Apollo Commercial Real Estate Finance Inc (ARI) 2026 Q1 法說會逐字稿

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.

我想提醒各位，今天的電話會議與網路直播正在錄音。請注意，相關內容為 Apollo Commercial Real Estate Finance, Inc. 之財產，任何形式的未經授權播送均嚴格禁止。有關本次電話會議音訊重播的資訊，已載於我們的財報新聞稿中。

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.

我也想請各位留意我們新聞稿中關於前瞻性陳述的慣例性「安全港」揭露。今天的電話會議與網路直播可能包含前瞻性陳述與預測，我們請各位參閱我們最近向 SEC 提交的文件，其中載有可能導致實際結果與這些陳述與預測存在重大差異的重要因素。

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 the 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.

此外，我們將在本次電話會議中討論若干非 GAAP 指標，管理層認為這些指標與評估公司財務表現相關。這些指標已在我們的財報簡報中與 GAAP 數字進行調節對照；該簡報可於我們網站的「股東」專區取得。除非法律要求，否則我們不承擔更新任何前瞻性陳述或預測之義務。如需取得我們最新的 SEC 申報文件副本，請造訪 www.apollocref.com，或致電 212-515-3200 與我們聯繫。

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

此時，我想把電話會議交給公司執行長 Stuart Rothstein。

Thank you, operator. Good morning, and thank you for joining us on the Apollo Commercial Real Estate Finance, Inc., first-quarter 2026 earnings call. I am joined today by Anastasia Mironova, our Chief Financial Officer; and Scott Weiner, Chief Investment Officer.

謝謝，接線員。各位早安，感謝各位參加 Apollo Commercial Real Estate Finance, Inc. 2026 年第一季財報電話會議。今天與我一同出席的有我們的財務長 Anastasia Mironova，以及投資長 Scott Weiner。

This call comes at a pivotal moment for ARI. As previously announced, we completed the sale of the company's $9 billion loan portfolio to Athene on April 24. Following repayment of ARI's financing facilities, other indebtedness, and transaction expenses, ARI's total assets now consist of approximately $1.3 billion of cash, along with four REO assets representing approximately $900 million in gross value. The sale delivered ARI stockholders a compelling premium to where the stock has traded in recent years, and we believe this outcome demonstrates our unwavering commitment to maximizing stockholder value.

本次電話會議正值 ARI 的關鍵時刻。如先前所公告，我們已於 4 月 24 日完成將公司 90 億美元貸款投資組合出售予 Athene 的交易。在償還 ARI 的融資工具、其他債務及交易費用後，ARI 的總資產目前約由 13 億美元現金，以及四項 REO 資產所構成，該四項資產的總價值約為 9 億美元。本次出售為 ARI 股東帶來相較於近年股價交易水準的可觀溢價，我們相信此結果展現了我們對於最大化股東價值的堅定承諾。

As previously indicated, ARI's management team, Board of Directors, and other senior investment professionals at Apollo are in process of evaluating a range of commercial real estate-related strategies for ARI with the goal to deliver attractive go-forward returns for stockholders. We have spent a significant amount of time since the announcement at the end of January exploring different strategies and speaking with bankers and other industry experts. We anticipate having an update on the strategy exploration in the coming months.

如先前所述，ARI 的管理團隊、董事會，以及 Apollo 其他資深投資專業人士，正就 ARI 可採行的一系列與商用不動產相關策略進行評估，目標是為股東帶來具吸引力的未來報酬。自 1 月底公告以來，我們投入大量時間探索不同策略，並與投資銀行家及其他產業專家交流。我們預期在未來幾個月內就策略探索提供最新進展。

Shifting now to a brief update on the four remaining REO assets. As a reminder, two assets: The Brook, a multifamily asset in Brooklyn; and the Mayflower Hotel in Washington, DC, represent approximately 80% of the REO net equity value. At The Brook, the market rate residential component is approximately 80% leased and affordable units are approximately 70% leased with 95% of units selected.

