Financial Performance - Net income available to common stockholders was $33 million, or $0.23 per diluted share[6] - Distributable Earnings reached $50 million, or $0.35 per diluted share[6] - Common stock dividends were declared at $0.35 per share, resulting in a dividend yield of 13.9%[6] - The company repurchased $38 million of its common stock at a weighted-average price of $10.16[7] - Subsequent to the quarter, $2 million of common stock was repurchased at a weighted-average price of $9.92[7] Loan Portfolio - The total loan portfolio amounted to $8.3 billion with a weighted-average unlevered all-in yield of 8.9%[7] - First mortgages comprised 95% of the loan portfolio, with 96% being floating rate[7] - Loan repayments year-to-date totaled $759 million, including $583 million in Q2, which includes the sale of a $135 million commercial mortgage in April 2024[7] - New loan commitments year-to-date were $505 million, with $495 million funded at close, and gross add-on fundings were $438 million year-to-date, including $116 million in Q2[7] - Subsequent to the quarter, $464 million of loan proceeds were received, including $421 million in full repayments across three first mortgages and one subordinate loan[7] Capitalization and Subsequent Events - $74 million of financing was obtained secured by the company's D C Hotel[7, 12] - The secured credit facility with Barclays was upsized, providing $300 million in additional capacity[7] - £268 million (approximately $342 million in USD) was committed to two new loans secured by care homes in the UK[7] REO Overview - Total REO (Real Estate Owned) held for investment amounted to $680 million, with net equity of $445 million after deducting $235 million in debt[13]
Apollo Commercial Real Estate Finance(ARI) - 2024 Q2 - Earnings Call Presentation