Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Q3 2025 Earnings Presentation
22 slides from Apollo Commercial Real Estate Finance's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 Financial Results
Exhibit 99.2 Q3 2025 Financial Results Apollo Commercial Real Estate Finance, Inc. October 30, 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 t
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: Q3 Summary Results
Q3 Summary Results Ø Net income available to common stockholders of $48 million, or $0.34 per diluted share of common stock 1 Ø Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement of $32 million, or $0.23 per diluted share of common stock Financial
Slide 4: Per Share Overview
Per Share Overview 1 Ø Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement : Ø Includes $17 million realized gain on litigation settlement with The Commonwealth of Massachusetts, corresponding to $0.13 per share book value increase in Q3; Ø Exclude
Slide 5: Portfolio Activity & REO Overview
Portfolio Activity & REO Overview Q3 Portfolio Activity YTD Portfolio Activity ($ in mm) 5 5 7 8 7 4 4 8 th Update on 111 West 57 Street REO Overview & Update Ø Six new contracts executed during Q3 and post quarter Ø Brooklyn Multifamily Development: Development of a 591-unit, 53-story multifamily t
Slide 6: Q3 & YTD Loan Origination Highlights
Q3 & YTD Loan Origination Highlights Key Highlights Q3 $1.0 billion 8.0% 60% 100% ] 7.9% YTD 100% $3.0 billion 58% ] Weighted Average New Commitments Floating Rate Weighted Average 3 (b) Unlevered All-in Yield First Mortgages Closed Loan-to-Value Asset Photos Loan Type Floating-Rate Senior Loan Floa
Slide 7: Q3 & YTD'25 Loan Origination Highlights (cont.)
Q3 & YTD’25 Loan Origination Highlights (cont.) Asset Photos Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan (a) Loan Size $128 million $185 million $150 million Location West Southeast New York City 671-Key, Full Service Collateral 42-Story Residential Tower
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 98% First Mortgage $8.3 billion/54 Loans 7.7% W/A Remaining Fully-Extended 9 (b) W/A Portfolio Risk Rating W/A Portfolio Loan-to-Value 9,10 Term 3.0 57% 3.0 Years 9 9 Collater
Slide 9: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) ($ in mm) United New Other 7 (d) Property Type Kingdom York City Europe Southeast West Midwest Other Total (a) Residential $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 10: Office Loan Portfolio Overview
Office Loan Portfolio Overview (a) 9 (b) Number of Loans Carrying Value First Mortgage W/A Loan-to-Value 51% 9 Loans $2.0 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 $742 million 9 9 9,10 Origination Vintage Lo
Slide 11: Senior Loan Portfolio
Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Residential Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 1 Residential 12/2021 $246 $9 02/2027 Various, UK Loan 2 Residential 08/2025 237 15 09/2030 Various, US
Slide 12: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Office Type Date Cost Commitments Loan Subordinate Debt Maturity (a) Loan 19 Office 02/2022 $648 $90 Y 12/2028 London, UK Manhattan, NY Loan 20 Office 03/2022 262 4 Y 04/
Slide 13: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 10 Location Industrial Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 38 Industrial 03/2021 $263 - 05/2026 Various, Sweden Loan 39 Industrial 04/2025 242 7 05/2030 Va
Slide 14: Subordinate Loan Portfolio
Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Location 10 Type Date Cost Commitments Loan Subordinate Debt Maturity 13 Loan 53 Residential 06/2015 $126 - 11/2025 Manhattan, NY 12,13 Loan 54 Residential 05/2020 28 - 11/2025 Manhatta
Slide 15: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Management Strategy ($ in mm) (c) (d) 11 Secured Debt Arrangements Across 9 Counterparties (a),(b),(c) Secured Debt Arrangements $5,906 (62%) (f) ~73% W/A Available Advance Rate Debt Related to Real Estate Owned $405 (4%)
Slide 16: Mitigating Foreign Exchange Risk
Mitigating Foreign Exchange Risk We have taken several risk mitigating steps to structure and fund our non-US loan portfolio and associated secured financing facilities to position ARI for fluctuating foreign exchange rates Foreign Exchange Rate Change (Local/USD) % FX Change YoY GBP: 1% EUR: 5% SEK
Slide 17: Loan Maturities and Future Funding Profile
Loan Maturities and Future Funding Profile 10,14,15 Fully-Extended Loan Maturities and Expected Future Fundings by Net Equity ($ in mm) $1,192 $410 $369 $345 $269 $125 $15 $3 $0 $0 2025 2026 2027 2028 2029 & Beyond (a) (a) Fully-Extended Maturities (Net Equity) Expected Net Future Fundings 16,(b) Ne
Slide 18: Appendix
Appendix Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings 18
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands - except share data) September 30, 2025 December 31, 2024 Assets: Cash and cash equivalents $245,856 $317,396 (a)(b) Commercial mortgage loans, net 8,149,855 6,715,347 (b) 153,790 388,809 Subordinate loans, net Real estate owned, held for investment, net (
Slide 20: Consolidated Statement of Operations
Three Months Ended September 30, Nine Months Ended September 30, Consolidated Statement of Operations 2025 2024 2025 2024 ($ in thousands - except share and per share data) Net interest income: Interest income from commercial mortgage loans $155,317 $179,921 $465,993 $543,025 Interest income from su
Slide 21: Reconciliation of GAAP Net Income to Distributable Earnings
1 Reconciliation of GAAP Net Income to Distributable Earnings ($ in thousands - except share and per share data) Three Months Ended 1 Distributable Earnings : September 30, 2025 June 30, 2025 $47,723 $17,671 Net income (loss) available to common stockholders: Adjustments: Equity-based compensation e
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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