Apollo Commercial Real Estate Finance (ARI) Operating Expenses (2010 - 2026)
Apollo Commercial Real Estate Finance (ARI) reported Operating Expenses of $37.08 million for Q2 2026, down 3.8% from $38.56 million a year earlier but up 2.2% from the prior quarter.
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Analysis
Apollo Commercial Real Estate Finance (ARI) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Apollo Commercial Real Estate Finance's Operating Expenses came in at $154.31 million, up 0.2% year-over-year; for FY2025, it came in at $157.96 million, down 0.7% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 18.9% (FY2020 to FY2025).
- By year, Operating Expenses came in at $159.12 million in FY2024 (+7.1%), $148.51 million in FY2023 (+22.6%), $121.15 million in FY2022 (+35.3%) and $89.57 million in FY2021 (+34.5%).
- Five-year quarterly Operating Expenses spans a low of $24.15 million in Q3 2021 and a high of $43.44 million in Q4 2025.
- Year over year, Operating Expenses gained in three of the last eight quarters, with an average decline of 0.8%.
- The high point for year-over-year Operating Expenses in five years was Q4 2021 (growth of 80.8%); the low point was Q1 2025 (a decline of 7.0%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $36.27 million (Q1 2026), $43.44 million (Q4 2025) and $37.52 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.90 Bn | 29.58 Bn | - | 2.50 Bn |
| 2 | Orix | 42.96 Bn | 43.46 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.48 Bn | 33.39 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 23.94 Bn | 23.94 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.37 Bn | 17.06 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.31 Bn | -44.66 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 20.23 Bn | 19.45 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 15.24 Bn | 6.34 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.90 Bn | 11.34 Bn | - | - |
| 10 | Apollo Commercial Real Estate Finance | 801.33 Mn | -950.68 Mn | - | 37.08 Mn |
Historic Data
Download Data
Historic 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 |
API Access
Apollo Commercial Real Estate Finance Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=ARI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "ARI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=ARI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();