8M | $139.8M | $245.9M | $177.6M | $166.4M | $317.4M | $194.3M | $174.7M | $161.2M | $225.4M | $307.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $47.7M | $47.3M | $29.4M | $94.0M |
| Receivables | $0 | $58.4M | $70.8M | $65.5M | $74.9M | $61.0M | $58.5M | $78.3M | $75.0M | $85.1M | $72.4M | $68.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$47.7M | −$47.3M | −$29.4M | −$94.0M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $47.7M | $47.3M | $29.4M | $25.4M |
| Total current assets | $1.24B | $185.2M | $210.7M | $311.3M | $252.5M | $227.5M | $375.9M | $272.6M | $249.7M | $246.3M | $297.8M | $307.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $827.7M | $805.7M | $775.4M | $752.6M | $708.5M | $665.6M | $627.1M | $519.5M | $495.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $23.4M | $23.2M | $23.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $896.8M | $9.90B | $9.69B | $8.36B | $8.74B | $7.76B | $7.28B | $8.12B | $8.36B | $8.35B | $8.48B | $8.35B |
| Total assets | $2.14B | $10.09B | $9.90B | $9.52B | $9.82B | $8.78B | $8.41B | $9.10B | $9.27B | $9.22B | $9.30B | $9.16B |
| Liabilities | ||||||||||||
| Accounts payable | $14.1M | $33.6M | $33.9M | $38.1M | $35.0M | $31.6M | $28.3M | $39.7M | $32.0M | $42.1M | $31.0M | $46.6M |
| Short-term debt | — | $6.49B | $701.1M | $798.7M | $1.89B | $1.24B | $1.00B | $1.25B | $1.25B | $701.3M | $864.2M | $5.15B |
| Deferred revenue | — | — | — | — | — | — | — | — | −$22.0M | — | — | — |
| Total current liabilities | $510.0M | $6.57B | $701.1M | $798.7M | $1.89B | $1.24B | $1.00B | $1.25B | $1.25B | $701.3M | $864.2M | $5.19B |
| Long-term debt | $371.4M | $1.66B | $7.22B | $6.73B | $5.93B | $5.57B | $5.39B | $5.79B | $1.48B | $1.40B | $1.40B | $3.83B |
| Other long-term liabilities | $510.0M | $38.1M | $126.9M | $132.6M | $154.6M | $108.6M | $146.9M | $185.2M | $4.55B | $5.07B | $4.82B | $0 |
| Total liabilities | $881.4M | $8.28B | $8.04B | $7.66B | $7.97B | $6.92B | $6.54B | $7.23B | $7.28B | $7.18B | $7.09B | $6.95B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | −$1.33B | −$861.3M | −$849.7M | −$840.2M | −$852.6M | −$835.0M | −$822.7M | −$824.8M | −$695.1M | −$678.4M | −$520.2M | −$512.9M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | −$68,000 | $0 | $0 | $0 | −$68,000 |
| Total shareholders' equity | $1.25B | $1.81B | $1.86B | $1.86B | $1.85B | $1.86B | $1.87B | $1.87B | $2.00B | $2.05B | $2.21B | $2.21B |
| Key figures | ||||||||||||
| Total debt | $371.4M | $8.16B | $7.92B | $7.52B | $7.82B | $6.81B | $6.39B | $7.12B | $7.12B | $7.01B | $6.95B | $8.98B |
| Net cash (debt) | $868.1M | −$8.03B | −$7.78B | −$7.28B | −$7.64B | −$6.65B | −$6.07B | −$6.92B | −$6.94B | −$6.85B | −$6.73B | −$8.67B |
| Working capital | $729.5M | −$6.39B | −$490.5M | −$487.4M | −$1.64B | −$1.02B | −$628.3M | −$979.4M | −$996.1M | −$455.0M | −$566.4M | −$4.89B |
| Tangible book value | $1.25B | $1.81B | $1.86B | $1.86B | $1.85B | $1.86B | $1.87B | $1.87B | $2.00B | $2.05B | $2.21B | $2.21B |
| Book value per share | $9.54 | $12.97 | $13.36 | $13.33 | $13.26 | $13.39 | $13.57 | $13.51 | $14.20 | $14.43 | $15.63 | $15.65 |
| Shares outstanding | 131.6M | 139.7M | 138.9M | 139.7M | 139.2M | 139.0M | 138.2M | 138.2M | 140.6M | 141.9M | 141.3M | 141.4M |
| Current ratio | 2.43 | 0.03 | 0.30 | 0.39 | 0.13 | 0.18 | 0.37 | 0.22 | 0.20 | 0.35 | 0.34 | 0.06 |
| Quick ratio | 2.43 | 0.03 | 0.30 | 0.39 | 0.13 | 0.18 | 0.37 | 0.22 | 0.20 | 0.35 | 0.34 | 0.07 |
| Debt / equity | 0.30 | 4.50 | 4.27 | 4.04 | 4.23 | 3.66 | 3.41 | 3.81 | 3.56 | 3.43 | 3.15 | 4.06 |
| Equity / assets | 58.7% | 18.0% | 18.7% | 19.6% | 18.8% | 21.2% | 22.3% | 20.5% | 21.5% | 22.2% | 23.8% | 24.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
ARI financial position
At the end of fiscal 2025 (December 31, 2025), Apollo Commercial Real Estate Finance had total assets of $9.9 billion (up 17.7% from a year earlier), total liabilities of $8.0 billion and shareholders' equity of $1.9 billion. It held $139.8 million in cash and short-term investments against $7.9 billion of debt, net debt of $7.8 billion. Its current ratio was 0.30. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $1.3 billion.
Related: ARI income statement, ARI cash flow statement, ARI key metrics. See the ARI stock overview for the latest quote and news.
ARI balance sheet FAQ
What are Apollo Commercial Real Estate Finance's total assets?
Apollo Commercial Real Estate Finance reported total assets of $9.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.4 billion a year earlier.
How much debt does Apollo Commercial Real Estate Finance have?
Apollo Commercial Real Estate Finance had $7.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 4.27.
How much cash does Apollo Commercial Real Estate Finance have?
Apollo Commercial Real Estate Finance held $139.8 million in cash and short-term investments at the end of fiscal 2025; with $7.9 billion of debt that is net debt of $7.8 billion.
What is Apollo Commercial Real Estate Finance's book value?
Apollo Commercial Real Estate Finance's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $13.37 per share.
What is Apollo Commercial Real Estate Finance's current ratio?
Apollo Commercial Real Estate Finance had current assets of $210.7 million and current liabilities of $701.1 million, a current ratio of 0.30 (current liabilities exceed current assets).