ARI Apollo Commercial Real Estate Finance, Inc
$6.98
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$6–$11
11% of range
Analyst Rating
BUY
9 analysts
Price Target
$8
+15% upside
P/E (TTM)
12.0
ROE
—
Net Profit Margin
—
ARI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.97
Market Cap
—
P/E (TTM)
12.0
EPS (TTM)
$0.81
Revenue (TTM)
$272M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$6 – $11
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$272M
2019-12-31
→
2025-12-31
EPS
$0.81
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ARI
Peer Median
P/E (TTM)
12.0
7.4
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ARI
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ARI
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ARI
Peer Median
Revenue YoY
-10.6%
—
Revenue CAGR 3Y
-3.6%
—
Revenue CAGR 5Y
-0.51%
—
EPS YoY
-82.7%
—
Net Income YoY
-78.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ARI
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 16, 2026 | $3.7500 |
| March 31, 2026 | $0.2500 |
| Dec. 31, 2025 | $0.2500 |
| Sept. 30, 2025 | $0.2500 |
| June 30, 2025 | $0.2500 |
| March 31, 2025 | $0.2500 |
| Dec. 31, 2024 | $0.2500 |
| Sept. 30, 2024 | $0.2500 |
| June 28, 2024 | $0.3500 |
| March 27, 2024 | $0.3500 |
| Dec. 28, 2023 | $0.3500 |
| Sept. 28, 2023 | $0.3500 |
| June 29, 2023 | $0.3500 |
| March 30, 2023 | $0.3500 |
| Dec. 29, 2022 | $0.3500 |
| Sept. 29, 2022 | $0.3500 |
| June 29, 2022 | $0.3500 |
| March 30, 2022 | $0.3500 |
| Dec. 30, 2021 | $0.3500 |
| Sept. 29, 2021 | $0.3500 |
ARI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
9 analysts
- Strong Buy 2 22.2%
- Buy 4 44.4%
- Hold 3 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-19
Median
$8.00
← Below all targets
$6.97
Low
$7.75
High
$8.25
Median target
$8.00
+14.7%
Mean target
$8.00
+14.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.22 | $0.28 | -0.06% |
| Dec. 31, 2025 | $0.26 | $0.24 | 0.02% |
| Sept. 30, 2025 | $0.30 | $0.22 | 0.08% |
| June 30, 2025 | $0.26 | $0.25 | 0.01% |
| March 31, 2025 | $0.24 | $0.21 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARI | — | 12.0 | -10.6% | — | — | — |
| LADR | $1.40B | 21.5 | -32.9% | 69.2% | 4.2% | — |
| CIM | — | — | — | — | — | — |
| ABR | $1.52B | 13.9 | -18.0% | 30.9% | 5.3% | — |
| MFA | $946M | 7.2 | 14.0% | 76.5% | 9.7% | — |
| ADAM | — | — | — | — | — | — |
| PMT | $1.09B | 12.7 | — | -656.4% | 6.8% | — |
| IVR | $604M | 6.4 | 104.8% | 134.3% | 13.4% | — |
| FBRT | $818M | 15.7 | 20.9% | 30.5% | 5.6% | — |
| BRSP | — | -21.5 | -7.9% | -9.4% | -3.1% | — |
| TRTX | $674M | 15.1 | -4.6% | 41.3% | 5.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $272M | $304M | $345M | $304M | $285M | $279M | $334M | |
| SG&A Expense | $27M | $30M | $30M | $30M | $29M | $27M | $24M | |
| Operating Expenses | $158M | $159M | $149M | $121M | $90M | $67M | $65M | |
| Interest Expense | · | · | $466M | $271M | $163M | $149M | $153M | |
| Interest Income | · | · | · | $6M | · | · | · | |
| Pretax Income | $127M | $-119M | $59M | $265M | $224M | · | · | |
| Income Tax | $331.0K | $394.0K | $442.0K | $0 | $0 | · | · | |
| Net Income | $127M | $-120M | $58M | $265M | $224M | $18M | $230M | |
| EPS (Basic) | $0.81 | $-0.97 | $0.29 | $1.77 | $1.48 | $0.01 | $1.41 | |
