Slides
Page 1
Unless otherwise noted, information as of It should not be assumed that investments made in the future will be profitable or will equal the performance of the investmentsshown in this document. Q4 & FY 2025 Financial Results Apollo Commercial Real Estate Finance, Inc. February 10, 2026 December 31, 2025
Page 2
2 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 covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond management’s control. These forward-looking statements may include information about possible or assumed future results of Apollo Commercial Real Estate Finance, Inc.’s (the “Company,” “ARI,” “we,” “us” and “our”) business, financial condition, liquidity, results of operations, plans and objectives. When used in this presentation, the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in our industry, real estate values, the debt securities markets or the general economy; ARI’s business and investment strategy; ARI’s operating results; ARI’s ability to obtain and maintain financing arrangements; the timing and amounts of expected future fundings of unfunded commitments; and the return on equity, the yield on investments and risks associated with investing in real estate assets including changes in business conditions and the general economy. The forward-looking statements are based on management’s beliefs, assumptions and expectations of future performance, taking into account all information currently available to ARI. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to ARI. Some of these factors are described under “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in ARI’s Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. If a change occurs, ARI’s business, financial condition, liquidity and results of operations may vary materially from those expressed in ARI’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for management to predict those events or how they may affect ARI. Except as required by law, ARI is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation contains information regarding ARI’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings and Distributable Earnings per share. Please refer to page 22 for a definition of “Distributable Earnings” and the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures set forth on page 21. This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. ARI makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness or completeness of such information. Past performance is not indicative nor a guarantee of future returns. Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors (such as number and types of securities). Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ special investment techniques such as leveraging or short selling. No such index is indicative of the future results of any investment by ARI. Unless the context requires otherwise, references in this presentation to “Apollo” refer to Apollo Global Management, Inc., together with its subsidiaries, and references in this presentation to the “Manager” refer to ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc. Forward Looking Statements and Other Disclosures
Page 3
3 a) Amount reflects Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement b) Ratio reflects Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement to dividends declared in 2025 c) Represents USD equivalent based on foreign exchange rates as of date funded or commitment closed d) Reflects book value per share (net of General CECL Allowance and depreciation) of $12.14 multiplied by shares of common stockoutstanding (see page 4 for book value per share overview) e) Includes loan proceeds held by servicer f) Excludes two loans with combined principal balance of $146 million as of December 31, 2025, which are expected to be repaid prior to closing of sale See footnotes on page 22 Summary Results Financial Results Loan