Apollo Commercial Real Estate Finance (ARI) demonstrated robust performance in Q3 2025, driven by strong origination activity and continuing capital rotation from focus assets, positioning the company for a record year in loan originations.

• Q3 loan originations reached $1 billion, contributing to a total of $3 billion year-to-date, with a growing diversified loan portfolio.
• The company's residential loans now represent 31% of the portfolio, reflecting strategic asset allocation amid positive market conditions.
• Funded new loans, combined with a strong pipeline, enhance ARI's liquidity and capex flexibility, including expanded borrowing capacity and new financing facilities.
• GAAP net income for Q3 was $48 million, with run rate distributable earnings at $32 million (23¢ per share), slightly below dividend levels due to capital reinvestment timing.
• The book value per share increased to $12.73, bolstered by a $17.4 million gain from a litigation settlement and ongoing sales momentum from focus assets.