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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($142.9M vs $73.3M, roughly 2.0× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -30.3%, a 70.1% 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 -0.3%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% CAGR vs -4.6%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
ARI vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $142.9M |
| Net Profit | $29.2M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | — |
| Net Margin | 39.9% | -30.3% |
| Revenue YoY | 4.0% | -0.3% |
| Net Profit YoY | -28.2% | -44.3% |
| EPS (diluted) | $0.19 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $61.6M | $139.2M | ||
| Q2 25 | $70.9M | $140.3M | ||
| Q1 25 | $65.8M | $142.7M | ||
| Q4 24 | $70.5M | $143.2M | ||
| Q3 24 | $71.6M | $139.3M | ||
| Q2 24 | $81.1M | $143.3M | ||
| Q1 24 | $80.5M | $144.5M |
| Q4 25 | $29.2M | $-43.2M | ||
| Q3 25 | $50.8M | $-13.5M | ||
| Q2 25 | $20.7M | $-16.8M | ||
| Q1 25 | $26.0M | $-10.1M | ||
| Q4 24 | $40.7M | $-30.0M | ||
| Q3 24 | $-91.5M | $-11.5M | ||
| Q2 24 | $35.8M | $-9.8M | ||
| Q1 24 | $-104.5M | $-27.8M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 82.8% | — | ||
| Q2 25 | 29.4% | — | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 57.9% | — | ||
| Q3 24 | -127.8% | — | ||
| Q2 24 | 44.2% | — | ||
| Q1 24 | -129.6% | — |
| Q4 25 | 39.9% | -30.3% | ||
| Q3 25 | 82.4% | -9.7% | ||
| Q2 25 | 29.3% | -12.0% | ||
| Q1 25 | 39.5% | -7.1% | ||
| Q4 24 | 57.7% | -20.9% | ||
| Q3 24 | -127.9% | -8.3% | ||
| Q2 24 | 44.1% | -6.8% | ||
| Q1 24 | -129.8% | -19.2% |
| Q4 25 | $0.19 | $-0.34 | ||
| Q3 25 | $0.34 | $-0.11 | ||
| Q2 25 | $0.12 | $-0.14 | ||
| Q1 25 | $0.16 | $-0.08 | ||
| Q4 24 | $0.25 | $-0.25 | ||
| Q3 24 | $-0.69 | $-0.09 | ||
| Q2 24 | $0.23 | $-0.08 | ||
| Q1 24 | $-0.76 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $1.9B | $1.5B |
| Total Assets | $9.9B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $731.0K | ||
| Q3 25 | $245.9M | $3.0M | ||
| Q2 25 | $177.6M | $3.3M | ||
| Q1 25 | $166.4M | $2.9M | ||
| Q4 24 | $317.4M | $109.6M | ||
| Q3 24 | $194.3M | $133.6M | ||
| Q2 24 | $174.7M | $138.5M | ||
| Q1 24 | $161.2M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $2.0B | $1.7B | ||
| Q1 24 | $2.0B | $1.7B |
| Q4 25 | $9.9B | $4.0B | ||
| Q3 25 | $9.5B | $4.0B | ||
| Q2 25 | $9.8B | $4.0B | ||
| Q1 25 | $8.8B | $4.0B | ||
| Q4 24 | $8.4B | $4.1B | ||
| Q3 24 | $9.1B | $4.1B | ||
| Q2 24 | $9.3B | $4.2B | ||
| Q1 24 | $9.2B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $140.6M | ||
| Q3 25 | $31.7M | $35.8M | ||
| Q2 25 | $63.2M | $50.1M | ||
| Q1 25 | $39.3M | $3.7M | ||
| Q4 24 | $200.3M | $198.1M | ||
| Q3 24 | $47.2M | $42.9M | ||
| Q2 24 | $50.2M | $66.8M | ||
| Q1 24 | $52.8M | $23.4M |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
