Apollo Commercial Real Estate Finance, Inc
(NYSE:ARI)

Apollo Commercial Real Estate Finance, Inc. operates as a real estate investment trust (REIT) that originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments in the United States. It is qualified as...

Website: http://www.apolloreit.com

Founded: 1990

Sector: Real Estate

Industry: REIT-Mortgage

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2009-12-31

net interest income:
interest income from commercial mortgage loans	149,989,000	159,500,000	155,317,000	166,691,000	143,985,000	156,364,000	179,921,000	179,388,000	183,716,000	180,290,000	180,441,000	174,124,000	166,147,000	151,882,000	120,821,000	99,386,000	84,424,000	85,595,000	84,304,000	82,447,000	75,356,000	77,116,000	74,522,000	75,641,000	81,855,000	85,595,000	81,136,000	77,458,000	78,286,000	75,275,000	71,179,000	65,141,000	52,114,000	45,942,000	41,203,000	37,089,000	34,398,000	30,200,000	27,460,000	24,140,000	21,127,000	18,846,000	15,184,000	11,968,000	10,094,000	9,327,000	8,025,000	6,438,000	4,011,000	3,812,000	4,954,000	3,676,000	3,592,000	2,929,000	2,825,000	2,791,000	2,234,000	2,267,000	2,276,000
interest income from subordinate loans and other lending assets		88,000	86,000	557,000	557,000	641,000	1,210,000	842,000	849,000	864,000	1,599,000	5,110,000	9,707,000	11,871,000	13,354,000	14,530,000	15,835,000	18,343,000	18,836,000	31,775,000	31,459,000	22,944,000	28,857,000	32,616,000	34,018,000	39,630,000	43,421,000
interest expense	-113,922,000	-115,486,000	-115,368,000	-124,178,000	-105,057,000	-113,502,000	-134,088,000	-128,472,000	-127,887,000	-123,147,000	-121,817,000	-116,278,000	-104,868,000	-96,576,000	-72,302,000	-56,529,000	-45,118,000	-44,730,000	-42,391,000	-39,737,000	-35,664,000	-35,364,000	-34,824,000	-37,498,000	-41,205,000	-43,779,000	-39,341,000	-33,511,000	-36,295,000	-32,413,000	-31,007,000	-28,437,000	-22,740,000	-21,968,000	-19,855,000	-19,205,000	-17,030,000	-16,139,000	-17,256,000	-15,722,000	-14,642,000	-12,574,000	-13,187,000	-11,917,000	-11,482,000	-10,739,000	-8,786,000	-5,258,000	-1,757,000	-1,447,000	-885,000	-955,000	-1,068,000	-1,463,000	-1,768,000	-1,929,000	-3,242,000	-3,618,000	-3,716,000
net interest income	36,067,000	44,102,000	40,035,000	43,070,000	39,485,000	43,503,000	47,043,000	51,758,000	56,678,000	58,007,000	60,223,000	62,956,000	70,986,000	67,177,000	61,873,000	57,387,000	55,141,000	59,208,000	60,749,000	74,485,000	71,151,000	64,696,000	68,555,000	70,759,000	74,668,000	81,446,000	85,216,000	84,990,000	82,830,000	77,806,000	77,480,000	70,779,000	63,227,000	69,186,000	71,241,000	62,224,000	57,812,000	53,579,000	53,315,000	46,918,000	46,805,000	43,242,000	38,691,000	32,817,000	28,554,000	27,049,000	26,570,000	23,784,000	19,403,000	20,021,000	18,786,000	17,233,000	17,067,000	12,302,000	13,236,000	11,951,000	11,187,000	10,946,000	10,236,000
revenue from real estate owned operations	22,567,000	29,150,000	21,584,000	27,832,000	26,331,000	26,952,000	24,530,000	29,350,000	23,857,000	26,146,000	20,934,000	29,208,000	16,131,000	19,964,000	14,428,000	18,630,000	9,040,000	11,647,000	5,896,000	1,374,000
total net revenue	58,634,000	73,252,000	61,619,000	70,902,000	65,816,000	70,455,000	71,573,000	81,108,000	80,535,000	84,153,000	81,157,000	92,164,000	87,117,000	87,141,000	76,301,000	76,017,000	64,181,000	70,855,000	66,645,000	75,859,000
yoy	-10.91%	3.97%	-13.91%	-12.58%	-18.28%	-16.28%	-11.81%	-12.00%	-7.56%	-3.43%	6.36%	21.24%	35.74%	22.98%	14.49%	0.21%
qoq	-19.96%	18.88%	-13.09%	7.73%	-6.58%	-1.56%	-11.76%	0.71%	-4.30%	3.69%	-11.94%	5.79%	-0.03%	14.21%	0.37%	18.44%	-9.42%	6.32%	-12.15%
operating expenses:
general and administrative expenses	-5,952,000	-7,546,000	-6,651,000	-6,561,000	-6,652,000	-7,241,000	-7,547,000	-7,488,000	-7,373,000	-7,370,000	-7,664,000	-7,471,000	-7,015,000	-8,161,000	-7,184,000	-7,130,000	-7,187,000	-8,610,000	-6,561,000	-6,734,000	-6,940,000	-7,269,000	-6,624,000	-6,425,000	-6,531,000	-5,533,000	-5,839,000	-6,574,000	-6,151,000	-3,977,000	-5,843,000	-5,652,000	-4,998,000	-5,138,000	-4,629,000	-5,200,000	-5,758,000	-3,527,000	-8,352,000	-4,922,000	-8,185,000	-2,980,000	-2,099,000	-2,059,000	-2,355,000	-1,796,000	-1,434,000	-1,479,000	-1,442,000	-2,437,000	-1,793,000	-1,437,000	-1,895,000	-1,314,000	-2,430,000	-2,762,000	-2,036,000	-1,563,000	-1,297,000
management fees to related party	-8,118,000	-8,608,000	-8,637,000	-8,356,000	-8,564,000	-8,725,000	-8,801,000	-9,173,000	-9,421,000	-9,553,000	-9,518,000	-9,390,000	-9,517,000	-9,714,000	-9,719,000	-9,632,000	-9,354,000	-9,773,000	-9,583,000	-9,440,000	-9,364,000	-9,598,000	-9,927,000	-9,957,000	-10,268,000	-10,428,000	-10,434,000	-10,259,000	-9,613,000	-9,804,000	-9,515,000	-9,013,000	-8,092,000	-8,168,000	-8,309,000	-7,742,000	-7,432,000	-7,014,000	-5,903,000	-5,242,000	-5,229,000	-5,294,000	-4,097,000	-3,887,000	-3,341,000	-3,235,000	-3,193,000	-2,966,000	-2,565,000	-2,628,000	-2,625,000	-2,600,000	-2,160,000	-2,040,000	-1,518,000	-1,292,000	-1,289,000	-1,298,000	-1,241,000
operating expenses related to real estate owned	-18,218,000	-23,882,000	-19,451,000	-21,113,000	-20,767,000	-20,144,000	-19,879,000	-21,767,000	-19,893,000	-19,842,000	-18,950,000	-19,961,000	-14,006,000	-16,274,000	-13,308,000	-13,134,000	-9,652,000	-11,015,000	-6,914,000	-1,994,000
depreciation and amortization on real estate owned	-3,981,000	-3,403,000	-2,783,000	-2,531,000	-2,456,000	-2,383,000	-2,342,000	-2,287,000	-4,656,000	-1,040,000	-1,020,000	-2,202,000	-3,986,000				-704,000	-1,097,000	-1,096,000	-452,000
total operating expenses	-36,269,000	-43,439,000	-37,522,000	-38,561,000	-38,439,000	-38,493,000	-38,569,000	-40,715,000	-41,343,000	-37,805,000	-37,152,000	-39,024,000	-34,524,000	-34,149,000	-30,211,000	-29,896,000	-26,897,000	-30,495,000	-24,154,000	-18,620,000	-16,304,000	-16,867,000	-16,551,000	-16,382,000	-16,799,000	-15,961,000	-16,273,000	-16,833,000	-15,764,000	-13,781,000	-15,358,000	-14,665,000	-13,090,000	-13,306,000	-12,938,000	-12,942,000	-13,190,000	-10,541,000	-14,255,000	-10,164,000	-13,414,000	-8,274,000	-6,196,000	-5,946,000	-5,696,000	-5,031,000	-4,627,000	-4,445,000	-4,007,000	-5,065,000	-4,418,000	-4,037,000	-4,055,000	-3,354,000	-3,948,000	-4,054,000	-3,325,000	-2,861,000	-2,538,000
other income	1,413,000	1,658,000	2,388,000	1,232,000	1,194,000	1,714,000	1,573,000	641,000	570,000	79,000	1,465,000	2,340,000	732,000	2,141,000	285,000	68,000		36,000	3,676,000	17,000	92,000	125,000	128,000	591,000	760,000	682,000	429,000	484,000	518,000	465,000	427,000	343,000	203,000	230,000	359,000	244,000		83,500	309,000	22,000	2,000	63,000	239,000
loss from equity method investment	-274,000
decrease in current expected credit loss allowance	3,289,000	-2,474,000	6,366,000			1,259,000	899,000			777,000	5,833,000	-61,648,000
foreign currency translation gain	-17,148,000	2,160,000	-16,940,000	73,705,000	40,558,000	-76,653,000	60,102,000	-1,362,000	-19,563,000			21,557,000	18,634,000			-84,838,000		-3,879,000	-24,413,000	4,054,000		35,304,000	27,002,000	2,559,000
gain on foreign currency forward contracts	16,812,000	-1,839,000	24,247,000	-82,139,000	-38,972,000	82,350,000	-59,535,000	6,377,000	23,398,000	-56,452,000	39,490,000	-17,116,000	-14,135,000	-110,246,000	129,252,000	105,213,000	22,762,000	2,021,000	32,947,000	-3,094,000	9,800,000	-42,702,000	-34,537,000	-2,995,000	70,491,000
loss on interest rate hedging instruments																						-40,000	-564,000	-3,095,000
net income before taxes	26,457,000	29,064,000	51,025,000	20,855,000	26,107,000	40,766,000	-91,483,000	35,885,000	-104,410,000	46,465,000	46,588,000
income tax provision	-230,000	135,000	-234,000	-116,000	-116,000	-114,000	-66,000	-100,000	-114,000	75,000	-517,000
net income	26,227,000	29,199,000	50,791,000	20,739,000	25,991,000	40,652,000	-91,549,000	35,785,000	-104,524,000	46,540,000	46,071,000	-83,400,000	48,916,000	-3,987,000	183,030,000	70,951,000	15,238,000	37,097,000	60,392,000	67,691,000	58,335,000	36,680,000	49,338,000	60,201,000	-127,842,000	71,903,000	29,089,000	61,424,000	67,758,000	52,990,000	62,217,000	55,346,000	49,433,000	41,317,000	68,356,000	36,235,000	47,125,000	59,027,000	69,893,000	10,338,000	18,616,000	27,240,000	25,847,000	24,658,000	25,513,000	22,041,000	19,159,000	23,958,000	17,580,000	15,864,000	12,900,000	11,789,000	11,932,000	8,967,000	12,211,000	9,910,000	9,093,000	8,670,000	5,512,000
yoy	0.91%	-28.17%	-155.48%	-42.05%	-124.87%	-12.65%	-298.71%	-142.91%	-313.68%	-1267.29%	-74.83%	-217.55%	221.01%	-110.75%	203.07%	4.82%	-73.88%	1.14%	22.40%	12.44%	-145.63%	-48.99%	69.61%	-1.99%	-288.67%	35.69%	-53.25%	10.98%	37.07%	28.25%	-8.98%	52.74%	4.90%	-30.00%	-2.20%	250.50%	153.14%	116.69%	170.41%	-58.07%	-27.03%	23.59%	34.91%	2.92%	45.13%	38.94%	48.52%	103.22%	47.33%	76.92%	5.64%	18.96%	31.22%	3.43%	121.53%
qoq	-10.18%	-42.51%	144.91%	-20.21%	-36.06%	-144.40%	-355.83%	-134.24%	-324.59%	1.02%	-155.24%	-270.50%	-1326.89%	-102.18%	157.97%	365.62%	-58.92%	-38.57%	-10.78%	16.04%	59.04%	-25.66%	-18.04%	-147.09%	-277.80%	147.18%	-52.64%	-9.35%	27.87%	-14.83%	12.41%	11.96%	19.64%	-39.56%	88.65%	-23.11%	-20.16%	-15.55%	576.08%	-44.47%	-31.66%	5.39%	4.82%	-3.35%	15.75%	15.04%	-20.03%	36.28%	10.82%	22.98%	9.42%	-1.20%	33.07%	-26.57%	23.22%	8.98%	4.88%	57.29%
net income margin %	44.73%	39.86%	82.43%	29.25%	39.49%	57.70%	-127.91%	44.12%	-129.79%	55.30%	56.77%	-90.49%	56.15%	-4.58%	239.88%	93.34%	23.74%	52.36%	90.62%	89.23%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
preferred dividends	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,126,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,386,000	-3,385,000	-4,919,000	-6,835,000	-6,835,000	-6,836,000	-6,834,000	-6,835,000	-6,993,000	-11,148,000	-9,310,000	-9,310,000	-9,310,000	-9,310,000	-5,860,000	-5,815,000	-5,861,000	-2,304,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,859,000	-1,860,000	-1,860,000	-1,860,000	-1,219,000
net income available to common stockholders	23,159,000	26,131,000	47,723,000	17,671,000	22,923,000	37,584,000	-94,617,000	32,717,000	-107,592,000	43,472,000	43,003,000	-86,468,000	45,848,000	-7,055,000	179,962,000	67,883,000	12,170,000	34,029,000	57,266,000	64,306,000	54,950,000	33,295,000	45,953,000	56,816,000	-131,227,000	68,517,000	25,704,000	56,505,000	60,923,000	46,155,000	55,381,000	48,512,000	42,598,000	34,324,000	57,208,000	26,925,000	37,815,000	49,717,000	60,583,000	4,478,000	12,801,000	21,379,000	23,543,000	22,798,000	23,653,000	20,181,000	17,299,000	22,098,000	15,720,000	14,004,000	11,041,000	9,929,000	10,072,000	7,107,000	10,992,000
net income per share																																0.39	0.38
