Apollo Commercial Real Estate Finance (ARI) Operating Expenses (2010 - 2026)
Apollo Commercial Real Estate Finance's (ARI) quarterly Operating Expenses came in at $36.3 million in Q1 2026, down 5.65% YoY from $38.4 million in Q1 2025, and down 16.51% on a QoQ basis from $43.4 million in Q4 2025.
Apollo Commercial Real Estate Finance (ARI) Operating Expenses (2010 - 2026) Analysis & Trends
Apollo Commercial Real Estate Finance (ARI) has 17 years of Operating Expenses data on file, last reported at $36.3 million in Q1 2026.
- Quarterly Operating Expenses fell 5.65% year-over-year to $36.3 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $155.8 million (changed 0.27% YoY) and the FY2025 annual result came in at $158.0 million, down 0.73% from the prior year.
- Operating Expenses declined to $36.3 million in Q1 2026, from $43.4 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $43.4 million in Q4 2025 to a low of $26.9 million in Q1 2022.
- A 5-year average of $36.6 million and a median of $37.8 million in 2023 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses soared 64.97% — and 2025, when it slipped 7.02%.
- Tracing ARI's Operating Expenses over 5 years: stood at $34.1 million in 2022, then grew by 10.71% to $37.8 million in 2023, then grew by 1.82% to $38.5 million in 2024, then climbed by 12.85% to $43.4 million in 2025, then retreated by 16.51% to $36.3 million in 2026.
- The last three Operating Expenses figures came in at $36.3 million (Q1 2026), $43.4 million (Q4 2025), and $37.5 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Annaly Capital Management | 17.29 Bn | 14.38 Bn | - | 71.74 Mn |
| 2 | AGNC Investment | 12.65 Bn | 11.32 Bn | - | 30.00 Mn |
| 3 | Starwood Property Trust | 5.95 Bn | 3.79 Bn | - | 524.77 Mn |
| 4 | Rithm Capital | 5.71 Bn | 5.71 Bn | - | 1.28 Bn |
| 5 | Dynex Capital | 2.93 Bn | 2.32 Bn | - | 16.21 Mn |
| 6 | Blackstone Mortgage Trust | 2.40 Bn | 1.97 Bn | - | 111.00 Mn |
| 7 | Armour Residential REIT | 2.12 Bn | 2.03 Bn | - | 17.16 Mn |
| 8 | Ellington Financial | 1.73 Bn | 1.49 Bn | - | 76.02 Mn |
| 9 | Orchid Island Capital | 1.34 Bn | 654.61 Mn | 61.82 Mn | 6.76 Mn |
| 10 | Apollo Commercial Real Estate Finance | 894.23 Mn | -345.25 Mn | - | 37.08 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 37.08 Mn |
| Mar 31, 2026 | 36.27 Mn |
| Dec 31, 2025 | 43.44 Mn |
| Sep 30, 2025 | 37.52 Mn |
| Jun 30, 2025 | 38.56 Mn |
| Mar 31, 2025 | 38.44 Mn |
| Dec 31, 2024 | 38.49 Mn |
| Sep 30, 2024 | 38.57 Mn |
| Jun 30, 2024 | 40.72 Mn |
| Mar 31, 2024 | 41.34 Mn |
| Dec 31, 2023 | 37.81 Mn |
| Sep 30, 2023 | 37.15 Mn |
| Jun 30, 2023 | 39.02 Mn |
| Mar 31, 2023 | 34.52 Mn |
| Dec 31, 2022 | 34.15 Mn |
| Sep 30, 2022 | 30.21 Mn |
| Jun 30, 2022 | 29.90 Mn |
| Mar 31, 2022 | 26.90 Mn |
| Dec 31, 2021 | 30.50 Mn |
| Sep 30, 2021 | 24.15 Mn |