# Apollo Commercial Real Estate Finance, Inc. (ARI) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Apollo Commercial Real Estate Finance, Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/ARI/mda/fy2025/): filed 2026-02-10; accession 0001193125-26-044725 (https://www.sec.gov/Archives/edgar/data/1467760/000119312526044725/ari-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/ARI/mda/fy2024/): filed 2025-02-10; accession 0000950170-25-017122 (https://www.sec.gov/Archives/edgar/data/1467760/000095017025017122/ari-20241231.htm)
- [FY 2023 MD&A](/company/ARI/mda/fy2023/): filed 2024-02-06; accession 0001467760-24-000010 (https://www.sec.gov/Archives/edgar/data/1467760/000146776024000010/ari-20231231.htm)
- [FY 2022 MD&A](/company/ARI/mda/fy2022/): filed 2023-02-08; accession 0001467760-23-000004 (https://www.sec.gov/Archives/edgar/data/1467760/000146776023000004/ari-20221231.htm)
- [FY 2021 MD&A](/company/ARI/mda/fy2021/): filed 2022-02-08; accession 0001467760-22-000007 (https://www.sec.gov/Archives/edgar/data/1467760/000146776022000007/ari-20211231.htm)

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