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Apollo Commercial Real Estate Finance cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$24.5M in Q2 2026 · $21.4M over twelve months

Operating cash flow$33.9M
Capital spending−$9.4M
Free cash flow+$24.5M
Cash / net income1.3×

Analysis

In Q2 2026, Apollo Commercial Real Estate Finance generated $33.9M of operating cash flow and spent $9.4M on capital projects, leaving free cash flow of $24.5M. That is $6.2M less than in Q2 2025 ($30.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $86.5M; the largest uses were other financing ($9.1B), dividends ($141M), buybacks ($124M); besides operations, cash came from other investing ($8.8B), net borrowing (+) / repaid (−) ($1.6B); the cash balance rose by $1.1B.

Operating cash flow was $33.9M against net income of $25.8M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$40.1M, depreciation & amortization +$4.6M, stock-based pay +$3.0M.

Free cash flow

Apollo Commercial Real Estate Finance: free cash flow by quarterApollo Commercial Real Estate Finance: free cash flow by quarter$2.3MQ3 2024$3.7MQ4 2024$14.4MQ1 2025$30.7MQ2 2025$7.3MQ3 2025−$10.1MQ4 2025−$271KQ1 2026$24.5MQ2 2026
Operating cash flow less capital spending.
Apollo Commercial Real Estate Finance: operating cash flow against capital spendingApollo Commercial Real Estate Finance: operating cash flow against capital spendingOperating cash flowCapital spending$47.2M$44.9MQ3 2024$49.9M$46.2MQ4 2024$39.3M$24.9MQ1 2025$63.2M$32.5MQ2 2025$31.7M$24.5MQ3 2025$8.2M$18.4MQ4 2025$12.6M$12.8MQ1 2026$33.9M$9.4MQ2 2026
Latest (Q2 2026): Operating cash flow $33.9M, Capital spending $9.4M.

Capital allocation, year by year

Apollo Commercial Real Estate Finance: where the cash came from (up) and went (down), by fiscal yearApollo Commercial Real Estate Finance: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $199MFY2021: Net borrowing $290MFY2021: Capital spending −$133KFY2021: Dividends −$200M$489MFY2021FY2022: Operating cash flow $268MFY2022: Net borrowing −$8.0MFY2022: Capital spending −$33.0MFY2022: Dividends −$201M$268MFY2022FY2023: Operating cash flow $274MFY2023: Net borrowing −$8.0MFY2023: Capital spending −$72.6MFY2023: Dividends −$202M$274MFY2023FY2024: Operating cash flow $200MFY2024: Net borrowing $2.0BFY2024: Capital spending −$170MFY2024: Buybacks −$40.8MFY2024: Dividends −$186M$2.2BFY2024FY2025: Operating cash flow $143MFY2025: Net borrowing $3.7BFY2025: Capital spending −$100MFY2025: Dividends −$141M$3.9BFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were dividends ($929M) and capital spending ($376M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debtnone
Net cash$1.2B

Apollo Commercial Real Estate Finance funds itself: free cash flow was $21.4M over the last twelve months, with $1.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Apollo Commercial Real Estate Finance: sources (+) and uses (−) of cash, Q2 2026Apollo Commercial Real Estate Finance: sources (+) and uses (−) of cash, Q2 2026Other investing$9.1BOther financing−$7.8BCash drawn (+) / kept (−)−$1.1BBuybacks−$93.2MNet borrowing (+) / repaid (−)−$73.7MDividends−$34.8MOperating cash flow$33.9MCapital spending−$9.4MExchange rates$1.3M
Apollo Commercial Real Estate Finance: sources (+) and uses (−) of cash, TTM to Q2 2026Apollo Commercial Real Estate Finance: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing−$9.1BOther investing$8.8BNet borrowing (+) / repaid (−)$1.6BCash drawn (+) / kept (−)−$1.1BDividends−$141MBuybacks−$124MOperating cash flow$86.5MCapital spending−$65.1MTaxes on employees’ shares−$5.6MExchange rates$1.6M

From profit to cash

Apollo Commercial Real Estate Finance: net income to operating cash flow, Q2 2026Apollo Commercial Real Estate Finance: net income to operating cash flow, Q2 2026Net income$25.8MDepreciation & amortization$4.6MStock-based pay$3.0MPrepaid and other assets$40.1MOperating cash flow$33.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$33.9M−$9.4M−$93.2M−$34.8M−$73.7M−$1.1B$24.5M
Q1 2026$12.6M−$12.8M−$30.3M−$35.6M$267M$13.0M−$271K
Q4 2025$8.2M−$18.4M—−$35.8M$699M$106M−$10.1M
Q3 2025$31.7M−$24.5M—−$34.7M$1.0B−$68.2M$7.3M
Q2 2025$63.2M−$32.5M—−$35.3M$779M−$11.2M$30.7M
Q1 2025$39.3M−$24.9M—−$35.4M$405M$151M$14.4M
Q4 2024$49.9M−$46.2M−$1K−$35.2M$313M−$123M$3.7M
Q3 2024$47.2M−$44.9M−$2.9M−$49.3M$503M−$19.6M$2.3M

Apollo Commercial Real Estate Finance: income statement and cash flow

Apollo Commercial Real Estate Finance, Q2 2026: revenue $44.4M (-37% year over year), operating margin 58.1%. The chart follows the revenue to costs, profit and cash.

Apollo Commercial Real Estate Finance: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.