NEW YORK (AP) _ Apollo Commercial Real Estate Finance (ARI) on Wednesday reported second-quarter profit of $61.4 million.
The New York-based company said it had net income of 37 cents per share. Earnings, adjusted for one-time gains and costs, were 47 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The real estate investment trust posted revenue of $85 million in the period.
Apollo Commerical Finance shares have increased 11% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.50, a drop of almost 2% in the last 12 months.