接著簡要更新四項剩餘 REO 資產。提醒各位，其中兩項資產：位於布魯克林的多戶住宅資產 The Brook，以及位於華盛頓特區的 Mayflower Hotel，合計約占 REO 淨權益價值的 80%。在 The Brook，市價住宅部分約 80% 已出租，平價住宅單位約 70% 已出租，且 95% 的單位已完成選定。

Both components are expected to reach stabilization by this summer. We continue to monitor the market and think through the appropriate exit strategy, either pre- or post-stabilization while continuing efforts to add value to the western parcel. With respect to the two hotels, the Mayflower had a strong first quarter, with net cash flow well ahead of budget, driven by margin improvements and higher occupancy. We see opportunity for continued improvement in year-over-year performance, and subject to market conditions, we expect more clarity on exit strategy in the second half of the year.

兩個部分預期將於今年夏季達到穩定。我們持續監測市場並思考適當的退出策略，可能在穩定前或穩定後，同時持續推動西側地塊的增值工作。就兩家飯店而言，Mayflower 第一季表現強勁，淨現金流大幅優於預算，主要受惠於利潤率改善與入住率提升。我們看到其年度同比表現仍有持續改善空間，並在視市場狀況而定的前提下，預期於下半年對退出策略有更明確的方向。

Turning to the Courtland Grand, first-quarter performance was below budget due to broader market softness, though we expect business interruption insurance from the offline units and the benefit from the upcoming Soccer World Cup over the summer to bring full-year performance in line with our expectations. We are in active dialogue with several potential buyers regarding alternative uses as we think through potential exit strategies.

至於 Courtland Grand，第一季表現低於預算，原因在於整體市場走弱；不過，我們預期因部分房間停用所帶來的營業中斷保險理賠，以及今年夏季即將到來的足球世界盃所帶動的效益，將使全年表現與我們的預期一致。我們正與數位潛在買方就替代用途進行積極對話，同時評估可能的退出策略。

Lastly, for the two remaining former hospital assets, which combined represent approximately $24 million of book value, we are actively engaged in rezoning efforts and in dialogue with local operating partners to determine optimal exit scenarios. Before I turn the call over to Anastasia in anticipation of a question, I just want to provide an update on dividend policy going forward.

最後，針對其餘兩項前醫院資產，合計帳面價值約 2,400 萬美元，我們正積極推動重新分區（rezoning）作業，並與當地營運合作夥伴對話，以確定最佳退出方案。在我把電話會議交給 Anastasia 之前，為了回應可能的提問，我想先就未來股利政策提供更新。

Consistent with past practice, declaration of any dividends will remain subject to the approval of the Board of Directors, and we will announce the second-quarter dividend a few weeks prior to the end of the quarter as per the customary schedule. As we disclosed at the time of the original announcement of the loan sale, ARI intends to continue paying a quarterly dividend as we assess strategic opportunities.

依照以往慣例，任何股利之宣告仍須經董事會核准；我們將依照慣常時程，在季度結束前數週公告第二季股利。如同我們在最初公告貸款出售時所揭露，ARI 在評估策略性機會期間，仍計畫持續支付季度股利。

We also previously indicated a target dividend resulting in approximately an 8% annualized dividend yield on book value per share of common stock. The goal and target remain intact. It is worth noting that given the cash balance held at ARI and the desire to invest that cash conservatively while evaluating strategic options, any dividends declared for future quarters likely will contain a significant return of capital component.

我們先前也指出，目標股利水準係使普通股每股帳面價值的年化股利殖利率約為 8%。該目標與方向維持不變。值得注意的是，鑑於 ARI 持有的現金餘額，以及在評估策略選項期間希望以保守方式投資該等現金的考量，未來季度所宣告的任何股利，可能將包含相當比例的資本返還（return of capital）成分。

With that, I will turn the call over to Anastasia to work through our first quarter to walk through our first-quarter financial results.