Portfolio 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 Distributable Earnings1,(a) of $139 million, or $0.98 per diluted share of common stock for 2025; $37 million, or $0.26 per diluted share of common stock for Q4 Declared common stock dividends of $1.00 per share in 2025, which implies a dividend yield2 of 9.4% and 0.98x(b) annual dividend coverage ratio Capitalization & Liquidity Total loan portfolio of $8.8 billion with weighted-average (“w/a”) unlevered all-in yield3 of 7.3% – 99% first mortgages – 96% floating rate W/A risk rating of 3.0 Committed $4.4 billion(c) ($3.3 billion(c) funded at close) to new loans in 2025; committed $1.3 billion(c) ($1.1 billion(c) funded at close) in Q4 Loan repayments and sales of $2.9 billion in 2025, $852 million in Q4 Gross add-on fundings5 of $899 million in 2025, $198 million in Q4 Recorded a $3.0 million Specific CECL Allowance on a commercial mortgage loan secured by a hotel property in Chicago, IL in Q4 Ended the year with total common equity book value of $1.7 billion(d) Ended the year with $151 million of total liquidity, including $144 million of cash(e) and $7 million available leverage on our secured debt arrangements No corporate debt maturities until June 2029 Subsequent Events Entered into a definitive agreement with Athene Holding Ltd. (“Athene”) to sell the Company’s entire loan portfolio(f) for a purchase price based on 99.7% of total loan commitments. Received a full repayment of an $87 million first mortgage secured by a resort located in St. Thomas, U.S. Virgin Islands
Page 4
4 $0.24 $0.26 $0.23 $0.26 $0.07 $0.25 $0.25 $0.25 $0.25 1Q'25 2Q'25 3Q'25 4Q'25 $12.18 $12.07 $12.18 $12.14 1Q'25 2Q'25 3Q'25 4Q'25 Distributable Earnings per Share Prior to Realized Loss on Investments and Realized Gain on Litigation Settlement Quarterly Dividend Distributable Earnings Per Share1,7 See footnotes on page 22 Per Share Overview 1 Book Value Per Share6,(a) Q4 Distributable Earnings1 of $0.26 per share covered the $0.25 per share dividend Q4 Dividend Yield on Book Value Per Share6 of 8.2% Realized Loss on Investments and Realized Gain on Litigation Settlement a) Undepreciated book value per share of $12.37, $12.27, $12.40, and $12.39, including General CECL Allowance per share of $0.29, $0.32, $0.32, and $0.32 in Q1, Q2, Q3, and Q4, respectively
Page 5
5 $8,304 $8,774 $8,774 $1,113 $198 ($852) ($3) $12 ($1) 3Q25 Fundings Repayments Specific CECL FX Other 4Q25 Add-on Funding New Funding $7,145 $8,774 $8,774 $3,297 $899 ($2,909) $5 $366 ($29) 4Q24 Fundings Repayments Specific CECL FX Other 4Q25 Add-on Funding New Funding 2025 Portfolio Activity Net Net As of December 31, 2025 Assets Debt Equity Brooklyn Multifamily $638 ($351) $287 D.C. Hotel 158 (73) 85 Atlanta Hotel 69 - 69 Total REO Held for Investment $865 ($424) $441 See footnotes on page 22 Portfolio Activity & REO Overview a) Debt related to real estate owned represents construction financing on our Brooklyn Multifamily property (maximum commitment of $388 million and presented net of $1 million in deferred financing costs) and mortgage on our D.C. Hotel (maximum commitment of $74 million and presented net of $1 million in deferred financing costs) Update on 111 West 57th Street Six contracts closed during Q4 generating ~$109 million of net sales proceeds One unit under contract for estimated net sales proceeds of ~$17 million All net sales proceeds continue to pay down ARI’s loans Brooklyn Multifamily: 591-unit, 53-story multifamily tower 56% of Market Units leased Move-ins commenced in July and strong leasing momentum continues REO Overview & Update (a) ($ in mm) 7 78 Q4 Portfolio Activity ($ in mm) 5 7 4 78 5
Page 6