| EPS (Diluted) | $0.81 | $-0.97 | $0.29 | $1.68 | $1.46 | $0.01 | $1.40 | |
| Shares (Basic) | 138,868,602 | 139,674,140 | 141,281,286 | 140,534,635 | 139,869,244 | 148,004,385 | 146,881,231 | |
| Shares (Diluted) | 138,868,602 | 139,674,140 | 141,281,286 | 165,504,660 | 168,402,515 | 148,004,385 | 175,794,896 | |
| EBITDA | · | $12M | $8M | $704.0K | $3M | · | · |
Balance Sheet 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $140M | $317M | $225M | $222M | $343M | $325M | $452M | |
| Total Assets | $9.90B | $8.41B | $9.30B | $9.57B | $8.42B | $6.94B | $6.89B | |
| Total Liabilities | $8.04B | $6.54B | $7.09B | $7.21B | $6.12B | $4.67B | $4.26B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $2M | |
| Retained Earnings | $-850M | $-823M | $-520M | $-364M | $-428M | $-439M | $-197M | |
| Stockholders' Equity | $1.86B | $1.87B | $2.21B | $2.35B | $2.29B | $2.27B | $2.63B | |
| Liabilities + Equity | $9.90B | $8.41B | $9.30B | $9.57B | $8.42B | $6.94B | $6.89B | |
| Shares Outstanding | 138,943,831 | 138,174,636 | 141,358,605 | 140,595,995 | 139,894,060 | 139,295,867 | 153,537,296 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $11M | $12M | $8M | $704.0K | $3M | $0 | $0 | |
| Stock-based Comp | $14M | $16M | $17M | $18M | $18M | $17M | $16M | |
| Other Non-cash | · | $292M | $190M | $-16M | $-44M | · | · | |
| Operating Cash Flow | $143M | $200M | $274M | $268M | $199M | $164M | $273M | |
| Investing Cash Flow | $-1.39B | $577M | $68M | $-1.34B | $-1.36B | $-216M | $-1.44B | |
| Stock Issued | · | · | · | · | $0 | $0 | $315M | |
| Stock Repurchased | $0 | $41M | $0 | $0 | $0 | $128M | $0 | |
| Net Stock Activity | · | $-41M | · | $0 | $0 | $-128M | $315M | |
| Dividends Paid | $141M | $186M | $202M | $201M | $200M | $238M | $269M | |
| Financing Cash Flow | $1.06B | $-689M | $-343M | $958M | $1.18B | $-75M | $1.50B | |
| Net Change in Cash | · | · | · | $-119M | $18M | $-127M | $342M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Net Margin | · | -39.4% | 16.9% | 87.4% | 78.6% | 6.6% | 68.8% | |
| Pretax Margin | · | -39.3% | 17.0% | · | · | · | · | |
| EBITDA Margin | · | 3.8% | 2.4% | 0.23% | 0.93% | · | · | |
| ROA | · | -1.4% | 0.62% | 2.9% | 2.9% | 0.27% | 3.8% | |
| ROE | · | -6.4% | 2.6% | 11.1% | 9.7% | 0.80% | 8.8% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -10.6% | -11.9% | 13.5% | 6.7% | 2.1% | · | · | |
| Revenue CAGR 3Y | -3.6% | 2.2% | 7.3% | · | · | · | · | |
| Revenue CAGR 5Y | -0.51% | · | · | · | · | · | · | |
| EPS YoY | · | · | -82.7% | 15.1% | 14500.0% | · | · | |
| EPS CAGR 3Y | -21.6% | · | 207.2% | · | · | · | · | |
| EPS CAGR 5Y | 140.8% | · | · | · | · | · | · | |
| Net Income YoY | · | · | -78.1% | 18.7% | 1116.3% | · | · | |
| Net Income CAGR 3Y | -21.8% | · | 46.8% | · | · | · | · | |
| Net Income CAGR 5Y | 47.1% | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -9.9% | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $272M | $304M | $345M | $304M | $285M | $279M | $334M | |
| Net Income TTM | $127M | $-120M | $58M | $265M | $224M | $18M | $230M | |
| Market Cap | · | $1.20B | $1.66B | $1.51B | $1.84B | $1.56B | $2.81B | |
| P/E | 12.0 | -8.9 | 40.5 | 6.4 | 9.0 | 1117.0 | 13.1 | |
| P/S | · | 3.9 | 4.8 | 5.0 | 6.5 | 5.6 | 8.4 | |
| P/B | · | 0.6 | 0.8 | 0.6 | 0.8 | 0.7 | 1.1 | |
| P / Tangible Book | 0.7 | 0.6 | 0.8 | 0.6 | 0.8 | 0.7 | · | |