接下來，我把電話會議交給 Anastasia，請她帶領我們回顧第一季財務結果。

Thank you, Stuart. Good morning, everyone. For the first quarter of 2026, ARI reported net income available to common stockholders of $23 million or $0.16 per diluted share of common stock. Distributable earnings for the quarter was $31 million or $0.22 per diluted share.

謝謝你，Stuart。各位早安。2026 年第一季，ARI 報告歸屬於普通股股東的淨利為 2,300 萬美元，或普通股稀釋後每股 0.16 美元。本季可分配盈餘（distributable earnings）為 3,100 萬美元，或稀釋後每股 0.22 美元。

Net interest income for Q1 2026 was $36 million compared to $39 million in Q1 2025. Interest income from commercial mortgage loans increased modestly to $150 million from $144 million, due primarily to loan portfolio growth of about $1.2 billion on amortized cost basis compared to March 31, 2025, outweighing the impact of lower average index rates.

2026 年第一季淨利息收入為 3,600 萬美元，較 2025 年第一季的 3,900 萬美元下降。商用抵押貸款的利息收入由 1.44 億美元小幅增加至 1.50 億美元，主要因截至 2025 年 3 月 31 日相較，貸款投資組合以攤銷成本計增加約 12 億美元，抵銷了平均指標利率較低的影響。

Interest expense increased to $114 million from $105 million, reflecting higher average secured debt balances associated with portfolio funding compared to last year. Throughout the quarter, we opportunistically repurchased approximately 2.9 million shares of common stock at a weighted average purchase price of $10.52 per share.

利息費用由 1.05 億美元增加至 1.14 億美元，反映相較去年，因投資組合融資而使平均擔保負債餘額較高。整個季度期間，我們把握時機回購約 290 萬股普通股，加權平均回購價格為每股 10.52 美元。

Following the quarter end, we repurchased an additional 3.9 million shares at a weighted average price of $10.72, bringing total repurchases year to date to approximately 6.8 million shares. This activity resulted in $0.07 of book value per share accretion year to date, with $0.03 in Q1 and $0.04 in Q2 to date.

在季度結束後，我們又以加權平均價格每股 10.72 美元額外回購 390 萬股，使今年迄今總回購量約達 680 萬股。此回購活動使今年迄今每股帳面價值增加 0.07 美元，其中第一季增加 0.03 美元，第二季迄今增加 0.04 美元。

In April, our Board of Directors has authorized a new share repurchase program, and we now have up to a total of $150 million available for the repurchase of common stock. Common equity book value per share was $12.01 at March 31, compared to $12.14 at the end of Q4 2025, with $0.10 of the decrease attributable to the impact of investing and delivery for stripped stock units, the trend typically observed during the first quarter of the year.

4 月，我們董事會已核准新的股票回購計畫，目前可用於回購普通股的總額最高達 1.5 億美元。普通股每股權益帳面價值於 3 月 31 日為 12.01 美元，較 2025 年第四季末的 12.14 美元下降；其中下降的 0.10 美元可歸因於投資及交付剝離式股票單位（stripped stock units）的影響，這通常是每年第一季可觀察到的趨勢。

Pro forma book value per share at the closing of the portfolio sale without giving the fact of real estate-owned quarter-to-date activity and certain quarterly accruals is $12.15, reflecting reversal of general fee [fill] allowance in excess of discount and closing quotes for the portfolio sale, as well as accretion from the share repurchases, as referenced earlier.

在不考量不動產持有（real estate-owned）本季迄今活動以及若干季度應計項目的情況下，以投資組合出售交割時點計算的備考（pro forma）每股帳面價值為 12.15 美元，反映一般費用[fill]備抵在超過折價與投資組合出售交割報價部分的回轉，以及如前所述因股票回購所帶來的增厚效果。

Turning now to the portfolio [sale], I want to highlight a few key points from the transaction. In addition to repaying our secured borrowing facilities, we have fully repaid the outstanding balance of our term loan B and deposited funds to satisfy and discharge our senior secured notes, which will be redeemed at par on or about June 15.

