# EDGAR Filing Document

**Accession Number:** 0001467760
**File Stem:** 0001193125-26-188383
**Filing Date:** 2026-4
**Character Count:** 42090
**Document Hash:** 4e74dba45bd78844453cec6895183922
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-188383.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-188383

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260428

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Commercial Real Estate Finance, Inc.
- **CENTRAL INDEX KEY:** 0001467760
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 270467113
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34452
- **FILM NUMBER:** 26910116

**BUSINESS ADDRESS:**
- **STREET 1:** C/O APOLLO GLOBAL MANAGEMENT, LLC
- **STREET 2:** 9 WEST 57TH STREET, 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (212) 515-3200

**MAIL ADDRESS:**
- **STREET 1:** C/O APOLLO GLOBAL MANAGEMENT, LLC
- **STREET 2:** 9 WEST 57TH STREET, 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): April 28, 2026

## Apollo Commercial Real Estate Finance, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34452** | **27-0467113** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **c/o Apollo Global Management, Inc.** |  |
| **9 West 57th Street, 42nd Floor** |  |
| **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (212) 515-3200

#### n/a

#### (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.01 par value | ARI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On April 28, 2026, Apollo Commercial Real Estate Finance, Inc. (the "Company") issued a summary press release and a detailed presentation announcing its financial results for the quarter ended March 31, 2026. A copy of the summary press release and the detailed presentation are attached as Exhibit 99.1 and Exhibit 99.2, respectively, hereto and incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Summary press release dated April 28, 2026](d300599dex991.htm) |
| 99.2 | [Financial results presentation dated April 28, 2026](d300599dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **Apollo Commercial Real Estate Finance, Inc.** | **Apollo Commercial Real Estate Finance, Inc.** |
| By: | /s/ Stuart A. Rothstein |
|  | Name: Stuart A. Rothstein |
|  | Title: President and Chief Executive Officer |

---

Date: April 28, 2026

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g300599g93j39.jpg)

---

| | |
|:---|:---|
| **CONTACT:** | **Hilary Ginsberg** |
|  | **Investor Relations** |
|  | **(212) 822-0767** |

---

**APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.** 

**REPORTS FIRST QUARTER 2026 RESULTS** 

New York, NY, April 28, 2026 – Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI) today reported results for the quarter ended March 31, 2026.

Net income available to common stockholders per diluted share of common stock was $0.16 for the quarter ended March 31, 2026. Distributable Earnings per diluted share of common stock (a non-GAAP financial measure defined below) was $0.22 for the quarter ended March 31, 2026.

ARI issued a detailed presentation of the Company's quarter ended March 31, 2026 results, which can be viewed at <u>www.apollocref.com</u>.

**Conference Call and Webcast** 

The Company will hold a conference call to review first quarter 2026 results on April 29, 2026 at 10am ET. To register for the call, please use the following link:

**<u>https://register-conf.media-server.com/register/BI073b00720c8d4549af7fd43ddcdbcb97</u>**

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders' section on ARI's website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders' section on ARI's website approximately two hours after the call.

**Distributable Earnings** 

"Distributable Earnings," a non-GAAP financial measure, is defined 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 related to 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 the Company's foreign currency hedges, and (v) provision for current expected credit losses.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company's belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company's board of directors. Distributable Earnings is a key factor considered by the Company's board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

------

The Company believes it is useful to its investors to also present Distributable Earnings prior to realized loss on investments, in applicable periods, to reflect its operating results because (i) the Company's operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company's ongoing operations and (ii) it has been a useful factor related to the Company's dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to realized loss on investments or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

During the three months ended March 31, 2026, the Company recorded no realized losses in the consolidated statement of operations.

A significant limitation associated with Distributable Earnings as a measure of the Company's financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company's presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company's GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company's quarter ended March 31, 2026 results, which can be viewed at <u>www.apollocref.com</u>.

**About Apollo Commercial Real Estate Finance, Inc.** 

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $938 billion of assets under management at December 31, 2025.

Additional information can be found on the Company's website at <u>www.apollocref.com</u>.

**Forward-Looking Statements** 

Certain statements contained in this press release constitute forward-looking statements as such term is defined in 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 the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, 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 the Company's industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company's ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.2

![](g300599ex99_2p1g1.jpg)

Exhibit 99.2 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.

