Apollo Commercial Real Estate Finance (NYSE:ARI) has recently released Q4 2017 results. The final quarter of 2017 was impacted by a few large one-off items, including the sale of the CMBS portfolio at a significant loss of $39.5m, which negatively impacted GAAP net income. On the adjusted earnings basis (core earnings), the results were in line with our expectation, with core earnings per share of $0.50 (versus our projection of $0.51 per share).
Source: Q4 2017 Earnings Presentation, Pandora Capital
With the sale of the CMBS portfolio, ARI is solely focused on