Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Q1 2022 Results Conference Call April 26, 2022 9:00 AM ET

Company Participants

Stuart Rothstein - CEO

Scott Weiner - Chief Investment Officer

Anastasia Mironova - CFO

Conference Call Participants

Doug Harter - Credit Suisse

Steve DeLaney - JMP Securities

Rick Shane - JP Morgan

Jade Rahmani - KBW

Stephen Laws - Raymond James

Eric Hagen - BTIG

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Q1 2022 Apollo Commercial Real Estate Finance, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I’d like to remind everyone that today’s call and webcast are being recorded. Please note that they are the property of Apollo Commercial Real Estate Finance, Inc. and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available in our earnings press release.

I’d also like to call your attention to the customary Safe Harbor disclosure in our press release regarding forward-looking statements. Today’s conference call and webcast may include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these statements and projections.

In addition, we will be discussing certain non-GAAP measures on this call, which management believes are relevant to assessing the Company’s financial performance. These measures are reconciled to GAAP figures in our earnings presentation, which is available in the stockholders section of our website.

We do not undertake any obligation to update our forward-looking statements or projections, unless required by law. To obtain copies of our latest SEC filings, please visit our website at www.apolloreit.com or call us at 212-515-3200.

At this time, I’d like to turn the call over to the Company’s Chief Executive Officer, Stuart Rothstein.

Stuart Rothstein

Thank you, operator. Good morning and thank you to those of us who are joining us on the Apollo Commercial Real Estate Finance first quarter 2022 earnings call. I am joined today by Scott Weiner, our Chief Investment Officer; and ARI’s new Chief Financial Officer, Anastasia Mironova.

Carrying forward the strong momentum from 2021, ARI had an extremely active first quarter of the year, committing $1.8 billion to new commercial real estate loan transactions. The Company’s loan portfolio totaled $8.4 billion at quarter end, representing a 22% year-over-year increase. Our new investments encompass loan transactions for a variety of property types in both, the United States and Western Europe. Most importantly, ARI’s portfolio produced another quarter of distributable earnings that covered the $0.35 per share common stock dividend. And we believe the combination of the first quarter strong deployment, coupled with an active pipeline, well positions ARI to continue to generate distributable earnings that will cover the dividend for the remainder of the year.