------

![](g300599ex99_2p2g1.jpg)

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 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; 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; potential benefits and effects of the sale of the Asset Sale, as subsequently defined; and the amount and use of proceeds from the Asset Sale. 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 19 for a definition of "Distributable Earnings" and the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures set forth on page 18. 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. 2

------

![](g300599ex99_2p3g1.jpg)

Q1 Summary Results Ø Net income available to common stockholders of $23 million, or $0.16 per diluted share of common stock 1 Ø Distributable Earnings of $31 million, or $0.22 per diluted share of common stock Financial Results 2 Ø Declared common stock dividends of $0.25 per share, which implies a dividend yield of 9.0% 3 Ø Total loan portfolio of $8.9 billion with weighted-average ("w/a") unlevered all-in yield of 7.0% – 99% first mortgages – 93% floating rate Ø W/A risk rating of 3.0 (a) Loan Portfolio Ø Committed $300 million (fully funded at close) to new loans Ø Loan repayments and sales of $469 million 4 Ø Gross add-on fundings of $339 million Ø Maturity of the commercial mortgage loan secured by a hotel in Chicago, IL ("Chicago Hotel Loan") was extended to May 2026 to correspond with the timing of the underlying hotel sale, which will repay our loan. The related secured debt was fully repaid during the quarter, and the loan remains on non-accrual status. (b) Ø Ended the quarter with total common equity book value of $1.6 billion Capitalization Ø Repurchased 2.9 million shares of common stock at a w/a price of $10.52 per share, resulting in book value per share accretion of $0.03 & Liquidity (c) Ø Ended the quarter with $285 million of total liquidity, including $229 million of cash and $56 million available leverage on our secured debt arrangements Ø Received a full repayment of a $247 million first mortgage secured by a portfolio of student housing properties located in the United Kingdom as well as a full repayment of a $100 million first mortgage secured by an office building located in Chicago, IL. Ø Repurchased an additional 3.9 million shares of common stock at a w/a price of $10.72 per share, resulting in book value per share accretion of $0.04 Subsequent Events Ø Board of directors approved a stock repurchase program for up to an aggregate of $150.0 million of our common stock (d) Ø Completed the sale of the Company's commercial real estate loan portfolio to Athene Holding Ltd. ("Athene") for a purchase price based on 99.7% of total th loan commitments on April 24 (the "Asset Sale"). All foreign currency hedges were unwound and proceeds from the Asset Sale were used to repay associated secured debt and corporate-level facilities. a) Represents USD equivalent based on foreign exchange rates as of date funded or commitment closed b) Reflects book value per share (net of General CECL Allowance and depreciation) of $12.01 multiplied by shares of common stock outstanding (see page 4 for book value per share overview) c) Includes loan proceeds held by servicer 3 d) Excludes loans that were repaid prior to closing and the Chicago Hotel Loan with a carrying value of $42 million as of March 31, 2026, which is expected to repay after closing. See footnotes on page 19

------

![](g300599ex99_2p4g1.jpg)

Per Share Overview 1 Ø Q1 Distributable Earnings of $0.22 per share 5 Ø Q1 Dividend Yield on Book Value Per Share of 8.3% 1,6 5,(a) Book Value Per Share Distributable Earnings Per Share $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 Dividend § a) Undepreciated book value per share of $12.39 and $12.29, including General CECL Allowance per share of $0.32 and $0.30 in 4Q'25 and 1Q'26, respectively 4 See footnotes on page 19

------

![](g300599ex99_2p5g1.jpg)

Portfolio Activity & REO Overview Q1 Portfolio Activity ($ in mm) 4 7 6 th Update on 111 West 57 Street REO Overview & Update Ø One contract closed during Q1 generating ~$17 million Ø Brooklyn Multifamily: 591-unit, 53-story multifamily tower of net sales proceeds Ø 77% of Market Units leased Ø One unit under contract for estimated net sales proceeds of ~$39 million ($ in mm) Net Net (a) 6 As of March 31, 2026 Assets Debt Equity Brooklyn Multifamily $650 ($366) $284 D.C. Hotel 159 (74) 85 Atlanta Hotel 69 - 69 (b) Massachusetts Healthcare 24 - 24 6 Total REO Held for Investment $902 ($440) $462 a) Debt related to real estate owned represents construction financing on our Brooklyn Multifamily property (maximum commitment of $388 million and presented net of $0.4 million in deferred financing costs) and mortgage on our D.C. Hotel (maximum commitment of $74 million and presented net of $0.2 million in deferred financing costs) 5 b) Massachusetts Healthcare is an equity method investment in a joint venture with other Apollo-managed entities that owns two hospitals in Massachusetts. The net asset balance represents our allocation of the net assets of the joint venture. See footnotes on page 19

