Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2024 Results

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter ended March 31, 2024.

Net loss attributable to common stockholders per diluted share of common stock was ($0.76) for the quarter ended March 31, 2024. Distributable Earnings (a non-GAAP financial measure defined below) per share of common stock was $0.35 for the quarter ended March 31, 2024.

Commenting on this quarter’s results, Stuart Rothstein, Chief Executive Officer and President of the Company said: “ARI recorded an incremental CECL allowance in the first quarter of 2024 of approximately $142 million on a mezzanine loan secured by an ultra-luxury condominium development in New York City due to a reduction in sales price and delayed timing on the remaining units, resulting in a $1.00 decline in book value per share. The allowance did not impact distributable earnings or ARI’s ability to pay the dividend per share of common stock, which has remained at $0.35 per share for sixteen consecutive quarters. There were no additional Specific CECL Allowances recorded against any other loans in ARI’s portfolio during the quarter.”

ARI issued a detailed presentation of the Company’s quarter ended March 31, 2024 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review first quarter results on April 30, 2024, at 10am ET. To register for the call, please use the following link:      

https://register.vevent.com/register/BI6ac2030931b8437da1c4188b5f3b163 ...

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

Distributable Earnings
“Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for loan losses.