basic	0.16	0.19	0.34	0.12	0.16	0.26	-0.69	0.23	-0.76		0.3	-0.62	0.32	-0.06	1.27	0.48	0.08	0.24	0.4	0.45	0.39	0.21	0.31	0.37	-0.86	0.44	0.16	0.38	0.45	0.33	0.42
diluted	0.16	0.19	0.34	0.12	0.16	0.26	-0.69	0.23	-0.76		0.3	-0.62	0.32	0.02	1.13	0.44	0.08	0.28	0.38	0.42	0.37	0.21	0.31	0.36	-0.86	0.43	0.16	0.37	0.43	0.34	0.4
basic weighted-average shares of common stock outstanding	139,110,347	138,868,602	138,943,831	138,943,566	138,639,004	139,674,140	138,246,827	140,438,676	141,869,604	141,281,286	141,350,428	141,341,238	141,072,471	140,534,635	140,594,987	140,590,843	140,353,386	139,869,244	139,891,777	139,884,060	139,805,863	148,004,385	146,612,313	151,523,513	153,948,191	146,881,231	153,531,678	145,567,963	134,607,107	124,147,073	129,188,343	123,019,993	110,211,853	99,859,153	105,446,704	95,428,134	91,612,447	72,371,374	71,919,549	67,402,311	67,385,191	58,674,046	59,355,613	58,429,155	49,563,822	43,464,255	46,848,675	42,888,747	37,122,842	35,212,211	36,883,002
diluted weighted-average shares of common stock outstanding	139,709,831	138,868,602	139,667,116	139,208,860	138,991,818	139,674,140	138,246,827	140,611,532	141,869,604	141,281,286	141,350,428	141,341,238	155,483,979	165,504,660	164,350,132	171,698,185	140,353,386	168,402,515	170,884,172	170,832,186	170,792,684	148,004,385	146,612,313	182,083,702	153,948,191	175,794,896	153,531,678	174,101,234	164,683,086	153,821,515	153,918,435	124,629,317	111,871,429	101,232,610	106,812,721	96,796,289	92,998,250	73,305,101	72,861,611	68,374,557	68,327,718	59,273,280	59,934,008	59,022,217	50,171,687	43,684,805	47,068,929	43,099,354	37,341,050	35,679,755	37,379,469
dividend declared per share of common stock	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.275	0.35	0.35	0.4	0.345	0.46	0.46	0.46	0.345	0.46	0.46	0.46	0.345	0.46	0.46	0.46	0.345	0.46	0.46	0.46	0.33	0.44	0.44	0.44	0.3	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.4
income from equity method investment		-254,000	17,067,000
gain on interest rate hedging instruments				65,000	-42,000	134,000	-14,000	94,000	356,000	-292,000	-70,000	55,000	-107,000					1,143,000	-75,000	-111,000	357,000
decrease in valuation allowance, loans and other lending assets held for sale			1,236,000
net realized loss on investments			-7,436,000				-127,512,000	-679,000				-81,980,000	-4,624,000
increase in current expected credit loss allowance				-3,113,000	-4,008,000			-10,258,000	-147,684,000				-4,390,000
valuation allowance, loans and other lending assets held for sale				-1,236,000
valuation allowance, commercial mortgage loan held for sale									-679,000
gain on extinguishment of debt
reversal of valuation allowance, commercial mortgage loan held for sale								679,000
net realized gain on investments
realized gain on extinguishment of debt										123,750	30,000	252,000	213,000
foreign currency translation loss										-993,500	-44,165,000			-52,534,500	-92,782,000		-32,518,000				-7,449,000
realized gain on investments														-24,894,000	43,577,000
reversal of current expected credit loss allowance														9,474,250	55,564,000
realized losses and impairments on real estate owned																					-550,000
unrealized gain on interest rate hedging instruments														2,702,000	1,044,000	3,443,000	6,321,000
realized loss on investments																		-767,000		-20,000,000		-30,190,000	-1,037,000	-16,405,000				-12,513,000
reversal of (provision for) loan losses																944,000	-18,611,000	-1,817,000	5,766,000	29,586,000	1,238,000	-37,988,500	6,342,000	25,169,000
provision for loan losses																									-183,465,000															-15,000,000
foreign currency gain																									-37,949,000				6,894,000	-6,761,000	-4,050,000	-29,649,000	10,125,000	658,000	7,763,000	6,913,000	3,172,000	-7,358,000	-4,369,000	-13,082,000	-4,474,000	-8,318,000	-2,165,000	2,867,000	2,722,000	-1,413,000	-3,596,000	959,000
unrealized loss on interest rate swap																									-35,548,000	8,950,000	-10,307,000	-13,113,000
provision for loan losses and impairments, net of reversals																											-35,000,000
foreign currency loss																										-5,003,000	-19,129,000	-7,777,000
loss on early extinguishment of debt																															-2,573,000
gain on foreign currency forwards																										-43,044,000	24,153,000	11,186,000
interest income from subordinate loans																												41,043,000	40,839,000	34,944,000	37,308,000	34,075,000	33,853,000	43,993,000	47,268,000	39,640,000	34,390,000	32,745,000	32,207,000	28,067,000	29,375,000	25,624,000	25,445,000	21,152,000	18,610,000	17,792,000	18,983,000	18,238,000	14,730,000	14,025,000	12,184,000	11,498,000	11,454,000	7,350,000	6,144,000	5,859,000	5,313,000	4,817,000	3,784,000
reversal of (provision for) loan losses and impairments																												15,000,000
loss on derivative instruments																													-6,720,000				-11,032,000											-3,197,000	-3,044,000	483,250	3,026,000	-1,093,000		-1,000	1,000	-2,000		-3,000	-87,000	-65,000		-17,000	-677,000
interest income from securities																																		1,219,000	2,625,000	3,366,000	3,256,000	3,901,000	8,029,000	7,607,000	8,049,000	8,342,000	8,293,000	8,265,000	8,287,000	8,275,000	6,129,000	4,366,000	2,419,000	3,633,000	2,533,000	3,014,000	3,087,000	3,120,000	3,674,000	3,230,000	5,323,000	5,904,000	6,316,000
loss from unconsolidated joint venture
provision for loan losses and impairments																														-15,000,000		-5,000,000				-5,000,000
realized loss on sale of assets																																		-1,279,500	-4,076,000		-1,042,000
unrealized gain on securities																																		25,335,000	13,488,000		2,852,000	10,502,000	-9,798,000	-11,728,000	-15,074,000	-11,616,000	-6,926,000	-2,273,000	3,409,000	-640,000	-2,147,000	4,749,000	2,184,000	908,000	-1,472,000	-1,421,000	-1,080,000	16,000	3,010,000	2,078,000	1,385,000
gain on derivative instruments																														10,261,000	6,291,000	33,538,000		-1,264,000	-7,481,000	-7,389,000	-3,045,000	8,329,000	4,815,000	13,313,000	4,703,000	8,250,000	2,096,000														-417,000
unrealized loss on securities																																																										-29,500	-1,511,000
net income per share																																0.39	0.38
income from unconsolidated joint venture																																				-3,305,000	458,000	-303,000	80,000	59,000	68,000	2,969,000	108,000	384,000		-69,000	-88,000
interest income from securities, held to maturity																																				1,334,000	2,798,000	2,149,250	2,875,000	2,826,000	2,896,000	2,262,500	2,956,000	3,349,000	3,045,000	2,394,000	2,219,000
bargain purchase gain																																							40,021,000
basic and diluted net income per share of common stock																																		0.31	0.54	0.28	0.41	0.63	0.83	0.06	0.18	0.3	0.39	0.39	0.47	0.42	0.37	0.51	0.42	0.38	0.29	0.27	0.33	0.21	0.52	0.47	0.43	0.42	0.28
realized (loss) on sale of assets
unrealized (loss) on securities																																				-4,510,000
interest income from cash balances																																					108,000							6,000	11,000	8,000	21,000	4,000		1,000	3,000	16,000		6,000			1,000	3,000	2,000
realized loss on sale of securities																																						-56,250	-225,000						-443,000
interest income from repurchase agreements																																																		500			2,000	366,000	2,361,000	2,000,000	1,559,000	1,576,000	1,576,000
realized gain on sale of securities																																																									262,000
basic and diluted weighted-average shares of common stock outstanding																																																				37,373,885	30,105,939
basic and diluted weighted-average common shares outstanding																																																						22,648,819	20,992,312	20,991,450	20,966,426	18,840,954	19,966,594
realized loss on sale of security

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30

assets:
cash and cash equivalents	126,847,000	139,825,000	245,856,000	177,623,000	166,424,000	317,396,000	194,287,000	174,703,000	161,190,000	225,438,000	307,845,000	308,052,000	331,533,000	222,030,000	319,264,000	241,619,000	215,749,000	343,106,000	243,414,000	204,581,000	294,060,000	325,498,000	438,234,000	487,165,000	582,138,000	452,282,000	160,934,000	116,472,000	109,343,000	109,806,000						214,016,000																							44,450,000	24,481,000	48,075,000	37,894,000	58,778,000	14,291,000	5,538,000	129,969,000	210,001,000
commercial mortgage loans	8,830,428,000	8,712,018,000	8,149,855,000	8,479,438,000	7,285,022,000	6,715,347,000	7,456,389,000	7,909,125,000	7,846,460,000	7,925,359,000	7,561,254,000	7,831,859,000	7,879,205,000	8,121,109,000	8,013,469,000	8,176,149,000	7,586,554,000	7,012,312,000	6,397,772,000	6,653,197,000	5,754,258,000	5,451,084,000	5,427,945,000	5,343,437,000	5,413,627,000	5,326,967,000	4,779,501,000	4,206,754,000	4,003,089,000	3,878,981,000	3,723,550,000	3,724,221,000	3,029,240,000	2,653,826,000																													109,813,000	85,916,000	86,000,000	50,000,000
subordinate loans	51,190,000	62,198,000	153,790,000	145,472,000	402,064,000	388,809,000	374,222,000	384,777,000	303,965,000																			1,236,990,000	1,183,910,000	1,048,612,000	1,104,496,000	1,142,514,000	1,038,254,000	1,025,932,000
real estate owned, held for investment	852,115,000	842,947,000	827,672,000	805,653,000	775,371,000	752,643,000	708,478,000	665,568,000	627,099,000	519,498,000	495,299,000	478,581,000	539,300,000	302,688,000	291,104,000
other assets	208,631,000	143,979,000	141,872,000	168,636,000	97,945,000	138,027,000	364,136,000	90,467,000	103,529,000	85,623,000	206,578,000	135,731,000	76,423,000	70,607,000	71,066,000	71,368,000	52,892,000	47,753,000	54,510,000	75,830,000	68,882,000	74,640,000	43,644,000	45,218,000	103,869,000	52,716,000	37,858,000	40,072,000	36,540,000	33,720,000	31,894,000	27,584,000	46,087,000	28,420,000	14,240,000	40,000	3,107,000	1,714,000	31,303,000	9,297,000	18,000	236,000	767,000	582,000	276,000	1,200,000	1,342,000	975,000	550,000	600,000				203,000	207,000	10,000	14,000	17,000	113,000	24,000	28,000	31,000	34,000	38,000		254,000
derivative assets	17,772,000		37,000	171,000	16,167,000	58,169,000	577,000	47,749,000	47,284,000	29,425,000	94,037,000	63,546,000	88,905,000	128,640,000	249,220,000	139,748,000	41,251,000	16,788,000	9,787,000				13,654,000	49,294,000	57,561,000		35,729,000	19,502,000	8,715,000	23,700,000	15,341,000	10,297,000					3,009,000	5,906,000	5,037,000	15,342,000	1,938,000		246,000	262,000