接著談投資組合<content>出售</content>，我想強調本次交易的幾個重點。除償還我們的擔保借款融資工具外，我們也已全額償還定期貸款 B（term loan B）的未償餘額，並存入資金以滿足並解除我們的優先擔保票據（senior secured notes）之清償義務；該等票據預計將於約 6 月 15 日以面值贖回。

As Stuart indicated, our balance sheet is now predominantly represented with cash and net equity in our real estate-owned assets. The only commercial mortgage loan currently remaining on our balance sheet is a loan secured by a hotel property in Chicago, which remains on non-accrual status. The loan has an amortized cost basis of $42 million and an upcoming maturity in May, at which point we expect it to be repaid through the sale of the underlying property, the purchase agreement for which was executed during Q1, with hard-money deposits received by the sponsor.

如 Stuart 所指出的，我們的資產負債表目前主要由現金以及我們所持有不動產（REO）資產中的淨權益所構成。目前資產負債表上僅剩的一筆商業抵押貸款，是一筆以芝加哥某飯店物業作為擔保的貸款，該貸款仍處於停止計息（non-accrual）狀態。該貸款的攤銷後成本基礎為 4,200 萬美元，並將於 5 月到期；屆時我們預期將透過出售標的物業來償還該貸款。該物業的買賣協議已於第一季簽署，且贊助方已支付硬性訂金（hard-money deposits）。

With that, I will open the call for questions. Operator?

接下來，我將開放提問。接線員？

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Thank you very much. Could you comment on the rationale to be buying back stock at this point in advance of the strategic review? It's reasonable to expect that capital could be needed to consummate an acquisition or some transaction. And so I'm just curious about your thoughts on that.

非常感謝。能否評論一下在策略檢討（strategic review）之前、此時進行庫藏股回購的理由？合理的預期是，資本可能需要用來完成一項收購或某些交易。因此我只是好奇你們對此的想法。

Yeah, I think from our perspective, Jade, look, we obviously, in light of the sale and what's left in the portfolio, have significant confidence in where the book value per share is today. And as we think about using some amount of capital to buy back stock, I would say the amount that we're using to buy back stock is not material as we think about having any impact on our options to do something strategically with the remaining capital in the vehicle.

是的，我想從我們的角度來看，Jade，你看，顯然，鑑於出售交易以及投資組合中剩餘的資產，我們對目前每股帳面價值所處的位置非常有信心。當我們考慮動用部分資本回購股票時，我會說，我們用於回購的金額並不重大，不至於影響我們就剩餘資本在載體（vehicle）內進行任何策略性作為的選項。

Thank you very much. And then regarding the strategic review, just wondering if you could comment on asset classes or give any broad commentary as to how your thinking is evolving. Notice that Blackstone is planning to IPO a data center REIT and wondering if that type of construction could be similar to something you might explore.

非常感謝。接著關於策略檢討，想請問你們是否能就資產類別發表一些看法，或提供任何廣泛的評論，說明你們的思考如何演進。我注意到黑石（Blackstone）計畫讓一檔資料中心 REIT 進行 IPO，想知道那種類型的架構是否可能類似於你們可能探索的方向。

I'm not going to give any specific comments on asset types. I guess what I would say is a few clarifying comments. While the agreement we announced several months ago indicated we had until the end of this year to decide the strategic path we were headed in, I think it's safe to say I don't envision a scenario where we are sitting here until the end of the year and making a grand announcement. I think there will be meaningful progress made in the next few months and significant clarity provided the next time we are speaking to all of you, if not sooner.