6 7.6% ] Weighted Average Unlevered All-in Yield3,(c) 57% Weighted Average Loan-to-Value(b),(c) $4.4 billion New Commitments Closed 2025 Q4 & 2025 Loan Origination Highlights(c) Q4 $1.3 billion a) Total ARI commitment. Represents USD equivalent based on foreign exchange rates as of date commitment closed. b) Reflects loan-to-value (“LTV”) at the time the loan was originated c) Excludes upsizes to existing loans and a refinance that was treated as a new loan for accounting purposes See footnotes on page 22 55% 100% Floating Rate First Mortgages(c) Key Highlights 100% 7.9% ] Asset Photos Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Loan Size(a) $145 million $245 million $210 million Location Southeast United Kingdom Various, US Collateral 9.6-Acre Predevelopment Site 271-Key Luxury Hotel Seven-Property Industrial Portfolio Loan Purpose Acquisition Refinance Refinance LTV(b) 52% 54% 55% Investment Date October 2025 October 2025 November 2025
Page 7
7 Q4 & 2025 Loan Origination Highlights(c) (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 c) Excludes upsizes to existing loans and a refinance that was treated as a new loan for accounting purposes See footnotes on page 22 Asset Photos Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Loan Size(a) $280 million $83 million Location New York City New York City Collateral 1,320-Unit Multifamily 489-Key Lifestyle Hotel Loan Purpose Refinance Refinance LTV(b) 66% 27% Investment Date November 2025 December 2025
Page 8
8 $96 $173 $0 $0 $73 $284 $467 $1,051 $1,330 $559 $1,320 $3,460 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Residential 26% Office 24% Hotel 20% Industrial 12% Data Centers 6% Retail 4% Mixed Use 3% Other 5% Carrying Value/ Number of Loans $8.8 billion/56 Loans Loan Position9 99% First Mortgage a) Excludes benefit of forward points on currency hedges related to loans denominated in currencies other than USD b) W/A LTV reflects the LTV at the time the loan was originated; based on amortized cost and excludes risk-rated 5 loans c) Other property types include urban predevelopment (3%) and pubs (2%) d) Residential property types include multifamily (11%), senior housing (8%), student housing (5%), and residential-for-sale (2%) e) Retail property types include urban retail (2%) and lifestyle center (2%) See footnotes on page 22 Loan Portfolio Overview Collateral Diversification9 W/A Unlevered All-in Yield on Loan Portfolio3,9,(a) 7.3% W/A Remaining Fully-Extended Term9,10 3.2 Years W/A Portfolio Risk Rating9 3.0 W/A Portfolio Loan-to-Value(b) 59% Origination Vintage9 (c) (d) (e) 61% of portfolio originated post-2022
Page 9
9 © GeoNames, Microsoft, Open Places, OpenStreetMap, TomTom Powered by Bing © GeoNames, Microsoft, TomTom Powered by Bing ($ in mm) Property Type United Kingdom New York City Other Europe Southeast West Midwest Other Total 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 238 / 3% 480 / 5% 299 / 3% 355 / 4% 135 / 2% 139 / 2% 126 / 1% 1,770 / 20% Industrial 281 / 3% 22 / 0% 320 / 4% 7 / 0% 220 / 2% 7 / 0% 170 / 2% 1,026 / 12% Data Centers 158 / 2% - - - 208 / 2% - 194 / 2% 561 / 6% Retail 199 / 2% - 28 / 0% - - 96 / 1% - 323 / 4% Mixed Use 148 / 2% 154 / 2% - - - - - 303 / 3% Other 220 / 2% - - 229 / 3% - - - 449 / 5% Total $2,603 / 30% $1,616 / 18% $1,178 / 13% $973 / 11% $824 / 9% $754 / 9% $864 / 10% $8,813 / 100% General CECL Reserve ($39) Carrying value, net $8,774 New York City 18% West 9% Midwest 9% Southeast 11% Italy 2% United Kingdom 30% Germany 8% Sweden 3% Loan Portfolio Overview (cont’d) (a) 7 7 7,11 (d) (c) (b) Collateral Diversification a) Residential property types include multifamily (11%), senior housing (8%), student housing (5%), and residential-for-sale (2%) b) Retail property types include urban retail (2%) and lifestyle center (2%) c) Other property types include urban predevelopment (3%) and pubs (2%) d) Other geographies include Southwest (4%), Northeast (4%), Mid-Atlantic (2%) and Other (<1%) Note: Map does not show locations where percentages are lower than 2% See footnotes on page 22
Page 10
