Apollo Commercial Real Estate Finance, Inc. (ARI)

Real Estate Investment Trusts

Latest Price

$6.51

TTM P/E

8.14

Normalized P/E

11.84

Div Yield

69.12%

Book Value

9.58

P/B Ratio

0.68

Valuation metrics

EPS: $0.81

Book value / share: $13.36

Formula: √(22.5 × EPS × BVPS)

Graham Number

$15.60

+140% upside

Norm. op. income: $127M (median of 3yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$9.69

+49% upside

EPS: $0.81

Target P/E: 12×

Formula: EPS × P/E

P/E Fair Value

$9.72

+49% upside

64.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	11.93M	$127.0M	9.30%	-9.25M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	6.09M	$65.0M	4.75%	-1.85M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	6.03M	$64.0M	4.70%	-379.4K	2026-06-30
MILLENNIUM MANAGEMENT LLC	4.56M	$48.0M	3.56%	+3.28M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	3.38M	$36.0M	2.64%	+58.4K	2026-06-30
STATE STREET CORP	3.33M	$35.0M	2.60%	-1.93M	2026-06-30
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	2.83M	$30.0M	2.21%	--	2026-06-30
No Street GP LP	2.44M	$26.0M	1.90%	-909.1K	2026-06-30
JANE STREET GROUP, LLC	2.19M	$23.0M	1.71%	+1.67M	2026-06-30
Sixth Street Partners Management Company, L.P.	2.04M	$21.0M	1.59%	--	2026-06-30