Apollo Commercial Real Estate Finance, Inc. (ARI) 10-Q Quarterly Report October 2018

New York, NY, July 25, 2018 – Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported financial results for the quarter ended June 30, 2018.

Second Quarter 2018 Highlights

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Reported net income available to common stockholders of $48.5 million, or $0.39 per diluted share of common stock, for the three months ended June 30, 2018, as compared to $26.9 million, or $0.28 per diluted share of common stock, for the three months ended June 30, 2017;

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Reported Operating Earnings (a non-GAAP financial measure defined below) of $54.9 million, or $0.44 per diluted share of common stock, for the three months ended June 30, 2018, as compared to $44.6 million, or $0.46 per diluted share of common stock, for the three months ended June 30, 2017;

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Generated $70.8 million of net interest income during the quarter from the Company’s $4.9 billion commercial real estate loan portfolio;

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Committed $968.0 million to new commercial real estate loans ($961.7 million of which was funded at closing) and funded an additional $112.5 million for loans closed prior to the quarter;

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Subsequent to quarter end, committed $87.0 million to new commercial real estate loans (all of which was funded at closing), bringing year-to-date loan commitments to $2.0 billion;

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Amended and restated the Company’s master repurchase agreement with JPMorgan Chase Bank to extend the term through June 2021;

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Amended the Company’s master repurchase agreement with Deutsche Bank to increase the borrowing capacity to $855 million and extend the term through March 2021;

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Entered into a master repurchase agreement with Credit Suisse to finance a first mortgage; and

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Declared a $0.46 dividend per share of common stock for the three months ended June 30, 2018.

“ARI has committed to over $1.9 billion of commercial real estate loans in the first six months of 2018, our strongest period of originations to-date and just $100 million shy of our total 2017 originations,” said Stuart Rothstein, Chief Executive Officer and President of the Company. “ARI’s loan portfolio totaled $4.9 billion of amortized cost at quarter end, an increase of approximately 36% as compared to the end of the second quarter of 2017. We believe ARI’s performance demonstrates the benefits of the Company’s nine-year track record as a reliable, creative capital solutions provider to the commercial real estate industry.”

Second Quarter 2018 Investment Activity

New Investments – During the second quarter of 2018, ARI committed capital to the following commercial real estate debt investments:

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$783.9 million of first mortgage loans ($777.6 million of which were funded during the quarter); and

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$184.1 million of subordinate loans ($184.1 million of which were funded during the quarter).

Funding of Previously Closed Loans – During the second quarter of 2018, ARI funded $112.5 million for loans closed prior to the quarter.

The following information was filed by Apollo Commercial Real Estate Finance, Inc. (ARI) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Apollo Commercial Real Estate Finance, Inc.'s 10-Q Quarterly Report:

Financial - Shares Highlight
We do not reimburse the Manager or its affiliates for the salaries and other compensation of their personnel, except for the allocable share of the compensation of 1 our Chief Financial Officer based on the percentage of time spent on our affairs and 2 other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment professional personnel of the Manager or its affiliates who spend all or a portion of their time managing our affairs based on the percentage of time devoted by such personnel to our affairs.

Revenue - Product Highlight
In April 2018, through an indirect wholly-owned subsidiary, we entered into the DB Repurchase Facility, which was upsized in September 2018, and provides for advances of up to $1.0 billion for the sale and repurchase of eligible first mortgage loans secured by commercial or multifamily properties located in the United States, United Kingdom and the European Union, and enables us to elect to receive advances in either U.S. dollars, British pounds, or Euros.
Financial - Dividend Highlight
The Series B Preferred Stock pay cumulative cash dividends: i from, and including, the original date of issuance of the Series B Preferred Stock to, but excluding, September 20, 2020, at an initial rate of 8.00% per annum of the $25.00 per share liquidation preference and ii from, and including, September 20, 2020, at the rate per annum equal to the greater of a 8.00% and b a floating rate equal to the 3-month LIBOR rate as calculated on each applicable date of determination plus 6.46% of the $25.00 liquidation preference.
Financial - Dividend Highlight
The Series C Preferred Stock pay cumulative cash dividends at the rate of 8.00% per annum of the $25.00 per share liquidation preference equivalent to $2.00 per annum per share from, and including July 29, 2016 the Series C Initial Dividend Date and are payable quarterly in equal amounts in arrears on the last day of each April, July, October and January, at the then applicable annual rate.
Financial - Income Highlight
If our cash available for distribution is less than our net taxable income, we could be required to sell assets or borrow funds to make cash distributions or we may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities.
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apollo Commercial Real Estate Finance, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ARI
CIK: 1467760
Form Type: 10-Q Quarterly Report
Accession Number: 0001467760-18-000012
Submitted to the SEC: Wed Oct 24 2018 4:46:24 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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Apollo Commercial Real Estate Finance, Inc. (ARI) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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