10 London, UK 42% Berlin, Germany 12% Milan, Italy 8% Various, Germany 6% New York City 24% Chicago, IL 8% $100 $73 $229 $267 $100 $290 $865 $0 $241 $100 $363 $1,094 $0 $508 2026 2027 2028 2029 2030 US Maturities European Maturities $73 $229 $100 0 $267$241 $209 $116 $830$438 $930 2018 2019 2020 2021 2022 2023 2024 2025 US Originations European Originations W/A Risk Rating9 2.7 a) Includes one loan secured by a portfolio which includes office, industrial, and retail property types located in various cities across Germany b) W/A LTV reflects the LTV at the time the loan was originated; based on amortized cost and excludes risk-rated 5 loans c) Portfolio includes a £486 million ($656 million in USD), based on amortized cost, first mortgage secured by an office property in London which is 100% leased by a credit tenant for a 20-year term Note: Location chart does not show locations where percentages are lower than 2% See footnotes on page 22 Office Loan Portfolio Overview Number of Loans(a) 9 Loans First Mortgage9 100% W/A Loan-to-Value(b) 57% Carrying Value $2.1 Billion Location9 Loans with 3rd Party Subordinate Debt 5 Loans Origination Vintage9 Fully Extended Maturities9,10 Largest commitment 100% leased to credit tenant(c) $743 million 68% Europe 32% United States
Page 11
11 ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 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 Loan 3 Residential 11/2025 225 22 Y 11/2030 Manhattan, NY Loan 4 Residential 08/2024 157 - 08/2029 Various, UK Loan 5 Residential 04/2024 157 - 05/2029 Emeryville, CA Loan 6 Residential 04/2025 153 - 04/2030 Various, US Loan 7 Residential 04/2025 148 - 05/2030 Jersey City, NJ Loan 8 Residential 09/2025 141 42 Y 09/2030 Charlotte, NC Loan 9 Residential 03/2025 130 2 Y 04/2029 Port St. Lucie, FL Loan 10 Residential 08/2022 112 - 11/2026 Manhattan, NY Loan 11 Residential 10/2024 103 - 11/2029 Various, US Loan 12 Residential 06/2024 99 - 07/2029 Washington, DC Loan 13 Residential 08/2025 92 13 08/2030 Various, UK Loan 14 Residential 02/2025 89 - Y 02/2030 Miami, FL Loan 15 Residential 05/2021 76 - 05/2027 Cleveland, OH Loan 16 Residential 05/2025 64 - Y 05/2030 Manhattan, NY Loan 17 Residential 02/2025 22 - 02/2027 Miami, FL Subtotal - Residential $2,252 $103 Office Loan 18 Office 02/2022 656 84 Y 12/2028 London, UK Loan 19 Office 12/2025 267 79 Y 12/2030 Manhattan, NY Loan 20 Office 06/2019 241 32 06/2030 Berlin, Germany Loan 21 Office 01/2020 230 23 Y 03/2028 Long Island City, NY Loan 22 Office 02/2020 210 63 Y 03/2028 London, UK Loan 23 Office 02/2022 174 - 06/2027 Milan, Italy Loan 24 Office 11/2022 100 - 09/2026 Chicago, IL Loan 25 Office 03/2018 73 - Y 09/2027 Chicago, IL Subtotal - Office $1,951 $281 Senior Loan Portfolio 10 13 (a) a) Loan is secured by an office property which is 100% leased by a credit tenant for a 20-year term b) Modified loan treated as a new origination for accounting purposes See footnotes on page 22 (b)
Page 12
12 ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Hotel Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 26 Hotel 12/2023 $340 $15 12/2030 Various, Europe Loan 27 Hotel 10/2025 229 14 Y 10/2028 London, UK Loan 28 Hotel 07/2021 180 - 08/2026 Various, US Loan 29 Hotel 09/2025 149 - 10/2030 Manhattan, NY Loan 30 Hotel 09/2015 139 - 12/2026 Manhattan, NY Loan 31 Hotel 06/2024 131 - 06/2029 St. Petersburg, FL Loan 32 Hotel 08/2025 123 4 Y 09/2030 San Diego, CA Loan 33 Hotel 06/2024 110 5 07/2029 Brooklyn, NY Loan 34 Hotel 11/2021 87 - 12/2026 St. Thomas, USVI Loan 35 Hotel 12/2024 84 2 Y 01/2030 Indianapolis, IN Loan 36 Hotel 12/2025 82 - 04/2027 Manhattan, NY Loan 37 Hotel 12/2024 75 - Y 12/2029 New Orleans, LA Loan 38 Hotel 05/2019 43 - 02/2026 Chicago, IL Subtotal - Hotel $1,772 $40 Industrial Loan 39 Industrial 03/2021 261 - 05/2027 Various, Sweden Loan 40 Industrial 04/2025 244 4 05/2030 Various, US Loan 41 Industrial 08/2024 204 20 08/2029 Various, UK Loan 42 Industrial 11/2025 181 27 12/2030 Various, US Loan 43 Industrial 08/2025 80 53 08/2030 Various, Europe Subtotal - Industrial $970 $104 Data Center Loan 44 Data Center 03/2025 208 91 Y Y 02/2030 West Jordan, UT Loan 45 Data Center 05/2025 194 203 Y 06/2030 Abilene, TX Loan 46 Data Center 04/2025 158 - 02/2029 Slough, UK Subtotal - Data Center $560 $294 Senior Loan Portfolio (cont.) 10 See footnotes on page 22 12
