ResearchTop ATAs 5/6

Top ATAs 5/6

May 6, 2023

Happy Saturday! Here are the top questions from Ask Titan Anything this week. As always, reach out to us if you have any questions.

Q: Could PacWest be the next First Republic?

PacWest shares tumbled 44% in extended trading on Wednesday following a report that the bank is weighing a sale. The company reported that total deposits declined more than $5 billion in the first quarter to $28.2 billion as of March 31. Instability is certainly plaguing the regional banking complex and we won't count out anything at this point -- today's report doesn't inspire confidence.

Q: Uber making nice moves. Can you give the earnings TLDR?

Uber reported first-quarter earnings ahead of the bell on Tuesday and is up more than 8%. Revenue for the quarter was up 29% YoY with results otherwise in-line with expectations. The company also raised its 2Q guidance. Management remains confident in the trajectory of gross bookings due to a growing user base, new verticals, Uber One (the company’s subscription service), and increased advertising on the platform. All in all, it’s business as usual for Uber and our thesis remains on track. Some trends we’ll be keeping an eye on include evolving competitive dynamics and regulation.

Q: What are the asset allocations within the Apollo Real Estate fund? What percentage is office, retail, multifamily, industrial, and hospitality?

Currently, the Apollo Diversified Real Estate Fund’s highest conviction sectors, which include multifamily, industrial, and specialty (e.g. life sciences and student housing) represent approximately 84% of the Fund's private equity real estate portfolio. Specifically: Multifamily, 36%, Industrial, 36%, and Specialty, 12%. Hospitality currently represents only ~1% of the portfolio. The Fund's investment team has continued to focus on high-quality, well-leased institutional properties located within top markets. You can head to the strategy page in-app to check out the team's latest quarterly update!

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