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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Black Stone Minerals, L.P. (BSM). Click either name above to swap in a different company.
Black Stone Minerals, L.P. is the larger business by last-quarter revenue ($95.2M vs $73.3M, roughly 1.3× Apollo Commercial Real Estate Finance, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 39.9%, a 36.0% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -8.7%). Over the past eight quarters, Apollo Commercial Real Estate Finance, Inc.'s revenue compounded faster (-4.6% CAGR vs -9.7%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
ARI vs BSM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $95.2M |
| Net Profit | $29.2M | $72.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | 78.6% |
| Net Margin | 39.9% | 75.9% |
| Revenue YoY | 4.0% | -8.7% |
| Net Profit YoY | -28.2% | 55.8% |
| EPS (diluted) | $0.19 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $95.2M | ||
| Q3 25 | $61.6M | $105.2M | ||
| Q2 25 | $70.9M | $106.7M | ||
| Q1 25 | $65.8M | $115.3M | ||
| Q4 24 | $70.5M | $104.3M | ||
| Q3 24 | $71.6M | $103.2M | ||
| Q2 24 | $81.1M | $115.2M | ||
| Q1 24 | $80.5M | $116.8M |
| Q4 25 | $29.2M | $72.2M | ||
| Q3 25 | $50.8M | $91.7M | ||
| Q2 25 | $20.7M | $120.0M | ||
| Q1 25 | $26.0M | $15.9M | ||
| Q4 24 | $40.7M | $46.3M | ||
| Q3 24 | $-91.5M | $92.7M | ||
| Q2 24 | $35.8M | $68.3M | ||
| Q1 24 | $-104.5M | $63.9M |
| Q4 25 | 39.7% | 78.6% | ||
| Q3 25 | 82.8% | 89.5% | ||
| Q2 25 | 29.4% | — | ||
| Q1 25 | 39.7% | 14.9% | ||
| Q4 24 | 57.9% | 45.6% | ||
| Q3 24 | -127.8% | 90.2% | ||
| Q2 24 | 44.2% | 59.5% | ||
| Q1 24 | -129.6% | 54.8% |
| Q4 25 | 39.9% | 75.9% | ||
| Q3 25 | 82.4% | 87.2% | ||
| Q2 25 | 29.3% | 112.5% | ||
| Q1 25 | 39.5% | 13.8% | ||
| Q4 24 | 57.7% | 44.4% | ||
| Q3 24 | -127.9% | 89.9% | ||
| Q2 24 | 44.1% | 59.3% | ||
| Q1 24 | -129.8% | 54.7% |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.12 | — | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $0.23 | — | ||
| Q1 24 | $-0.76 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | — |
| Total Assets | $9.9B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $1.5M | ||
| Q3 25 | $245.9M | $2.9M | ||
| Q2 25 | $177.6M | $2.5M | ||
| Q1 25 | $166.4M | $2.4M | ||
| Q4 24 | $317.4M | $2.5M | ||
| Q3 24 | $194.3M | $21.0M | ||
| Q2 24 | $174.7M | $26.7M | ||
| Q1 24 | $161.2M | $40.5M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
| Q4 25 | $9.9B | $1.3B | ||
| Q3 25 | $9.5B | $1.3B | ||
| Q2 25 | $9.8B | $1.3B | ||
| Q1 25 | $8.8B | $1.2B | ||
| Q4 24 | $8.4B | $1.2B | ||
| Q3 24 | $9.1B | $1.2B | ||
| Q2 24 | $9.3B | $1.2B | ||
| Q1 24 | $9.2B | $1.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | $65.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $65.1M | ||
| Q3 25 | $31.7M | $99.8M | ||
| Q2 25 | $63.2M | $80.5M | ||
| Q1 25 | $39.3M | $64.8M | ||
| Q4 24 | $200.3M | $91.0M | ||
| Q3 24 | $47.2M | $93.2M | ||
| Q2 24 | $50.2M | $100.4M | ||
| Q1 24 | $52.8M | $104.5M |
| Q4 25 | 4.88× | 0.90× | ||
| Q3 25 | 0.62× | 1.09× | ||
| Q2 25 | 3.05× | 0.67× | ||
| Q1 25 | 1.51× | 4.07× | ||
| Q4 24 | 4.93× | 1.96× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | 1.40× | 1.47× | ||
| Q1 24 | — | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
