The following is a summary of the Apollo Commercial Real Estate Finance, Inc. (ARI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Apollo Commercial Real Estate Finance reported distributable earnings of $0.35 per share for Q1 2024.

• GAAP net loss attributable to common stockholders was $108 million or $0.76 per diluted share, primarily driven by a $142 million allowance on a property loan.

• The net loan portfolio was valued at $8.3 billion at the end of the quarter with a high average yield of 9.1%.

• The company received $176 million of total repayments in Q1.

Business Progress:

• A resurgence was observed in the commercial real estate market with transaction volumes ticking upwards.

• Apollo has projected another $1 billion repayments remainder of the year.

• With an active pipeline of potential transactions, management anticipates a more active role in deploying capital during the year.

• After a recorded property allowance, net exposure for the Steinway Building decreased from $594 million to $457 million at the end of Q1 2024.

• ARI received proceeds from a hotel sale to a third party and also established a new secured credit facility with Goldman Sachs.

• The company has maintained a steady $0.35 dividend per share for 16 consecutive quarters.

More details: Apollo Commercial Real Estate Finance Inc IR

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