Page 13
13 ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Retail Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 47 Retail 12/2024 $199 $142 07/2030 London, UK Loan 48 Retail 11/2014 96 - 09/2026 Cincinnati, OH Subtotal - Retail $295 $142 Mixed Use Loan 49 Mixed Use 03/2022 154 14 03/2029 Brooklyn, NY Loan 50 Mixed Use 05/2025 148 - 05/2027 London, UK Subtotal - Mixed Use $302 $14 Other Loan 51 Urban Predevelopment 12/2022 135 - 02/2026 Miami, FL Loan 52 Urban Predevelopment 10/2025 94 50 11/2030 Miami, FL Loan 53 Pubs 12/2023 220 - Y 01/2029 Various, UK Loan 54 Portfolio 06/2021 200 10 06/2027 Various, Germany Subtotal - Other $649 $60 Subtotal/W.A. - First Mortgage $8,751 $1,038 3.2 Years Senior Loan Portfolio (cont.) a) Includes portfolio of office, industrial, and retail property types See footnotes on page 22 10 (a) 12
Page 14
14 ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended Type Date Cost Commitments Loan Subordinate Debt Maturity Location Loan 55 Residential 06/2015 $34 - 11/2026 Manhattan, NY Loan 56 Residential 05/2020 28 - 11/2026 Manhattan, NY Total $62 - Subtotal/W.A. - Subordinate $62 - 0.8 Years Total/W.A. - Loans $8,813 $1,038 3.2 Years General CECL Reserve ($39) Total/W.A. - Loans, Net $8,774 $1,038 See footnotes on page 22 Subordinate Loan Portfolio 12,13 10 7 7,11 13
Page 15
15 $6,277 (64%) $1.8 billion of net financing capacity added during 2025 a) W/A rates of applicable benchmark rates and credit spread adjustments plus spreads of USD: +2.05% / GBP: +1.95% / EUR: +2.26% / SEK: +1.50% b) Our secured credit facilities do not contain capital markets-based mark-to-market provisions c) Consists of ten secured credit facilities, one revolving credit facility and one private securitization d) Includes banks in the syndicate for the revolving credit facility e) Reflects book value per share (net of General CECL Allowance and depreciation) of $12.14 multiplied by shares of common stock outstanding December 31, 2025 f) Based on maximum available advance rates across secured debt counterparties See footnotes on page 22 Capital Structure Overview ($ in mm) Capital Structure Composition Conservative Capital Management Strategy ~73% W/A Available Advance Rate(f) $1,687 (17%) Secured Debt Arrangements(a),(b),(c) Common Equity Book Value(e) Preferred Stock $1,246 (13%) Senior Secured Notes $500 (5%) Term Loan B $746 (8%) $169 (2%) Debt Related to Real Estate Owned$426 (4%) 12 Secured Debt Arrangements(c) Across 9 Counterparties(d) No corporate debt maturities until June 2029
Page 16
16Private and Confidential $921 $2,874 $3,795 Foreign Loan Capital Stack Net Equity Secured Debt 1.25x 1.29x 1.37x 1.34x 1.35x 1.04x 1.08x 1.18x 1.17x 1.17x 0.10x 0.10x 0.11x 0.11x 0.11x Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 GBP EUR SEK Hedged with forward currency contracts Offset by local currency denominated secured debt arrangements 24% 76% 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 Mitigating Foreign Exchange Risk Secured debt arrangements are structured in local currency thereby reducing FX exposure to our net equity on foreign loans. 