Apollo Commercial Real Estate Finance, Inc. (ARI) has reported an 170.41 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $69.89 million, or $0.83 a share in the quarter, compared with $25.85 million, or $0.39 a share for the same period last year.
Revenue during the quarter surged 37.80 percent to $53.32 million from $38.69 million in the previous year period.
Total expenses were $14.25 million for the quarter, up 130.07 percent or $8.06 million from year-ago period. Operating margin for the quarter contracted 1072 basis points over the previous year period to 73.26 percent.
Operating income for the quarter was $39.06 million, compared with $32.50 million in the previous year period.
“I am extremely proud of everything ARI has accomplished over the past several months, which has culminated in strong financial results and a notable increase in book value per share,” said Stuart Rothstein, the chief executive officer and president of the Company. “The acquisition of AMTG and subsequent successful sale of the bulk of AMTG’s assets in less than one month generated approximately $400.0 million of investable capital. In anticipation of the closing, ARI effectively managed the Company’s investment pipeline such that $245.5 million of investments closed during the quarter and another $236.4 million shortly after quarter end, bringing year to date capital committed and deployed to approximately $1.1 billion. Finally, ARI positioned the Company for future investment activity and diversified the Company’s funding sources with a new $300.0 million credit facility to fund first mortgage loans.”
Receivables move up
Net receivables were at $18.02 million as on Sep. 30, 2016, up 24.97 percent or $3.60 million from year-ago.
Investments stood at $2,808.89 million as on Sep. 30, 2016, up 15.40 percent or $374.87 million from year-ago.
Total assets grew 26.55 percent or $671.14 million to $3,198.95 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,451.91 million as on Sep. 30, 2016, up 26.98 percent or $308.50 million from year-ago.
Return on assets moved up 64 basis points to 2.18 percent in the quarter. At the same time, return on equity moved up 177 basis points to 3.47 percent in the quarter.
Debt increases substantially
Total debt was at $1,262.69 million as on Sep. 30, 2016, up 28.43 percent or $279.52 million from year-ago. Shareholders equity stood at $1,747.04 million as on Sep. 30, 2016, up 26.19 percent or $362.64 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 0.72 percent in the quarter.
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