total assets	10,086,983,000	9,900,967,000	9,519,082,000	9,816,957,000	8,784,193,000	8,411,591,000	9,098,089,000	9,272,389,000	9,224,992,000	9,296,730,000	9,156,978,000	9,360,359,000	9,508,229,000	9,568,352,000	9,824,019,000	9,552,941,000	8,817,018,000	8,416,695,000	7,717,832,000	7,954,364,000	7,225,371,000	6,940,020,000	6,932,569,000	6,969,514,000	7,174,186,000	6,888,363,000	6,352,418,000	5,624,409,000	5,341,597,000	5,095,819,000	4,974,469,000	4,981,000,000	4,242,172,000	4,088,605,000	3,932,942,000	3,826,537,000	3,808,565,000	3,482,977,000	3,198,947,000	2,979,087,000	2,856,496,000	2,719,943,000	2,527,803,000	2,333,438,000	2,022,371,000	1,845,147,000	1,783,012,000	1,554,750,000	1,015,611,000	907,504,000	952,751,000	898,119,000	923,512,000	788,430,000	684,241,000	703,514,000	705,221,000	891,230,000	910,611,000	895,533,000	902,490,000	858,147,000	785,497,000	539,443,000	520,579,000	335,137,000	210,002,000
liabilities and stockholders' equity
liabilities:
secured debt arrangements	6,494,368,000	6,268,550,000	5,896,015,000	6,213,188,000	5,219,777,000	4,814,973,000	5,513,945,000	5,628,925,000	5,596,967,000	5,538,476,000	5,135,855,000	5,365,427,000	5,316,853,000	5,296,825,000	5,350,586,000	5,183,837,000	4,571,314,000	4,150,268,000	3,439,302,000	3,679,906,000	3,418,579,000	3,436,672,000	3,465,337,000	3,425,098,000	3,539,925,000	3,078,366,000	2,541,287,000	1,783,057,000	2,141,939,000	1,879,522,000	1,996,871,000	1,960,874,000	1,212,749,000	1,330,847,000
senior secured term loans	726,711,000	727,533,000	728,358,000	729,416,000	752,965,000	754,210,000	755,441,000	756,673,000	757,912,000	759,150,000	760,381,000	761,605,000	762,706,000	763,813,000	764,899,000	766,159,000	767,297,000	768,325,000	773,397,000	774,569,000	775,974,000
senior secured notes	497,421,000	497,226,000	497,026,000	496,826,000	496,628,000	496,433,000	496,233,000	496,033,000	495,835,000	495,637,000	495,437,000	495,238,000	495,040,000	494,844,000	494,644,000	494,445,000	494,247,000	494,051,000	493,893,000	493,694,000
debt related to real estate owned, held for investment	439,168,000	424,703,000	402,945,000	376,504,000	345,596,000	324,587,000	278,837,000	235,418,000	161,878,000	161,562,000	161,245,000	160,928,000	160,611,000	160,294,000	159,978,000
accounts payable, accrued expenses and other liabilities	109,496,000	91,462,000	92,952,000	88,519,000	100,053,000	138,179,000	165,850,000	149,113,000	155,542,000	120,334,000	202,901,000	165,473,000	193,457,000	227,360,000	378,479,000	220,100,000	118,133,000	102,609,000	99,393,000	84,186,000	74,899,000	74,887,000	89,222,000	120,190,000	123,376,000	100,712,000	98,231,000	96,736,000	91,557,000	104,746,000	79,538,000	81,397,000	73,330,000	70,906,000	8,852,000	12,346,000
derivative liabilities		26,791,000	30,970,000	57,758,000			10,592,000													22,514,000	20,382,000	31,241,000			50,018,000	19,346,000	23,420,000	13,113,000					14,499,000	5,644,000	11,746,000	4,435,000								2,109,000
payable to related party	8,126,000	8,612,000	8,641,000	8,360,000	8,566,000	8,728,000	8,803,000	9,179,000	9,423,000	9,553,000	9,515,000	9,390,000	9,534,000	9,728,000	9,762,000	9,632,000	9,354,000	9,773,000	9,583,000	9,440,000	9,364,000	9,598,000	9,927,000	9,958,000	10,268,000	10,430,000	10,434,000	10,259,000	9,613,000	9,804,000	9,515,000	9,013,000	8,092,000	8,168,000	8,309,000	7,742,000	7,432,000	7,015,000	5,903,000	5,242,000	5,229,000	5,297,000	4,100,000	3,890,000	3,341,000	3,240,000	3,193,000	2,966,000	2,565,000	2,628,000	2,656,000	2,600,000	2,160,000	2,037,000	1,520,000	1,294,000	1,289,000	1,298,000	1,241,000	1,101,000	1,088,000	683,000	761,000	733,000	1,141,000	1,385,000
total liabilities	8,275,290,000	8,044,877,000	7,656,907,000	7,970,571,000	6,923,585,000	6,537,110,000	7,229,701,000	7,275,341,000	7,177,557,000	7,087,997,000	6,945,196,000	7,145,368,000	7,160,668,000	7,213,848,000	7,416,334,000	7,279,629,000	6,566,000,000	6,122,069,000	5,411,390,000	5,659,756,000	4,949,618,000	4,669,491,000	4,613,288,000	4,604,008,000	4,773,275,000	4,258,388,000	3,722,908,000	2,953,010,000	2,801,773,000	2,586,072,000	2,456,098,000	2,638,347,000	1,894,642,000	2,000,462,000	1,835,365,000	1,663,845,000	1,879,589,000	1,550,750,000	1,451,912,000	1,647,564,000	1,499,446,000	1,344,519,000	1,143,408,000	1,288,594,000	975,889,000	990,078,000	927,326,000	704,752,000	327,699,000	224,548,000	269,864,000	212,125,000	232,327,000	241,506,000	256,820,000	362,196,000	366,844,000	554,252,000	574,566,000	602,995,000	608,066,000	560,309,000	483,393,000	340,836,000	323,506,000	139,840,000	12,092,000
commitments and contingencies
stockholders' equity:
preferred stock, 0.01 par value...	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000																					35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000	35,000
common stock, 0.01 par value...	1,367,000	1,389,000	1,389,000	1,389,000	1,389,000	1,382,000	1,382,000	1,385,000	1,421,000	1,414,000	1,414,000	1,413,000	1,413,000	1,406,000	1,406,000	1,406,000	1,405,000	1,399,000	1,399,000	1,399,000	1,398,000	1,393,000	1,433,000	1,483,000	1,537,000	1,535,000	1,535,000	1,535,000	1,363,000	1,339,000	1,338,000	1,230,000	1,230,000	1,071,000	1,055,000	1,054,000	916,000	914,000	808,000	674,000	674,000	672,000	671,000	584,000	584,000	469,000	468,000	468,000	371,000	369,000	369,000	369,000	369,000	280,000	206,000	206,000	206,000	206,000	206,000	176,000	175,000	175,000	176,000	107,000	107,000	107,000
additional paid-in-capital	2,671,533,000	2,704,316,000	2,700,932,000	2,697,576,000	2,694,177,000	2,695,701,000	2,691,776,000	2,690,660,000	2,724,395,000	2,727,488,000	2,723,170,000	2,718,920,000	2,714,555,000	2,716,907,000	2,712,390,000	2,707,872,000	2,703,354,000	2,721,042,000	2,716,617,000	2,712,212,000	2,707,855,000	2,707,792,000	2,739,851,000	2,781,111,000	2,820,643,000	2,825,317,000	2,821,419,000	2,817,542,000	2,671,100,000	2,638,441,000	2,630,468,000	2,447,973,000	2,444,036,000	2,170,078,000	2,163,539,000	2,236,694,000	1,984,471,000	1,983,010,000	1,803,667,000	1,411,420,000	1,409,489,000	1,410,138,000	1,408,448,000	1,062,857,000	1,062,064,000	868,035,000	867,598,000	860,421,000	701,797,000	697,610,000	696,337,000	695,572,000	695,266,000	546,065,000	422,273,000	337,923,000	337,789,000	336,209,000	335,352,000	289,520,000	289,767,000	291,304,000	294,045,000	199,168,000	198,826,000	198,436,000	197,894,000
accumulated deficit	-861,275,000	-849,683,000	-840,214,000	-852,647,000	-835,026,000	-822,670,000	-824,838,000	-695,065,000	-678,449,000	-520,237,000	-512,870,000	-505,410,000	-368,475,000	-363,877,000	-306,179,000	-436,034,000	-453,809,000	-427,883,000	-411,642,000	-419,071,000	-433,568,000	-438,724,000	-422,071,000	-417,156,000	-421,337,000	-196,945,000	-193,512,000	-147,746,000	-132,776,000	-130,170,000	-113,572,000	-106,687,000	-97,873,000	-83,143,000	-67,166,000	-75,240,000	-53,035,000		-54,950,000	-77,939,000																								-5,032,000	-4,196,000	-2,172,000	-91,000
total stockholders' equity	1,811,693,000	1,856,090,000	1,862,175,000	1,846,386,000	1,860,608,000	1,874,481,000	1,868,388,000	1,997,048,000	2,047,435,000
total liabilities and stockholders' equity	10,086,983,000	9,900,967,000	9,519,082,000	9,816,957,000	8,784,193,000	8,411,591,000	9,098,089,000	9,272,389,000	9,224,992,000
note receivable, held for sale				39,964,000	41,200,000	41,200,000
assets related to real estate owned, held for sale										78,653,000	79,188,000	79,021,000		162,397,000	162,059,000	162,846,000	157,084,000
liabilities related to real estate owned, held for sale										3,285,000	3,844,000	1,438,000		6,493,000	6,116,000	7,156,000	5,712,000
commercial mortgage loan, held for sale									135,465,000
subordinate loans and other lending assets										432,734,000	412,777,000	463,569,000	592,863,000	560,881,000	717,837,000	753,711,000	763,488,000	844,948,000	817,759,000	866,908,000	1,065,816,000	1,045,893,000	1,009,092,000	1,044,400,000	1,016,991,000	1,048,126,000	1,335,073,000
convertible senior notes											176,018,000	185,869,000	222,467,000	229,361,000	229,174,000	573,944,000	573,667,000	569,979,000	568,874,000	567,785,000	566,711,000	565,654,000	564,611,000	563,583,000	562,571,000	561,573,000	560,589,000	559,619,000	558,664,000	592,000,000	370,174,000	587,063,000	585,972,000	584,897,000	471,911,000	250,949,000	250,468,000	249,994,000	249,528,000	249,069,000	248,617,000	248,173,000	247,736,000	247,305,000	246,881,000	246,464,000	246,054,000	139,362,000	139,163,000
participations sold														25,130,000	22,696,000	24,356,000	26,276,000	27,064,000	26,948,000	27,662,000	50,709,000	34,974,000															84,647,000	84,979,000	110,924,000	114,387,000	116,952,000	118,201,000	119,407,000	120,991,000	119,314,000	89,584,000	89,418,000	89,182,000
stockholders’ equity:
total stockholders’ equity										2,208,733,000	2,211,782,000	2,214,991,000	2,347,561,000	2,354,504,000	2,407,685,000	2,273,312,000	2,251,018,000	2,294,626,000	2,306,442,000	2,294,608,000	2,275,753,000	2,270,529,000	2,319,281,000	2,365,506,000	2,400,911,000	2,629,975,000	2,629,510,000	2,671,399,000	2,539,824,000	2,509,747,000	2,518,371,000	2,342,653,000	2,347,530,000	2,088,143,000	2,097,577,000	2,162,692,000	1,928,976,000	1,932,227,000	1,747,035,000	1,331,523,000	1,357,050,000	1,375,424,000	1,384,395,000	1,044,844,000	1,046,482,000	855,069,000	855,686,000	849,998,000	687,912,000	682,956,000	682,887,000	685,994,000	691,185,000	546,924,000	427,421,000	341,318,000	338,377,000	336,978,000	336,045,000	292,538,000	294,424,000	297,838,000	302,104,000	198,607,000	197,073,000	195,297,000	197,910,000
total liabilities and stockholders’ equity										9,296,730,000	9,156,978,000	9,360,359,000	9,508,229,000	9,568,352,000	9,824,019,000	9,552,941,000	8,817,018,000	8,416,695,000	7,717,832,000	7,954,364,000	7,225,371,000	6,940,020,000	6,932,569,000	6,969,514,000	7,174,186,000	6,888,363,000	6,352,418,000	5,624,409,000	5,341,597,000	5,095,819,000	4,974,469,000	4,981,000,000	4,242,172,000	4,088,605,000	3,932,942,000	3,826,537,000	3,808,565,000	3,482,977,000	3,198,947,000	2,979,087,000	2,856,496,000	2,719,943,000	2,527,803,000	2,333,438,000	2,022,371,000	1,845,147,000	1,783,012,000	1,554,750,000	1,015,611,000	907,504,000	952,751,000	898,119,000	923,512,000	788,430,000	684,241,000	703,514,000	705,221,000	891,230,000	910,611,000	895,533,000	902,490,000	858,147,000	785,497,000	539,443,000	520,579,000	335,137,000	210,002,000
subordinate loan, held for sale																7,500,000			41,773,000
real estate owned																		151,788,000	152,817,000	153,848,000
real estate owned, held for sale																					42,355,000	42,905,000
