Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Q1 2024 Earnings Conference Call April 30, 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
Jade Rahmani – KBW
Rick Shane – JPMorgan
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, and good morning, and thank you to those of you joining us this morning on the Apollo Commercial Real Estate Finance First Quarter 2024 Earnings Call. As usual, I am joined by Scott Weiner, our Chief Investment Officer; and Anastasia Mironova, our Chief Financial Officer.
In the first quarter, we began to see signs of life in the commercial real estate market with transaction volumes ticking up. The increase in deal flow is supported by a combination of significant dry powder in existing funds that needs to be put to work, more borrowers having reached a point where they must deal with pending loan maturities and an increase in consensus around property level valuations.
In addition to increased transaction activity, operating fundamentals remained stable to positive across most property types supported by the continued strength in the economy, with the one notable exception being office properties in certain markets.