| P / Cash Flow | · | 6.0 | 6.1 | 5.7 | 9.2 | 9.5 | 10.3 | |
| Dividend Yield | · | 15.5% | 12.2% | 13.3% | 10.8% | 15.3% | 9.6% | |
| Earnings Yield | 8.4% | -11.2% | 2.5% | 15.6% | 11.1% | 0.09% | 7.6% | |
| Payout Ratio | · | -155.4% | 347.5% | 75.6% | 89.3% | 1293.7% | 117.0% | |
| Annual Payout | $141M | $186M | $202M | $201M | $200M | $238M | $269M |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44M | $59M | $73M | $62M | $71M | $66M | $70M | $72M | $81M | $81M | $84M | $81M | $92M | $87M | $87M | $76M | |
| SG&A Expense | $6M | $6M | $8M | $7M | $7M | $7M | $7M | $8M | $7M | $7M | $7M | $8M | $7M | $7M | $8M | $7M | |
| Operating Expenses | $37M | $36M | $43M | $38M | $39M | $38M | $38M | $39M | $41M | $41M | $38M | $37M | $39M | $35M | $34M | $30M | |
| Interest Expense | · | · | · | · | · | · | · | · | $128M | $128M | · | $122M | $116M | $105M | · | $72M | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | · | $2M | |
| Pretax Income | $26M | $26M | $29M | $51M | $21M | $26M | $41M | $-91M | $36M | $-104M | $46M | $47M | $-83M | $49M | $-4M | $183M | |
| Income Tax | $27.0K | $230.0K | $-135.0K | $234.0K | $116.0K | $116.0K | $114.0K | $66.0K | $100.0K | $114.0K | $-75.0K | $517.0K | $0 | $0 | $0 | $0 | |
| Net Income | $26M | $26M | $29M | $51M | $21M | $26M | $41M | $-92M | $36M | $-105M | $47M | $46M | $-83M | $49M | $-4M | $183M | |
| EPS (Basic) | $0.11 | $0.16 | $0.19 | $0.34 | $0.12 | $0.16 | $0.25 | $-0.69 | $0.23 | $-0.76 | $0.29 | $0.30 | $-0.62 | $0.32 | $-0.06 | $1.27 | |
| EPS (Diluted) | $0.11 | $0.16 | $0.19 | $0.34 | $0.12 | $0.16 | $0.25 | $-0.69 | $0.23 | $-0.76 | $0.29 | $0.30 | $-0.62 | $0.32 | $0.03 | $1.13 | |
| Shares (Basic) | 131,022,330 | 139,110,347 | -277,657,799 | 138,943,831 | 138,943,566 | 138,639,004 | -280,880,967 | 138,246,827 | 140,438,676 | 141,869,604 | -282,482,851 | 141,350,428 | 141,341,238 | 141,072,471 | -281,004,581 | 140,594,987 | |
| Shares (Diluted) | 131,597,073 | 139,709,831 | -278,999,192 | 139,667,116 | 139,208,860 | 138,991,818 | -281,053,823 | 138,246,827 | 140,611,532 | 141,869,604 | -296,894,359 | 141,350,428 | 141,341,238 | 155,483,979 | -310,897,043 | 164,350,132 | |
| EBITDA | $5M | $4M | · | $3M | $3M | $2M | · | $2M | $2M | $5M | · | $1M | $2M | $4M | · | $0 |
Balance Sheet 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.24B | $127M | $140M | $246M | $178M | $166M | $317M | $194M | $175M | $161M | · | $308M | $308M | $332M | · | $319M | |
| Total Assets | $2.14B | $10.09B | $9.90B | $9.52B | $9.82B | $8.78B | $8.41B | $9.10B | $9.27B | $9.22B | · | $9.16B | $9.36B | $9.51B | · | $9.82B | |
| Total Liabilities | $881M | $8.28B | $8.04B | $7.66B | $7.97B | $6.92B | $6.54B | $7.23B | $7.28B | $7.18B | · | $6.95B | $7.15B | $7.16B | · | $7.42B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Retained Earnings | $-1.33B | $-861M | $-850M | $-840M | $-853M | $-835M | $-823M | $-825M | $-695M | $-678M | · | $-513M | $-505M | $-368M | · | $-306M | |
| Stockholders' Equity | $1.25B | $1.81B | $1.86B | $1.86B | $1.85B | $1.86B | $1.87B | $1.87B | $2.00B | $2.05B | $2.21B | $2.21B | $2.21B | $2.35B | $2.35B | $2.41B | |
| Liabilities + Equity | $2.14B | $10.09B | $9.90B | $9.52B | $9.82B | $8.78B | $8.41B | $9.10B | $9.27B | $9.22B | · | $9.16B | $9.36B | $9.51B | · | $9.82B | |
