Company: ARI
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0000950170-25-017122
Chunk: 79

Company: Apollo Commercial Real Estate Finance, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 7
Chunk 79
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    (169,260
    )

    (169,260
    )

    Common Stockholders' Equity
     
    $
    1,705,221

    $
    2,039,473

    Common Stock

    138,174,636

    141,358,605

    Book value per share
     
    $
    12.34

    $
    14.43

 46

The following table shows the changes in our book value per share:

    Book value per share

    Book value per share at December 31, 2023
     
    $
    14.43

    General CECL Allowance and accumulated depreciation

    0.30

    Book value per share at December 31, 2023 prior to General CECL Allowance and accumulated depreciation
     
    $
    14.73

    Diluted Distributable Earnings per share prior to net realized loss on investments

    1.33

    Impact of share repurchases

    0.12

    Common dividends declared

    (1.20
    )

    Net increase in Specific CECL Allowance

    (1.06
    )

    Realized loss on investments

    (0.93
    )

    Vesting and delivery of RSUs

    (0.14
    )

    Net loss on currency and interest rate hedges(1)

    (0.07
    )

    Other

    (0.01
    )

    Book value per share at December 31, 2024 prior to General CECL Allowance and accumulated depreciation
     
    $
    12.77

    General CECL Allowance and accumulated depreciation

    (0.43
    )

    Book value per share at December 31, 2024
     
    $
    12.34

(1)Includes net unrealized loss on forward currency contracts and interest hedges, and realized loss on forward currency contracts related to principal outside impact of forward points.

We believe that presenting book value per share with sub-totals prior to the CECL Allowances and depreciation is useful for investors for various reasons, including, among other things, analyzing our compliance with financial covenants related to tangible net worth and debt-to-equity under our secured debt arrangements and senior secured term loan, which permit us to add the General CECL Allowance to our GAAP stockholders' equity. Given that