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Apollo Commercial Real Estate Finance Inc (ARI) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Apollo's portfolio, which includes $6.7 billion in commercial mortgage loans and $0.4 billion in subordinate loans. The company reported a decrease in net interest income to $198.98 million from $252.17 million the previous year, attributed to higher average balances of loans on non-accrual and realized losses on investments.
Apollo's net income available to common stockholders was reported as a loss of $131.9 million, or $0.97 per diluted share, compared to a net income of $45.9 million, or $0.29 per diluted share, in the prior year.
The company recorded a net increase in its Specific CECL Allowance of $149.5 million, primarily related to two mezzanine loans. Additionally, a $127.5 million realized loss was recorded from the extinguishment of the Massachusetts Healthcare Loan.
During 2024, Apollo committed $1.9 billion to new loans and provided $627.4 million in add-on fundings. The company received $2.5 billion in loan repayments and sales.
Apollo's debt-to-equity ratio was reported at 3.2, with $4.8 billion in secured debt arrangements and $1.3 billion in corporate debt, including term loans and senior secured notes.
The filing also discusses Apollo's financing strategy, including secured credit facilities and a private securitization with Barclays Bank. The company has $2.1 billion of undrawn capacity under its secured debt arrangements.
Dividends declared for common stockholders totaled $1.20 per share for the year, and preferred stock dividends were $1.81 per share.
Apollo's report includes a detailed discussion of the risks associated with its business, including credit risk, interest rate risk, and market risk, as well as the impact of macroeconomic trends such as inflation and higher interest rates.
The company also highlights its efforts in managing cybersecurity risks and the oversight provided by its board and committees in this area.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apollo Commercial Real Estate Finance Inc annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.