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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