| Shares Outstanding | 128,212,093 | 136,724,839 | 138,943,831 | 138,943,831 | 138,943,831 | 138,871,188 | 138,174,636 | 138,169,164 | 138,438,433 | 142,096,715 | 141,358,605 | 141,353,133 | 141,343,177 | 141,266,039 | 140,595,995 | 140,595,995 |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $4M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $5M | $1M | $1M | $2M | $4M | $0 | $0 | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $5M | $5M | |
| Other Non-cash | · | $-21M | · | · | · | $7M | · | · | · | $149M | · | · | · | $53M | · | · | |
| Operating Cash Flow | $34M | $13M | $8M | $32M | $63M | $39M | $50M | $47M | $50M | $53M | $31M | $83M | $49M | $110M | $43M | $126M | |
| Investing Cash Flow | $9.13B | $-227M | $-446M | $314M | $-798M | $-458M | $586M | $206M | $-49M | $-167M | $-157M | $115M | $23M | $87M | $184M | $-189M | |
| Stock Repurchased | $93M | $30M | $0 | $0 | $0 | $0 | $1.0K | $3M | · | · | $0 | $0 | · | · | · | · | |
| Net Stock Activity | · | $-30M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $35M | $36M | $36M | $35M | $35M | $35M | $35M | $49M | $51M | $51M | $50M | $50M | $50M | $51M | $50M | $50M | |
| Financing Cash Flow | $-8.05B | $201M | $333M | $-279M | $744M | $266M | $-513M | $-235M | $11M | $48M | $43M | $-198M | $-95M | $-93M | $-326M | $147M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | · | · | $-26M | $110M | · | $84M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 58.1% | 44.7% | · | 82.4% | 29.2% | 39.5% | · | -127.9% | 44.1% | -129.8% | · | 56.8% | -90.5% | 56.1% | · | 239.9% | |
| Pretax Margin | 58.1% | 45.1% | · | 82.8% | 29.4% | 39.7% | · | -127.8% | 44.2% | -129.7% | · | 57.4% | · | · | · | · | |
| EBITDA Margin | 10.4% | 6.8% | · | 4.5% | 3.6% | 3.7% | · | 3.3% | 2.8% | 5.8% | · | 1.3% | 2.4% | 4.6% | · | 0.00% | |
| ROA | 0.43% | 0.28% | · | 0.55% | 0.22% | 0.29% | · | -1.0% | 0.38% | -1.1% | · | 0.49% | -0.88% | 0.53% | · | 2.1% | |
| ROE | 1.7% | 1.4% | · | 2.7% | 1.1% | 1.3% | · | -4.5% | 1.7% | -4.8% | · | 2.0% | -3.7% | 2.1% | · | 7.8% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $236M | $257M | · | $270M | $289M | $299M | · | $314M | $335M | $341M | · | $337M | $332M | $304M | · | $283M | |
| Net Income TTM | $124M | $124M | · | $6M | $-9M | $-134M | · | $-114M | $-106M | $-93M | · | $195M | $219M | $318M | · | $330M | |
| Market Cap | $1.37B | $1.44B | · | $1.41B | $1.34B | $1.33B | · | $1.27B | $1.36B | $1.58B | · | $1.43B | $1.60B | $1.32B | · | $1.17B | |
| P/E | 14.6 | 13.5 | · | -144.7 | -53.8 | -9.0 | · | -10.0 | -11.5 | -14.7 | · | 9.0 | 8.9 | 4.7 | · | 4.1 | |
| P/S | 5.8 | 5.6 | · | 5.2 | 4.6 | 4.4 | · | 4.0 | 4.0 | 4.6 | · | 4.3 | 4.8 | 4.3 | · | 4.1 | |
| P/B | 1.1 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.6 | 0.7 | 0.6 | · | 0.5 | |
| P / Tangible Book | 1.1 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.8 | · | 0.6 | 0.7 | 0.6 | · | 0.5 | |
| P / Cash Flow | · | 114.9 | · | · | · | 33.8 | · | · | · | 30.0 | · | · | · | 11.9 | · | · | |
| Earnings Yield | 6.8% | 7.4% | · | -0.69% | -1.9% | -11.1% | · | -10.0% | -8.7% | -6.8% | · | 11.2% | 11.2% | 21.2% | · | 24.5% | |
| Payout Ratio | · | 135.7% | · | · | · | 136.3% | · | · | · | -48.6% | · | · | · | 103.5% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $272M | $304M | $345M | $304M | $285M |
