UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
On March 1, 2020, the borrower of a $154.6 million first mortgage predevelopment loan secured by properties in Brooklyn, New York, ceased paying interest and, as of that date, Apollo Commercial Real Estate Finance, Inc. (the “Company” and, together with its consolidated subsidiaries, “ARI”) transferred this loan to non-accrual status and will recognize income on a cash basis. The underlying properties are being marketed for sale.
Subsequent to December 31, 2019, ARI committed capital of $560.9 million ($438.9 million which was funded at closing) to first mortgage loans.
In addition, ARI funded approximately $89.8 million for loans closed prior to December 31, 2019.
Subsequent to December 31, 2019, ARI received approximately $202.0 million from loan repayments.
The information in this Item 7.01 of Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01 of Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.
| Item 8.01. | Other Events. |
On March 16, 2020, the Company announced that its board of directors approved a stock repurchase program to authorize the Company to repurchase up to an aggregate of $150 million of its common stock, par value $0.01 per share (the “Common Stock”). Shares of Common Stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise, with the size, price and timing of these repurchases depending on legal requirements, prevailing stock prices, market and economic conditions and other factors. The Company is not obligated under the terms of the program to repurchase any shares of Common Stock. The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. This new $150 million program replaces the previous program authorized in November 2013, which has been terminated.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Apollo Commercial Real Estate Finance, Inc. | ||
| By: |
/s/ Stuart A. Rothstein | |
| Name: |
Stuart A. Rothstein | |
| Title: |
President and Chief Executive Officer | |
Date: March 16, 2020