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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended September 30, 2024
OR
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☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to
Commission File Number: 001-34452
Apollo Commercial Real Estate Finance, Inc.
(Exact name of registrant as specified in its charter)
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Maryland |
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27-0467113 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
Apollo Commercial Real Estate Finance, Inc.
c/o Apollo Global Management, Inc.
9 West 57th Street, 42nd Floor,
New York, New York 10019
(Address of principal executive offices) (Zip Code)
(212) 515–3200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock, $0.01 par value |
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ARI |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 29, 2024, there were 138,174,636 shares, $0.01 par value per share, of the registrant's common stock issued and outstanding.
Table of Contents
See notes to unaudited condensed consolidated financial statements.
2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands—except share data)
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September 30, 2024 |
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December 31, 2023 |
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Assets: |
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Cash and cash equivalents |
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$ |
194,287 |
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$ |
225,438 |
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Commercial mortgage loans, net(1)(3) |
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7,456,389 |
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7,925,359 |
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Subordinate loans, net(2)(3) |
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374,222 |
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432,734 |
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Real estate owned, held for investment, net(4) (net of $20,883 and $10,404 accumulated depreciation in 2024 and 2023, respectively) |
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708,478 |
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519,498 |
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Other assets |
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364,136 |
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85,623 |
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Derivative assets, net |
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577 |
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29,425 |
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Assets related to real estate owned, held for sale |
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— |
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78,653 |
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Total Assets |
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$ |
9,098,089 |
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$ |
9,296,730 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Secured debt arrangements, net |
|
$ |
5,513,945 |
|
|
$ |
5,538,476 |
|
Senior secured term loans, net |
|
|
755,441 |
|
|
|
759,150 |
|
Senior secured notes, net |
|
|
496,233 |
|
|
|
495,637 |
|
Debt related to real estate owned, held for investment, net |
|
|
278,837 |
|
|
|
161,562 |
|
Accounts payable, accrued expenses and other liabilities(5) |
|
|
165,850 |
|
|
|
120,334 |
|
Derivative liabilities, net |
|
|
10,592 |
|
|
|
— |
|
Payable to related party |
|
|
8,803 |
|
|
|
9,553 |
|
Liabilities related to real estate owned, held for sale |
|
|
— |
|
|
|
3,285 |
|
Total Liabilities |
|
|
7,229,701 |
|
|
|
7,087,997 |
|
Commitments and Contingencies (see Note 18) |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2024 and 2023 (see Note 17) |
|
|
68 |
|
|
|
68 |
|
Common stock, $0.01 par value, 450,000,000 shares authorized, 138,169,164 and 141,358,605 shares issued and outstanding in 2024 and 2023, respectively |
|
|
1,382 |
|
|
|
1,414 |
|
Additional paid-in-capital |
|
|
2,691,776 |
|
|
|
2,727,488 |
|
Accumulated deficit |
|
|
(824,838 |
) |
|
|
(520,237 |
) |
Total Stockholders' Equity |
|
|
1,868,388 |
|
|
|
2,208,733 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
9,098,089 |
|
|
$ |
9,296,730 |
|
|
|
|
|
|
|
|
(1)Includes carrying value of $7,456,389 and $7,691,141 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
(2)Includes carrying value of $232,817 as collateral under secured debt arrangements in 2023.
(3)Net of $376,692 and $219,482 CECL Allowances comprised of $342,500 and $193,000 Specific CECL Allowance and $34,192 and $26,482 General CECL Allowance in 2024 and 2023, respectively.
(4)Includes $76,179 and $154,048 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
(5)Includes $3,850 and $4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively.
See notes to unaudited condensed consolidated financial statements.
