Apollo Commercial Real Estate Finance(US:ARI)2025-02-11 02:43Financial Performance - Net loss available to common stockholders for 2024 was $132 million, or $0.97 per diluted share, while Q4 reported net income of $38 million, or $0.27 per diluted share [9]. - Distributable Earnings for 2024 totaled $190 million, or $1.33 per diluted share, with Q4 Distributable Earnings at $45 million, or $0.32 per diluted share [9]. - Total net revenue for the year ended December 31, 2024, was $303,671, down from $336,824 in 2023, reflecting a decline of 9.8% [52]. - Net income available to common stockholders for Q4 2024 was $37,584, a decrease of 13.5% compared to $43,472 in Q4 2023 [52]. - The company reported a net loss of $119,636 for the year ended December 31, 2024, compared to a net income of $46,540 in 2023 [52]. - Distributable earnings for Q4 2024 were $44,748, down from $51,571 in Q4 2023, indicating a decline of 13.5% [53]. Dividends - Declared common stock dividends of $1.20 per share in 2024, resulting in a dividend yield of 13.2% and an annual dividend coverage ratio of 1.1x [9]. - The dividend declared per share of common stock for Q4 2024 was $0.25, down from $0.35 in Q4 2023 [52]. Loan Portfolio - Total loan portfolio reached $7.1 billion with a weighted-average unlevered all-in yield of 8.1%, consisting of 95% first mortgages and 95% floating rate loans [9]. - Committed $1.9 billion to new loans in 2024, with $782 million committed in Q4, and loan repayments amounted to $2.5 billion for the year [9]. - The total senior loan portfolio amounts to $7,176 million, with $841 million in unfunded commitments and a weighted average maturity of 2.5 years [35]. - The office loan segment totals $1,650 million, with $264 million in unfunded commitments, primarily located in London, UK, and Manhattan, NY [30]. - The hotel loan segment totals $1,577 million, with $31 million in unfunded commitments, including properties in various locations across Europe and the US [31]. - The residential loan segment totals $1,166 million, with $11 million in unfunded commitments, primarily in the UK and US [31]. - The retail loan segment totals $911 million, with $403 million in unfunded commitments, including properties in London, UK, and Manhattan, NY [31]. - The mixed-use loan segment totals $363 million, with $24 million in unfunded commitments, primarily located in London, UK, and Brooklyn, NY [33]. - The industrial loan segment totals $355 million, with $94 million in unfunded commitments, including properties in Sweden and the UK [33]. - The weighted average loan-to-value ratio for the loan portfolio was 57% [23]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to $8,411,591, with cash and cash equivalents at $317,396 [51]. - The company’s total liabilities as of December 31, 2024, were $6,537,110, with secured debt arrangements at $4,814,973 [51]. - Ended 2024 with total common equity book value of $1.8 billion and total liquidity of $381 million, with no corporate debt maturities until May 2026 [9]. Financial Ratios - The company has a debt-to-equity ratio of 3.2x and a fixed charge coverage ratio of 1.3x, indicating a conservative capital management strategy [38]. - The weighted-average diluted shares for distributable earnings were 140,630,572 for Q4 2024, compared to 144,188,529 in Q4 2023 [53]. Foreign Exchange and Interest Income - The foreign exchange risk is mitigated through local currency-denominated secured debt and forward currency contracts, resulting in a $6.2 million realized gain in Q4 2024 [42]. - Net interest income for Q4 2024 was $43,503, a decrease of 25.1% from $58,007 in Q4 2023 [52]. - Operating expenses for Q4 2024 totaled $38,493, slightly higher than $37,805 in Q4 2023, representing an increase of 1.8% [52].