76% weighted average advance on total foreign loan portfolio Net equity and net interest income of foreign loans are economically hedged through forward currency contracts Forward point impact on forward currency contracts resulted in an $2.1 million realized gain in Q4 2025 Foreign Exchange Rate Change (Local/USD) GBP: 8% EUR: 13% SEK: 20% % FX Change YoY Mitigating Foreign Exchange Risk ($ in mm) a) Carrying value includes all commercial mortgage and subordinate loans denominated in foreign currencies with or without secured debt financing b) Represents the net gain (loss) on foreign loan principal and respective foreign secured debt arrangements for the quarter ended December 31, 2025. c) Represents net gain (loss) on forward contracts for the quarter ended December 31, 2025, excluding gains (losses) on forward currency contracts economically hedging foreign currency interest ($ in mm) As of December 31, 2025 Q4 2025 Currency Carrying Value(a) Secured Debt Net Equity Net Gain(b) GBP $2,585 ($1,987) $598 $2 EUR $950 ($678) $272 $0 SEK $261 ($209) $51 $1 Total $3,795 ($2,874) $921 $4 Q4 gain (loss) on forward contracts(c) ($2) Q4 Gain (Loss) on Net Equity
Page 17
17 $0.02 $0.00 $0.00 +$0.01 -$0.03 -$0.02 -$0.01 +$0.01 -$0.01 -$0.01 $0.00 +$0.01 -0.75% -0.50% -0.25% 0.25% Net Interest Income Per Share Change in Benchmark Rate USD GBP EUR Index Dec-31 SOFR 1M 3.70% EURIBOR 2.02% SONIA ON 3.74% Benchmark Rates $421 $355 $461 $415 $1,009 $181 $33 $4 $0 $0 2026 2027 2028 2029 2030 & Beyond Fully-Extended Maturities (Net Equity) Expected Net Future Fundings Note: Assumes future financing, in certain cases, against mortgages that are not currently financed. There is no assurance such future financing against mortgages that are not currently financed will occur a) Net of expected secured credit facility advances b) Reflects incremental increases in respective benchmark rates as of December 31, 2025 (SOFR 1 month: 3.70%, EURIBOR 2.02% and SONIA ON: 3.74% adjusted for compounding) See footnotes on page 22 Loan Maturities and Future Funding Profile Net Interest Income Sensitivity to Benchmark Rates16,(b) Fully-Extended Loan Maturities and Expected Future Fundings by Net Equity10,14,15 ($ in mm) (a)(a)
Page 18
18 Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings Appendix
Page 19
19 a) Includes carrying value of $8,424,605 and $6,715,347 pledged as collateral under secured debt arrangements in 2025 and 2024, respectively. b) Net of $376,754 and $373,336 CECL Allowances comprised $38,754 and $30,836 General CECL Allowance in 2025 and 2024, respectively, and $338,000 and $342,500 Specific CECL Allowance in 2025 and 2024, respectively. c) Includes $5,759 and $5,948 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2025 and 2024, respectively. Consolidated Balance Sheets See footnotes on page 22 ($ in thousands - except share data) December 31, 2025 December 31, 2024 Assets: Cash and cash equivalents $139,825 $317,396 Commercial mortgage loans, net (a)(b) 8,712,018 6,715,347 Subordinate loans, net (b) 62,198 388,809 Real estate owned, held for investment, net (net of $34,438 and $23,266 accumulated depreciation in 2025 and 2024, respectively) 842,947 752,643 Other assets 143,979 138,027 Note receivable, held for sale - 41,200 Derivative assets, net - 58,169 Total Assets $9,900,967 $8,411,591 Liabilities and Stockholders' Equity Liabilities: Secured debt arrangements, net $6,268,550 $4,814,973 Senior secured term loans, net 727,533 754,210 Senior secured notes, net 497,226 496,433 Debt related to real estate owned, held for investment, net 424,703 324,587 Accounts payable, accrued expenses and other liabilities(c) 91,462 138,179 Derivative liabilities, net 26,791 - Payable to related party 8,612 8,728 Total Liabilities $8,044,877 $6,537,110 Stockholders’ Equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2025 and 2024 $68 $68 Common stock, $0.01 par value, 450,000,000 shares authorized, 138,943,831 and 138,174,636 shares issued and outstanding in 2025 and 2024, respectively 1,389 1,382 Additional paid-in-capital 2,704,316 2,695,701 Accumulated deficit (849,683) (822,670) Total Stockholders’ Equity $1,856,090 $1,874,481 Total Liabilities and Stockholders’ Equity $9,900,967 $8,411,591
Page 20
