Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Q2 2026 Earnings Presentation
11 slides from Apollo Commercial Real Estate Finance's earnings presentation, Aug 11, 2026
Slide 1: Q2 2026 Financial Results
Exhibit 99.2 Q2 2026 Financial Results Apollo Commercial Real Estate Finance, Inc. August 10, 2026 Unless otherwise noted, information as of June 30, 2026 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 do
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: Q2 Summary Results
Q2 Summary Results Ø Net income available to common stockholders of $23 million, or $0.11 per diluted share of common stock 1 Ø Distributable Earnings prior to net realized loss on investments and loss on extinguishment of debt of $21 million, or $0.15 per diluted share of Financial Results common s
Slide 4: Book Value Per Share Reconciliation
2,(a) Book Value Per Share Reconciliation $0.08 $0.15 ($0.24) ($0.08) $12.22 ($2.64) $2.94 prior to ($3.75) Special Dividend Net +$0.06 impact to BVPS attributable to Asset Sale $12.01 $8.47 (b) (c) March 31, 2026 Distributable Share Depreciation Realized Loss CECL Allowance Realized Loss on Commo
Slide 5: Q2 REO Overview & Update
Q2 REO Overview & Update Ø REO portfolio consists of four properties with net assets totaling $912 million and net equity of $541 million D.C. Hotel Brooklyn Multifamily Atlanta Hotel Asset Photos ($ in mm) Net Assets $157 $662 $68 (a) - (371) - Debt 3 Net Equity $157 $291 $68 Ø Received a Letter of
Slide 6: Capital Structure Overview
Capital Structure Overview (d) Q2’26 Capital Structure Composition Post Preferred Stock Redemption Capital Structure Composition ($ in mm) ($ in mm) Debt Related to Real Estate Owned Debt Related to Real Estate Owned $372 (23%) $372 (26%) (a) $169 (10%) Preferred Stock (b) (c) Common Equity Book Val
Slide 7: Appendix
Appendix Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings 7
Slide 8: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands - except share data) June 30, 2026 December 31, 2025 Assets: Cash and cash equivalents $1,239,480 $139,825 (a)(b) Commercial mortgage loans, net - 8,712,018 (b) Subordinate loans, net - 62,198 Real estate owned, held for investment, net (net of $43,048 and
Slide 9: Consolidated Statement of Operations
Consolidated Statement of Operations ($ in thousands - except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net interest income: Interest income from commercial mortgage loans $41,726 $166,691 $191,715 $310,676 Interest income from subordinate lo
Slide 10: Reconciliation of GAAP Net Income to Distributable Earnings
1 Reconciliation of GAAP Net Income to Distributable Earnings ($ in thousands - except share and per share data) Three Months Ended 1 June 30, 2026 March 31, 2026 Distributable Earnings : $22,711 $23,159 Net income available to common stockholders: Adjustments: Equity-based compensation expense 3,04
Slide 11: 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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