------

![](g300599ex99_2p6g1.jpg)

Loan Portfolio Overview Carrying Value/ W/A Unlevered All-in Yield 8 Loan Position 3,8,(a) Number of Loans on Loan Portfolio 99% First Mortgage $8.9 billion/54 Loans 7.0% W/A Remaining Fully-Extended 8 (b) W/A Portfolio Risk Rating W/A Portfolio Loan-to-Value 8,9 Term 3.0 59% 3.0 Years 8 8 Collateral Diversification Origination Vintage (c) 62% of Other $3,376 Mixed Use (e) Retail portfolio originated 5% 2% 5% post-2022 (d) Residential Data Centers 29% 6% Industrial $1,350 $1,317 11% $941 $547 $480 $297 $280 $162 $96 $73 $0 $0 Hotel Office 19% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 23% 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 (11%), student housing (5%), and residential-for-sale (2%) 6 e) Retail property types include urban retail (4%) and lifestyle center (1%) See footnotes on page 19

------

![](g300599ex99_2p7g1.jpg)

------

![](g300599ex99_2p8g1.jpg)

Office Loan Portfolio Overview (a) 8 (b) Number of Loans Carrying Value First Mortgage W/A Loan-to-Value 58% 9 Loans $2.1 Billion 100% rd Loans with 3 Party Largest commitment 100% 8 W/A Risk Rating (c) Subordinate Debt leased to credit tenant 2.7 4 Loans $729 million 8 8 8,9 Origination Vintage Location Fully Extended Maturities Chicago, IL 8% $865 68% 32% Europe United States $585 New York City $509 24% London, UK $282 $865 43% $238 Various, Germany $100 5% Milan, $303 $271 Berlin, Italy $0 $100 $100 Germany 8% $0 12% 2026 2027 2028 2029 2030 US Maturities European Maturities 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 £487 million ($644 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 8 Note: Location chart does not show locations where percentages are lower than 2% See footnotes on page 19

------

![](g300599ex99_2p9g1.jpg)

Senior Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Residential Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 1 Residential 02/2026 $297 - 03/2031 Various, US Loan 2 Residential 12/2021 243 8 02/2027 Various, UK Loan 3 Residential 11/2025 240 8 11/2030 Y Manhattan, NY Loan 4 Residential 08/2025 238 15 09/2030 Various, US Loan 5 Residential 04/2024 157 - 05/2029 Emeryville, CA Loan 6 Residential 08/2024 154 - 08/2029 Various, UK Loan 7 Residential 04/2025 153 - 04/2030 Various, US Loan 8 Residential 09/2025 152 32 09/2030 Charlotte, NC Loan 9 Residential 04/2025 149 - 05/2030 Jersey City, NJ Loan 10 Residential 03/2025 133 - 04/2029 Port St. Lucie, FL Y 12 Loan 11 Residential 08/2022 112 - 11/2026 Manhattan, NY Loan 12 Residential 06/2024 99 - 07/2029 Washington, DC Loan 13 Residential 10/2024 97 - 11/2029 Various, US Loan 14 Residential 08/2025 91 12 08/2030 Various, UK Loan 15 Residential 02/2025 89 - 02/2030 Y Miami, FL Loan 16 Residential 05/2021 73 - 12/2027 Cleveland, OH Loan 17 Residential 05/2025 64 - 05/2030 Manhattan, NY Y Subtotal - Residential $2,541 $75 Office (a) Loan 18 Office 02/2022 643 82 12/2028 Y London, UK Loan 19 Office 12/2025 271 75 12/2030 Manhattan, NY Loan 20 Office 06/2019 238 32 06/2030 Berlin, Germany Loan 21 Office 01/2020 230 23 08/2027 Y Long Island City, NY Loan 22 Office 02/2020 222 48 03/2028 London, UK Y Loan 23 Office 02/2022 171 - 06/2027 Milan, Italy Loan 24 Office 11/2022 100 - 09/2026 Chicago, IL Loan 25 Office 03/2018 73 - 09/2027 Chicago, IL Y Subtotal - Office $1,948 $260 9 a) Loan is secured by an office property which is 100% leased by a credit tenant for a 20-year term See footnotes on page 19