debt related to real estate owned, held for sale																					33,000,000	33,000,000
senior secured term loan																						483,465,000	484,191,000	485,179,000	487,117,000	487,961,000	488,947,000	490,226,000
loan proceeds held by servicer																										8,272,000	3,323,000	4,619,000		1,000,000			30,281,000	302,756,000
series b preferred stock, 6,770,393 shares issued and outstanding																								68,000	68,000	68,000	68,000	68,000	68,000
series c preferred stock, 0 and 6,900,000 shares issued and outstanding (0 and 172,500 liquidation preference) in 2019 and 2018, respectively
series c preferred stock, 0 and 6,900,000 issued and outstanding (0 and 172,500 liquidation preference in 2019 and 2018), respectively
series c preferred stock, 6,900,000 shares issued and outstanding																													69,000
series b preferred stock, 6,770,393 shares issued and outstanding (169,260 aggregate liquidation preference) in 2018 and 2017																														68,000	68,000	68,000	68,000
series c preferred stock, 6,900,000 shares issued and outstanding (172,500 aggregate liquidation preference) in 2018 and 2017																														69,000	69,000	69,000	69,000
cash																															99,188,000	76,384,000	98,310,000	77,671,000	140,229,000		142,905,000	200,996,000	254,643,000	38,631,000	23,035,000	67,415,000	20,158,000	48,848,000	39,962,000	40,641,000	58,649,000	63,335,000	126,473,000	20,096,000	86,824,000	156,797,000	225,723,000	108,619,000	67,994,000	11,959,000	31,452,000	21,568,000
restricted cash																																			76,000	57,665,000	54,702,000	62,457,000	62,324,000	67,438,000	55,781,000	30,127,000	30,127,000	34,547,000	30,127,000	30,127,000	30,127,000	30,127,000	30,127,000	30,127,000	15,794,000
securities, at estimated fair value																																			191,902,000	254,484,000	261,841,000	331,076,000	347,456,000	452,704,000	472,464,000	493,149,000	512,485,000	518,851,000	520,449,000	522,730,000	499,701,000	324,724,000	151,134,000	158,086,000	250,660,000	184,208,000	198,457,000	211,809,000	218,185,000	228,939,000	178,932,000	251,452,000	258,517,000
securities, held-to-maturity																																					145,780,000	146,352,000	147,190,000	151,726,000	152,451,000	153,193,000	153,799,000	154,391,000	154,446,000	154,283,000	153,998,000
investment in unconsolidated joint venture																																					23,538,000	22,103,000	23,765,000	23,571,000	23,728,000	22,583,000	20,183,000	20,021,000	18,901,000	37,016,000	38,719,000
liabilities and stockholders’ equity
series a preferred stock, 0 and 3,450,000 shares issued and outstanding (0 and 86,250 aggregate liquidation preference) in 2017 and 2016, respectively
series b preferred stock, 6,770,393 and 8,000,000 shares issued and outstanding (169,260 and 200,000 aggregate liquidation preference) in 2017 and 2016, respectively																																		68,000
series c preferred stock, 6,900,000 shares issued and outstanding (172,500 aggregate liquidation preference) in 2017 and 2016																																		69,000	69,000	69,000	69,000
accumulated other comprehensive loss																																					-3,560,000	-3,811,000	-2,674,000	-2,747,000	-2,255,000	-3,173,000	-2,614,000	-2,667,000	-3,407,000	-2,985,000	-754,000	-794,000	-887,000		-619,000	-662,000	-188,000													-1,074,000
commercial mortgage loans, held for investment																																			2,218,222,000	2,037,971,000	1,955,816,000	1,641,856,000	1,426,990,000	1,278,034,000	1,173,185,000	994,301,000	905,681,000	704,040,000	563,390,000	458,520,000	369,924,000	343,810,000	185,516,000	161,099,000	160,893,000	143,492,000	142,833,000	142,921,000	104,101,000	103,321,000	108,817,000	109,006,000	109,192,000	109,354,000	118,313,000	109,695,000
subordinate loans, held for investment																																			1,340,378,000	1,240,363,000	1,195,570,000	1,051,236,000	882,214,000	923,159,000	930,401,000	931,351,000	861,808,000	830,181,000	672,070,000	561,182,000	585,504,000	748,227,000	484,979,000	497,484,000	394,554,000	354,865,000	286,569,000	246,246,000	196,177,000	179,602,000	179,336,000	149,086,000	123,960,000	98,966,000	58,973,000
interest receivable																																			27,895,000	21,998,000	22,297,000	19,281,000	18,025,000	19,185,000	23,495,000	16,908,000	14,424,000	12,817,000	12,634,000	10,829,000	17,072,000	15,183,000	6,220,000	6,022,000	5,673,000	4,830,000	4,475,000				5,959,000					5,553,000	4,294,000	3,457,000	3,110,000	1,210,000
borrowings under repurchase agreements																																			1,278,631,000	1,330,909,000	1,477,281,000	1,139,803,000	1,013,162,000	1,217,935,000	1,083,665,000	925,774,000	735,437,000	878,352,000	575,433,000	622,194,000	537,766,000	446,224,000	166,994,000	202,033,000	227,167,000	191,312,000	211,944,000	225,158,000	242,970,000	350,696,000	355,257,000	290,700,000	296,805,000	301,871,000	298,392,000	242,728,000	125,639,000
dividends payable																																			55,916,000	57,464,000	51,109,000	51,278,000	46,028,000	36,427,000	36,421,000	37,828,000	32,060,000	27,694,000	27,601,000	21,018,000	20,753,000	20,665,000	16,688,000	17,227,000	17,023,000	16,821,000	16,616,000	12,891,000	10,114,000	8,726,000	8,553,000	8,703,000	8,542,000	7,169,000	7,116,000	7,189,000	7,140,000	3,806,000	3,766,000
series b preferred stock, 8,000,000 shares issued and outstanding (200,000 aggregate liquidation preference) in 2017 and 2016																																			80,000	80,000	80,000
series a preferred stock, 3,450,000 shares issued and outstanding (86,250 aggregate liquidation preference) in 2017 and 2016																																				35,000	35,000
accounts payable and accrued expenses																																					8,652,000	17,681,000	26,367,000	24,504,000	8,562,000	9,246,000	4,668,000	8,253,000	3,319,000	7,578,000	3,602,000	5,260,000	2,289,000	2,660,000	1,719,000	1,367,000	1,524,000	1,265,000	1,965,000	1,072,000	1,126,000	1,746,000	2,973,000	1,927,000	2,031,000	2,375,000	3,482,000	2,550,000	2,150,000	259,000	75,000
series a preferred stock, 3,450,000 shares issued and outstanding (86,250 aggregate liquidation preference) in 2016 and 2015																																						35,000	35,000	35,000	35,000
series b preferred stock, 8,000,000 shares issued and outstanding (200,000 aggregate liquidation preference) in 2016 and 2015																																						80,000	80,000	80,000	80,000
series c preferred stock, 6,900,000 shares issued and outstanding (172,500 aggregate liquidation preference) in 2016																																						69,000	69,000
retained earnings																																						-48,070,000			-50,973,000	-32,328,000	-22,225,000	-15,965,000	-12,794,000	-10,485,000	-11,661,000	-10,132,000	-13,404,000	-14,188,000	-13,235,000	-9,320,000	-4,297,000	574,000	4,808,000	2,214,000
securities available-for-sale, at estimated fair value																																														17,105,000	17,919,000	23,281,000	25,477,000	33,362,000	37,559,000	52,909,000	64,216,000	67,079,000	81,405,000	125,631,000	151,964,000	302,543,000	316,067,000	338,804,000	349,662,000	363,660,000	376,138,000	374,006,000	373,233,000	153,614,000
derivative instrument																																										3,327,000			1,026,000	4,070,000	1,933,000	1,093,000
deferred financing costs																																										7,353,000	8,125,000	8,898,000	9,090,000	7,444,000	8,124,000	5,088,000	5,135,000	628,000	794,000	1,018,000	1,239,000	678,000	1,090,000	1,161,000	1,308,000	2,044,000	1,730,000	2,097,000	2,459,000	2,818,000	3,005,000	2,735,000	2,698,000
series a preferred stock, 3,450,000 shares issued and outstanding (86,250 aggregate liquidation preference) in 2015 and 2014																																										35,000	35,000
series b preferred stock, 8,000,000 shares issued and outstanding (200,000 aggregate liquidation preference) in 2015																																										80,000	80,000
investments purchased, not yet settled																																															26,540,000				21,299,000												30,346,000
repurchase agreements, held for investment																																																						6,598,000	10,975,000	41,696,000	47,439,000	47,439,000	47,439,000	47,439,000	41,418,000
derivative instruments																																																				25,000	83,000	155,000	251,000	291,000	483,000				846,000	387,000	690,000
accumulated other comprehensive income																																																		-870,000				-30,000	99,000	975,000	382,000	563,000	487,000	2,842,000	4,482,000	6,359,000	7,883,000	4,364,000	2,336,000
principal and interest receivable																																																						4,277,000	4,107,000	11,195,000		8,075,000	9,143,000	7,429,000	8,250,000
talf borrowings																																																										251,327,000	264,101,000	280,225,000	289,439,000	297,334,000	305,335,000	305,658,000	306,449,000	128,106,000
deferred revenue																																																								117,000	136,000
deferred underwriting fee																																																												10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
securities at estimated fair value																																																												266,939,000	274,322,000	279,124,000	174,426,000
contractual deposits																																																													144,000		15,000			90,000
mezzanine loans, held for investment																																																														58,985,000
mezzanine loans																																																															58,994,000	59,000,000	50,000,000
credit facility borrowings																																																																18,089,000
other liabilities																																																																		90,000	1,879,000
accrued interest receivable																																																																			1,000
due to affiliate																																																																			138,000
deferred underwriting fee, of which 8 million is payable to acrefi management, llc																																																																			10,000,000
common stock: 0.01 par value...																																																																			107,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31

cash flows from operating activities:
net income	26,227,000	29,199,000	50,791,000	20,739,000	25,991,000	40,652,000			-104,524,000	46,540,000	46,071,000	-83,400,000	48,916,000	-3,987,000	183,030,000	70,951,000	15,238,000	37,097,000	60,392,000	67,691,000	58,335,000	36,680,000	49,338,000	60,201,000	-127,842,000	71,903,000	29,089,000	61,424,000	67,758,000	52,990,000	62,217,000	55,346,000	49,433,000	41,317,000	68,355,000	36,234,000	47,125,000	59,027,000	69,893,000	10,340,000	18,616,000	27,240,000	25,847,000	24,656,000	25,513,000	22,041,000	19,159,000	23,959,000	17,580,000	15,864,000	12,900,000	11,789,000	11,932,000	8,967,000	12,211,000	9,910,000	9,093,000	8,670,000	5,512,000	6,520,000	5,180,000	3,966,000	2,356,000	2,935,000	1,742,000
adjustments to reconcile net income to net cash from operating activities:
amortization of discount/premium, deferred fees and payment-in-kind interest	-9,542,000	-9,861,000	-11,443,000	-6,152,000	-5,642,000
amortization of deferred financing costs	4,929,000	4,181,000	4,825,000	4,432,000	3,779,000	4,018,000	4,844,000	4,529,000	4,027,000	4,353,000	3,661,000	4,141,000	3,807,000	3,452,000	3,071,000	2,655,000	2,856,000	4,382,000	3,014,000	3,148,000	3,196,000	3,210,000	3,075,000	3,265,000	3,312,000	3,434,000	3,048,000	2,026,000	3,461,000	2,982,000	2,849,000	2,810,000	2,545,000	2,205,000	1,703,000	1,558,000	1,203,000	1,408,000	1,161,000	1,131,000	907,000	773,000	842,000	693,000	684,000	727,000	590,000	472,000	190,000	227,000	224,000	222,000	193,000	411,000	419,000	397,000	735,000	366,000	367,000	363,000	358,000	369,000	304,000	290,000	209,000
straight-line rent amortization	-898,000	-704,000
equity-based compensation	3,047,000	3,385,000	3,416,000	3,400,000	3,430,000	3,958,000	4,165,000	4,157,000	4,188,000	4,353,000	4,356,000	4,377,000	4,358,000	4,518,000	4,518,000	4,518,000	4,698,000	4,484,000	4,405,000	4,357,000	4,387,000	4,094,000	4,206,000	4,252,000	4,263,000	8,813,000	3,889,000	4,290,000	-1,095,000	2,137,000	4,044,000	4,013,000	-1,385,000	3,426,000	2,630,000	3,460,000	1,461,000	1,656,000	1,550,000	1,938,000	-680,000	1,693,000	756,000	821,000	996,000	478,000	308,000	333,000	-421,000	1,362,000	784,000	428,000	883,000
increase in current expected credit loss allowance	-3,289,000	2,474,000	-6,366,000	3,113,000	4,008,000	-1,259,000	-899,000	10,258,000	147,684,000	-777,000	-5,833,000	61,648,000	4,390,000
foreign currency loss	24,250,000			-72,705,000	-35,994,000	145,233,000	-56,208,000	524,000	20,881,000	-61,949,000	45,291,000	-22,739,000	-1,525,000	-102,257,000	90,096,000	85,279,000	24,212,000	2,941,000	25,412,000	-4,736,000	7,479,000	-34,407,000	-14,179,000	6,296,000	42,108,000	-18,343,000				7,455,000	4,791,000			-1,705,000	-6,926,000	-7,206,000	-2,808,000	7,667,000	3,563,000	13,042,000	4,517,000	3,489,000	4,032,000	-6,130,000	3,801,000	1,415,000
unrealized loss on foreign currency contracts	-44,494,000	-4,178,000	-26,788,000	73,682,000	41,829,000	-68,344,000	57,621,000	-911,000	-18,053,000	63,725,000	-28,244,000	20,102,000	35,851,000
unrealized loss on interest rate hedging instruments		0	133,000	72,000	174,000	160,000	562,000	457,000	194,000	887,000	70,000	4,328,000	4,813,000
depreciation and amortization on real estate owned	3,981,000	3,403,000	2,783,000	2,531,000	2,456,000	2,383,000	2,342,000	2,287,000	4,656,000	1,040,000	1,020,000	2,202,000	3,986,000			0	704,000
loss from equity method investment	274,000
changes in operating assets and liabilities:
other assets	37,064,000	-15,244,000	7,752,000	-9,004,000	-3,567,000	29,630,000	-13,176,000	11,075,000	-12,575,000	-11,275,000	5,071,000	-8,175,000	1,012,000	1,239,000	-17,988,000	-4,331,000	-1,830,000	856,000	-103,000	-363,000	1,238,000	1,584,000	3,364,000	-2,919,000	-6,696,000	-710,000	2,244,000	-3,562,000	-2,898,000	-1,722,000	-4,407,000	-1,449,000	-2,620,000	-389,000	34,000	-962,000	-55,000	2,315,000	8,996,000	-9,300,000	183,000	-276,000	25,000	-149,000	520,000	300,000	-216,000	366,000	50,000	-600,000	0	0	203,000	4,000	-197,000
accounts payable, accrued expenses and other liabilities	-28,502,000	-1,242,000	3,138,000	2,952,000	3,014,000	-98,478,000	21,374,000	-10,911,000	12,532,000	-10,173,000	10,524,000	-7,984,000	6,864,000	-14,954,000	20,849,000	2,360,000	4,245,000	-3,560,000	5,101,000	3,197,000	-274,000	-470,000	688,000	-2,728,000	807,000	2,594,000	1,794,000	48,000	620,000	-7,770,000	-2,103,000	8,115,000	2,075,000	5,272,000	-3,496,000
payable to related party	-486,000	-29,000	281,000	-206,000	-162,000	-75,000	-376,000	-244,000	-130,000	38,000	125,000	-144,000	-194,000	-34,000	130,000	278,000	-419,000	190,000	143,000	75,000	-233,000	-329,000	-31,000	-310,000	-162,000	-4,000	175,000	646,000	-191,000	289,000	502,000	921,000	-76,000	-142,000	567,000	310,000	418,000	1,112,000	661,000	13,000	-68,000	1,197,000	210,000	549,000	101,000	47,000	227,000	401,000	-63,000	3,000	25,000	440,000	123,000	517,000	226,000
net cash from operating activities	12,561,000	8,241,000	31,738,000	63,226,000	39,316,000	49,932,000	47,236,000	50,246,000	52,843,000	30,845,000	83,435,000	49,332,000	110,250,000	42,587,000	125,674,000	49,784,000	49,660,000	34,510,000	43,930,000	77,033,000	43,910,000	51,018,000	59,575,000	-638,000	54,097,000	85,134,000	78,372,000	52,728,000	57,201,000	44,836,000	49,510,000	83,339,000	88,279,000	41,396,000	42,015,000	45,732,000	25,730,000	39,142,000	34,649,000	31,492,000	13,598,000	26,051,000	21,576,000	23,084,000	17,411,000	26,573,000	13,332,000	15,724,000	11,408,000	12,132,000	10,627,000	11,306,000	11,918,000	7,444,000	17,237,000	3,657,000	11,766,000	10,911,000	8,562,000	10,218,000	5,765,000	5,293,000	4,822,000	4,529,000	1,950,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	12,561,000	8,241,000	31,738,000	63,226,000	39,316,000	49,932,000	47,236,000	50,246,000	52,843,000	30,845,000	83,435,000	49,332,000	110,250,000	42,587,000	125,674,000	49,784,000	49,660,000	34,510,000	43,930,000	77,033,000	43,910,000	51,018,000	59,575,000	-638,000	54,097,000	85,134,000	78,372,000	52,728,000	57,201,000	44,836,000	49,510,000	83,339,000	88,279,000	41,396,000	42,015,000	45,732,000	25,730,000	39,142,000	34,649,000	31,492,000	13,598,000	26,051,000	21,576,000	23,084,000	17,411,000	26,573,000	13,332,000	15,724,000	11,408,000	12,132,000	10,627,000	11,306,000	11,918,000	7,444,000	17,237,000	3,657,000	11,766,000	10,911,000	8,562,000	10,218,000	5,765,000	5,293,000	4,822,000	4,529,000	1,950,000
cash flows from investing activities:
new funding of commercial mortgage loans	-299,900,000	-851,134,000	-807,056,000	-915,649,000	-460,452,000	-289,086,000	-460,048,000			-275,150,000	0	0	-181,017,000	-274,133,000	-429,239,000	-1,130,425,000	-1,193,945,000	-1,317,268,000	-141,603,000	-904,855,000	-417,161,000	-6,491,000	-10,009,000	-7,504,000	-439,936,000	-1,248,778,000	-766,296,000	-314,310,000	-197,000,000	-466,660,000	-106,933,000	-798,556,000	-476,951,000
add-on funding of commercial mortgage loans	-333,363,000	-193,420,000	-226,078,000	-385,430,000	-59,225,000	-82,212,000	-80,792,000	-102,040,000	-308,032,000	-111,291,000	-83,139,000	-105,209,000	-76,421,000	-76,732,000	-136,089,000	-154,185,000	-116,789,000	-124,153,000	-88,284,000	-60,990,000	-77,499,000	-59,078,000	-64,932,000	-97,493,000	-99,768,000	-113,788,000	-96,223,000	-70,045,000	-105,452,000	-41,517,000	-29,701,000	-47,315,000	-13,185,000
add-on funding of subordinate loans	-5,533,000	-4,407,000	-8,260,000	-8,903,000	-13,642,000	-14,419,000	-12,117,000	-14,032,000	-13,734,000																			-7,946,000	-4,879,000	-64,386,000	-41,568,000	-38,076,000	-5,208,000
proceeds received from the repayment and sale of commercial mortgage loans	355,589,000	513,311,000	1,285,644,000	515,892,000	138,024,000	846,273,000	827,230,000	584,247,000	168,526,000	343,465,000	141,954,000	172,320,000	435,442,000	558,502,000	272,043,000	406,876,000	637,512,000	784,232,000	429,282,000	95,837,000	200,077,000	133,906,000	130,788,000	176,022,000	221,972,000
proceeds received from the repayment of subordinate loans and other lending assets	16,561,000	96,054,000	1,300,000			0	22,921,000	99,000	102,000	101,000	53,498,000	15,061,000	6,611,000	149,576,000	90,000	39,599,000	90,071,000	67,061,000	41,219,000	165,081,000	30,470,000	441,000	3,237,000	1,043,000	842,000
contributions to equity method investment	-869,000	-628,000	-1,213,000	-947,000	-3,256,000
origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans	4,193,000	10,074,000	10,013,000	20,045,000	6,854,000	5,086,000
increase in collateral related to derivative contracts	49,420,000			-69,420,000	-41,140,000			5,770,000	20,020,000	-73,440,000	30,200,000	-18,730,000	-50,830,000	-137,910,000	137,730,000	101,010,000	16,370,000	20,290,000
capital expenditures on real estate owned assets	-12,832,000	-18,361,000	-24,486,000	-32,496,000	-24,867,000
net cash from investing activities	-226,734,000	-446,001,000	314,146,000	-797,701,000	-457,704,000	586,296,000	206,408,000	-48,862,000	-166,673,000	-156,866,000	115,235,000	22,938,000	87,113,000	184,363,000	-189,340,000	-756,521,000	-577,855,000	-593,181,000	249,150,000	-714,232,000	-298,699,000	-13,905,000	7,113,000	114,200,000	-323,128,000	-203,464,000	-721,524,000	-267,165,000	-242,959,000	-91,538,000	45,525,000	-797,838,000	-155,071,000	-211,942,000	-200,369,000	58,944,000	-367,347,000	-348,366,000	1,681,892,000	-111,225,000	-183,097,000	-106,530,000	-224,290,000	-288,491,000	-171,565,000	-108,168,000	-198,668,000	-588,189,000	8,337,000	-22,769,000	-84,012,000	-42,520,000	-16,518,000	-62,815,000	71,651,000	-9,833,000	193,930,000	-5,444,000	762,000	-20,979,000	-35,217,000	-127,738,000	-168,110,000	-8,600,000	-303,143,000
cash flows from financing activities:
proceeds from secured debt arrangements	594,095,000	701,279,000	1,041,914,000	1,601,558,000	406,830,000	314,963,000	505,306,000	629,371,000	548,557,000	450,510,000	33,097,000	149,317,000	173,919,000	65,967,000	580,704,000	1,176,971,000	1,012,730,000	1,106,078,000	186,603,000	664,776,000	322,234,000	69,373,000	92,114,000	16,201,000	1,357,442,000	1,503,135,000	966,508,000	569,095,000	412,434,000	530,660,000	255,975,000	950,662,000	416,549,000
proceeds related to financing on real estate owned	13,970,000	21,263,000	25,946,000	30,413,000	20,514,000	45,255,000	42,924,000							0
repayments of secured debt arrangements	-324,760,000	-346,466,000	-1,301,966,000	-822,854,000	-111,498,000	-832,457,000	-721,898,000	-596,990,000	-433,604,000	-171,094,000	-165,016,000	-151,548,000	-191,681,000	-335,291,000	-187,970,000	-388,447,000	-542,213,000	-383,609,000	-382,057,000	-412,957,000	-331,613,000	-158,468,000	-103,569,000	-136,229,000	-844,051,000	-1,009,527,000	-201,152,000	-906,324,000	-156,747,000	-638,681,000	-218,402,000	-184,698,000	-538,562,000
repayments of senior secured term loan principal	-1,875,000	-1,875,000	-1,875,000	-9,250,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-2,000,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000	-1,250,000
