Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Q1 2026 Earnings Presentation
19 slides from Apollo Commercial Real Estate Finance's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results Apollo Commercial Real Estate Finance, Inc. April 28, 2026 Unless otherwise noted, information as of March 31, 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 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: Q1 Summary Results
Q1 Summary Results Net income available to common stockholders of $23 million, or $0.16 per diluted share of common stock Financial Results Distributable Earnings1 of $31 million, or $0.22 per diluted share of common stock Declared common stock dividends of $0.25 per share, which implies a div
Slide 4: Per Share Overview
Per Share Overview Q1 Distributable Earnings1 of $0.22 per share Q1 Dividend Yield on Book Value Per Share5 of 8.3% Distributable Earnings Per Share1,6 Book Value Per Share5,(a) $0.25 $0.25 $12.14 $12.01 $0.26 $0.22 4Q'25 1Q'26 4Q'25 1Q'26 1 Distributable Earnings per Share Quarterly Dividen
Slide 5: Portfolio Activity & REO Overview
Portfolio Activity & REO Overview Q1 Portfolio Activity ($ in mm) 4 7 6 Update on 111 West 57th Street REO Overview & Update One contract closed during Q1 generating ~$17 million Brooklyn Multifamily: 591-unit, 53-story multifamily tower of net sales proceeds 77% of Market Units leased One u
Slide 6: Loan Portfolio Overview
Loan Portfolio Overview Carrying Value/ W/A Unlevered All-in Yield Loan Position8 Number of Loans on Loan Portfolio3,8,(a) $8.9 billion/54 Loans 99% First Mortgage 7.0% W/A Remaining Fully-Extended W/A Portfolio Risk Rating8 W/A Portfolio Loan-to-Value(b) Term8,9 3.0 Years 3.0 59% Collateral Diversi
Slide 7: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) ($ in mm) United New Other Property Type Kingdom York City Europe Southeast West Midwest Other (d) Total 6 Residential (a) $488 / 5% $467 / 5% - $639 / 7% $261 / 3% $332 / 4% $404 / 5% $2,591 / 29% Office 865 / 10% 501 / 6% 520 / 6% - - 173 / 2% - 2,059 / 23% Hotel 2
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 $2.1 Billion 100% 58% Loans with 3rd Party Largest commitment 100% W/A Risk Rating8 Subordinate Debt leased to credit tenant(c) 2.7 4 Loans $729 million Origination Vintage8 Location8 Fully
Slide 9: Senior Loan Portfolio
Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Residential Type Date Cost Commitments Loan Subordinate Debt Maturity 9 Location Loan 1 Residential 02/2026 $297 - 03/2031 Various, US Loan 2 Residential 12/2021 243 8 02/2027 Various, UK Lo
Slide 10: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Hotel Type Date Cost Commitments Loan Subordinate Debt Maturity9 Location Loan 26 Hotel 12/2023 $333 $10 12/2028 Various, Europe Loan 27 Hotel 10/2025 228 12 Y 10/2028 London, UK Loa
Slide 11: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Retail Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 45 Retail 12/2024 $333 - 07/2030 London, UK 11 Loan 46 Retail 11/2014 96 - 09/2026 Cincinnati, OH Sub
Slide 12: Subordinate Loan Portfolio
Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Type Date Cost Commitments Loan Subordinate Debt Maturity 9 Location Loan 5311,12 Residential 05/2020 $28 - 11/2026 Manhattan, NY Loan 54 12 Residential 06/2015 23 - 11/2026 Manhattan,
Slide 13: Capital Structure Overview
Capital Structure Overview Q1’26 Capital Structure Composition Post Asset Sale Capital Structure Composition(g) ($ in mm) ($ in mm) $440 (20%) Debt Related to Real Estate Owned Secured Debt Arrangements(a),(b),(c) $6,505 (66%) $169 (8%) Preferred Stock(d) $440 (4%) Debt Related to Real Estate Owned
Slide 14: Mitigating Foreign Exchange Risk
Mitigating Foreign Exchange Risk We have taken several risk mitigating steps to structure and fund our non-US loan portfolio and associated secured financing facilities to position ARI for fluctuating foreign exchange rates Foreign Exchange Rate Change (Local/USD) 1.29x 1.37x 1.34x 1.35x 1.32x % FX
Slide 15: Appendix
Appendix Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings 15
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands - except share data) March 31, 2026 December 31, 2025 Assets: Cash and cash equivalents $126,847 $139,825 (a)(b) Commercial mortgage loans, net 8,830,428 8,712,018 Subordinate loans, net (b) 51,190 62,198 Real estate owned, held for investment, net (net of
Slide 17: Consolidated Statement of Operations
Consolidated Statement of Operations ($ in thousands - except share and per share data) Three Months Ended March 31, 2026 2025 Net interest income: Interest income from commercial mortgage loans $149,989 $143,985 Interest income from subordinate loans and other lending assets - 557 Interest expense
Slide 18: Reconciliation of GAAP Net Income to Distributable Earnings
Reconciliation of GAAP Net Income to Distributable Earnings1 ($ in thousands - except share and per share data) Three Months Ended Distributable Earnings : 1 March 31, 2026 December 31, 2025 Net income available to common stockholders: $23,159 $26,131 Adjustments: Equity-based compensation expense 3
Slide 19: 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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