------

![](g300599ex99_2p10g1.jpg)

Senior Loan Portfolio (cont.) ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Hotel Type Date Cost Commitments Loan Subordinate Debt Maturity Loan 26 Hotel 12/2023 $333 $10 12/2028 Various, Europe Loan 27 Hotel 10/2025 228 12 10/2028 Y 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 125 2 09/2030 Y San Diego, CA Loan 33 Hotel 06/2024 110 5 07/2029 Brooklyn, NY Loan 34 Hotel 12/2024 84 2 01/2030 Y Indianapolis, IN Loan 35 Hotel 12/2025 82 - 04/2027 Y Manhattan, NY Loan 36 Hotel 12/2024 75 - 12/2029 Y New Orleans, LA 11 Loan 37 Hotel 05/2019 42 - 05/2026 Chicago, IL Subtotal - Hotel $1,678 $31 Industrial Loan 38 Industrial 03/2021 254 - 05/2027 Various, Sweden Loan 39 Industrial 04/2025 246 2 05/2030 Various, US Loan 40 Industrial 11/2025 184 24 12/2030 Various, US Loan 41 Industrial 08/2025 119 11 08/2030 Various, Europe Loan 42 Industrial 08/2024 108 11 08/2029 Various, UK Subtotal - Industrial $911 $48 Data Center Loan 43 Data Center 05/2025 253 110 06/2030 Y Abilene, TX Loan 44 Data Center 03/2025 240 59 02/2030 Y Y West Jordan, UT Subtotal - Data Center $493 $169 10 See footnotes on page 19

------

![](g300599ex99_2p11g1.jpg)

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 Subtotal - Retail $429 - Mixed Use Loan 47 Mixed Use 03/2022 156 13 03/2029 Brooklyn, NY Loan 48 Mixed Use 05/2025 78 - 05/2027 London, UK Subtotal - Mixed Use $234 $13 Other Loan 49 Urban Predevelopment 12/2022 135 - 04/2026 Miami, FL Loan 50 Urban Predevelopment 10/2025 94 50 11/2030 Miami, FL Loan 51 Pubs 12/2023 213 - 01/2029 Various, UK Y (a) Loan 52 Portfolio 06/2021 191 9 06/2027 Various, Germany Subtotal - Other $633 $59 Subtotal/W.A. - First Mortgage $8,867 $655 3.0 Years a) Includes portfolio of office, industrial, and retail property types 11 See footnotes on page 19

------

![](g300599ex99_2p12g1.jpg)

Subordinate Loan Portfolio ($ in mm) Property Origination Amortized Unfunded Construction 3rd Party Fully-extended 9 Location Type Date Cost Commitments Loan Subordinate Debt Maturity 11,12 Loan 53 Residential 05/2020 $28 - 11/2026 Manhattan, NY 12 Loan 54 Residential 06/2015 23 - 11/2026 Manhattan, NY Total $51 - Subtotal/W.A. - Subordinate $51 - 0.6 Years 6,10 Total/W.A. - Loans $8,918 $655 3.0 Years General CECL Reserve ($37) 6 Total/W.A. - Loans, Net $8,882 $655 12 See footnotes on page 19

------

![](g300599ex99_2p13g1.jpg)

