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Subsequent Events | 6 Months Ended
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Jun. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | Note 21 – Subsequent Events Subsequent to the quarter ended June 30, 2024, the following events took place: Investment Activity: • Originated two first mortgage loans, consisting of a £117.5 million ($149.6 assuming conversion into USD) commitment to a floating-rate commercial mortgage loan secured by a portfolio of luxury senior care homes across Greater London, United Kingdom and a £150.4 million ($191.9 million assuming conversion into USD) floating-rate commercial mortgage loan secured by a portfolio of senior care homes throughout the United Kingdom in connection with a refinance. • Funded approximately $49.6 million for previously closed loans. Loan Repayments: We received approximately $463.6 million from loan repayments, including $421.0 million of full repayments across three first mortgage loans and one subordinate loan. Share Repurchases: We repurchased 157,424 shares of our common stock at a weighted-average price of $9.92 per share. As of the date of this quarterly report, the approximate dollar value of shares that may yet to be purchased under our stock repurchase program was $132.9 million. Massachusetts Healthcare: In March 2022, we and other Apollo-managed entities co-originated a 55% loan-to-cost first mortgage loan secured by eight hospitals in Massachusetts. At origination, our portion of the loan totaled $378.7 million. The loan was made in connection with the capitalization of a joint venture between two parties to own the hospitals. That joint venture - through its subsidiaries, which were the mortgage borrowers under the loan – then leased the properties to Steward Health Care ("Steward"), who served as the operator. We and other Apollo-managed entities did not lend to Steward and do not have any involvement in Steward's operation of the hospitals or performance under the lease. The structure and covenants in the loan have provided for cash collateral and amortization since origination that represents approximately 11% of the original loan balance, and our amortized cost basis was $341.9 million as of June 30, 2024. As of the date of this quarterly report, the loan remains current on all contractual interest payments. Steward filed for Chapter 11 bankruptcy in May 2024. During the three months ended June 30, 2024, we downgraded the loan's risk rating from a three to a four. Subsequent to the date of these condensed consolidated financial statements but prior to the date of this quarterly report, bids for the hospitals were received and the bid process and negotiations are continuing to evolve with multiple constituencies. While there still is a high degree of uncertainty, based upon the information available as of the date of this quarterly report, and taking into account Steward's bankruptcy court documents made publicly available on July 30, 2024, we anticipate recording a Specific CECL Allowance in a subsequent quarter, which we currently estimate to be approximately $90 million. The actual Specific CECL Allowance may differ materially based on continuing developments from the date of this quarterly report.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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