payment of deferred financing costs	-6,094,000	-2,240,000	-5,045,000	-11,426,000	-4,073,000	-978,000	-4,023,000	-2,418,000	-3,454,000	-5,023,000	-293,000	-1,023,000	-5,873,000	-1,161,000	-10,694,000	-1,111,000	-3,528,000	-9,142,000	-3,599,000	-5,848,000	-5,369,000	-3,023,000	-570,000	-4,800,000	-2,722,000	-2,645,000	-1,627,000	-9,325,000	-91,000	-3,792,000	-231,000	-9,080,000	-2,234,000	-5,669,000	-3,242,000	-949,000	-4,394,000	-276,000	-895,000	-1,641,000	-1,205,000		-70,000	-500,000	-2,330,000		-3,413,000	-806,000	-4,627,000
payment of withholding tax on rsu delivery	-5,576,000	0	-61,000	0	-4,947,000	-33,000	-162,000	-10,000	-7,274,000	-35,000	-106,000	-11,000	-6,703,000
repurchase of common stock	-30,284,000					-1,000	-2,890,000															-36,193,000	-45,522,000	-43,838,000	-2,441,000																	0
dividends on common stock	-35,600,000	-35,846,000	-34,736,000	-35,278,000	-35,416,000	-35,156,000	-49,334,000	-50,620,000	-50,839,000	-50,463,000	-50,467,000	-50,446,000	-50,643,000	-50,107,000	-50,108,000	-50,089,000	-50,270,000	-49,837,000	-50,068,000	-49,794,000	-49,947,000	-50,868,000	-53,437,000	-61,496,000	-71,950,000	-71,475,000	-71,468,000	-63,527,000	-62,762,000	-50,297,000	-62,265,000	-57,327,000	-57,328,000	-47,473,000	-50,680,000	-42,777,000	-42,947,000	-37,588,000	-31,442,000	-31,441,000	-31,742,000	-29,714,000	-25,881,000	-25,874,000	-19,380,000	-18,739,000	-18,740,000	-14,850,000	-15,475,000	-14,754,000	-14,752,000	-14,747,000	-11,218,000	-8,895,000	-8,229,000	-8,224,000	-8,542,000	-8,225,000	-7,024,000	-7,021,000	-7,142,000	-7,021,000	-3,734,000
dividends on preferred stock	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,068,000	-3,126,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-3,385,000	-8,369,000	-6,835,000	-6,835,000	-6,836,000	-6,834,000	-6,835,000	-9,055,000	-8,132,000	-9,310,000	-9,310,000	-9,310,000	-5,860,000	-5,860,000	-6,926,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,860,000	-1,861,000	-1,859,000	-1,860,000	-1,860,000
net cash from financing activities	200,808,000	333,047,000	-278,891,000	744,470,000	266,342,000	-513,475,000	-235,145,000	10,994,000	48,318,000	42,763,000	-197,823,000	-95,374,000	-92,926,000	-325,660,000	146,699,000	732,256,000	404,679,000	658,363,000	-254,247,000	547,720,000	223,351,000	-149,849,000	-115,619,000	-208,535,000	398,887,000	409,678,000	687,614,000	221,566,000	185,295,000	57,320,000	-72,231,000	692,573,000	87,431,000	107,912,000	26,978,000	-38,357,000	283,526,000	255,577,000	-1,500,529,000	95,329,000	125,119,000	127,736,000	174,024,000	274,293,000	153,475,000	63,587,000	180,650,000	509,327,000	86,632,000	-56,091,000	3,412,000	-37,712,000	121,704,000	95,996,000	-32,853,000	-13,317,000	-195,812,000	-28,349,000	10,645,000	-12,833,000	39,633,000	101,561,000	207,775,000	12,824,000	176,762,000
net decrease in cash and cash equivalents	-13,365,000														84,479,000	22,056,000	-127,357,000																				-58,091,000		216,012,000	15,596,000	-44,380,000														56,035,000									8,753,000	-124,431,000
cash and cash equivalents beginning of period	139,825,000	0	0	0	317,396,000	0	0	0	225,438,000
effects of foreign currency translation on cash and cash equivalents	387,000	-1,318,000	1,240,000	1,204,000	1,074,000	356,000	1,085,000	1,135,000	687,000	-873,000	-1,725,000	2,595,000	-611,000	1,295,000	-6,834,000
cash and cash equivalents end of period	126,847,000	-106,031,000	68,233,000	11,199,000	166,424,000	123,109,000	19,584,000	13,513,000	161,190,000
supplemental disclosure of cash flow information:
interest paid	111,671,000	120,068,000	112,480,000	121,090,000	102,020,000	121,420,000	121,587,000	136,021,000	116,463,000	126,807,000	109,215,000	117,621,000	89,983,000	95,022,000	62,344,000	53,819,000	35,185,000	41,579,000	33,021,000	26,577,000	36,494,000	29,239,000	28,599,000	34,995,000	36,979,000	37,268,000	33,286,000	30,487,000	32,428,000	20,661,000	33,799,000	16,903,000	26,517,000	11,532,000	32,387,000	-7,049,000	18,965,000	5,615,000	20,102,000	9,402,000	17,589,000	6,646,000	16,377,000	5,787,000	14,399,000	3,567,000	11,567,000	1,040,000	1,958,000	474,000	1,419,000	0	916,000	1,054,000	1,463,000	1,600,000	2,809,000	3,673,000	3,833,000	3,875,000	3,391,000	3,450,000	2,900,000	1,885,000	1,290,000
change in loan proceeds held by servicer	97,562,000	-8,626,000	8,247,000	689,000	-47,002,000	-54,926,000	100,335,000	-2,461,000	1,624,000	-126,770,000	77,093,000	54,904,000	-2,327,000	-6,063,000	-15,855,000
supplemental disclosure of non-cash investing and financing activities:
dividend declared, not yet paid	37,819,000	310,000	-2,000	13,000	38,347,000	260,000	-14,177,000	-1,287,000	53,688,000	-124,000	502,000	-485,000	53,514,000	536,000	-1,000	20,000	53,156,000	435,000	-237,000	20,000	52,615,000	-1,486,000	-2,002,000	-9,428,000	65,684,000	-84,000	560,000	3,931,000	70,364,000	497,000	4,374,000	564,000	63,598,000	660,000	-1,548,000	6,355,000	51,109,000	5,250,000	9,601,000	6,000	36,421,000	5,768,000	4,366,000	93,000	27,601,000	265,000	88,000	3,977,000	16,688,000	204,000	202,000	205,000	16,616,000	2,777,000	1,388,000	173,000	8,553,000	161,000	1,373,000	53,000	7,116,000	49,000	3,334,000	40,000	3,766,000
income from equity method investment		254,000
gain on extinguishment of debt
net realized loss on investment		0				0	127,512,000			0	0	81,980,000	4,624,000
proceeds received from payment-in-kind interest		0	0							0	11,834,000	0	3,573,000
payment for interest rate cap		0				0	-418,000			0
proceeds and payments received of notes receivable, held for sale		0
distributions from equity method investment		0
proceeds received from the sale of other assets
cash received from hotel title assumption										0	0	0	569,000					0	0
repayments and repurchases of convertible notes										-176,064,000
payment of issuance discount		0	0
net increase in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale						122,753,000	18,499,000	12,378,000	-65,512,000	-83,258,000	847,000	-23,104,000	104,437,000
decrease in cash classified within assets related to real estate owned, held for sale						0	0	0	577,000	1,724,000	671,000	-2,972,000	5,677,000
net increase in cash and cash equivalents				9,995,000	-152,046,000	122,753,000	18,499,000	12,378,000	-64,935,000	-81,534,000	1,518,000	-26,076,000	110,114,000							-89,479,000	-31,438,000	-112,736,000	-48,931,000	-94,973,000	129,856,000	291,348,000	44,462,000	7,129,000	-463,000	10,618,000	22,804,000	-21,926,000	20,639,000									47,257,000	-28,690,000	8,886,000	-679,000	-18,008,000	-4,686,000	-63,138,000	106,377,000	-66,728,000	-69,973,000	-68,926,000	117,104,000				9,884,000	-22,882,000			10,181,000	-20,884,000
income tax paid		62,000	18,000			0				0
change in participation sold										0			-25,130,000	2,434,000	-1,660,000	-1,920,000	-788,000	116,000	-714,000
assumption of real estate										0	0	0	75,000,000	0				0	0
assumption of other assets related to real estate owned										0	0	0	2,827,000					0	0
assumption of accounts payable, accrued expenses and other liabilities related to real estate owned										0	0	0	-3,396,000
transfer of assets to assets related to real estate owned, held for sale										0	0			311,743,000	-311,743,000	2,299,000	153,243,000
transfer of assets related to real estate owned, held for sale to assets related to real estate owned, held for investment
transfer of assets related to real estate owned, held for sale to other assets						0	0	0	2,280,000	0	0	0	4,357,000
transfer of liabilities to liabilities related to real estate owned, held for sale										0	0			1,040,000	-1,040,000	1,444,000	5,712,000
transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities						0	0	0	3,937,000	0	0	0	7,163,000
transfer of commercial mortgage loan to other assets						-139,594,000
note receivable, held for sale
restructuring of commercial mortgage loan to subordinate loan						0	0
loan modification accounted for as a new loan
restructuring of subordinate loan to commercial mortgage loan		0	0																			0
foreign currency gain																												8,896,000	-5,828,000				-9,853,000
decrease in collateral related to derivative contracts
net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale			66,993,000	9,995,000	-152,046,000										83,033,000	25,519,000	-123,516,000
change in secured debt repayments pending servicer remittance
valuation allowance, loans and other lending assets held for sale
deferred financing costs accrued, not yet paid
transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment						0	0	0	70,688,000	0	0	0	151,676,000
valuation allowance, commercial mortgage loan held for sale									679,000
transfer of commercial mortgage loan to commercial mortgage loan, held for sale									135,465,000
amortization of discount/premium and payment-in-kind interest						-7,946,000	-8,558,000	-6,749,000	-6,716,000	-5,917,000	-8,164,000	-6,752,000	-10,012,000
capital expenditures on real estate assets							-44,935,000	-40,439,000	-37,901,000	-25,444,000	-17,754,000	-15,302,000	-14,131,000	-11,875,000	-21,078,000	-34,000	-48,000	-68,000
net loss
origination and exit fees received on commercial mortgage loans, and subordinate loans								12,813,000	4,346,000
supplemental disclosure of non-cash financing activities:
loss from unconsolidated joint venture																		0
origination of subordinate loan, held for sale
sale of subordinate loan, held for sale
add-on funding of subordinate loans and other lending assets										-19,852,000	-13,775,000	-25,852,000	-37,400,000	-27,160,000	-22,844,000	-34,021,000	-29,099,000	-44,967,000	-24,586,000	-66,399,000	-41,317,000	-43,820,000	-21,861,000	-7,013,000	-18,753,000	-12,226,000
origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets										4,745,000	4,251,000	650,000	4,290,000	4,095,000	10,047,000	14,659,000	18,073,000	21,692,000	3,997,000	10,760,000	6,301,000	427,000	310,000	665,000	5,445,000
proceeds received from the sale of real estate owned, held for sale																		0	0
payment of offering costs																		-59,000	0	0	-40,000					-180,000	-12,000			-285,000	-11,000	-150,000	-38,000	-565,000	0	-301,000	-58,000	-361,000	0	-2,000	-43,000	-31,000	-677,000	-171,000	-108,000	-81,000	-100,000	-91,000	-117,000	-10,000	-38,000	-468,000	-308,000	-241,000	-2,802,000			-565,000	-1,121,000	-77,000	-494,000	-324,000	-5,222,000	-444,000	-222,000
proceeds from issuance of senior secured term loan																		0	0	0	297,000,000					0	0
proceeds from issuance of senior secured notes																		0	0
