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

NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter and year ended December 31, 2023.

Net income available to common stockholders per diluted share of common stock was $0.30 and $0.29 for the quarter and year ended December 31, 2023, respectively. Distributable Earnings (a non-GAAP financial measure defined below) and Distributable Earnings prior to net realized loss on investments and gain on extinguishment of debt per share of common stock were $0.36 and $0.36 and $1.09 and $1.69 for the quarter and year ended December 31, 2023, respectively.

Commenting on 2023 performance, Stuart Rothstein, Chief Executive Officer and President of the Company, said: “Despite the challenging macro environment over the past year, ARI delivered strong performance for our stockholders in 2023, consistently providing a stable and well covered dividend. We took proactive steps in managing our loan portfolio and optimizing our balance sheet, which positioned us well to pivot towards offense as the year progressed. We committed to two new loan origination transactions in the fourth quarter and will continue to opportunistically deploy capital alongside Apollo’s broader commercial real estate credit platform.”

ARI issued a detailed presentation of the Company’s quarter and year ended December 31, 2023 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review fourth quarter and year end results on February 7, 2024, at 10am ET. To register for the call, please use the following link:      

https://register.vevent.com/register/BI71d3df57eff14851afda964c885d4e5 ...

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.