| Net Income | $127M | $-120M | $58M | $265M | $224M |
| Diluted EPS | $0.81 | $-0.97 | $0.29 | $1.68 | $1.46 |
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Institutional owners (13F) 308 filers · $651.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 69 (+18 vs prior Q) | 45 (+16 vs prior Q) | 74 (-14 vs prior Q) | 80 (+1 vs prior Q) | +20.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $65,027,327 | 6,088,701 | 9.98% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $64,352,287 | 6,025,495 | 9.87% | Shares |
| MILLENNIUM MANAGEMENT LLC | $48,742,548 | 4,563,909 | 7.48% | Shares |
| STATE STREET CORP | $35,585,749 | 3,331,999 | 5.46% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $30,933,609 | 2,895,837 | 4.75% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $30,269,843 | 2,834,255 | 4.64% | Shares |
| No Street GP LP | $26,068,812 | 2,440,900 | 4.00% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $21,743,946 | 2,035,950 | 3.34% | Shares |
| Schonfeld Strategic Advisors LLC | $20,474,476 | 1,917,086 | 3.14% | Shares |
| Qube Research & Technologies Ltd | $17,567,073 | 1,644,857 | 2.70% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $17,247,623 | 1,614,946 | 2.65% | Shares |
| VAN ECK ASSOCIATES CORP | $11,599,751 | 1,086,119 | 1.78% | Shares |
| Alpine Global Management, LLC | $9,633,019 | 901,968 | 1.48% | Shares |
| Empyrean Capital Partners, LP | $9,438,461 | 883,751 | 1.45% | Shares |
| GOLDMAN SACHS GROUP INC | $9,346,292 | 875,121 | 1.43% | Shares |
| Greenland Capital Management LP | $9,238,200 | 865,000 | 1.42% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $8,915,482 | 834,783 | 1.37% | Shares |
| Apollo Management Holdings, L.P. | $7,108,320 | 665,573 | 1.09% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6,880,398 | 644,232 | 1.06% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,824,520 | 639,000 | 1.05% | Put option |
| NewGen Asset Management Ltd | $6,806,631 | 637,325 | 1.04% | Shares |
| Azora Capital LP | $6,727,428 | 629,909 | 1.03% | Shares |
| Brevan Howard Capital Management LP | $6,560,895 | 614,316 | 1.01% | Shares |
| Squarepoint Ops LLC | $5,879,938 | 550,556 | 0.90% | Shares |
| UBS Group AG | $5,855,844 | 548,300 | 0.90% | Call option |
| PEAK6 LLC | $5,771,472 | 540,400 | 0.89% | Put option |
| Advisors Asset Management, Inc. | $4,785,395 | 552,586 | 0.73% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $4,576,230 | 428,486 | 0.70% | Shares |
| CITADEL ADVISORS LLC | $4,397,778 | 411,777 | 0.67% | Shares |
| Shay Capital LLC | $4,232,238 | 396,277 | 0.65% | Shares |
| Edgestream Partners, L.P. | $4,208,294 | 394,035 | 0.65% | Shares |
| Allianz Asset Management GmbH | $4,150,045 | 388,581 | 0.64% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,089,628 | 382,924 | 0.63% | Shares |
| Bank of New York Mellon Corp | $4,069,390 | 381,029 | 0.62% | Shares |
| XTX Topco Ltd | $3,805,348 | 356,306 | 0.58% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $3,713,455 | 347,702 | 0.57% | Shares |
| JANE STREET GROUP, LLC | $3,568,647 | 334,143 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $3,435,756 | 321,700 | 0.53% | Put option |
| BANK OF AMERICA CORP /DE/ | $3,210,623 | 300,620 | 0.49% | Shares |
| LPL Financial LLC | $3,067,679 | 287,236 | 0.47% | Shares |