我不會就特定資產類型做出任何具體評論。我想我會說幾點釐清。雖然我們幾個月前宣布的協議指出，我們有到今年年底來決定要走的策略路徑，但我想可以很確定地說，我不認為會出現我們一直坐等到年底才做重大宣布的情境。我認為未來幾個月會有實質進展；最晚在我們下次與各位對話時（甚至更早），將能提供相當明確的方向。

The other thing I would say is, as we think about strategic alternatives, our view fundamentally is we have created $12 a share of value in the ARI box. And anything we would think about doing strategically needs to be done with us having full confidence that what we are considering pursuing will create more than the current book value per share for shareholders.

另外我想說的是，當我們思考策略替代方案時，我們的基本觀點是：我們已在 ARI 這個資本盒（box）中創造了每股 12 美元的價值。而我們在策略上考慮要做的任何事情，都必須建立在我們完全有信心：所追求的方向能為股東創造高於目前每股帳面價值的價值。

Thank you very much.

非常感謝。

Rick Shane, JPMorgan.

Rick Shane，摩根大通（JPMorgan）。

Thanks for taking my question. Look, it sounds like we'll have additional clarity within the next three months. And for now, you guys are sitting on a lot of cash. You talked about sort of doing something in the near term to invest that cash. How should we think about that? Is this -- how much flexibility do you have? Does it have to be, for example, CMBS, given the mandate of the company, can you invest in agency mortgage-backed securities and mitigate credit risk, but take on some duration risk?

謝謝讓我提問。聽起來我們在未來三個月內會有更多清晰度。而目前你們手上有很多現金。你們提到短期內可能會做些事情來投資這些現金。我們應該如何看待？你們有多少彈性？依公司授權範圍，是否必須例如投資 CMBS？你們能否投資機構（agency）抵押擔保證券，以降低信用風險，但承擔一些久期風險？

Is this just going to be a treasury portfolio? How do we think about the asset class and potentially the leverage that you would take given some of the facets of those different asset classes or loan types?

這是否就只是做成一個美國公債投資組合？我們應如何看待資產類別，以及在不同資產類別或貸款類型的一些特性之下，你們可能採用的槓桿？

Rick, this is Anastasia. So maybe to start with the first part of your question, CMBS, agency securities, all of these are typically good REIT assets. CRE, CLOs, maybe not good REIT assets, but there are structures which could allow us to invest in those if we want it to. And other than that, we have a number, more than a handful at this point, of high yield in deposit accounts, which are providing us a pretty attractive yield. So that's an option as well.

Rick，我是 Anastasia。先回應你問題的第一部分：CMBS、機構（agency）證券，這些通常都是不錯的 REIT 資產。商用不動產（CRE）、CLO 可能不是好的 REIT 資產，但也存在一些架構能讓我們在想要的情況下投資這些資產。除此之外，我們目前也有多個（不只少數）高收益的存款帳戶，能提供相當有吸引力的收益率，所以這也是一個選項。

And is the REIT test based upon the average over the quarter, or is it actually based simply on [630]? So can you -- do you have flexibility intra-quarter and then can being compliance at the very end of the quarter to meet your obligations.

那 REIT 的測試是以季度內的平均值為基礎，還是其實只看 [630]？也就是說，你們在季度內是否有彈性，然後在季度末最後一刻達到合規以履行義務？

Technically, the asset test is as of the quarter end. There is also an income test, which is on an annual basis.

技術上，資產測試是以季度末時點為準。另外還有一項收入測試，是以年度為基礎。

Got it. Okay. Thank you. And what about leverage on any of those different classes?

了解。好的，謝謝。那不同類別的槓桿呢？

No leverage as we envision to date.

就我們目前的設想而言，不使用槓桿。

I mean, to be simple, like it's not about return, Rick. It's about making sure the cash is there if we go down any of the strategic paths we're considering. We don't want to put any of the capital at risk today for market movements that sometimes occur.

簡單說，Rick，這不是關於報酬率，而是要確保如果我們走向任何正在考慮的策略路徑，現金都能隨時到位。我們不希望今天把任何資本暴露在有時會發生的市場波動風險之下。

Understood. Thank you very much, guys.

