Apollo Commercial Real Estate Finance (ARI) Investor presentation summary

Business overview and strategy

• Focuses on originating senior mortgages and subordinate loans secured by diverse property types across the US, UK, and Western Europe.

• $30B in total capital deployed since 2009, with a current portfolio capitalization of $8.8B in debt and $1.7B in equity market value.

• Operates as a leading commercial mortgage REIT with a 9.4% dividend yield as of March 2026.

• Leverages Apollo Global Management's sponsorship, benefiting from a global platform and deep industry relationships.

• Maintains a vertically integrated platform with origination, structuring, and asset management capabilities.

Portfolio composition and performance

• Loan portfolio consists of $8.8B across 56 loans, with 99% in first mortgages and a weighted average unlevered yield of 7.3%.

• Portfolio is diversified by property type: residential (26%), office (24%), hotel (20%), industrial (12%), data centers (6%), retail (4%), mixed use (3%), and other (5%).

• Geographic diversification includes significant exposure to the US, UK, and Western Europe, with the UK representing 30% and New York City 18%.

• Weighted average loan-to-value is 59%, and 96% of loans are floating-rate.

• 61% of the portfolio was originated post-2022, reflecting recent underwriting standards.

Capital structure and risk management

• Capital structure includes $6.3B in secured debt, $1.2B in term loans, $746M in notes, $500M in preferred stock, and $1.7B in common equity.

• No corporate debt maturities until June 2029, supporting balance sheet stability.

• Maintains $431.1M in unencumbered real estate assets and $151M in total liquidity.

• Weighted average available advance rate is ~73%, with $1.8B in net financing capacity added in 2025.

• Secured credit facilities do not have capital markets-based mark-to-market provisions.