Apollo Commercial Real Estate Finance, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Net income available to common stockholders per diluted share was $0.11 for the quarter ended June 30, 2026.
• Distributable Earnings per diluted share was ($2.62) for the quarter ended June 30, 2026.
• Distributable Earnings prior to net realized loss on investments and loss on extinguishment of debt per diluted share was $0.15 for the quarter ended June 30, 2026.
• During the six months ended June 30, 2026, the Company recorded net realized losses on investments and extinguishment of debt.
• Realized losses were associated with the sale of the Company's commercial real estate loan portfolio to Athene Holding Ltd., excluding loans repaid prior to closing and one loan with a principal balance of $46 million repaid after closing.
• A realized loss was also recorded on the discounted repayment of a commercial mortgage loan.
• Distributable Earnings is defined as GAAP net income adjusted for equity-based compensation, unrealized gains/losses, unrealized income from unconsolidated joint ventures, foreign currency gains/losses (excluding realized interest income and forward points on hedges), and the provision for current expected credit losses.

Other Key Points

• The Company sold its commercial real estate loan portfolio to Athene Holding Ltd. during the six months ended June 30, 2026.
• Apollo Commercial Real Estate Finance, Inc. is externally managed and advised by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which had approximately $1.05 trillion of assets under management at June 30, 2026.
• As a REIT, the Company generally intends to pay dividends to stockholders in an amount equal to its net taxable income, to the extent authorized by the board of directors, to satisfy the requirement to distribute at least 90% of REIT taxable income annually.
• A detailed presentation of the quarter's results is available at www.apollocref.com.