<p>阿波罗房地产金融最近的财报电话会议传达了一种总体乐观的情绪，尽管面临一些挑战。公司强调了其强劲的贷款发放活动和流动性，在资产销售和诉讼和解方面取得了显著进展。然而，某些资产（如自由中心）的问题，以及可分配收益的年化水平低于股息水平也被提及。尽管如此，会议对未来资产变现和资本再部署保持乐观的态度。</p>
<h2>创纪录的商业房地产贷款发放</h2>
<p>阿波罗房地产金融在商业房地产贷款发放方面正朝着创纪录的一年迈进，目前已完成超过 190 亿美元的贷款。这一成就凸显了公司在市场中的强大地位以及在房地产领域把握机会的能力。</p>
<h2>强劲的发放和部署活动</h2>
<p>在 2025 年第三季度，阿波罗房地产金融承诺新增 10 亿美元贷款，使年初至今的总额达到 30 亿美元。公司在欧洲的资本部署能力继续使其与竞争对手区分开来，突显了其对国际市场的战略关注。</p>
<h2>强大的贷款组合和流动性</h2>
<p>公司在季度末的贷款组合账面价值为 83 亿美元，流动性强劲，达到 3.12 亿美元。值得注意的是，杠杆率从 4.1 倍降至 3.8 倍，反映出公司稳健的财务状况和谨慎的资源管理。</p>
<h2>111 西 57 街销售势头</h2>
<p>在 111 西 57 街取得了显著进展，签署了六份新合同，并在季度结束后完成了三份合同，产生了约 5500 万美元的收益。这一势头反映了公司有效的资产管理策略。</p>
<h2>诉讼和解的积极影响</h2>
<p>与马萨诸塞州医疗保健组合资产相关的诉讼和解带来了 1740 万美元的收益，使每股账面价值增加了 14 美分。这一和解突显了公司在法律问题上能够获得有利解决的能力。</p>
<h2>可分配收益年化水平低于股息水平</h2>
<p>可分配收益年化水平报告为 3200 万美元，或每股 23 美分，略低于股息水平。这一短缺归因于资本再部署的时机，表明这是暂时的不匹配，而非结构性问题。</p>
<h2>自由中心资产面临挑战</h2>
<p>自由中心电影院母公司的破产申请影响了销售过程，需参与破产程序。这一情况突显了公司在资产管理中面临的一些挑战。</p>
<h2>实现的损失和冲销</h2>
<p>公司在出售一份本票时实现了 120 万美元的损失，并对密歇根州办公室贷款记录了 620 万美元的冲销。这些损失反映了房地产投资固有的风险，尽管在公司整体投资组合的背景下相对较小。</p>
<h2>前瞻性指导</h2>
<p>在 2025 年第三季度，阿波罗房地产金融展现了强劲的表现，特别强调了贷款发放和资产管理。公司报告的 GAAP 净收入为 4800 万美元，折合每股稀释后 34 美分，可分配收益为 4200 万美元或每股 30 美分。阿波罗在美国和欧洲的交易重点，以及多元化的资本部署策略，使其在未来继续取得成功的基础上具备良好位置。</p>
<p>总之，阿波罗房地产金融的财报电话会议突显了成就与挑战的结合。尽管公司面临一些障碍，特别是在特定资产方面，但其整体表现和在贷款发放及资产管理方面的战略举措仍然强劲。会议的乐观语气表明对未来增长和资本再部署策略的信心。</p>

阿波罗房地产金融

<p>阿波罗房地产金融最近的财报电话会议反映出乐观的前景，尽管面临挑战。公司报告了强劲的贷款发放活动，截至目前已关闭超过 190 亿美元的贷款，且贷款组合价值达到 83 亿美元。然而，分配收益的年化水平略低于股息水平，并且提到了某些资产（如自由中心）存在问题。会议强调了成功的资产管理和未来的增长潜力，重点关注资本再配置和国际市场</p>

