Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Q2 2024 Earnings Conference Call August 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

Douglas Harter - UBS
Rick Shane - JPMorgan
Stephen Laws - Raymond James
Steven Delaney - Citizens JMP Group, LLC
Jade Rahmani - KBW
Eric Dray - at Bank of America Merrill Lynch

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 us for joining us on the Apollo Commercial Real Estate Finance Second Quarter 2024 Earnings Call. As usual, I am joined today by Scott Weiner, our Chief Investment Officer; and Anastasia Mironova, our Chief Financial Officer.

Before I speak about ARI's second quarter performance and portfolio updates, I would like to provide an update on the subsequent event disclosed in the 10-Q filed yesterday. In March of 2022, ARI and other Apollo-managed entities co-originated a 55% loan-to-cost first mortgage loan secured by eight hospitals in Massachusetts. At origination, ARI's portion of the loan totaled $379 million. The loan was made in connection with the capitalization of a joint venture between two parties to own the hospitals. That joint venture then leased the properties to Steward Health Care, who also served as the operator of the hospitals.