Apollo Commercial Real Estate Finance : Investor Presentation – May 2024

Apollo Commercial Real Estate Finance

Investor Presentation

May 2024

Unless otherwise noted, information as of March 31, 2024.

Confidential and Proprietary - Not for distribution, in whole or in part, without the express written consent of Apollo Global Management, Inc.

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.

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; 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, 2023 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 21 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.

2

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 KINGDOM and WESTERN EUROPE.

$23B	Total Capital	$8.3B	Global CRE	$1.5B	Equity Market	14%	Dividend
Deployed	Debt
Since 2009	Portfolio	Capitalization1	Yield1

See footnotes on page 21

3

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

	APOLLO2		DIFFERENTIATED		STABLE AND DIVERSE	PRUDENT BALANCE
	SPONSORSHIP		ORIGINATION & ASSET		PORTFOLIO	SHEET MANAGEMENT
			MANAGEMENT
			PLATFORM
	High-growth global alternative	 "First-call" relationships in U.S.	 $8.3B portfolio of loans secured	 Conservative leverage at 3.3x
	asset manager with ~$671B of		and Western Europe		by properties in U.S. and	debt to equity5
	AUM3		Ability to underwrite and		European gateway cities	 Proven ability to access
	Integrated asset management		structure complex transactions		Institutional quality properties	diversified capital sources
	platform with a focus on three	 Capability to partner with other		Focus on senior loans	 $368 million of unencumbered
	strategies - Equity, Credit and		Apollo vehicles to participate in		Weighted average portfolio	real estate assets6
	Real Assets		larger loans		loan-to-value4,8 of 57%	 No corporate debt maturities
 42 CRE debt investment		Experienced, cycle-tested	 99% of the loans in the portfolio	until 2026
	professionals in 4 global offices		leadership team		are floating-rate
 $81B of capital deployed
	through CRE debt platform;
	$23B for ARI

See footnotes and definition on page 21

4

Differentiated Origination and Asset Management Platform

ARI benefits from being part of Apollo's leading global CRE debt franchise

PREMIER GLOBAL ASSET MANAGER

Market intelligence, asset level insight and information sharing across a global platform with $671B of AUM and over 2,000 employees

CO-ORIGINATION CAPABILITIES

Ability to partner with other Apollo capital to participate in larger loans and diversify risk

LEADING

ORIGINATION

PLATFORM

42 investment professionals in 4 global offices with "first-call" relationships across brokers, sponsors, owners and operators

CAPITAL MARKETS ACCESS AND EXPERTISE

Strong relationships with global banks and demonstrated access to capital across debt and equity markets

5

Loan Portfolio Overview

Number of Loans

49

W/A Remaining Fully-Extended

Term8,9

2.3 Years

Carrying Value

$8.3 billion

W/A Portfolio Risk Rating8

3.0

W/A Unlevered All-in Yield

on Loan Portfolio7,a

9.1%

W/A Portfolio Loan-to-Value8,b

57%

	Collateral Diversification				Origination Vintage8
	Industrial	Otherc
	9%	Hotel			$2,744
3%
	Healthcare		24%
					$2,256
6%
Mixed Use					$1,459
8%
Residential			$451	$643
	Office	$418
13%		$99	$240
			20%	$8
		Retail d		2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
		17%

1. Excludes benefit of forward points on currency hedges related to loans denominated in currencies other than USD
2. Weighted average loan-to-value ("LTV") reflects the LTV at the time the loan was originated; excludes risk-rated 5 loans
3. Other property types include Pubs (3%), Parking Garages (2%), Caravan Parks (2%) and Urban Predevelopment (2%)
4. Retail property types include : Outlet Center (6%), Retail Distribution Warehouse (5%), Urban Retail (3%), and Lifestyle Center (3%) See footnotes on page 21

Loan Position

Subordinate

4%

First

Mortgage

96%

Private and Confidential

6

Loan Portfolio Overview (cont'd)

($ in mm)

United

New

Other

Total 10

Property Type

Kingdom

York City

Europe

Southeast

Midwest

West

Northeast

Otherb

Hotel

$194 / 2%

$140 / 2%

$713 / 9%

$368 / 4%

$57 / 1%

$338 / 4%

$9 / 0%

$159 / 2%

$1,979 / 24%

Office

506

/ 6%

459 / 6%

485 / 6%

-

185 / 2%

-

-

-

1,635 / 20%

Retail

885 / 11%

250 / 3%

35 / 0%

14 / 0%

99 / 1%

77 / 1%

-

34 / 0%

1,394 / 17%

Residential

226

/ 3%

606 / 7%

-

15 / 0%

83 / 1%

70 / 1%

25 / 0%

73 / 1%

1,099 / 13%

Mixed Use

555

/ 7%

141 / 2%

-

-

-

-

-

-

696 / 8%

Healthcare

159

/ 2%

-

-

-

-

-

345 / 4%

-

504 / 6%

Industrial

-

-

276 / 3%

-

-

-

-

-

276 / 3%

Othera

412

/ 5%

-

-

140 / 2%

94 / 1%

-

29 / 0%

58 / 1%

734 / 9%

Total10,11

$2,938 / 35%

$1,597 / 19%

$1,509 / 18%

$537 / 7%

$519 / 6%

$485 / 6%

$409 / 5%

$324 / 4%

$8,318 / 100%

General CECL Reserve

($33)