repayment of debt related to real estate owned																		0	0
repayments of payment-in-kind on participation sold
assumption of debt related to real estate owned																		0	0
transfer of subordinate loan to subordinate loan, held for sale
retirement of series b preferred stock																		0
issuance of series b-1 preferred stock																		0
realized gain on extinguishment of debt											-30,000	-252,000	-213,000
cash and cash equivalents, beginning of period											0	0	222,030,000	0	0	0	343,106,000	0	0	0	325,498,000	0	0	0	452,282,000	0	0	0	109,806,000								200,996,000	0	0	0	67,415,000	0	0	0	40,641,000	0	0	0	20,096,000	0	0	0	108,619,000	0	0	0	21,568,000	0	0	0	37,894,000	0	0	0	129,969,000
cash and cash equivalents, end of period											-207,000	-23,481,000	331,533,000	-97,234,000	77,645,000	25,870,000	215,749,000	99,692,000	38,833,000	-89,479,000	294,060,000	-112,736,000	-48,931,000	-94,973,000	582,138,000	291,348,000	44,462,000	7,129,000	109,343,000								142,905,000	-53,647,000	216,012,000	15,596,000	23,035,000	47,257,000	-28,690,000	8,886,000	39,962,000	-18,008,000	-4,686,000	-63,138,000	126,473,000	-66,728,000	-69,973,000	-68,926,000	225,723,000	40,625,000	56,035,000	-19,493,000	31,452,000	-22,882,000	19,969,000	-23,594,000	48,075,000	-20,884,000	44,487,000	8,753,000	5,538,000
repurchase of convertible notes												-36,595,000	-6,877,000
unrealized loss on derivative instruments																						44,895,000	35,640,000	-41,752,000	-26,888,000	31,655,000	-5,920,000	2,326,000	14,985,000	-8,359,000	-5,045,000	-24,796,000	8,855,000	-6,041,000	7,131,000	7,536,000	2,897,000		10,295,000	-13,406,000	1,380,000		-2,090,000	3,197,000	3,044,000														202,000
depreciation and amortization														0				1,097,000	1,096,000
realized loss and impairments on investments and real estate owned														24,894,000
repayments of convertible notes														0
proceeds from participations sold																																											0	0	30,484,000
other financing activities														0				0	0	1,000	-4,279,000	0	0	0	-6,494,000
less increase in cash classified within assets related to real estate owned, held for sale														181,000	1,446,000	-3,463,000	-3,841,000
deferred financing costs, not yet paid																			388,000	1,161,000	2,596,000	0	0	-2,597,000	5,193,000	-227,000	1,325,000	452,000	3,643,000																	-180,000			412,000	62,000	0	-4,000	254,000					0	0	0	500,000	0	-322,000	28,000	1,294,000
transfer of proceeds borrowed under secured credit facilities to barclays private securitization																						0	0
assumption of accounts payable and other liabilities related to real estate owned																		0	0
transfer of subordinate loans to real estate owned																		0	0
amortization of discount/premium and pik															-13,009,000	-12,486,000	-14,333,000	-8,561,000	-18,038,000	-18,320,000	-24,671,000	-8,075,000	-17,221,000	-18,179,000	-18,270,000	-19,662,000	-21,459,000	-20,879,000	-19,611,000	-18,166,000	-15,911,000	-14,497,000	-15,695,000
reversal of current expected credit loss allowance
unrealized gain on derivative instruments																			-32,301,000	2,132,000	-10,859,000																									-2,137,000	-3,026,000			0	-25,000	-58,000	-72,000	-95,000	-40,000	-193,000	5,000				-459,000
proceeds received from pik interest															63,590,000	0	20,141,000	0
repayments of pik on participation sold																			0
transfer of subordinate loans to held for sale
provision for (reversal of) loan losses																-944,000	18,611,000	1,817,000	-5,766,000
gain on derivative instruments																-98,496,000	-24,463,000
realized losses and impairments on investments and real estate owned																		767,000	0
withholding tax payment upon rsu delivery																0	-6,972,000
loan proceeds held by servicer																	5,097,000	-5,553,000	3,879,000	3,303,000	1,550,000					-2,869,000	-1,296,000						30,281,000
new funding of subordinate loans and other lending assets																										0
proceeds from issuance of common stock																										1,000	0			0	0	0	275,879,000	30,795,000	0							0	150,000,000	0	193,430,000	0	0			0	0	0	148,804,000					0				0
redemption of preferred stock																										0	0
exchanges of convertible senior notes
exchange of convertible senior notes for common stock																											0	0	33,778,000
repayments of participation sold including pik
net (decrease) in cash and cash equivalents
proceeds received from pik																				28,986,000	6,000,000					5,000,000				0	0	20,652,000	55,000,000
increase in collateral held related to derivative contracts																				-170,000	430,000	-39,290,000	-30,420,000	48,480,000	7,070,000								-15,220,000			938,000	-960,000	-10,630,000	-100,000
(provision for) reversal of loan losses																					-1,238,000
realized losses and impairments on real estate owned																					550,000
collateral deposited under secured debt arrangements																									-26,262,000
additions to participations sold																					15,735,000
provision for loan losses and impairments
loss on early extinguishment of debt																														0
realized loss on investments																						30,190,000	1,037,000				0
proceeds from issuance of notes
assumption of real estate owned, held for sale net of related debt from the foreclosure of a subordinate loan
provision for loan losses																									183,465,000													0	0
offering costs payable																											-65,000				0	-74,000	339,000		0	-181,000	222,000	59,000	0	-3,000	223,000	-29,000	260,000	-142,000	207,000	29,000	-141,000					-348,000	395,000	-32,000			204,000	-503,000				-331,000
unrealized loss on securities																																		-25,335,000	-13,488,000	4,510,000	-2,852,000		9,799,000	11,728,000	15,074,000		7,052,000	2,273,000	-3,409,000		2,147,000	-4,750,000	-2,184,000		1,473,000							-599,000
provision for loan losses and impairment, net of reversals
realized loss on derivative instruments																																		0	179,000	-46,000	156,000		-15,111,000
realized loss on investment
proceeds and payments received on commercial mortgage loans																										858,230,000	228,852,000	150,136,000	191,317,000	318,275,000
proceeds and payments received on subordinate loans and other lending assets																										306,070,000
origination and exit fees received on commercial mortgage and subordinate loans and other lending assets
funding of unconsolidated joint venture																																		0	0	0	-726,000	0	0			0	0	0	-3,929,000	0
funding of other assets																																		0	0	0	-1,379,000					0	0			0	-2,000
payments on settlements of derivative instruments
payments and proceeds received on securities
proceeds from sale of investments in unconsolidated joint venture
exchanges and conversions of notes
repayments of participations sold																																		0	0	-84,647,000	-434,000	-602,000	-2,757,000	-506,000	-507,000	-513,000	-513,000
exchange of notes for common stock
provision for loan losses and impairments, net of reversal
(reversal of) provision for loan losses and impairments
new funding of subordinate loans																												-31,763,000	-244,844,000	-13,126,000	-5,717,000	-190,279,000	-11,687,000
proceeds and payments received on subordinate loans																												557,000	130,010,000	146,527,000
origination and exit fees received on commercial mortgage and subordinate loans																												6,206,000	6,069,000	9,349,000	4,111,000	9,277,000	19,085,000
decrease in collateral held related to derivative contracts																												0	-18,180,000		0			9,310,000
exchanges and conversions of convertible senior notes																												0	-704,000
provision for loan losses and impairment																														15,000,000	0			0	0
realized loss on sale of assets
bargain purchase gain																																						0
proceeds on settlements of derivative instruments																																		0	0	-45,000	-156,000		15,111,000	-94,000	6,083,000
payments received on other assets
proceeds from sale of amtg assets																																						34,087,000
ari investment in amtg, net of cash acquired																																						0
repayments of amtg repurchase agreement borrowings																																						0
cash, cash equivalents, and restricted cash, beginning of period																																			0
cash, cash equivalents, and restricted cash, end of period																																			-131,376,000
fair value of assets acquired from amtg																																						0
fair value of liabilities assumed from amtg																																						0
fair value of common stock issued to amtg																																						0
fair value of preferred stock issued to amtg																																						0
unrealized gain on securities																																																					1,080,000	-16,000	-3,010,000	-2,078,000	-1,385,000
funding of derivative instruments																																										0	0
proceeds from issuance of convertible senior notes																																		115,575,000												0	113,220,000	0	143,750,000
cash and restricted cash, beginning of period																															0	0	77,671,000
cash and restricted cash, end of period																															22,804,000	-21,926,000	98,310,000
payments received on commercial mortgage loans																																137,366,000	90,547,000	200,940,000	6,610,000
payments received on subordinate loans																																109,595,000	257,548,000	155,249,000	162,738,000
income from unconsolidated joint venture																																		0	0	2,717,000	-458,000	304,000	-80,000	-59,000	-68,000	-2,969,000	-127,000			69,000
realized loss on sale of asset
accrued interest receivable
funding of commercial mortgage loans																																		-636,925,000				-302,209,000	-227,975,000	-135,033,000	-178,574,000	-154,492,000	-212,908,000	-166,294,000	-103,888,000	-192,245,000	-30,148,000	-157,412,000	-24,178,000	0				-44,607,000	0			0	0	0	-8,800,000	0	-23,622,000	0	-86,000,000
funding of subordinate loans																																		-134,763,000				-232,247,000	-10,081,000	-13,320,000	-27,600,000	-209,677,000	-204,551,000	-169,270,000	-109,659,000	-48,950,000	-34,464,000			-147,520,000	-39,325,000	-82,893,000	-91,297,000	-49,843,000	-16,347,000	0	-29,833,000	-24,998,000	-24,858,000