3
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations (Unaudited)
(in thousands—except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from commercial mortgage loans |
|
$ |
179,921 |
|
|
$ |
180,441 |
|
|
$ |
543,025 |
|
|
$ |
520,712 |
|
Interest income from subordinate loans and other lending assets |
|
|
1,210 |
|
|
|
1,599 |
|
|
|
2,901 |
|
|
|
16,416 |
|
Interest expense |
|
|
(134,088 |
) |
|
|
(121,817 |
) |
|
|
(390,447 |
) |
|
|
(342,963 |
) |
Net interest income |
|
$ |
47,043 |
|
|
$ |
60,223 |
|
|
$ |
155,479 |
|
|
$ |
194,165 |
|
Revenue from real estate owned operations |
|
|
24,530 |
|
|
|
20,934 |
|
|
|
77,737 |
|
|
|
66,273 |
|
Total net revenue |
|
$ |
71,573 |
|
|
$ |
81,157 |
|
|
$ |
233,216 |
|
|
$ |
260,438 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses (includes equity-based compensation of $4,165 and $12,510 in 2024 and $4,356 and $13,091 in 2023, respectively) |
|
$ |
(7,547 |
) |
|
$ |
(7,664 |
) |
|
$ |
(22,408 |
) |
|
$ |
(22,150 |
) |
Management fees to related party |
|
|
(8,801 |
) |
|
|
(9,518 |
) |
|
|
(27,395 |
) |
|
|
(28,425 |
) |
Operating expenses related to real estate owned |
|
|
(19,879 |
) |
|
|
(18,950 |
) |
|
|
(61,539 |
) |
|
|
(52,917 |
) |
Depreciation and amortization on real estate owned |
|
|
(2,342 |
) |
|
|
(1,020 |
) |
|
|
(9,285 |
) |
|
|
(7,208 |
) |
Total operating expenses |
|
$ |
(38,569 |
) |
|
$ |
(37,152 |
) |
|
$ |
(120,627 |
) |
|
$ |
(110,700 |
) |
Other income, net |
|
$ |
1,573 |
|
|
$ |
1,465 |
|
|
$ |
2,784 |
|
|
$ |
4,537 |
|
Decrease (increase) in current expected credit loss allowance, net |
|
|
899 |
|
|
|
5,833 |
|
|
|
(157,043 |
) |
|
|
(60,205 |
) |
Foreign currency translation gain (loss) |
|
|
60,102 |
|
|
|
(44,165 |
) |
|
|
39,177 |
|
|
|
(3,974 |
) |
Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of ($57,621) and ($38,657) in 2024 and $28,244 and ($27,709) in 2023, respectively) |
|
|
(59,535 |
) |
|
|
39,490 |
|
|
|
(29,760 |
) |
|
|
8,239 |
|
Gain (loss) on interest rate hedging instruments (includes unrealized gains (losses) of ($562) and ($1,213) in 2024 and ($70) and ($9,211) in 2023, respectively) |
|
|
(14 |
) |
|
|
(70 |
) |
|
|
436 |
|
|
|
(122 |
) |
Net realized loss on investments |
|
|
(127,512 |
) |
|
|
— |
|
|
|
(128,191 |
) |
|
|
(86,604 |
) |
Gain on extinguishment of debt |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
495 |
|
Net income (loss) before taxes |
|
$ |
(91,483 |
) |
|
$ |
46,588 |
|
|
$ |
(160,008 |
) |
|
$ |
12,104 |
|
Income tax provision |
|
|
(66 |
) |
|
|
(517 |
) |
|
|
(280 |
) |
|
|
(517 |
) |
Net income (loss) |
|
$ |
(91,549 |
) |
|
$ |
46,071 |
|
|
$ |
(160,288 |
) |
|
$ |
11,587 |
|
Preferred dividends |
|
|
(3,068 |
) |
|
|
(3,068 |
) |
|
|
(9,204 |
) |
|
|
(9,204 |
) |
Net income (loss) available to common stockholders |
|
$ |
(94,617 |
) |
|
$ |
43,003 |
|
|
$ |
(169,492 |
) |
|
$ |
2,383 |
|
Net income (loss) per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.69 |
) |
|
$ |
0.30 |
|
|
$ |
(1.23 |
) |
|
$ |
— |
|
Diluted |
|
$ |
(0.69 |
) |
|
$ |
0.30 |
|
|
$ |
(1.23 |
) |
|
$ |
— |
|
Basic weighted-average shares of common stock outstanding |
|
|
138,246,827 |
|
|
|
141,350,428 |
|
|
|
140,177,962 |
|
|
|
141,255,730 |
|
Diluted weighted-average shares of common stock outstanding |
|
|
138,246,827 |
|
|
|
141,350,428 |
|
|
|
140,177,962 |
|
|
|
141,255,730 |
|
Dividend declared per share of common stock |
|
$ |
0.25 |
|
|
$ |
0.35 |
|
|
$ |
0.95 |
|
|
$ |
1.05 |
|
See notes to unaudited condensed consolidated financial statements.