Carrying value, net10

$8,286

Collateral Diversification

Northeast

Sweden

5%

3%

Midwest

United

New York

Kingdom

6%

City

35%

West

19%

Germany

6%

7%

	Spain
Southeast	4%
Italy
7%
3%

a) Other property types include Pubs (3%), Parking Garages (2%), Caravan Parks (2%) and Urban Predevelopment (2%) b) Other geographies include Southwest (2%), Mid-Atlantic (1%), and Other (1%)

Note: Map does not show locations where percentages are 2% or lowerPrivate and Confidential 7 See footnotes on page 21

Office Loan Portfolio Overview

Number of Loans a

10 Loans

Carrying Value c

$1.6 Billion

First Mortgage

99%

W/A Loan-to-Value8,b

51%

W/A Risk Rating8

2.8

Loans with 3rd Party

Subordinate Debt

3 Loans

Largest commitment 100%

leased to credit tenant d

$635 million

Origination Vintage8

Location8

Fully Extended Maturities8,9

$835

$491

$390

Chicago, IL

11%

New York City

28%

60%

Europe

London, UK

31%

		$576
$433	$402
	$332

			$215	$174
			$215	$216		$344
$8	$78	$109
2017	2018	2019	2020	2021	2022
		US Originations		European Originations

40%

United States

Berlin,

Various,Germany

Germany Milan, Italy 13%

7% 10%

	$333	$324
$8	$100				$244	$216
$78
2024	2025	2026	2027	2028
		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)	Weighted average loan-to-value ("LTV") reflects the LTV at the time the loan was originated
c)	Gross of General CECL Allowance
d)	Portfolio includes a £263 million13 ($332 million13 in USD) first mortgage secured by an office redevelopment property in London which is 100% leased by a credit tenant for a 20-year term	Private and Confidential	8
Note: Location chart does not show locations where percentages are 2% or lower
See footnotes on page 21

Capital Structure Overview

Capital Structure Composition

($ in mm)

$5,610 (61%)	Secured Debt Arragementsa,b,c

Conservative Capital Management Strategy

No Corporate Debt	~70% Weighted Average Available
Maturities until May 2026	Advance Ratee
3.3x Debt to Equity Ratio5	1.3x Fixed Charge Coverage12

Corporate Debt Maturities

			Debt Related to Real Estate Owned
$165	(2%)
	Term	Senior	$1,267
	Loan B	Secured
$767 (8%)	Notes	(14%)
		$500 (6%)
$169	(2%)	Preferred Stock
$1,931 (21%)	Common Equity Book Valued

Term Loan

$476

$0 $0

2024 2025 2026

Senior Notes

$500

Term Loan

$291

$0

2027 2028 2029

a)	Weighted-average rates of applicable benchmark rates and credit spread adjustments plus spreads of USD: +2.64% / GBP: +2.25% / EUR: +1.86% / SEK: +1.50%
b)	Our secured credit facilities do not contain capital markets-basedmark-to-market provisions
c)	Consists of nine secured credit facility counterparties, one revolving credit facility and one private securitization
d)	Reflects book value per share (excluding General CECL Allowance and depreciation) of $13.59 multiplied by shares of common stock outstanding March 31, 2024
e)	Based on maximum available advance rates across secured debt counterparties
See footnotes on page 21	Private and Confidential	9

Continued Tailwinds from Elevated Base Interest Rates

Predominately floating rate portfolio with low leverage and global geographic diversification

NET INTEREST INCOME SENSITIVITY TO BENCHMARK RATES13,A

Benchmark Rates

Index	Mar-31
SOFR 1M	5.33%
EURIBOR	3.89%
SONIA ON	5.19%

Net Interest Income Per Share

+$0.03

+$0.02

+$0.01 +$0.01 +$0.01

-$0.00	-$0.01	+$0.00
-$0.01	-$0.01
-$0.02
-$0.03

-0.50%	-0.25%	Change in Benchmark Rate 0.25%	0.50%
				USD		GBP		EUR

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	Private and Confidential	10
b)	Reflects incremental increases in respective benchmark rates as of March 31, 2024 (SOFR 1 month: 5.33%, EURIBOR 3.89% and SONIA ON: 5.19% adjusted for compounding)
See footnotes on page 21