Capital Structure Overview (g) Q1'26 Capital Structure Composition Post Asset Sale Capital Structure Composition ($ in mm) ($ in mm) Debt Related to Real Estate Owned $440 (20%) (a),(b),(c) Secured Debt Arrangements $6,505 (66%) (d) Preferred Stock $169 (8%) Debt Related to Real Estate Owned $440 (4%) Senior Term $1,244 Secured Loan B (12%) (f) Notes Common Equity Book Value $744 (7%) $1,613 (72%) $500 (5%) Includes $169 (2%) (d) Preferred Stock $1.3B of cash (e) Common Equity Book Value $1,642 (16%) a) W/A rates of applicable benchmark rates and credit spread adjustments plus spreads of USD: +2.02% / GBP: +1.92% / EUR: +1.92% / SEK: +1.50% b) Our secured credit facilities do not contain capital markets-based mark-to-market provisions c) Consists of eight secured credit facilities, one revolving credit facility and one private securitization d) Series B-1 Preferred Stock is generally not convertible into or exchangeable for any other property or any other of our securities at the election of the holders. On and after July 15, 2026, we may, at our option, redeem the shares at a redemption price of $25.00 (equating to $169 million liquidation preference), plus any accrued unpaid dividends to, but not including, the date of the redemption e) Reflects book value per share (net of General CECL Allowance and depreciation) of $12.01 multiplied by shares of common stock outstanding as of March 31, 2026 f) Reflects book value per share (net of accumulated depreciation as of March 31, 2026) of $12.15, without giving pro forma effect to quarter-to-date real estate owned activity and related financing, as well as certain quarterly accruals, multiplied by shares of common stock outstanding as of April 24, 2026 13 g) As of April 24, 2026, unless otherwise noted See footnotes on page 19

------

![](g300599ex99_2p14g1.jpg)

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) 1.37x 1.34x 1.35x % FX Change YoY 1.32x 1.29x 1.18x 1.17x 1.17x 1.16x 1.08x GBP: 2% 0.11x 0.11x 0.11x 0.10x 0.10x EUR: 7% Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 SEK: 6% GBP EUR SEK Mitigating Foreign Exchange Risk Ø Secured debt arrangements are structured in local currency thereby reducing FX exposure to our net equity on foreign loans. § 78% weighted average advance on total foreign loan portfolio Ø 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 a $3.9 million realized gain in Q1 2026 Foreign Loan Capital Stack ($ in mm) Q1 Gain (Loss) on Net Equity $3,604 ($ in mm) As of March 31, 2026 Q1 2025 (a) (b) Currency Carrying Value Secured Debt Net Equity Net Loss Offset by local currency denominated secured debt GBP $2,420 ($1,925) $495 ($12) 78% $2,800 arrangements EUR $930 ($671) $259 ($5) SEK $254 ($204) $50 ($1) Hedged with forward currency 22% $804 contracts Total $3,604 ($2,800) $804 ($18) (c) Net Equity Secured Debt Q1 gain (loss) on forward contracts $15 a) Carrying value includes all commercial mortgage and subordinate loans denominated in foreign currencies with or without secured debt financing Private and Confidential 14 b) Represents the net gain (loss) on foreign loan principal and respective foreign secured debt arrangements for the quarter ended March 31, 2026. c) Represents net gain (loss) on forward contracts for the quarter ended March 31, 2026, excluding gains (losses) on forward currency contracts economically hedging foreign currency interest

------

![](g300599ex99_2p15g1.jpg)

Appendix Consolidated Balance Sheets Consolidated Statement of Operations Reconciliation of GAAP Net Income to Distributable Earnings 15

------

![](g300599ex99_2p16g1.jpg)

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 (b) Subordinate loans, net 51,190 62,198 Real estate owned, held for investment, net (net of $38,419 and $34,438 accumulated depreciation in 2026 and 2025, respectively) 852,115 842,947 Other assets 208,631 143,979 Derivative assets, net 17,772 - Total Assets $10,086,983 $9,900,967 Liabilities and Stockholders' Equity Liabilities: Secured debt arrangements, net $6,494,368 $6,268,550 Senior secured term loans, net 726,711 727,533 Senior secured notes, net 497,421 497,226 Debt related to real estate owned, held for investment, net 439,168 424,703 (c) Accounts payable, accrued expenses and other liabilities 109,496 91,462 Derivative liabilities, net - 26,791 Payable to related party 8,126 8,612 Total Liabilities $8,275,290 $8,044,877 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 2026 and 2025 $68 $68 Common stock, $0.01 par value, 450,000,000 shares authorized, 136,724,839 and 138,943,831 shares issued and outstanding in 2026 and 2025, respectively 1,367 1,389 Additional paid-in-capital 2,671,533 2,704,316 Accumulated deficit (861,275) (849,683) Total Stockholders' Equity $1,811,693 $1,856,090 Total Liabilities and Stockholders' Equity $10,086,983 $9,900,967 a) Includes carrying value of $8,677,452 and $8,424,605 pledged as collateral under secured debt arrangements in 2026 and 2025, respectively. b) Net of $375,498 and $376,754 CECL Allowances comprised $37,498 and $38,754 General CECL Allowance in 2026 and 2025, respectively, and $338,000 Specific CECL Allowance in 2026 and 2025. c) Includes $3,726 and $5,759 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2026 and 2025, respectively. 16 See footnotes on page 19

