DNY59/E+ via Getty Images In finance, you have to always gauge the risk you take to generate returns. Sure, at the tail end of a long bull market, you can forget that. All sins are washed away (at least temporarily) in the cleansing waters of liquidity. But eventually, you run the risk that things go bad. This is definitely true in high-yield, where you tend to see more brutal downside moves when things turn. Today we will go over Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) and view it from a ...

NEW YORK, July 09, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI), today announced the Company will hold a conference call to review its second quarter 2024 financial results on Wednesday, August 7, 2024 at 10:00 a.m. Eastern Time. The Company’s second quarter 2024 financial results will be released after the market closes on Tuesday, August 6, 2024. During the conference call, Company officers will review second quarter 2024 performance, discuss rec ...

NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the “Company”) (NYSE:ARI) today announced the Board of Directors declared a dividend of $0.35 per share of common stock, which is payable on July 15, 2024 to common stockholders of record on June 28, 2024. About Apollo Commercial Real Estate Finance, Inc. Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commer ...

Megapixel8 Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) earned its dividend with distributable earnings in the first quarter and overall managed to report healthy earnings. The commercial mortgage trust is one of the largest mortgage trusts in the United States and continued to see healthy origination activity in the last quarter. As far as the dividend safety margin was concerned, the trust earned enough cash to fund its dividend of $0.35 per share, but the safety margin did deteriorate QoQ. Apol ...

财务数据和关键指标变化 - 公司在第一季度实现了可分配收益每股0.35美元 [16] - 公司GAAP净亏损每股0.76美元,主要是由于对111 West 57th Street的次级贷款计提了1.42亿美元的CECL准备金 [16] - 贷款组合的加权平均风险评级为3.0,除111 West 57th Street外未计提其他特定CECL准备金,一般CECL准备金占贷款组合摊余成本的42个基点,较2023年末增加6个基点 [17] - 贷款组合期末账面价值83亿美元,加权平均和杠杆收益率为9.1%,较2023年末提高40个基点 [18] 各条业务线数据和关键指标变化 - 公司在本季度完成了3.22亿美元的贷款追加资金,其中包括2.13亿美元用于英国酒吧交易 [18] - 公司在本季度收到1.76亿美元的贷款偿还,并在季度末后又收到1.35亿美元来自一笔夏威夷酒店贷款的出售收益 [19][20] 各个市场数据和关键指标变化 - 公司在美国和欧洲的办公物业投资面临一定压力,但新建或改建的办公物业仍有一定租赁需求 [50][51][52][53] 公司战略和发展方向及行业竞争 - 公司将继续评估新的投资机会以及回购自身资本结构的机会 [29] - 公司预计2024年将有约10亿美元的贷款偿还,将为公司提供部署资本的机会 [10][31] - 公司认为其浮动利率贷款组合将继续产生足够的可分配收益以覆盖2024年剩余时间的季度分红 [14] 管理层对经营环境和未来前景的评论 - 公司看到商业房地产市场交易量有所增加,支撑因素包括大量待部署资本、更多借款人面临贷款到期以及对资产估值达成共识 [7] - 除办公物业外,大多数物业类型的经营基本面保持稳定至积极,得益于经济持续强劲 [8] - 公司认为其浮动利率贷款组合将继续产生足够的可分配收益以覆盖2024年剩余时间的季度分红 [14] 问答环节重要的提问和回答 问题1 **Jade Rahmani 提问** 询问公司目前的目标收益率、承销标准是否有变化,以及对即将到期贷款的预期信用表现 [27][30] **Stuart Rothstein 回答** - 公司仍可以以低至中等teens的收益率部署资本,并可能以较低的贷款价值比(LTV)进行投资 [28] - 公司预计今年将有约10亿美元的贷款偿还,整体来看偿还情况较为乐观 [31][32] 问题2 **Rick Shane 提问** 询问非应计贷款对公司业绩的影响 [35] **Stuart Rothstein 和 Anastasia Mironova 回答** - 公司净敞口约3.75亿美元的贷款处于非应计状态,将在通话后与提问者进一步讨论相关细节 [36][37][38] 问题3 **Jade Rahmani 提问** 询问111 West 57th Street项目剩余待售单元数量及预计净收益 [40][41][42][43][44][45] **Stuart Rothstein 回答** - 项目还有约26-27个单元待售,公司认为在扣除现有债务后仍有一定剩余价值 [44][46][47]

业绩总结 - Q1'24分配收益为0.35美元[1] - Q1'24普通股东净亏损为1.08亿美元，每股普通股净亏损为0.76美元[2] - Q1'24贷款组合总额为83亿美元，未负债全息收益率为9.1%[2] - 可分配收益为50,451千美元，每股可分配收益为0.35美元[26] - 可分配收益调整项包括外汇远期合约损益、预期信贷损失增加等，总调整额为158,043千美元[26] 用户数据 - 预计2024年至2028年及以后，净权益的完全到期贷款金额为1,164亿美元，预期未来资金为705亿美元[17] - 现金及现金等价物为161,190千美元，商业抵押贷款净额为7,846,460千美元[23] - 总负债为717,557千美元，股东权益总额为2,047,435千美元[23] 未来展望 - 预计2024年至2028年及以后，净权益的完全到期贷款金额为1,164亿美元，预期未来资金为705亿美元[17] 新产品和新技术研发 - Q1'24资本结构中，安全债务安排占61%，普通股权益占21%[12] 市场扩张和并购 - 预计2024年至2028年及以后，净权益的完全到期贷款金额为1,164亿美元，预期未来资金为705亿美元[17] 负面信息 - 每股普通股的净收益为-0.76美元，每股普通股的净收益为0.32美元[25] 其他新策略和有价值的信息 - 美元对英镑的外汇汇率变化为1.27倍，欧元为1.09倍，瑞典克朗为0.09倍[16] - 固定费用覆盖率为EBITDA除以利息费用和优先股股息[29]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-34452 __________________________________ Apollo Commercia ...

NEW YORK, April 08, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (NYSE:ARI), today announced the Company will hold a conference call to review its first quarter 2024 financial results on Tuesday, April 30, 2024 at 10:00 a.m. Eastern Time. The Company's first quarter 2024 financial results will be released after the market closes on Monday, April 29, 2024. During the conference call, Company officers will review first quarter 2024 performance, discuss recent e ...

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (NYSE:ARI) today announced the Board of Directors set April 15, 2024 as the record date for the Company's 2024 Annual Meeting of Stockholders. The Annual Meeting of Stockholders will be held virtually on June 7, 2024 at 9:00 am Eastern Time. Information on the virtual meeting will be included in the ARI 2024 proxy statement. About Apollo Commercial Real Estate Finance, Inc. Apollo Commercial Rea ...