20 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 loans and other lending assets 88 641 1,288 3,542 Interest expense (115,486) (113,502) (460,089) (503,949) Net interest income $44,102 $43,503 $166,692 $198,982 Revenue from real estate owned operations 29,150 26,952 104,897 104,689 Total net revenue $73,252 $70,455 $271,589 $303,671 Operating expenses: General and administrative expenses (includes equity-based compensation of $3,385 and $13,631 in 2025 and $3,958 and $16,468 in 2024, respectively) (7,546) (7,241) (27,410) (29,649) Management fees to related party (8,608) (8,725) (34,165) (36,120) Operating expenses related to real estate owned (23,882) (20,144) (85,213) (81,683) Depreciation and amortization on real estate owned (3,403) (2,383) (11,173) (11,668) Total operating expenses ($43,439) ($38,493) ($157,961) ($159,120) Other income, net $1,658 $1,714 $7,872 $4,498 Income (loss) from equity method investment (254) - 15,413 - Decrease (Increase) in current expected credit loss allowance, net (2,474) 1,259 (3,229) (155,784) Foreign currency translation gain (loss) 2,160 (76,653) 99,483 (37,476) Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of $4,178 and ($84,545) in 2025 and $68,344 and $29,687 in 2024, respectively) (1,839) 82,350 (98,703) 52,590 Gain on interest rate hedging instruments (includes unrealized (losses) of ($0) and ($379) in 2025 and ($160) and ($1,373) in 2024, respectively) - 134 23 570 Net realized loss on investments - - (7,436) (128,191) Net income (loss) before taxes $29,064 $40,766 $127,051 ($119,242) Income tax provision 135 (114) (331) (394) Net income (loss) $29,199 $40,652 $126,720 ($119,636) Preferred dividends (3,068) (3,068) (12,272) (12,272) Net income (loss) available to common stockholders $26,131 $37,584 $114,448 ($131,908) Net income (loss) per basic share of common stock $0.18 $0.27 $0.81 ($0.97) Net income (loss) per diluted share of common stock $0.18 $0.27 $0.81 ($0.97) Basic weighted-average shares of common stock outstanding 138,943,831 138,173,625 138,868,602 139,674,140 Diluted weighted-average shares of common stock outstanding 139,348,728 138,325,103 138,868,602 139,674,140 Dividend declared per share of common stock $0.25 $0.25 $1.00 $1.20 Three Months Ended December 31, Year Ended December 31, ($ in thousands - except share and per share data) See footnotes on page 22 Consolidated Statement of Operations
Page 21
21 See footnotes on page 22 Reconciliation of GAAP Net Income to Distributable Earnings1 ($ in thousands - except share and per share data) Distributable Earnings1: 2025 2024 2025 2024 Net income (loss) available to common stockholders: $26,131 $37,584 $114,448 ($131,908) Adjustments: Equity-based compensation expense 3,385 3,958 13,631 16,468 Loss (gain) on foreign currency forwards 1,839 (82,350) 98,703 (52,590) Foreign currency loss (gain), net (2,160) 76,653 (99,483) 37,476 Unrealized loss on interest rate cap - 160 379 1,373 Realized gains relating to interest income on foreign currency hedges, net 59 1,451 524 4,054 Realized gains relating to forward points on foreign currency hedges, net 2,099 6,168 6,091 18,991 Depreciation and amortization on real estate owned 3,403 2,383 11,173 11,668 Increase (decrease) in current expected credit loss allowance, net 2,474 (1,259) 3,229 155,784 Realized loss on investments - - 7,436 128,191 Realized gain on litigation settlement - - (17,394) - Total adjustments 11,099 7,164 24,289 321,415 Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement1 $37,230 $44,748 $138,737 $189,507 Realized loss on investments - - (7,436) (128,191) Realized gain on litigation settlement - - 17,394 - Distributable Earnings:1 $37,230 $44,748 $148,695 $61,316 Weighted-average diluted shares – Distributable Earnings1 Weighted-average diluted shares – GAAP 139,348,728 138,173,625 138,868,602 139,674,140 Weighted-average unvested RSUs17 1,825,485 2,456,947 2,334,215 2,601,703 Weighted-average diluted shares – Distributable Earnings1 141,174,213 140,630,572 141,202,817 142,275,843 Diluted Distributable Earnings1 per share of common stock prior to realized loss on investments and realized gain on litigation settlement $0.26 $0.32 $0.98 $1.33 Diluted Distributable Earnings1 per share of common stock $0.26 $0.32 $1.05 $0.43 Three Months Ended December 31, Year Ended December 31,