| Carmel Capital Partners, LLC | $2,973,675 | 278,434 | 0.46% | Shares |
| CURA WEALTH ADVISORS, LLC | $2,945,896 | 275,833 | 0.45% | Shares |
| Swiss National Bank | $2,763,333 | 258,739 | 0.42% | Shares |
| CITADEL ADVISORS LLC | $2,553,588 | 239,100 | 0.39% | Put option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $2,489,508 | 233,100 | 0.38% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,268,421 | 212,399 | 0.35% | Shares |
| One William Street Capital Management, L.P. | $2,136,000 | 200,000 | 0.33% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,123,013 | 198,784 | 0.33% | Shares |
| NOMURA HOLDINGS INC | $2,035,790 | 190,617 | 0.31% | Shares |
| FMR LLC | $2,022,632 | 189,385 | 0.31% | Shares |
| PEAK6 LLC | $1,971,752 | 184,621 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $1,920,401 | 179,814 | 0.29% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $1,907,811 | 178,634 | 0.29% | Shares |
| New Age Alpha Advisors, LLC | $1,883,322 | 176,341 | 0.29% | Shares |
| Truvestments Capital LLC | $1,780,121 | 166,678 | 0.27% | Shares |
| ExodusPoint Capital Management, LP | $1,622,185 | 151,890 | 0.25% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,565,172 | 148,217 | 0.24% | Shares |
| DEUTSCHE BANK AG\ | $1,499,899 | 140,440 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,475,633 | 139,738 | 0.23% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,463,342 | 137,017 | 0.22% | Shares |
| JENNISON ASSOCIATES LLC | $1,424,787 | 133,407 | 0.22% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $1,386,327 | 132,917 | 0.21% | Shares |
| Family Manage LLC | $1,369,475 | 128,228 | 0.21% | Shares |
| NOVARE CAPITAL MANAGEMENT LLC | $1,351,821 | 126,575 | 0.21% | Shares |
| WELLS FARGO & COMPANY/MN | $1,259,653 | 117,945 | 0.19% | Shares |
| Nuveen Asset Management, LLC | $1,221,363 | 141,035 | 0.19% | Shares |
| AlphaCore Capital LLC | $1,218,096 | 114,054 | 0.19% | Shares |
| Skopos Labs, Inc. | $1,187,685 | 112,471 | 0.18% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,143,440 | 107,064 | 0.18% | Shares |
| AMERIPRISE FINANCIAL INC | $1,124,882 | 105,326 | 0.17% | Shares |
| Tower Research Capital LLC (TRC) | $1,111,500 | 104,073 | 0.17% | Shares |
| Verition Fund Management LLC | $1,068,000 | 100,000 | 0.16% | Shares |
| BlackRock, Inc. | $1,038,213 | 97,211 | 0.16% | Shares |
| Atom Investors LP | $976,622 | 91,444 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $965,472 | 90,400 | 0.15% | Call option |
| Kestra Advisory Services, LLC | $958,628 | 89,759 | 0.15% | Shares |
| SIMPLEX TRADING, LLC | $934,083 | 87,461 | 0.14% | Shares |
| AMERICAN FINANCIAL GROUP INC | $903,528 | 84,600 | 0.14% | Shares |
| MORGAN STANLEY | $887,423 | 83,092 | 0.14% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $865,806 | 81,068 | 0.13% | Shares |
| MetLife Investment Management, LLC | $843,357 | 78,966 | 0.13% | Shares |
| GROUP ONE TRADING LLC | $825,585 | 77,302 | 0.13% | Shares |
| Lido Advisors, LLC | $808,695 | 75,720 | 0.12% | Shares |
| QRG CAPITAL MANAGEMENT, INC. | $796,123 | 74,543 | 0.12% | Shares |
| Invesco Ltd. | $783,528 | 73,364 | 0.12% | Shares |
| Point72 Asset Management, L.P. | $752,523 | 70,461 | 0.12% | Shares |
| Parallax Volatility Advisers, L.P. | $747,600 | 70,000 | 0.11% | Put option |
