Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Q4 2023 Earnings Conference Call February 7, 2024 10:00 AM ET

Company Participants

Stuart Rothstein - Chief Executive Officer

Scott Weiner - Chief Investment Officer

Anastasia Mironova - Chief Financial Officer

Conference Call Participants

Doug Harter - UBS

Stephen Laws - Raymond James

Jade Rahmani - KBW

Rick Shane - JPMorgan

Steve Delaney - Citizens JMP

Operator

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.apollocref.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 you joining us on the Apollo Commercial Real Estate Finance fourth quarter 2023 earnings call. I am joined as usual today by Scott Weiner, our Chief Investment Officer; and Anastasia Mironova, our Chief Financial Officer.

In many ways, the start of 2024 feels very much like where we were at the start of 2023 for the commercial real estate sector. If you recall, entering 2023, there was significant negative sentiment concerning commercial real estate, fueled by concerns over the impact of elevated interest rates on valuations and pending debt maturities, uncertainty on the long-term use case for office properties and a lot of consensus with respect to both the path of the economy and the future trajectory of interest rates.