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Apollo Commercial Real Estate Finance logo

Apollo Commercial Real Estate Finance Cash Flow Statement

Operating, investing, and financing cash movements

Apollo Commercial Real Estate Finance generated $115.8M in operating cash flow over the trailing twelve months. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$115.8MNet Cash From Investing (TTM)-$462.7MNet Cash From Financing (TTM)$262.2MDepreciation And Amortization Cf (TTM)$12.7MNet Change In Cash (TTM)-$78.3M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$1.5B
P/E Ratio11.47
ROE6.91%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in related party payables-$75K-$162K-$206K—-$29K-$486K
Debt issuance costs and discount amortization-$7.9M-$5.6M-$6.2M-$11.4M-$9.9M-$9.5M
Amortization of debt issuance costs$4M$3.8M$4.4M$4.8M$4.2M$4.9M
Change in other assets-$29.6M$4.3M$8.3M—$15.2M-$37.1M
Depreciation and amortization$2.4M$2.5M$2.5M$2.8M$3.4M$4M
Equity in income of investees$0-$689K—$17.1M—-$274K
Realized Foreign Currency Transaction Gain (Loss)-$145.2M$36M$72.7M—$3.4M-$24.3M
Net cash from operating activities$49.9M$39.3M$63.2M$31.7M$8.2M$12.6M
Net income—$26M$20.7M$50.8M$29.2M$26.2M
Amortization Of Debt Discount Premium-$7.9M-$5.6M-$6.2M-$11.4M-$9.9M-$9.5M
Amortization expense related to capitalized debt issuance costs$4M$3.8M$4.4M$4.8M$4.2M$4.9M
Collateral (posted) received, net$66M-$41.1M-$69.4M——$49.4M
Increase (Decrease) in Other Operating Assets-$29.6M$4.3M$8.3M—$15.2M-$37.1M
Increase Decreasein Accounts Payable Accrued Liabilitiesand Other Liabilities-$98.5M$3M$3M$3.1M—-$28.5M
Total provisions for credit losses$0$4M$3.1M-$6.4M$2.5M-$3.3M
Straight Line Rent Amortization$0$0——-$704K-$898K
Provision for credit losses$0$4M$3.1M-$6.4M$2.5M-$3.3M
Stock-based compensation$4M$3.4M$3.4M$3.4M$3.4M$3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net Change in Cash Excluding Exchange Rate Effect$122.8M-$152M——-$104.7M-$13.4M
Effect of exchange rate changes on cash$356K$1.1M$1.2M$1.2M—$387K
Net Change in Cash Excluding FX Effect$122.8M-$152M——-$104.7M-$13.4M
Net increase (decrease) in cash$122.8M-$152M——-$104.7M-$13.4M
Net Change in Cash Excluding Exchange Rate Effect$122.8M-$152M——-$104.7M-$13.4M
Loan Modification Accounted For As A New Loan$0$65.6M$65.6M$65.6M$65.6M—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$2M$2M$9.3M$1.9M$1.9M$1.9M
Dividends paid$35.2M$35.4M$35.3M$34.7M$35.8M$35.6M
Dividends paid on preferred stock$3.1M$3.1M$3.1M$3.1M$3.1M$3.1M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$3.1M$3.1M$3.1M$3.1M$3.1M$3.1M
Proceeds From Mortgage Related To Real Estate Owned$45.3M$20.5M$30.4M$25.9M$21.3M$14M
Repayments of Senior Debt$2M$2M$9.3M$1.9M$1.9M$1.9M
Proceeds from Secured Long-Term Debt$315M$406.8M$1.6B$1B$701.3M$594.1M
Repayments of Secured Debt$832.5M$111.5M$822.9M$1.3B$346.5M$324.8M
Net cash from financing activities-$513.5M$266.3M$744.5M—$333M$200.8M
Payment of debt issuance costs$978K$4.1M$11.4M$5M$2.2M$6.1M
Repurchases of common stock$1K$0$0$0$0$30.3M
Taxes paid for net share settlement$33K$4.9M—$61K—$5.6M
Payments of consent fees related to long-term debt$978K$4.1M$11.4M$5M$2.2M$6.1M
Proceeds from Issuance of Secured Debt$315M$406.8M$1.6B$1B$701.3M$594.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$121.4M$102M$121.1M$112.5M$120.1M$111.7M
Loan Proceeds Held By Servicer Noncash—-$47M——-$8.6M$97.6M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Additional Payments To Fund Commercial Mortgage Loans$82.2M$59.2M$385.4M$226.1M$193.4M$333.4M
Additional Payments To Fund Subordinate Loans$14.4M$13.6M$8.9M$8.3M$4.4M$5.5M
Payments to Acquire Equity Method Investments$0$3.3M$947K$1.2M$628K$869K
Payments To Develop Real Estate Assets$46.2M$24.9M$32.5M$24.5M$18.4M$12.8M
Payments To Fund Commercial Mortgage Loans$289.1M$460.5M$915.6M$807.1M$851.1M$299.9M
Proceeds From Collection Of Subordinate Loans And Other Lending Assets$0$0$79.2M$1.3M$96.1M$16.6M
Repayments/(advancement) of loan proceeds$5.1M$6.9M$20M$10M$10.1M$4.2M
Proceeds from Sale and Collection of Mortgage Notes Receivable$846.3M$138M$515.9M$1.3B$513.3M$355.6M
Net cash from investing activities$586.3M-$457.7M-$797.7M—-$446M-$226.7M
Purchases of equity securities$0$3.3M$947K$1.2M$628K$869K