Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Q4 2025 Earnings Presentation
22 slides from Apollo Commercial Real Estate Finance's earnings presentation, Feb 11, 2026
Slide 1: Q4 & FY 2025 Financial Results
Exhibit 99.2 Q4 & FY 2025 Financial Results Apollo Commercial Real Estate Finance, Inc. February 10, 2026 Unless otherwise noted, information as of December 31, 2025 It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown
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: Summary Results
Summary Results Ø Net income available to common stockholders of $114 million, or $0.81 per diluted share of common stock for 2025; Net income available to common stockholders of $26 million, or $0.18 per diluted share of common stock for Q4 1,(a) Ø Distributable Earnings of $139 million, or $0.98 p
Slide 4: Per Share Overview
Per Share Overview 1 Ø Q4 Distributable Earnings of $0.26 per share covered the $0.25 per share dividend 6 Ø Q4 Dividend Yield on Book Value Per Share of 8.2% 1,7 6,(a) Book Value Per Share Distributable Earnings Per Share $0.25 $0.25 $0.25 $0.25 $0.07 $12.18 $12.18 $12.14 $12.07 $0.26 $0.26 $0.24 $
Slide 5: Portfolio Activity & REO Overview
Portfolio Activity & REO Overview Q4 Portfolio Activity 2025 Portfolio Activity ($ in mm) 5 Add-on Add-on Funding ($2,909) 5 Funding $899 $198 ($852) $12 $366 ($3) ($1) ($29) $5 $1,113 $3,297 New Funding New Funding $8,774 $8,774 $8,774 $8,774 $8,304 $7,145 4 8 7 7 8 4Q24 Fundings Repayments Specifi
Slide 6: Q4 & 2025 Loan Origination Highlights
(c) Q4 & 2025 Loan Origination Highlights Key Highlights Q4 $1.3 billion 7.9% 55% 100% ] 7.6% 2025 $4.4 billion 100% 57% ] Floating Rate Weighted Average New Commitments Weighted Average (c) 3,(c) (b),(c) First Mortgages Unlevered All-in Yield Closed Loan-to-Value a) Total ARI commitment. Represents
Slide 7: Q4 & 2025 Loan Origination Highlights (cont.)
(c) Q4 & 2025 Loan Origination Highlights (cont.) a) Total ARI commitment. Represents USD equivalent based on foreign exchange rates as of date commitment closed. b) Reflects LTV at the time the loan was originated 7 c) Excludes upsizes to existing loans and a refinance that was treated as a new loa
Slide 8: Loan Portfolio Overview
Loan Portfolio Overview Carrying Value/ W/A Unlevered All-in Yield 9 Loan Position 3,9,(a) Number of Loans on Loan Portfolio 99% First Mortgage $8.8 billion/56 Loans 7.3% W/A Remaining Fully-Extended 9 (b) W/A Portfolio Risk Rating W/A Portfolio Loan-to-Value 9,10 Term 3.0 59% 3.2 Years 9 9 Collater
Slide 9: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) ($ in mm) United New Other 7 (d) Property Type Kingdom York City Europe Southeast West Midwest Other Total (a) Residential $496 / 6% $463 / 5% - $382 / 4% $261 / 3% $339 / 4% $374 / 4% $2,316 / 26% Office 864 / 10% 497 / 6% 531 / 6% - - 173 / 2% - 2,065 / 24% Hotel 2
Slide 10: Office Loan Portfolio Overview
Office Loan Portfolio Overview (a) 9 (b) Number of Loans Carrying Value First Mortgage W/A Loan-to-Value 57% 9 Loans $2.1 Billion 100% rd Loans with 3 Party Largest commitment 100% 9 W/A Risk Rating (c) Subordinate Debt leased to credit tenant 2.7 5 Loans $743 million 9 9 9,10 Origination Vintage Lo
Slide 11: Senior Loan Portfolio
Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Residential Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 1 Residential 12/2021 $247 $9 02/2027 Various, UK Loan 2 Residential 08/2025 237 15 09/2030 Various, US
Slide 12: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Hotel Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 26 Hotel 12/2023 $340 $15 12/2030 Various, Europe Loan 27 Hotel 10/2025 229 14 Y 10/2028 London, UK L
Slide 13: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Retail Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 47 Retail 12/2024 $199 $142 07/2030 London, UK 12 Loan 48 Retail 11/2014 96 - 09/2026 Cincinnati, OH
Slide 14: Subordinate Loan Portfolio
Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Type Date Cost Commitments Loan Subordinate Debt Maturity 13 Loan 55 Residential 06/2015 $34 - 11/2026 Manhattan, NY 12,13 Manhattan, NY Loan 56 Residential 05/2020 28 - 11/
Slide 15: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Management Strategy ($ in mm) (c) (d) 12 Secured Debt Arrangements Across 9 Counterparties (a),(b),(c) Secured Debt Arrangements $6,277 (64%) (f) ~73% W/A Available Advance Rate Debt Related to Real Estate Owned $426 (4%)
Slide 16: Mitigating Foreign Exchange Risk
Mitigating Foreign Exchange Risk We have taken several risk mitigating steps to structure and fund our non-US loan portfolio and associated secured financing facilities to position ARI for fluctuating foreign exchange rates Foreign Exchange Rate Change (Local/USD) 1.37x 1.34x 1.35x % FX Change YoY 1
Slide 17: Loan Maturities and Future Funding Profile
Loan Maturities and Future Funding Profile 10,14,15 Fully-Extended Loan Maturities and Expected Future Fundings by Net Equity ($ in mm) $1,009 $461 $421 $415 $355 $181 $33 $4 $0 $0 2026 2027 2028 2029 2030 & Beyond (a) (a) Fully-Extended Maturities (Net Equity) Expected Net Future Fundings 16,(b) Ne
Slide 18: Appendix
Appendix Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings 18
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, 2025 December 31, 2024 ($ in thousands - except share data) Assets: Cash and cash equivalents $139,825 $317,396 (a)(b) Commercial mortgage loans, net 8,712,018 6,715,347 (b) Subordinate loans, net 62,198 388,809 Real estate owned, held for investment, net (ne
Slide 20: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended December 31, Year Ended December 31, ($ in thousands - except share and per share data) 2025 2024 2025 2024 Net interest income: Interest income from commercial mortgage loans $159,500 $156,364 $625,493 $699,389 Interest income from subordinate
Slide 21: Reconciliation of GAAP Net Income to Distributable Earnings
1 Reconciliation of GAAP Net Income to Distributable Earnings ($ in thousands - except share and per share data) Three Months Ended December 31, Year Ended December 31, 1 2025 2024 2025 2024 Distributable Earnings : $26,131 $37,584 $114,448 ($131,908) Net income (loss) available to common stockholde
Slide 22: Footnotes
Footnotes 1. Distributable Earnings: Distributable Earnings is a non-GAAP financial measure that we define as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting
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