Apollo Commercial Real Estate Finance Reports Q4 2025 Results

Company provides update on real estate owned assets, loan portfolio sale, and strategic path forward

Published on Feb. 11, 2026

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Apollo Commercial Real Estate Finance (NYSE:ARI) used its fourth-quarter and full-year 2025 earnings call to provide an update on the real estate owned (REO) assets it expects to retain following its previously announced plan to sell ARI's loan portfolio to Athene. Management also reviewed quarterly results, portfolio activity, and balance sheet positioning, and addressed investor questions around the strategic path forward and the dividend.

Why it matters

As a real estate finance company, ARI's performance and strategic decisions have implications for the broader commercial real estate market. The company's plan to sell its loan portfolio and retain certain REO assets signals a shift in its business model and raises questions about its long-term strategy and ability to generate returns for shareholders.

The details

CEO Stuart Rothstein said the company continues to actively manage its REO portfolio, with plans to improve cash flow and maximize value at exit for four retained assets: The Mayflower hotel, The Courtland Grand hotel in Atlanta, a Massachusetts pre-development portfolio, and a minority interest in two former hospital sites. CFO Anastasia Mironova reported Q4 distributable earnings of $0.26 per share and full-year distributable earnings of $0.98 per share. The company recorded a $3 million specific CECL allowance in Q4 tied to a Chicago hotel loan, but the overall credit profile remained stable. ARI's loan portfolio grew by $1.6 billion year-over-year, with more than 60% represented by post-2022 originations.

  • ARI reported its Q4 and full-year 2025 earnings on February 11, 2026.
  • A fire occurred at The Courtland Grand hotel in Atlanta in October 2025.

The players

Apollo Commercial Real Estate Finance (ARI)

A real estate finance company structured as a real estate investment trust (REIT) that focuses on originating, acquiring and managing commercial real estate debt and preferred equity investments.

Stuart Rothstein

Chief Executive Officer of Apollo Commercial Real Estate Finance.

Anastasia Mironova

Chief Financial Officer of Apollo Commercial Real Estate Finance.

Athene

The company that ARI plans to sell its loan portfolio to.

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What they’re saying

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— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

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— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.