origination and exit fees received on commercial mortgage loans and subordinate loans																																		14,857,000
proceeds from sale of securities																																		166,736,000	59,697,000	0	69,248,000
payments received on securities																																		12,654,000	11,376,000
payments received on securities, held-to-maturity																																		0	0
proceeds from issuance of preferred stock																																										0												0
cash, cash equivalents and restricted cash, beginning of period
cash, cash equivalents and restricted cash, end of period
amortization of discount/premium and pik interest																																			-7,557,000	-4,417,000	-3,517,000
realized loss on sale of securities
accrued interest receivable, less purchased interest																																			-11,193,000	-5,846,000	-10,871,000	-10,135,000	-750,000	-171,000	-16,717,000	-9,509,000	-8,383,000	-4,641,000	-7,687,000	68,000	-6,062,000	-7,334,000	-3,125,000	-3,047,000	-2,967,000	-2,073,000	-1,401,000
proceeds from sale of investment in unconsolidated joint venture																																			0							0	0	0	20,794,000
redemption of series a preferred stock
proceeds from repurchase agreement borrowings																																			402,395,000	56,198,000	407,955,000	273,815,000	67,719,000	150,033,000	230,425,000	225,461,000	97,197,000	319,287,000	136,730,000	125,801,000	143,726,000	285,665,000	12,000,000	112,023,000				0	0	49,459,000	264,401,000	0	0	10,195,000	58,819,000	117,089,000
repayments of repurchase agreement borrowings																																			-454,813,000	-205,592,000	-67,286,000	-148,286,000	-272,777,000	-15,254,000	-64,883,000	-35,123,000	-240,111,000	-16,369,000	-183,491,000	-41,374,000	-52,183,000	-6,436,000	-47,039,000	-137,156,000	-34,341,000	-20,632,000	-13,214,000	-17,811,000	-107,726,000	-54,020,000	-199,844,000	-6,105,000	-5,066,000	-6,716,000	-3,155,000	0
net increase in cash, cash equivalents, and restricted cash																																			-131,376,000
realized loss on sale of security																																				0	1,042,000	-4,059,000				0	0	0	443,000																	0	0	0	33,000
funding of commercial mortgage loans, net of fees received																																				-80,884,000	-314,293,000
funding of subordinate loans, net of fees received																																				-50,601,000	-171,695,000
accounts payable and accrued expenses																																					-8,011,000	1,914,000	-12,534,000	3,604,000	-1,480,000	4,607,000	-3,846,000	5,077,000	-4,433,000	4,128,000	-1,732,000	3,172,000	-363,000	771,000	399,000	195,000	-85,000	-665,000	553,000
decrease in restricted cash																																					7,754,000
principal payments received on securities available-for-sale																																														764,000	5,320,000	2,184,000	7,785,000	157,653,000	15,218,000	10,723,000	2,544,000	14,025,000	43,286,000	26,634,000	29,271,000	12,889,000	19,751,000	8,469,000	11,446,000	10,087,000	382,000	255,000	77,000
principal payments received on securities																																					35,000
principal payments received on securities, held-to-maturity																																					750,000	750,000	4,470,000	750,000	750,000	750,000	750,000
principal payments received on commercial mortgage loans																																					6,337,000	92,263,000	82,076,000	21,220,000	14,824,000	64,139,000	13,005,000	27,747,000	727,000	104,835,000	214,000	209,000	243,000	219,000	17,085,000	190,000	623,000	6,759,000	178,000	24,174,000	189,000	186,000	162,000	8,959,000	182,000	118,000	103,000
principal payments received on subordinate loans																																					37,738,000	39,282,000	54,986,000	6,709,000	19,829,000	96,123,000	122,340,000	23,769,000	666,000	77,047,000	45,569,000	56,027,000	15,407,000	47,598,000	2,394,000	16,474,000	52,305,000	82,000	8,000	8,000	10,000	9,000	7,000	7,000	12,000
principal payments received on other assets																																						25,000	56,000	21,000	30,000	22,000	42,000	62,000	63,000	59,000	65,000
premium amortization and (discount accretion)																																									-1,983,000	-3,429,000	-2,742,000	-2,878,000	-2,162,000	-1,203,000	-1,733,000	-1,029,000	-256,000	-1,540,000	-2,186,000	-1,057,000	-938,000	-968,000	-1,061,000
realized gain on derivative instruments																																									-6,083,000
funding of securities at estimated fair value																																														-49,872,000	-151,992,000			-63,899,000				0	0
proceeds from settlement of derivative instruments
increase in restricted cash
proceeds from sale of securities available-for-sale																																										0	0	0	17,291,000									0	0	0	121,338,000					0	0	0	12,188,000
proceeds from sale of securities at estimated fair value																																						11,434,000				0	0	0	6,338,000									0	0	0	16,918,000
proceeds from sale of subordinate loans																																										82,733,000
principal payments received on securities at estimated fair value																																						13,199,000	7,879,000	8,201,000	6,344,000	8,671,000	0	0	32,000	194,000	1,297,000	4,929,000	9,080,000	-16,820,000	23,749,000	12,986,000	12,429,000	6,392,000	13,806,000	22,166,000	56,037,000	6,470,000	5,700,000	7,463,000	3,505,000
participations sold																																														0	0
securities, held-to-maturity
repayment of subordinate loans
premium amortization and (discount accretion) on assets																																							-2,998,000
increase in restricted cash related to financing activities																																							5,113,000	-11,657,000	-25,653,000									-14,333,000
increase in collateral held related to investing activities																																									870,000
fees received from commercial mortgage loans																																																		0	0	0	280,000
principal payments received on repurchase agreements																																																		0	0	0	6,598,000	4,377,000	30,720,000
deferred financing costs																																																		0	1,000	-5,000	-500,000	0	-346,000	-251,000	-500,000	-680,000	0	0	-500,000	-182,000	-896,000	-299,000	-1,359,000
supplemental disclosure of non-cash investing activities:
proceeds from sale of commercial mortgage loans
increase in restricted cash related to investing activities
proceeds from sale of commercial mortgage loan																																														0
repayments of talf borrowings																																																						0	0	0	-251,327,000	-12,774,000	-16,124,000	-9,214,000	-7,895,000	-8,001,000	-322,000	-791,000	-127,000
funding of repurchase agreements																																																										0	0	-6,021,000	-41,418,000
payment of deferred underwriting fee																																																										0
realized gain on sale of security																																																							0	0	-262,000
funding of securities available-for-sale
repayment of contractual deposits																																																														15,000	-15,000	0	90,000
proceeds from talf borrowings																																																														0	-1,000	0	178,470,000
deferred underwriting fee																																																														0
restricted stock amortization expense																																																							1,275,000	886,000	1,083,000	635,000	418,000	384,000	351,000	354,000	339,000	369,000	390,000
accrued principal and interest receivable, less purchased interest																																																							6,828,000
amortization of deferred revenue																																																								-19,000	-14,000
premium amortization																																																									1,574,000	1,906,000	1,842,000	2,036,000	1,998,000	2,228,000	1,151,000	1,001,000	662,000
increase in accrued principal and interest receivable, less purchased interest																																																									1,267,000		-1,858,000	821,000	-2,696,000
decrease in other assets																																																									3,000			4,000	3,000
increase in accounts payable and accrued expenses																																																									-324,000	-725,000	518,000	-105,000	651,000	-777,000	429,000	372,000	507,000
increase in payable to related party																																																									-9,000		140,000	13,000	405,000
change in contractual deposits																																																													-144,000
increase in accrued interest receivable, less purchased interest																																																														-1,177,000	-763,000	-409,000	-1,571,000
increase in other assets																																																										96,000				3,000	4,000
decrease in payable to related party																																																																9,000	-22,000
purchase of securities available-for-sale																																																														0	-330,000	0	-229,169,000
purchase of securities at estimated fair value																																																														-137,967,000
proceeds from private placement of common stock
unrealized gain on securities available-for-sale																																																													-26,000
unrealized loss on securities available-for-sale																																																														1,480,000
funding of mezzanine loans																																																														0	62,000
principal payments received on mezzanine loans																																																														9,000
purchased interest on securities available-for-sale																																																																0	-329,000
prepaid interest on mezzanine loans
proceeds from credit facility borrowings
repayments of credit facility borrowings
proceeds from facility borrowings																																																																	88,905,000
repayments of facility borrowings																																																																	-88,905,000
offering costs, not yet paid																																																																	415,000

Apollo Commercial Real Estate Finance, Inc(NYSE:ARI)

Apollo Commercial Real Estate Finance, Inc
(NYSE:ARI)