------

![](g300599ex99_2p17g1.jpg)

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 (113,922) (105,057) Net interest income $36,067 $39,485 Revenue from real estate owned operations 22,567 26,331 Total net revenue $58,634 $65,816 Operating expenses: General and administrative expenses (includes equity-based compensation of $3,047 and $3,430 in 2026 and 2025, respectively) (5,952) (6,652) Management fees to related party (8,118) (8,564) Operating expenses related to real estate owned (18,218) (20,767) Depreciation and amortization on real estate owned (3,981) (2,456) Total operating expenses ($36,269) ($38,439) Other income, net $1,413 $1,883 Loss from equity method investment (274) (689) Decrease (Increase) in current expected credit loss allowance, net 3,289 (4,008) Foreign currency translation gain (loss) (17,148) 40,558 Gain (loss) on foreign currency forward contracts (includes unrealized gains (losses) of $44,494 and ($41,829) in 2026 and 2025, respectively) 16,812 (38,972) Loss on interest rate hedging instruments (includes unrealized loss of ($174) in 2025) - (42) Net income before taxes $26,457 $26,107 Income tax provision (230) (116) Net income $26,227 $25,991 Preferred dividends (3,068) (3,068) Net income available to common stockholders $23,159 $22,923 Net income per basic share of common stock $0.16 $0.16 Net income per diluted share of common stock $0.16 $0.16 Basic weighted-average shares of common stock outstanding 139,110,347 138,639,004 Diluted weighted-average shares of common stock outstanding 139,709,831 138,991,818 Dividend declared per share of common stock $0.25 $0.25 17 See footnotes on page 19

------

![](g300599ex99_2p18g1.jpg)

1 Reconciliation of GAAP Net Income to Distributable Earnings ($ in thousands - except share and per share data) Three Months Ended 1 March 31, 2026 December 31, 2025 Distributable Earnings : $23,159 $26,131 Net income available to common stockholders: Adjustments: Equity-based compensation expense 3,047 3,385 Loss (gain) on foreign currency forwards (16,812) 1,839 Foreign currency loss (gain), net 17,148 (2,160) Realized gains (losses) relating to interest income on foreign currency hedges, net (416) 59 Realized gains relating to forward points on foreign currency hedges, net 3,864 2,099 Depreciation and amortization on real estate owned 3,981 3,403 Increase (decrease) in current expected credit loss allowance, net (3,289) 2,474 Total adjustments 7,523 11,099 1 Distributable Earnings: $30,682 $37,230 1 Weighted-average diluted shares – Distributable Earnings Weighted-average diluted shares – GAAP 139,709,831 139,348,728 13 2,060,564 1,825,485 Weighted-average unvested RSUs 1 Weighted-average diluted shares – Distributable Earnings 141,770,395 141,174,213 1 Diluted Distributable Earnings per share of common stock $0.22 $0.26 18 See footnotes on page 19

------

![](g300599ex99_2p19g1.jpg)

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 18 for a reconciliation of GAAP net income to Distributable Earnings. 2. Reflects closing share price on April 27, 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. Add-on fundings represent fundings subsequent to loan closing. 5. Book value per share, or "BVPS", of common stock is common stockholders' equity divided by shares of common stock outstanding. 6. Amounts and percentages may not foot due to rounding. 7. Other includes changes in General CECL Allowance, cost recovery interest, PIK interest, and the accretion of loan costs and fees. 8. Based on loan amortized cost, net of Specific CECL Allowance. 9. Assumes exercise of all extension options. There is no assurance that all or any extension options will be exercised. 10. Gross of $37 million of General CECL Allowance. 11. Amortized cost for these loans is net of the recorded Specific CECL Allowances. 12. Loans are secured by the same property. 13. Unvested RSUs are net of incremental shares assumed repurchased under the treasury stock method, if dilutive. For the three months ended March 31, 2026 and December 31, 2025, there were 599,484 and 405,421 incremental shares included, respectively 19