ACRE

2025 Q2

Financial Services

2mo

Realized Loss on Office Life Sciences Loan

$33 million

During the second quarter, we exited a $51 million office life sciences loan and took a $33 million realized loss, which was in excess of the prior quarter CECL reserve.

Apollo Commercial Real Estate Finance, Inc.

ARI

2025 Q2

Financial Services

2mo

Financial Performance Summary

ARI delivered strong performance in Q2 2025 with $1.4 billion in new loan commitments and a portfolio carrying value increase to $8.6 billion from $7.7 billion in Q1.
Book value per share, excluding general CECL allowance and depreciation, was $12.59, slightly down from last quarter.
Book value per share was $12.59, slightly down from last quarter, excluding general CECL allowance and depreciation.
Distributable earnings were $36 million or $0.26 per share, an 8% increase over Q1, with GAAP net income of $18 million or $0.12 per diluted share.
Liquidity ended at $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
Liquidity totaled $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
Loan portfolio weighted average unlevered yield was 7.8%, with 41% of loans originated post-2022 interest rate rise and valuation reset.
No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth.
No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth, with total CECL allowance down slightly from 475 to 429 basis points.
Repayments and sales totaled $631 million during the quarter, with continued redeployment of capital into new loans.
Repayments and sales totaled $631 million during the quarter, with proceeds from 111 West 57th sales reducing basis by $141 million.

CVB Financial Corp.

CVBF

2025 Q2

Financial Services

3mo

Net Earnings Slight Decline

$50.6 million

The $540,000 decline in net income in the second quarter compared to the prior quarter was a result of the first quarter including both a $2.2 million gain from the sale of OREO properties and a recapture of allowance of credit losses of $2 million.

Rexford Industrial Realty, Inc.

REXR

2025 Q2

Financial Services

3mo

Core FFO Beat

+1.7%

$0.59 per share

Core FFO was $0.59 per share, representing a $0.01 increase over the prior quarter when excluding onetime termination revenue that was recognized in the first quarter.

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Realized Loss on Office Life Sciences Loan

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Financial Performance Summary

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