Apollo Commercial Real Estate Finance, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 31, 2023 at 05:01 pm EDT
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Apollo Commercial Real Estate Finance, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 83.4 million compared to net income of USD 70.95 million a year ago. Basic loss per share from continuing operations was USD 0.62 compared to basic earnings per share from continuing operations of USD 0.48 a year ago. Diluted loss per share from continuing operations was USD 0.62 compared to diluted earnings per share from continuing operations of USD 0.44 a year ago.
For the six months, net loss was USD 34.48 million compared to net income of USD 86.19 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to basic earnings per share from continuing operations of USD 0.56 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to diluted earnings per share from continuing operations of USD 0.55 a year ago.
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust. The Company primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Companyâs principal business objective is to acquire its target assets in order to provide attractive risk-adjusted returns to its stockholders over the long term, primarily through dividends and secondarily through capital appreciation. Its investment strategy is to identify opportunities within its target assets through its manager and its affiliates as well as their platform, which integrates real estate experience with private equity and capital markets in transaction sourcing, underwriting, execution, asset operation, management and disposition. Its target assets are secured by real estate throughout the United States and Europe. The Company is externally managed and advised by ACREFI Management, LLC.