Company: ARI
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0000950170-25-099645
Chunk: 0

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 0
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Apollo Commercial Real Estate Finance, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands—except share data)

     June 30, 2025

     December 31, 2024

     Assets:

     Cash and cash equivalents
      
     $
     177,623

     $
     317,396

     Commercial mortgage loans, net(1)(2)

     8,479,438

     6,715,347

     Subordinate loans, net(2)

     145,472

     388,809

     Real estate owned, held for investment, net(3) (net of $28,252 and $23,266 accumulated depreciation in 2025 and 2024, respectively)

     805,653

     752,643

     Other assets

     168,636

     138,027

     Note Receivable, held for sale

     39,964

     41,200

     Derivative assets, net

     171

     58,169

     Total Assets
      
     $
     9,816,957

     $
     8,411,591

     Liabilities and Stockholders' Equity

     Liabilities:

     Secured debt arrangements, net
      
     $
     6,213,188

     $
     4,814,973

     Senior secured term loans, net

     729,416

     754,210

     Senior secured notes, net

     496,826

     496,433

     Debt related to real estate owned, held for investment, net

     376,504

     324,587

     Accounts payable, accrued expenses and other liabilities(4)

     88,519

     138,179

     Derivative liabilities, net

     57,758

     —

     Payable to related party

     8,360

     8,728

     Total Liabilities
      
     $
     7,970,571

     $
     6,537,110

     Commitments and Contingencies (see Note 16)

     Stockholders' Equity:

     Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260