Apollo Commercial Real Estate Finance, Inc. cash flow statement

In fiscal 2025, Apollo Commercial Real Estate Finance, Inc.'s operations generated $143m of cash. It returned $141m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Apollo Commercial Real Estate Finance, Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	273	164	199	268	274	200	143	86
Depreciation and amortisation	0	0	3	1	8	12	11	15
Stock-based pay	16	17	18	18	17	16	14	13
Dividends paid	269	238	200	201	202	186	141	141
Share buybacks	0	128	0	0	0	41	0	124
Shares issued	315	0	0	—	—	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Apollo Commercial Real Estate Finance, Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	47	50	39	63	32	8	13	34
Depreciation and amortisation	2	2	2	3	3	3	4	5
Stock-based pay	4	4	3	3	3	3	3	3

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Apollo Commercial Real Estate Finance, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Apollo Commercial Real Estate Finance, Inc.