<p>Apollo Commercial Real Estate Finance’s recent earnings call conveyed a generally optimistic sentiment, despite some challenges. The company highlighted its strong loan origination activity and liquidity, with significant progress on asset sales and litigation settlements. However, issues with certain assets, such as Liberty Center, and run rate distributable earnings falling below the dividend level were noted. Nevertheless, the call maintained an optimistic tone regarding future asset monetization and capital redeployment.</p>
<div class="lb-trans"><p>阿波罗房地产金融最近的财报电话会议传达了一种总体乐观的情绪，尽管面临一些挑战。公司强调了其强劲的贷款发放活动和流动性，在资产销售和诉讼和解方面取得了显著进展。然而，某些资产（如自由中心）的问题，以及可分配收益的年化水平低于股息水平也被提及。尽管如此，会议对未来资产变现和资本再部署保持乐观的态度。</p>
</div><h2>Record Commercial Real Estate Loan Originations</h2>
<div class="lb-trans"><h2>创纪录的商业房地产贷款发放</h2>
</div><p>Apollo Commercial Real Estate Finance is on track for a record year in commercial real estate loan originations, having closed over $19 billion to date. This achievement underscores the company’s strong market position and ability to capitalize on opportunities in the real estate sector.</p>
<div class="lb-trans"><p>阿波罗房地产金融在商业房地产贷款发放方面正朝着创纪录的一年迈进，目前已完成超过 190 亿美元的贷款。这一成就凸显了公司在市场中的强大地位以及在房地产领域把握机会的能力。</p>
</div><h2>Strong Origination and Deployment Activity</h2>
<div class="lb-trans"><h2>强劲的发放和部署活动</h2>
</div><p>In the third quarter of 2025, ARI committed to an additional $1 billion in new loans, bringing the year-to-date total to $3 billion. The company’s ability to deploy capital in Europe continues to set it apart from competitors, highlighting its strategic focus on international markets.</p>
<div class="lb-trans"><p>在 2025 年第三季度，阿波罗房地产金融承诺新增 10 亿美元贷款，使年初至今的总额达到 30 亿美元。公司在欧洲的资本部署能力继续使其与竞争对手区分开来，突显了其对国际市场的战略关注。</p>
</div><h2>Robust Loan Portfolio and Liquidity</h2>
<div class="lb-trans"><h2>强大的贷款组合和流动性</h2>
</div><p>The company ended the quarter with a loan portfolio carrying value of $8.3 billion and strong liquidity of $312 million. Notably, leverage decreased from 4.1 times to 3.8 times, reflecting a solid financial position and prudent management of resources.</p>
<div class="lb-trans"><p>公司在季度末的贷款组合账面价值为 83 亿美元，流动性强劲，达到 3.12 亿美元。值得注意的是，杠杆率从 4.1 倍降至 3.8 倍，反映出公司稳健的财务状况和谨慎的资源管理。</p>
</div><h2>111 West 57th Street Sales Momentum</h2>
<div class="lb-trans"><h2>111 西 57 街销售势头</h2>
</div><p>Significant progress was made at 111 West 57th Street, with six new contracts signed and three closed post quarter end, generating approximately $55 million in proceeds. This momentum reflects the company’s effective asset management strategy.</p>
<div class="lb-trans"><p>在 111 西 57 街取得了显著进展，签署了六份新合同，并在季度结束后完成了三份合同，产生了约 5500 万美元的收益。这一势头反映了公司有效的资产管理策略。</p>
</div><h2>Positive Impact from Litigation Settlement</h2>
<div class="lb-trans"><h2>诉讼和解的积极影响</h2>
</div><p>A $17.4 million gain from the settlement of litigation related to a Massachusetts healthcare portfolio asset was recognized, increasing book value per share by 14¢. This settlement underscores the company’s ability to resolve legal issues favorably.</p>
<div class="lb-trans"><p>与马萨诸塞州医疗保健组合资产相关的诉讼和解带来了 1740 万美元的收益，使每股账面价值增加了 14 美分。这一和解突显了公司在法律问题上能够获得有利解决的能力。</p>
</div><h2>Run Rate Distributable Earnings Below Dividend Level</h2>
<div class="lb-trans"><h2>可分配收益年化水平低于股息水平</h2>
</div><p>Run rate distributable earnings were reported at $32 million, or 23¢ per share, slightly below the dividend level. This shortfall was attributed to the timing of capital redeployment, indicating a temporary mismatch rather than a structural issue.</p>
<div class="lb-trans"><p>可分配收益年化水平报告为 3200 万美元，或每股 23 美分，略低于股息水平。这一短缺归因于资本再部署的时机，表明这是暂时的不匹配，而非结构性问题。</p>
</div><h2>Challenges with Liberty Center Asset</h2>
<div class="lb-trans"><h2>自由中心资产面临挑战</h2>
</div><p>The bankruptcy filing by the parent company of the movie theater at Liberty Center has affected the sales process, necessitating involvement in bankruptcy proceedings. This situation highlights some of the challenges the company faces in asset management.</p>
<div class="lb-trans"><p>自由中心电影院母公司的破产申请影响了销售过程，需参与破产程序。这一情况突显了公司在资产管理中面临的一些挑战。</p>
</div><h2>Realized Losses and Charge-offs</h2>
<div class="lb-trans"><h2>实现的损失和冲销</h2>
</div><p>The company realized a $1.2 million loss on the sale of a promissory note and recorded a $6.2 million charge-off for the Michigan office loan. These losses reflect the inherent risks in real estate investments, though they are relatively minor in the context of the company’s overall portfolio.</p>
<div class="lb-trans"><p>公司在出售一份本票时实现了 120 万美元的损失，并对密歇根州办公室贷款记录了 620 万美元的冲销。这些损失反映了房地产投资固有的风险，尽管在公司整体投资组合的背景下相对较小。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>In the third quarter of 2025, Apollo Commercial Real Estate Finance demonstrated robust performance, with a strong emphasis on loan origination and asset management. The company reported GAAP net income of $48 million, translating to 34¢ per diluted share, and distributable earnings of $42 million or 30¢ per share. ARI’s focus on transactions in both the US and Europe, along with a diversified approach in deploying capital, positions it well for continued success.</p>
<div class="lb-trans"><p>在 2025 年第三季度，阿波罗房地产金融展现了强劲的表现，特别强调了贷款发放和资产管理。公司报告的 GAAP 净收入为 4800 万美元，折合每股稀释后 34 美分，可分配收益为 4200 万美元或每股 30 美分。阿波罗在美国和欧洲的交易重点，以及多元化的资本部署策略，使其在未来继续取得成功的基础上具备良好位置。</p>
</div><p>In conclusion, Apollo Commercial Real Estate Finance’s earnings call highlighted a mix of achievements and challenges. While the company faces some hurdles, particularly with specific assets, its overall performance and strategic initiatives in loan origination and asset management remain strong. The optimistic tone of the call suggests confidence in future growth and capital redeployment strategies.</p>
<div class="lb-trans"><p>总之，阿波罗房地产金融的财报电话会议突显了成就与挑战的结合。尽管公司面临一些障碍，特别是在特定资产方面，但其整体表现和在贷款发放及资产管理方面的战略举措仍然强劲。会议的乐观语气表明对未来增长和资本再部署策略的信心。</p>
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阿波罗房地产金融的乐观收益电话会议