Apollo Commercial Real Estate Finance (NYSE:ARI) shares drifted down 2.1% in Monday after-hours trading after the mortgage REIT turned in Q2 earnings that surpassed Wall Street expectations but slipped from the prior quarter.
Q2 distributable EPS of $0.46, beating the $0.39 average analyst estimate, slipped from $0.51 in Q1 and rose from $0.35 a year before. Before net realized loss on investments and realized gain on extinguishment of debt, distributable EPS was -$0.11.
“ARI’s floating rate portfolio continues to benefit from the higher interest rate environment, as the Company had another consistent quarter of distributable earnings, prior to net realized losses on investments, in excess of the common stock dividend,” CEO and President Stuart Rothstein said in a statement.
Net revenue of $92.2M, vs. $72.0M expected, climbed from $87.1M in the prior quarter and from $76.0M in Q2 of last year.
Net interest income fell to $63.0M from $$71.0M in Q1 and rose from $57.4M in Q2 2022.
Operating expenses came in at $39.0M compared with $34.5M in Q1 and $30.0M in Q2 2022.
Conference call on August 1 at 10:00 a.m. ET.
Earlier, Apollo Commercial Real Estate Finance Non-GAAP EPS of $0.46 beats by $0.07, revenue of $92.16M beats by $20.13M.
More on Apollo Commercial:
Archive of Apollo Commercial’s financial statements Earn 12% By Owning the lender Not The Lendee: Apollo Commercial RE