明白了。非常感謝，各位。

(Operator Instructions) Jade Rahmani, KBW.

（接線員指示）Jade Rahmani，KBW。

Thank you very much for taking the follow up. Just wanted to ask about the REO resolution path and how that interacts with the strategic review because let's just say the strategic review did not come up with a definitive strategy in which you were confident that a new company would trade above $12 a share, and you decided to return the money.

非常感謝讓我追問。想請教關於 REO 的處置路徑，以及它如何與策略檢討互動。假設策略檢討沒有提出一個明確策略，讓你們有信心新公司能以高於每股 12 美元交易，而你們決定把資金返還。

Would you look to bulk sale the REO portfolio or put that in a liquidating trust? Just wanted to get some color you might provide on that.

你們會考慮把 REO 投資組合打包出售（bulk sale），還是放進清算信託（liquidating trust）？想請你們提供一些看法。

Yeah, nothing set in stone today, Jade, but I think more likely the latter, which would be we'd want to give ourselves the time to make sure we maximize the value of each of the four REO assets, and that is probably more likely a -- some form of liquidating trust as opposed to just a bulk sale, which might have some sort of discount attached to it.

是的，Jade，目前沒有任何定案，但我認為較可能是後者，也就是我們希望給自己時間，確保能最大化這四項 REO 資產各自的價值；因此更可能採用某種形式的清算信託，而不是直接打包出售，因為打包出售可能會附帶某種折價。

And then if I could ask a follow up just broadly about the macro picture with the tenure today now at 4.4%, and the mortgage REITs down 3% to 5% today, including ARI, which had an unsurprising quarter, in fact, a positive quarter. So what are your thoughts about the interest rate outlook and how that might complicate either the strategic review or equity return calculations in real estate?

如果我可以再追問一題，從宏觀面來看，目前 10 年期殖利率在 4.4%，而抵押 REIT 今天下跌 3% 到 5%，包括 ARI；而 ARI 的季度表現並不令人意外，甚至是正面的季度。你們對利率前景有何看法？這可能如何使策略檢討或不動產股權報酬的計算更為複雜？

Well, first of all, I think you just validated your own initial question on share repurchase for ARI, given what's going on in the market today. Look, I think it's something -- historically, we've not been spent a ton of time trying to predict interest rate markets and tried to think about value through cycles vis-a-vis interest rates.

首先，我想你其實也驗證了你一開始對 ARI 進行股票回購的問題，考量到今天市場正在發生的事情。你看，我認為這是一件事——歷史上，我們並沒有花很多時間去預測利率市場，而是試著在利率循環中思考價值。

But I do think given the uncertainty in the market today, when we've created effectively a capital box that is mostly cash right now, I would say it just has implications as higher rates, inflation, potential impacts on employment all factor into thinking about future strategies versus the value of what we've created for people, and at some point deciding we're better served to let others decide what they want to do with their capital in the future.

但我確實認為，鑑於目前市場的不確定性，當我們實際上建立了一個目前大多是現金的資本盒（capital box）時，我會說這帶來一些影響：較高利率、通膨、以及對就業的潛在影響，都會納入我們對未來策略的思考，並與我們為投資人所創造的價值相權衡；而在某個時間點，我們可能會決定，讓其他人自行決定未來如何運用其資本，會更符合他們的利益。

Thank you very much.

非常感謝。

Thank you. I would now like to turn the call back over to Stuart Rothstein for any closing remarks.

謝謝。現在我想把電話交回給 Stuart Rothstein，請他做結語。

Thank you, operator. And as always, myself, Anastasia, Hilary are around if people have follow-up questions after the call. Thank you.

謝謝，接線員。也如往常一樣，我本人、Anastasia、Hilary 在會後都會在場，如果大家有後續問題。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與。您現在可以掛線。