Apollo Commercial Real Estate Finance, Inc. Financial Ratios — ARI

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	13,586.35	7,000.38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	2.96	4.78	6.19	6.01	4.53	5.1	5.1	4.79	3.84	0.27	2.91	2.95	0.62	-1.35	1.38
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.95	0.19	3.1	5.96	4.1
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	71.37	73.24	74.91	81.91	82.01	87.07	75.64	73.46	73.07	8.73	80.31	71.92	22.02	-60.94	46.57
Profit Margin (%)	71.37	73.24	74.91	81.91	82.01	87.07	75.64	73.46	73.07	8.73	80.31	71.92	21.85	-61.14	46.45
Net Income to Common Margin (%)	71.37	67.63	64.29	74.55	72.57	70.36	61.23	64.33	67.19	2.3	75.65	68.6	17.24	-67.42	41.95
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.75	- -	0.26
Dvd Payout Ratio (%)	113.64	87.17	123.15	90.05	105.51	101.8	117.06	117.95	128.84	4,915.26	94.82	79.29	440.56	-140.97	123.44
Sustainable Growth Rate (%)	-1,853.02	898.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	251	- -	- -	336	366	1,475	1,916	2,472	3,945	4,521	6,010	6,970	6,955	6,390	7,918
ST Debt	- -	- -	- -	- -	- -	- -	- -	1,880	2,896	3,437	4,150	5,297	5,538	4,815	6,269
LT Debt	251	- -	- -	336	366	1,475	1,916	592	1,050	1,084	1,859	1,673	1,416	1,575	1,649
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,272.09	9,900.95	843.21	547.67	708.67
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,142.37	9,585.56	815.88	520.47	696.16
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.02	0.11	-1.52	-0.54	-1.17	-1.35	-2.01	-2.53	-2.84	-6.3	-5.07	-3.79	-5.58	-9.76	-8.57
Long-Term Debt/Equity (%)	74.58	- -	- -	39.3	26.64	76.33	91.74	23.59	39.91	47.75	81.03	71.07	64.12	84.04	88.87
Long-Term Debt/Capital (%)	99.92	- -	- -	103.06	109.42	103.29	104.47	25.27	27.99	26.55	33.3	25.33	22.01	28.29	23.33
Long-Term Debt/Total Assets (%)	28.2	- -	- -	18.21	13.51	42.34	46.86	11.62	15.24	15.62	22.09	17.49	15.23	18.73	16.66
Total Debt/Equity (%)	74.58	- -	- -	39.3	26.64	76.33	91.74	98.48	150.01	199.11	261.9	296.04	314.88	340.91	426.6
Total Debt/Capital (%)	99.92	- -	- -	103.06	109.42	103.29	104.47	105.49	105.21	110.71	107.64	105.48	108.06	114.75	112
Total Debt/Total Assets (%)	28.2	- -	- -	18.21	13.51	42.34	46.86	48.5	57.28	65.14	71.4	72.85	74.81	75.97	79.97
Net Debt to Equity	68.18	-19.86	-2.94	34.55	21.74	65.92	88.02	94.1	132.82	184.77	246.95	286.61	304.67	323.97	419.06
Net Debt/Capital (%)	99.91	100.83	59.32	103.5	111.79	103.83	104.67	105.76	105.92	111.64	108.14	105.68	108.35	115.64	112.24
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	1	8	12	11
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	1	8	12	11
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.02	0.11	-1.52	-0.54	-1.17	-1.35	-2.01	-2.53	-2.84	-6.3	-5.07	-3.79	-5.58	-9.76	-8.57
Long-Term Debt/Equity (%)	74.58	- -	- -	39.3	26.64	76.33	91.74	23.59	39.91	47.75	81.03	71.07	64.12	84.04	88.87