Page 22
22 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 and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization on real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on our foreign currency hedges, and (v) provision for current expected credit losses. Please see page 21 for a reconciliation of GAAP net income to Distributable Earnings. Distributable Earnings Prior to Realized Loss on Investments and Realized Gain from Litigation Settlement: We believe it is useful to our investors to present Distributable Earnings prior to realized loss on investments and realized gain from litigation settlement to reflect our operating results because (i) our operating results are primarily comprised of earning interest income on our investments net of borrowing and administrative costs, which comprise our ongoing operations and (ii) it has been a useful factor related to our dividend per share because it is one of the considerations when a dividend is determined. We believe that our investors use Distributable Earnings and Distributable Earnings prior to realized loss on investments and realized gain from litigation settlement, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers. 2. Reflects closing share price on February 9, 2026. 3. Weighted Average Unlevered All-in Yield on the loan portfolio is based on the applicable benchmark rates as of period end on the floating rate loans and includes accrual of origination, extension, and exit fees. For non-US deals, yield excludes incremental forward points impact from currency hedging. 4. Includes a $41 million held-for-sale corporate note. The note was sold during the third quarter of 2025. 5. Add-on fundings represent fundings subsequent to loan closing. 6. Book value per share, or “BVPS”, of common stock is common stockholders’ equity divided by shares of common stock outstanding. 7. Amounts and percentages may not foot due to rounding. 8. Other includes changes in General CECL Allowance, cost recovery interest, realized loss on investments, PIK interest, and the accretion of loan costs and fees. 9. Based on loan amortized cost, net of Specific CECL Allowance. 10. Assumes exercise of all extension options. There is no assurance that all or any extension options will be exercised. 11. Gross of $39 million of General CECL Allowance. 12. Amortized cost for these loans is net of the recorded Specific CECL Allowances. 13. Loans are secured by the same property. 14. Future funding dates and amounts are based upon the Manager’s estimates, which are derived from the best information available to the Manager at the time. There is no assurance that the payments will occur in accordance with these estimates or at all, which could affect our operating results. 15. Excludes risk-rated 5 loans. 16. Any such hypothetical impact on interest rates on our variable rate borrowings does not consider the effect of any change in overall economic activity that could occur in a rising interest rate environment. Further, in the event of a change in interest rates of that magnitude, we may take actions to further mitigate our exposure to such a change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in our financial structure. There is no assurance that there will be no changes in our financial structure. The analysis incorporates movements in USD, GBP and EUR benchmark rates only. 17. Unvested RSUs are net of incremental shares assumed repurchased under the treasury stock method, if dilutive. There were no incremental shares included in the years ended December 31, 2025 and 2024.