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OFFON

APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.

(ARI)
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Apollo Commercial Real Estate Finance : Investor Presentation – September 2021

09/20/2021 | 11:22am EST

A P O L L O C O M M E R C I A L R E A L E S T A T E F I N A N C E , I N C .

Investor Presentation

September 2021

Information is as of June 30, 2021, except as otherw ise noted.

It should not be assumed that investments made in the future w ill be profitable or w ill equal the performance of the investments 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: the macro- and micro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources; 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 investingin real estate assets including changes in businessconditions and thegeneral 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 fiscal year ended December 31, 2020, Quarterly Reports on the Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 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 intendto, updateor reviseany forward-looking statements, whether as a result of new information, futureevents 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 thereconciliation of theapplicableGAAP financial measures to non-GAAP financial measures set forth on page17.

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 theaccuracy, reasonableness or completeness of such information.

Past performance isnot 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 investmenttechniques such as leveraging or short selling. No such index is indicativeof thefutureresults of anyinvestment byARI.

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 subsidiaryof ApolloGlobal Management, Inc.

2

ARI at a Glance

Leading Mortgage REIT Focused on Originating Commercial Mortgage Loans in the U.S. and Europe

~$17.0 Billion

$7.5 Billion

88%

61%

Total Capital Deployed

Global CRE Debt

First Mortgage Loans

Weighted Average

Since 2009

Portfolio

Portfolio Loan-to-

Value1

$2.2 Billion

2.3x

1.0x

9.0%

Equity Market

Debt/

Price/

Dividend Yield4

Capitalization

Equity Ratio2

Book Ratio3

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

Apollo5

Sponsorship

2

3

Differentiated

Stable and Diverse

Origination &

Portfolio

Asset Management

Platform

4

Prudent Balance

Sheet

Management

  • Leading global alternative investment manager with
    ~$472B of AUM
  • Integrated private equity, credit and real assets platform
  • 38 CRE debt investment professionals in 4 global offices
  • $50B of capital deployed through CRE Debt platform; $17B for ARI
  • "First-call"relationships in U.S. and Western Europe
  • Ability to underwrite and structure complex transactions
  • Capability to partner with other Apollo vehicles to participate in larger loans
  • Experienced, cycle-testedleadership team
  • $7.5B portfolio of loans secured by properties in U.S. and European gateway cities
  • Institutional quality properties
  • Focus on senior loans
  • Weighted average portfolio loan-to-value1 of 61%
  • Conservative leverage at 2.3x debt to equity2
  • Proven ability to access diversified capital sources
  • Ample liquidity
  • Staggered debt maturities

See footnotes on page 21

4

ARI Benefits From Apollo's Fully-Integrated, Global Real Assets Platform

ARI has access to real time commercial real estate data, information and professionals across the globe

Integrated Global Real Assets Platform

Infrastructure

$6B

Principal Finance

$7B

$52B

Commercial Real

Estate Debt

of AUM

$32B

Real Estate

Private Equity

$7B

Permanent Capital

Commercial Real Estate Finance

Insurance Platforms

SMAs

Talented and Experienced Regionally Based Teams

120 Investment Professionals

Direct Origination Teams Located in 12 Global Offices

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Apollo Commercial Real Estate Finance Inc. published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 15:21:01 UTC.


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Net income 2021 209 M - -
Net Debt 2021 - - -
P/E ratio 2021 9,25x
Yield 2021 10,3%
Capitalization 1 897 M 1 897 M -
Capi. / Sales 2021 6,89x
Capi. / Sales 2022 7,04x
Nbr of Employees -
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 13,56 $
Average target price 15,67 $
Spread / Average Target 15,5%
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Managers and Directors
Stuart A. Rothstein President, Chief Executive Officer & Director
Jai Agarwal Chief Financial Officer, Secretary & Treasurer
Michael E. Salvati Non-Executive Chairman
Scott Weiner Chief Investment Officer
Eric Lurie Press Independent Director