Apollo Commercial Real Estate Finance, Inc. reported its financial results for the third quarter of 2025, revealing a net income of $50.8 million, or $0.34 per diluted share, compared to a net loss of $91.5 million for the same period in 2024. For the nine months ended September 30, 2025, the company recorded a net income of $97.5 million, or $0.62 per diluted share, a significant recovery from a net loss of $160.3 million in the prior year. The total net revenue for the third quarter was $61.6 million, down from $71.6 million in the same quarter last year, primarily due to a decrease in interest income from commercial mortgage loans, which fell to $155.3 million from $179.9 million.
The company’s total assets increased to $9.5 billion as of September 30, 2025, up from $8.4 billion at the end of 2024. This growth was driven by a rise in commercial mortgage loans, which reached $8.1 billion, compared to $6.7 billion at the end of the previous fiscal year. However, the company’s liabilities also rose, with total liabilities increasing to $7.7 billion from $6.5 billion, largely due to higher secured debt arrangements. The stockholders' equity decreased slightly to $1.9 billion from $1.9 billion at the end of 2024, reflecting ongoing operational adjustments and market conditions.
In terms of operational developments, Apollo Commercial Real Estate Finance has been actively managing its loan portfolio, which consisted of 54 loans as of September 30, 2025, with a carrying value of $8.3 billion. The portfolio's weighted-average risk rating remained stable at 3.0, indicating a moderate risk profile. The company also reported a decrease in its Specific CECL Allowance to $335 million, down from $342.5 million at the end of 2024, reflecting improved credit quality in its loan portfolio. The General CECL Allowance increased to $39.3 million, driven by new loan originations and extended repayment dates.
Looking ahead, Apollo Commercial Real Estate Finance remains focused on its strategy of originating and managing high-quality commercial mortgage loans. The company has committed $3.1 billion to new loans in 2025, with $2.2 billion funded at closing. The management anticipates continued growth in its loan portfolio, supported by favorable market conditions and strategic partnerships. However, the company also acknowledges potential risks related to macroeconomic factors, including interest rate fluctuations and market volatility, which could impact its financial performance and operational strategies in the future.
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. is a REIT specializing in originating, acquiring, and managing performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. It targets institutional-quality real estate assets primarily in the U.S. and Europe. Externally managed by Apollo Global Management, the company leverages Apollo’s expertise and platform to deliver attractive risk-adjusted returns through dividends and capital appreciation, using a leveraged financing model.
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