Apollo Commercial Real Estate Finance(ARI) - 2025 Q1 - Quarterly Results

Financial Performance - Net income available to common stockholders was $23 million, or$0.16 per diluted share[7]. - Distributable Earnings totaled $33 million, or$0.24 per diluted share, with a declared common stock dividend of $0.25 per share, resulting in an 11.0$22,923,000, resulting in a net income per diluted share of $0.16[48]. - Distributable earnings for the three months ended March 31, 2025, were$33,235,000, translating to a diluted distributable earnings per share of $0.24[49]. - The company incurred total operating expenses of$38,439,000 during the same period[48]. - Preferred dividends paid amounted to $3,068,000, impacting the net income available to common stockholders[48]. Loan Portfolio - The total loan portfolio reached$7.7 billion, with a weighted-average unlevered all-in yield of 7.9% and 95% of loans being first mortgages[7]. - The total senior loan portfolio amounts to $7,319 million, with$989 million in unfunded commitments[28]. - The office loan segment has a subtotal of $1,706 million, with$251 million in unfunded commitments[26]. - The hotel loan segment totals $1,604 million, with$29 million in unfunded commitments[27]. - The residential loan segment has a subtotal of $1,477 million, with$27 million in unfunded commitments[27]. - The retail loan segment totals $2,958 million, with$414 million in unfunded commitments[27]. - The industrial loan segment amounts to $543 million, with$235 million in unfunded commitments[28]. - The mixed-use loan segment totals $317 million, with$18 million in unfunded commitments[28]. - The weighted-average risk rating of the loan portfolio is 3.0, with a loan-to-value ratio of 57%[19]. Funding and Liquidity - Committed $650 million to new loans, with$460 million funded at close, and loan repayments and sales amounted to $93 million[7]. - Total liquidity at the end of the quarter was$218 million, including $170 million in cash[7]. - The company funded$994 million across four new originations in Q2 2025, bringing year-to-date fundings to over $1.5 billion[31]. - The company expects net future fundings to be$934,000,000 in 2025, decreasing to $9,000,000 in 2029 and beyond[42]. - The company has a cash and cash equivalents balance of$166,424,000 as of March 31, 2025[46]. Debt and Capital Management - Upsized secured credit facility with JPMorgan by $500 million, increasing total capacity to$2 billion and extending maturity to March 2030[7]. - Closed two new secured credit facilities with an aggregate borrowing capacity of $690 million[7]. - The company has a debt to equity ratio of 3.5x, indicating a conservative capital management strategy[35]. - The foreign loan portfolio is structured to mitigate foreign exchange risk, with 73$65,816,000, with net interest income of $39,485,000[48]. - The interest income from commercial mortgage loans was$143,985,000, with an interest expense of $105,057,000[48]. Asset and Liability Overview - Total assets as of March 31, 2025, amounted to$8,784,193,000, while total liabilities were $6,923,585,000[46]. - The expected increase in net interest income sensitivity to benchmark rates is projected at$0.01 for each increase in rates[42].