Apollo Commercial Real Estate Finance, Inc · NYSE:ARI
Apollo Commercial Real Estate Finance — Investor Presentation (March 2026)
21 slides from Apollo Commercial Real Estate Finance's investor presentation, March 2026
Slide 1: Apollo Commercial Real Estate Finance Investor Presentation
Apollo Commercial Real Estate Finance Investor Presentation March 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 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 ~$121+ $74B+ $24B+ 55+ Total Capital Invested Global Assets Under 2025 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) $8.8 billion/56 Loans 99% First Mortgage 7.3% W/A Remaining Fully-Extended W/A Portfolio Risk Rating8 W/A Portfolio Loan-to-Value(b) Term8,9 3.2 Years 3.0 59% Collateral Diversi
Slide 7: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) ($ in mm) United New Other (d) 10 Property Type Kingdom York City Europe Southeast West Midwest Other Total Residential(a) $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 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% 57% Loans with 3rd Party Largest commitment 100% W/A Risk Rating8 Subordinate Debt leased to credit tenant(c) 2.7 5 Loans $743 million Origination Vintage8 Location8 Fully
Slide 9: Loan Maturities and Future Funding Profile
Loan Maturities and Future Funding Profile Fully-Extended Loan Maturities and Expected Future Fundings by Net Equity9,(a),(b) ($ in mm) $1,009 $421 $461 $415 $355 $181 $33 $4 $0 $0 2026 2027 2028 2029 2030 & Beyond (c) (c) Fully-Extended Maturities (Net Equity) Expected Net Future Fundings Note: Ass
Slide 10: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Management Strategy ($ in mm) 12 Secured Debt Arrangements(c) Across 9 Counterparties(d) Secured Debt Arrangements(a),(b),(c) $6,277 (64%) ~73% W/A Available Advance Rate(f) $426 (4%) Debt Related to Real Estate Owned Term
Slide 11: Continued Tailwinds from Elevated Base Interest Rates
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 Dec-31 SOFR 1M 3.70% EURIBOR 2.02% SONIA ON 3.74% $0.02 Net Interest Inc
Slide 12: Investment Highlights
Investment Highlights 1 Sixteen-Year Track Record as an Innovative, Creative Global CRE Debt Provider 2 “First-Call Relationships” with Real Estate Sponsors, Brokers and Capital Partners 3 Power of Apollo Sponsorship 4 Stable and Diverse Portfolio 5 Tailwinds from Elevated Base Rates 6 9.4% Dividend
Slide 13: Appendix
APOLLO Appendix
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands - except share data) December 31, 2025 December 31, 2024 Assets: Cash and cash equivalents $139,825 $317,396 (a)(b) Commercial mortgage loans, net 8,712,018 6,715,347 (b) Subordinate loans, net 62,198 388,809 Real estate owned, held for investment, net (ne
Slide 15: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended December 31, Year Ended December 31, ($ 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 $699,389 Interest income from subordinate
Slide 16: Reconciliation of GAAP Net Income to Distributable Earnings
Reconciliation of GAAP Net Income to Distributable Earnings13 ($ in thousands - except share and per share data) Three Months Ended December 31, Year Ended December 31, Distributable Earnings : 13 2025 2024 2025 2024 Net income (loss) available to common stockholders: $26,131 $37,584 $114,448 ($131,
Slide 17: Senior Loan Portfolio
Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Residential Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 1 Residential 12/2021 $247 $9 02/2027 Various, UK Loan 2 Residential 08/2025 237 15 09/2030 Various, US
Slide 18: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ 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 $340 $15 12/2030 Various, Europe Loan 27 Hotel 10/2025 229 14 Y 10/2028 London, UK Loa
Slide 19: Senior Loan Portfolio (cont.)
Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Retail Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 47 Retail 12/2024 $199 $142 07/2030 London, UK 14 Loan 48 Retail 11/2014 96 - 09/2026 Cincinnati, OH
Slide 20: Subordinate Loan Portfolio
Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 55 15 Residential 06/2015 $34 - 11/2026 Manhattan, NY Loan 56 14,15 Residential 05/2020 28 - 11/2026 Manhattan,
Slide 21: Footnotes
Footnotes 1. Reflects closing share price on March 4, 2026 and for equity market capitalization, includes preferred stock outstanding as of December, 31 2025. 2. Apollo refers to Apollo Global Management, Inc. and its consolidated subsidiaries. 3. Assets Under Management”, or “AUM”, refers to the as
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