4
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)
(in thousands—except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
Common Stock |
|
|
Additional
Paid-In- |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Par |
|
|
Shares |
|
|
Par |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance at January 1, 2024 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
141,358,605 |
|
|
$ |
1,414 |
|
|
$ |
2,727,488 |
|
|
$ |
(520,237 |
) |
|
$ |
2,208,733 |
|
Capital increase (decrease) related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
738,110 |
|
|
|
7 |
|
|
|
(3,093 |
) |
|
|
— |
|
|
|
(3,086 |
) |
Net Loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(104,524 |
) |
|
|
(104,524 |
) |
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.35 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,620 |
) |
|
|
(50,620 |
) |
Balance at March 31, 2024 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
142,096,715 |
|
|
$ |
1,421 |
|
|
$ |
2,724,395 |
|
|
$ |
(678,449 |
) |
|
$ |
2,047,435 |
|
Capital increase related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
65,490 |
|
|
|
1 |
|
|
|
4,147 |
|
|
|
— |
|
|
|
4,148 |
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
(3,723,772 |
) |
|
|
(37 |
) |
|
|
(37,882 |
) |
|
|
— |
|
|
|
(37,919 |
) |
Net Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,785 |
|
|
|
35,785 |
|
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.35 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,333 |
) |
|
|
(49,333 |
) |
Balance at June 30, 2024 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
138,438,433 |
|
|
$ |
1,385 |
|
|
$ |
2,690,660 |
|
|
$ |
(695,065 |
) |
|
$ |
1,997,048 |
|
Capital increase related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
20,364 |
|
|
|
— |
|
|
|
4,002 |
|
|
|
— |
|
|
|
4,002 |
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
(289,633 |
) |
|
|
(3 |
) |
|
|
(2,886 |
) |
|
|
— |
|
|
|
(2,889 |
) |
Net Loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(91,549 |
) |
|
|
(91,549 |
) |
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.25 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,156 |
) |
|
|
(35,156 |
) |
Balance at September 30, 2024 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
138,169,164 |
|
|
$ |
1,382 |
|
|
$ |
2,691,776 |
|
|
$ |
(824,838 |
) |
|
$ |
1,868,388 |
|
See notes to unaudited condensed consolidated financial statements.
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
Common Stock |
|
|
Additional
Paid-In- |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Par |
|
|
Shares |
|
|
Par |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance at January 1, 2023 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
140,595,995 |
|
|
$ |
1,406 |
|
|
$ |
2,716,907 |
|
|
$ |
(363,877 |
) |
|
$ |
2,354,504 |
|
Capital increase (decrease) related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
670,044 |
|
|
|
7 |
|
|
|
(2,352 |
) |
|
|
— |
|
|
|
(2,345 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,916 |
|
|
|
48,916 |
|
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.35 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,446 |
) |
|
|
(50,446 |
) |
Balance at March 31, 2023 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
141,266,039 |
|
|
$ |
1,413 |
|
|
$ |
2,714,555 |
|
|
$ |
(368,475 |
) |
|
$ |
2,347,561 |
|
Capital increase related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
77,138 |
|
|
|
— |
|
|
|
4,365 |
|
|
|
— |
|
|
|
4,365 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83,400 |
) |
|
|
(83,400 |
) |
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.35 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,467 |
) |
|
|
(50,467 |
) |
Balance at June 30, 2023 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
141,343,177 |
|
|
$ |
1,413 |
|
|
$ |
2,718,920 |
|
|
$ |
(505,410 |
) |
|
$ |
2,214,991 |
|
Capital increase related to Equity Incentive Plan |
|
|
— |
|
|
|
— |
|
|
|
9,956 |
|
|
|
1 |
|
|
|
4,250 |
|
|
|
— |
|
|
|
4,251 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,071 |
|
|
|
46,071 |
|
Dividends declared on preferred stock - $0.45 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,068 |
) |
|
|
(3,068 |
) |
Dividends declared on common stock and RSUs - $0.35 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,463 |
) |
|
|
(50,463 |
) |
Balance at September 30, 2023 |
|
|
6,770,393 |
|
|
$ |
68 |
|
|
|
141,353,133 |
|
|
$ |
1,414 |
|
|
$ |
2,723,170 |
|
|
$ |
(512,870 |
) |
|
$ |
2,211,782 |
|
See notes to unaudited condensed consolidated financial statements.
6
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
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|
|
|
|
|
Net income (loss) |
|
$ |
(160,288 |
) |
|
$ |
11,587 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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|
|
|
|
|
Amortization of discount/premium and payment-in-kind interest |
|
|
(22,023 |
) |
|
|
(24,928 |
) |
Amortization of deferred financing costs |
|
|
13,400 |
|
|
|
|