| OSAIC HOLDINGS, INC. | $719,817 | 67,397 | 0.11% | Shares |
| Sanctuary Advisors, LLC | $712,225 | 66,688 | 0.11% | Shares |
| STIFEL FINANCIAL CORP | $670,088 | 62,742 | 0.10% | Shares |
| Parallax Volatility Advisers, L.P. | $658,892 | 61,694 | 0.10% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $642,722 | 60,180 | 0.10% | Shares |
| JANUS HENDERSON GROUP PLC | $628,364 | 59,476 | 0.10% | Shares |
| Samalin Investment Counsel, LLC | $613,417 | 57,436 | 0.09% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $611,580 | 57,264 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $591,939 | 55,425 | 0.09% | Shares |
| Louisiana State Employees Retirement System | $584,196 | 54,700 | 0.09% | Shares |
| BTG Pactual Asset Management US LLC | $570,195 | 53,389 | 0.09% | Shares |
| Quantinno Capital Management LP | $562,920 | 52,707 | 0.09% | Shares |
| Triumph Capital Management | $554,854 | 51,953 | 0.09% | Shares |
Company insiders 19 insiders · 4 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stuart Rothstein | President & CEO | Jan. 30, 2026 F | 277,676 | 0 | 2 | $-1,090,399 |
| Anastasia G. Mironova | CFO, Treasurer and Secretary | Jan. 30, 2026 F | 75,281 | 0 | 0 | $0 |
| Jai Agarwal | CFO, Treasurer and Secretary | April 27, 2021 S | 27,120 | 0 | 0 | $0 |
| Megan B. Gaul | CFO, Treasurer and Secretary | Jan. 1, 2016 F | 34,558 | 0 | 0 | $0 |
| Carmencita N.M. Whonder | Director | May 13, 2026 S | 24,799 | 0 | 1 | $-49,994 |
| Brenna Haysom Romando | Director | April 1, 2026 A | 90,534 | 0 | 0 | $0 |
| Scott Prince | Director | April 1, 2026 A | 60,903 | 0 | 0 | $0 |
| Pamela G Carlton | Director | April 1, 2026 A | 49,274 | 0 | 0 | $0 |
| Robert A Kasdin | Director | April 1, 2026 A | 114,628 | 0 | 0 | $0 |
| Michael Salvati | Director | April 1, 2026 A | 162,542 | 0 | 0 | $0 |
| Mark C Biderman | Director | April 1, 2026 A | 70,374 | 0 | 0 | $0 |
| Katherine G. Newman | Director | Jan. 27, 2022 F | 6,524 | 0 | 0 | $0 |
| Eric Press | Director | April 27, 2021 S | 213,748 | 0 | 0 | $0 |
| Cindy Z Michel | Director | Jan. 9, 2020 F | 7,823 | 0 | 0 | $0 |
| Jeffrey M Gault | Director | April 1, 2019 A | 42,605 | 0 | 0 | $0 |
| Joseph F Azrack | Director | Aug. 5, 2014 S | 0 | 0 | 0 | $0 |
| Douglas D Abbey | Director | April 1, 2013 A | 19,988 | 0 | 0 | $0 |
| Alice Connell | Director | April 1, 2013 A | 19,988 | 0 | 0 | $0 |
| Marc A Beilinson | Director | Nov. 10, 2010 D | 2,014 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 11 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 30, 2013 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 18, 2013 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 20, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 22, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 24, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 13, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | June 19, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 3, 2012 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 9, 2011 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 27, 2011 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 8, 2011 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 51 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SRET · Global X Funds | 3.66% | 792,227 NS | April 30, 2026 | N-PORT |