Long-Term Debt/Capital (%)	99.92	- -	- -	103.06	109.42	103.29	104.47	25.27	27.99	26.55	33.3	25.33	22.01	28.29	23.33
Long-Term Debt/Total Assets (%)	28.2	- -	- -	18.21	13.51	42.34	46.86	11.62	15.24	15.62	22.09	17.49	15.23	18.73	16.66
Total Debt/Equity (%)	74.58	- -	- -	39.3	26.64	76.33	91.74	98.48	150.01	199.11	261.9	296.04	314.88	340.91	426.6
Total Debt/Capital (%)	99.92	- -	- -	103.06	109.42	103.29	104.47	105.49	105.21	110.71	107.64	105.48	108.06	114.75	112
Total Debt/Total Assets (%)	28.2	- -	- -	18.21	13.51	42.34	46.86	48.5	57.28	65.14	71.4	72.85	74.81	75.97	79.97
CFO/Total Liabilities	6.4	16.61	20.48	6.77	6.59	7.99	7.74	10.28	6.42	3.51	3.26	3.71	3.86	3.06	1.77
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.24	0.98	1.58	0.48	0.48	0.5	0.59	0.5	0.38	0.15	0.14	0.11	0.09	- -	0.01

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	5.32	8.88	13.61	11.99	9.08	10.02	12.04	10.6	9.13	5.53	6.81	6.92	3.86	2.99	4.22
Days Sales Outstanding	68.59	41.09	26.83	30.45	40.21	36.42	30.31	34.43	39.96	65.99	53.62	52.76	94.5	122.02	86.49
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	182	368	572	711	1,011	1,203	1,842	2,068	2,686	1,653	1,841	1,512	1,659	1,210	1,344
- Cash & Cash Equivalents	22	109	20	41	67	201	78	110	452	325	343	222	225	317	140
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	251	- -	- -	336	366	1,475	1,916	2,472	3,945	4,521	6,010	6,970	6,955	6,390	7,918
Enterprise Value	109	192	519	989	1,310	2,477	3,681	4,430	6,180	5,849	7,507	8,260	8,388	7,282	9,123
Total Capital	252	1	-14	326	335	1,428	1,834	2,343	3,750	4,084	5,583	6,608	6,436	5,569	7,070
Total Debt/Capital (%)	99.92	- -	- -	103.06	109.42	103.29	104.47	105.49	105.21	110.71	107.64	105.48	108.06	114.75	112
Total Debt / EV	2.31	- -	- -	0.34	0.28	0.6	0.52	0.56	0.64	0.77	0.8	0.84	0.83	0.88	0.87
EV/Sales	3	3.5	7.4	9.8	10.41	13.66	14.42	14.79	19.62	27.77	26.97	22.4	31.53	37.22	33.44
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,838.31	11,733.6	1,016.99	624.14	816.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	3.07	4.79	11.28	14.76	14.87	19.99	23.77	16.66	22.6	35.65	37.65	30.86	30.63	36.37	64.01
EV/Free Cash Flow to Firm	3.07	4.79	11.28	14.76	14.87	19.99	23.77	16.66	22.6	35.65	37.65	30.86	30.63	36.37	64.01
Diluted Market Cap	182	368	580	715	1,021	1,218	1,868	2,563	3,215	1,653	2,216	1,781	1,659	1,210	1,344
Diluted Enterprise Value	411	259	560	1,010	1,320	2,492	3,706	4,925	6,708	5,849	7,883	8,529	8,388	7,282	9,123
EV per Share	7.87	8.47	14.73	22.76	22.33	34.22	36.86	35.68	42.07	39.52	53.67	58.78	59.37	52.14	65.69
TTM Sales	36	55	70	101	126	181	255	299	315	211	278	369	266	196	273
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	1	8	12	11
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	35	40	46	67	88	124	155	266	273	164	199	268	274	200	143
