Apollo Commercial Real Estate Finance, Inc. Reports Third Quarter 2023 Results

NEW YORK, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the three and nine-month period ended September 30, 2023.

Net income attributable to common stockholders per diluted share of common stock was $0.30 for the quarter ended September 30, 2023. Distributable Earnings (a non-GAAP financial measure defined below) and Distributable Earnings prior to net realized loss on investments and realized gain on extinguishment of debt per share of common stock were $0.37 for the quarter ended September 30, 2023.

“ARI had another consistent quarter of generating distributable earnings in excess of our distribution per share of common stock,” said Stuart Rothstein, Chief Executive Officer and President of the Company. “Credit quality within ARI’s loan portfolio remains stable, and no asset specific CECL allowances were recorded during the third quarter.”

ARI issued a detailed presentation of the Company’s quarter and nine-month period ended September 30, 2023 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review third quarter results on October 31, 2023, at 10am ET. To register for the call, please use the following link:

https://register.vevent.com/register/BI84e4fe38492a48e0909267750c83359 ...

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, (v) the non-cash amortization expense related to the reclassification of a portion of the Company’s convertible senior notes (the “Notes”) to stockholders’ equity in accordance with GAAP, and (vi) provision for loan losses.