| HYIN · WisdomTree Trust | 3.34% | 156,913 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.25% | 119,098 NS | May 31, 2026 | N-PORT |
| SDIV · Global X Funds | 1.00% | 1,159,554 NS | April 30, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.77% | 21,521 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.36% | 60,533 NS | April 30, 2026 | N-PORT |
| DVYE · iShares, Inc. | 0.35% | 386,964 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.24% | 262,972 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.09% | 118,169 SH | Aug. 8, 2026 | Daily |
| IPKW · Invesco Exchange-Traded Fund Trust … | 0.08% | 38,812 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 648,679 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.07% | 9,416 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 47,569 NS | April 30, 2026 | N-PORT |
| PICK · iShares, Inc. | 0.07% | 143,513 SH | Aug. 8, 2026 | Daily |
| EEMS · iShares, Inc. | 0.07% | 23,200 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.06% | 1,568 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.05% | 564 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 28,742 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.05% | 60,562 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 779,852 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 6,576 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 153,738 | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 632,010 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.03% | 1,930,362 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.03% | 3,316 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 5,143 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.02% | 18,807 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.02% | 3,039,001 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.02% | 209,801 SH | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 34,930 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 24,621 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 5,203 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 5,220 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 19,712 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,423,716 SH | Aug. 8, 2026 | Daily |
| VWO · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 1,444,535 SH | Aug. 8, 2026 | Daily |
| VYMI · VANGUARD WHITEHALL FUNDS | 0.01% | 155,402 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.01% | 10,294 SH | Aug. 8, 2026 | Daily |
| IEMG · iShares, Inc. | 0.01% | 1,257,815 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 5,926 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 8,620 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 131 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 8,047 NS | May 31, 2026 | N-PORT |
| IXUS · iShares Trust | 0.00% | 241,424 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 74,435 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,194,969 SH | Aug. 8, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.00% | 1,539,404 SH | Aug. 8, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 239,478 SH | Aug. 8, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 363,717 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.00% | 282 SH | Aug. 8, 2026 | Daily |