TTM Free Cash Flow to Firm	35	40	46	67	88	124	155	266	273	164	199	268	274	200	143

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.13	9.17	12.61	10.66	11.59	9.83	12.06	9.64	11.76	10.08	11.12	6.65	6.06	6.04	9.43
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	109	192	519	989	1,310	2,477	3,681	4,430	6,180	5,849	7,507	8,260	8,388	7,282	9,123
Low Price	11.79	13.05	14.56	15.62	12.92	13.8	16.62	16.41	16.43	4.12	10.69	7.91	8.58	8.52	7.7
EV/Sales	3	3.5	7.4	9.8	10.41	13.66	14.42	14.79	19.62	27.77	26.97	22.4	31.53	37.22	33.44
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,838.31	11,733.6	1,016.99	624.14	816.48
Price/Earnings	7.02	9.91	12.7	9.44	11.06	9.43	11.79	10.74	12.69	341.78	8.74	5.98	36.17	- -	11.75
Price/Earnings Average	8.2	9.86	12.96	9.57	10.87	9.27	11.67	11.95	12.83	332.32	9.64	6.68	32.94	-10.76	11.87
Price/Earnings High	9.15	11.15	14.29	9.92	11.72	10.27	12.73	12.61	13.71	574.03	11.25	8.08	39.28	-12.71	13.48
Price/Earnings Low	6.3	7.97	11.38	9.02	8.3	7.83	10.62	10.58	11.4	126.07	7.1	4.39	26.44	-9.02	9.34
Price/Book Value	882.19	430.43	-41.41	-70.99	-31.94	-25.51	-22.45	-16.05	-13.75	-3.78	-4.32	-4.17	-3.2	-1.47	-1.58
Price/Book Value Average	1,030.28	428.48	-42.24	-71.92	-31.37	-25.07	-22.22	-17.87	-13.89	-3.68	-4.76	-4.66	-2.91	-1.73	-1.6
Price/Book Value High	1,149.61	484.54	-46.58	-74.55	-33.83	-27.78	-24.24	-18.86	-14.85	-6.35	-5.56	-5.64	-3.47	-2.04	-1.82
Price/Book Value Low	792.16	346.1	-37.1	-67.78	-23.95	-21.18	-20.22	-15.81	-12.35	-1.39	-3.51	-3.07	-2.34	-1.45	-1.26
Price/Tangible Book Value	0.54	0.67	0.84	0.83	0.74	0.62	0.88	0.82	1.02	0.73	0.8	0.64	0.75	0.65	0.72
Price/Tangible Book Value Average	0.63	0.67	0.85	0.84	0.72	0.61	0.87	0.92	1.03	0.71	0.88	0.72	0.68	0.76	0.73
Price/Tangible Book Value High	0.7	0.76	0.94	0.87	0.78	0.68	0.95	0.97	1.1	1.22	1.03	0.87	0.82	0.89	0.83
Price/Tangible Book Value Low	0.48	0.54	0.75	0.79	0.55	0.52	0.79	0.81	0.92	0.27	0.65	0.47	0.55	0.63	0.58
Price/Sales	5.01	6.7	8.17	7.04	8.03	6.63	7.22	6.91	8.53	7.85	6.61	4.1	6.24	6.18	4.93
Price/Sales Average	5.85	6.67	8.33	7.13	7.89	6.52	7.14	7.69	8.62	7.63	7.3	4.58	5.68	7.26	4.98
Price/Sales High	6.53	7.54	9.19	7.39	8.5	7.22	7.79	8.11	9.21	13.19	8.51	5.54	6.77	8.57	5.65
Price/Sales Low	4.5	5.39	7.32	6.72	6.02	5.51	6.5	6.8	7.66	2.9	5.37	3.01	4.56	6.08	3.92
Price/Cash Flow	5.13	9.17	12.44	10.61	11.47	9.71	11.9	7.78	9.82	10.08	9.23	5.65	6.06	6.04	9.43
Price/Cash Flow Average	5.99	9.12	12.69	10.75	11.27	9.54	11.77	8.66	9.93	9.8	10.18	6.31	5.51	7.09	9.53
Price/Cash Flow High	6.68	10.32	14	11.14	12.15	10.57	12.84	9.13	10.61	16.92	11.88	7.64	6.58	8.37	10.83
Price/Cash Flow Low	4.6	7.37	11.15	10.13	8.6	8.06	10.72	7.66	8.83	3.72	7.5	4.15	4.43	5.94	7.5
Price/Free Cash Flow Average	5.99	9.12	12.86	10.8	11.38	9.67	11.93	10.72	11.88	9.8	12.26	7.43	5.51	7.09	9.53
