ARI reports Q2 EPS $0.23; anticipates $90M CECL allowance on Steward Health Care loan

Apollo Commercial Real Estate Finance, Inc.

2024-Q2 EPS reported -$0.54 revenue$161,643,000

GAAP net income per diluted share $0.23; Distributable Earnings per share $0.35 for Q2 2024.
Co-originated $378.7M first mortgage loan on 8 MA hospitals; amortized cost $341.9M; loan remains current on interest payments.
Loan risk rating downgraded from 3 to 4; Steward Health Care filed Chapter 11 in May 2024.
Based on bankruptcy bids, management estimates ~$90M Specific CECL Allowance expected in subsequent quarter.

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