Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Investor Presentation (December 2025)
22 slides from Apollo Commercial Real Estate Finance's investor presentation, December 2025
Slide 1: Apollo Commercial Real Estate Finance Investor Presentation
Apollo Commercial Real Estate Finance Investor Presentation December 2025 Unless otherwise noted, information as of September 30, 2025. It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document.
Slide 2: Forward-Looking Statements and Other Disclosures
Forward-Looking Statements and Other Disclosures This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be c
Slide 3: Apollo Commercial Real Estate Finance
Apollo Commercial Real Estate Finance Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) is a LEADING COMMERCIAL MORTGAGE REIT focused on originating SENIOR MORTGAGES and SUBORDINATE LOANS collateralized by a variety of property types and geographies throughout the UNITED STATES, the UNITED KING
Slide 4: A History of Success Centered on Four Key Factors
A History of Success Centered on Four Key Factors ARI has a Reputation as an Innovative, Creative Global CRE Debt Provider 1 2 3 4 APOLLO 2 DIFFERENTIATED STABLE AND DIVERSE PRUDENT BALANCE SPONSORSHIP ORIGINATION & ASSET PORTFOLIO SHEET MANAGEMENT MANAGEMENT PLATFORM High-growth global alternativ
Slide 5: Apollo Real Estate Credit Platform Overview
Apollo Real Estate Credit Platform Overview ~$114+ $72B+ $16B+ 50+ Total Capital Invested Global Assets Under 2024 Global Loan Investment Since 2009 Management Originations Professionals Platform Highlights Select Borrower Relationships Vertically integrated, with full-scale real estate loan origina
Slide 6: Loan Portfolio Overview
Loan Portfolio Overview Carrying Value/ W/A Unlevered All-in Yield Loan Position8 Number of Loans on Loan Portfolio7,8,(a) $8.3 billion/54 Loans 98% First Mortgage 7.7% W/A Remaining Fully-Extended W/A Portfolio Risk Rating8 W/A Portfolio Loan-to-Value(b) Term8,9 3.0 Years 3.0 57% Collateral Diversi
Slide 7: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) ($ in mm) United New Other 10 Property Type Kingdom York City Europe Southeast West Midwest Other(d) Total Residential(a) $695 / 8% $349 / 4% - $395 / 5% $327 / 4% $341 / 4% $439 / 5% $2,546 / 31% Office 849 / 10% 491 / 6% 526 / 6% - - 173 / 2% - 2,040 / 25% Hotel 8
Slide 8: Office Loan Portfolio Overview
Office Loan Portfolio Overview Number of Loans(a) Carrying Value First Mortgage8 W/A Loan-to-Value(b) 9 Loans $2.0 Billion 100% 51% Loans with 3rd Party Largest commitment 100% W/A Risk Rating8 Subordinate Debt leased to credit tenant(c) 2.7 5 Loans $742 million Origination Vintage8 Location8 Fully-
Slide 9: Loan Maturities and Future Funding Profile
Loan Maturities and Future Funding Profile Fully-Extended Loan Maturities and Expected Future Fundings by Net Equity9,(a),(b) ($ in mm) $1,192 $369 $410 $345 $269 $125 $15 $3 $0 $0 2025 2026 2027 2028 2029 & Beyond (c) (c) Fully-Extended Maturities (Net Equity) Expected Net Future Fundings Note: Ass
Slide 10: Non-Performing and REO Assets: Path to Resolution
Non-Performing and REO Assets: Path to Resolution ARI remains focused on proactive asset management and targeting resolution on focus assets as we seek to maximize value recovery and convert non-accrual and underperforming capital into capital generating an ROE consistent with recently originated lo
Slide 11: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Management Strategy ($ in mm) 11 Secured Debt Arrangements(c) Across 9 Counterparties(d) Secured Debt Arrangements(a),(b),(c) $5,906 (62%) ~73% W/A Available Advance Rate(f) $405 (4%) Debt Related to Real Estate Owned Term
Slide 12: Net Interest Income Per Share
Continued Tailwinds from Elevated Base Interest Rates Predominately floating rate portfolio with low leverage and global geographic diversification NET INTEREST INCOME SENSITIVITY TO BENCHMARK RATES 12,(a) Benchmark Rates Index Sep-30 SOFR 1M 4.13% EURIBOR 2.03% SONIA ON 3.98% +$0.01 Net Interest In
Slide 13: Investment Highlights
Investment Highlights 1 Sixteen-Year Track Record as an Innovative, Creative Global CRE Debt Provider 2 “First-Call Relationships” with Real Estate Sponsors, Brokers and Capital Partners 3 Power of Apollo Sponsorship 4 Stable and Diverse Portfolio 5 Tailwinds from Elevated Base Rates 6 10.1% Dividen
Slide 14: Appendix
APOLLO Appendix
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands - except share data) September 30, 2025 December 31, 2024 Assets: Cash and cash equivalents $245,856 $317,396 Commercial mortgage loans, net (a)(b) 8,149,855 6,715,347 Subordinate loans, net (b) 153,790 388,809 Real estate owned, held for investment, net (
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands - except share and per share data) 2025 2024 2025 2024 Net interest income: Interest income from commercial mortgage loans $155,317 $179,921 $465,993 $543,025 Interest income from su
Slide 17: Reconciliation of GAAP Net Income to Distributable Earnings
Reconciliation of GAAP Net Income to Distributable Earnings13 ($ in thousands - except share and per share data) Three Months Ended 13 Distributable Earnings : September 30, 2025 June 30, 2025 Net income (loss) available to common stockholders: $47,723 $17,671 Adjustments: Equity-based compensation
Slide 18: Senior Loan Portfolio
Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Residential Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 1 Residential 12/2021 $246 $9 02/2027 Various, UK Loan 2 Residential 08/2025 237 15 09/2030 Various, US
Slide 19: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Office Type Date Cost Commitments Loan Subordinate Debt Maturity (a) London, UK Loan 19 Office 02/2022 $648 $90 Y 12/2028 Loan 20 Office 03/2022 262 4 Y 04/2027 Manhattan,
Slide 20: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Industrial Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 38 Industrial 03/2021 $263 - 05/2026 Various, Sweden Loan 39 Industrial 04/2025 242 7 05/2030 Var
Slide 21: Subordinate Loan Portfolio
Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Type Date Cost Commitments Loan Subordinate Debt Maturity 9 Location Loan 53 15 Residential 06/2015 $126 - 11/2025 Manhattan, NY Loan 54 14,15 Residential 05/2020 28 - 11/2025 Manhattan
Slide 22: Footnotes
Footnotes 1. Reflects closing share price on November 24, 2025 and for equity market capitalization, includes preferred stock outstanding as of September 30, 2025. 2. Apollo refers to Apollo Global Management, Inc. and its consolidated subsidiaries. 3. Assets Under Management”, or “AUM”, refers to t
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