Price/Free Cash Flow High	6.68	10.32	14.18	11.2	12.28	10.71	13.02	11.32	12.7	16.92	14.31	9	6.58	8.37	10.83
Price/Free Cash Flow Low	4.6	7.37	11.3	10.18	8.69	8.17	10.86	9.49	10.56	3.72	9.03	4.89	4.43	5.94	7.5
EV/Sales Average	12.19	4.69	8.04	10.06	10.26	13.55	14.35	15.57	19.71	27.56	27.66	22.88	30.98	38.29	33.49
EV/Sales High	12.87	5.56	8.9	10.32	10.88	14.25	15	16	20.3	33.11	28.87	23.84	32.07	39.6	34.16
EV/Sales Low	10.84	3.41	7.03	9.65	8.4	12.53	13.71	14.69	18.75	22.82	25.73	21.31	29.86	37.12	32.43
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,910.05	11,985.91	999	642.14	817.78
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,038.2	12,490.18	1,034.29	664.12	834.25
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,707.69	11,164.68	962.86	622.46	791.87
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	13.13	16.23	16.25	16.36	17.23	16.62	18.45	16.66	18.29	11.17	13.16	10.76	11.74	8.66	9.68
High Price	17.11	18.27	18.28	17.18	18.25	18.1	19.92	19.57	19.76	18.76	16.94	14.55	12.75	12	11.11
Enterprise Value Average	442	257	564	1,016	1,292	2,456	3,662	4,664	6,208	5,803	7,697	8,438	8,240	7,493	9,137
Enterprise Value High	467	305	624	1,042	1,370	2,584	3,827	4,791	6,396	6,972	8,036	8,793	8,531	7,749	9,321
Enterprise Value Low	393	187	493	974	1,057	2,273	3,498	4,399	5,906	4,805	7,162	7,860	7,942	7,263	8,848

Shares Outstanding	21	28	37	47	67	91	107	134	154	139	140	141	141	138	139
Diluted Weighted Avg Shares	14	23	36	44	59	73	101	154	176	148	168	166	141	140	139
Basic Weighted Avg Shares	14	23	35	43	59	72	100	124	147	148	140	141	141	140	139
Revenue per Share	2.62	2.42	1.99	2.32	2.15	2.51	2.56	2.41	2.14	1.42	1.99	2.62	1.88	1.4	1.96
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.01	0.06	0.08	0.08
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.87	1.64	1.28	1.73	1.56	1.76	1.56	1.55	1.44	0.03	1.51	1.8	0.32	-0.94	0.82
Basic EPS from Cont Ops	1.87	1.77	1.49	1.9	1.76	2.18	1.93	1.77	1.57	0.12	1.6	1.89	0.41	-0.86	0.91
Diluted EPS, GAAP	1.87	1.64	1.26	1.72	1.54	1.74	1.54	1.25	1.2	0.03	1.25	1.53	0.32	-0.94	0.82
Diluted EPS from Cont Ops	1.87	1.77	1.47	1.89	1.74	2.15	1.91	1.43	1.31	0.12	1.33	1.6	0.41	-0.86	0.91
Dividend per Share	2.12	1.56	1.79	1.73	1.85	2.21	2.2	2.05	1.98	1.7	1.52	1.51	1.52	1.42	1.11
Cash Flow per Share	2.56	1.77	1.31	1.54	1.5	1.71	1.55	2.14	1.86	1.11	1.43	1.9	1.94	1.43	1.03
Free Cash Flow per Basic Share	2.56	1.77	1.31	1.54	1.5	1.71	1.55	2.14	1.86	1.11	1.43	1.9	1.94	1.43	1.03
Cash & Equivalents per Share	23.42	7.76	1.52	1.33	1.15	2.78	0.78	0.88	3.08	2.2	2.45	1.58	1.6	2.27	1.01
Book Value per Share	0.01	0.04	-0.39	-0.23	-0.54	-0.65	-0.82	-1.04	-1.33	-2.95	-3.05	-2.58	-3.67	-5.88	-6.11
Tangible Book Value per Share	24.35	24.15	19.39	19.67	23.44	26.7	20.91	20.21	17.9	15.34	16.41	16.75	15.63	13.42	13.37

Apollo Commercial Real Estate Finance, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)